{
 "documentInfo": {
  "documentType": "https://xbrl.org/2021/xbrl-json",
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  },
  "namespaces": {
   "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
   "iso4217": "http://www.xbrl.org/2003/iso4217",
   "pollenstreetplc": "http://pollenstreetplc.com/xbrl/2023",
   "scheme": "http://standards.iso.org/iso/17442",
   "xbrl": "https://xbrl.org/2021",
   "xbrli": "http://www.xbrl.org/2003/instance"
  },
  "taxonomy": [
   "http://pollenstreetplc.com/xbrl/2023/213800BSSM76JMYMSO76-2023-12-31.xsd"
  ]
 },
 "facts": {
  "fact-1": {
   "value": "During the year ended 31 December 2023, the Com- pany carried out its business as an investment trust. Its principal activity was investing in Credit Assets and Equity Assets in addition to owning 100 per cent of its investment manager group, Pollen Street Capital Holdings Limited with a view to achieving the Group\u2019s investment objective. Investment companies are a way for investors to make a single investment that gives a share in a much larger portfolio. A type of collective investment, they allow investors oppor- tunities to spread risk and diversify in investment opportunities which may not otherwise be easily accessible to them. For more information on invest- ment companies, please see: www.theaic.co.uk/ guide-to-investment-companies. On 24 January 2024, the Company ceased to be classified as an investment trust following completion of the Scheme. On 14 February 2024, the Company distributed the entire issued share capital in Pollen Street Capital Holdings Limited to its new parent, Pollen Street Group Limited. As such, Pollen Street Limited and its current subsidiaries have ceased all asset management activities, however they continue their operations of investing in Credit Assets and Equity Assets.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-2": {
   "value": "SINGLE <span class=\"_ _1\"></span>TOT<span class=\"_ _0\"></span>AL FIGURE OF<span class=\"_ _1\"></span> REMUNERA<span class=\"_ _1\"></span>TION (<span class=\"_ _1\"></span>AUDITED<span class=\"_ _1\"></span>)<span class=\"_ _1f9\"> </span>The following table shows the single total aggregate Dir<span class=\"_ _1\"></span>ectors\u2019 remuneration for the year ended 31<span class=\"_ _1\"></span> December 2023.<span class=\"_ _1f9\"> </span>The following table shows the single total aggregate Dir<span class=\"_ _1\"></span>ectors\u2019 remuneration for the year ended 31 December 2022. This comprises salary<span class=\"_ _0\"></span>, pension, other benefits, and bonus for the Executive Directors fr<span class=\"_ _1\"></span>om their appointment on 30 September 2022 to the end of the financial year<span class=\"_ _0\"></span>. Prior to 30 September 2022, the<span class=\"_ _1\"></span> Executive Directors wer<span class=\"_ _1\"></span>e not employed by the Group, ther<span class=\"_ _1\"></span>efore these remuneration disclosur<span class=\"_ _1\"></span>es repr<span class=\"_ _1\"></span>esent part of a year for the Executive Directors and a full year for the Non-Executive Dir<span class=\"_ _1\"></span>ectors.<span class=\"_ _1f9\"> </span>The Non-Executive Directors wer<span class=\"_ _1\"></span>e paid an additional fee for their work in relation to the Combination during 2022. This fee was \u00a350,000 for the Chair of the Board and \u00a340,000 for the other Non-Executive Dir<span class=\"_ _1\"></span>ectors. Joanne Lake was paid an additional fee of \u00a35,000 in 2022 for her work as Chair of the Remuneration<span class=\"_ _1\"></span> Committee over 2021. Gustavo Cardenas was appointed as a shar<span class=\"_ _1\"></span>eholder repr<span class=\"_ _1\"></span>esentative effective from 1<span class=\"_ _1\"></span> November 2022 and is not paid a fee.<span class=\"_ _1f9\"> </span>In considering the variable remuneration awar<span class=\"_ _1\"></span>ds to be made to the Executive Directors, the Remuneration Committee<span class=\"_ _1\"></span> took into account their individual performance, and how t<span class=\"_ _1\"></span>hey have contributed towards the overall performanc<span class=\"_ _1\"></span>e of the Group, in line with the performance criteria set out in the next section.<span class=\"_ _1f9\"> </span>Director<span class=\"_ _72\"> </span>Salary <span class=\"_ _2\"></span> &amp; Fees<span class=\"_ _1f9\"> </span>(1)<span class=\"_ _1f9\"> </span>Other Benefits<span class=\"_ _1f9\"> </span>(2)<span class=\"_ _1f9\"> </span>Annual Bonus<span class=\"_ _1f9\"> </span>(3)<span class=\"_ _1f9\"> </span>L<span class=\"_ _0\"></span>TIP awards<span class=\"_ _8d\"> </span><span class=\"ws89\">Pension<span class=\"_ _8e\"> </span></span><span class=\"ls0\">T<span class=\"_ _0\"></span>otal Fixed </span>Remuneration<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>otal Variable <span class=\"_ _2\"></span> Remuneration<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>otal<span class=\"_ _1f9\"> </span>Robert Sharpe<span class=\"_ _1f9\"> </span>170,000<span class=\"_ _63\"> </span>-<span class=\"_ _7f\"> </span>-<span class=\"_ _8f\"> </span>-<span class=\"_ _8c\"> </span>-<span class=\"_ _90\"> </span><span class=\"ff19\">170,000<span class=\"_ _5f\"> </span></span>-<span class=\"_ _7e\"> </span><span class=\"ff19\">170,000<span class=\"_ _1f9\"> </span></span>Lindsey McMurray<span class=\"_ _1f9\"> </span>550,000<span class=\"_ _91\"> </span>10,388<span class=\"_ _92\"> </span>600,000<span class=\"_ _8f\"> </span>-<span class=\"_ _8c\"> </span>-<span class=\"_ _90\"> </span><span class=\"ff19\">560,388<span class=\"_ _91\"> </span></span>600,000<span class=\"_ _8d\"> </span><span class=\"ff19\">1,160,388<span class=\"_ _1f9\"> </span></span>Jim Coyle<span class=\"_ _93\"> </span>85,000<span class=\"_ _63\"> </span>-<span class=\"_ _7f\"> </span>-<span class=\"_ _8f\"> </span>-<span class=\"_ _8c\"> </span>-<span class=\"_ _15\"> </span><span class=\"ff19\">85,000<span class=\"_ _5f\"> </span></span>-<span class=\"_ _35\"> </span><span class=\"ff19\">85,000<span class=\"_ _1f9\"> </span></span>Gustavo Cardenas<span class=\"_ _1f9\"> </span>-<span class=\"_ _63\"> </span>-<span class=\"_ _7f\"> </span>-<span class=\"_ _8f\"> </span>-<span class=\"_ _8c\"> </span>-<span class=\"_ _94\"> </span><span class=\"ff19\">-<span class=\"_ _5f\"> </span></span>-<span class=\"_ _95\"> </span><span class=\"ff19\">-<span class=\"_ _1f9\"> </span></span>Julian Dale<span class=\"_ _96\"> </span><span class=\"ls0\">350,000<span class=\"_ _91\"> </span>13,900<span class=\"_ _92\"> </span>200,000<span class=\"_ _8f\"> </span>-<span class=\"_ _97\"> </span>1,321<span class=\"_ _90\"> </span><span class=\"ff19\">365,221<span class=\"_ _91\"> </span></span>200,000<span class=\"_ _98\"> </span><span class=\"ff19\">565,221<span class=\"_ _1f9\"> </span></span></span>Joanne Lake 75,000<span class=\"_ _63\"> </span>-<span class=\"_ _7f\"> </span>-<span class=\"_ _8f\"> </span>-<span class=\"_ _8c\"> </span>-<span class=\"_ _15\"> </span><span class=\"ff19\">75,000<span class=\"_ _5f\"> </span></span>-<span class=\"_ _35\"> </span><span class=\"ff19\">75,000<span class=\"_ _1f9\"> </span></span>Richard Rowney<span class=\"_ _1f9\"> </span>75,000<span class=\"_ _63\"> </span>-<span class=\"_ _7f\"> </span>-<span class=\"_ _8f\"> </span>-<span class=\"_ _8c\"> </span>-<span class=\"_ _15\"> </span><span class=\"ff19\">75,000<span class=\"_ _5f\"> </span></span>-<span class=\"_ _35\"> </span><span class=\"ff19\">75,000<span class=\"_ _1f9\"> </span></span>T<span class=\"_ _31\"></span>otal<span class=\"_ _99\"> </span>1,305,000<span class=\"_ _91\"> </span>24,288<span class=\"_ _92\"> </span>800,000<span class=\"_ _62\"> </span>-<span class=\"_ _97\"> </span>1,321<span class=\"_ _9a\"> </span>1,330,609<span class=\"_ _91\"> </span>800,000<span class=\"_ _8d\"> </span>2,130,609 T<span class=\"_ _31\"></span>otal remuneration payable for the year ended 31 December 2023<span class=\"_ _1f9\"> </span>(1)  Salary and fees paid to the Directors during the year do not include employers\u2019 national insurance costs<span class=\"_ _1f9\"> </span>(2)  Executive Directors receive private family medical insurance, life insurance and permanent health insurance<span class=\"_ _1f9\"> </span>(3) See page 102 for details on the Executive Director performance criteria and deferred bonus<span class=\"_ _1f9\"> </span>(1)  Salary and fees paid to the Directors during the year do not include employers\u2019 national insurance costs<span class=\"_ _1f9\"> </span>(2)  Executive Directors receive private family medical insurance, life insurance and permanent health insurance<span class=\"_ _1f9\"> </span>(3) See page 102 for details on the Executive Director performance criteria and deferred bonus<span class=\"_ _1f9\"> </span>Director<span class=\"_ _9b\"> </span>Salary <span class=\"_ _2\"></span> &amp; Fees<span class=\"_ _1f9\"> </span>(1)<span class=\"_ _1f9\"> </span>Other Benefits<span class=\"_ _1f9\"> </span>(2)<span class=\"_ _1f9\"> </span>Annual Bonus<span class=\"_ _1f9\"> </span>(3)<span class=\"_ _1f9\"> </span>L<span class=\"_ _0\"></span>TIP awards<span class=\"_ _9c\"> </span><span class=\"ws89\">Pension<span class=\"_ _9d\"> </span></span><span class=\"ls0\">T<span class=\"_ _0\"></span>otal Fixed </span>Remuneration<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>otal Variable <span class=\"_ _2\"></span> Remuneration<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>otal<span class=\"_ _1f9\"> </span>Robert Sharpe<span class=\"_ _1f9\"> </span>137,923<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _9a\"> </span><span class=\"ff19\">137,923<span class=\"_ _86\"> </span></span>-<span class=\"_ _9e\"> </span><span class=\"ff19\">137,923<span class=\"_ _1f9\"> </span></span>Lindsey McMurray<span class=\"_ _1f9\"> </span>138,462<span class=\"_ _9f\"> </span>10,507<span class=\"_ _9a\"> </span>176,000<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _9e\"> </span><span class=\"ff19\">148,969<span class=\"_ _9a\"> </span></span>176,000<span class=\"_ _9a\"> </span><span class=\"ff19\">324,969<span class=\"_ _1f9\"> </span></span>Jim Coyle<span class=\"_ _a0\"> </span>102,615<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _9a\"> </span><span class=\"ff19\">102,615<span class=\"_ _86\"> </span></span>-<span class=\"_ _9e\"> </span><span class=\"ff19\">102,615<span class=\"_ _1f9\"> </span></span>Gustavo Cardenas<span class=\"_ _1f9\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span><span class=\"ff19\">-<span class=\"_ _86\"> </span></span>-<span class=\"_ _a1\"> </span><span class=\"ff19\">-<span class=\"_ _1f9\"> </span></span>Julian Dale<span class=\"_ _a2\"> </span><span class=\"ls0\">87,885<span class=\"_ _9f\"> </span>10,132<span class=\"_ _9a\"> </span>112,000<span class=\"_ _86\"> </span>-<span class=\"_ _99\"> </span>881<span class=\"_ _9f\"> </span><span class=\"ff19\">98,898<span class=\"_ _9a\"> </span></span>112,000<span class=\"_ _9a\"> </span><span class=\"ff19\">210,898<span class=\"_ _1f9\"> </span></span></span>Joanne Lake 101,346<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _9a\"> </span><span class=\"ff19\">101,346<span class=\"_ _86\"> </span></span>-<span class=\"_ _9e\"> </span><span class=\"ff19\">101,346<span class=\"_ _1f9\"> </span></span>Richard Rowney<span class=\"_ _1f9\"> </span>96,346<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _9f\"> </span><span class=\"ff19\">96,346<span class=\"_ _86\"> </span></span>-<span class=\"_ _9f\"> </span><span class=\"ff19\">96,346<span class=\"_ _1f9\"> </span></span>T<span class=\"_ _31\"></span>otal<span class=\"_ _a3\"> </span>664,577<span class=\"_ _9f\"> </span>20,639<span class=\"_ _9a\"> </span>288,000<span class=\"_ _86\"> </span>-<span class=\"_ _8c\"> </span>881<span class=\"_ _9e\"> </span>686,097<span class=\"_ _9a\"> </span>288,000<span class=\"_ _9a\"> </span>974,097<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal remuneration payable for the year to 31 December 2022",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
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    "unit": "iso4217:GBP"
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  },
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    "pollenstreetplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "pollenstreetplc:AnalysisOfItemsForDistributionMember",
    "unit": "iso4217:GBP"
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   "value": "<div class=\"t mf h9 ff5 fs5 fc1 sc0 ls39 ws0 gse\">On 14 February 2024, the Company distributed the entir<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 ls9b ws0 gsf\">issued share capital in Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 ls9c ws0 gs10\">to its new parent, Pollen Str<span class=\"_ _1\"></span>eet Group Limited as part of the<span class=\"_ _1\"></span> </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 ls9d ws0 gs11\">Reorganisation described in Note 1. As such the Group has<span class=\"_ _1\"></span> </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 ls9e ws0 gs12\">classified the activities of Pollen Street Capital Holdings Limited<span class=\"_ _1\"></span> </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 ls9f ws0 gs13\">as held for distribution to owners in accordance with IFRS 5. The<span class=\"_ _1\"></span> </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 lsa0 ws0 gs14\">assets and liabilities related to these activities are disclosed in<span class=\"_ _1\"></span> </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 lsa1 ws0 gs15\">the \u2018Analysis of items for Distribution\u2019 column of this statement </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 lsa2 ws0 gs16\">with all other assets and liabilities disclosed in the Continuing<span class=\"_ _1\"></span> </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 lsa3 ws97 gs17\">Operations <span class=\"_ _d8\"> </span>column. <span class=\"_ _d6\"> </span> <span class=\"_ _d8\"> </span>Further <span class=\"_ _d6\"> </span>disclosure <span class=\"_ _d8\"> </span>is <span class=\"_ _d6\"> </span>presented <span class=\"_ _d8\"> </span>in <span class=\"_ _d8\"> </span>Note <span class=\"_ _d8\"> </span>5.<span class=\"_ _1\"></span>                                                                                                      </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 lsa4 ws0 gs18\">The financial statements on pages 123 to 214 of Pollen Street Limited </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 lsa5 ws0 gs19\">(company number 09899024), which includes the notes, were appr<span class=\"_ _1\"></span>oved </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 lsa4 ws0 gs1a\">and authorised by the Board of Dir<span class=\"_ _1\"></span>ectors on 20 March 2024 and were </div><div class=\"t mf h9 ff5 fs5 fc1 sc0 ls0 ws0 gs1b\">signed on its behalf by:</div><div class=\"t mf h3f ff19 fs5 fc1 sc0 ls87 ws0 gs1c\">Robert Sharpe, Chairman</div>",
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  "fact-3": {
   "value": "1. General<span class=\"_ _1\"></span> I<span class=\"_ _1\"></span>nformation<span class=\"_ _1f9\"> </span>Pollen Street Limited was incorporated on 2 Decem<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ber 2015 and is domiciled and register<span class=\"_ _1\"></span>ed in England and W<span class=\"_ _1\"></span>ales with register<span class=\"_ _1\"></span>ed number 09899024. The Company was originally named Honeycomb Invest<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment T<span class=\"_ _0\"></span>rust plc. The name was changed to Pollen<span class=\"_ _1\"></span> Street plc on 6 October 2022 then Pollen Str<span class=\"_ _1\"></span>eet<span class=\"_ _1\"></span> Limited on 14 February 2024. Pollen Street Limited<span class=\"_ _1\"></span> is referr<span class=\"_ _1\"></span>ed to as the Company and together with its subsidiaries, it is referr<span class=\"_ _1\"></span>ed to as the Group or Pollen Street. The r<span class=\"_ _1\"></span>egistered of<span class=\"_ _1\"></span>fice and principal place of business of the Group and Company is: 11-12 Han<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>over Square, London, W1S 1JJ.<span class=\"_ _1f9\"> </span>On 30 September 2022, the Company combined<span class=\"_ _1\"></span> with Pollen Street Capital Holdings Limited by way<span class=\"_ _1\"></span> of an all share combination, which is r<span class=\"_ _1\"></span>eferred to as<span class=\"_ _1\"></span> the Combination. The Combination occurr<span class=\"_ _1\"></span>ed on 30 September 2022 and was effected by the Company acquiring 100 per cent of the share capital of Pollen Street Capital Holdings Limited with newly issued<span class=\"_ _1\"></span> shares in the Company as the consideration. As<span class=\"_ _1\"></span> such the Company\u2019<span class=\"_ _31\"></span>s financial statements incorporate Pollen Street Capital Holdings Limited and its subsid<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>iaries from 30 September 20<span class=\"_ _1\"></span>22, the point at which it became a subsidiary of the Company<span class=\"_ _0\"></span>. On 24 January 2024, the Group intr<span class=\"_ _1\"></span>oduced a new Guernsey incorporated holding company<span class=\"_ _0\"></span>, named<span class=\"_ _1\"></span> Pollen Street Gr<span class=\"_ _1\"></span>oup Limited, as the immediate and ultimate parent of the Company by way of a scheme of arrangement pursuant to Part 26 of the Compa<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nies Act 2006. As part of this, the shares of the Com<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>pany were delisted and cancelled; new shar<span class=\"_ _1\"></span>es were issued by the Company to the Pollen Street Gr<span class=\"_ _1\"></span>oup Limited and Pollen Street Gr<span class=\"_ _1\"></span>oup Limited issued new shares to the former shar<span class=\"_ _1\"></span>eholders of the Company which were admitted to trading on the London Stock Exchange\u2019<span class=\"_ _31\"></span>s main market for listed securities and to the premium listing segment for commer<span class=\"_ _1\"></span>cial com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>panies of the Official <span class=\"_ _1\"></span>List maintained by the Financial Conduct Authority in accor<span class=\"_ _1\"></span>dance with Part VI of the Financial Services and Markets Act 2000.<span class=\"_ _1f9\"> </span>On 14 February 2024, the Company re-r<span class=\"_ _1\"></span>egistered<span class=\"_ _1\"></span> from a public company to a private company and<span class=\"_ _1\"></span> distributed the entire issued shar<span class=\"_ _1\"></span>e capital in Pollen Street Capital Holdings Limited to its new par<span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span> company<span class=\"_ _0\"></span>, Pollen Street Gr<span class=\"_ _1\"></span>oup Limited, referred to as the Distribution. The Scheme and the Distribution are together referr<span class=\"_ _1\"></span>ed to as the Reorganisation. As a result of these changes, the Company classified the activities of Pollen Street Capital Holdings Limited as held for distribution to owners in accordance with IFRS 5, ceased to prepar<span class=\"_ _1\"></span>e the financial statements on a basis compliant with the Statement of Recom<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mended Practice for investment trusts issued by the Association of Investment Companies in July 2022 and ceased to be classified as an investment trust. However<span class=\"_ _0\"></span>, the Company continues its operations of investing in Credit Assets and Equity Assets.  The<span class=\"_ _1\"></span> activities classified as for distribution to owners are<span class=\"_ _1\"></span> continuing operations for Pollen Street Gr<span class=\"_ _1\"></span>oup Limited and its subsidiaries.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "England and Wales",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-476": {
   "value": "England and Wales",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-477": {
   "value": "Pollen Street plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "plc",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-478": {
   "value": "11-12 Han- over Square, London, W1S 1JJ",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "11-12 Han- over Square, London, W1S 1JJ. ",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-479": {
   "value": "On 30 September 2022, the Company combined with Pollen Street Capital Holdings Limited by way of an all share combination, which is referred to as the Combination. The Combination occurred on 30 September 2022 and was effected by the Company acquiring 100 per cent of the share capital of Pollen Street Capital Holdings Limited with newly issued shares in the Company as the consideration. As such the Company\u2019s financial statements incorporate Pollen Street Capital Holdings Limited and its subsid- iaries from 30 September 2022, the point at which it became a subsidiary of the Company. ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "2. Principal<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Accoun<span class=\"_ _1\"></span>ting Policies<span class=\"_ _1f9\"> </span>BASIS OF<span class=\"_ _1\"></span> PREPARA<span class=\"_ _0\"></span>TION<span class=\"_ _1f9\"> </span>The financial statements have been prepar<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> accordance with UK-adopted International Account-<span class=\"_ _1f9\"> </span>ing Standards and with the r<span class=\"_ _1\"></span>equirements of the<span class=\"_ _1\"></span> Companies Act 2006 as applicable to companies<span class=\"_ _1\"></span> reporting under those standar<span class=\"_ _1\"></span>ds. They comprise<span class=\"_ _1\"></span> standards and interpr<span class=\"_ _1\"></span>etations approved by the<span class=\"_ _0\"></span> International Accounting Standards Board (\u201cIASB\u201d)<span class=\"_ _1\"></span> and International Financial Reporting Committee as adopted in the UK, including interpretations issued<span class=\"_ _1\"></span> by the IFRS Interpretations Committee and inter<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pretations issued b<span class=\"_ _1\"></span>y the International Accounting Standard Committee (\u201cIASC\u201d) that r<span class=\"_ _1\"></span>emain in effect.<span class=\"_ _1f9\"> </span>These financial statements have been prepar<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> using consistent accounting policies as applied by the Group in pr<span class=\"_ _1\"></span>evious years, on a going concern basis and under the historic cost convention as<span class=\"_ _1\"></span> modified by the reva<span class=\"_ _1\"></span>luation of financial assets held at fair value through pr<span class=\"_ _1\"></span>ofit and loss as applicable. The Directors consider that the Gr<span class=\"_ _1\"></span>oup has adequate financial resour<span class=\"_ _1\"></span>ces to enable it to continue operations for a period of no less than 12 months from the<span class=\"_ _1\"></span> approval of these accounts. In or<span class=\"_ _1\"></span>der to reach this<span class=\"_ _1\"></span> conclusion, the Directors have r<span class=\"_ _1\"></span>eviewed the financial projections of the Gr<span class=\"_ _1\"></span>oup from the date of this report<span class=\"_ _1\"></span> until Pollen Street Gr<span class=\"_ _1\"></span>oup Limited\u2019<span class=\"_ _31\"></span>s AGM in 2027, which shows that the Group will be able to generate sufficient cash flows in or<span class=\"_ _1\"></span>der to meet its liabilities as they fall due. These financial pr<span class=\"_ _1\"></span>ojections have been performed under various stressed scenarios and in<span class=\"_ _1\"></span> all cases the Group is able to m<span class=\"_ _1\"></span>eet its liabilities as they fall due. The stressed scenarios included halting futur<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> Investment Asset originations, late repayments of the largest structured facility and individual exposur<span class=\"_ _1\"></span>es experiences ongoing performance at the worst<span class=\"_ _1\"></span> monthly impact experienced throughout 2022 and<span class=\"_ _1\"></span> 2023. The Directors consider these scenarios to be<span class=\"_ _1\"></span> the most relevant risks to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s operations. As part of these projections, the Dir<span class=\"_ _1\"></span>ectors have con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sidered the Reorganisation that is described above. All operations undertaken by Pollen Street Capital<span class=\"_ _1\"></span> Holdings Limited have therefor<span class=\"_ _1\"></span>e been classified as held for distribution to owners under IFRS 5 and<span class=\"_ _1\"></span> are on the basis that Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited will be a wholly owned subsidiary of Pollen Street Gr<span class=\"_ _1\"></span>oup Limited and have therefore not been<span class=\"_ _1\"></span> included in the projections. Further information on<span class=\"_ _1\"></span> this matter is presented in the section on assets held for distribution to the new parent company<span class=\"_ _31\"></span>, later in this Note and also in Note 5. The Directors note that 100 per cent of the shar<span class=\"_ _1\"></span>e capital of the Company is now held by Pollen Street Gr<span class=\"_ _1\"></span>oup Limited. Due to the Reorganisation described in Note 1,<span class=\"_ _1\"></span> Pollen Street Limited classified the activities of<span class=\"_ _0\"></span> Pollen Street Capital Holdings Limited as held for<span class=\"_ _1\"></span> distribution to owners in accordance with IFRS 5<span class=\"_ _1\"></span> and ceased to prepar<span class=\"_ _1\"></span>e the financial statements on<span class=\"_ _1\"></span> a basis compliant with the Statement of Recom<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mended Practice for investment trusts issued by<span class=\"_ _1\"></span> the Association of Investment Companies in July<span class=\"_ _1\"></span> 2022. The Group ther<span class=\"_ _1\"></span>efore r<span class=\"_ _1\"></span>eallocated reserves from revenue and capital r<span class=\"_ _1\"></span>eserves, to retained earnings. If the Group had shown r<span class=\"_ _1\"></span>evenue and capital reserves<span class=\"_ _1\"></span> during the year<span class=\"_ _0\"></span>, the amount for revenue r<span class=\"_ _1\"></span>eserves would have been \u00a311.1 million (31 December 2022:<span class=\"_ _1\"></span> \u00a32.4 million) and the amount for capital reserves<span class=\"_ _1\"></span> would have been \u00a3(2.4) million (31 December 2022: \u00a3(2.4) million).<span class=\"_ _1f9\"> </span>The principal accounting policies adopted by<span class=\"_ _0\"></span> the Group ar<span class=\"_ _1\"></span>e set out below and all values are<span class=\"_ _0\"></span> rounded to the near<span class=\"_ _1\"></span>est thousand pounds unless<span class=\"_ _1\"></span> <span class=\"_ _d\"></span><span class=\"ls0\"> </span>otherwise indicated.<span class=\"_ _1f9\"> </span>CHANGES TO ACCOUNTING POLICIES<span class=\"_ _1f9\"> </span>There wer<span class=\"_ _1\"></span>e no changes to accounting standards<span class=\"_ _1\"></span> during the year that were applicable to the Gr<span class=\"_ _1\"></span>oup. Following the Reorganisation, the Group has applied IFRS 5 to the operations of the business that have been distributed to owners. Further information on this matter is presented in the section on assets held for distribution to the new parent company<span class=\"_ _31\"></span>, later in this Note.<span class=\"_ _1f9\"> </span>ACCOUNTING POLI<span class=\"_ _1\"></span>CIES CONSOLIDA<span class=\"_ _0\"></span>TION Subsidiaries are inves<span class=\"_ _1\"></span>tees controlled by the Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pany<span class=\"_ _0\"></span>. The Company controls an investee if it is<span class=\"_ _0\"></span> exposed to, or has the rights to, variable returns from its involvement with the investee and has the ability to affect those r<span class=\"_ _1\"></span>eturns through its power over the investee. The Company reassesses whether it has<span class=\"_ _1f9\"> </span>control if ther<span class=\"_ _1\"></span>e are changes to one or mor<span class=\"_ _1\"></span>e elements of control. The Company does not consider itself to be an investment entity for the purposes of IFRS 10, as it does not hold substantially all of its investments at fair value. Consequently<span class=\"_ _0\"></span>, it consolidates its subsid<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>iaries rather than holding at fair value through pr<span class=\"_ _1\"></span>ofit or loss.<span class=\"_ _1f9\"> </span>On 30 September 2022, the Company acquired 100 per cent of Pollen Street Capital Holdings Limited<span class=\"_ _1\"></span> with newly issued shares in the Company as con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sideration. Pollen Street Capital Hold<span class=\"_ _1\"></span>ings Limited is a limited company incorporated under the law of Guernsey as a company limited by shares pursuant to the Companies (Guernsey) Law<span class=\"_ _1\"></span>, 2008, with com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pany number 58102. This transaction is referr<span class=\"_ _1\"></span>ed to as the Combination. The Company is considered<span class=\"_ _1\"></span> to control the Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited and its subsidiaries and so the Group has consoli<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>dated Pollen Street Capital Holdings Limited and its subsidiaries with effect fr<span class=\"_ _1\"></span>om 30 September 2022. As explained in note 1, Pollen Street Limited classified<span class=\"_ _1\"></span> the activities of Pollen Street Capital Holdings Limited as held for distribution to owners in accordance with IFRS 5. Pollen Street Capital Holdings Limited is still consolidated in the financial statements on a line by line basis, but is shown in a new column for assets<span class=\"_ _1\"></span> held for distribution to the new parent. The Group also assessed the consolidation<span class=\"_ _31\"></span> requir<span class=\"_ _1\"></span>ements for the carried interest partnerships<span class=\"_ _1\"></span> <span class=\"_ _2f\"></span><span class=\"ls0\"> </span>and certain underlying entities or funds which the<span class=\"_ _1\"></span> Group holds as investments. For the carried interest partnerships in funds in<span class=\"_ _0\"></span> existence prior to completion of the Combination on 30 September 2022, the Directors consider<span class=\"_ _1\"></span>ed the nature of the r<span class=\"_ _1\"></span>elationships between the Group, the<span class=\"_ _1\"></span> funds, the fund investors, the carried interest partner<span class=\"_ _0\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ships and participants in the carried interest partner<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ships. The Directors also consider<span class=\"_ _1\"></span>ed any influence that the Group had in the setup of the carried inter<span class=\"_ _1\"></span>est partnerships in ord<span class=\"_ _1\"></span>er to assess the power to control the carried interest partnerships. It was determined<span class=\"_ _1\"></span> that the carried interest partnerships wer<span class=\"_ _1\"></span>e set up on behalf of the fund investors, and that on balance, the Group does not contr<span class=\"_ _1\"></span>ol the carried interest partner<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ships. Where the Gr<span class=\"_ _1\"></span>oup has in excess of 20 per cent of the interest in the carried inter<span class=\"_ _1\"></span>est partnership, the Group is consider<span class=\"_ _1\"></span>ed to have significant influence. It was therefor<span class=\"_ _1\"></span>e determined that these carried inter<span class=\"_ _1\"></span>est partnerships are accounted for as associates as<span class=\"_ _1\"></span> explained in the investments in associates section. The key judgemental areas for the accounting of<span class=\"_ _1\"></span> carried interest partnerships ar<span class=\"_ _1\"></span>e in Note 3, Significant accounting estimates and judgements. The carried interest partnerships ar<span class=\"_ _1\"></span>e presented in the Carried<span class=\"_ _1\"></span> Interest line on the Statement of Financial Position. For the underlying entities or funds, the Directors<span class=\"_ _1\"></span> considered the natur<span class=\"_ _1\"></span>e of the relationships between the Group, the underlying entities or funds and<span class=\"_ _0\"></span> the investors. The Directors also consider<span class=\"_ _1\"></span>ed any<span class=\"_ _1\"></span> influence that the Group had in the setup of the<span class=\"_ _1\"></span> underlying entities or funds in order to assess the<span class=\"_ _1\"></span> power to control the underlying entities or funds. It<span class=\"_ _1\"></span> was determined that the underlying entities or funds were set up for the investors, and that on balance,<span class=\"_ _1\"></span> the Group does not contr<span class=\"_ _1\"></span>ol the underlying entities or funds.  Where the Gr<span class=\"_ _1\"></span>oup holds more than 20 per cent of the interest in the underlying entities, funds or carried interest participations, it is consider<span class=\"_ _1\"></span>ed to have significant influence. It was therefor<span class=\"_ _1\"></span>e determined that these underlying entities or funds are accounted<span class=\"_ _1\"></span> for as associates as explained in the investments in associates section. The key judgemental areas for<span class=\"_ _1\"></span> the accounting of the underlying entities or funds<span class=\"_ _1\"></span> are in Note 3, Significant accounting estimates and<span class=\"_ _1\"></span> judgements. The underlying entities or funds are<span class=\"_ _1\"></span> presented in the Investments Assets held at fair<span class=\"_ _1\"></span> value through pr<span class=\"_ _1\"></span>ofit or loss line on the Statement of Financial Position.<span class=\"_ _1f9\"> </span>The Group also consolidates Bud Funding Limited<span class=\"_ _1\"></span> (\u201cBud\u201d) and Sting Funding Limited (\u201cSting\u201d). In the consolidated financial statements, intra-group balances and transactions, and any unrealised<span class=\"_ _0\"></span> income and expenses arising from intra-gr<span class=\"_ _1\"></span>oup trans<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>actions, are eliminated. All entities within the Gr<span class=\"_ _1\"></span>oup have co-terminus reporting dates. Refer to Note 21 for further details. INVESTMENTS IN SUBSIDIARIES<span class=\"_ _1f9\"> </span>Investments in subsidiaries in the Statement of<span class=\"_ _1\"></span> Financial Position of the Company are r<span class=\"_ _1\"></span>ecorded at<span class=\"_ _1\"></span> cost less provision for impairments. All transactions between the Company and its subsidiary under<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>takings are classified as r<span class=\"_ _1\"></span>elated party transactions for the Company accounts and are eliminated on<span class=\"_ _1\"></span> consolidation.<span class=\"_ _1f9\"> </span>INVESTMENTS <span class=\"_ _32\"></span>IN ASSOCIA<span class=\"_ _0\"></span>TES<span class=\"_ _1f9\"> </span>Associates are entities over which the Gr<span class=\"_ _1\"></span>oup has significant influence, but does not contr<span class=\"_ _1\"></span>ol, generally accompanied by a shareholding of between 20 per<span class=\"_ _1\"></span> cent and 50 percent of the voting rights.<span class=\"_ _1f9\"> </span>The Group acquir<span class=\"_ _1\"></span>ed carried interest rights in the most recent flagship funds as part of the Combination. The rights are in the form of partnership inter<span class=\"_ _1\"></span>ests in car<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ried interest partnerships. The Gr<span class=\"_ _1\"></span>oup has between 1 per cent and 25 per cent of the total interests in these partnerships. Where the Gr<span class=\"_ _1\"></span>oup has in excess of 20 per cent interest, the Gr<span class=\"_ _1\"></span>oup is considered to have<span class=\"_ _1\"></span> significant influence over the partnerships and the partnerships are consider<span class=\"_ _1\"></span>ed to be an associate. The carried interest partnerships (including associates<span class=\"_ _1\"></span> and contract assets) are pr<span class=\"_ _1\"></span>esented in the \u2018Carried<span class=\"_ _1\"></span> interest\u2019 line on the Consolidated Statement of Finan<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>cial Position; and income from the carried inter<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> partnerships is presented in the \u2018Carried inter<span class=\"_ _1\"></span>est and performance fee income\u2019 line on the Consolidated Statement of Comprehensive Income. The Group also holds mor<span class=\"_ _1\"></span>e than 20 per cent of inter<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>est in certain underlying entities or funds. These enti<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ties are tr<span class=\"_ _1\"></span>eated as associates. The Group elects to<span class=\"_ _1\"></span> hold investments in associates at FVTPL. This treat<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment is permitted by IAS 28 Investments in Associ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ates and Joint V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>es, which permits investments held by entities that are ventur<span class=\"_ _1\"></span>e capital organisations, mutual funds or similar entities to be excluded from<span class=\"_ _1\"></span> its measurement methodology r<span class=\"_ _1\"></span>equirements where<span class=\"_ _1\"></span> those investments are designated, upon initial r<span class=\"_ _1\"></span>ecog<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>nition, as at FVTPL and accounted for in accordance with IFRS 9. These underlying entities or funds are<span class=\"_ _1\"></span> presented in the Investment assets held at fair value through pr<span class=\"_ _1\"></span>ofit or loss line on the Statement of Finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cial Position. Changes in fair value of these entities or funds are pr<span class=\"_ _1\"></span>esented in the Gains on Investment Assets held at fair value on the Consolidated State<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment of Comprehensive Income. Details of how the Group classifies and measur<span class=\"_ _1\"></span>es assets at FVTPL are in the classification and meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urement section on page 135.<span class=\"_ _1f9\"> </span>ASSETS HELD FOR DIS<span class=\"_ _1\"></span>TRIBUTION T<span class=\"_ _1\"></span>O <span class=\"ls0\"> </span>THE NEW<span class=\"_ _1\"></span> P<span class=\"_ _1\"></span>ARENT COMP<span class=\"_ _1\"></span>ANY<span class=\"_ _1f9\"> </span>The Group classifies assets and liabilities as held for distribution to owners, under IFRS 5, if their carryi<span class=\"_ _1\"></span>ng amounts will be recover<span class=\"_ _1\"></span>ed principally through a dis<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tribution of the assets and liabilities to shareholders<span class=\"_ _1\"></span> of the Company or the Group rather than thr<span class=\"_ _1\"></span>ough continuing use. The criteria for the classification as<span class=\"_ _1\"></span> held for distribution is regar<span class=\"_ _1\"></span>ded as met only when the sale is highly probable, the assets and liabilities ar<span class=\"_ _1\"></span>e available for immediate sale in their present condition and the sale is expected to complete within one year from the date of the classification.<span class=\"_ _1f9\"> </span>Assets and liabilities held for distribution to owners are measur<span class=\"_ _1\"></span>ed at the lower of their carrying amount and fair value less costs to sell, except for financial<span class=\"_ _1\"></span> assets within the scope of IFRS 9 and the deferred<span class=\"_ _1\"></span> tax asset, which are measur<span class=\"_ _1\"></span>ed in accordance other relevant accounting standar<span class=\"_ _1\"></span>ds. Costs to sell are the incremental costs dir<span class=\"_ _1\"></span>ectly attributable to the disposal of the assets and liabilities, excluding finance costs and income tax expense. Assets held for distribution to owners are not depr<span class=\"_ _1\"></span>eciated or amortised. Inter<span class=\"_ _1\"></span>est and other expenses attributable to the liabilities held for distribution to owners continue to be recognised.<span class=\"_ _1f9\"> </span>Assets and liabilities classified as held for distribu<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tion to owners are pr<span class=\"_ _1\"></span>esented separately as curr<span class=\"_ _1\"></span>ent items in the consolidated and company statement of financial position and the results of the assets<span class=\"_ _1\"></span> and liabilities held for distribution to owners are pr<span class=\"_ _1\"></span>e<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sented separately in the statement of comprehensive income.<span class=\"_ _1f9\"> </span>On 11 October 2023, the shar<span class=\"_ _1\"></span>eholders of the Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pany approved r<span class=\"_ _1\"></span>esolutions at a Court Meeting and General Meeting for the distribution of its subsidiary<span class=\"_ _0\"></span>, Pollen Street Capital Holdings Limited,<span class=\"_ _1\"></span> to its new parent, Pollen Str<span class=\"_ _1\"></span>eet Group Limited, as part of the<span class=\"_ _1\"></span> Reorganisation. This transaction is referr<span class=\"_ _1\"></span>ed to as<span class=\"_ _1\"></span> the Distribution and it completed on 14 February<span class=\"_ _1\"></span> 2024. Pollen Street Limited and its curr<span class=\"_ _1\"></span>ent subsid<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>iaries have therefor<span class=\"_ _1\"></span>e ceased all asset management activities, however they continue their operations of investing in Credit Assets and Equity Assets.<span class=\"_ _1f9\"> </span>All operations undertaken by Pollen Street Capital<span class=\"_ _1\"></span> Holdings Limited were ther<span class=\"_ _1\"></span>efore classified as held<span class=\"_ _1\"></span> for distribution to owners, also described as held for distribution to new parent, on 11 October 2023. The Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position and the Company Statement of Financial Position have been presented in columnar format with the \u2018For<span class=\"_ _1\"></span> Distribution\u2019 columns repr<span class=\"_ _1\"></span>esenting the activities that are being distributed to the new par<span class=\"_ _1\"></span>ent and the \u2018Con<span class=\"_ _1f9\"> </span>tinuing Operations\u2019 column repr<span class=\"_ _1\"></span>esenting the activities that will remain in Pollen Str<span class=\"_ _1\"></span>eet Limited. A \u2018T<span class=\"_ _31\"></span>otal\u2019 column has also been presented for information.<span class=\"_ _1f9\"> </span>Additional disclosures, including disclosur<span class=\"_ _1\"></span>e of the effect of the Distribution on the Consolidated State<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment of Cash Flows are pr<span class=\"_ _1\"></span>ovided in Note 5. All other notes to the financial statements include amounts for continuing operations. The notes to the accounts include a column that presents the total of the contin<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>uing operations and assets held for distribution to the new parent which is a non-GAAP measur<span class=\"_ _1\"></span>e. FOREIGN CURRENC<span class=\"_ _1\"></span>Y<span class=\"_ _1f9\"> </span>The financial statements have been prepar<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> Pounds Sterling because that is the currency of the majority of the transactions during the year<span class=\"_ _0\"></span>, so has been selected as the presentational curr<span class=\"_ _1\"></span>ency<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>The liquidity of the Group is managed on a day-to-<span class=\"_ _1f9\"> </span>day basis in Pounds Sterling as the Group\u2019<span class=\"_ _31\"></span>s perfor<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mance is evaluated in that currency<span class=\"_ _31\"></span>. Therefore, the<span class=\"_ _1\"></span> Directors consider Pounds Sterling as the curr<span class=\"_ _1\"></span>ency that most faithfully repr<span class=\"_ _1\"></span>esents the economic effects of the underlying transactions, events and condi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions and is therefor<span class=\"_ _1\"></span>e the functional currency<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>ransactions involving foreign curr<span class=\"_ _1\"></span>encies are con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>verted at the exchange rate ruling at the date of the transaction. Foreign curr<span class=\"_ _1\"></span>ency monetary assets and liabilities are translated into Pounds Sterling at the<span class=\"_ _1\"></span> exchange rate ruling on the year<span class=\"_ _1\"></span>-end date. For<span class=\"_ _1\"></span>eign exchange differ<span class=\"_ _1\"></span>ences arising on translation would<span class=\"_ _1\"></span> be recognised in the Statement of Compr<span class=\"_ _1\"></span>ehensive Income.<span class=\"_ _1f9\"> </span>BUSINESS <span class=\"_ _32\"></span>MODEL<span class=\"_ _1\"></span> ASSESSMENT The Group assesses the objective of the business<span class=\"_ _1\"></span> model in which a financial asset is held at a portfolio level in order to generate cash flows because this<span class=\"_ _1\"></span> best reflects the way the business is managed. That is, whether the Group\u2019<span class=\"_ _31\"></span>s objective is solely to collect the contractual cash flows from the assets or is to<span class=\"_ _1\"></span> collect both the contractual cash flows and cash<span class=\"_ _1\"></span> flows arising from <span class=\"_ _1\"></span>the sale of assets. If neither of<span class=\"_ _1\"></span> these are applicable, th<span class=\"_ _1\"></span>en the financial assets are<span class=\"_ _1\"></span> classified as part of the other business model and measured at FVTPL.<span class=\"_ _1f9\"> </span>The assessment includes:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>the stated policies and objectives for the portfolio and the operation of those policies in practice,<span class=\"_ _1\"></span> including whether the strategy focuses on earning contractual interest r<span class=\"_ _1\"></span>evenue, maintaining a<span class=\"_ _0\"></span> particular interest rate pr<span class=\"_ _1\"></span>ofile, matching duration of the financial assets to the duration of the liabilities that are funding those assets or r<span class=\"_ _1\"></span>ealising cash<span class=\"_ _1\"></span> flows through the sale of assets;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>past experience on how the cash flows for these assets were collected;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>how the performance of the portfolio is evaluated and reported;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>the risks that affect the performance of the<span class=\"_ _0\"></span> business model (and the financial assets held<span class=\"_ _1\"></span> within that business model) and how those risks are managed; and<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the frequency<span class=\"_ _31\"></span>, volume and timing of sales in prior years, the reasons for such sales and expectations about future sales activity<span class=\"_ _31\"></span>. However<span class=\"_ _0\"></span>, information about sales activity is not considered in isolation,<span class=\"_ _1\"></span> but as part of an overall assessment of how the stated objective for managing the financial assets is achieved and how cashflows are r<span class=\"_ _1\"></span>ealised. ASSESSMENT<span class=\"_ _1\"></span> WHETHER <span class=\"_ _32\"></span>CONTRACTUAL<span class=\"_ _1\"></span> CASH FL<span class=\"_ _1\"></span>OWS <span class=\"_ _1\"></span>ARE SOLEL<span class=\"_ _0\"></span>Y P<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>YMENTS OF PRINCIP<span class=\"_ _1\"></span>AL<span class=\"_ _1\"></span> AND <span class=\"_ _32\"></span>INTEREST<span class=\"_ _1f9\"> </span>For the purposes of this assessment, \u201cprincipal\u201d is defined as the fair value of the financial asset on initial recognition. \u201cInter<span class=\"_ _1\"></span>est\u201d is defined as consideration for the time value of money<span class=\"_ _0\"></span>, for the credit risk associated with the principal amount outstanding during a par<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ticular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a reasonable pr<span class=\"_ _1\"></span>ofit margin.<span class=\"_ _1f9\"> </span>In assessing whether the contractual cash flows<span class=\"_ _1\"></span> are solely payments of principal and inter<span class=\"_ _1\"></span>est, the<span class=\"_ _1\"></span> contractual terms of the instrument are consider<span class=\"_ _1\"></span>ed. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such<span class=\"_ _1\"></span> that it would not meet this condition. In making the assessment the following features ar<span class=\"_ _1\"></span>e considered:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>contingent events that would change the amount and timing of cash flows;<span class=\"_ _1f9\"> </span>\u2022  leverage features;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>prepayment and extension terms;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>terms that limit the Group\u2019<span class=\"_ _31\"></span>s claim to cash flows<span class=\"_ _1f9\"> </span>from specified assets, e.g. non-r<span class=\"_ _1\"></span>ecourse asset<span class=\"_ _1\"></span> arrangements; and<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>  <span class=\"_ _59\"></span>features that modify consideration for the time<span class=\"_ _1\"></span> value of money<span class=\"_ _0\"></span>, e.g. periodic reset of inter<span class=\"_ _1\"></span>est rates.<span class=\"_ _1f9\"> </span>CLASSIFICA<span class=\"_ _0\"></span>TION AND <span class=\"_ _32\"></span>MEASUREMENT<span class=\"_ _1f9\"> </span>Financial assets and financial liabilities are r<span class=\"_ _1\"></span>ecognised in the Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. The Group shall of<span class=\"_ _1\"></span>fset financial assets and financial liabilities if it has a legally enforceable<span class=\"_ _1\"></span> right to set off th<span class=\"_ _1\"></span>e recognised amounts and inter<span class=\"_ _1\"></span>ests and intends to settle on a net basis. Financial assets and liabilities are der<span class=\"_ _1\"></span>ecognised when the Group set<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tles its obligations relating to the instrument.<span class=\"_ _1f9\"> </span>CLASSIFICA<span class=\"_ _0\"></span>TION <span class=\"_ _1\"></span>AND MEASUREMENT<span class=\"_ _1\"></span> \u2013 FINANCIAL<span class=\"_ _1\"></span> ASSETS<span class=\"_ _1f9\"> </span>IFRS 9 contains a classification and measurement<span class=\"_ _1\"></span> approach for debt instruments that r<span class=\"_ _1\"></span>eflects the busi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ness model in which assets are managed and their<span class=\"_ _1\"></span> cash flow characteristics. This is a principle-based approach and applies one classification appr<span class=\"_ _1\"></span>oach for all types of debt instruments. For debt instruments, two criteria are used to determine how financial<span class=\"_ _1\"></span> assets are classified and measur<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>the entity\u2019<span class=\"_ _31\"></span>s business model (i.e. how an entity manages its debt Instruments in order to generate cash flows by collecting contractual cash flows, selling financial assets or both); and \u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>the contractual cash flow characteristics of the financial asset (i.e. whether the contractual cash flows are solely payments of principal and inter<span class=\"_ _1\"></span>est). A debt instrument is measured at amortised cost<span class=\"_ _1\"></span> if it meets both of the following conditions and is<span class=\"_ _1\"></span> not designated as at fair value through pr<span class=\"_ _1\"></span>ofit and loss (\u201cFVTPL\u201d): (a) it is held within a business model whose objective is to hold assets to collect contrac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tual cash flows; and (b) its contractual terms give<span class=\"_ _1\"></span> rise on specified dates to cash flows that are solely<span class=\"_ _1\"></span> payments of principal and interest on the principal<span class=\"_ _1\"></span> amount outstanding.<span class=\"_ _1f9\"> </span>IFRS 9 details the classification and measurement<span class=\"_ _1\"></span> approach for assets measur<span class=\"_ _1\"></span>ed at fair value through other comprehensive income (\u201cFVOCI\u201d) if it meets<span class=\"_ _1\"></span> both of the following conditions and is not desig<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nated as at FVTPL:<span class=\"_ _1f9\"> </span>(a) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and<span class=\"_ _1f9\"> </span>(b) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Equity instruments and derivatives are measur<span class=\"_ _1\"></span>ed at FVTPL, unless they are not held for<span class=\"_ _1\"></span> trading purposes, in which case an irrevocable election can be made on initial recognition to measur<span class=\"_ _1\"></span>e them at FVOCI with no subsequent reclassification to pr<span class=\"_ _1\"></span>ofit or loss. This elec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tion is made on an investment by investment basis. All financial assets not classified as measured at<span class=\"_ _1\"></span> amortised cost or FVOCI as described above are<span class=\"_ _1\"></span> measured at FVTPL.<span class=\"_ _1f9\"> </span>All equity positions are measur<span class=\"_ _1\"></span>ed at FVTPL. Financial assets measured at FVTPL ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend<span class=\"_ _1\"></span> income are r<span class=\"_ _1\"></span>ecognised in the Consolidated State<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment of Comprehensive Income within Gains on<span class=\"_ _0\"></span> Investment Assets held at fair value in the period in which they occur<span class=\"_ _0\"></span>. The fair values of assets and liabil-<span class=\"_ _1f9\"> </span>ities traded in active markets are based on curr<span class=\"_ _1\"></span>ent bid and offer prices r<span class=\"_ _1\"></span>espectively<span class=\"_ _0\"></span>. If the market is not active the Group establishes a fair value by using val<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>uation techniques. In addition, on initial recognition<span class=\"_ _1\"></span> the Group may irr<span class=\"_ _1\"></span>evocably designate a financial asset that otherwise meets the requir<span class=\"_ _1\"></span>ements to be meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured at amortised cost or at FVOCI as FVTPL if doing so eliminates or significantly reduces an accounting<span class=\"_ _1\"></span> mismatch that would otherwise arise.<span class=\"_ _1f9\"> </span>The carried interest rights acquir<span class=\"_ _1\"></span>ed by the Group as part of the Combination are r<span class=\"_ _1\"></span>ecognised as associ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ates at fair value or as a contract asset. Refer to Note 10 for further details on carried interest. The Group does not hold any FVOCI assets.<span class=\"_ _1f9\"> </span>CLASSIFICA<span class=\"_ _0\"></span>TION <span class=\"_ _1\"></span>AND MEASUREMENT<span class=\"_ _1\"></span> \u2013 FINANCIAL<span class=\"_ _1\"></span> LIABILITIES<span class=\"_ _1f9\"> </span>In both the current year and prior year<span class=\"_ _31\"></span>, financial lia<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>bilities are classified and subsequently measur<span class=\"_ _1\"></span>ed at amortised cost, except for:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Financial liabilities at fair value through profit or<span class=\"_ _1\"></span> loss: this classification is applied to derivatives,<span class=\"_ _1\"></span> financial liabilities held for trading other financial liabilities designated as such at initial r<span class=\"_ _1\"></span>ecognition. Gains or losses on financial liabilities designated at fair value through pr<span class=\"_ _1\"></span>ofit or loss are pr<span class=\"_ _1\"></span>esented par<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tially in other comprehensive income (the amount of change in the fair value of the financial liability<span class=\"_ _1\"></span> that is attributable to changes in the credit risk of<span class=\"_ _1\"></span> that liability<span class=\"_ _0\"></span>, which is determined as the amount that is not attributable to change in market con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ditions that give rise to market risk) and partially<span class=\"_ _1\"></span> profit or loss (the r<span class=\"_ _1\"></span>emaining amount of change in the fair value of the liability). This is unless such<span class=\"_ _1\"></span> a presentation would cr<span class=\"_ _1\"></span>eate, or enlarge, an ac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>counting mismatch, in which case the gains and<span class=\"_ _1\"></span> losses attributable to changes in the credit risk of the liability are also pr<span class=\"_ _1\"></span>esented in the Consolidated Statement of Comprehensive Income.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Financial liabilities arising from the transfer of finan<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>cial assets which did not qualify for derecognition, whereby a financial liability is r<span class=\"_ _1\"></span>ecognised for the consideration received<span class=\"_ _1\"></span> for the transfer<span class=\"_ _0\"></span>. In subse<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>quent years, the Group r<span class=\"_ _1\"></span>ecognises any expense incurred on the financial liability<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span>   <span class=\"_ _2\"></span>Financial guarantee contracts and loan commitments.<span class=\"_ _1f9\"> </span>CREDIT<span class=\"_ _1\"></span> ASSETS A<span class=\"_ _0\"></span>T AMORTISED COST<span class=\"_ _1f9\"> </span>Loans are initially r<span class=\"_ _1\"></span>ecognised at a carrying value<span class=\"_ _1\"></span> equivalent to the funds advanced to the borrower<span class=\"_ _1\"></span> plus the costs of acquisition fees and transaction<span class=\"_ _1\"></span> costs. After initial recognition loans ar<span class=\"_ _1\"></span>e subsequently measured at amortised cost using the ef<span class=\"_ _1\"></span>fective inter<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>est rate method (\u201cEIRM\u201d) less expected credit losses (see Note 12).<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR <span class=\"_ _32\"></span>FINANCIAL<span class=\"_ _1\"></span> ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> AMORTISED COST<span class=\"ff5 ls0\"> </span>The impairment charge in the income statement includes the change in expected credit losses which are r<span class=\"_ _1\"></span>ecognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments.<span class=\"_ _1f9\"> </span>IFRS 9 applies a single impairment model to all financial instruments subject to impairment testing. Impairment losses are r<span class=\"_ _1\"></span>ecognised on initial recognition, and at each subsequent r<span class=\"_ _1\"></span>eporting period, even if the loss has not yet been incurred. In addition to past events and current conditions, reasonable and supportable for<span class=\"_ _1\"></span>ecasts affecting collectability are also consider<span class=\"_ _1\"></span>ed when determining the amount of impairment in accordance with IFRS 9. Under the IFRS 9 expected credit loss model, expected credit losses ar<span class=\"_ _1\"></span>e recognised at each reporting period, even if no actual loss events have taken place. In addition to past events and current conditions, r<span class=\"_ _1\"></span>easonable and supportable forward-looking information that is available without undue cost or effort is consider<span class=\"_ _1\"></span>ed in determining impairment, with the model applied to all financial instruments subject to impairment testing.<span class=\"_ _1f9\"> </span>At initial recognition, allowance is made for expected credit losses r<span class=\"_ _1\"></span>esulting from default events that ar<span class=\"_ _1\"></span>e possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in cr<span class=\"_ _1\"></span>edit risk, allowance (or provision) is made for expected credit losses r<span class=\"_ _1\"></span>esulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected cr<span class=\"_ _1\"></span>edit losses are r<span class=\"_ _1\"></span>ecognised are consider<span class=\"_ _1\"></span>ed to be Stage 1; financial assets which are consider<span class=\"_ _1\"></span>ed to have experienced a significant increase in cr<span class=\"_ _1\"></span>edit risk are in Stage 2; and financial assets which have defaulted or are otherwise consider<span class=\"_ _1\"></span>ed to be credit-impair<span class=\"_ _1\"></span>ed are allocated to Stage 3. Stage 2 and Stage 3 ar<span class=\"_ _1\"></span>e based on lifetime expected credit losses. The measurement of expected cr<span class=\"_ _1\"></span>edit loss, referr<span class=\"_ _1\"></span>ed to as \u201cECL\u201d, is primarily based on the product of the instrument\u2019<span class=\"_ _31\"></span>s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d) and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held<span class=\"_ _1f9\"> </span> or other mitigants of loss and including the impact of discounting using the EIR. \u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The PD repr<span class=\"_ _1\"></span>esents the likelihood of a borrower<span class=\"_ _1\"></span> defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>EAD is based on the amounts the Group expects to be owed at the time of default, over the next<span class=\"_ _1\"></span> 12 months or over the remain<span class=\"_ _1\"></span>ing lifetime. For<span class=\"_ _1\"></span> example, for a revolving commitment, the Gr<span class=\"_ _1\"></span>oup includes the current drawn balance plus any<span class=\"_ _0\"></span> further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur<span class=\"_ _0\"></span>. The EAD is discounted back to the reporting date using the EIR determined at initial<span class=\"_ _1\"></span> recognition.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>LGD represents the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty<span class=\"_ _0\"></span>, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a per<span class=\"_ _1\"></span>centage loss per unit of EAD. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the per<span class=\"_ _1\"></span>centage of loss expected to be made if the default occurs<span class=\"_ _1\"></span> in the next 12 months and Lifetime LGD is the<span class=\"_ _1\"></span> percentage of loss <span class=\"_ _1\"></span>expected to be made if the<span class=\"_ _1\"></span> default occurs over the remaining expected<span class=\"_ _0\"></span> lifetime of the loan (\u201cLifetime LGD\u201d).<span class=\"_ _1f9\"> </span>The ECL is determined by estimating the PD, LGD and EAD for each individual exposur<span class=\"_ _1\"></span>e or collective segment. These three components ar<span class=\"_ _1\"></span>e multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not pr<span class=\"_ _1\"></span>epaid or defaulted in an earlier month). This effectively calculates an ECL,<span class=\"_ _1\"></span> which is then discounted back to the reporting date and summed. The discount rate used in the ECL<span class=\"_ _1\"></span> calculation is the original EIR or an approximation<span class=\"_ _1\"></span> thereof. The Lifetime PD is developed by applying a maturity profile to the curr<span class=\"_ _1\"></span>ent 12M PD. The maturity profile looks at how defaults develop on a portfolio<span class=\"_ _1\"></span> from the point of initial r<span class=\"_ _1\"></span>ecognition throughout the<span class=\"_ _1\"></span> lifetime of the loans. The maturity profile is based on historical observed data and is assumed to be the same across all ass<span class=\"_ _1\"></span>ets within a portfolio and credit<span class=\"_ _1\"></span> grade band where supported by historical analysis.<span class=\"_ _1\"></span> The 12-month and lifetime EADs are determined<span class=\"_ _1\"></span> based on the expected payment profile, which varies by product type.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For amortising products and bullet repayment<span class=\"_ _0\"></span> loans, this is based on the contractual repayments owed by the borrower over a 12-month or<span class=\"_ _31\"></span> lifetime basis. This is also adjusted for any<span class=\"_ _0\"></span> expected overpayments made by a borrower<span class=\"_ _31\"></span>.<span class=\"_ _1\"></span> Early repayment/r<span class=\"_ _1\"></span>efinance assumptions are also<span class=\"_ _1\"></span> incorporated into the calculation.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>For r<span class=\"_ _1\"></span>evolving products, the EAD is predicted by<span class=\"_ _1\"></span> taking current drawn balance and adding a \u201ccr<span class=\"_ _1\"></span>edit conversion factor\u201d which allows for the expected drawdown of the re<span class=\"_ _1\"></span>maining limit by the time of<span class=\"_ _1\"></span> default. These assumptions vary by product<span class=\"_ _0\"></span> type and current limit utilisation band, based on<span class=\"_ _1\"></span> analysis of the Group\u2019<span class=\"_ _31\"></span>s recent default data.<span class=\"_ _1f9\"> </span>The 12-month and lifetime LGDs are determined<span class=\"_ _1\"></span> based on the factors which impact the recoveries<span class=\"_ _1\"></span> made post default. These vary by product type.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>For secured pr<span class=\"_ _1\"></span>oducts, this is primarily based on collateral type and projected collateral values,<span class=\"_ _1\"></span> historical discounts to market/book values due to forced sales, time to r<span class=\"_ _1\"></span>epossession and recovery<span class=\"_ _1\"></span> costs observed.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For unsecured products, LGDs are typically set<span class=\"_ _1\"></span> at product level due to the limited dif<span class=\"_ _1\"></span>ferentiation<span class=\"_ _1\"></span> in recoveries achieved acr<span class=\"_ _1\"></span>oss differ<span class=\"_ _1\"></span>ent borrowers. These LGDs are influenced by collection strategies, including contracted debt sales and price.<span class=\"_ _1f9\"> </span>The main differ<span class=\"_ _1\"></span>ence between Stage 1 and Stage<span class=\"_ _1\"></span> 2 is the respective PD horizon. Stage 1 estima<span class=\"_ _1\"></span>tes use a maximum of a 12-month PD, while Stage 2<span class=\"_ _1\"></span> estimates use a lifetime PD. The main differ<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> between Stage 2 and Stage 3 is that Stage 3 is<span class=\"_ _1\"></span> effectively the point at which ther<span class=\"_ _1\"></span>e has been a default event. For financial assets in Stage 3, entities con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tinue to recognise <span class=\"_ _1\"></span>lifetime ECL but now recognise<span class=\"_ _1\"></span> interest income on a net basis. This means that<span class=\"_ _1\"></span> interest income is calculated based on the gr<span class=\"_ _1\"></span>oss car<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>rying amount of the financial asset less ECL. Stage 3 estimates continue to leverage existing processes for estimating losses on impaired loans, however<span class=\"_ _31\"></span>, these processes ar<span class=\"_ _1\"></span>e updated to reflect the r<span class=\"_ _1\"></span>equirements of IFRS 9, including the requir<span class=\"_ _1\"></span>ement to consider mul<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tiple forward-looking scenarios using independent<span class=\"_ _1\"></span> third-party economic information.<span class=\"_ _1f9\"> </span>Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019<span class=\"_ _31\"></span>s credit risk as at the<span class=\"_ _1f9\"> </span>reporting date has <span class=\"_ _1\"></span>increased significantly r<span class=\"_ _1\"></span>elative to the date it was initially recognised. Wher<span class=\"_ _1\"></span>e the credit risk subsequently improves such that it no longer<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esents a significant increase in cr<span class=\"_ _1\"></span>edit risk since origination, the asset is transferred back to Stage 1. In assessing whether a borrower has had a signifi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cant increase in cr<span class=\"_ _1\"></span>edit risk, the following indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>Consumer:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Short-term forbearance;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Extension of terms granted;<span class=\"_ _1f9\"> </span>Structured/SME/Pr<span class=\"_ _1\"></span>operty:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Significant incr<span class=\"_ _1\"></span>ease in credit spread, wher<span class=\"_ _1\"></span>e this information is available;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Significant adverse changes in business, financial and/or economic conditions in which the borrower operates;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Actual or expected forbearance or restructuring;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>Actual or expected significant adverse change in operating results of the borr<span class=\"_ _1\"></span>ower;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Significant change in collateral value (secured<span class=\"_ _1\"></span> facilities only) which is expected to increase the<span class=\"_ _1\"></span> risk of default; and<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Early signs of cashflow/liquidity pr<span class=\"_ _1\"></span>oblems such as delay in servicing of payables.<span class=\"_ _1f9\"> </span>However<span class=\"_ _0\"></span>, as a backstop, unless identified at an ear<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>lier stage, the credit risk of financial assets is deemed to have increased significantly when r<span class=\"_ _1\"></span>epayments are more than 30 days past due. Movements between<span class=\"_ _1\"></span> Stage 2 and Stage 3 are based on whether financial assets are cr<span class=\"_ _1\"></span>edit-impaired as at the r<span class=\"_ _1\"></span>eporting date. IFRS 9 contains a rebu<span class=\"_ _1\"></span>ttable presumption that<span class=\"_ _0\"></span> default occurs no later than when a payment is 90<span class=\"_ _1\"></span> days past due. The Group uses this 90-day backstop for all its assets except for UK second mortgages, the Group has assumed a backstop of 180 days<span class=\"_ _1\"></span> past due as mortgage exposures mor<span class=\"_ _1\"></span>e than 90 days past due, but less than 180 days, typically show high cure rates and this aligns to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s risk manage<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment practices. Assets can move in both directions<span class=\"_ _1\"></span> through the stages of the impairment model. In assessing whether a borr<span class=\"_ _1\"></span>ower is credit-impair<span class=\"_ _1\"></span>ed, the following qualitative indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Any cases of forbearance, for example where the borrower is deceased or insolvent.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Whether the borrower is in br<span class=\"_ _1\"></span>each of financial<span class=\"_ _1\"></span> covenants, for example where concessions have<span class=\"_ _1\"></span> been made by the lender relating to the borr<span class=\"_ _1\"></span>ower\u2019<span class=\"_ _31\"></span>s financial difficulty or ther<span class=\"_ _1\"></span>e are significant adverse changes in business, financial or economic<span class=\"_ _0\"></span> conditions on which the borrower operates.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Where the cr<span class=\"_ _1\"></span>edit risk has increased, the remaining lifetime PD at the reporting date is assessed in<span class=\"_ _1\"></span> comparison to the residual lifetime PD expected<span class=\"_ _1\"></span> at the reporting date when the exposur<span class=\"_ _1\"></span>e was first recognised.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>The criteria above have been applied to all Credit Asset at amortised costs held by the Group and<span class=\"_ _1\"></span> are consistent with the defi<span class=\"_ _1\"></span>nition of default used for internal credit risk management purposes. The default definition has been applied consistently<span class=\"_ _1\"></span> to model the PD, EAD and LGD throughout the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s expected credit loss calculations.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in cir<span class=\"_ _1\"></span>cumstances.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Under IFRS 9, when determining whether the<span class=\"_ _1\"></span> credit risk (i.e. the risk of default) on a financial<span class=\"_ _1\"></span> instrument has increased significantly since<span class=\"_ _0\"></span> initial recognition, r<span class=\"_ _1\"></span>easonable and supportable<span class=\"_ _1\"></span> information that is relevant and available without<span class=\"_ _1\"></span> undue cost or effort, including both quantitative<span class=\"_ _1\"></span> and qualitative information and analysis based<span class=\"_ _1\"></span> on historical experience, credit assessment and<span class=\"_ _1\"></span> forward-looking information.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The measurement of expected credit losses for<span class=\"_ _1\"></span> each stage and the assessment of significant<span class=\"_ _1\"></span> increases in cr<span class=\"_ _1\"></span>edit risk considers information<span class=\"_ _1\"></span> about past events and current conditions as well<span class=\"_ _1\"></span> as reasonable and supportable forwar<span class=\"_ _1\"></span>d-looking information. A \u201cBase case\u201d view of the future<span class=\"_ _0\"></span> direction of r<span class=\"_ _1\"></span>elevant economic variables and a<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative range of other possible for<span class=\"_ _1\"></span>ecasts scenarios have been developed. The process<span class=\"_ _1\"></span> has involved developing two additional economic scenarios and considering the relative pr<span class=\"_ _1\"></span>obabilities of each outcome.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>The base case r<span class=\"_ _1\"></span>epresents a most likely outcome and is aligned with information used for other<span class=\"_ _1\"></span> purposes, such as strategic planning and<span class=\"_ _0\"></span> budgeting. The number of scenarios and their<span class=\"_ _1\"></span> attributes are r<span class=\"_ _1\"></span>eassessed at each reporting<span class=\"_ _0\"></span> date. As at 31 December 2023 as well as 31<span class=\"_ _1\"></span> December 2022, all of the portfolios of the<span class=\"_ _0\"></span> Group use one positive, one optimistic and one<span class=\"_ _1\"></span> downside scenario. These scenario weightings are determined by a combination of statistical analysis<span class=\"_ _1f9\"> </span>and expert<span class=\"_ _1f9\"> </span> judgement, taking account of the<span class=\"_ _1f9\"> </span>range of possible outcomes each chosen scenario is<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative of.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _2f\"></span>The estimation and application of forward-looking<span class=\"_ _1\"></span> information requir<span class=\"_ _1\"></span>es significant judgement. PD,<span class=\"_ _1\"></span> LGD and EAD inputs used to estimate Stage 1<span class=\"_ _1\"></span> and Stage 2 credit loss allowances, ar<span class=\"_ _1\"></span>e modelled and adjusted based on the macr<span class=\"_ _1\"></span>oeconomic<span class=\"_ _0\"></span> variables (or changes in macroeconomic<span class=\"_ _3a\"></span> variables) that are most closely corr<span class=\"_ _1\"></span>elated with<span class=\"_ _1\"></span> credit losses in the r<span class=\"_ _1\"></span>elevant portfolio. The Group<span class=\"_ _1\"></span> has utilised macroeconom<span class=\"_ _1\"></span>ic scenarios prepar<span class=\"_ _1\"></span>ed and provided by Oxfor<span class=\"_ _1\"></span>d Economics (\u201cOxford\u201d).<span class=\"_ _1\"></span> Oxford combines two decades of for<span class=\"_ _1\"></span>ecast errors<span class=\"_ _1\"></span> with the quantitative assessment of the current<span class=\"_ _1\"></span> risks facing the global and domestic economy to produce r<span class=\"_ _1\"></span>obust forward-looking d<span class=\"_ _1\"></span>istributions for the economy<span class=\"_ _0\"></span>. Oxford construct thr<span class=\"_ _1\"></span>ee alter<span class=\"_ _32\"></span>native<span class=\"_ _1\"></span> scenarios at specific percentile points in the<span class=\"_ _0\"></span> distribution. In any distribution, the probability of a given discrete scenario is close to zer<span class=\"_ _1\"></span>o. Therefor<span class=\"_ _1\"></span>e, scenario probabilities r<span class=\"_ _1\"></span>epresent the pr<span class=\"_ _1\"></span>obability of that scenario or similar scenarios occurring. In<span class=\"_ _1\"></span> effect, a given scenario r<span class=\"_ _1\"></span>epresents the average of a broader bucket of similar severity scenarios and the probability r<span class=\"_ _1\"></span>eflects the width of that bucket. Given that it is known where the IFRS 9 scenarios sit in<span class=\"_ _1\"></span> the distribution (the percentiles), their pr<span class=\"_ _1\"></span>obability (the width of the bucket of similar scenarios)<span class=\"_ _0\"></span> depends on how many scenarios are chosen.<span class=\"_ _0\"></span> Scenario probabilities must add up to 100 per cent so the more scenarios chosen, the smaller the<span class=\"_ _1\"></span> section of the distribution, or bucket, each scenario repr<span class=\"_ _1\"></span>esents and therefor<span class=\"_ _1\"></span>e the smaller the probability<span class=\"_ _0\"></span>. This allows the probabilities to be calculated<span class=\"_ _0\"></span> according to whichever subset of scenarios chosen to use in the ECL calculation. Oxford updates these scenarios on a quarterly basis to r<span class=\"_ _1\"></span>eflect changes to the macroeconomic envir<span class=\"_ _1\"></span>onment. Pollen Street updates the scenarios during the year if economic conditions change materially<span class=\"_ _0\"></span>. Oxford selects the<span class=\"_ _1\"></span> scenarios to repr<span class=\"_ _1\"></span>esent a broadly fixed probability<span class=\"_ _1\"></span> within the distribution of potential outcomes. As<span class=\"_ _1\"></span> such Pollen Street has maintained the pr<span class=\"_ _1\"></span>obability of each scenario at a broadly constant level despite the changing macroeconomic envir<span class=\"_ _1\"></span>onment. The Base case is given a 40 per cent weighting and<span class=\"_ _1\"></span> the downside and upside a 30 per cent weighting each, which is unchanged from the prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>As with any economic forecasts, the projections<span class=\"_ _1\"></span> and likelihoods of occurrence ar<span class=\"_ _1\"></span>e subject to a<span class=\"_ _1\"></span> high degree of inher<span class=\"_ _1\"></span>ent uncertainty and therefor<span class=\"_ _1\"></span>e the actual outcomes may be significantly differ<span class=\"_ _1\"></span>ent to those projected. The Gr<span class=\"_ _1\"></span>oup considers these forecasts to r<span class=\"_ _1\"></span>epresent its best estimate of the<span class=\"_ _1\"></span> possible outcomes and has analysed the non-<span class=\"_ _1f9\"> </span>linearities and asymmetries within the Group\u2019<span class=\"_ _31\"></span>s<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent portfolios to establish that the chosen scenarios are appr<span class=\"_ _1\"></span>opriately representative of the<span class=\"_ _1\"></span> range of possible scenarios.<span class=\"_ _1f9\"> </span>Other forward-looki<span class=\"_ _1\"></span>ng considerations not otherwise incorporated within the above scenarios, such as<span class=\"_ _1\"></span> the impact of any regulatory<span class=\"_ _31\"></span>, legislative or political changes, have also been considered, but no adjust<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment has been made to the ECL for such factors. This is reviewed and monitor<span class=\"_ _1\"></span>ed for appropriateness at each reporting date.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR RECEIV<span class=\"_ _1\"></span>ABLES<span class=\"_ _1f9\"> </span>Receivables consist of trade and other debtor<span class=\"_ _1\"></span> balances and prepayments and accrued income.<span class=\"_ _1\"></span> Receivables balances are r<span class=\"_ _1\"></span>epresented by fees<span class=\"_ _0\"></span> receivable for investment fund management and<span class=\"_ _1\"></span> advisory services provided during the year to the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s customers. The Group\u2019<span class=\"_ _31\"></span>s customers are<span class=\"_ _0\"></span> funds that the Group manages or advises. As such, the Group has detailed and up to date information<span class=\"_ _1\"></span> on the financial position and outlook of its counter<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>parties. Receivable balances are generally collected on a monthly or quarterly basis and are ther<span class=\"_ _1\"></span>efore<span class=\"_ _1\"></span> short-term in nature. The Gr<span class=\"_ _1\"></span>oup applies a simplified approach in calculating ECLs and r<span class=\"_ _1\"></span>ecognises a loss allowance based on lifetime ECLs at each reporting date. Given the historic rate of recoverability is 100<span class=\"_ _1\"></span> per cent and the absence of reasons to believe the<span class=\"_ _1\"></span> recoverability pattern will change, management\u2019<span class=\"_ _31\"></span>s assessment is that ECL calculated under IFRS 9<span class=\"_ _1\"></span> would be immaterial at the end of the current and<span class=\"_ _1\"></span> previous r<span class=\"_ _1\"></span>eporting period. Further information as<span class=\"_ _1\"></span> to how the Group manages its cr<span class=\"_ _1\"></span>edit risk on trade<span class=\"_ _1\"></span> and other receivables is disclosed in Note 23. Man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>agement will continue to assess the r<span class=\"_ _1\"></span>ecoverability at each reporting date for changes in the cir<span class=\"_ _1\"></span>cum<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>stances surrounding the r<span class=\"_ _1\"></span>ecoverability of the trade and other receivables, and r<span class=\"_ _1\"></span>ecognise an expected credit loss allowance when appr<span class=\"_ _1\"></span>opriate.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR CASH <span class=\"_ _1\"></span>AND CA<span class=\"_ _1\"></span>SH EQUIV<span class=\"_ _1\"></span>ALENTS<span class=\"_ _1f9\"> </span>Balances with banks are short-term in natur<span class=\"_ _1\"></span>e, are<span class=\"_ _1\"></span> held in reputable institutions (r<span class=\"_ _1\"></span>efer to Note 24) and are consider<span class=\"_ _1\"></span>ed to have a very low risk of credit<span class=\"_ _1\"></span> losses, therefor<span class=\"_ _1\"></span>e the ECL was estimated as immate<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>rial and was not booked.<span class=\"_ _1f9\"> </span>WRITE-OFF POLIC<span class=\"_ _1\"></span>Y<span class=\"_ _1\"></span> FOR FINANCIAL ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _0\"></span>T AMORTISED COST<span class=\"_ _1f9\"> </span>A loan or advance is normally written off, either par<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tially or in full, against the related allowance when the proceeds fr<span class=\"_ _1\"></span>om realising any available security have<span class=\"_ _1\"></span> been received or ther<span class=\"_ _1\"></span>e is no realistic pr<span class=\"_ _1\"></span>ospect of recovery and the amount of the loss has been deter<span class=\"_ _0\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>mined. Subsequent recoveries of amounts pr<span class=\"_ _1\"></span>eviously written off decr<span class=\"_ _1\"></span>ease the amount of impairment losses recor<span class=\"_ _1\"></span>ded in the income statement.<span class=\"_ _1f9\"> </span>MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION OF<span class=\"_ _1\"></span> LOANS<span class=\"_ _1f9\"> </span>The Group sometimes r<span class=\"_ _1\"></span>enegotiates or otherwise<span class=\"_ _1\"></span> modifies the contractual cash flows of loans to<span class=\"_ _1\"></span> customers. When this happens, the Group assesses whether or not the new terms ar<span class=\"_ _1\"></span>e substantially<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent to the original terms. The Group does this<span class=\"_ _1\"></span> by considering, among others, the following factors:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>if the borr<span class=\"_ _1\"></span>ower is in financial difficulty<span class=\"_ _0\"></span>, whether the modification merely r<span class=\"_ _1\"></span>educes the contractual cash flows to amounts the borrower is expected to be<span class=\"_ _1\"></span> able to pay;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>whether any substantial new terms ar<span class=\"_ _1\"></span>e introduced, such as a profit sh<span class=\"_ _1\"></span>are/equity-based r<span class=\"_ _1\"></span>etur<span class=\"_ _32\"></span>n that<span class=\"_ _1\"></span> substantially affects the risk pr<span class=\"_ _1\"></span>ofile of the loan;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>significant extension of the loan term when the borrower is not in financial dif<span class=\"_ _1\"></span>ficulty;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>significant change in the interest rate;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>change in the curr<span class=\"_ _1\"></span>ency the loan is denominated<span class=\"_ _1\"></span> in; and<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>insertion of collateral, other security or credit<span class=\"_ _1\"></span> enhancements that significantly affect the cr<span class=\"_ _1\"></span>edit risk associated with the loan.<span class=\"_ _1f9\"> </span>If the terms are substantially dif<span class=\"_ _1\"></span>ferent, the Group<span class=\"_ _1\"></span> derecognises the original financial asset and r<span class=\"_ _1\"></span>ecog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nises a new asset at fair value and recalculates a new EIR for the asset. The date of renegotiation is conse<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>quently considered to be the date of initial r<span class=\"_ _1\"></span>ecogni<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tion for impairment calculation purposes, including for the purpose of determining whether a significant increase in cr<span class=\"_ _1\"></span>edit risk has occurred. However<span class=\"_ _31\"></span>, the Group also assesses whether the new financial asset recognised is deemed to be cr<span class=\"_ _1\"></span>edit-impaired at initial recognition, especially in cir<span class=\"_ _1\"></span>cumstances where the<span class=\"_ _1\"></span> renegotiation was driven by the debtor being unable to make the originally agreed payments. Dif<span class=\"_ _1\"></span>ferences in the carrying amounts are also r<span class=\"_ _1\"></span>ecognised in the Consolidated Statement of Comprehensive Income<span class=\"_ _1\"></span> as a gain or loss on derecognition. If the terms<span class=\"_ _0\"></span> are not substantially dif<span class=\"_ _1\"></span>ferent, the r<span class=\"_ _1\"></span>enegotiation or modification does not result in der<span class=\"_ _1\"></span>ecognition, and the Group r<span class=\"_ _1\"></span>ecalculates the gross carrying amount<span class=\"_ _1\"></span> based on the revised cash flows of the financial asset and recognises a modification gain or loss in the<span class=\"_ _1\"></span> Consolidated Statement of Comprehensive Income. The new gross carrying amount is r<span class=\"_ _1\"></span>ecalculated by discounting the modified cash flows at the original EIR (or credit-adjusted EIR for pur<span class=\"_ _1\"></span>chased or origi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nated credit-impair<span class=\"_ _1\"></span>ed financial assets).<span class=\"_ _1f9\"> </span>MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION OF<span class=\"_ _1\"></span> FINANCIAL <span class=\"_ _1\"></span>ASSETS<span class=\"_ _1f9\"> </span>The Group sometimes modifies the terms of loans<span class=\"_ _1\"></span> provided to custom<span class=\"_ _1\"></span>ers due to commercial r<span class=\"_ _1\"></span>ene<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>gotiations, or for distressed loans, with a view to<span class=\"_ _1\"></span> maximising recovery<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>Such restructuring activities include extended pay<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment term arrangements, payment holidays and<span class=\"_ _1\"></span> payment forgiveness. Restructuring policies and<span class=\"_ _1\"></span> practice are based on indicators or criteria which,<span class=\"_ _1\"></span> in the judgement of management, indicate that<span class=\"_ _1\"></span> payment will most likely continue. These policies are kept under continuous review<span class=\"_ _0\"></span>. Restructuring is most commonly applied to term loans.<span class=\"_ _1f9\"> </span>The risk of default of such assets after modification is assessed at the reporting date and compar<span class=\"_ _1\"></span>ed with the risk under the original terms at initial recognition, when the modification is not substantial and so does not result in der<span class=\"_ _1\"></span>ecognition of the original assets. The Group monitors the subsequent performance of mod<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>ified assets. The Gro<span class=\"_ _1\"></span>up may determine that the credit risk has significantly improved after r<span class=\"_ _1\"></span>estructuring, so that the assets are moved fr<span class=\"_ _1\"></span>om Stage 2 or Stage 3.<span class=\"_ _1f9\"> </span>COLLA<span class=\"_ _1\"></span>TERAL<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span>AND OTHER <span class=\"ls0\"> </span>CREDIT<span class=\"_ _1\"></span> ENHANCEMENTS<span class=\"_ _1f9\"> </span>The Group employs a range of policies to mitigate<span class=\"_ _1\"></span> credit risk. The most common of these is accepting collateral for funds advanced. The Group has internal policies of the acceptability of specific classes of<span class=\"_ _1\"></span> collateral or credit risk mitigation.<span class=\"_ _1f9\"> </span>The Group pr<span class=\"_ _1\"></span>epares a valuation of the collateral<span class=\"_ _1\"></span> obtained as part of the loan origination process. This assessment is reviewed periodically<span class=\"_ _31\"></span>. The principal collateral types for loans and advances are:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>mortgages over residential pr<span class=\"_ _1\"></span>operties;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>security over our borrowers r<span class=\"_ _1\"></span>eceivables;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _5b\"></span> <span class=\"_ _2\"></span>margin agreement for derivatives, for which the Group has also entered into master netting agr<span class=\"_ _1\"></span>eements;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>charges over business assets such as premises,<span class=\"_ _1\"></span> inventory and accounts receivable; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>charges over financial instruments such as debt securities and equities.<span class=\"_ _1f9\"> </span>Longer<span class=\"_ _1\"></span>-term finance and lending to corporate enti<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ties are generally s<span class=\"_ _1\"></span>ecured; revolvi<span class=\"_ _1\"></span>ng individual credit facilities are generally unsecur<span class=\"_ _1\"></span>ed.<span class=\"_ _1f9\"> </span>Collateral held as security for financial assets other than loans and advances depends on the nature of<span class=\"_ _1\"></span> the instrument. Derivatives are also generally collat<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>eralised.<span class=\"_ _1f9\"> </span>The Group closely monitors collateral held for finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cial assets considered to be cr<span class=\"_ _1\"></span>edit-impaired, as it<span class=\"_ _1\"></span> becomes more likely that the Gr<span class=\"_ _1\"></span>oup will take posses<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>sion of collateral to mitigate potential credit losses.<span class=\"_ _1f9\"> </span>DERECOGNITION OTHER THAN<span class=\"ls0 ws0\"> </span>A<span class=\"_ _1\"></span> MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION<span class=\"_ _1f9\"> </span>Financial assets, or a portion thereof, ar<span class=\"_ _1\"></span>e derecog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nised when the contractual rights to receive the cash flows from the assets have expir<span class=\"_ _1\"></span>ed, or when they have been transferred and either (i) the Gr<span class=\"_ _1\"></span>oup trans<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>fers substantially all the risks and rewar<span class=\"_ _1\"></span>ds of own<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ership, or (ii) the Group neither transfers nor r<span class=\"_ _1\"></span>etains substantially all the risks and rewar<span class=\"_ _1\"></span>ds of ownership and the Group has not r<span class=\"_ _1\"></span>etained control.<span class=\"_ _1f9\"> </span>The Group enters into transactions wher<span class=\"_ _1\"></span>e it retains<span class=\"_ _1\"></span> the contractual rights to receive cash flows fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> assets but assumes a contractual obligation to pay those cash flows to other entities and transfers sub<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>stantially all of the risks and rewar<span class=\"_ _1\"></span>ds. These transac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions are accounted for as \u201cpass t<span class=\"_ _1\"></span>hrough\u201d transfers that result in der<span class=\"_ _1\"></span>ecognition if the Group:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>has no obligation to make payments unless it collects<span class=\"_ _32\"></span> equivalent amounts from the assets;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _57\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>is prohibited fr<span class=\"_ _1\"></span>om selling or pledging the assets; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>has an obligation to remit any cash it collects fr<span class=\"_ _1\"></span>om the<span class=\"_ _32\"></span> assets without material delay<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>DERECOGNITION<span class=\"_ _1f9\"> </span>Financial liabilities are der<span class=\"_ _1\"></span>ecognised when they are<span class=\"_ _1\"></span> extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expires). Dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ent terms, as well as substantial modifications of the terms of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability<span class=\"_ _31\"></span>. The terms are substantially dif<span class=\"_ _1\"></span>ferent if the discounted<span class=\"_ _1\"></span> present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original EIR, is at least 10 per cent differ<span class=\"_ _1\"></span>ent from the discounted pr<span class=\"_ _1\"></span>esent value<span class=\"_ _1\"></span> of the remaining cash flows of the original financial<span class=\"_ _1\"></span> liability<span class=\"_ _0\"></span>. In addition, other qualitative factors, such as the currency that the instrument is denominated in,<span class=\"_ _1\"></span> changes in the type of interest rate, new conversion features attached to the instrument and change in<span class=\"_ _1\"></span> covenants are also taken into consideration. If an<span class=\"_ _1\"></span> exchange of debt instruments or modification of<span class=\"_ _1\"></span> terms is accounted for as an extinguishment, any<span class=\"_ _1\"></span> costs or fees incurr<span class=\"_ _1\"></span>ed are recognis<span class=\"_ _1\"></span>ed as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguish<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the<span class=\"_ _1\"></span> remaining term of the modified liability<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>INVESTMENTS HELD <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>AIR <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ALUE THROUGH PROFIT<span class=\"_ _1\"></span> OR LOSS<span class=\"_ _1f9\"> </span>The Investments held at fair value through pr<span class=\"_ _1\"></span>ofit<span class=\"_ _1\"></span> or loss (\u201cFVTPL\u201d) include Equity Assets and Credit<span class=\"_ _1\"></span> Assets.<span class=\"_ _1f9\"> </span>Equity Assets held at FVTPL are valued in accor<span class=\"_ _1\"></span>d<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ance with the International Private Equity and V<span class=\"_ _1\"></span>enture Capital V<span class=\"_ _1\"></span>aluation Guidelines (\u201cIPEVCV\u201d) ef<span class=\"_ _1\"></span>fective 1 January 2019 with the latest update in December 2022 as recommended by the British Private Equity and V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>e Capital Association. Credit Assets<span class=\"_ _1\"></span> held at FVTPL are valued incorporating the ef<span class=\"_ _1\"></span>fect of changes interest rates and the cr<span class=\"_ _1\"></span>edit risk using similar techniques to those described in the secti<span class=\"_ _1\"></span>on of expected credit loss allowance for financial assets measured at amortised costs later in this Note.<span class=\"_ _1f9\"> </span>Equity Assets are instrumen<span class=\"_ _1\"></span>ts that have equity-like returns; that is, instruments that do not contain a<span class=\"_ _1\"></span> contractual obligation to pay and that evidence a<span class=\"_ _1\"></span> residual inter<span class=\"_ _1\"></span>est in the issuer\u2019<span class=\"_ _31\"></span>s net assets. Examples<span class=\"_ _1f9\"> </span>of equity instruments include ordinary shar<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> investments in Private Equity funds managed or<span class=\"_ _0\"></span> advised by Pollen Street.<span class=\"_ _1f9\"> </span>Credit Assets at FVTPL consist of loans, together<span class=\"_ _1\"></span> with similar investments, made by the Investment<span class=\"_ _1\"></span> Company to counterparties where the contractual<span class=\"_ _1\"></span> cash flows do not meet the requir<span class=\"_ _1\"></span>ements of the solely payments of principal and interest test or ar<span class=\"_ _1\"></span>e other<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>wise classified at fair value. See the section on Clas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sification and measurement \u2013 Financial assets earlier in this Note. Examples of credit instruments include<span class=\"_ _1\"></span> investment in Private Credit funds managed or<span class=\"_ _0\"></span> advised by Pollen Street or other cr<span class=\"_ _1\"></span>edit instruments where incr<span class=\"_ _1\"></span>emental cash flows are due contingent on certain events occurring. Credit Assets at FVTPL ar<span class=\"_ _1\"></span>e valued based off the net asset value of each fund. The valuations typically<span class=\"_ _1\"></span> reflect the fair value of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s proportionate<span class=\"_ _1\"></span> share of each investment as at the r<span class=\"_ _1\"></span>eporting date or the latest available date. As at 31 December<span class=\"_ _1\"></span> 2023, the majority of cr<span class=\"_ _1\"></span>edit assets at FVTPL were<span class=\"_ _1\"></span> priced at their amortised cost value given that they were floating rate assets and performing in line with expectations. Purchases and sales of unquoted investments ar<span class=\"_ _1\"></span>e recognised when the contract for acquisition or sale becomes unconditional.<span class=\"_ _1f9\"> </span>IFRS 13 requir<span class=\"_ _1\"></span>es the Group to classify its financial<span class=\"_ _1\"></span> instruments held at fair value using a hierarchy that<span class=\"_ _1\"></span> reflects the significance of the inputs used in the<span class=\"_ _1\"></span> valuation methodologies. These are as follows:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Level 1 \u2013 quoted prices in active markets for<span class=\"_ _1\"></span> identical investments.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Level 2 \u2013 other significant observable inputs<span class=\"_ _1\"></span> (including quoted prices for similar investments, interest rates, pr<span class=\"_ _1\"></span>epayments, credit risk, etc.).<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Level 3 \u2013 significant unobservable inputs (including the Group\u2019<span class=\"_ _31\"></span>s own assumptions in determining the fair value of investments).<span class=\"_ _1f9\"> </span>An investment is always categorised as Level 1, 2 or 3 in its entirety<span class=\"_ _31\"></span>. In certain cases, the fair value meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urement for an investment may use a number of<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent inputs that fall into differ<span class=\"_ _1\"></span>ent levels of the fair value hierarchy<span class=\"_ _31\"></span>. The assessment of the significance of a particular input to the fair value measurement<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>es judgement and is specific to the investment.<span class=\"_ _1f9\"> </span>The gain on fair value is shown in the \u2018Gains on<span class=\"_ _1\"></span> Investment Assets held at fair value\u2019 line on the<span class=\"_ _1\"></span> Consolidated Statement of Comprehensive Income. FIXED ASSETS<span class=\"_ _1f9\"> </span>Fixed assets are shown at cost less accumulated<span class=\"_ _1\"></span> depreciation. Depr<span class=\"_ _1\"></span>eciation is calculated by the Group on a straight-line basis by refer<span class=\"_ _1\"></span>ence to the original cost, estimated useful life and r<span class=\"_ _1\"></span>esidual value. Cost includes the original purchase price of the asset<span class=\"_ _0\"></span> and the costs attributable to bringing the asset to its working condition for its intended use. The period of estimated useful life for this purpose is up to 10<span class=\"_ _1\"></span> years. Residual values are assumed to be nil.<span class=\"_ _1f9\"> </span>Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is dir<span class=\"_ _1\"></span>ectly attributable to the acquisition of the items.<span class=\"_ _1f9\"> </span>Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated<span class=\"_ _1\"></span> useful lives, using the straight line method.<span class=\"_ _1f9\"> </span>Depreciation is pr<span class=\"_ _1\"></span>ovided on the following basis:<span class=\"_ _1f9\"> </span>Fixtures and fittings <span class=\"_ _101\"> </span> <span class=\"_ _34\"> </span>3 years<span class=\"_ _1f9\"> </span>Office equipment <span class=\"_ _38\"> </span> <span class=\"_ _2a\"> </span>3 years<span class=\"_ _1f9\"> </span>Electric vehicles <span class=\"_ _0\"></span> <span class=\"_ _34\"> </span> <span class=\"_ _2a\"> </span>5 years<span class=\"_ _1f9\"> </span>Leasehold improvements <span class=\"_ _2a\"> </span>10 years<span class=\"_ _1f9\"> </span>The assets\u2019 residual values, useful lives and depr<span class=\"_ _1\"></span>eci<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ation methods are r<span class=\"_ _1\"></span>eviewed, and adjusted prospec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tively if appropriate, or if ther<span class=\"_ _1\"></span>e is an indication of a significant change since the last reporting date.<span class=\"_ _1f9\"> </span>Gains and losses on disposals are determined by<span class=\"_ _1\"></span> comparing the proceeds with the carrying amount<span class=\"_ _1\"></span> and are r<span class=\"_ _1\"></span>ecognised in the consolidated statement of comprehensive income<span class=\"_ _1f9\"> </span>GOODWILL<span class=\"_ _1f9\"> </span>Goodwill is initially measured at cost (being the<span class=\"_ _0\"></span> excess of the aggregate of the consideration trans<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ferred over the net identifiable assets acquir<span class=\"_ _1\"></span>ed and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggr<span class=\"_ _1\"></span>egate consideration transferred, the Gr<span class=\"_ _1\"></span>oup reassesses whether it has<span class=\"_ _1\"></span> correctly identified all of the assets acquir<span class=\"_ _1\"></span>ed and all of the liabilities assumed, and r<span class=\"_ _1\"></span>eviews the procedur<span class=\"_ _1\"></span>es used to measure the amounts to be r<span class=\"_ _1\"></span>ecognised at the acquisition date. If the reassessment still r<span class=\"_ _1\"></span>esults in an excess of the fair value of net assets acquired<span class=\"_ _1\"></span> over the aggregate consideration transferr<span class=\"_ _1\"></span>ed, then the gain is recognised in the consolidated statement of comprehensive income.<span class=\"_ _1f9\"> </span>After initial recognition, goodwill is <span class=\"_ _1\"></span>measured at cost less any accumulated impairment losses. Goodwill is tested for impairment on an annual basis and whenever there is an indication that the r<span class=\"_ _1\"></span>ecover<span class=\"_ _1\"></span>-<span class=\"_ _1f9\"> </span>able amount of a cash-generating unit (\u201cCGU\u201d) is less than its carrying amount. Any impairment loss recog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nised on the goodwill are not r<span class=\"_ _1\"></span>eversed subsequently<span class=\"_ _0\"></span>. For the purpose of impairment testing, goodwill<span class=\"_ _1\"></span> acquired in a business combination is, fr<span class=\"_ _1\"></span>om the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sition date, allocated to each of the Group\u2019<span class=\"_ _31\"></span>s CGUs or group of CGUs that ar<span class=\"_ _1\"></span>e expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree ar<span class=\"_ _1\"></span>e assigned to those units. A CGU repr<span class=\"_ _1\"></span>esents the lowest level at which goodwill is monitored for internal management purposes.<span class=\"_ _1f9\"> </span>Where goodwill has been allocated to a CGU and<span class=\"_ _1\"></span> part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.<span class=\"_ _1\"></span> Goodwill disposed in these circumstances is meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured based on the r<span class=\"_ _1\"></span>elative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _1f9\"> </span>As explained in Note 5, on 14 February 2024, the<span class=\"_ _1\"></span> Company distributed the entire issued shar<span class=\"_ _1\"></span>e capital in Pollen Street Capital Holdings Limited to its new<span class=\"_ _1\"></span> parent, Pollen Str<span class=\"_ _1\"></span>eet Group Limited. This is r<span class=\"_ _1\"></span>eferred to as the Distribution. The Distribution was approved by shareholders on 11 October 2023. At this date,<span class=\"_ _1\"></span> the Group consider<span class=\"_ _1\"></span>ed that it was highly probable that the Distribution would take place, and so the Group carried out an impairment assessment of the good<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>will to determine the carrying amount of goodwill that forms part of the Distribution.<span class=\"_ _1f9\"> </span>INT<span class=\"_ _1\"></span>ANGIBLES<span class=\"_ _1f9\"> </span>Intangible assets, which constitute acquired cus<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tomer relationship assets acquir<span class=\"_ _1\"></span>ed from a business combination, are stated at cost less accumulated<span class=\"_ _1\"></span> amortisation and accumulated impairment losses. Intangible assets are assessed at each r<span class=\"_ _1\"></span>eporting<span class=\"_ _1\"></span> date when there ar<span class=\"_ _1\"></span>e indicators of impairment.<span class=\"_ _1f9\"> </span>Amortisation is calculated using the straight-line<span class=\"_ _1\"></span> method to allocate the amortised amount of the<span class=\"_ _1\"></span> assets to their residual values over their estimated<span class=\"_ _1\"></span> useful lives.<span class=\"_ _1f9\"> </span>LEASES<span class=\"_ _1f9\"> </span>The Group assesses at contract inception whether<span class=\"_ _1\"></span> a contract is, or contains, a lease. That is, if the<span class=\"_ _1\"></span> contract conveys the right to control the us<span class=\"_ _1\"></span>e of an identified asset for a period of time in exchange for consideration.<span class=\"_ _1f9\"> </span>Group as a lessee<span class=\"_ _1f9\"> </span>The Group applies a single r<span class=\"_ _1\"></span>ecognition and measure<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment approach for all leases, except for short-term<span class=\"_ _1\"></span> leases and leases of low-value assets. The Group<span class=\"_ _1\"></span> recognises lease liabilities to make lease payments<span class=\"_ _1\"></span> and lease assets repr<span class=\"_ _1\"></span>esenting the right to use the underlying assets.<span class=\"_ _1f9\"> </span>Lease assets<span class=\"_ _1f9\"> </span>The Group r<span class=\"_ _1\"></span>ecognises lease assets at the com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mencement date of the lease (i.e., the date the<span class=\"_ _1\"></span> underlying asset is available for use). Lease assets are measur<span class=\"_ _1\"></span>ed at cost, less any accumulated depre<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ciation and impairment losses, and adjusted for any remeasur<span class=\"_ _1\"></span>ement of lease liabilities. The cost of lease assets includes the amount of lease liabilities rec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ognised, initial direct costs incurr<span class=\"_ _1\"></span>ed, an estimate of costs to be incurred in r<span class=\"_ _1\"></span>estoring the underlying asset to the condition requir<span class=\"_ _1\"></span>ed by the terms and conditions of the lease and lease payments made at or before<span class=\"_ _1\"></span> the commencement date less any lease incentives received. Lease assets ar<span class=\"_ _1\"></span>e depreciated on a straight-<span class=\"_ _1f9\"> </span>line basis over the shorter of the lease term and the estimated useful lives of the assets.<span class=\"_ _1f9\"> </span>If ownership of the leased asset transfers to the<span class=\"_ _1\"></span> Group at the end of the lease term or the cost r<span class=\"_ _1\"></span>eflects the exercise of a pur<span class=\"_ _1\"></span>chase option, depreciation is<span class=\"_ _1\"></span> calculated using the estimated useful life of the asset.<span class=\"_ _1f9\"> </span>Lease liabilities<span class=\"_ _1f9\"> </span>At the commencement date of the lease, the Group recognises lease liabilities measur<span class=\"_ _1\"></span>ed at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable and amounts<span class=\"_ _1\"></span> expected to be paid under residual value guarantees. The lease payments also include payments of penal<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ties for terminating the lease, if the lease term reflects the Group exer<span class=\"_ _1\"></span>cising the option to terminate.<span class=\"_ _1f9\"> </span>In calculating the present value of lease payments,<span class=\"_ _1\"></span> the Group uses its incr<span class=\"_ _1\"></span>emental borrowing rate at<span class=\"_ _1\"></span> the lease commencement date because the intere<span class=\"_ _1\"></span>st rate implicit in the lease is not readily determinable.<span class=\"_ _1\"></span> After the commencement date, the amount of lease liabilities is increased to r<span class=\"_ _1\"></span>eflect the accretion of<span class=\"_ _1\"></span> interest and r<span class=\"_ _1\"></span>educed for the lease payments made. In addition, the carrying amount of lease liabilities is remeasur<span class=\"_ _1\"></span>ed if there is a modification, a change in the lease term, a change in the lease payments (e.g.,<span class=\"_ _1\"></span> changes to future payments r<span class=\"_ _1\"></span>esulting from a change in an index or rate used to determine such lease pay<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ments) or a change in the assessment of an option to purchase the underlying asset.<span class=\"_ _1f9\"> </span>SHORT<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>TERM LEASES <span class=\"_ _1\"></span>AND LEASES <span class=\"ls0\"> </span>OF LOW-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ALUE A<span class=\"_ _1\"></span>SSETS The Group applies the short-term lease r<span class=\"_ _1\"></span>ecognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets<span class=\"_ _1\"></span> recognition exemption to leases of of<span class=\"_ _1\"></span>fice equipment that are consider<span class=\"_ _1\"></span>ed to be low value. Lease payments on short-term leases and leases of low-value assets are r<span class=\"_ _1\"></span>ecognised as expense on a straight-line basis over the lease term.<span class=\"_ _1f9\"> </span>CARRIED INTEREST<span class=\"_ _1\"></span> RECEIV<span class=\"_ _0\"></span>ABLE<span class=\"_ _1f9\"> </span>Carried interest r<span class=\"_ _1\"></span>eceivable repr<span class=\"_ _1\"></span>esents a contract<span class=\"_ _1\"></span> asset under IFRS 15. The carried inter<span class=\"_ _1\"></span>est receivable amounts are r<span class=\"_ _1\"></span>ecorded in the Carried inter<span class=\"_ _1\"></span>est line on the Consolidated Statement of Financial Position and are typically pr<span class=\"_ _1\"></span>esented as non-current assets unless they are expected to be r<span class=\"_ _1\"></span>eceived within the next 12 months. The entitlement to carried interest and the<span class=\"_ _1\"></span> amount is determined by the level of accumulated profits exceeding an agr<span class=\"_ _1\"></span>eed threshold or hur<span class=\"_ _1\"></span>dle over the lifetime of each fund. The carried interest income is recognised when the performance obligations ar<span class=\"_ _1\"></span>e expected to be met. Income is only recognised to the extent that it is highly probable that ther<span class=\"_ _1\"></span>e would not be a significant reversal of any accumulated r<span class=\"_ _1\"></span>evenue recognised on the completion of a fund. The uncer<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tainty of future fund performance is r<span class=\"_ _1\"></span>educed through the application of discounts in the calculation of car<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ried interest income. Performance fees ar<span class=\"_ _1\"></span>e generally calculated as a percentage of the appr<span class=\"_ _1\"></span>eciation in the net asset value of a fund above a defined hurdle,<span class=\"_ _1\"></span> subject to catch-up provisions, and ar<span class=\"_ _1\"></span>e recognised on an accrual basis when the fee amount can be<span class=\"_ _1\"></span> estimated reliably<span class=\"_ _31\"></span>, and it is highly probable that it will not be subject to significant reversal.<span class=\"_ _1f9\"> </span>The Group acquir<span class=\"_ _1\"></span>ed carried interest rights i<span class=\"_ _1\"></span>n certain funds that were part<span class=\"_ _1\"></span> of the acquisition of Pollen<span class=\"_ _1\"></span> Street Capital Holdings Limited. These rights wer<span class=\"_ _1\"></span>e not part of the Group <span class=\"_ _1\"></span>prior to the Combination and part of the shares issued to former shar<span class=\"_ _1\"></span>eholders<span class=\"_ _1\"></span> of Pollen Street Capital Holdings Limited wer<span class=\"_ _1\"></span>e in<span class=\"_ _1\"></span> consideration for the fair value of acquiring rights<span class=\"_ _1\"></span> to this carried inter<span class=\"_ _1\"></span>est. The rights are in the form of<span class=\"_ _1\"></span> partnership interests in carried inter<span class=\"_ _1\"></span>est partnerships. The Group has between 10 and 25 per cent of<span class=\"_ _0\"></span> the total interests in these partnerships. Wher<span class=\"_ _1\"></span>e the Group has in excess of 20 per<span class=\"_ _1\"></span>cent of the rights, the Group is consider<span class=\"_ _1\"></span>ed to have significant influence over the partnerships and the partnership is considered to be an associate. Associates are entities in which the Group has an investment and over which it has sig<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nificant interest, but not contr<span class=\"_ _1\"></span>ol, through participation in the financial and operating policy decision. The<span class=\"_ _1\"></span> Group has ther<span class=\"_ _1\"></span>efore recognised these inter<span class=\"_ _1\"></span>ests as associates at fair value.<span class=\"_ _1f9\"> </span>CASH <span class=\"_ _1\"></span>AND CA<span class=\"_ _1\"></span>SH EQUIV<span class=\"_ _1\"></span>ALENTS<span class=\"_ _1f9\"> </span>Cash and cash equivalents (which are pr<span class=\"_ _1\"></span>esented as a single class of asset on the Statement of Financial Position) comprise cash at bank including cash that<span class=\"_ _1\"></span> is restricted and held in r<span class=\"_ _1\"></span>eserve.<span class=\"_ _1f9\"> </span>RECEIV<span class=\"_ _1\"></span>ABLES<span class=\"_ _1f9\"> </span>Receivables do not carry any interest and ar<span class=\"_ _1\"></span>e short term in nature. They ar<span class=\"_ _1\"></span>e initially stated at their nomi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nal value and reduced by appr<span class=\"_ _1\"></span>opriate allowances for expected credit losses (if any).<span class=\"_ _1f9\"> </span>FINANCIAL<span class=\"_ _1\"></span> LIABILITIES<span class=\"_ _1f9\"> </span>Financial liabilities are classified accor<span class=\"_ _1\"></span>ding to the sub<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>stance of the contractual arrangements entered into.<span class=\"_ _1f9\"> </span>P<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>Y<span class=\"_ _0\"></span>ABLES<span class=\"_ _1f9\"> </span>Payables repr<span class=\"_ _1\"></span>esent amounts for goods and services provided to the consolidated entity prior t<span class=\"_ _1\"></span>o the end of the financial period and which are unpaid. The<span class=\"_ _1\"></span> amounts are unsecur<span class=\"_ _1\"></span>ed and are usually paid within 30 days of recognition. Payables ar<span class=\"_ _1\"></span>e non-interest-bearing and are initially stated at their nominal value.<span class=\"_ _1f9\"> </span>T<span class=\"_ _1\"></span>AXA<span class=\"_ _0\"></span>TION<span class=\"_ _1f9\"> </span>Throughout 2023, Pollen Str<span class=\"_ _1\"></span>eet Limited had approval under Section 1158 of the Corporation T<span class=\"_ _31\"></span>ax Act 2010 to be an investment trust and so was not liable for taxation on capital gains. The tax expense of the<span class=\"_ _1\"></span> Group ar<span class=\"_ _1\"></span>ose within the Asset Manager segment and comprised current and deferr<span class=\"_ _1\"></span>ed tax.<span class=\"_ _1f9\"> </span>Following the Reorganisation that occurred on 24<span class=\"_ _1\"></span> January 2024, Pollen Street Limited ceased to be<span class=\"_ _1\"></span> classified as an investment trust.  As such Pollen<span class=\"_ _1\"></span> Street Limited will incur corporation tax on its pr<span class=\"_ _1\"></span>ofits for the year ended 31 December 2024. Further infor<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>mation on the Reorganisation is available in Note 1.<span class=\"_ _1f9\"> </span>Current income tax<span class=\"_ _1f9\"> </span>Current income tax assets and liabilities ar<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span> measured at the amount expected to be r<span class=\"_ _1\"></span>ecovered from or paid to the taxation authorities. The tax<span class=\"_ _0\"></span> rates and tax laws used to compute the amount are those that are enacted or substantively enacted at<span class=\"_ _1\"></span> the reporting date in the countries wher<span class=\"_ _1\"></span>e the Group operates and generates taxable income.<span class=\"_ _1f9\"> </span>Current income tax r<span class=\"_ _1\"></span>elating to items recognised<span class=\"_ _1\"></span> directly in equity is r<span class=\"_ _1\"></span>ecognised in equity and not in the consolidated statement of comprehensive income.<span class=\"_ _1\"></span> Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations ar<span class=\"_ _1\"></span>e subject to interpreta<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tion and establishes provisions wher<span class=\"_ _1\"></span>e appropriate. Deferred tax<span class=\"_ _1f9\"> </span>Deferred tax is pr<span class=\"_ _1\"></span>ovided using the liability method on temporary differ<span class=\"_ _1\"></span>ences between the tax bases of assets and liabilities and their carrying amounts for<span class=\"_ _1\"></span> financial reporting purposes at the r<span class=\"_ _1\"></span>eporting date.<span class=\"_ _1f9\"> </span>Deferred tax liabilities ar<span class=\"_ _1\"></span>e recognised for all taxable temporary differ<span class=\"_ _1\"></span>ences, except:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in<span class=\"_ _1\"></span> a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable pr<span class=\"_ _1\"></span>ofit or loss; and<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>in respect of taxable temporary differ<span class=\"_ _1\"></span>ences<span class=\"_ _0\"></span> associated with investments in subsidiaries,<span class=\"_ _0\"></span> associates and inter<span class=\"_ _1\"></span>ests in joint arrangements,<span class=\"_ _1\"></span> when the timing of the reversal of the temporary<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ences can be controlled and it is pr<span class=\"_ _1\"></span>obable that the temporary differ<span class=\"_ _1\"></span>ences will not reverse in<span class=\"_ _1\"></span> the foreseeable futur<span class=\"_ _1\"></span>e.<span class=\"_ _1f9\"> </span>Deferred tax assets ar<span class=\"_ _1\"></span>e recognised for all deductible temporary differ<span class=\"_ _1\"></span>ences, the carry forwar<span class=\"_ _1\"></span>d of unused tax credits and any unused tax losses. Deferr<span class=\"_ _1\"></span>ed tax assets are r<span class=\"_ _1\"></span>ecognised to the extent that it is probable that taxable profit will be available against which<span class=\"_ _1\"></span> the deductible temporary differ<span class=\"_ _1\"></span>ences, and the carry forward of unused <span class=\"_ _1\"></span>tax credits and unused tax losses can be utilised, except:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>when the deferred tax asset r<span class=\"_ _1\"></span>elating to the<span class=\"_ _0\"></span> deductible temporary dif<span class=\"_ _1\"></span>ference arises fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> the initial recognit<span class=\"_ _1\"></span>ion of an asset or liability in a<span class=\"_ _1\"></span> transaction that is not a business combination<span class=\"_ _1\"></span> and, at the time of the transaction, affects neither the accounting profit nor taxable pr<span class=\"_ _1\"></span>ofit or loss; and \u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>in respect of deductible temporary dif<span class=\"_ _1\"></span>ferences<span class=\"_ _1\"></span> associated with investments in subsidiaries,<span class=\"_ _0\"></span> associates and inter<span class=\"_ _1\"></span>ests in joint arrangements,<span class=\"_ _1\"></span> deferred tax assets ar<span class=\"_ _1\"></span>e recognised only to the<span class=\"_ _1\"></span> extent that it is probable that the temporary<span class=\"_ _0\"></span> differ<span class=\"_ _1\"></span>ences will reverse in the foreseeable futur<span class=\"_ _1\"></span>e and taxable profit will be available against which<span class=\"_ _1\"></span> the temporary differ<span class=\"_ _1\"></span>ences can be utilised.<span class=\"_ _1f9\"> </span>The carrying amount of deferred tax assets is<span class=\"_ _0\"></span> reviewed at each r<span class=\"_ _1\"></span>eporting date and reduced to the extent that it is no longer probable that suf<span class=\"_ _1\"></span>ficient<span class=\"_ _1\"></span> taxable profit will be available to allow all or part of<span class=\"_ _1\"></span> the deferred tax a<span class=\"_ _1\"></span>sset to be utilised. Unrecognised<span class=\"_ _1\"></span> deferred tax assets ar<span class=\"_ _1\"></span>e reassessed at each r<span class=\"_ _1\"></span>eporting date and are r<span class=\"_ _1\"></span>ecognised to the extent that it has<span class=\"_ _1\"></span> become probable that futur<span class=\"_ _1\"></span>e taxable profits will allow the deferred tax asset to be r<span class=\"_ _1\"></span>ecovered. Deferred tax assets <span class=\"_ _1\"></span>and liabilities are measur<span class=\"_ _1\"></span>ed at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date<span class=\"_ _1f9\"> </span>.<span class=\"_ _1f9\"> </span>Deferred tax r<span class=\"_ _1\"></span>elating to items recognised outside<span class=\"_ _1\"></span> profit or loss is r<span class=\"_ _1\"></span>ecognised in Other Comprehensive Income (\u201cOCI\u201d) or directly in equity<span class=\"_ _31\"></span>. T<span class=\"_ _31\"></span>ax benefits acquired as part of a business combi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nation, but not satisfying the criteria for separate rec<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ognition at that date, are r<span class=\"_ _1\"></span>ecognised subsequently if new information about facts and circumstances<span class=\"_ _1\"></span> change. The adjustment is either treated as a<span class=\"_ _0\"></span> reduction in goodwill (as long<span class=\"_ _1\"></span> as it does not exceed goodwill) if it was incurred during the measur<span class=\"_ _1\"></span>ement period or recognised in the consolidated statement<span class=\"_ _1\"></span> of comprehensive income. The Group of<span class=\"_ _1\"></span>fsets deferred tax assets and deferr<span class=\"_ _1\"></span>ed tax liabilities if and only if it has a legally enforceable right to set off curr<span class=\"_ _1\"></span>ent tax assets and current tax<span class=\"_ _1\"></span> liabilities and the deferred tax assets and deferr<span class=\"_ _1\"></span>ed tax liabilities relate to income taxes levied by the<span class=\"_ _1\"></span> same taxation authority on either the same taxable entity or differ<span class=\"_ _1\"></span>ent taxable entities which intend either to settle current ta<span class=\"_ _1\"></span>x liabilities and assets on a net<span class=\"_ _1\"></span> basis, or to realise the assets and settle the liabilities simultaneously<span class=\"_ _0\"></span>, in each future period in which signif<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>icant amounts of deferred tax liabilities or assets ar<span class=\"_ _1\"></span>e expected to be settled or recover<span class=\"_ _1\"></span>ed. Sales tax<span class=\"_ _1f9\"> </span>Expenses and assets are r<span class=\"_ _1\"></span>ecognised net of the<span class=\"_ _1\"></span> amount of sales tax, except:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _57\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>when the sales tax incurred on a pur<span class=\"_ _1\"></span>chase of assets or services is not recoverable fr<span class=\"_ _1\"></span>om the taxation authority<span class=\"_ _0\"></span>, in which case, the sales tax is r<span class=\"_ _1\"></span>ecognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>when receivables and payables ar<span class=\"_ _1\"></span>e stated with the amount of sales tax included.<span class=\"_ _1f9\"> </span>The net amount of sales tax recoverable fr<span class=\"_ _1\"></span>om, or<span class=\"_ _1\"></span> payable to, the taxation authority is included as part of receivables or payables in the statement of finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cial position.<span class=\"_ _1f9\"> </span>DERIV<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TIVES<span class=\"_ _1f9\"> </span>The Group uses for<span class=\"_ _1\"></span>eign exchange spot, forward<span class=\"_ _1\"></span> and swap transactions to hedge foreign exchange<span class=\"_ _1\"></span> movements in non-GBP assets or liabilities in order<span class=\"_ _1\"></span> to minimise foreign exchange exposur<span class=\"_ _1\"></span>e.<span class=\"_ _1f9\"> </span>Derivative financial instruments are initially measur<span class=\"_ _1\"></span>ed at fair value on the date on which the derivative<span class=\"_ _1\"></span> contract is entered into and ar<span class=\"_ _1\"></span>e subsequently meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured at fair value<span class=\"_ _1\"></span> at each reporting date. The Gr<span class=\"_ _1\"></span>oup does not designate derivatives as cash flow hedges and so all fair value movements are r<span class=\"_ _1\"></span>ecognised in the Income Statement in the \u2018Gains on Investment Assets held at fair value\u2019 line on the statement of<span class=\"_ _1\"></span> comprehensive income. The fair value of unsettled<span class=\"_ _1\"></span> forward curr<span class=\"_ _1\"></span>ency contracts is calculated by refer<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ence to the market for forwar<span class=\"_ _1\"></span>d contracts with similar maturities.<span class=\"_ _1f9\"> </span>INTEREST<span class=\"_ _1\"></span>-BEARING BORRO<span class=\"_ _1\"></span>WINGS<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings are initially r<span class=\"_ _1\"></span>ecognised at a carrying value equivalent to the proceeds r<span class=\"_ _1\"></span>eceived net of issue costs associated with the borrowings.<span class=\"_ _1\"></span> After initial recognition, inter<span class=\"_ _1\"></span>est-bearing borrowings are subsequently measur<span class=\"_ _1\"></span>ed at amortised cost using the effective inter<span class=\"_ _1\"></span>est rate method.<span class=\"_ _1f9\"> </span>DEEMED LO<span class=\"_ _1\"></span>ANS<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>The deemed loans are a non-derivative financial<span class=\"_ _1\"></span> liability with fixed or determinable repayments<span class=\"_ _1\"></span> that are not quoted in an active market. Deemed<span class=\"_ _1\"></span> loans in relation to the Company arise fr<span class=\"_ _1\"></span>om loans originated by the Company and subsequently sold to in a special purpose entity to reduce the cost<span class=\"_ _1\"></span> of borrowing, in this case Sting Funding Limited<span class=\"_ _1\"></span> and Bud Funding Limited. Although the loans<span class=\"_ _1\"></span> are no longer legally owned by the Company<span class=\"_ _31\"></span>,<span class=\"_ _1\"></span> the Company maintains the economic risks and rewar<span class=\"_ _1\"></span>ds of the underlying assets and therefore<span class=\"_ _1\"></span> does not meet the criteria to derecognise.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _31\"></span> <span class=\"_ _31\"></span> <span class=\"_ _0\"></span> <span class=\"_ _14e\"></span>Loans and related transaction costs ar<span class=\"_ _1\"></span>e<span class=\"_ _31\"></span> measured at initial r<span class=\"_ _1\"></span>ecognition at fair value and are subsequently measured at amortised cost using<span class=\"_ _1\"></span> the EIRM. International accounting standards<span class=\"_ _1\"></span> (\u201cIAS\u201d) makes it clear that assets should only<span class=\"_ _1\"></span> appear on one statement of financial position.<span class=\"_ _1\"></span> IFRS requir<span class=\"_ _1\"></span>e a reporting entity<span class=\"_ _0\"></span>, as part of the<span class=\"_ _1\"></span> derecognition assessment, to consider whether<span class=\"_ _1\"></span> the transfer includes a transfer to a consolidated<span class=\"_ _1\"></span> subsidiary<span class=\"_ _0\"></span>. Derecognition cannot be achieved by<span class=\"_ _1\"></span> merely transferring the legal title to a financial asset to another party<span class=\"_ _0\"></span>. The substance of the arrangement must be assessed in order to determine whether<span class=\"_ _1\"></span> an entity has transferred the economic exposur<span class=\"_ _1\"></span>e associated with the rights inher<span class=\"_ _1\"></span>ent in the asset (i.e., its risks and rewar<span class=\"_ _1\"></span>ds) and, in some cases, control of those rights.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>In the case of the Company<span class=\"_ _0\"></span>, it has not met the<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>ements of derecognition in r<span class=\"_ _1\"></span>elation to the deemed loans given the economic exposure<span class=\"_ _0\"></span> associated with the rights inherent in the assets<span class=\"_ _1\"></span> (i.e., its risks and r<span class=\"_ _1\"></span>ewards), have been r<span class=\"_ _1\"></span>etained. As such the Company fails to meet the requir<span class=\"_ _1\"></span>ements for derecognition and continues to r<span class=\"_ _1\"></span>ecognise the financial assets and as such has a deemed loans liability to the relevant special purpose entity<span class=\"_ _31\"></span>. At a consolidated Group level, the deemed liability is<span class=\"_ _1\"></span> eliminated.<span class=\"_ _1f9\"> </span>SHARES<span class=\"_ _1f9\"> </span>Ordinary and tr<span class=\"_ _1\"></span>easury shares ar<span class=\"_ _1\"></span>e classified as<span class=\"_ _1\"></span> equity<span class=\"_ _0\"></span>. The costs of issuing or acquiring equity are<span class=\"_ _1\"></span> recognised in equity (net of any r<span class=\"_ _1\"></span>elated income tax benefit), as a reduction of equity on the condition<span class=\"_ _1\"></span> that these are incr<span class=\"_ _1\"></span>emental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are r<span class=\"_ _1\"></span>ecognised as an expense. Those costs might include registration and other r<span class=\"_ _1\"></span>egulatory fees, legal fees, accounting and other professional advisers,<span class=\"_ _1\"></span> printing costs and stamp duties.<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es have no entitlements to vote and are held directly by the Company<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>CAPIT<span class=\"_ _0\"></span>AL RESER<span class=\"_ _1\"></span>VES Capital reserves arise fr<span class=\"_ _1\"></span>om:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>gains or losses on disposal of equity investments during the year;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>increases and dec<span class=\"_ _1\"></span>reases in the valuation of equity investments held at the year<span class=\"_ _1\"></span>-end; and<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _2f\"></span>other capital charges and credits charged to<span class=\"_ _1\"></span> this account in accordance with the accounting<span class=\"_ _1\"></span> policies above or as applied to the capital column of the Consolidated Statement of Comprehensive Income, prepar<span class=\"_ _1\"></span>ed under guidance issued by the Association of Investment Companies.<span class=\"_ _1f9\"> </span>All of the above are accounted for in the Consolidated Statement of Comprehensive Income. Any other gains or losses, charges or credits fr<span class=\"_ _1\"></span>om investments still held or otherwise are included in the r<span class=\"_ _1\"></span>evenue reserves.<span class=\"_ _1f9\"> </span>Following completion of the Scheme, the capital<span class=\"_ _1\"></span> reserves and r<span class=\"_ _1\"></span>evenue reserves wer<span class=\"_ _1\"></span>e reallocated to a newly created r<span class=\"_ _1\"></span>etained earnings reserve on 31<span class=\"_ _1\"></span> December 2023.<span class=\"_ _1f9\"> </span>DIVIDENDS<span class=\"_ _1f9\"> </span>Dividends to shareholders ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> period in which they are paid.<span class=\"_ _1f9\"> </span>INCOME<span class=\"_ _1f9\"> </span>The Group has four primary sour<span class=\"_ _1\"></span>ces of income:<span class=\"_ _1\"></span> management fee income, carried interest and perfor<span class=\"_ _0\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>mance fee income, interest income on Cr<span class=\"_ _1\"></span>edit Assets held at amortised cost, and gains on Investment<span class=\"_ _1\"></span> Assets held at fair value.<span class=\"_ _1f9\"> </span>Management fee income includes fees charged by the Group to the funds that it manages for the pr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>vision of investment fund management and advisory services. Management fee revenue is shown net of<span class=\"_ _1\"></span> any value added tax. Management fees are earned over a period and are r<span class=\"_ _1\"></span>ecognised on an accrual basis in the same period in which the service is performed. Management fees are generally calculated at the<span class=\"_ _1\"></span> end of each measurement period as a per<span class=\"_ _1\"></span>centage of fund assets managed in accordance with individual<span class=\"_ _1\"></span> management agreements or limited partnership<span class=\"_ _0\"></span> agreements.<span class=\"_ _1f9\"> </span>Carried interest and performance fee income includes income from holdings in carried inter<span class=\"_ _1\"></span>est partnerships where the Gr<span class=\"_ _1\"></span>oup receives variable returns as an<span class=\"_ _1\"></span> incentive for the funds that it manages. Carried<span class=\"_ _0\"></span> interest r<span class=\"_ _1\"></span>epresents a shar<span class=\"_ _1\"></span>e of fund profits through the Group\u2019<span class=\"_ _31\"></span>s holdings in carried interest partnerships. The amount is determined by the level of accumulated<span class=\"_ _1\"></span> profits exceeding an agr<span class=\"_ _1\"></span>eed threshold or hur<span class=\"_ _1\"></span>dle.<span class=\"_ _1f9\"> </span>Management fees and performance fees are charged to the Investment Company by Pollen Street Capital<span class=\"_ _1\"></span> Limited, an indirect subsidiary of Pollen Str<span class=\"_ _1\"></span>eet Limited. These fees are shown in Note 7, operating segments. However<span class=\"_ _0\"></span>, they are eliminated on consolidation.<span class=\"_ _1f9\"> </span>Interest income on Cr<span class=\"_ _1\"></span>edit Assets held at amortised cost is generated from loans originated by the<span class=\"_ _0\"></span> Group. Inter<span class=\"_ _1\"></span>est from loans ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> Statement of Comprehensive Income for all instru<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ments measured at amortised cost using the EIRM. The EIRM is a method of calculating the amortised cost of a financial asset or financial liability and of<span class=\"_ _1\"></span> allocating the interest income or inter<span class=\"_ _1\"></span>est expense<span class=\"_ _1f9\"> </span>over the relevant period. The ef<span class=\"_ _1\"></span>fective interest rate<span class=\"_ _1\"></span> (\u201cEIR\u201d) is the rate that exactly discounts estimated future cash flows thr<span class=\"_ _1\"></span>ough the expected life of the financial instrument or<span class=\"_ _0\"></span>, when appropriate, a shorter<span class=\"_ _1\"></span> period to the net carrying amount of the financial<span class=\"_ _1\"></span> asset or financial liability<span class=\"_ _0\"></span>. When calculating the EIR, the Group takes into account all contractual terms<span class=\"_ _1\"></span> of the financial instrument, for example prepayment<span class=\"_ _1\"></span> options, but does not consider future cr<span class=\"_ _1\"></span>edit losses. The calculation includes all fees paid or received<span class=\"_ _1\"></span> between parties to the contract that are an integral<span class=\"_ _1\"></span> part of the EIR, transaction costs and all other premi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ums or discounts. Fees and commissions which are not considered integral to the EIR model and deposit interest income ar<span class=\"_ _1\"></span>e recognised on an accruals basis when the service has been provided or r<span class=\"_ _1\"></span>eceived.<span class=\"_ _1f9\"> </span>Gains on Investment Assets held at fair value include realised and unr<span class=\"_ _1\"></span>ealised income on assets accounted for at fair value. Refer to the Investments held at fair value through pr<span class=\"_ _1\"></span>ofit or loss section for further details.<span class=\"_ _1f9\"> </span>PENSIONS<span class=\"_ _1f9\"> </span>The Group makes contributions into employee<span class=\"_ _0\"></span> personal pension schemes. Once the contributions have been paid, the Group has no further payment<span class=\"_ _1\"></span> obligations. The contributions are r<span class=\"_ _1\"></span>ecognised as an expense<span class=\"_ _1\"></span> in the consolidated statement of comprehensive<span class=\"_ _1\"></span> income when they fall due. Amounts not paid are<span class=\"_ _1\"></span> shown in accruals as a liability in the Statement of Financial Position.<span class=\"_ _1f9\"> </span>EXPENSES<span class=\"_ _1f9\"> </span>All expenses are accounted for on an accruals<span class=\"_ _0\"></span> basis. During the year<span class=\"_ _0\"></span>, all expenses have been pre<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sented within retained earnings. In the prior year<span class=\"_ _0\"></span>, all expenses were pr<span class=\"_ _1\"></span>esented in revenue r<span class=\"_ _1\"></span>eserves except the following which formed part of capital reserves: \u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _2f\"></span>transaction costs which are incurred on the<span class=\"_ _0\"></span> purchases or sales of Equity Assets designated<span class=\"_ _1\"></span> as fair value through pr<span class=\"_ _1\"></span>ofit or loss are expensed<span class=\"_ _1\"></span> to capital in the consolidated statement of<span class=\"_ _0\"></span> Comprehensive Income;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>expenses ar<span class=\"_ _1\"></span>e split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the equity investments held can be demonstrated; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _57\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>management fees and performance fees attributable<span class=\"_ _32\"></span> to equity that were incurr<span class=\"_ _1\"></span>ed by the Company and were payable to Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings<span class=\"_ _1\"></span> Limited were allocated to the Capital column on the Consolidated Statement of Comprehensive Income.<span class=\"_ _1f9\"> </span>SHARE-BASED P<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>YMENTS<span class=\"_ _1f9\"> </span>The Group grants annual bonuses to its Executive<span class=\"_ _1\"></span> Directors and other senior employees that ar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> deferred into shar<span class=\"_ _1\"></span>e-based awards under the Group\u2019<span class=\"_ _3a\"></span>s deferred bonus plan. The shar<span class=\"_ _1\"></span>e-based awards gener<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ally vest after three years<span class=\"_ _1\"></span>, subject to the opportunity for co-investment. The co-investment opportunity<span class=\"_ _1\"></span> permits the employee to collect the deferr<span class=\"_ _1\"></span>ed award<span class=\"_ _1\"></span> early<span class=\"_ _0\"></span>, either in shares or up fr<span class=\"_ _1\"></span>ont in cash, provided they elect to apply the after<span class=\"_ _1\"></span>-tax pr<span class=\"_ _1\"></span>oceeds of the deferred award into a fund managed by the Gr<span class=\"_ _1\"></span>oup that has a contractual duration of longer than three years.<span class=\"_ _1f9\"> </span>The Group accounts for the deferr<span class=\"_ _1\"></span>ed awards as<span class=\"_ _1\"></span> share-based payments.  The awar<span class=\"_ _1\"></span>ds are consider<span class=\"_ _1\"></span>ed to be compound financial instruments, because the employee has the right to demand settlement in cash. <span class=\"_ _39\"></span> The Group first measur<span class=\"_ _1\"></span>es the fair value of the cash component, which is considered to be a cash-settled share-based payment, and then measur<span class=\"_ _1\"></span>es the fair value of the equity component taking into account that the counterparty must forfeit the right to r<span class=\"_ _1\"></span>eceive cash in order to r<span class=\"_ _1\"></span>eceive the equity instrument, which is con<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sidered to be an equity-settled shar<span class=\"_ _1\"></span>e-based payment.<span class=\"_ _1f9\"> </span>FINANCE COSTS<span class=\"_ _1f9\"> </span>Finance costs are accrued on the EIR basis and ar<span class=\"_ _1\"></span>e presented as a separate line on the statement of<span class=\"_ _1\"></span> comprehensive income.<span class=\"_ _1f9\"> </span>SEGMENT<span class=\"_ _0\"></span>AL REPORTING<span class=\"_ _1f9\"> </span>The Group has two segments: the Asset Manager<span class=\"_ _1\"></span> segment and the Investment Company segment. The primary revenue str<span class=\"_ _1\"></span>eams for the Asset Manager seg<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment consist of management fees and performance fees or carried interest arising fr<span class=\"_ _1\"></span>om managing Private Equity and Private Credit funds. The Investment<span class=\"_ _1\"></span> Company segment primarily consists of the Group<span class=\"_ _1\"></span> Investment Assets and borrowings. The primary<span class=\"_ _1\"></span> revenue str<span class=\"_ _1\"></span>eam for the Investment Company segment is interest income and fair value gains on Investments held at fair value.<span class=\"_ _1f9\"> </span>The Asset Manager segment charges management and performance fees to the Investment Company segment for managing the segment\u2019<span class=\"_ _31\"></span>s assets. These fees are shown in the segmental r<span class=\"_ _1\"></span>esults. However<span class=\"_ _0\"></span>, they are eliminated<span class=\"_ _1\"></span> in the consolidated financial state<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ments. Refer to Note 7 for further details.<span class=\"_ _1f9\"> </span>Prior to the Combination on 30 September 2022, the Group had a single business segment, which was the Investment Company<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-480": {
   "value": "BASIS OF<span class=\"_ _1\"></span> PREPARA<span class=\"_ _0\"></span>TION<span class=\"_ _1f9\"> </span>The financial statements have been prepar<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> accordance with UK-adopted International Account-<span class=\"_ _1f9\"> </span>ing Standards and with the r<span class=\"_ _1\"></span>equirements of the<span class=\"_ _1\"></span> Companies Act 2006 as applicable to companies<span class=\"_ _1\"></span> reporting under those standar<span class=\"_ _1\"></span>ds. They comprise<span class=\"_ _1\"></span> standards and interpr<span class=\"_ _1\"></span>etations approved by the<span class=\"_ _0\"></span> International Accounting Standards Board (\u201cIASB\u201d)<span class=\"_ _1\"></span> and International Financial Reporting Committee as adopted in the UK, including interpretations issued<span class=\"_ _1\"></span> by the IFRS Interpretations Committee and inter<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pretations issued b<span class=\"_ _1\"></span>y the International Accounting Standard Committee (\u201cIASC\u201d) that r<span class=\"_ _1\"></span>emain in effect.<span class=\"_ _1f9\"> </span>These financial statements have been prepar<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> using consistent accounting policies as applied by the Group in pr<span class=\"_ _1\"></span>evious years, on a going concern basis and under the historic cost convention as<span class=\"_ _1\"></span> modified by the reva<span class=\"_ _1\"></span>luation of financial assets held at fair value through pr<span class=\"_ _1\"></span>ofit and loss as applicable. The Directors consider that the Gr<span class=\"_ _1\"></span>oup has adequate financial resour<span class=\"_ _1\"></span>ces to enable it to continue operations for a period of no less than 12 months from the<span class=\"_ _1\"></span> approval of these accounts. In or<span class=\"_ _1\"></span>der to reach this<span class=\"_ _1\"></span> conclusion, the Directors have r<span class=\"_ _1\"></span>eviewed the financial projections of the Gr<span class=\"_ _1\"></span>oup from the date of this report<span class=\"_ _1\"></span> until Pollen Street Gr<span class=\"_ _1\"></span>oup Limited\u2019<span class=\"_ _31\"></span>s AGM in 2027, which shows that the Group will be able to generate sufficient cash flows in or<span class=\"_ _1\"></span>der to meet its liabilities as they fall due. These financial pr<span class=\"_ _1\"></span>ojections have been performed under various stressed scenarios and in<span class=\"_ _1\"></span> all cases the Group is able to m<span class=\"_ _1\"></span>eet its liabilities as they fall due. The stressed scenarios included halting futur<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> Investment Asset originations, late repayments of the largest structured facility and individual exposur<span class=\"_ _1\"></span>es experiences ongoing performance at the worst<span class=\"_ _1\"></span> monthly impact experienced throughout 2022 and<span class=\"_ _1\"></span> 2023. The Directors consider these scenarios to be<span class=\"_ _1\"></span> the most relevant risks to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s operations. As part of these projections, the Dir<span class=\"_ _1\"></span>ectors have con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sidered the Reorganisation that is described above. All operations undertaken by Pollen Street Capital<span class=\"_ _1\"></span> Holdings Limited have therefor<span class=\"_ _1\"></span>e been classified as held for distribution to owners under IFRS 5 and<span class=\"_ _1\"></span> are on the basis that Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited will be a wholly owned subsidiary of Pollen Street Gr<span class=\"_ _1\"></span>oup Limited and have therefore not been<span class=\"_ _1\"></span> included in the projections. Further information on<span class=\"_ _1\"></span> this matter is presented in the section on assets held for distribution to the new parent company<span class=\"_ _31\"></span>, later in this Note and also in Note 5. The Directors note that 100 per cent of the shar<span class=\"_ _1\"></span>e capital of the Company is now held by Pollen Street Gr<span class=\"_ _1\"></span>oup Limited. Due to the Reorganisation described in Note 1,<span class=\"_ _1\"></span> Pollen Street Limited classified the activities of<span class=\"_ _0\"></span> Pollen Street Capital Holdings Limited as held for<span class=\"_ _1\"></span> distribution to owners in accordance with IFRS 5<span class=\"_ _1\"></span> and ceased to prepar<span class=\"_ _1\"></span>e the financial statements on<span class=\"_ _1\"></span> a basis compliant with the Statement of Recom<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mended Practice for investment trusts issued by<span class=\"_ _1\"></span> the Association of Investment Companies in July<span class=\"_ _1\"></span> 2022. The Group ther<span class=\"_ _1\"></span>efore r<span class=\"_ _1\"></span>eallocated reserves from revenue and capital r<span class=\"_ _1\"></span>eserves, to retained earnings. If the Group had shown r<span class=\"_ _1\"></span>evenue and capital reserves<span class=\"_ _1\"></span> during the year<span class=\"_ _0\"></span>, the amount for revenue r<span class=\"_ _1\"></span>eserves would have been \u00a311.1 million (31 December 2022:<span class=\"_ _1\"></span> \u00a32.4 million) and the amount for capital reserves<span class=\"_ _1\"></span> would have been \u00a3(2.4) million (31 December 2022: \u00a3(2.4) million).<span class=\"_ _1f9\"> </span>The principal accounting policies adopted by<span class=\"_ _0\"></span> the Group ar<span class=\"_ _1\"></span>e set out below and all values are<span class=\"_ _0\"></span> rounded to the near<span class=\"_ _1\"></span>est thousand pounds unless<span class=\"_ _1\"></span> <span class=\"_ _d\"></span><span class=\"ls0\"> </span>otherwise indicated",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "<div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1b ws0 gs2b\">The financial statements have been prepar<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs2c\">accordance with UK-adopted International Account-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls21 ws0 gs2d\">ing Standards and with the r<span class=\"_ _1\"></span>equirements of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs2e\">Companies Act 2006 as applicable to companies<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs2f\">reporting under those standar<span class=\"_ _1\"></span>ds. They comprise<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4b ws0 gs30\">standards and interpr<span class=\"_ _1\"></span>etations approved by the<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs31\">International Accounting Standards Board (\u201cIASB\u201d)<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs32\">and International Financial Reporting Committee as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs33\">adopted in the UK, including interpretations issued<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs34\">by the IFRS Interpretations Committee and inter<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs35\">pretations issued b<span class=\"_ _1\"></span>y the International Accounting </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs36\">Standard Committee (\u201cIASC\u201d) that r<span class=\"_ _1\"></span>emain in effect.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "<div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1e ws0 gs38\">These financial statements have been prepar<span class=\"_ _1\"></span>ed<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs39\">using consistent accounting policies as applied by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs3a\">the Group in pr<span class=\"_ _1\"></span>evious years, on a going concern </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs3b\">basis and under the historic cost convention as<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs3c\">modified by the reva<span class=\"_ _1\"></span>luation of financial assets held </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs3d\">at fair value through pr<span class=\"_ _1\"></span>ofit and loss as applicable. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs3e\">The Directors consider that the Gr<span class=\"_ _1\"></span>oup has adequate </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws62 gs3f\">financial resour<span class=\"_ _1\"></span>ces to enable it to continue operations </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs40\">for a period of no less than 12 months from the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs41\">approval of these accounts. In or<span class=\"_ _1\"></span>der to reach this<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs42\">conclusion, the Directors have r<span class=\"_ _1\"></span>eviewed the financial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs43\">projections of the Gr<span class=\"_ _1\"></span>oup from the date of this report<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs44\">until Pollen Street Gr<span class=\"_ _1\"></span>oup Limited\u2019<span class=\"_ _31\"></span>s AGM in 2027, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs45\">which shows that the Group will be able to generate </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs46\">sufficient cash flows in or<span class=\"_ _1\"></span>der to meet its liabilities as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs47\">they fall due. These financial pr<span class=\"_ _1\"></span>ojections have been </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs48\">performed under various stressed scenarios and in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs49\">all cases the Group is able to m<span class=\"_ _1\"></span>eet its liabilities as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs4a\">they fall due. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls39 ws0 gs4b\">The stressed scenarios included halting futur<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws22 gs4c\">Investment Asset originations, late repayments of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs4d\">largest structured facility and individual exposur<span class=\"_ _1\"></span>es </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs4e\">experiences ongoing performance at the worst<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs4f\">monthly impact experienced throughout 2022 and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs50\">2023. The Directors consider these scenarios to be<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs51\">the most relevant risks to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s operations. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs52\">As part of these projections, the Dir<span class=\"_ _1\"></span>ectors have con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs53\">sidered the Reorganisation that is described above. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs54\">All operations undertaken by Pollen Street Capital<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs55\">Holdings Limited have therefor<span class=\"_ _1\"></span>e been classified as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs56\">held for distribution to owners under IFRS 5 and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs57\">are on the basis that Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs58\">Limited will be a wholly owned subsidiary of Pollen </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs59\">Street Gr<span class=\"_ _1\"></span>oup Limited and have therefore not been<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs5a\">included in the projections. Further information on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsb gs5b\">this matter is presented in the section on assets held </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs5c\">for distribution to the new parent company<span class=\"_ _31\"></span>, later in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs5d\">this Note and also in Note 5. The Directors note that </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs5e\">100 per cent of the shar<span class=\"_ _1\"></span>e capital of the Company is </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5f\">now held by Pollen Street Gr<span class=\"_ _1\"></span>oup Limited. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsc ws0 gs60\">Due to the Reorganisation described in Note 1,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls51 ws0 gs61\">Pollen Street Limited classified the activities of<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs62\">Pollen Street Capital Holdings Limited as held for<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs63\">distribution to owners in accordance with IFRS 5<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs64\">and ceased to prepar<span class=\"_ _1\"></span>e the financial statements on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs65\">a basis compliant with the Statement of Recom<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs66\">mended Practice for investment trusts issued by<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs67\">the Association of Investment Companies in July<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws37 gs68\">2022. The Group ther<span class=\"_ _1\"></span>efore r<span class=\"_ _1\"></span>eallocated reserves from </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs69\">revenue and capital r<span class=\"_ _1\"></span>eserves, to retained earnings. If </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs6a\">the Group had shown r<span class=\"_ _1\"></span>evenue and capital reserves<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs6b\">during the year<span class=\"_ _0\"></span>, the amount for revenue r<span class=\"_ _1\"></span>eserves </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs6c\">would have been \u00a311.1 million (31 December 2022:<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs6d\">\u00a32.4 million) and the amount for capital reserves<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs6e\">would have been \u00a3(2.4) million (31 December 2022: </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs6f\">\u00a3(2.4) million).<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-481": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs71\">CHANGES TO ACCOUNTING POLICIES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs72\">There wer<span class=\"_ _1\"></span>e no changes to accounting standards<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs73\">during the year that were applicable to the Gr<span class=\"_ _1\"></span>oup. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs74\">Following the Reorganisation, the Group has applied </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs75\">IFRS 5 to the operations of the business that have </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs76\">been distributed to owners. Further information on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsb gs77\">this matter is presented in the section on assets held </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs78\">for distribution to the new parent company<span class=\"_ _31\"></span>, later in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs79\">this Note.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "CHANGES TO ACCOUNTING POLICIES<span class=\"_ _1f9\"> </span>There wer<span class=\"_ _1\"></span>e no changes to accounting standards<span class=\"_ _1\"></span> during the year that were applicable to the Gr<span class=\"_ _1\"></span>oup. Following the Reorganisation, the Group has applied IFRS 5 to the operations of the business that have been distributed to owners. Further information on this matter is presented in the section on assets held for distribution to the new parent company<span class=\"_ _31\"></span>, later in this Note.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-482": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs7b\">CONSOLIDA<span class=\"_ _0\"></span>TION </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs7c\">Subsidiaries are inves<span class=\"_ _1\"></span>tees controlled by the Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs7d\">pany<span class=\"_ _0\"></span>. The Company controls an investee if it is<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsa gs7e\">exposed to, or has the rights to, variable returns from </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs7f\">its involvement with the investee and has the ability </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs80\">to affect those r<span class=\"_ _1\"></span>eturns through its power over the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs81\">investee. The Company reassesses whether it has<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs83\">control if ther<span class=\"_ _1\"></span>e are changes to one or mor<span class=\"_ _1\"></span>e elements </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs84\">of control. The Company does not consider itself to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs85\">be an investment entity for the purposes of IFRS 10, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs86\">as it does not hold substantially all of its investments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2f gs87\">at fair value. Consequently<span class=\"_ _0\"></span>, it consolidates its subsid<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs88\">iaries rather than holding at fair value through pr<span class=\"_ _1\"></span>ofit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs89\">or loss.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2b gs8a\">On 30 September 2022, the Company acquired 100 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs8b\">per cent of Pollen Street Capital Holdings Limited<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs8c\">with newly issued shares in the Company as con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs8d\">sideration. Pollen Street Capital Hold<span class=\"_ _1\"></span>ings Limited </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs8e\">is a limited company incorporated under the law of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs8f\">Guernsey as a company limited by shares pursuant </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs90\">to the Companies (Guernsey) Law<span class=\"_ _1\"></span>, 2008, with com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs91\">pany number 58102. This transaction is referr<span class=\"_ _1\"></span>ed to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs92\">as the Combination. The Company is considered<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs93\">to control the Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs94\">and its subsidiaries and so the Group has consoli<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs95\">dated Pollen Street Capital Holdings Limited and its </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2b gs96\">subsidiaries with effect fr<span class=\"_ _1\"></span>om 30 September 2022. As </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs97\">explained in note 1, Pollen Street Limited classified<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws24 gs98\">the activities of Pollen Street Capital Holdings Limited </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs99\">as held for distribution to owners in accordance with </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs9a\">IFRS 5. Pollen Street Capital Holdings Limited is still </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs9b\">consolidated in the financial statements on a line by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs9c\">line basis, but is shown in a new column for assets<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs9d\">held for distribution to the new parent. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls92 ws0 gs9e\">The Group also assessed the consolidation<span class=\"_ _31\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs9f\">requir<span class=\"_ _1\"></span>ements for the carried interest partnerships<span class=\"_ _1\"></span> <span class=\"_ _2f\"></span><span class=\"ls0\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gsa0\">and certain underlying entities or funds which the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa1\">Group holds as investments. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gsa2\">For the carried interest partnerships in funds in<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gsa3\">existence prior to completion of the Combination on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gsa4\">30 September 2022, the Directors consider<span class=\"_ _1\"></span>ed the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gsa5\">nature of the r<span class=\"_ _1\"></span>elationships between the Group, the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws5f gsa6\">funds, the fund investors, the carried interest partner<span class=\"_ _0\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gsa7\">ships and participants in the carried interest partner<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gsa8\">ships. The Directors also consider<span class=\"_ _1\"></span>ed any influence </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws35 gsa9\">that the Group had in the setup of the carried inter<span class=\"_ _1\"></span>est </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gsaa\">partnerships in ord<span class=\"_ _1\"></span>er to assess the power to control </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gsab\">the carried interest partnerships. It was determined<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsac\">that the carried interest partnerships wer<span class=\"_ _1\"></span>e set up on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2d gsad\">behalf of the fund investors, and that on balance, the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsae\">Group does not contr<span class=\"_ _1\"></span>ol the carried interest partner<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7a gsaf\">ships. Where the Gr<span class=\"_ _1\"></span>oup has in excess of 20 per cent </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gsb0\">of the interest in the carried inter<span class=\"_ _1\"></span>est partnership, the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gsb1\">Group is consider<span class=\"_ _1\"></span>ed to have significant influence. It </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gsb2\">was therefor<span class=\"_ _1\"></span>e determined that these carried inter<span class=\"_ _1\"></span>est </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gsb3\">partnerships are accounted for as associates as<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsb4\">explained in the investments in associates section. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gsb5\">The key judgemental areas for the accounting of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1a gsb6\">carried interest partnerships ar<span class=\"_ _1\"></span>e in Note 3, Significant </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gsb7\">accounting estimates and judgements. The carried </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gsb8\">interest partnerships ar<span class=\"_ _1\"></span>e presented in the Carried<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsb9\">Interest line on the Statement of Financial Position. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gsba\">For the underlying entities or funds, the Directors<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gsbb\">considered the natur<span class=\"_ _1\"></span>e of the relationships between </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls53 ws0 gsbc\">the Group, the underlying entities or funds and<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gsbd\">the investors. The Directors also consider<span class=\"_ _1\"></span>ed any<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gsbe\">influence that the Group had in the setup of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gsbf\">underlying entities or funds in order to assess the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gsc0\">power to control the underlying entities or funds. It<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsc1\">was determined that the underlying entities or funds </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gsc2\">were set up for the investors, and that on balance,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gsc3\">the Group does not contr<span class=\"_ _1\"></span>ol the underlying entities </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsc4\">or funds.  Where the Gr<span class=\"_ _1\"></span>oup holds more than 20 per </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1c gsc5\">cent of the interest in the underlying entities, funds or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws83 gsc6\">carried interest participations, it is consider<span class=\"_ _1\"></span>ed to have </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws23 gsc7\">significant influence. It was therefor<span class=\"_ _1\"></span>e determined that </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gsc8\">these underlying entities or funds are accounted<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsc9\">for as associates as explained in the investments in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gsca\">associates section. The key judgemental areas for<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gscb\">the accounting of the underlying entities or funds<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gscc\">are in Note 3, Significant accounting estimates and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gscd\">judgements. The underlying entities or funds are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls32 ws0 gsce\">presented in the Investments Assets held at fair<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gscf\">value through pr<span class=\"_ _1\"></span>ofit or loss line on the Statement of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsd0\">Financial Position.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gsd1\">The Group also consolidates Bud Funding Limited<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsd2\">(\u201cBud\u201d) and Sting Funding Limited (\u201cSting\u201d). </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsd3\">In the consolidated financial statements, intra-group </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4b ws0 gsd4\">balances and transactions, and any unrealised<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws59 gsd5\">income and expenses arising from intra-gr<span class=\"_ _1\"></span>oup trans<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gsd6\">actions, are eliminated. All entities within the Gr<span class=\"_ _1\"></span>oup </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsd7\">have co-terminus reporting dates. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsd8\">Refer to Note 21 for further details. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-483": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gsda\">INVESTMENTS IN SUBSIDIARIES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls53 ws0 gsdb\">Investments in subsidiaries in the Statement of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gsdc\">Financial Position of the Company are r<span class=\"_ _1\"></span>ecorded at<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gsdd\">cost less provision for impairments. All transactions </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gsde\">between the Company and its subsidiary under<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gsdf\">takings are classified as r<span class=\"_ _1\"></span>elated party transactions </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gse0\">for the Company accounts and are eliminated on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gse1\">consolidation.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-484": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gse3\">INVESTMENTS <span class=\"_ _32\"></span>IN ASSOCIA<span class=\"_ _0\"></span>TES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gse4\">Associates are entities over which the Gr<span class=\"_ _1\"></span>oup has </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gse5\">significant influence, but does not contr<span class=\"_ _1\"></span>ol, generally </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gse6\">accompanied by a shareholding of between 20 per<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gse7\">cent and 50 percent of the voting rights.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7e gse8\">The Group acquir<span class=\"_ _1\"></span>ed carried interest rights in the most </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws5f gse9\">recent flagship funds as part of the Combination. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsea\">rights are in the form of partnership inter<span class=\"_ _1\"></span>ests in car<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gseb\">ried interest partnerships. The Gr<span class=\"_ _1\"></span>oup has between 1 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws17 gsec\">per cent and 25 per cent of the total interests in these </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gsed\">partnerships. Where the Gr<span class=\"_ _1\"></span>oup has in excess of 20 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gsee\">per cent interest, the Gr<span class=\"_ _1\"></span>oup is considered to have<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gsef\">significant influence over the partnerships and the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gsf0\">partnerships are consider<span class=\"_ _1\"></span>ed to be an associate. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gsf1\">carried interest partnerships (including associates<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gsf2\">and contract assets) are pr<span class=\"_ _1\"></span>esented in the \u2018Carried<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws17 gsf3\">interest\u2019 line on the Consolidated Statement of Finan<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gsf4\">cial Position; and income from the carried inter<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws15 gsf5\">partnerships is presented in the \u2018Carried inter<span class=\"_ _1\"></span>est and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gsf6\">performance fee income\u2019 line on the Consolidated </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsf7\">Statement of Comprehensive Income. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws23 gsf8\">The Group also holds mor<span class=\"_ _1\"></span>e than 20 per cent of inter<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsc gsf9\">est in certain underlying entities or funds. These enti<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gsfa\">ties are tr<span class=\"_ _1\"></span>eated as associates. The Group elects to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsfb\">hold investments in associates at FVTPL. This treat<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsfc\">ment is permitted by IAS 28 Investments in Associ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gsfd\">ates and Joint V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>es, which permits investments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gsfe\">held by entities that are ventur<span class=\"_ _1\"></span>e capital organisations, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsff\">mutual funds or similar entities to be excluded from<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs100\">its measurement methodology r<span class=\"_ _1\"></span>equirements where<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1a gs101\">those investments are designated, upon initial r<span class=\"_ _1\"></span>ecog<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsb gs102\">nition, as at FVTPL and accounted for in accordance </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs103\">with IFRS 9. These underlying entities or funds are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs104\">presented in the Investment assets held at fair value </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs105\">through pr<span class=\"_ _1\"></span>ofit or loss line on the Statement of Finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs106\">cial Position. Changes in fair value of these entities </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs107\">or funds are pr<span class=\"_ _1\"></span>esented in the Gains on Investment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs108\">Assets held at fair value on the Consolidated State<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs109\">ment of Comprehensive Income. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs10a\">Details of how the Group classifies and measur<span class=\"_ _1\"></span>es </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs10b\">assets at FVTPL are in the classification and meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs10c\">urement section on page 135.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "INVESTMENTS <span class=\"_ _32\"></span>IN ASSOCIA<span class=\"_ _0\"></span>TES<span class=\"_ _1f9\"> </span>Associates are entities over which the Gr<span class=\"_ _1\"></span>oup has significant influence, but does not contr<span class=\"_ _1\"></span>ol, generally accompanied by a shareholding of between 20 per<span class=\"_ _1\"></span> cent and 50 percent of the voting rights.<span class=\"_ _1f9\"> </span>The Group acquir<span class=\"_ _1\"></span>ed carried interest rights in the most recent flagship funds as part of the Combination. The rights are in the form of partnership inter<span class=\"_ _1\"></span>ests in car<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ried interest partnerships. The Gr<span class=\"_ _1\"></span>oup has between 1 per cent and 25 per cent of the total interests in these partnerships. Where the Gr<span class=\"_ _1\"></span>oup has in excess of 20 per cent interest, the Gr<span class=\"_ _1\"></span>oup is considered to have<span class=\"_ _1\"></span> significant influence over the partnerships and the partnerships are consider<span class=\"_ _1\"></span>ed to be an associate. The carried interest partnerships (including associates<span class=\"_ _1\"></span> and contract assets) are pr<span class=\"_ _1\"></span>esented in the \u2018Carried<span class=\"_ _1\"></span> interest\u2019 line on the Consolidated Statement of Finan<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>cial Position; and income from the carried inter<span class=\"_ _1\"></span>est<span class=\"_ _1\"></span> partnerships is presented in the \u2018Carried inter<span class=\"_ _1\"></span>est and performance fee income\u2019 line on the Consolidated Statement of Comprehensive Income. The Group also holds mor<span class=\"_ _1\"></span>e than 20 per cent of inter<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>est in certain underlying entities or funds. These enti<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ties are tr<span class=\"_ _1\"></span>eated as associates. The Group elects to<span class=\"_ _1\"></span> hold investments in associates at FVTPL. This treat<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment is permitted by IAS 28 Investments in Associ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ates and Joint V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>es, which permits investments held by entities that are ventur<span class=\"_ _1\"></span>e capital organisations, mutual funds or similar entities to be excluded from<span class=\"_ _1\"></span> its measurement methodology r<span class=\"_ _1\"></span>equirements where<span class=\"_ _1\"></span> those investments are designated, upon initial r<span class=\"_ _1\"></span>ecog<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>nition, as at FVTPL and accounted for in accordance with IFRS 9. These underlying entities or funds are<span class=\"_ _1\"></span> presented in the Investment assets held at fair value through pr<span class=\"_ _1\"></span>ofit or loss line on the Statement of Finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cial Position. Changes in fair value of these entities or funds are pr<span class=\"_ _1\"></span>esented in the Gains on Investment Assets held at fair value on the Consolidated State<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment of Comprehensive Income. Details of how the Group classifies and measur<span class=\"_ _1\"></span>es assets at FVTPL are in the classification and meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urement section on page 135.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-485": {
   "value": "ASSETS HELD FOR DISTRIBUTION TO  THE NEW PARENT COMPANY The Group classifies assets and liabilities as held for distribution to owners, under IFRS 5, if their carrying amounts will be recovered principally through a dis- tribution of the assets and liabilities to shareholders of the Company or the Group rather than through continuing use. The criteria for the classification as held for distribution is regarded as met only when the sale is highly probable, the assets and liabilities are available for immediate sale in their present condition and the sale is expected to complete within one year from the date of the classification. Assets and liabilities held for distribution to owners are measured at the lower of their carrying amount and fair value less costs to sell, except for financial assets within the scope of IFRS 9 and the deferred tax asset, which are measured in accordance other relevant accounting standards. Costs to sell are the incremental costs directly attributable to the disposal of the assets and liabilities, excluding finance costs and income tax expense. Assets held for distribution to owners are not depreciated or amortised. Interest and other expenses attributable to the liabilities held for distribution to owners continue to be recognised. Assets and liabilities classified as held for distribu- tion to owners are presented separately as current items in the consolidated and company statement of financial position and the results of the assets and liabilities held for distribution to owners are pre- sented separately in the statement of comprehensive income. On 11 October 2023, the shareholders of the Com- pany approved resolutions at a Court Meeting and General Meeting for the distribution of its subsidiary, Pollen Street Capital Holdings Limited, to its new parent, Pollen Street Group Limited, as part of the Reorganisation. This transaction is referred to as the Distribution and it completed on 14 February 2024. Pollen Street Limited and its current subsid- iaries have therefore ceased all asset management activities, however they continue their operations of investing in Credit Assets and Equity Assets. All operations undertaken by Pollen Street Capital Holdings Limited were therefore classified as held for distribution to owners, also described as held for distribution to new parent, on 11 October 2023. The Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position and the Company Statement of Financial Position have been presented in columnar format with the \u2018For Distribution\u2019 columns representing the activities that are being distributed to the new parent and the \u2018Con tinuing Operations\u2019 column representing the activities that will remain in Pollen Street Limited. A \u2018Total\u2019 column has also been presented for information. Additional disclosures, including disclosure of the effect of the Distribution on the Consolidated State- ment of Cash Flows are provided in Note 5. All other notes to the financial statements include amounts for continuing operations. The notes to the accounts include a column that presents the total of the contin- uing operations and assets held for distribution to the new parent which is a non-GAAP measure. ",
   "dimensions": {
    "concept": "pollenstreetplc:DescriptionOfAccountingPolicyForAssetsHeldForDistributionToTheNewParentCompany",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-486": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs150\">FOREIGN CURRENC<span class=\"_ _1\"></span>Y<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1b ws0 gs151\">The financial statements have been prepar<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs152\">Pounds Sterling because that is the currency of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs153\">majority of the transactions during the year<span class=\"_ _0\"></span>, so has </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs154\">been selected as the presentational curr<span class=\"_ _1\"></span>ency<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs155\">The liquidity of the Group is managed on a day-to-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs156\">day basis in Pounds Sterling as the Group\u2019<span class=\"_ _31\"></span>s perfor<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs157\">mance is evaluated in that currency<span class=\"_ _31\"></span>. Therefore, the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs158\">Directors consider Pounds Sterling as the curr<span class=\"_ _1\"></span>ency </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs159\">that most faithfully repr<span class=\"_ _1\"></span>esents the economic effects </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs15a\">of the underlying transactions, events and condi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs15b\">tions and is therefor<span class=\"_ _1\"></span>e the functional currency<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs15c\">T<span class=\"_ _0\"></span>ransactions involving foreign curr<span class=\"_ _1\"></span>encies are con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws3c gs15d\">verted at the exchange rate ruling at the date of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs15e\">transaction. Foreign curr<span class=\"_ _1\"></span>ency monetary assets and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs15f\">liabilities are translated into Pounds Sterling at the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs160\">exchange rate ruling on the year<span class=\"_ _1\"></span>-end date. For<span class=\"_ _1\"></span>eign </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs161\">exchange differ<span class=\"_ _1\"></span>ences arising on translation would<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs162\">be recognised in the Statement of Compr<span class=\"_ _1\"></span>ehensive </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws12 gs163\">Income.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "The financial statements have been prepar<span class=\"_ _1\"></span>ed in<span class=\"_ _1\"></span> Pounds Sterling because that is the currency of the majority of the transactions during the year<span class=\"_ _0\"></span>, so has been selected as the presentational curr<span class=\"_ _1\"></span>ency<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>The liquidity of the Group is managed on a day-to-<span class=\"_ _1f9\"> </span>day basis in Pounds Sterling as the Group\u2019<span class=\"_ _31\"></span>s perfor<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mance is evaluated in that currency<span class=\"_ _31\"></span>. Therefore, the<span class=\"_ _1\"></span> Directors consider Pounds Sterling as the curr<span class=\"_ _1\"></span>ency that most faithfully repr<span class=\"_ _1\"></span>esents the economic effects of the underlying transactions, events and condi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions and is therefor<span class=\"_ _1\"></span>e the functional currency<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-487": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs165\">BUSINESS <span class=\"_ _32\"></span>MODEL<span class=\"_ _1\"></span> ASSESSMENT </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs166\">The Group assesses the objective of the business<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs167\">model in which a financial asset is held at a portfolio </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs168\">level in order to generate cash flows because this<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs169\">best reflects the way the business is managed. That </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs16a\">is, whether the Group\u2019<span class=\"_ _31\"></span>s objective is solely to collect </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs16b\">the contractual cash flows from the assets or is to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs16c\">collect both the contractual cash flows and cash<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs16d\">flows arising from <span class=\"_ _1\"></span>the sale of assets. If neither of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs16e\">these are applicable, th<span class=\"_ _1\"></span>en the financial assets are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs16f\">classified as part of the other business model and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs170\">measured at FVTPL.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs171\">The assessment includes:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs172\">\u2022   <span class=\"_ _2f\"></span>the stated policies and objectives for the portfolio </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs173\">and the operation of those policies in practice,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs174\">including whether the strategy focuses on earning </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb6 ws0 gs175\">contractual interest r<span class=\"_ _1\"></span>evenue, maintaining a<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws76 gs176\">particular interest rate pr<span class=\"_ _1\"></span>ofile, matching duration of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs177\">the financial assets to the duration of the liabilities </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs178\">that are funding those assets or r<span class=\"_ _1\"></span>ealising cash<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs179\">flows through the sale of assets;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs17a\">\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>past experience on how the cash flows for these </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs17b\">assets were collected;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs17c\">\u2022   <span class=\"_ _2f\"></span>how the performance of the portfolio is evaluated </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs17d\">and reported;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls65 ws0 gs17e\">\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>the risks that affect the performance of the<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls32 ws0 gs17f\">business model (and the financial assets held<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs180\">within that business model) and how those risks </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs181\">are managed; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs182\">\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the frequency<span class=\"_ _31\"></span>, volume and timing of sales in prior </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws24 gs183\">years, the reasons for such sales and expectations </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs184\">about future sales activity<span class=\"_ _31\"></span>. However<span class=\"_ _0\"></span>, information </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs185\">about sales activity is not considered in isolation,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs186\">but as part of an overall assessment of how the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs187\">stated objective for managing the financial assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs188\">is achieved and how cashflows are r<span class=\"_ _1\"></span>ealised. </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws9a gs189\">ASSESSMENT<span class=\"_ _1\"></span> WHETHER <span class=\"_ _32\"></span>CONTRACTUAL<span class=\"_ _1\"></span> </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs18a\">CASH FL<span class=\"_ _1\"></span>OWS <span class=\"_ _1\"></span>ARE SOLEL<span class=\"_ _0\"></span>Y P<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>YMENTS OF </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs18b\">PRINCIP<span class=\"_ _1\"></span>AL<span class=\"_ _1\"></span> AND <span class=\"_ _32\"></span>INTEREST<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs18c\">For the purposes of this assessment, \u201cprincipal\u201d is </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws10 gs18d\">defined as the fair value of the financial asset on initial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs18e\">recognition. \u201cInter<span class=\"_ _1\"></span>est\u201d is defined as consideration for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsa gs18f\">the time value of money<span class=\"_ _0\"></span>, for the credit risk associated </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs190\">with the principal amount outstanding during a par<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2f gs191\">ticular period of time and for other basic lending risks </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws75 gs192\">and costs (e.g. liquidity risk and administrative costs), </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs193\">as well as a reasonable pr<span class=\"_ _1\"></span>ofit margin.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs194\">In assessing whether the contractual cash flows<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs195\">are solely payments of principal and inter<span class=\"_ _1\"></span>est, the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs196\">contractual terms of the instrument are consider<span class=\"_ _1\"></span>ed. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs197\">This includes assessing whether the financial asset </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs198\">contains a contractual term that could change the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs199\">timing or amount of contractual cash flows such<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs19a\">that it would not meet this condition. In making the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs19b\">assessment the following features ar<span class=\"_ _1\"></span>e considered:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs19c\">\u2022   <span class=\"_ _2f\"></span>contingent events that would change the amount </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs19d\">and timing of cash flows;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs19e\">\u2022  leverage features;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs19f\">\u2022   <span class=\"_ _d\"></span>prepayment and extension terms;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs1a0\">\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>terms that limit the Group\u2019<span class=\"_ _31\"></span>s claim to cash flows<span class=\"_ _1f9\"> </span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs1a2\">from specified assets, e.g. non-r<span class=\"_ _1\"></span>ecourse asset<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1a3\">arrangements; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs1a4\">\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>  <span class=\"_ _59\"></span>features that modify consideration for the time<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws70 gs1a5\">value of money<span class=\"_ _0\"></span>, e.g. periodic reset of inter<span class=\"_ _1\"></span>est rates.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs1a6\">CLASSIFICA<span class=\"_ _0\"></span>TION AND <span class=\"_ _32\"></span>MEASUREMENT<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws39 gs1a7\">Financial assets and financial liabilities are r<span class=\"_ _1\"></span>ecognised </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9b gs1a8\">in the Statement of Financial Position when the Group </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs1a9\">becomes a party to the contractual provisions of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs1aa\">instrument. The Group shall of<span class=\"_ _1\"></span>fset financial assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs1ab\">and financial liabilities if it has a legally enforceable<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs1ac\">right to set off th<span class=\"_ _1\"></span>e recognised amounts and inter<span class=\"_ _1\"></span>ests </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs1ad\">and intends to settle on a net basis. Financial assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs1ae\">and liabilities are der<span class=\"_ _1\"></span>ecognised when the Group set<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1af\">tles its obligations relating to the instrument.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs1b0\">CLASSIFICA<span class=\"_ _0\"></span>TION <span class=\"_ _1\"></span>AND MEASUREMENT<span class=\"_ _1\"></span> \u2013 </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs1b1\">FINANCIAL<span class=\"_ _1\"></span> ASSETS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs1b2\">IFRS 9 contains a classification and measurement<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs1b3\">approach for debt instruments that r<span class=\"_ _1\"></span>eflects the busi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs1b4\">ness model in which assets are managed and their<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs1b5\">cash flow characteristics. This is a principle-based </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1a gs1b6\">approach and applies one classification appr<span class=\"_ _1\"></span>oach for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs1b7\">all types of debt instruments. For debt instruments, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gs1b8\">two criteria are used to determine how financial<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1b9\">assets are classified and measur<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs1ba\">\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>the entity\u2019<span class=\"_ _31\"></span>s business model (i.e. how an entity </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws12 gs1bb\">manages its debt Instruments in order to generate </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs1bc\">cash flows by collecting contractual cash flows, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1bd\">selling financial assets or both); and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs1be\">\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>the contractual cash flow characteristics of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs1bf\">financial asset (i.e. whether the contractual cash </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws62 gs1c0\">flows are solely payments of principal and inter<span class=\"_ _1\"></span>est). </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs1c1\">A debt instrument is measured at amortised cost<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs1c2\">if it meets both of the following conditions and is<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs1c3\">not designated as at fair value through pr<span class=\"_ _1\"></span>ofit and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs1c4\">loss (\u201cFVTPL\u201d): (a) it is held within a business model </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs1c5\">whose objective is to hold assets to collect contrac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs1c6\">tual cash flows; and (b) its contractual terms give<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs1c7\">rise on specified dates to cash flows that are solely<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs1c8\">payments of principal and interest on the principal<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1c9\">amount outstanding.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs1ca\">IFRS 9 details the classification and measurement<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs1cb\">approach for assets measur<span class=\"_ _1\"></span>ed at fair value through </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs1cc\">other comprehensive income (\u201cFVOCI\u201d) if it meets<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs1cd\">both of the following conditions and is not desig<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1ce\">nated as at FVTPL:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws12 gs1cf\">(a) it is held within a business model whose objective </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs1d0\">is achieved by both collecting contractual cash </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1d1\">flows and selling financial assets; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs1d2\">(b) its contractual terms give rise on specified dates </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsc gs1d3\">to cash flows that are solely payments of principal </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1d4\">and interest on the principal amount outstanding. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs1d5\">Equity instruments and derivatives are measur<span class=\"_ _1\"></span>ed at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs1d6\">FVTPL, unless they are not held for<span class=\"_ _1\"></span> trading purposes, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws31 gs1d7\">in which case an irrevocable election can be made on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs1d8\">initial recognition to measur<span class=\"_ _1\"></span>e them at FVOCI with no </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws0 gs1d9\">subsequent reclassification to pr<span class=\"_ _1\"></span>ofit or loss. This elec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs1da\">tion is made on an investment by investment basis. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs1db\">All financial assets not classified as measured at<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs1dc\">amortised cost or FVOCI as described above are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1dd\">measured at FVTPL.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1c gs1de\">All equity positions are measur<span class=\"_ _1\"></span>ed at FVTPL. Financial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs1df\">assets measured at FVTPL ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs1e0\">balance sheet at their fair value. Fair value gains and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs1e1\">losses together with interest coupons and dividend<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs1e2\">income are r<span class=\"_ _1\"></span>ecognised in the Consolidated State<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs1e3\">ment of Comprehensive Income within Gains on<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs1e4\">Investment Assets held at fair value in the period in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1e5\">which they occur<span class=\"_ _0\"></span>. The fair values of assets and liabil-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs1e6\">ities traded in active markets are based on curr<span class=\"_ _1\"></span>ent </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs1e7\">bid and offer prices r<span class=\"_ _1\"></span>espectively<span class=\"_ _0\"></span>. If the market is not </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1b gs1e8\">active the Group establishes a fair value by using val<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs1e9\">uation techniques. In addition, on initial recognition<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws62 gs1ea\">the Group may irr<span class=\"_ _1\"></span>evocably designate a financial asset </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs1eb\">that otherwise meets the requir<span class=\"_ _1\"></span>ements to be meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws35 gs1ec\">ured at amortised cost or at FVOCI as FVTPL if doing </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs1ed\">so eliminates or significantly reduces an accounting<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1ee\">mismatch that would otherwise arise.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs1ef\">The carried interest rights acquir<span class=\"_ _1\"></span>ed by the Group as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs1f0\">part of the Combination are r<span class=\"_ _1\"></span>ecognised as associ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs1f1\">ates at fair value or as a contract asset. Refer to Note </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1f2\">10 for further details on carried interest. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1f3\">The Group does not hold any FVOCI assets.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs1f5\">CLASSIFICA<span class=\"_ _0\"></span>TION <span class=\"_ _1\"></span>AND MEASUREMENT<span class=\"_ _1\"></span> \u2013 </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs1f6\">FINANCIAL<span class=\"_ _1\"></span> LIABILITIES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs1f7\">In both the current year and prior year<span class=\"_ _31\"></span>, financial lia<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs1f8\">bilities are classified and subsequently measur<span class=\"_ _1\"></span>ed at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs1f9\">amortised cost, except for:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs1fa\">\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Financial liabilities at fair value through profit or<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs1fb\">loss: this classification is applied to derivatives,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs1fc\">financial liabilities held for trading other financial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs1fd\">liabilities designated as such at initial r<span class=\"_ _1\"></span>ecognition. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1e gs1fe\">Gains or losses on financial liabilities designated at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs1ff\">fair value through pr<span class=\"_ _1\"></span>ofit or loss are pr<span class=\"_ _1\"></span>esented par<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs200\">tially in other comprehensive income (the amount </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs201\">of change in the fair value of the financial liability<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs202\">that is attributable to changes in the credit risk of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs203\">that liability<span class=\"_ _0\"></span>, which is determined as the amount </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs204\">that is not attributable to change in market con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs205\">ditions that give rise to market risk) and partially<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs206\">profit or loss (the r<span class=\"_ _1\"></span>emaining amount of change in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws34 gs207\">the fair value of the liability). This is unless such<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs208\">a presentation would cr<span class=\"_ _1\"></span>eate, or enlarge, an ac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs209\">counting mismatch, in which case the gains and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs20a\">losses attributable to changes in the credit risk of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs20b\">the liability are also pr<span class=\"_ _1\"></span>esented in the Consolidated </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs20c\">Statement of Comprehensive Income.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs20d\">\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Financial liabilities arising from the transfer of finan<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs20e\">cial assets which did not qualify for derecognition, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs20f\">whereby a financial liability is r<span class=\"_ _1\"></span>ecognised for the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs210\">consideration received<span class=\"_ _1\"></span> for the transfer<span class=\"_ _0\"></span>. In subse<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs211\">quent years, the Group r<span class=\"_ _1\"></span>ecognises any expense </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs212\">incurred on the financial liability<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws9c gs213\">\u2022 <span class=\"_ _5b\"></span>   <span class=\"_ _2\"></span>Financial guarantee contracts and loan commitments.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs214\">CREDIT<span class=\"_ _1\"></span> ASSETS A<span class=\"_ _0\"></span>T AMORTISED COST<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs215\">Loans are initially r<span class=\"_ _1\"></span>ecognised at a carrying value<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs216\">equivalent to the funds advanced to the borrower<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs217\">plus the costs of acquisition fees and transaction<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs218\">costs. After initial recognition loans ar<span class=\"_ _1\"></span>e subsequently </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws15 gs219\">measured at amortised cost using the ef<span class=\"_ _1\"></span>fective inter<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws15 gs21a\">est rate method (\u201cEIRM\u201d) less expected credit losses </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs21b\">(see Note 12).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs21c\">EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs21d\">FOR <span class=\"_ _32\"></span>FINANCIAL<span class=\"_ _1\"></span> ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs21e\">AMORTISED COST<span class=\"ff5 ls0\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs21f\">The impairment charge in the income statement </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs220\">includes the change in expected credit losses </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs221\">which are r<span class=\"_ _1\"></span>ecognised for loans and advances to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs222\">customers, other financial assets held at amortised </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs223\">cost and certain loan commitments.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs224\">IFRS 9 applies a single impairment model to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs225\">all financial instruments subject to impairment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs226\">testing. Impairment losses are r<span class=\"_ _1\"></span>ecognised on initial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs227\">recognition, and at each subsequent r<span class=\"_ _1\"></span>eporting </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs228\">period, even if the loss has not yet been incurred. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs229\">In addition to past events and current conditions, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs22a\">reasonable and supportable for<span class=\"_ _1\"></span>ecasts affecting </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs22b\">collectability are also consider<span class=\"_ _1\"></span>ed when determining </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs22c\">the amount of impairment in accordance with </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs22d\">IFRS 9. Under the IFRS 9 expected credit loss </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs22e\">model, expected credit losses ar<span class=\"_ _1\"></span>e recognised at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs22f\">each reporting period, even if no actual loss events </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs230\">have taken place. In addition to past events and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs231\">current conditions, r<span class=\"_ _1\"></span>easonable and supportable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs232\">forward-looking information that is available without </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs233\">undue cost or effort is consider<span class=\"_ _1\"></span>ed in determining </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs234\">impairment, with the model applied to all financial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs235\">instruments subject to impairment testing.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws66 gs236\">At initial recognition, allowance is made for expected </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs237\">credit losses r<span class=\"_ _1\"></span>esulting from default events that ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs238\">possible within the next 12 months (12-month </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs239\">expected credit losses). In the event of a significant </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs23a\">increase in cr<span class=\"_ _1\"></span>edit risk, allowance (or provision) is </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs23b\">made for expected credit losses r<span class=\"_ _1\"></span>esulting from all </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs23c\">possible default events over the expected life of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs23d\">financial instrument (lifetime expected credit losses). </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs23e\">Financial assets where 12-month expected cr<span class=\"_ _1\"></span>edit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs23f\">losses are r<span class=\"_ _1\"></span>ecognised are consider<span class=\"_ _1\"></span>ed to be Stage </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs240\">1; financial assets which are consider<span class=\"_ _1\"></span>ed to have </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs241\">experienced a significant increase in cr<span class=\"_ _1\"></span>edit risk are in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs242\">Stage 2; and financial assets which have defaulted </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs243\">or are otherwise consider<span class=\"_ _1\"></span>ed to be credit-impair<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs244\">are allocated to Stage 3. Stage 2 and Stage 3 ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs245\">based on lifetime expected credit losses. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs246\">The measurement of expected cr<span class=\"_ _1\"></span>edit loss, referr<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs247\">to as \u201cECL\u201d, is primarily based on the product of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs248\">instrument\u2019<span class=\"_ _31\"></span>s probability of default (\u201cPD\u201d), loss given </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs249\">default (\u201cLGD\u201d) and exposure at default (\u201cEAD\u201d), </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs24a\">taking into account the value of any collateral held<span class=\"_ _1f9\"> </span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs24c\">or other mitigants of loss and including the impact </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs24d\">of discounting using the EIR. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs24e\">\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The PD repr<span class=\"_ _1\"></span>esents the likelihood of a borrower<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1b gs24f\">defaulting on its financial obligation, either over the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs250\">next 12 months (\u201c12M PD\u201d), or over the remaining </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs251\">lifetime (\u201cLifetime PD\u201d) of the obligation.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs252\">\u2022   <span class=\"_ _2f\"></span>EAD is based on the amounts the Group expects </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs253\">to be owed at the time of default, over the next<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsc ws0 gs254\">12 months or over the remain<span class=\"_ _1\"></span>ing lifetime. For<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs255\">example, for a revolving commitment, the Gr<span class=\"_ _1\"></span>oup </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls19 ws0 gs256\">includes the current drawn balance plus any<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws37 gs257\">further amount that is expected to be drawn up to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs258\">the current contractual limit by the time of default, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsa gs259\">should it occur<span class=\"_ _0\"></span>. The EAD is discounted back to the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs25a\">reporting date using the EIR determined at initial<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs25b\">recognition.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs25c\">\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>LGD represents the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s expectation of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws30 gs25d\">extent of loss on a defaulted exposure. LGD varies </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws76 gs25e\">by type of counterparty<span class=\"_ _0\"></span>, type and seniority of claim </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2d gs25f\">and availability of collateral or other credit support. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs260\">LGD is expressed as a per<span class=\"_ _1\"></span>centage loss per unit of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs261\">EAD. LGD is calculated on a 12-month or lifetime </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs262\">basis, where 12-month LGD is the per<span class=\"_ _1\"></span>centage of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs263\">loss expected to be made if the default occurs<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs264\">in the next 12 months and Lifetime LGD is the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs265\">percentage of loss <span class=\"_ _1\"></span>expected to be made if the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls83 ws0 gs266\">default occurs over the remaining expected<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs267\">lifetime of the loan (\u201cLifetime LGD\u201d).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs268\">The ECL is determined by estimating the PD, LGD </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs269\">and EAD for each individual exposur<span class=\"_ _1\"></span>e or collective </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs26a\">segment. These three components ar<span class=\"_ _1\"></span>e multiplied </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs26b\">together and adjusted for the likelihood of survival </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs26c\">(i.e. the exposure has not pr<span class=\"_ _1\"></span>epaid or defaulted in an </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs26d\">earlier month). This effectively calculates an ECL,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs26e\">which is then discounted back to the reporting date </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs26f\">and summed. The discount rate used in the ECL<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs270\">calculation is the original EIR or an approximation<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs271\">thereof. The Lifetime PD is developed by applying a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs272\">maturity profile to the curr<span class=\"_ _1\"></span>ent 12M PD. The maturity </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs273\">profile looks at how defaults develop on a portfolio<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs274\">from the point of initial r<span class=\"_ _1\"></span>ecognition throughout the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs275\">lifetime of the loans. The maturity profile is based on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs276\">historical observed data and is assumed to be the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs277\">same across all ass<span class=\"_ _1\"></span>ets within a portfolio and credit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs278\">grade band where supported by historical analysis.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs279\">The 12-month and lifetime EADs are determined<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1c gs27a\">based on the expected payment profile, which varies </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs27b\">by product type.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs27c\">\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For amortising products and bullet repayment<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1b gs27d\">loans, this is based on the contractual repayments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8f ws0 gs27e\">owed by the borrower over a 12-month or<span class=\"_ _31\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb6 ws0 gs27f\">lifetime basis. This is also adjusted for any<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs280\">expected overpayments made by a borrower<span class=\"_ _31\"></span>.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs281\">Early repayment/r<span class=\"_ _1\"></span>efinance assumptions are also<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs282\">incorporated into the calculation.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs283\">\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>For r<span class=\"_ _1\"></span>evolving products, the EAD is predicted by<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws8 gs284\">taking current drawn balance and adding a \u201ccr<span class=\"_ _1\"></span>edit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs285\">conversion factor\u201d which allows for the expected </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs286\">drawdown of the re<span class=\"_ _1\"></span>maining limit by the time of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls18 ws0 gs287\">default. These assumptions vary by product<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs288\">type and current limit utilisation band, based on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs289\">analysis of the Group\u2019<span class=\"_ _31\"></span>s recent default data.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs28a\">The 12-month and lifetime LGDs are determined<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs28b\">based on the factors which impact the recoveries<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs28c\">made post default. These vary by product type.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs28d\">\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>For secured pr<span class=\"_ _1\"></span>oducts, this is primarily based on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs28e\">collateral type and projected collateral values,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs28f\">historical discounts to market/book values due to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs290\">forced sales, time to r<span class=\"_ _1\"></span>epossession and recovery<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs291\">costs observed.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs292\">\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For unsecured products, LGDs are typically set<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs293\">at product level due to the limited dif<span class=\"_ _1\"></span>ferentiation<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs294\">in recoveries achieved acr<span class=\"_ _1\"></span>oss differ<span class=\"_ _1\"></span>ent borrowers. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9d gs295\">These LGDs are influenced by collection strategies, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs296\">including contracted debt sales and price.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs297\">The main differ<span class=\"_ _1\"></span>ence between Stage 1 and Stage<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs298\">2 is the respective PD horizon. Stage 1 estima<span class=\"_ _1\"></span>tes </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs299\">use a maximum of a 12-month PD, while Stage 2<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs29a\">estimates use a lifetime PD. The main differ<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs29b\">between Stage 2 and Stage 3 is that Stage 3 is<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws18 gs29c\">effectively the point at which ther<span class=\"_ _1\"></span>e has been a default </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs29d\">event. For financial assets in Stage 3, entities con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs29e\">tinue to recognise <span class=\"_ _1\"></span>lifetime ECL but now recognise<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs29f\">interest income on a net basis. This means that<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws76 gs2a0\">interest income is calculated based on the gr<span class=\"_ _1\"></span>oss car<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9 gs2a1\">rying amount of the financial asset less ECL. Stage 3 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws10 gs2a2\">estimates continue to leverage existing processes for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs2a3\">estimating losses on impaired loans, however<span class=\"_ _31\"></span>, these </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws66 gs2a4\">processes ar<span class=\"_ _1\"></span>e updated to reflect the r<span class=\"_ _1\"></span>equirements of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs2a5\">IFRS 9, including the requir<span class=\"_ _1\"></span>ement to consider mul<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs2a6\">tiple forward-looking scenarios using independent<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs2a7\">third-party economic information.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws22 gs2a8\">Movements between Stage 1 and Stage 2 are based </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs2a9\">on whether an instrument\u2019<span class=\"_ _31\"></span>s credit risk as at the<span class=\"_ _1f9\"> </span> </div>reporting date has <span class=\"_ _1\"></span>increased significantly r<span class=\"_ _1\"></span>elative to the date it was initially recognised. Wher<span class=\"_ _1\"></span>e the credit risk subsequently improves such that it no longer<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esents a significant increase in cr<span class=\"_ _1\"></span>edit risk since origination, the asset is transferred back to Stage 1. In assessing whether a borrower has had a signifi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cant increase in cr<span class=\"_ _1\"></span>edit risk, the following indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>Consumer:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Short-term forbearance;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Extension of terms granted;<span class=\"_ _1f9\"> </span>Structured/SME/Pr<span class=\"_ _1\"></span>operty:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Significant incr<span class=\"_ _1\"></span>ease in credit spread, wher<span class=\"_ _1\"></span>e this information is available;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Significant adverse changes in business, financial and/or economic conditions in which the borrower operates;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Actual or expected forbearance or restructuring;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>Actual or expected significant adverse change in operating results of the borr<span class=\"_ _1\"></span>ower;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Significant change in collateral value (secured<span class=\"_ _1\"></span> facilities only) which is expected to increase the<span class=\"_ _1\"></span> risk of default; and<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Early signs of cashflow/liquidity pr<span class=\"_ _1\"></span>oblems such as delay in servicing of payables.<span class=\"_ _1f9\"> </span>However<span class=\"_ _0\"></span>, as a backstop, unless identified at an ear<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>lier stage, the credit risk of financial assets is deemed to have increased significantly when r<span class=\"_ _1\"></span>epayments are more than 30 days past due. Movements between<span class=\"_ _1\"></span> Stage 2 and Stage 3 are based on whether financial assets are cr<span class=\"_ _1\"></span>edit-impaired as at the r<span class=\"_ _1\"></span>eporting date. IFRS 9 contains a rebu<span class=\"_ _1\"></span>ttable presumption that<span class=\"_ _0\"></span> default occurs no later than when a payment is 90<span class=\"_ _1\"></span> days past due. The Group uses this 90-day backstop for all its assets except for UK second mortgages, the Group has assumed a backstop of 180 days<span class=\"_ _1\"></span> past due as mortgage exposures mor<span class=\"_ _1\"></span>e than 90 days past due, but less than 180 days, typically show high cure rates and this aligns to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s risk manage<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment practices. Assets can move in both directions<span class=\"_ _1\"></span> through the stages of the impairment model. In assessing whether a borr<span class=\"_ _1\"></span>ower is credit-impair<span class=\"_ _1\"></span>ed, the following qualitative indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Any cases of forbearance, for example where the borrower is deceased or insolvent.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Whether the borrower is in br<span class=\"_ _1\"></span>each of financial<span class=\"_ _1\"></span> covenants, for example where concessions have<span class=\"_ _1\"></span> been made by the lender relating to the borr<span class=\"_ _1\"></span>ower\u2019<span class=\"_ _31\"></span>s financial difficulty or ther<span class=\"_ _1\"></span>e are significant adverse changes in business, financial or economic<span class=\"_ _0\"></span> conditions on which the borrower operates.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Where the cr<span class=\"_ _1\"></span>edit risk has increased, the remaining lifetime PD at the reporting date is assessed in<span class=\"_ _1\"></span> comparison to the residual lifetime PD expected<span class=\"_ _1\"></span> at the reporting date when the exposur<span class=\"_ _1\"></span>e was first recognised.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>The criteria above have been applied to all Credit Asset at amortised costs held by the Group and<span class=\"_ _1\"></span> are consistent with the defi<span class=\"_ _1\"></span>nition of default used for internal credit risk management purposes. The default definition has been applied consistently<span class=\"_ _1\"></span> to model the PD, EAD and LGD throughout the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s expected credit loss calculations.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in cir<span class=\"_ _1\"></span>cumstances.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Under IFRS 9, when determining whether the<span class=\"_ _1\"></span> credit risk (i.e. the risk of default) on a financial<span class=\"_ _1\"></span> instrument has increased significantly since<span class=\"_ _0\"></span> initial recognition, r<span class=\"_ _1\"></span>easonable and supportable<span class=\"_ _1\"></span> information that is relevant and available without<span class=\"_ _1\"></span> undue cost or effort, including both quantitative<span class=\"_ _1\"></span> and qualitative information and analysis based<span class=\"_ _1\"></span> on historical experience, credit assessment and<span class=\"_ _1\"></span> forward-looking information.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The measurement of expected credit losses for<span class=\"_ _1\"></span> each stage and the assessment of significant<span class=\"_ _1\"></span> increases in cr<span class=\"_ _1\"></span>edit risk considers information<span class=\"_ _1\"></span> about past events and current conditions as well<span class=\"_ _1\"></span> as reasonable and supportable forwar<span class=\"_ _1\"></span>d-looking information. A \u201cBase case\u201d view of the future<span class=\"_ _0\"></span> direction of r<span class=\"_ _1\"></span>elevant economic variables and a<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative range of other possible for<span class=\"_ _1\"></span>ecasts scenarios have been developed. The process<span class=\"_ _1\"></span> has involved developing two additional economic scenarios and considering the relative pr<span class=\"_ _1\"></span>obabilities of each outcome.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>The base case r<span class=\"_ _1\"></span>epresents a most likely outcome and is aligned with information used for other<span class=\"_ _1\"></span> purposes, such as strategic planning and<span class=\"_ _0\"></span> budgeting. The number of scenarios and their<span class=\"_ _1\"></span> attributes are r<span class=\"_ _1\"></span>eassessed at each reporting<span class=\"_ _0\"></span> date. As at 31 December 2023 as well as 31<span class=\"_ _1\"></span> December 2022, all of the portfolios of the<span class=\"_ _0\"></span> Group use one positive, one optimistic and one<span class=\"_ _1\"></span> downside scenario. These scenario weightings are determined by a combination of statistical analysis<span class=\"_ _1f9\"> </span> and expert<span class=\"_ _1f9\"> </span>judgement, taking account of the<span class=\"_ _1f9\"> </span>range <div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs2ab\">of possible outcomes each chosen scenario is<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs2ac\">repr<span class=\"_ _1\"></span>esentative of.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs2ad\">\u2022  <span class=\"_ _2f\"></span>The estimation and application of forward-looking<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs2ae\">information requir<span class=\"_ _1\"></span>es significant judgement. PD,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs2af\">LGD and EAD inputs used to estimate Stage 1<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs2b0\">and Stage 2 credit loss allowances, ar<span class=\"_ _1\"></span>e modelled </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls50 ws0 gs2b1\">and adjusted based on the macr<span class=\"_ _1\"></span>oeconomic<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb8 ws0 gs2b2\">variables (or changes in macroeconomic<span class=\"_ _3a\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs2b3\">variables) that are most closely corr<span class=\"_ _1\"></span>elated with<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs2b4\">credit losses in the r<span class=\"_ _1\"></span>elevant portfolio. The Group<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs2b5\">has utilised macroeconom<span class=\"_ _1\"></span>ic scenarios prepar<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs2b6\">and provided by Oxfor<span class=\"_ _1\"></span>d Economics (\u201cOxford\u201d).<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs2b7\">Oxford combines two decades of for<span class=\"_ _1\"></span>ecast errors<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs2b8\">with the quantitative assessment of the current<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs2b9\">risks facing the global and domestic economy to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs2ba\">produce r<span class=\"_ _1\"></span>obust forward-looking d<span class=\"_ _1\"></span>istributions for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs2bb\">the economy<span class=\"_ _0\"></span>. Oxford construct thr<span class=\"_ _1\"></span>ee alter<span class=\"_ _32\"></span>native<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls54 ws0 gs2bc\">scenarios at specific percentile points in the<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs2bd\">distribution. In any distribution, the probability of a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs2be\">given discrete scenario is close to zer<span class=\"_ _1\"></span>o. Therefor<span class=\"_ _1\"></span>e, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs2bf\">scenario probabilities r<span class=\"_ _1\"></span>epresent the pr<span class=\"_ _1\"></span>obability of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs2c0\">that scenario or similar scenarios occurring. In<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7 gs2c1\">effect, a given scenario r<span class=\"_ _1\"></span>epresents the average of a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws39 gs2c2\">broader bucket of similar severity scenarios and the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs2c3\">probability r<span class=\"_ _1\"></span>eflects the width of that bucket. Given </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs2c4\">that it is known where the IFRS 9 scenarios sit in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs2c5\">the distribution (the percentiles), their pr<span class=\"_ _1\"></span>obability </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls39 ws34 gs2c6\">(the width of the bucket of similar scenarios)<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gs2c7\">depends on how many scenarios are chosen.<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2d gs2c8\">Scenario probabilities must add up to 100 per cent </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs2c9\">so the more scenarios chosen, the smaller the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3d gs2ca\">section of the distribution, or bucket, each scenario </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws10 gs2cb\">repr<span class=\"_ _1\"></span>esents and therefor<span class=\"_ _1\"></span>e the smaller the probability<span class=\"_ _0\"></span>. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls39 ws0 gs2cc\">This allows the probabilities to be calculated<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9e gs2cd\">according to whichever subset of scenarios chosen </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws41 gs2ce\">to use in the ECL calculation. Oxford updates these </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs2cf\">scenarios on a quarterly basis to r<span class=\"_ _1\"></span>eflect changes </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs2d0\">to the macroeconomic envir<span class=\"_ _1\"></span>onment. Pollen Street </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs2d1\">updates the scenarios during the year if economic </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs2d2\">conditions change materially<span class=\"_ _0\"></span>. Oxford selects the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs2d3\">scenarios to repr<span class=\"_ _1\"></span>esent a broadly fixed probability<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs2d4\">within the distribution of potential outcomes. As<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs2d5\">such Pollen Street has maintained the pr<span class=\"_ _1\"></span>obability </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs2d6\">of each scenario at a broadly constant level despite </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs2d7\">the changing macroeconomic envir<span class=\"_ _1\"></span>onment. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs2d8\">Base case is given a 40 per cent weighting and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs2d9\">the downside and upside a 30 per cent weighting </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs2da\">each, which is unchanged from the prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs2db\">\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>As with any economic forecasts, the projections<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs2dc\">and likelihoods of occurrence ar<span class=\"_ _1\"></span>e subject to a<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs2dd\">high degree of inher<span class=\"_ _1\"></span>ent uncertainty and therefor<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs2de\">the actual outcomes may be significantly differ<span class=\"_ _1\"></span>ent </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs2df\">to those projected. The Gr<span class=\"_ _1\"></span>oup considers these </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs2e0\">forecasts to r<span class=\"_ _1\"></span>epresent its best estimate of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs2e1\">possible outcomes and has analysed the non-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs2e2\">linearities and asymmetries within the Group\u2019<span class=\"_ _31\"></span>s<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs2e3\">differ<span class=\"_ _1\"></span>ent portfolios to establish that the chosen </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs2e4\">scenarios are appr<span class=\"_ _1\"></span>opriately representative of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs2e5\">range of possible scenarios.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs2e6\">Other forward-looki<span class=\"_ _1\"></span>ng considerations not otherwise </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs2e7\">incorporated within the above scenarios, such as<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs2e8\">the impact of any regulatory<span class=\"_ _31\"></span>, legislative or political </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs2e9\">changes, have also been considered, but no adjust<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs2ea\">ment has been made to the ECL for such factors. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs2eb\">This is reviewed and monitor<span class=\"_ _1\"></span>ed for appropriateness </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs2ec\">at each reporting date.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs2ed\">EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs2ee\">FOR RECEIV<span class=\"_ _1\"></span>ABLES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls59 ws0 gs2ef\">Receivables consist of trade and other debtor<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs2f0\">balances and prepayments and accrued income.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls31 ws0 gs2f1\">Receivables balances are r<span class=\"_ _1\"></span>epresented by fees<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs2f2\">receivable for investment fund management and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs2f3\">advisory services provided during the year to the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1b ws0 gs2f4\">Group\u2019<span class=\"_ _31\"></span>s customers. The Group\u2019<span class=\"_ _31\"></span>s customers are<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs2f5\">funds that the Group manages or advises. As such, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs2f6\">the Group has detailed and up to date information<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs2f7\">on the financial position and outlook of its counter<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs2f8\">parties. Receivable balances are generally collected </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs2f9\">on a monthly or quarterly basis and are ther<span class=\"_ _1\"></span>efore<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs2fa\">short-term in nature. The Gr<span class=\"_ _1\"></span>oup applies a simplified </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs2fb\">approach in calculating ECLs and r<span class=\"_ _1\"></span>ecognises a loss </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs2fc\">allowance based on lifetime ECLs at each reporting </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs2fd\">date. Given the historic rate of recoverability is 100<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs2fe\">per cent and the absence of reasons to believe the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs2ff\">recoverability pattern will change, management\u2019<span class=\"_ _31\"></span>s </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs300\">assessment is that ECL calculated under IFRS 9<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs301\">would be immaterial at the end of the current and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs302\">previous r<span class=\"_ _1\"></span>eporting period. Further information as<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs303\">to how the Group manages its cr<span class=\"_ _1\"></span>edit risk on trade<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs304\">and other receivables is disclosed in Note 23. Man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs305\">agement will continue to assess the r<span class=\"_ _1\"></span>ecoverability </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs306\">at each reporting date for changes in the cir<span class=\"_ _1\"></span>cum<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs307\">stances surrounding the r<span class=\"_ _1\"></span>ecoverability of the trade </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs308\">and other receivables, and r<span class=\"_ _1\"></span>ecognise an expected </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs309\">credit loss allowance when appr<span class=\"_ _1\"></span>opriate.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs30b\">EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs30c\">FOR CASH <span class=\"_ _1\"></span>AND CA<span class=\"_ _1\"></span>SH EQUIV<span class=\"_ _1\"></span>ALENTS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs30d\">Balances with banks are short-term in natur<span class=\"_ _1\"></span>e, are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs30e\">held in reputable institutions (r<span class=\"_ _1\"></span>efer to Note 24) and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls28 ws0 gs30f\">are consider<span class=\"_ _1\"></span>ed to have a very low risk of credit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs310\">losses, therefor<span class=\"_ _1\"></span>e the ECL was estimated as immate<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs311\">rial and was not booked.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs312\">WRITE-OFF POLIC<span class=\"_ _1\"></span>Y<span class=\"_ _1\"></span> FOR FINANCIAL </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs313\">ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _0\"></span>T AMORTISED COST<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs314\">A loan or advance is normally written off, either par<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1e gs315\">tially or in full, against the related allowance when the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs316\">proceeds fr<span class=\"_ _1\"></span>om realising any available security have<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs317\">been received or ther<span class=\"_ _1\"></span>e is no realistic pr<span class=\"_ _1\"></span>ospect of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws15 gs318\">recovery and the amount of the loss has been deter<span class=\"_ _0\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3e gs319\">mined. Subsequent recoveries of amounts pr<span class=\"_ _1\"></span>eviously </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsf gs31a\">written off decr<span class=\"_ _1\"></span>ease the amount of impairment losses </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs31b\">recor<span class=\"_ _1\"></span>ded in the income statement.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs31c\">MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION OF<span class=\"_ _1\"></span> LOANS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs31d\">The Group sometimes r<span class=\"_ _1\"></span>enegotiates or otherwise<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs31e\">modifies the contractual cash flows of loans to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws8 gs31f\">customers. When this happens, the Group assesses </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4b ws0 gs320\">whether or not the new terms ar<span class=\"_ _1\"></span>e substantially<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs321\">differ<span class=\"_ _1\"></span>ent to the original terms. The Group does this<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs322\">by considering, among others, the following factors:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs323\">\u2022   <span class=\"_ _d\"></span>if the borr<span class=\"_ _1\"></span>ower is in financial difficulty<span class=\"_ _0\"></span>, whether the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs324\">modification merely r<span class=\"_ _1\"></span>educes the contractual cash </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs325\">flows to amounts the borrower is expected to be<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs326\">able to pay;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3b gs327\">\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>whether any substantial new terms ar<span class=\"_ _1\"></span>e introduced, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs328\">such as a profit sh<span class=\"_ _1\"></span>are/equity-based r<span class=\"_ _1\"></span>etur<span class=\"_ _32\"></span>n that<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs329\">substantially affects the risk pr<span class=\"_ _1\"></span>ofile of the loan;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs32a\">\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>significant extension of the loan term when the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs32b\">borrower is not in financial dif<span class=\"_ _1\"></span>ficulty;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs32c\">\u2022   <span class=\"_ _d\"></span>significant change in the interest rate;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs32d\">\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>change in the curr<span class=\"_ _1\"></span>ency the loan is denominated<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs32e\">in; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsc ws0 gs32f\">\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>insertion of collateral, other security or credit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs330\">enhancements that significantly affect the cr<span class=\"_ _1\"></span>edit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs331\">risk associated with the loan.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs332\">If the terms are substantially dif<span class=\"_ _1\"></span>ferent, the Group<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs333\">derecognises the original financial asset and r<span class=\"_ _1\"></span>ecog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3b gs334\">nises a new asset at fair value and recalculates a new </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws12 gs335\">EIR for the asset. The date of renegotiation is conse<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs336\">quently considered to be the date of initial r<span class=\"_ _1\"></span>ecogni<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs337\">tion for impairment calculation purposes, including </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs338\">for the purpose of determining whether a significant </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs339\">increase in cr<span class=\"_ _1\"></span>edit risk has occurred. However<span class=\"_ _31\"></span>, the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws18 gs33a\">Group also assesses whether the new financial asset </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs33b\">recognised is deemed to be cr<span class=\"_ _1\"></span>edit-impaired at initial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs33c\">recognition, especially in cir<span class=\"_ _1\"></span>cumstances where the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs33d\">renegotiation was driven by the debtor being unable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs33e\">to make the originally agreed payments. Dif<span class=\"_ _1\"></span>ferences </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs33f\">in the carrying amounts are also r<span class=\"_ _1\"></span>ecognised in the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs340\">Consolidated Statement of Comprehensive Income<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs341\">as a gain or loss on derecognition. If the terms<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs342\">are not substantially dif<span class=\"_ _1\"></span>ferent, the r<span class=\"_ _1\"></span>enegotiation or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs343\">modification does not result in der<span class=\"_ _1\"></span>ecognition, and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs344\">the Group r<span class=\"_ _1\"></span>ecalculates the gross carrying amount<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs345\">based on the revised cash flows of the financial asset </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs346\">and recognises a modification gain or loss in the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs347\">Consolidated Statement of Comprehensive Income. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs348\">The new gross carrying amount is r<span class=\"_ _1\"></span>ecalculated by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs349\">discounting the modified cash flows at the original </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs34a\">EIR (or credit-adjusted EIR for pur<span class=\"_ _1\"></span>chased or origi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs34b\">nated credit-impair<span class=\"_ _1\"></span>ed financial assets).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs34c\">MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION OF<span class=\"_ _1\"></span> FINANCIAL <span class=\"_ _1\"></span>ASSETS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs34d\">The Group sometimes modifies the terms of loans<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls32 ws0 gs34e\">provided to custom<span class=\"_ _1\"></span>ers due to commercial r<span class=\"_ _1\"></span>ene<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs34f\">gotiations, or for distressed loans, with a view to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs350\">maximising recovery<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs351\">Such restructuring activities include extended pay<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs352\">ment term arrangements, payment holidays and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs353\">payment forgiveness. Restructuring policies and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs354\">practice are based on indicators or criteria which,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs355\">in the judgement of management, indicate that<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs356\">payment will most likely continue. These policies are </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs357\">kept under continuous review<span class=\"_ _0\"></span>. Restructuring is most </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs358\">commonly applied to term loans.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs359\">The risk of default of such assets after modification </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3b ws0 gs35a\">is assessed at the reporting date and compar<span class=\"_ _1\"></span>ed with </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs35b\">the risk under the original terms at initial recognition, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs35c\">when the modification is not substantial and so does </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs35d\">not result in der<span class=\"_ _1\"></span>ecognition of the original assets. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws18 gs35e\">Group monitors the subsequent performance of mod<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gs35f\">ified assets. The Gro<span class=\"_ _1\"></span>up may determine that the credit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs360\">risk has significantly improved after r<span class=\"_ _1\"></span>estructuring, so </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs361\">that the assets are moved fr<span class=\"_ _1\"></span>om Stage 2 or Stage 3.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs362\">COLLA<span class=\"_ _1\"></span>TERAL<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span>AND OTHER <span class=\"ls0\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs363\">CREDIT<span class=\"_ _1\"></span> ENHANCEMENTS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs364\">The Group employs a range of policies to mitigate<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs365\">credit risk. The most common of these is accepting </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1a gs366\">collateral for funds advanced. The Group has internal </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs367\">policies of the acceptability of specific classes of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs368\">collateral or credit risk mitigation.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7 ws0 gs36a\">The Group pr<span class=\"_ _1\"></span>epares a valuation of the collateral<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws21 gs36b\">obtained as part of the loan origination process. This </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs36c\">assessment is reviewed periodically<span class=\"_ _31\"></span>. The principal </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs36d\">collateral types for loans and advances are:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs36e\">\u2022   <span class=\"_ _d\"></span>mortgages over residential pr<span class=\"_ _1\"></span>operties;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs36f\">\u2022   <span class=\"_ _d\"></span>security over our borrowers r<span class=\"_ _1\"></span>eceivables;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws80 gs370\">\u2022   <span class=\"_ _5b\"></span> <span class=\"_ _2\"></span>margin agreement for derivatives, for which the Group </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws0 gs371\">has also entered into master netting agr<span class=\"_ _1\"></span>eements;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs372\">\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>charges over business assets such as premises,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs373\">inventory and accounts receivable; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs374\">\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>charges over financial instruments such as debt </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs375\">securities and equities.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs376\">Longer<span class=\"_ _1\"></span>-term finance and lending to corporate enti<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs377\">ties are generally s<span class=\"_ _1\"></span>ecured; revolvi<span class=\"_ _1\"></span>ng individual credit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs378\">facilities are generally unsecur<span class=\"_ _1\"></span>ed.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs379\">Collateral held as security for financial assets other </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs37a\">than loans and advances depends on the nature of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs37b\">the instrument. Derivatives are also generally collat<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs37c\">eralised.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs37d\">The Group closely monitors collateral held for finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs37e\">cial assets considered to be cr<span class=\"_ _1\"></span>edit-impaired, as it<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs37f\">becomes more likely that the Gr<span class=\"_ _1\"></span>oup will take posses<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs380\">sion of collateral to mitigate potential credit losses.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws30 gs381\">DERECOGNITION OTHER THAN<span class=\"ls0 ws0\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs382\">A<span class=\"_ _1\"></span> MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs383\">Financial assets, or a portion thereof, ar<span class=\"_ _1\"></span>e derecog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws76 gs384\">nised when the contractual rights to receive the cash </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs385\">flows from the assets have expir<span class=\"_ _1\"></span>ed, or when they </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs386\">have been transferred and either (i) the Gr<span class=\"_ _1\"></span>oup trans<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs387\">fers substantially all the risks and rewar<span class=\"_ _1\"></span>ds of own<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs388\">ership, or (ii) the Group neither transfers nor r<span class=\"_ _1\"></span>etains </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs389\">substantially all the risks and rewar<span class=\"_ _1\"></span>ds of ownership </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs38a\">and the Group has not r<span class=\"_ _1\"></span>etained control.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs38b\">The Group enters into transactions wher<span class=\"_ _1\"></span>e it retains<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs38c\">the contractual rights to receive cash flows fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs38d\">assets but assumes a contractual obligation to pay </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs38e\">those cash flows to other entities and transfers sub<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs38f\">stantially all of the risks and rewar<span class=\"_ _1\"></span>ds. These transac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs390\">tions are accounted for as \u201cpass t<span class=\"_ _1\"></span>hrough\u201d transfers </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs391\">that result in der<span class=\"_ _1\"></span>ecognition if the Group:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws65 gs392\">\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>has no obligation to make payments unless it collects<span class=\"_ _32\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws0 gs393\">equivalent amounts from the assets;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws70 gs394\">\u2022 <span class=\"_ _57\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>is prohibited fr<span class=\"_ _1\"></span>om selling or pledging the assets; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws9e gs395\">\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>has an obligation to remit any cash it collects fr<span class=\"_ _1\"></span>om the<span class=\"_ _32\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws0 gs396\">assets without material delay<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs397\">DERECOGNITION<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs398\">Financial liabilities are der<span class=\"_ _1\"></span>ecognised when they are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2d gs399\">extinguished (i.e. when the obligation specified in the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs39a\">contract is discharged, cancelled or expires). Dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs39b\">ent terms, as well as substantial modifications of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsa gs39c\">terms of existing financial liabilities, are accounted for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs39d\">as an extinguishment of the original financial liability </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs39e\">and the recognition of a new financial liability<span class=\"_ _31\"></span>. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs39f\">terms are substantially dif<span class=\"_ _1\"></span>ferent if the discounted<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws22 gs3a0\">present value of the cash flows under the new terms, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs3a1\">including any fees paid net of any fees received and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs3a2\">discounted using the original EIR, is at least 10 per </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs3a3\">cent differ<span class=\"_ _1\"></span>ent from the discounted pr<span class=\"_ _1\"></span>esent value<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs3a4\">of the remaining cash flows of the original financial<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs3a5\">liability<span class=\"_ _0\"></span>. In addition, other qualitative factors, such as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs3a6\">the currency that the instrument is denominated in,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs3a7\">changes in the type of interest rate, new conversion </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs3a8\">features attached to the instrument and change in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs3a9\">covenants are also taken into consideration. If an<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs3aa\">exchange of debt instruments or modification of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs3ab\">terms is accounted for as an extinguishment, any<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs3ac\">costs or fees incurr<span class=\"_ _1\"></span>ed are recognis<span class=\"_ _1\"></span>ed as part of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs3ad\">gain or loss on the extinguishment. If the exchange </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws38 gs3ae\">or modification is not accounted for as an extinguish<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs3af\">ment, any costs or fees incurred adjust the carrying </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs3b0\">amount of the liability and are amortised over the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3b1\">remaining term of the modified liability<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs3b2\">INVESTMENTS HELD <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>AIR <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ALUE </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs3b3\">THROUGH PROFIT<span class=\"_ _1\"></span> OR LOSS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs3b4\">The Investments held at fair value through pr<span class=\"_ _1\"></span>ofit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs3b5\">or loss (\u201cFVTPL\u201d) include Equity Assets and Credit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3b6\">Assets.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs3b7\">Equity Assets held at FVTPL are valued in accor<span class=\"_ _1\"></span>d<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws39 gs3b8\">ance with the International Private Equity and V<span class=\"_ _1\"></span>enture </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs3b9\">Capital V<span class=\"_ _1\"></span>aluation Guidelines (\u201cIPEVCV\u201d) ef<span class=\"_ _1\"></span>fective 1 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs3ba\">January 2019 with the latest update in December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs3bb\">2022 as recommended by the British Private Equity </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs3bc\">and V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>e Capital Association. Credit Assets<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs3bd\">held at FVTPL are valued incorporating the ef<span class=\"_ _1\"></span>fect </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs3be\">of changes interest rates and the cr<span class=\"_ _1\"></span>edit risk using </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs3bf\">similar techniques to those described in the secti<span class=\"_ _1\"></span>on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws8 gs3c0\">of expected credit loss allowance for financial assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3c1\">measured at amortised costs later in this Note.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs3c2\">Equity Assets are instrumen<span class=\"_ _1\"></span>ts that have equity-like </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs3c3\">returns; that is, instruments that do not contain a<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs3c4\">contractual obligation to pay and that evidence a<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3c5\">residual inter<span class=\"_ _1\"></span>est in the issuer\u2019<span class=\"_ _31\"></span>s net assets. Examples<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gs3c7\">of equity instruments include ordinary shar<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls32 ws0 gs3c8\">investments in Private Equity funds managed or<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3c9\">advised by Pollen Street.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs3ca\">Credit Assets at FVTPL consist of loans, together<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs3cb\">with similar investments, made by the Investment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs3cc\">Company to counterparties where the contractual<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws39 gs3cd\">cash flows do not meet the requir<span class=\"_ _1\"></span>ements of the solely </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs3ce\">payments of principal and interest test or ar<span class=\"_ _1\"></span>e other<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs3cf\">wise classified at fair value. See the section on Clas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3d0\">sification and measurement \u2013 Financial assets earlier </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs3d1\">in this Note. Examples of credit instruments include<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4b ws0 gs3d2\">investment in Private Credit funds managed or<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs3d3\">advised by Pollen Street or other cr<span class=\"_ _1\"></span>edit instruments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs3d4\">where incr<span class=\"_ _1\"></span>emental cash flows are due contingent on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3d5\">certain events occurring. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs3d6\">Credit Assets at FVTPL ar<span class=\"_ _1\"></span>e valued based off the net </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs3d7\">asset value of each fund. The valuations typically<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs3d8\">reflect the fair value of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s proportionate<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs3d9\">share of each investment as at the r<span class=\"_ _1\"></span>eporting date </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsc ws0 gs3da\">or the latest available date. As at 31 December<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs3db\">2023, the majority of cr<span class=\"_ _1\"></span>edit assets at FVTPL were<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs3dc\">priced at their amortised cost value given that they </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs3dd\">were floating rate assets and performing in line with </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3de\">expectations. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs3df\">Purchases and sales of unquoted investments ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs3e0\">recognised when the contract for acquisition or sale </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3e1\">becomes unconditional.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs3e2\">IFRS 13 requir<span class=\"_ _1\"></span>es the Group to classify its financial<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs3e3\">instruments held at fair value using a hierarchy that<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs3e4\">reflects the significance of the inputs used in the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3e5\">valuation methodologies. These are as follows:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs3e6\">\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Level 1 \u2013 quoted prices in active markets for<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3e7\">identical investments.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls52 ws0 gs3e8\">\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Level 2 \u2013 other significant observable inputs<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs3e9\">(including quoted prices for similar investments, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3ea\">interest rates, pr<span class=\"_ _1\"></span>epayments, credit risk, etc.).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs3eb\">\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Level 3 \u2013 significant unobservable inputs (including </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs3ec\">the Group\u2019<span class=\"_ _31\"></span>s own assumptions in determining the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3ed\">fair value of investments).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs3ee\">An investment is always categorised as Level 1, 2 or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs3ef\">3 in its entirety<span class=\"_ _31\"></span>. In certain cases, the fair value meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs3f0\">urement for an investment may use a number of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs3f1\">differ<span class=\"_ _1\"></span>ent inputs that fall into differ<span class=\"_ _1\"></span>ent levels of the fair </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs3f2\">value hierarchy<span class=\"_ _31\"></span>. The assessment of the significance </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs3f3\">of a particular input to the fair value measurement<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws6e gs3f4\">requir<span class=\"_ _1\"></span>es judgement and is specific to the investment.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs3f5\">The gain on fair value is shown in the \u2018Gains on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1e ws0 gs3f6\">Investment Assets held at fair value\u2019 line on the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs3f7\">Consolidated Statement of Comprehensive Income. </div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs4d6\">FINANCIAL<span class=\"_ _1\"></span> LIABILITIES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws83 gs4d7\">Financial liabilities are classified accor<span class=\"_ _1\"></span>ding to the sub<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9 gs4d8\">stance of the contractual arrangements entered into.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "BUSINESS <span class=\"_ _32\"></span>MODEL<span class=\"_ _1\"></span> ASSESSMENT The Group assesses the objective of the business<span class=\"_ _1\"></span> model in which a financial asset is held at a portfolio level in order to generate cash flows because this<span class=\"_ _1\"></span> best reflects the way the business is managed. That is, whether the Group\u2019<span class=\"_ _31\"></span>s objective is solely to collect the contractual cash flows from the assets or is to<span class=\"_ _1\"></span> collect both the contractual cash flows and cash<span class=\"_ _1\"></span> flows arising from <span class=\"_ _1\"></span>the sale of assets. If neither of<span class=\"_ _1\"></span> these are applicable, th<span class=\"_ _1\"></span>en the financial assets are<span class=\"_ _1\"></span> classified as part of the other business model and measured at FVTPL.<span class=\"_ _1f9\"> </span>The assessment includes:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>the stated policies and objectives for the portfolio and the operation of those policies in practice,<span class=\"_ _1\"></span> including whether the strategy focuses on earning contractual interest r<span class=\"_ _1\"></span>evenue, maintaining a<span class=\"_ _0\"></span> particular interest rate pr<span class=\"_ _1\"></span>ofile, matching duration of the financial assets to the duration of the liabilities that are funding those assets or r<span class=\"_ _1\"></span>ealising cash<span class=\"_ _1\"></span> flows through the sale of assets;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>past experience on how the cash flows for these assets were collected;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>how the performance of the portfolio is evaluated and reported;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>the risks that affect the performance of the<span class=\"_ _0\"></span> business model (and the financial assets held<span class=\"_ _1\"></span> within that business model) and how those risks are managed; and<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>the frequency<span class=\"_ _31\"></span>, volume and timing of sales in prior years, the reasons for such sales and expectations about future sales activity<span class=\"_ _31\"></span>. However<span class=\"_ _0\"></span>, information about sales activity is not considered in isolation,<span class=\"_ _1\"></span> but as part of an overall assessment of how the stated objective for managing the financial assets is achieved and how cashflows are r<span class=\"_ _1\"></span>ealised. ASSESSMENT<span class=\"_ _1\"></span> WHETHER <span class=\"_ _32\"></span>CONTRACTUAL<span class=\"_ _1\"></span> CASH FL<span class=\"_ _1\"></span>OWS <span class=\"_ _1\"></span>ARE SOLEL<span class=\"_ _0\"></span>Y P<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>YMENTS OF PRINCIP<span class=\"_ _1\"></span>AL<span class=\"_ _1\"></span> AND <span class=\"_ _32\"></span>INTEREST<span class=\"_ _1f9\"> </span>For the purposes of this assessment, \u201cprincipal\u201d is defined as the fair value of the financial asset on initial recognition. \u201cInter<span class=\"_ _1\"></span>est\u201d is defined as consideration for the time value of money<span class=\"_ _0\"></span>, for the credit risk associated with the principal amount outstanding during a par<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ticular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a reasonable pr<span class=\"_ _1\"></span>ofit margin.<span class=\"_ _1f9\"> </span>In assessing whether the contractual cash flows<span class=\"_ _1\"></span> are solely payments of principal and inter<span class=\"_ _1\"></span>est, the<span class=\"_ _1\"></span> contractual terms of the instrument are consider<span class=\"_ _1\"></span>ed. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such<span class=\"_ _1\"></span> that it would not meet this condition. In making the assessment the following features ar<span class=\"_ _1\"></span>e considered:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>contingent events that would change the amount and timing of cash flows;<span class=\"_ _1f9\"> </span>\u2022  leverage features;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>prepayment and extension terms;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>terms that limit the Group\u2019<span class=\"_ _31\"></span>s claim to cash flows<span class=\"_ _1f9\"> </span> from specified assets, e.g. non-r<span class=\"_ _1\"></span>ecourse asset<span class=\"_ _1\"></span> arrangements; and<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>  <span class=\"_ _59\"></span>features that modify consideration for the time<span class=\"_ _1\"></span> value of money<span class=\"_ _0\"></span>, e.g. periodic reset of inter<span class=\"_ _1\"></span>est rates.<span class=\"_ _1f9\"> </span>CLASSIFICA<span class=\"_ _0\"></span>TION AND <span class=\"_ _32\"></span>MEASUREMENT<span class=\"_ _1f9\"> </span>Financial assets and financial liabilities are r<span class=\"_ _1\"></span>ecognised in the Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. The Group shall of<span class=\"_ _1\"></span>fset financial assets and financial liabilities if it has a legally enforceable<span class=\"_ _1\"></span> right to set off th<span class=\"_ _1\"></span>e recognised amounts and inter<span class=\"_ _1\"></span>ests and intends to settle on a net basis. Financial assets and liabilities are der<span class=\"_ _1\"></span>ecognised when the Group set<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tles its obligations relating to the instrument.<span class=\"_ _1f9\"> </span>CLASSIFICA<span class=\"_ _0\"></span>TION <span class=\"_ _1\"></span>AND MEASUREMENT<span class=\"_ _1\"></span> \u2013 FINANCIAL<span class=\"_ _1\"></span> ASSETS<span class=\"_ _1f9\"> </span>IFRS 9 contains a classification and measurement<span class=\"_ _1\"></span> approach for debt instruments that r<span class=\"_ _1\"></span>eflects the busi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ness model in which assets are managed and their<span class=\"_ _1\"></span> cash flow characteristics. This is a principle-based approach and applies one classification appr<span class=\"_ _1\"></span>oach for all types of debt instruments. For debt instruments, two criteria are used to determine how financial<span class=\"_ _1\"></span> assets are classified and measur<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>the entity\u2019<span class=\"_ _31\"></span>s business model (i.e. how an entity manages its debt Instruments in order to generate cash flows by collecting contractual cash flows, selling financial assets or both); and \u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>the contractual cash flow characteristics of the financial asset (i.e. whether the contractual cash flows are solely payments of principal and inter<span class=\"_ _1\"></span>est). A debt instrument is measured at amortised cost<span class=\"_ _1\"></span> if it meets both of the following conditions and is<span class=\"_ _1\"></span> not designated as at fair value through pr<span class=\"_ _1\"></span>ofit and loss (\u201cFVTPL\u201d): (a) it is held within a business model whose objective is to hold assets to collect contrac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tual cash flows; and (b) its contractual terms give<span class=\"_ _1\"></span> rise on specified dates to cash flows that are solely<span class=\"_ _1\"></span> payments of principal and interest on the principal<span class=\"_ _1\"></span> amount outstanding.<span class=\"_ _1f9\"> </span>IFRS 9 details the classification and measurement<span class=\"_ _1\"></span> approach for assets measur<span class=\"_ _1\"></span>ed at fair value through other comprehensive income (\u201cFVOCI\u201d) if it meets<span class=\"_ _1\"></span> both of the following conditions and is not desig<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nated as at FVTPL:<span class=\"_ _1f9\"> </span>(a) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and<span class=\"_ _1f9\"> </span>(b) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Equity instruments and derivatives are measur<span class=\"_ _1\"></span>ed at FVTPL, unless they are not held for<span class=\"_ _1\"></span> trading purposes, in which case an irrevocable election can be made on initial recognition to measur<span class=\"_ _1\"></span>e them at FVOCI with no subsequent reclassification to pr<span class=\"_ _1\"></span>ofit or loss. This elec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tion is made on an investment by investment basis. All financial assets not classified as measured at<span class=\"_ _1\"></span> amortised cost or FVOCI as described above are<span class=\"_ _1\"></span> measured at FVTPL.<span class=\"_ _1f9\"> </span>All equity positions are measur<span class=\"_ _1\"></span>ed at FVTPL. Financial assets measured at FVTPL ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend<span class=\"_ _1\"></span> income are r<span class=\"_ _1\"></span>ecognised in the Consolidated State<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment of Comprehensive Income within Gains on<span class=\"_ _0\"></span> Investment Assets held at fair value in the period in which they occur<span class=\"_ _0\"></span>. The fair values of assets and liabil-<span class=\"_ _1f9\"> </span>ities traded in active markets are based on curr<span class=\"_ _1\"></span>ent bid and offer prices r<span class=\"_ _1\"></span>espectively<span class=\"_ _0\"></span>. If the market is not active the Group establishes a fair value by using val<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>uation techniques. In addition, on initial recognition<span class=\"_ _1\"></span> the Group may irr<span class=\"_ _1\"></span>evocably designate a financial asset that otherwise meets the requir<span class=\"_ _1\"></span>ements to be meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured at amortised cost or at FVOCI as FVTPL if doing so eliminates or significantly reduces an accounting<span class=\"_ _1\"></span> mismatch that would otherwise arise.<span class=\"_ _1f9\"> </span>The carried interest rights acquir<span class=\"_ _1\"></span>ed by the Group as part of the Combination are r<span class=\"_ _1\"></span>ecognised as associ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ates at fair value or as a contract asset. Refer to Note 10 for further details on carried interest. The Group does not hold any FVOCI assets.<span class=\"_ _1f9\"> </span>CREDIT<span class=\"_ _1\"></span> ASSETS A<span class=\"_ _0\"></span>T AMORTISED COST<span class=\"_ _1f9\"> </span>Loans are initially r<span class=\"_ _1\"></span>ecognised at a carrying value<span class=\"_ _1\"></span> equivalent to the funds advanced to the borrower<span class=\"_ _1\"></span> plus the costs of acquisition fees and transaction<span class=\"_ _1\"></span> costs. After initial recognition loans ar<span class=\"_ _1\"></span>e subsequently measured at amortised cost using the ef<span class=\"_ _1\"></span>fective inter<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>est rate method (\u201cEIRM\u201d) less expected credit losses (see Note 12).<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR <span class=\"_ _32\"></span>FINANCIAL<span class=\"_ _1\"></span> ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> AMORTISED COST<span class=\"ff5 ls0\"> </span>The impairment charge in the income statement includes the change in expected credit losses which are r<span class=\"_ _1\"></span>ecognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments.<span class=\"_ _1f9\"> </span>IFRS 9 applies a single impairment model to all financial instruments subject to impairment testing. Impairment losses are r<span class=\"_ _1\"></span>ecognised on initial recognition, and at each subsequent r<span class=\"_ _1\"></span>eporting period, even if the loss has not yet been incurred. In addition to past events and current conditions, reasonable and supportable for<span class=\"_ _1\"></span>ecasts affecting collectability are also consider<span class=\"_ _1\"></span>ed when determining the amount of impairment in accordance with IFRS 9. Under the IFRS 9 expected credit loss model, expected credit losses ar<span class=\"_ _1\"></span>e recognised at each reporting period, even if no actual loss events have taken place. In addition to past events and current conditions, r<span class=\"_ _1\"></span>easonable and supportable forward-looking information that is available without undue cost or effort is consider<span class=\"_ _1\"></span>ed in determining impairment, with the model applied to all financial instruments subject to impairment testing.<span class=\"_ _1f9\"> </span>At initial recognition, allowance is made for expected credit losses r<span class=\"_ _1\"></span>esulting from default events that ar<span class=\"_ _1\"></span>e possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in cr<span class=\"_ _1\"></span>edit risk, allowance (or provision) is made for expected credit losses r<span class=\"_ _1\"></span>esulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected cr<span class=\"_ _1\"></span>edit losses are r<span class=\"_ _1\"></span>ecognised are consider<span class=\"_ _1\"></span>ed to be Stage 1; financial assets which are consider<span class=\"_ _1\"></span>ed to have experienced a significant increase in cr<span class=\"_ _1\"></span>edit risk are in Stage 2; and financial assets which have defaulted or are otherwise consider<span class=\"_ _1\"></span>ed to be credit-impair<span class=\"_ _1\"></span>ed are allocated to Stage 3. Stage 2 and Stage 3 ar<span class=\"_ _1\"></span>e based on lifetime expected credit losses. The measurement of expected cr<span class=\"_ _1\"></span>edit loss, referr<span class=\"_ _1\"></span>ed to as \u201cECL\u201d, is primarily based on the product of the instrument\u2019<span class=\"_ _31\"></span>s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d) and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held<span class=\"_ _1f9\"> </span>or other mitigants of loss and including the impact of discounting using the EIR. \u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The PD repr<span class=\"_ _1\"></span>esents the likelihood of a borrower<span class=\"_ _1\"></span> defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>EAD is based on the amounts the Group expects to be owed at the time of default, over the next<span class=\"_ _1\"></span> 12 months or over the remain<span class=\"_ _1\"></span>ing lifetime. For<span class=\"_ _1\"></span> example, for a revolving commitment, the Gr<span class=\"_ _1\"></span>oup includes the current drawn balance plus any<span class=\"_ _0\"></span> further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur<span class=\"_ _0\"></span>. The EAD is discounted back to the reporting date using the EIR determined at initial<span class=\"_ _1\"></span> recognition.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>LGD represents the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty<span class=\"_ _0\"></span>, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a per<span class=\"_ _1\"></span>centage loss per unit of EAD. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the per<span class=\"_ _1\"></span>centage of loss expected to be made if the default occurs<span class=\"_ _1\"></span> in the next 12 months and Lifetime LGD is the<span class=\"_ _1\"></span> percentage of loss <span class=\"_ _1\"></span>expected to be made if the<span class=\"_ _1\"></span> default occurs over the remaining expected<span class=\"_ _0\"></span> lifetime of the loan (\u201cLifetime LGD\u201d).<span class=\"_ _1f9\"> </span>The ECL is determined by estimating the PD, LGD and EAD for each individual exposur<span class=\"_ _1\"></span>e or collective segment. These three components ar<span class=\"_ _1\"></span>e multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not pr<span class=\"_ _1\"></span>epaid or defaulted in an earlier month). This effectively calculates an ECL,<span class=\"_ _1\"></span> which is then discounted back to the reporting date and summed. The discount rate used in the ECL<span class=\"_ _1\"></span> calculation is the original EIR or an approximation<span class=\"_ _1\"></span> thereof. The Lifetime PD is developed by applying a maturity profile to the curr<span class=\"_ _1\"></span>ent 12M PD. The maturity profile looks at how defaults develop on a portfolio<span class=\"_ _1\"></span> from the point of initial r<span class=\"_ _1\"></span>ecognition throughout the<span class=\"_ _1\"></span> lifetime of the loans. The maturity profile is based on historical observed data and is assumed to be the same across all ass<span class=\"_ _1\"></span>ets within a portfolio and credit<span class=\"_ _1\"></span> grade band where supported by historical analysis.<span class=\"_ _1\"></span> The 12-month and lifetime EADs are determined<span class=\"_ _1\"></span> based on the expected payment profile, which varies by product type.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For amortising products and bullet repayment<span class=\"_ _0\"></span> loans, this is based on the contractual repayments owed by the borrower over a 12-month or<span class=\"_ _31\"></span> lifetime basis. This is also adjusted for any<span class=\"_ _0\"></span> expected overpayments made by a borrower<span class=\"_ _31\"></span>.<span class=\"_ _1\"></span> Early repayment/r<span class=\"_ _1\"></span>efinance assumptions are also<span class=\"_ _1\"></span> incorporated into the calculation.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>For r<span class=\"_ _1\"></span>evolving products, the EAD is predicted by<span class=\"_ _1\"></span> taking current drawn balance and adding a \u201ccr<span class=\"_ _1\"></span>edit conversion factor\u201d which allows for the expected drawdown of the re<span class=\"_ _1\"></span>maining limit by the time of<span class=\"_ _1\"></span> default. These assumptions vary by product<span class=\"_ _0\"></span> type and current limit utilisation band, based on<span class=\"_ _1\"></span> analysis of the Group\u2019<span class=\"_ _31\"></span>s recent default data.<span class=\"_ _1f9\"> </span>The 12-month and lifetime LGDs are determined<span class=\"_ _1\"></span> based on the factors which impact the recoveries<span class=\"_ _1\"></span> made post default. These vary by product type.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>For secured pr<span class=\"_ _1\"></span>oducts, this is primarily based on collateral type and projected collateral values,<span class=\"_ _1\"></span> historical discounts to market/book values due to forced sales, time to r<span class=\"_ _1\"></span>epossession and recovery<span class=\"_ _1\"></span> costs observed.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For unsecured products, LGDs are typically set<span class=\"_ _1\"></span> at product level due to the limited dif<span class=\"_ _1\"></span>ferentiation<span class=\"_ _1\"></span> in recoveries achieved acr<span class=\"_ _1\"></span>oss differ<span class=\"_ _1\"></span>ent borrowers. These LGDs are influenced by collection strategies, including contracted debt sales and price.<span class=\"_ _1f9\"> </span>The main differ<span class=\"_ _1\"></span>ence between Stage 1 and Stage<span class=\"_ _1\"></span> 2 is the respective PD horizon. Stage 1 estima<span class=\"_ _1\"></span>tes use a maximum of a 12-month PD, while Stage 2<span class=\"_ _1\"></span> estimates use a lifetime PD. The main differ<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> between Stage 2 and Stage 3 is that Stage 3 is<span class=\"_ _1\"></span> effectively the point at which ther<span class=\"_ _1\"></span>e has been a default event. For financial assets in Stage 3, entities con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tinue to recognise <span class=\"_ _1\"></span>lifetime ECL but now recognise<span class=\"_ _1\"></span> interest income on a net basis. This means that<span class=\"_ _1\"></span> interest income is calculated based on the gr<span class=\"_ _1\"></span>oss car<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>rying amount of the financial asset less ECL. Stage 3 estimates continue to leverage existing processes for estimating losses on impaired loans, however<span class=\"_ _31\"></span>, these processes ar<span class=\"_ _1\"></span>e updated to reflect the r<span class=\"_ _1\"></span>equirements of IFRS 9, including the requir<span class=\"_ _1\"></span>ement to consider mul<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tiple forward-looking scenarios using independent<span class=\"_ _1\"></span> third-party economic information.<span class=\"_ _1f9\"> </span>Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019<span class=\"_ _31\"></span>s credit risk as at the<span class=\"_ _1f9\"> </span>reporting date has <span class=\"_ _1\"></span>increased significantly r<span class=\"_ _1\"></span>elative to the date it was initially recognised. Wher<span class=\"_ _1\"></span>e the credit risk subsequently improves such that it no longer<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esents a significant increase in cr<span class=\"_ _1\"></span>edit risk since origination, the asset is transferred back to Stage 1. In assessing whether a borrower has had a signifi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cant increase in cr<span class=\"_ _1\"></span>edit risk, the following indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>Consumer:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Short-term forbearance;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Extension of terms granted;<span class=\"_ _1f9\"> </span>Structured/SME/Pr<span class=\"_ _1\"></span>operty:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Significant incr<span class=\"_ _1\"></span>ease in credit spread, wher<span class=\"_ _1\"></span>e this information is available;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Significant adverse changes in business, financial and/or economic conditions in which the borrower operates;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Actual or expected forbearance or restructuring;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>Actual or expected significant adverse change in operating results of the borr<span class=\"_ _1\"></span>ower;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Significant change in collateral value (secured<span class=\"_ _1\"></span> facilities only) which is expected to increase the<span class=\"_ _1\"></span> risk of default; and<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Early signs of cashflow/liquidity pr<span class=\"_ _1\"></span>oblems such as delay in servicing of payables.<span class=\"_ _1f9\"> </span>However<span class=\"_ _0\"></span>, as a backstop, unless identified at an ear<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>lier stage, the credit risk of financial assets is deemed to have increased significantly when r<span class=\"_ _1\"></span>epayments are more than 30 days past due. Movements between<span class=\"_ _1\"></span> Stage 2 and Stage 3 are based on whether financial assets are cr<span class=\"_ _1\"></span>edit-impaired as at the r<span class=\"_ _1\"></span>eporting date. IFRS 9 contains a rebu<span class=\"_ _1\"></span>ttable presumption that<span class=\"_ _0\"></span> default occurs no later than when a payment is 90<span class=\"_ _1\"></span> days past due. The Group uses this 90-day backstop for all its assets except for UK second mortgages, the Group has assumed a backstop of 180 days<span class=\"_ _1\"></span> past due as mortgage exposures mor<span class=\"_ _1\"></span>e than 90 days past due, but less than 180 days, typically show high cure rates and this aligns to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s risk manage<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment practices. Assets can move in both directions<span class=\"_ _1\"></span> through the stages of the impairment model. In assessing whether a borr<span class=\"_ _1\"></span>ower is credit-impair<span class=\"_ _1\"></span>ed, the following qualitative indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Any cases of forbearance, for example where the borrower is deceased or insolvent.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Whether the borrower is in br<span class=\"_ _1\"></span>each of financial<span class=\"_ _1\"></span> covenants, for example where concessions have<span class=\"_ _1\"></span> been made by the lender relating to the borr<span class=\"_ _1\"></span>ower\u2019<span class=\"_ _31\"></span>s financial difficulty or ther<span class=\"_ _1\"></span>e are significant adverse changes in business, financial or economic<span class=\"_ _0\"></span> conditions on which the borrower operates.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Where the cr<span class=\"_ _1\"></span>edit risk has increased, the remaining lifetime PD at the reporting date is assessed in<span class=\"_ _1\"></span> comparison to the residual lifetime PD expected<span class=\"_ _1\"></span> at the reporting date when the exposur<span class=\"_ _1\"></span>e was first recognised.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>The criteria above have been applied to all Credit Asset at amortised costs held by the Group and<span class=\"_ _1\"></span> are consistent with the defi<span class=\"_ _1\"></span>nition of default used for internal credit risk management purposes. The default definition has been applied consistently<span class=\"_ _1\"></span> to model the PD, EAD and LGD throughout the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s expected credit loss calculations.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in cir<span class=\"_ _1\"></span>cumstances.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Under IFRS 9, when determining whether the<span class=\"_ _1\"></span> credit risk (i.e. the risk of default) on a financial<span class=\"_ _1\"></span> instrument has increased significantly since<span class=\"_ _0\"></span> initial recognition, r<span class=\"_ _1\"></span>easonable and supportable<span class=\"_ _1\"></span> information that is relevant and available without<span class=\"_ _1\"></span> undue cost or effort, including both quantitative<span class=\"_ _1\"></span> and qualitative information and analysis based<span class=\"_ _1\"></span> on historical experience, credit assessment and<span class=\"_ _1\"></span> forward-looking information.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The measurement of expected credit losses for<span class=\"_ _1\"></span> each stage and the assessment of significant<span class=\"_ _1\"></span> increases in cr<span class=\"_ _1\"></span>edit risk considers information<span class=\"_ _1\"></span> about past events and current conditions as well<span class=\"_ _1\"></span> as reasonable and supportable forwar<span class=\"_ _1\"></span>d-looking information. A \u201cBase case\u201d view of the future<span class=\"_ _0\"></span> direction of r<span class=\"_ _1\"></span>elevant economic variables and a<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative range of other possible for<span class=\"_ _1\"></span>ecasts scenarios have been developed. The process<span class=\"_ _1\"></span> has involved developing two additional economic scenarios and considering the relative pr<span class=\"_ _1\"></span>obabilities of each outcome.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>The base case r<span class=\"_ _1\"></span>epresents a most likely outcome and is aligned with information used for other<span class=\"_ _1\"></span> purposes, such as strategic planning and<span class=\"_ _0\"></span> budgeting. The number of scenarios and their<span class=\"_ _1\"></span> attributes are r<span class=\"_ _1\"></span>eassessed at each reporting<span class=\"_ _0\"></span> date. As at 31 December 2023 as well as 31<span class=\"_ _1\"></span> December 2022, all of the portfolios of the<span class=\"_ _0\"></span> Group use one positive, one optimistic and one<span class=\"_ _1\"></span> downside scenario. These scenario weightings are determined by a combination of statistical analysis<span class=\"_ _1f9\"> </span> and expert<span class=\"_ _1f9\"> </span> judgement, taking account of the<span class=\"_ _1f9\"> </span>range of possible outcomes each chosen scenario is<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative of.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _2f\"></span>The estimation and application of forward-looking<span class=\"_ _1\"></span> information requir<span class=\"_ _1\"></span>es significant judgement. PD,<span class=\"_ _1\"></span> LGD and EAD inputs used to estimate Stage 1<span class=\"_ _1\"></span> and Stage 2 credit loss allowances, ar<span class=\"_ _1\"></span>e modelled and adjusted based on the macr<span class=\"_ _1\"></span>oeconomic<span class=\"_ _0\"></span> variables (or changes in macroeconomic<span class=\"_ _3a\"></span> variables) that are most closely corr<span class=\"_ _1\"></span>elated with<span class=\"_ _1\"></span> credit losses in the r<span class=\"_ _1\"></span>elevant portfolio. The Group<span class=\"_ _1\"></span> has utilised macroeconom<span class=\"_ _1\"></span>ic scenarios prepar<span class=\"_ _1\"></span>ed and provided by Oxfor<span class=\"_ _1\"></span>d Economics (\u201cOxford\u201d).<span class=\"_ _1\"></span> Oxford combines two decades of for<span class=\"_ _1\"></span>ecast errors<span class=\"_ _1\"></span> with the quantitative assessment of the current<span class=\"_ _1\"></span> risks facing the global and domestic economy to produce r<span class=\"_ _1\"></span>obust forward-looking d<span class=\"_ _1\"></span>istributions for the economy<span class=\"_ _0\"></span>. Oxford construct thr<span class=\"_ _1\"></span>ee alter<span class=\"_ _32\"></span>native<span class=\"_ _1\"></span> scenarios at specific percentile points in the<span class=\"_ _0\"></span> distribution. In any distribution, the probability of a given discrete scenario is close to zer<span class=\"_ _1\"></span>o. Therefor<span class=\"_ _1\"></span>e, scenario probabilities r<span class=\"_ _1\"></span>epresent the pr<span class=\"_ _1\"></span>obability of that scenario or similar scenarios occurring. In<span class=\"_ _1\"></span> effect, a given scenario r<span class=\"_ _1\"></span>epresents the average of a broader bucket of similar severity scenarios and the probability r<span class=\"_ _1\"></span>eflects the width of that bucket. Given that it is known where the IFRS 9 scenarios sit in<span class=\"_ _1\"></span> the distribution (the percentiles), their pr<span class=\"_ _1\"></span>obability (the width of the bucket of similar scenarios)<span class=\"_ _0\"></span> depends on how many scenarios are chosen.<span class=\"_ _0\"></span> Scenario probabilities must add up to 100 per cent so the more scenarios chosen, the smaller the<span class=\"_ _1\"></span> section of the distribution, or bucket, each scenario repr<span class=\"_ _1\"></span>esents and therefor<span class=\"_ _1\"></span>e the smaller the probability<span class=\"_ _0\"></span>. This allows the probabilities to be calculated<span class=\"_ _0\"></span> according to whichever subset of scenarios chosen to use in the ECL calculation. Oxford updates these scenarios on a quarterly basis to r<span class=\"_ _1\"></span>eflect changes to the macroeconomic envir<span class=\"_ _1\"></span>onment. Pollen Street updates the scenarios during the year if economic conditions change materially<span class=\"_ _0\"></span>. Oxford selects the<span class=\"_ _1\"></span> scenarios to repr<span class=\"_ _1\"></span>esent a broadly fixed probability<span class=\"_ _1\"></span> within the distribution of potential outcomes. As<span class=\"_ _1\"></span> such Pollen Street has maintained the pr<span class=\"_ _1\"></span>obability of each scenario at a broadly constant level despite the changing macroeconomic envir<span class=\"_ _1\"></span>onment. The Base case is given a 40 per cent weighting and<span class=\"_ _1\"></span> the downside and upside a 30 per cent weighting each, which is unchanged from the prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>As with any economic forecasts, the projections<span class=\"_ _1\"></span> and likelihoods of occurrence ar<span class=\"_ _1\"></span>e subject to a<span class=\"_ _1\"></span> high degree of inher<span class=\"_ _1\"></span>ent uncertainty and therefor<span class=\"_ _1\"></span>e the actual outcomes may be significantly differ<span class=\"_ _1\"></span>ent to those projected. The Gr<span class=\"_ _1\"></span>oup considers these forecasts to r<span class=\"_ _1\"></span>epresent its best estimate of the<span class=\"_ _1\"></span> possible outcomes and has analysed the non-<span class=\"_ _1f9\"> </span>linearities and asymmetries within the Group\u2019<span class=\"_ _31\"></span>s<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent portfolios to establish that the chosen scenarios are appr<span class=\"_ _1\"></span>opriately representative of the<span class=\"_ _1\"></span> range of possible scenarios.<span class=\"_ _1f9\"> </span>Other forward-looki<span class=\"_ _1\"></span>ng considerations not otherwise incorporated within the above scenarios, such as<span class=\"_ _1\"></span> the impact of any regulatory<span class=\"_ _31\"></span>, legislative or political changes, have also been considered, but no adjust<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment has been made to the ECL for such factors. This is reviewed and monitor<span class=\"_ _1\"></span>ed for appropriateness at each reporting date.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR RECEIV<span class=\"_ _1\"></span>ABLES<span class=\"_ _1f9\"> </span>Receivables consist of trade and other debtor<span class=\"_ _1\"></span> balances and prepayments and accrued income.<span class=\"_ _1\"></span> Receivables balances are r<span class=\"_ _1\"></span>epresented by fees<span class=\"_ _0\"></span> receivable for investment fund management and<span class=\"_ _1\"></span> advisory services provided during the year to the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s customers. The Group\u2019<span class=\"_ _31\"></span>s customers are<span class=\"_ _0\"></span> funds that the Group manages or advises. As such, the Group has detailed and up to date information<span class=\"_ _1\"></span> on the financial position and outlook of its counter<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>parties. Receivable balances are generally collected on a monthly or quarterly basis and are ther<span class=\"_ _1\"></span>efore<span class=\"_ _1\"></span> short-term in nature. The Gr<span class=\"_ _1\"></span>oup applies a simplified approach in calculating ECLs and r<span class=\"_ _1\"></span>ecognises a loss allowance based on lifetime ECLs at each reporting date. Given the historic rate of recoverability is 100<span class=\"_ _1\"></span> per cent and the absence of reasons to believe the<span class=\"_ _1\"></span> recoverability pattern will change, management\u2019<span class=\"_ _31\"></span>s assessment is that ECL calculated under IFRS 9<span class=\"_ _1\"></span> would be immaterial at the end of the current and<span class=\"_ _1\"></span> previous r<span class=\"_ _1\"></span>eporting period. Further information as<span class=\"_ _1\"></span> to how the Group manages its cr<span class=\"_ _1\"></span>edit risk on trade<span class=\"_ _1\"></span> and other receivables is disclosed in Note 23. Man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>agement will continue to assess the r<span class=\"_ _1\"></span>ecoverability at each reporting date for changes in the cir<span class=\"_ _1\"></span>cum<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>stances surrounding the r<span class=\"_ _1\"></span>ecoverability of the trade and other receivables, and r<span class=\"_ _1\"></span>ecognise an expected credit loss allowance when appr<span class=\"_ _1\"></span>opriate.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR CASH <span class=\"_ _1\"></span>AND CA<span class=\"_ _1\"></span>SH EQUIV<span class=\"_ _1\"></span>ALENTS<span class=\"_ _1f9\"> </span>Balances with banks are short-term in natur<span class=\"_ _1\"></span>e, are<span class=\"_ _1\"></span> held in reputable institutions (r<span class=\"_ _1\"></span>efer to Note 24) and are consider<span class=\"_ _1\"></span>ed to have a very low risk of credit<span class=\"_ _1\"></span> losses, therefor<span class=\"_ _1\"></span>e the ECL was estimated as immate<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>rial and was not booked.<span class=\"_ _1f9\"> </span>WRITE-OFF POLIC<span class=\"_ _1\"></span>Y<span class=\"_ _1\"></span> FOR FINANCIAL ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _0\"></span>T AMORTISED COST<span class=\"_ _1f9\"> </span>A loan or advance is normally written off, either par<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tially or in full, against the related allowance when the proceeds fr<span class=\"_ _1\"></span>om realising any available security have<span class=\"_ _1\"></span> been received or ther<span class=\"_ _1\"></span>e is no realistic pr<span class=\"_ _1\"></span>ospect of recovery and the amount of the loss has been deter<span class=\"_ _0\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>mined. Subsequent recoveries of amounts pr<span class=\"_ _1\"></span>eviously written off decr<span class=\"_ _1\"></span>ease the amount of impairment losses recor<span class=\"_ _1\"></span>ded in the income statement.<span class=\"_ _1f9\"> </span>MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION OF<span class=\"_ _1\"></span> LOANS<span class=\"_ _1f9\"> </span>The Group sometimes r<span class=\"_ _1\"></span>enegotiates or otherwise<span class=\"_ _1\"></span> modifies the contractual cash flows of loans to<span class=\"_ _1\"></span> customers. When this happens, the Group assesses whether or not the new terms ar<span class=\"_ _1\"></span>e substantially<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent to the original terms. The Group does this<span class=\"_ _1\"></span> by considering, among others, the following factors:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>if the borr<span class=\"_ _1\"></span>ower is in financial difficulty<span class=\"_ _0\"></span>, whether the modification merely r<span class=\"_ _1\"></span>educes the contractual cash flows to amounts the borrower is expected to be<span class=\"_ _1\"></span> able to pay;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>whether any substantial new terms ar<span class=\"_ _1\"></span>e introduced, such as a profit sh<span class=\"_ _1\"></span>are/equity-based r<span class=\"_ _1\"></span>etur<span class=\"_ _32\"></span>n that<span class=\"_ _1\"></span> substantially affects the risk pr<span class=\"_ _1\"></span>ofile of the loan;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>significant extension of the loan term when the borrower is not in financial dif<span class=\"_ _1\"></span>ficulty;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>significant change in the interest rate;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>change in the curr<span class=\"_ _1\"></span>ency the loan is denominated<span class=\"_ _1\"></span> in; and<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>insertion of collateral, other security or credit<span class=\"_ _1\"></span> enhancements that significantly affect the cr<span class=\"_ _1\"></span>edit risk associated with the loan.<span class=\"_ _1f9\"> </span>If the terms are substantially dif<span class=\"_ _1\"></span>ferent, the Group<span class=\"_ _1\"></span> derecognises the original financial asset and r<span class=\"_ _1\"></span>ecog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nises a new asset at fair value and recalculates a new EIR for the asset. The date of renegotiation is conse<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>quently considered to be the date of initial r<span class=\"_ _1\"></span>ecogni<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tion for impairment calculation purposes, including for the purpose of determining whether a significant increase in cr<span class=\"_ _1\"></span>edit risk has occurred. However<span class=\"_ _31\"></span>, the Group also assesses whether the new financial asset recognised is deemed to be cr<span class=\"_ _1\"></span>edit-impaired at initial recognition, especially in cir<span class=\"_ _1\"></span>cumstances where the<span class=\"_ _1\"></span> renegotiation was driven by the debtor being unable to make the originally agreed payments. Dif<span class=\"_ _1\"></span>ferences in the carrying amounts are also r<span class=\"_ _1\"></span>ecognised in the Consolidated Statement of Comprehensive Income<span class=\"_ _1\"></span> as a gain or loss on derecognition. If the terms<span class=\"_ _0\"></span> are not substantially dif<span class=\"_ _1\"></span>ferent, the r<span class=\"_ _1\"></span>enegotiation or modification does not result in der<span class=\"_ _1\"></span>ecognition, and the Group r<span class=\"_ _1\"></span>ecalculates the gross carrying amount<span class=\"_ _1\"></span> based on the revised cash flows of the financial asset and recognises a modification gain or loss in the<span class=\"_ _1\"></span> Consolidated Statement of Comprehensive Income. The new gross carrying amount is r<span class=\"_ _1\"></span>ecalculated by discounting the modified cash flows at the original EIR (or credit-adjusted EIR for pur<span class=\"_ _1\"></span>chased or origi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nated credit-impair<span class=\"_ _1\"></span>ed financial assets).<span class=\"_ _1f9\"> </span>MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION OF<span class=\"_ _1\"></span> FINANCIAL <span class=\"_ _1\"></span>ASSETS<span class=\"_ _1f9\"> </span>The Group sometimes modifies the terms of loans<span class=\"_ _1\"></span> provided to custom<span class=\"_ _1\"></span>ers due to commercial r<span class=\"_ _1\"></span>ene<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>gotiations, or for distressed loans, with a view to<span class=\"_ _1\"></span> maximising recovery<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>Such restructuring activities include extended pay<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment term arrangements, payment holidays and<span class=\"_ _1\"></span> payment forgiveness. Restructuring policies and<span class=\"_ _1\"></span> practice are based on indicators or criteria which,<span class=\"_ _1\"></span> in the judgement of management, indicate that<span class=\"_ _1\"></span> payment will most likely continue. These policies are kept under continuous review<span class=\"_ _0\"></span>. Restructuring is most commonly applied to term loans.<span class=\"_ _1f9\"> </span>The risk of default of such assets after modification is assessed at the reporting date and compar<span class=\"_ _1\"></span>ed with the risk under the original terms at initial recognition, when the modification is not substantial and so does not result in der<span class=\"_ _1\"></span>ecognition of the original assets. The Group monitors the subsequent performance of mod<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>ified assets. The Gro<span class=\"_ _1\"></span>up may determine that the credit risk has significantly improved after r<span class=\"_ _1\"></span>estructuring, so that the assets are moved fr<span class=\"_ _1\"></span>om Stage 2 or Stage 3.<span class=\"_ _1f9\"> </span>COLLA<span class=\"_ _1\"></span>TERAL<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span>AND OTHER <span class=\"ls0\"> </span>CREDIT<span class=\"_ _1\"></span> ENHANCEMENTS<span class=\"_ _1f9\"> </span>The Group employs a range of policies to mitigate<span class=\"_ _1\"></span> credit risk. The most common of these is accepting collateral for funds advanced. The Group has internal policies of the acceptability of specific classes of<span class=\"_ _1\"></span> collateral or credit risk mitigation.<span class=\"_ _1f9\"> </span>The Group pr<span class=\"_ _1\"></span>epares a valuation of the collateral<span class=\"_ _1\"></span> obtained as part of the loan origination process. This assessment is reviewed periodically<span class=\"_ _31\"></span>. The principal collateral types for loans and advances are:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>mortgages over residential pr<span class=\"_ _1\"></span>operties;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>security over our borrowers r<span class=\"_ _1\"></span>eceivables;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _5b\"></span> <span class=\"_ _2\"></span>margin agreement for derivatives, for which the Group has also entered into master netting agr<span class=\"_ _1\"></span>eements;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>charges over business assets such as premises,<span class=\"_ _1\"></span> inventory and accounts receivable; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>charges over financial instruments such as debt securities and equities.<span class=\"_ _1f9\"> </span>Longer<span class=\"_ _1\"></span>-term finance and lending to corporate enti<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ties are generally s<span class=\"_ _1\"></span>ecured; revolvi<span class=\"_ _1\"></span>ng individual credit facilities are generally unsecur<span class=\"_ _1\"></span>ed.<span class=\"_ _1f9\"> </span>Collateral held as security for financial assets other than loans and advances depends on the nature of<span class=\"_ _1\"></span> the instrument. Derivatives are also generally collat<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>eralised.<span class=\"_ _1f9\"> </span>The Group closely monitors collateral held for finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cial assets considered to be cr<span class=\"_ _1\"></span>edit-impaired, as it<span class=\"_ _1\"></span> becomes more likely that the Gr<span class=\"_ _1\"></span>oup will take posses<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>sion of collateral to mitigate potential credit losses.<span class=\"_ _1f9\"> </span>DERECOGNITION OTHER THAN<span class=\"ls0 ws0\"> </span>A<span class=\"_ _1\"></span> MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION<span class=\"_ _1f9\"> </span>Financial assets, or a portion thereof, ar<span class=\"_ _1\"></span>e derecog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nised when the contractual rights to receive the cash flows from the assets have expir<span class=\"_ _1\"></span>ed, or when they have been transferred and either (i) the Gr<span class=\"_ _1\"></span>oup trans<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>fers substantially all the risks and rewar<span class=\"_ _1\"></span>ds of own<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ership, or (ii) the Group neither transfers nor r<span class=\"_ _1\"></span>etains substantially all the risks and rewar<span class=\"_ _1\"></span>ds of ownership and the Group has not r<span class=\"_ _1\"></span>etained control.<span class=\"_ _1f9\"> </span>The Group enters into transactions wher<span class=\"_ _1\"></span>e it retains<span class=\"_ _1\"></span> the contractual rights to receive cash flows fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> assets but assumes a contractual obligation to pay those cash flows to other entities and transfers sub<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>stantially all of the risks and rewar<span class=\"_ _1\"></span>ds. These transac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions are accounted for as \u201cpass t<span class=\"_ _1\"></span>hrough\u201d transfers that result in der<span class=\"_ _1\"></span>ecognition if the Group:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>has no obligation to make payments unless it collects<span class=\"_ _32\"></span> equivalent amounts from the assets;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _57\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>is prohibited fr<span class=\"_ _1\"></span>om selling or pledging the assets; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>has an obligation to remit any cash it collects fr<span class=\"_ _1\"></span>om the<span class=\"_ _32\"></span> assets without material delay<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>INVESTMENTS HELD <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>AIR <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ALUE THROUGH PROFIT<span class=\"_ _1\"></span> OR LOSS<span class=\"_ _1f9\"> </span>The Investments held at fair value through pr<span class=\"_ _1\"></span>ofit<span class=\"_ _1\"></span> or loss (\u201cFVTPL\u201d) include Equity Assets and Credit<span class=\"_ _1\"></span> Assets.<span class=\"_ _1f9\"> </span>Equity Assets held at FVTPL are valued in accor<span class=\"_ _1\"></span>d<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ance with the International Private Equity and V<span class=\"_ _1\"></span>enture Capital V<span class=\"_ _1\"></span>aluation Guidelines (\u201cIPEVCV\u201d) ef<span class=\"_ _1\"></span>fective 1 January 2019 with the latest update in December 2022 as recommended by the British Private Equity and V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>e Capital Association. Credit Assets<span class=\"_ _1\"></span> held at FVTPL are valued incorporating the ef<span class=\"_ _1\"></span>fect of changes interest rates and the cr<span class=\"_ _1\"></span>edit risk using similar techniques to those described in the secti<span class=\"_ _1\"></span>on of expected credit loss allowance for financial assets measured at amortised costs later in this Note.<span class=\"_ _1f9\"> </span>Equity Assets are instrumen<span class=\"_ _1\"></span>ts that have equity-like returns; that is, instruments that do not contain a<span class=\"_ _1\"></span> contractual obligation to pay and that evidence a<span class=\"_ _1\"></span> residual inter<span class=\"_ _1\"></span>est in the issuer\u2019<span class=\"_ _31\"></span>s net assets. Examples<span class=\"_ _1f9\"> </span>of equity instruments include ordinary shar<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> investments in Private Equity funds managed or<span class=\"_ _0\"></span> advised by Pollen Street.<span class=\"_ _1f9\"> </span>Credit Assets at FVTPL consist of loans, together<span class=\"_ _1\"></span> with similar investments, made by the Investment<span class=\"_ _1\"></span> Company to counterparties where the contractual<span class=\"_ _1\"></span> cash flows do not meet the requir<span class=\"_ _1\"></span>ements of the solely payments of principal and interest test or ar<span class=\"_ _1\"></span>e other<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>wise classified at fair value. See the section on Clas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sification and measurement \u2013 Financial assets earlier in this Note. Examples of credit instruments include<span class=\"_ _1\"></span> investment in Private Credit funds managed or<span class=\"_ _0\"></span> advised by Pollen Street or other cr<span class=\"_ _1\"></span>edit instruments where incr<span class=\"_ _1\"></span>emental cash flows are due contingent on certain events occurring. Credit Assets at FVTPL ar<span class=\"_ _1\"></span>e valued based off the net asset value of each fund. The valuations typically<span class=\"_ _1\"></span> reflect the fair value of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s proportionate<span class=\"_ _1\"></span> share of each investment as at the r<span class=\"_ _1\"></span>eporting date or the latest available date. As at 31 December<span class=\"_ _1\"></span> 2023, the majority of cr<span class=\"_ _1\"></span>edit assets at FVTPL were<span class=\"_ _1\"></span> priced at their amortised cost value given that they were floating rate assets and performing in line with expectations. Purchases and sales of unquoted investments ar<span class=\"_ _1\"></span>e recognised when the contract for acquisition or sale becomes unconditional.<span class=\"_ _1f9\"> </span>IFRS 13 requir<span class=\"_ _1\"></span>es the Group to classify its financial<span class=\"_ _1\"></span> instruments held at fair value using a hierarchy that<span class=\"_ _1\"></span> reflects the significance of the inputs used in the<span class=\"_ _1\"></span> valuation methodologies. These are as follows:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Level 1 \u2013 quoted prices in active markets for<span class=\"_ _1\"></span> identical investments.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Level 2 \u2013 other significant observable inputs<span class=\"_ _1\"></span> (including quoted prices for similar investments, interest rates, pr<span class=\"_ _1\"></span>epayments, credit risk, etc.).<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Level 3 \u2013 significant unobservable inputs (including the Group\u2019<span class=\"_ _31\"></span>s own assumptions in determining the fair value of investments).<span class=\"_ _1f9\"> </span>An investment is always categorised as Level 1, 2 or 3 in its entirety<span class=\"_ _31\"></span>. In certain cases, the fair value meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urement for an investment may use a number of<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent inputs that fall into differ<span class=\"_ _1\"></span>ent levels of the fair value hierarchy<span class=\"_ _31\"></span>. The assessment of the significance of a particular input to the fair value measurement<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>es judgement and is specific to the investment.<span class=\"_ _1f9\"> </span>The gain on fair value is shown in the \u2018Gains on<span class=\"_ _1\"></span> Investment Assets held at fair value\u2019 line on the<span class=\"_ _1\"></span> Consolidated Statement of Comprehensive Income.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "CLASSIFICA<span class=\"_ _0\"></span>TION AND <span class=\"_ _32\"></span>MEASUREMENT<span class=\"_ _1f9\"> </span>Financial assets and financial liabilities are r<span class=\"_ _1\"></span>ecognised in the Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. The Group shall of<span class=\"_ _1\"></span>fset financial assets and financial liabilities if it has a legally enforceable<span class=\"_ _1\"></span> right to set off th<span class=\"_ _1\"></span>e recognised amounts and inter<span class=\"_ _1\"></span>ests and intends to settle on a net basis. Financial assets and liabilities are der<span class=\"_ _1\"></span>ecognised when the Group set<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tles its obligations relating to the instrument.<span class=\"_ _1f9\"> </span>CLASSIFICA<span class=\"_ _0\"></span>TION <span class=\"_ _1\"></span>AND MEASUREMENT<span class=\"_ _1\"></span> \u2013 FINANCIAL<span class=\"_ _1\"></span> LIABILITIES<span class=\"_ _1f9\"> </span>In both the current year and prior year<span class=\"_ _31\"></span>, financial lia<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>bilities are classified and subsequently measur<span class=\"_ _1\"></span>ed at amortised cost, except for:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Financial liabilities at fair value through profit or<span class=\"_ _1\"></span> loss: this classification is applied to derivatives,<span class=\"_ _1\"></span> financial liabilities held for trading other financial liabilities designated as such at initial r<span class=\"_ _1\"></span>ecognition. Gains or losses on financial liabilities designated at fair value through pr<span class=\"_ _1\"></span>ofit or loss are pr<span class=\"_ _1\"></span>esented par<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tially in other comprehensive income (the amount of change in the fair value of the financial liability<span class=\"_ _1\"></span> that is attributable to changes in the credit risk of<span class=\"_ _1\"></span> that liability<span class=\"_ _0\"></span>, which is determined as the amount that is not attributable to change in market con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ditions that give rise to market risk) and partially<span class=\"_ _1\"></span> profit or loss (the r<span class=\"_ _1\"></span>emaining amount of change in the fair value of the liability). This is unless such<span class=\"_ _1\"></span> a presentation would cr<span class=\"_ _1\"></span>eate, or enlarge, an ac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>counting mismatch, in which case the gains and<span class=\"_ _1\"></span> losses attributable to changes in the credit risk of the liability are also pr<span class=\"_ _1\"></span>esented in the Consolidated Statement of Comprehensive Income.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Financial liabilities arising from the transfer of finan<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>cial assets which did not qualify for derecognition, whereby a financial liability is r<span class=\"_ _1\"></span>ecognised for the consideration received<span class=\"_ _1\"></span> for the transfer<span class=\"_ _0\"></span>. In subse<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>quent years, the Group r<span class=\"_ _1\"></span>ecognises any expense incurred on the financial liability<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span>   <span class=\"_ _2\"></span>Financial guarantee contracts and loan commitments.<span class=\"_ _1f9\"> </span>DERECOGNITION<span class=\"_ _1f9\"> </span>Financial liabilities are der<span class=\"_ _1\"></span>ecognised when they are<span class=\"_ _1\"></span> extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expires). Dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ent terms, as well as substantial modifications of the terms of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability<span class=\"_ _31\"></span>. The terms are substantially dif<span class=\"_ _1\"></span>ferent if the discounted<span class=\"_ _1\"></span> present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original EIR, is at least 10 per cent differ<span class=\"_ _1\"></span>ent from the discounted pr<span class=\"_ _1\"></span>esent value<span class=\"_ _1\"></span> of the remaining cash flows of the original financial<span class=\"_ _1\"></span> liability<span class=\"_ _0\"></span>. In addition, other qualitative factors, such as the currency that the instrument is denominated in,<span class=\"_ _1\"></span> changes in the type of interest rate, new conversion features attached to the instrument and change in<span class=\"_ _1\"></span> covenants are also taken into consideration. If an<span class=\"_ _1\"></span> exchange of debt instruments or modification of<span class=\"_ _1\"></span> terms is accounted for as an extinguishment, any<span class=\"_ _1\"></span> costs or fees incurr<span class=\"_ _1\"></span>ed are recognis<span class=\"_ _1\"></span>ed as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguish<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the<span class=\"_ _1\"></span> remaining term of the modified liability<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>FINANCIAL<span class=\"_ _1\"></span> LIABILITIES<span class=\"_ _1f9\"> </span>Financial liabilities are classified accor<span class=\"_ _1\"></span>ding to the sub<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>stance of the contractual arrangements entered into.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "Financial assets and financial liabilities are r<span class=\"_ _1\"></span>ecognised in the Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. The Group shall of<span class=\"_ _1\"></span>fset financial assets and financial liabilities if it has a legally enforceable<span class=\"_ _1\"></span> right to set off th<span class=\"_ _1\"></span>e recognised amounts and inter<span class=\"_ _1\"></span>ests and intends to settle on a net basis. Financial assets and liabilities are der<span class=\"_ _1\"></span>ecognised when the Group set<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tles its obligations relating to the instrument.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR <span class=\"_ _32\"></span>FINANCIAL<span class=\"_ _1\"></span> ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> AMORTISED COST<span class=\"ff5 ls0\"> </span>The impairment charge in the income statement includes the change in expected credit losses which are r<span class=\"_ _1\"></span>ecognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments.<span class=\"_ _1f9\"> </span>IFRS 9 applies a single impairment model to all financial instruments subject to impairment testing. Impairment losses are r<span class=\"_ _1\"></span>ecognised on initial recognition, and at each subsequent r<span class=\"_ _1\"></span>eporting period, even if the loss has not yet been incurred. In addition to past events and current conditions, reasonable and supportable for<span class=\"_ _1\"></span>ecasts affecting collectability are also consider<span class=\"_ _1\"></span>ed when determining the amount of impairment in accordance with IFRS 9. Under the IFRS 9 expected credit loss model, expected credit losses ar<span class=\"_ _1\"></span>e recognised at each reporting period, even if no actual loss events have taken place. In addition to past events and current conditions, r<span class=\"_ _1\"></span>easonable and supportable forward-looking information that is available without undue cost or effort is consider<span class=\"_ _1\"></span>ed in determining impairment, with the model applied to all financial instruments subject to impairment testing.<span class=\"_ _1f9\"> </span>At initial recognition, allowance is made for expected credit losses r<span class=\"_ _1\"></span>esulting from default events that ar<span class=\"_ _1\"></span>e possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in cr<span class=\"_ _1\"></span>edit risk, allowance (or provision) is made for expected credit losses r<span class=\"_ _1\"></span>esulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected cr<span class=\"_ _1\"></span>edit losses are r<span class=\"_ _1\"></span>ecognised are consider<span class=\"_ _1\"></span>ed to be Stage 1; financial assets which are consider<span class=\"_ _1\"></span>ed to have experienced a significant increase in cr<span class=\"_ _1\"></span>edit risk are in Stage 2; and financial assets which have defaulted or are otherwise consider<span class=\"_ _1\"></span>ed to be credit-impair<span class=\"_ _1\"></span>ed are allocated to Stage 3. Stage 2 and Stage 3 ar<span class=\"_ _1\"></span>e based on lifetime expected credit losses. The measurement of expected cr<span class=\"_ _1\"></span>edit loss, referr<span class=\"_ _1\"></span>ed to as \u201cECL\u201d, is primarily based on the product of the instrument\u2019<span class=\"_ _31\"></span>s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d) and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held<span class=\"_ _1f9\"> </span>or other mitigants of loss and including the impact of discounting using the EIR. \u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The PD repr<span class=\"_ _1\"></span>esents the likelihood of a borrower<span class=\"_ _1\"></span> defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>EAD is based on the amounts the Group expects to be owed at the time of default, over the next<span class=\"_ _1\"></span> 12 months or over the remain<span class=\"_ _1\"></span>ing lifetime. For<span class=\"_ _1\"></span> example, for a revolving commitment, the Gr<span class=\"_ _1\"></span>oup includes the current drawn balance plus any<span class=\"_ _0\"></span> further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur<span class=\"_ _0\"></span>. The EAD is discounted back to the reporting date using the EIR determined at initial<span class=\"_ _1\"></span> recognition.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>LGD represents the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty<span class=\"_ _0\"></span>, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a per<span class=\"_ _1\"></span>centage loss per unit of EAD. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the per<span class=\"_ _1\"></span>centage of loss expected to be made if the default occurs<span class=\"_ _1\"></span> in the next 12 months and Lifetime LGD is the<span class=\"_ _1\"></span> percentage of loss <span class=\"_ _1\"></span>expected to be made if the<span class=\"_ _1\"></span> default occurs over the remaining expected<span class=\"_ _0\"></span> lifetime of the loan (\u201cLifetime LGD\u201d).<span class=\"_ _1f9\"> </span>The ECL is determined by estimating the PD, LGD and EAD for each individual exposur<span class=\"_ _1\"></span>e or collective segment. These three components ar<span class=\"_ _1\"></span>e multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not pr<span class=\"_ _1\"></span>epaid or defaulted in an earlier month). This effectively calculates an ECL,<span class=\"_ _1\"></span> which is then discounted back to the reporting date and summed. The discount rate used in the ECL<span class=\"_ _1\"></span> calculation is the original EIR or an approximation<span class=\"_ _1\"></span> thereof. The Lifetime PD is developed by applying a maturity profile to the curr<span class=\"_ _1\"></span>ent 12M PD. The maturity profile looks at how defaults develop on a portfolio<span class=\"_ _1\"></span> from the point of initial r<span class=\"_ _1\"></span>ecognition throughout the<span class=\"_ _1\"></span> lifetime of the loans. The maturity profile is based on historical observed data and is assumed to be the same across all ass<span class=\"_ _1\"></span>ets within a portfolio and credit<span class=\"_ _1\"></span> grade band where supported by historical analysis.<span class=\"_ _1\"></span> The 12-month and lifetime EADs are determined<span class=\"_ _1\"></span> based on the expected payment profile, which varies by product type.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For amortising products and bullet repayment<span class=\"_ _0\"></span> loans, this is based on the contractual repayments owed by the borrower over a 12-month or<span class=\"_ _31\"></span> lifetime basis. This is also adjusted for any<span class=\"_ _0\"></span> expected overpayments made by a borrower<span class=\"_ _31\"></span>.<span class=\"_ _1\"></span> Early repayment/r<span class=\"_ _1\"></span>efinance assumptions are also<span class=\"_ _1\"></span> incorporated into the calculation.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>For r<span class=\"_ _1\"></span>evolving products, the EAD is predicted by<span class=\"_ _1\"></span> taking current drawn balance and adding a \u201ccr<span class=\"_ _1\"></span>edit conversion factor\u201d which allows for the expected drawdown of the re<span class=\"_ _1\"></span>maining limit by the time of<span class=\"_ _1\"></span> default. These assumptions vary by product<span class=\"_ _0\"></span> type and current limit utilisation band, based on<span class=\"_ _1\"></span> analysis of the Group\u2019<span class=\"_ _31\"></span>s recent default data.<span class=\"_ _1f9\"> </span>The 12-month and lifetime LGDs are determined<span class=\"_ _1\"></span> based on the factors which impact the recoveries<span class=\"_ _1\"></span> made post default. These vary by product type.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>For secured pr<span class=\"_ _1\"></span>oducts, this is primarily based on collateral type and projected collateral values,<span class=\"_ _1\"></span> historical discounts to market/book values due to forced sales, time to r<span class=\"_ _1\"></span>epossession and recovery<span class=\"_ _1\"></span> costs observed.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For unsecured products, LGDs are typically set<span class=\"_ _1\"></span> at product level due to the limited dif<span class=\"_ _1\"></span>ferentiation<span class=\"_ _1\"></span> in recoveries achieved acr<span class=\"_ _1\"></span>oss differ<span class=\"_ _1\"></span>ent borrowers. These LGDs are influenced by collection strategies, including contracted debt sales and price.<span class=\"_ _1f9\"> </span>The main differ<span class=\"_ _1\"></span>ence between Stage 1 and Stage<span class=\"_ _1\"></span> 2 is the respective PD horizon. Stage 1 estima<span class=\"_ _1\"></span>tes use a maximum of a 12-month PD, while Stage 2<span class=\"_ _1\"></span> estimates use a lifetime PD. The main differ<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> between Stage 2 and Stage 3 is that Stage 3 is<span class=\"_ _1\"></span> effectively the point at which ther<span class=\"_ _1\"></span>e has been a default event. For financial assets in Stage 3, entities con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tinue to recognise <span class=\"_ _1\"></span>lifetime ECL but now recognise<span class=\"_ _1\"></span> interest income on a net basis. This means that<span class=\"_ _1\"></span> interest income is calculated based on the gr<span class=\"_ _1\"></span>oss car<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>rying amount of the financial asset less ECL. Stage 3 estimates continue to leverage existing processes for estimating losses on impaired loans, however<span class=\"_ _31\"></span>, these processes ar<span class=\"_ _1\"></span>e updated to reflect the r<span class=\"_ _1\"></span>equirements of IFRS 9, including the requir<span class=\"_ _1\"></span>ement to consider mul<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tiple forward-looking scenarios using independent<span class=\"_ _1\"></span> third-party economic information.<span class=\"_ _1f9\"> </span>Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019<span class=\"_ _31\"></span>s credit risk as at the<span class=\"_ _1f9\"> </span> reporting date has <span class=\"_ _1\"></span>increased significantly r<span class=\"_ _1\"></span>elative to the date it was initially recognised. Wher<span class=\"_ _1\"></span>e the credit risk subsequently improves such that it no longer<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esents a significant increase in cr<span class=\"_ _1\"></span>edit risk since origination, the asset is transferred back to Stage 1. In assessing whether a borrower has had a signifi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cant increase in cr<span class=\"_ _1\"></span>edit risk, the following indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>Consumer:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Short-term forbearance;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Extension of terms granted;<span class=\"_ _1f9\"> </span>Structured/SME/Pr<span class=\"_ _1\"></span>operty:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Significant incr<span class=\"_ _1\"></span>ease in credit spread, wher<span class=\"_ _1\"></span>e this information is available;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Significant adverse changes in business, financial and/or economic conditions in which the borrower operates;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Actual or expected forbearance or restructuring;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>Actual or expected significant adverse change in operating results of the borr<span class=\"_ _1\"></span>ower;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Significant change in collateral value (secured<span class=\"_ _1\"></span> facilities only) which is expected to increase the<span class=\"_ _1\"></span> risk of default; and<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Early signs of cashflow/liquidity pr<span class=\"_ _1\"></span>oblems such as delay in servicing of payables.<span class=\"_ _1f9\"> </span>However<span class=\"_ _0\"></span>, as a backstop, unless identified at an ear<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>lier stage, the credit risk of financial assets is deemed to have increased significantly when r<span class=\"_ _1\"></span>epayments are more than 30 days past due. Movements between<span class=\"_ _1\"></span> Stage 2 and Stage 3 are based on whether financial assets are cr<span class=\"_ _1\"></span>edit-impaired as at the r<span class=\"_ _1\"></span>eporting date. IFRS 9 contains a rebu<span class=\"_ _1\"></span>ttable presumption that<span class=\"_ _0\"></span> default occurs no later than when a payment is 90<span class=\"_ _1\"></span> days past due. The Group uses this 90-day backstop for all its assets except for UK second mortgages, the Group has assumed a backstop of 180 days<span class=\"_ _1\"></span> past due as mortgage exposures mor<span class=\"_ _1\"></span>e than 90 days past due, but less than 180 days, typically show high cure rates and this aligns to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s risk manage<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment practices. Assets can move in both directions<span class=\"_ _1\"></span> through the stages of the impairment model. In assessing whether a borr<span class=\"_ _1\"></span>ower is credit-impair<span class=\"_ _1\"></span>ed, the following qualitative indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Any cases of forbearance, for example where the borrower is deceased or insolvent.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Whether the borrower is in br<span class=\"_ _1\"></span>each of financial<span class=\"_ _1\"></span> covenants, for example where concessions have<span class=\"_ _1\"></span> been made by the lender relating to the borr<span class=\"_ _1\"></span>ower\u2019<span class=\"_ _31\"></span>s financial difficulty or ther<span class=\"_ _1\"></span>e are significant adverse changes in business, financial or economic<span class=\"_ _0\"></span> conditions on which the borrower operates.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Where the cr<span class=\"_ _1\"></span>edit risk has increased, the remaining lifetime PD at the reporting date is assessed in<span class=\"_ _1\"></span> comparison to the residual lifetime PD expected<span class=\"_ _1\"></span> at the reporting date when the exposur<span class=\"_ _1\"></span>e was first recognised.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>The criteria above have been applied to all Credit Asset at amortised costs held by the Group and<span class=\"_ _1\"></span> are consistent with the defi<span class=\"_ _1\"></span>nition of default used for internal credit risk management purposes. The default definition has been applied consistently<span class=\"_ _1\"></span> to model the PD, EAD and LGD throughout the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s expected credit loss calculations.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in cir<span class=\"_ _1\"></span>cumstances.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Under IFRS 9, when determining whether the<span class=\"_ _1\"></span> credit risk (i.e. the risk of default) on a financial<span class=\"_ _1\"></span> instrument has increased significantly since<span class=\"_ _0\"></span> initial recognition, r<span class=\"_ _1\"></span>easonable and supportable<span class=\"_ _1\"></span> information that is relevant and available without<span class=\"_ _1\"></span> undue cost or effort, including both quantitative<span class=\"_ _1\"></span> and qualitative information and analysis based<span class=\"_ _1\"></span> on historical experience, credit assessment and<span class=\"_ _1\"></span> forward-looking information.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The measurement of expected credit losses for<span class=\"_ _1\"></span> each stage and the assessment of significant<span class=\"_ _1\"></span> increases in cr<span class=\"_ _1\"></span>edit risk considers information<span class=\"_ _1\"></span> about past events and current conditions as well<span class=\"_ _1\"></span> as reasonable and supportable forwar<span class=\"_ _1\"></span>d-looking information. A \u201cBase case\u201d view of the future<span class=\"_ _0\"></span> direction of r<span class=\"_ _1\"></span>elevant economic variables and a<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative range of other possible for<span class=\"_ _1\"></span>ecasts scenarios have been developed. The process<span class=\"_ _1\"></span> has involved developing two additional economic scenarios and considering the relative pr<span class=\"_ _1\"></span>obabilities of each outcome.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>The base case r<span class=\"_ _1\"></span>epresents a most likely outcome and is aligned with information used for other<span class=\"_ _1\"></span> purposes, such as strategic planning and<span class=\"_ _0\"></span> budgeting. The number of scenarios and their<span class=\"_ _1\"></span> attributes are r<span class=\"_ _1\"></span>eassessed at each reporting<span class=\"_ _0\"></span> date. As at 31 December 2023 as well as 31<span class=\"_ _1\"></span> December 2022, all of the portfolios of the<span class=\"_ _0\"></span> Group use one positive, one optimistic and one<span class=\"_ _1\"></span> downside scenario. These scenario weightings are determined by a combination of statistical analysis<span class=\"_ _1f9\"> </span> and expert<span class=\"_ _1f9\"> </span> judgement, taking account of the<span class=\"_ _1f9\"> </span>range of possible outcomes each chosen scenario is<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative of.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _2f\"></span>The estimation and application of forward-looking<span class=\"_ _1\"></span> information requir<span class=\"_ _1\"></span>es significant judgement. PD,<span class=\"_ _1\"></span> LGD and EAD inputs used to estimate Stage 1<span class=\"_ _1\"></span> and Stage 2 credit loss allowances, ar<span class=\"_ _1\"></span>e modelled and adjusted based on the macr<span class=\"_ _1\"></span>oeconomic<span class=\"_ _0\"></span> variables (or changes in macroeconomic<span class=\"_ _3a\"></span> variables) that are most closely corr<span class=\"_ _1\"></span>elated with<span class=\"_ _1\"></span> credit losses in the r<span class=\"_ _1\"></span>elevant portfolio. The Group<span class=\"_ _1\"></span> has utilised macroeconom<span class=\"_ _1\"></span>ic scenarios prepar<span class=\"_ _1\"></span>ed and provided by Oxfor<span class=\"_ _1\"></span>d Economics (\u201cOxford\u201d).<span class=\"_ _1\"></span> Oxford combines two decades of for<span class=\"_ _1\"></span>ecast errors<span class=\"_ _1\"></span> with the quantitative assessment of the current<span class=\"_ _1\"></span> risks facing the global and domestic economy to produce r<span class=\"_ _1\"></span>obust forward-looking d<span class=\"_ _1\"></span>istributions for the economy<span class=\"_ _0\"></span>. Oxford construct thr<span class=\"_ _1\"></span>ee alter<span class=\"_ _32\"></span>native<span class=\"_ _1\"></span> scenarios at specific percentile points in the<span class=\"_ _0\"></span> distribution. In any distribution, the probability of a given discrete scenario is close to zer<span class=\"_ _1\"></span>o. Therefor<span class=\"_ _1\"></span>e, scenario probabilities r<span class=\"_ _1\"></span>epresent the pr<span class=\"_ _1\"></span>obability of that scenario or similar scenarios occurring. In<span class=\"_ _1\"></span> effect, a given scenario r<span class=\"_ _1\"></span>epresents the average of a broader bucket of similar severity scenarios and the probability r<span class=\"_ _1\"></span>eflects the width of that bucket. Given that it is known where the IFRS 9 scenarios sit in<span class=\"_ _1\"></span> the distribution (the percentiles), their pr<span class=\"_ _1\"></span>obability (the width of the bucket of similar scenarios)<span class=\"_ _0\"></span> depends on how many scenarios are chosen.<span class=\"_ _0\"></span> Scenario probabilities must add up to 100 per cent so the more scenarios chosen, the smaller the<span class=\"_ _1\"></span> section of the distribution, or bucket, each scenario repr<span class=\"_ _1\"></span>esents and therefor<span class=\"_ _1\"></span>e the smaller the probability<span class=\"_ _0\"></span>. This allows the probabilities to be calculated<span class=\"_ _0\"></span> according to whichever subset of scenarios chosen to use in the ECL calculation. Oxford updates these scenarios on a quarterly basis to r<span class=\"_ _1\"></span>eflect changes to the macroeconomic envir<span class=\"_ _1\"></span>onment. Pollen Street updates the scenarios during the year if economic conditions change materially<span class=\"_ _0\"></span>. Oxford selects the<span class=\"_ _1\"></span> scenarios to repr<span class=\"_ _1\"></span>esent a broadly fixed probability<span class=\"_ _1\"></span> within the distribution of potential outcomes. As<span class=\"_ _1\"></span> such Pollen Street has maintained the pr<span class=\"_ _1\"></span>obability of each scenario at a broadly constant level despite the changing macroeconomic envir<span class=\"_ _1\"></span>onment. The Base case is given a 40 per cent weighting and<span class=\"_ _1\"></span> the downside and upside a 30 per cent weighting each, which is unchanged from the prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>As with any economic forecasts, the projections<span class=\"_ _1\"></span> and likelihoods of occurrence ar<span class=\"_ _1\"></span>e subject to a<span class=\"_ _1\"></span> high degree of inher<span class=\"_ _1\"></span>ent uncertainty and therefor<span class=\"_ _1\"></span>e the actual outcomes may be significantly differ<span class=\"_ _1\"></span>ent to those projected. The Gr<span class=\"_ _1\"></span>oup considers these forecasts to r<span class=\"_ _1\"></span>epresent its best estimate of the<span class=\"_ _1\"></span> possible outcomes and has analysed the non-<span class=\"_ _1f9\"> </span>linearities and asymmetries within the Group\u2019<span class=\"_ _31\"></span>s<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent portfolios to establish that the chosen scenarios are appr<span class=\"_ _1\"></span>opriately representative of the<span class=\"_ _1\"></span> range of possible scenarios.<span class=\"_ _1f9\"> </span>Other forward-looki<span class=\"_ _1\"></span>ng considerations not otherwise incorporated within the above scenarios, such as<span class=\"_ _1\"></span> the impact of any regulatory<span class=\"_ _31\"></span>, legislative or political changes, have also been considered, but no adjust<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment has been made to the ECL for such factors. This is reviewed and monitor<span class=\"_ _1\"></span>ed for appropriateness at each reporting date.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR RECEIV<span class=\"_ _1\"></span>ABLES<span class=\"_ _1f9\"> </span>Receivables consist of trade and other debtor<span class=\"_ _1\"></span> balances and prepayments and accrued income.<span class=\"_ _1\"></span> Receivables balances are r<span class=\"_ _1\"></span>epresented by fees<span class=\"_ _0\"></span> receivable for investment fund management and<span class=\"_ _1\"></span> advisory services provided during the year to the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s customers. The Group\u2019<span class=\"_ _31\"></span>s customers are<span class=\"_ _0\"></span> funds that the Group manages or advises. As such, the Group has detailed and up to date information<span class=\"_ _1\"></span> on the financial position and outlook of its counter<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>parties. Receivable balances are generally collected on a monthly or quarterly basis and are ther<span class=\"_ _1\"></span>efore<span class=\"_ _1\"></span> short-term in nature. The Gr<span class=\"_ _1\"></span>oup applies a simplified approach in calculating ECLs and r<span class=\"_ _1\"></span>ecognises a loss allowance based on lifetime ECLs at each reporting date. Given the historic rate of recoverability is 100<span class=\"_ _1\"></span> per cent and the absence of reasons to believe the<span class=\"_ _1\"></span> recoverability pattern will change, management\u2019<span class=\"_ _31\"></span>s assessment is that ECL calculated under IFRS 9<span class=\"_ _1\"></span> would be immaterial at the end of the current and<span class=\"_ _1\"></span> previous r<span class=\"_ _1\"></span>eporting period. Further information as<span class=\"_ _1\"></span> to how the Group manages its cr<span class=\"_ _1\"></span>edit risk on trade<span class=\"_ _1\"></span> and other receivables is disclosed in Note 23. Man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>agement will continue to assess the r<span class=\"_ _1\"></span>ecoverability at each reporting date for changes in the cir<span class=\"_ _1\"></span>cum<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>stances surrounding the r<span class=\"_ _1\"></span>ecoverability of the trade and other receivables, and r<span class=\"_ _1\"></span>ecognise an expected credit loss allowance when appr<span class=\"_ _1\"></span>opriate.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR CASH <span class=\"_ _1\"></span>AND CA<span class=\"_ _1\"></span>SH EQUIV<span class=\"_ _1\"></span>ALENTS<span class=\"_ _1f9\"> </span>Balances with banks are short-term in natur<span class=\"_ _1\"></span>e, are<span class=\"_ _1\"></span> held in reputable institutions (r<span class=\"_ _1\"></span>efer to Note 24) and are consider<span class=\"_ _1\"></span>ed to have a very low risk of credit<span class=\"_ _1\"></span> losses, therefor<span class=\"_ _1\"></span>e the ECL was estimated as immate<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>rial and was not booked.<span class=\"_ _1f9\"> </span>Goodwill is tested for impairment on an annual basis and whenever there is an indication that the r<span class=\"_ _1\"></span>ecover<span class=\"_ _1\"></span>-<span class=\"_ _1f9\"> </span>able amount of a cash-generating unit (\u201cCGU\u201d) is less than its carrying amount. Any impairment loss recog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nised on the goodwill are not r<span class=\"_ _1\"></span>eversed subsequently<span class=\"_ _0\"></span>. For the purpose of impairment testing, goodwill<span class=\"_ _1\"></span> acquired in a business combination is, fr<span class=\"_ _1\"></span>om the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sition date, allocated to each of the Group\u2019<span class=\"_ _31\"></span>s CGUs or group of CGUs that ar<span class=\"_ _1\"></span>e expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree ar<span class=\"_ _1\"></span>e assigned to those units. A CGU repr<span class=\"_ _1\"></span>esents the lowest level at which goodwill is monitored for internal management purposes.<span class=\"_ _1f9\"> </span>Where goodwill has been allocated to a CGU and<span class=\"_ _1\"></span> part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.<span class=\"_ _1\"></span> Goodwill disposed in these circumstances is meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured based on the r<span class=\"_ _1\"></span>elative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR <span class=\"_ _32\"></span>FINANCIAL<span class=\"_ _1\"></span> ASSETS <span class=\"_ _32\"></span>MEASURED A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> AMORTISED COST<span class=\"ff5 ls0\"> </span>The impairment charge in the income statement includes the change in expected credit losses which are r<span class=\"_ _1\"></span>ecognised for loans and advances to customers, other financial assets held at amortised cost and certain loan commitments.<span class=\"_ _1f9\"> </span>IFRS 9 applies a single impairment model to all financial instruments subject to impairment testing. Impairment losses are r<span class=\"_ _1\"></span>ecognised on initial recognition, and at each subsequent r<span class=\"_ _1\"></span>eporting period, even if the loss has not yet been incurred. In addition to past events and current conditions, reasonable and supportable for<span class=\"_ _1\"></span>ecasts affecting collectability are also consider<span class=\"_ _1\"></span>ed when determining the amount of impairment in accordance with IFRS 9. Under the IFRS 9 expected credit loss model, expected credit losses ar<span class=\"_ _1\"></span>e recognised at each reporting period, even if no actual loss events have taken place. In addition to past events and current conditions, r<span class=\"_ _1\"></span>easonable and supportable forward-looking information that is available without undue cost or effort is consider<span class=\"_ _1\"></span>ed in determining impairment, with the model applied to all financial instruments subject to impairment testing.<span class=\"_ _1f9\"> </span>At initial recognition, allowance is made for expected credit losses r<span class=\"_ _1\"></span>esulting from default events that ar<span class=\"_ _1\"></span>e possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in cr<span class=\"_ _1\"></span>edit risk, allowance (or provision) is made for expected credit losses r<span class=\"_ _1\"></span>esulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected cr<span class=\"_ _1\"></span>edit losses are r<span class=\"_ _1\"></span>ecognised are consider<span class=\"_ _1\"></span>ed to be Stage 1; financial assets which are consider<span class=\"_ _1\"></span>ed to have experienced a significant increase in cr<span class=\"_ _1\"></span>edit risk are in Stage 2; and financial assets which have defaulted or are otherwise consider<span class=\"_ _1\"></span>ed to be credit-impair<span class=\"_ _1\"></span>ed are allocated to Stage 3. Stage 2 and Stage 3 ar<span class=\"_ _1\"></span>e based on lifetime expected credit losses. The measurement of expected cr<span class=\"_ _1\"></span>edit loss, referr<span class=\"_ _1\"></span>ed to as \u201cECL\u201d, is primarily based on the product of the instrument\u2019<span class=\"_ _31\"></span>s probability of default (\u201cPD\u201d), loss given default (\u201cLGD\u201d) and exposure at default (\u201cEAD\u201d), taking into account the value of any collateral held<span class=\"_ _1f9\"> </span>or other mitigants of loss and including the impact of discounting using the EIR. \u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The PD repr<span class=\"_ _1\"></span>esents the likelihood of a borrower<span class=\"_ _1\"></span> defaulting on its financial obligation, either over the next 12 months (\u201c12M PD\u201d), or over the remaining lifetime (\u201cLifetime PD\u201d) of the obligation.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>EAD is based on the amounts the Group expects to be owed at the time of default, over the next<span class=\"_ _1\"></span> 12 months or over the remain<span class=\"_ _1\"></span>ing lifetime. For<span class=\"_ _1\"></span> example, for a revolving commitment, the Gr<span class=\"_ _1\"></span>oup includes the current drawn balance plus any<span class=\"_ _0\"></span> further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur<span class=\"_ _0\"></span>. The EAD is discounted back to the reporting date using the EIR determined at initial<span class=\"_ _1\"></span> recognition.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>LGD represents the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty<span class=\"_ _0\"></span>, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a per<span class=\"_ _1\"></span>centage loss per unit of EAD. LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the per<span class=\"_ _1\"></span>centage of loss expected to be made if the default occurs<span class=\"_ _1\"></span> in the next 12 months and Lifetime LGD is the<span class=\"_ _1\"></span> percentage of loss <span class=\"_ _1\"></span>expected to be made if the<span class=\"_ _1\"></span> default occurs over the remaining expected<span class=\"_ _0\"></span> lifetime of the loan (\u201cLifetime LGD\u201d).<span class=\"_ _1f9\"> </span>The ECL is determined by estimating the PD, LGD and EAD for each individual exposur<span class=\"_ _1\"></span>e or collective segment. These three components ar<span class=\"_ _1\"></span>e multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not pr<span class=\"_ _1\"></span>epaid or defaulted in an earlier month). This effectively calculates an ECL,<span class=\"_ _1\"></span> which is then discounted back to the reporting date and summed. The discount rate used in the ECL<span class=\"_ _1\"></span> calculation is the original EIR or an approximation<span class=\"_ _1\"></span> thereof. The Lifetime PD is developed by applying a maturity profile to the curr<span class=\"_ _1\"></span>ent 12M PD. The maturity profile looks at how defaults develop on a portfolio<span class=\"_ _1\"></span> from the point of initial r<span class=\"_ _1\"></span>ecognition throughout the<span class=\"_ _1\"></span> lifetime of the loans. The maturity profile is based on historical observed data and is assumed to be the same across all ass<span class=\"_ _1\"></span>ets within a portfolio and credit<span class=\"_ _1\"></span> grade band where supported by historical analysis.<span class=\"_ _1\"></span> The 12-month and lifetime EADs are determined<span class=\"_ _1\"></span> based on the expected payment profile, which varies by product type.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For amortising products and bullet repayment<span class=\"_ _0\"></span> loans, this is based on the contractual repayments owed by the borrower over a 12-month or<span class=\"_ _31\"></span> lifetime basis. This is also adjusted for any<span class=\"_ _0\"></span> expected overpayments made by a borrower<span class=\"_ _31\"></span>.<span class=\"_ _1\"></span> Early repayment/r<span class=\"_ _1\"></span>efinance assumptions are also<span class=\"_ _1\"></span> incorporated into the calculation.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>For r<span class=\"_ _1\"></span>evolving products, the EAD is predicted by<span class=\"_ _1\"></span> taking current drawn balance and adding a \u201ccr<span class=\"_ _1\"></span>edit conversion factor\u201d which allows for the expected drawdown of the re<span class=\"_ _1\"></span>maining limit by the time of<span class=\"_ _1\"></span> default. These assumptions vary by product<span class=\"_ _0\"></span> type and current limit utilisation band, based on<span class=\"_ _1\"></span> analysis of the Group\u2019<span class=\"_ _31\"></span>s recent default data.<span class=\"_ _1f9\"> </span>The 12-month and lifetime LGDs are determined<span class=\"_ _1\"></span> based on the factors which impact the recoveries<span class=\"_ _1\"></span> made post default. These vary by product type.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>For secured pr<span class=\"_ _1\"></span>oducts, this is primarily based on collateral type and projected collateral values,<span class=\"_ _1\"></span> historical discounts to market/book values due to forced sales, time to r<span class=\"_ _1\"></span>epossession and recovery<span class=\"_ _1\"></span> costs observed.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For unsecured products, LGDs are typically set<span class=\"_ _1\"></span> at product level due to the limited dif<span class=\"_ _1\"></span>ferentiation<span class=\"_ _1\"></span> in recoveries achieved acr<span class=\"_ _1\"></span>oss differ<span class=\"_ _1\"></span>ent borrowers. These LGDs are influenced by collection strategies, including contracted debt sales and price.<span class=\"_ _1f9\"> </span>The main differ<span class=\"_ _1\"></span>ence between Stage 1 and Stage<span class=\"_ _1\"></span> 2 is the respective PD horizon. Stage 1 estima<span class=\"_ _1\"></span>tes use a maximum of a 12-month PD, while Stage 2<span class=\"_ _1\"></span> estimates use a lifetime PD. The main differ<span class=\"_ _1\"></span>ence<span class=\"_ _1\"></span> between Stage 2 and Stage 3 is that Stage 3 is<span class=\"_ _1\"></span> effectively the point at which ther<span class=\"_ _1\"></span>e has been a default event. For financial assets in Stage 3, entities con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tinue to recognise <span class=\"_ _1\"></span>lifetime ECL but now recognise<span class=\"_ _1\"></span> interest income on a net basis. This means that<span class=\"_ _1\"></span> interest income is calculated based on the gr<span class=\"_ _1\"></span>oss car<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>rying amount of the financial asset less ECL. Stage 3 estimates continue to leverage existing processes for estimating losses on impaired loans, however<span class=\"_ _31\"></span>, these processes ar<span class=\"_ _1\"></span>e updated to reflect the r<span class=\"_ _1\"></span>equirements of IFRS 9, including the requir<span class=\"_ _1\"></span>ement to consider mul<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tiple forward-looking scenarios using independent<span class=\"_ _1\"></span> third-party economic information.<span class=\"_ _1f9\"> </span>Movements between Stage 1 and Stage 2 are based on whether an instrument\u2019<span class=\"_ _31\"></span>s credit risk as at the<span class=\"_ _1f9\"> </span>reporting date has <span class=\"_ _1\"></span>increased significantly r<span class=\"_ _1\"></span>elative to the date it was initially recognised. Wher<span class=\"_ _1\"></span>e the credit risk subsequently improves such that it no longer<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esents a significant increase in cr<span class=\"_ _1\"></span>edit risk since origination, the asset is transferred back to Stage 1. In assessing whether a borrower has had a signifi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cant increase in cr<span class=\"_ _1\"></span>edit risk, the following indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>Consumer:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Short-term forbearance;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Extension of terms granted;<span class=\"_ _1f9\"> </span>Structured/SME/Pr<span class=\"_ _1\"></span>operty:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Significant incr<span class=\"_ _1\"></span>ease in credit spread, wher<span class=\"_ _1\"></span>e this information is available;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Significant adverse changes in business, financial and/or economic conditions in which the borrower operates;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Actual or expected forbearance or restructuring;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>Actual or expected significant adverse change in operating results of the borr<span class=\"_ _1\"></span>ower;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Significant change in collateral value (secured<span class=\"_ _1\"></span> facilities only) which is expected to increase the<span class=\"_ _1\"></span> risk of default; and<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Early signs of cashflow/liquidity pr<span class=\"_ _1\"></span>oblems such as delay in servicing of payables.<span class=\"_ _1f9\"> </span>However<span class=\"_ _0\"></span>, as a backstop, unless identified at an ear<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>lier stage, the credit risk of financial assets is deemed to have increased significantly when r<span class=\"_ _1\"></span>epayments are more than 30 days past due. Movements between<span class=\"_ _1\"></span> Stage 2 and Stage 3 are based on whether financial assets are cr<span class=\"_ _1\"></span>edit-impaired as at the r<span class=\"_ _1\"></span>eporting date. IFRS 9 contains a rebu<span class=\"_ _1\"></span>ttable presumption that<span class=\"_ _0\"></span> default occurs no later than when a payment is 90<span class=\"_ _1\"></span> days past due. The Group uses this 90-day backstop for all its assets except for UK second mortgages, the Group has assumed a backstop of 180 days<span class=\"_ _1\"></span> past due as mortgage exposures mor<span class=\"_ _1\"></span>e than 90 days past due, but less than 180 days, typically show high cure rates and this aligns to the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s risk manage<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment practices. Assets can move in both directions<span class=\"_ _1\"></span> through the stages of the impairment model. In assessing whether a borr<span class=\"_ _1\"></span>ower is credit-impair<span class=\"_ _1\"></span>ed, the following qualitative indicators are consider<span class=\"_ _1\"></span>ed:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _2f\"></span>Any cases of forbearance, for example where the borrower is deceased or insolvent.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Whether the borrower is in br<span class=\"_ _1\"></span>each of financial<span class=\"_ _1\"></span> covenants, for example where concessions have<span class=\"_ _1\"></span> been made by the lender relating to the borr<span class=\"_ _1\"></span>ower\u2019<span class=\"_ _31\"></span>s financial difficulty or ther<span class=\"_ _1\"></span>e are significant adverse changes in business, financial or economic<span class=\"_ _0\"></span> conditions on which the borrower operates.<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>Where the cr<span class=\"_ _1\"></span>edit risk has increased, the remaining lifetime PD at the reporting date is assessed in<span class=\"_ _1\"></span> comparison to the residual lifetime PD expected<span class=\"_ _1\"></span> at the reporting date when the exposur<span class=\"_ _1\"></span>e was first recognised.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>The criteria above have been applied to all Credit Asset at amortised costs held by the Group and<span class=\"_ _1\"></span> are consistent with the defi<span class=\"_ _1\"></span>nition of default used for internal credit risk management purposes. The default definition has been applied consistently<span class=\"_ _1\"></span> to model the PD, EAD and LGD throughout the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s expected credit loss calculations.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _1\"></span> <span class=\"_ _d\"></span>Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in cir<span class=\"_ _1\"></span>cumstances.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Under IFRS 9, when determining whether the<span class=\"_ _1\"></span> credit risk (i.e. the risk of default) on a financial<span class=\"_ _1\"></span> instrument has increased significantly since<span class=\"_ _0\"></span> initial recognition, r<span class=\"_ _1\"></span>easonable and supportable<span class=\"_ _1\"></span> information that is relevant and available without<span class=\"_ _1\"></span> undue cost or effort, including both quantitative<span class=\"_ _1\"></span> and qualitative information and analysis based<span class=\"_ _1\"></span> on historical experience, credit assessment and<span class=\"_ _1\"></span> forward-looking information.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>The measurement of expected credit losses for<span class=\"_ _1\"></span> each stage and the assessment of significant<span class=\"_ _1\"></span> increases in cr<span class=\"_ _1\"></span>edit risk considers information<span class=\"_ _1\"></span> about past events and current conditions as well<span class=\"_ _1\"></span> as reasonable and supportable forwar<span class=\"_ _1\"></span>d-looking information. A \u201cBase case\u201d view of the future<span class=\"_ _0\"></span> direction of r<span class=\"_ _1\"></span>elevant economic variables and a<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative range of other possible for<span class=\"_ _1\"></span>ecasts scenarios have been developed. The process<span class=\"_ _1\"></span> has involved developing two additional economic scenarios and considering the relative pr<span class=\"_ _1\"></span>obabilities of each outcome.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>The base case r<span class=\"_ _1\"></span>epresents a most likely outcome and is aligned with information used for other<span class=\"_ _1\"></span> purposes, such as strategic planning and<span class=\"_ _0\"></span> budgeting. The number of scenarios and their<span class=\"_ _1\"></span> attributes are r<span class=\"_ _1\"></span>eassessed at each reporting<span class=\"_ _0\"></span> date. As at 31 December 2023 as well as 31<span class=\"_ _1\"></span> December 2022, all of the portfolios of the<span class=\"_ _0\"></span> Group use one positive, one optimistic and one<span class=\"_ _1\"></span> downside scenario. These scenario weightings are determined by a combination of statistical analysis<span class=\"_ _1f9\"> </span> and expert<span class=\"_ _1f9\"> </span> judgement, taking account of the<span class=\"_ _1f9\"> </span>range of possible outcomes each chosen scenario is<span class=\"_ _1\"></span> repr<span class=\"_ _1\"></span>esentative of.<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _2f\"></span>The estimation and application of forward-looking<span class=\"_ _1\"></span> information requir<span class=\"_ _1\"></span>es significant judgement. PD,<span class=\"_ _1\"></span> LGD and EAD inputs used to estimate Stage 1<span class=\"_ _1\"></span> and Stage 2 credit loss allowances, ar<span class=\"_ _1\"></span>e modelled and adjusted based on the macr<span class=\"_ _1\"></span>oeconomic<span class=\"_ _0\"></span> variables (or changes in macroeconomic<span class=\"_ _3a\"></span> variables) that are most closely corr<span class=\"_ _1\"></span>elated with<span class=\"_ _1\"></span> credit losses in the r<span class=\"_ _1\"></span>elevant portfolio. The Group<span class=\"_ _1\"></span> has utilised macroeconom<span class=\"_ _1\"></span>ic scenarios prepar<span class=\"_ _1\"></span>ed and provided by Oxfor<span class=\"_ _1\"></span>d Economics (\u201cOxford\u201d).<span class=\"_ _1\"></span> Oxford combines two decades of for<span class=\"_ _1\"></span>ecast errors<span class=\"_ _1\"></span> with the quantitative assessment of the current<span class=\"_ _1\"></span> risks facing the global and domestic economy to produce r<span class=\"_ _1\"></span>obust forward-looking d<span class=\"_ _1\"></span>istributions for the economy<span class=\"_ _0\"></span>. Oxford construct thr<span class=\"_ _1\"></span>ee alter<span class=\"_ _32\"></span>native<span class=\"_ _1\"></span> scenarios at specific percentile points in the<span class=\"_ _0\"></span> distribution. In any distribution, the probability of a given discrete scenario is close to zer<span class=\"_ _1\"></span>o. Therefor<span class=\"_ _1\"></span>e, scenario probabilities r<span class=\"_ _1\"></span>epresent the pr<span class=\"_ _1\"></span>obability of that scenario or similar scenarios occurring. In<span class=\"_ _1\"></span> effect, a given scenario r<span class=\"_ _1\"></span>epresents the average of a broader bucket of similar severity scenarios and the probability r<span class=\"_ _1\"></span>eflects the width of that bucket. Given that it is known where the IFRS 9 scenarios sit in<span class=\"_ _1\"></span> the distribution (the percentiles), their pr<span class=\"_ _1\"></span>obability (the width of the bucket of similar scenarios)<span class=\"_ _0\"></span> depends on how many scenarios are chosen.<span class=\"_ _0\"></span> Scenario probabilities must add up to 100 per cent so the more scenarios chosen, the smaller the<span class=\"_ _1\"></span> section of the distribution, or bucket, each scenario repr<span class=\"_ _1\"></span>esents and therefor<span class=\"_ _1\"></span>e the smaller the probability<span class=\"_ _0\"></span>. This allows the probabilities to be calculated<span class=\"_ _0\"></span> according to whichever subset of scenarios chosen to use in the ECL calculation. Oxford updates these scenarios on a quarterly basis to r<span class=\"_ _1\"></span>eflect changes to the macroeconomic envir<span class=\"_ _1\"></span>onment. Pollen Street updates the scenarios during the year if economic conditions change materially<span class=\"_ _0\"></span>. Oxford selects the<span class=\"_ _1\"></span> scenarios to repr<span class=\"_ _1\"></span>esent a broadly fixed probability<span class=\"_ _1\"></span> within the distribution of potential outcomes. As<span class=\"_ _1\"></span> such Pollen Street has maintained the pr<span class=\"_ _1\"></span>obability of each scenario at a broadly constant level despite the changing macroeconomic envir<span class=\"_ _1\"></span>onment. The Base case is given a 40 per cent weighting and<span class=\"_ _1\"></span> the downside and upside a 30 per cent weighting each, which is unchanged from the prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>As with any economic forecasts, the projections<span class=\"_ _1\"></span> and likelihoods of occurrence ar<span class=\"_ _1\"></span>e subject to a<span class=\"_ _1\"></span> high degree of inher<span class=\"_ _1\"></span>ent uncertainty and therefor<span class=\"_ _1\"></span>e the actual outcomes may be significantly differ<span class=\"_ _1\"></span>ent to those projected. The Gr<span class=\"_ _1\"></span>oup considers these forecasts to r<span class=\"_ _1\"></span>epresent its best estimate of the<span class=\"_ _1\"></span> possible outcomes and has analysed the non-<span class=\"_ _1f9\"> </span>linearities and asymmetries within the Group\u2019<span class=\"_ _31\"></span>s<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent portfolios to establish that the chosen scenarios are appr<span class=\"_ _1\"></span>opriately representative of the<span class=\"_ _1\"></span> range of possible scenarios.<span class=\"_ _1f9\"> </span>Other forward-looki<span class=\"_ _1\"></span>ng considerations not otherwise incorporated within the above scenarios, such as<span class=\"_ _1\"></span> the impact of any regulatory<span class=\"_ _31\"></span>, legislative or political changes, have also been considered, but no adjust<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment has been made to the ECL for such factors. This is reviewed and monitor<span class=\"_ _1\"></span>ed for appropriateness at each reporting date.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR RECEIV<span class=\"_ _1\"></span>ABLES<span class=\"_ _1f9\"> </span>Receivables consist of trade and other debtor<span class=\"_ _1\"></span> balances and prepayments and accrued income.<span class=\"_ _1\"></span> Receivables balances are r<span class=\"_ _1\"></span>epresented by fees<span class=\"_ _0\"></span> receivable for investment fund management and<span class=\"_ _1\"></span> advisory services provided during the year to the<span class=\"_ _1\"></span> Group\u2019<span class=\"_ _31\"></span>s customers. The Group\u2019<span class=\"_ _31\"></span>s customers are<span class=\"_ _0\"></span> funds that the Group manages or advises. As such, the Group has detailed and up to date information<span class=\"_ _1\"></span> on the financial position and outlook of its counter<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>parties. Receivable balances are generally collected on a monthly or quarterly basis and are ther<span class=\"_ _1\"></span>efore<span class=\"_ _1\"></span> short-term in nature. The Gr<span class=\"_ _1\"></span>oup applies a simplified approach in calculating ECLs and r<span class=\"_ _1\"></span>ecognises a loss allowance based on lifetime ECLs at each reporting date. Given the historic rate of recoverability is 100<span class=\"_ _1\"></span> per cent and the absence of reasons to believe the<span class=\"_ _1\"></span> recoverability pattern will change, management\u2019<span class=\"_ _31\"></span>s assessment is that ECL calculated under IFRS 9<span class=\"_ _1\"></span> would be immaterial at the end of the current and<span class=\"_ _1\"></span> previous r<span class=\"_ _1\"></span>eporting period. Further information as<span class=\"_ _1\"></span> to how the Group manages its cr<span class=\"_ _1\"></span>edit risk on trade<span class=\"_ _1\"></span> and other receivables is disclosed in Note 23. Man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>agement will continue to assess the r<span class=\"_ _1\"></span>ecoverability at each reporting date for changes in the cir<span class=\"_ _1\"></span>cum<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>stances surrounding the r<span class=\"_ _1\"></span>ecoverability of the trade and other receivables, and r<span class=\"_ _1\"></span>ecognise an expected credit loss allowance when appr<span class=\"_ _1\"></span>opriate.<span class=\"_ _1f9\"> </span>EXPECTED CREDIT<span class=\"_ _1\"></span> LOSS <span class=\"_ _1\"></span>ALLO<span class=\"_ _1\"></span>W<span class=\"_ _1\"></span>ANCE FOR CASH <span class=\"_ _1\"></span>AND CA<span class=\"_ _1\"></span>SH EQUIV<span class=\"_ _1\"></span>ALENTS<span class=\"_ _1f9\"> </span>Balances with banks are short-term in natur<span class=\"_ _1\"></span>e, are<span class=\"_ _1\"></span> held in reputable institutions (r<span class=\"_ _1\"></span>efer to Note 24) and are consider<span class=\"_ _1\"></span>ed to have a very low risk of credit<span class=\"_ _1\"></span> losses, therefor<span class=\"_ _1\"></span>e the ECL was estimated as immate<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>rial and was not booked.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "COLLA<span class=\"_ _1\"></span>TERAL<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span>AND OTHER <span class=\"ls0\"> </span>CREDIT<span class=\"_ _1\"></span> ENHANCEMENTS<span class=\"_ _1f9\"> </span>The Group employs a range of policies to mitigate<span class=\"_ _1\"></span> credit risk. The most common of these is accepting collateral for funds advanced. The Group has internal policies of the acceptability of specific classes of<span class=\"_ _1\"></span> collateral or credit risk mitigation.<span class=\"_ _1f9\"> </span>The Group pr<span class=\"_ _1\"></span>epares a valuation of the collateral<span class=\"_ _1\"></span> obtained as part of the loan origination process. This assessment is reviewed periodically<span class=\"_ _31\"></span>. The principal collateral types for loans and advances are:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>mortgages over residential pr<span class=\"_ _1\"></span>operties;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>security over our borrowers r<span class=\"_ _1\"></span>eceivables;<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _5b\"></span> <span class=\"_ _2\"></span>margin agreement for derivatives, for which the Group has also entered into master netting agr<span class=\"_ _1\"></span>eements;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _d\"></span>charges over business assets such as premises,<span class=\"_ _1\"></span> inventory and accounts receivable; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>charges over financial instruments such as debt securities and equities.<span class=\"_ _1f9\"> </span>Longer<span class=\"_ _1\"></span>-term finance and lending to corporate enti<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ties are generally s<span class=\"_ _1\"></span>ecured; revolvi<span class=\"_ _1\"></span>ng individual credit facilities are generally unsecur<span class=\"_ _1\"></span>ed.<span class=\"_ _1f9\"> </span>Collateral held as security for financial assets other than loans and advances depends on the nature of<span class=\"_ _1\"></span> the instrument. Derivatives are also generally collat<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>eralised.<span class=\"_ _1f9\"> </span>The Group closely monitors collateral held for finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cial assets considered to be cr<span class=\"_ _1\"></span>edit-impaired, as it<span class=\"_ _1\"></span> becomes more likely that the Gr<span class=\"_ _1\"></span>oup will take posses<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>sion of collateral to mitigate potential credit losses.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "DERECOGNITION OTHER THAN<span class=\"ls0 ws0\"> </span>A<span class=\"_ _1\"></span> MODIFIC<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TION<span class=\"_ _1f9\"> </span>Financial assets, or a portion thereof, ar<span class=\"_ _1\"></span>e derecog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nised when the contractual rights to receive the cash flows from the assets have expir<span class=\"_ _1\"></span>ed, or when they have been transferred and either (i) the Gr<span class=\"_ _1\"></span>oup trans<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>fers substantially all the risks and rewar<span class=\"_ _1\"></span>ds of own<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ership, or (ii) the Group neither transfers nor r<span class=\"_ _1\"></span>etains substantially all the risks and rewar<span class=\"_ _1\"></span>ds of ownership and the Group has not r<span class=\"_ _1\"></span>etained control.<span class=\"_ _1f9\"> </span>The Group enters into transactions wher<span class=\"_ _1\"></span>e it retains<span class=\"_ _1\"></span> the contractual rights to receive cash flows fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> assets but assumes a contractual obligation to pay those cash flows to other entities and transfers sub<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>stantially all of the risks and rewar<span class=\"_ _1\"></span>ds. These transac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions are accounted for as \u201cpass t<span class=\"_ _1\"></span>hrough\u201d transfers that result in der<span class=\"_ _1\"></span>ecognition if the Group:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>has no obligation to make payments unless it collects<span class=\"_ _32\"></span> equivalent amounts from the assets;<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _57\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>is prohibited fr<span class=\"_ _1\"></span>om selling or pledging the assets; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _5b\"></span> <span class=\"_ _57\"></span> <span class=\"_ _2\"></span>has an obligation to remit any cash it collects fr<span class=\"_ _1\"></span>om the<span class=\"_ _32\"></span> assets without material delay<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>DERECOGNITION<span class=\"_ _1f9\"> </span>Financial liabilities are der<span class=\"_ _1\"></span>ecognised when they are<span class=\"_ _1\"></span> extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expires). Dif<span class=\"_ _1\"></span>fer<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ent terms, as well as substantial modifications of the terms of existing financial liabilities, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability<span class=\"_ _31\"></span>. The terms are substantially dif<span class=\"_ _1\"></span>ferent if the discounted<span class=\"_ _1\"></span> present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original EIR, is at least 10 per cent differ<span class=\"_ _1\"></span>ent from the discounted pr<span class=\"_ _1\"></span>esent value<span class=\"_ _1\"></span> of the remaining cash flows of the original financial<span class=\"_ _1\"></span> liability<span class=\"_ _0\"></span>. In addition, other qualitative factors, such as the currency that the instrument is denominated in,<span class=\"_ _1\"></span> changes in the type of interest rate, new conversion features attached to the instrument and change in<span class=\"_ _1\"></span> covenants are also taken into consideration. If an<span class=\"_ _1\"></span> exchange of debt instruments or modification of<span class=\"_ _1\"></span> terms is accounted for as an extinguishment, any<span class=\"_ _1\"></span> costs or fees incurr<span class=\"_ _1\"></span>ed are recognis<span class=\"_ _1\"></span>ed as part of the gain or loss on the extinguishment. If the exchange or modification is not accounted for as an extinguish<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the<span class=\"_ _1\"></span> remaining term of the modified liability<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "INVESTMENTS HELD <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>AIR <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ALUE THROUGH PROFIT<span class=\"_ _1\"></span> OR LOSS<span class=\"_ _1f9\"> </span>The Investments held at fair value through pr<span class=\"_ _1\"></span>ofit<span class=\"_ _1\"></span> or loss (\u201cFVTPL\u201d) include Equity Assets and Credit<span class=\"_ _1\"></span> Assets.<span class=\"_ _1f9\"> </span>Equity Assets held at FVTPL are valued in accor<span class=\"_ _1\"></span>d<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ance with the International Private Equity and V<span class=\"_ _1\"></span>enture Capital V<span class=\"_ _1\"></span>aluation Guidelines (\u201cIPEVCV\u201d) ef<span class=\"_ _1\"></span>fective 1 January 2019 with the latest update in December 2022 as recommended by the British Private Equity and V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>e Capital Association. Credit Assets<span class=\"_ _1\"></span> held at FVTPL are valued incorporating the ef<span class=\"_ _1\"></span>fect of changes interest rates and the cr<span class=\"_ _1\"></span>edit risk using similar techniques to those described in the secti<span class=\"_ _1\"></span>on of expected credit loss allowance for financial assets measured at amortised costs later in this Note.<span class=\"_ _1f9\"> </span>Equity Assets are instrumen<span class=\"_ _1\"></span>ts that have equity-like returns; that is, instruments that do not contain a<span class=\"_ _1\"></span> contractual obligation to pay and that evidence a<span class=\"_ _1\"></span> residual inter<span class=\"_ _1\"></span>est in the issuer\u2019<span class=\"_ _31\"></span>s net assets. Examples<span class=\"_ _1f9\"> </span>of equity instruments include ordinary shar<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> investments in Private Equity funds managed or<span class=\"_ _0\"></span> advised by Pollen Street.<span class=\"_ _1f9\"> </span>Credit Assets at FVTPL consist of loans, together<span class=\"_ _1\"></span> with similar investments, made by the Investment<span class=\"_ _1\"></span> Company to counterparties where the contractual<span class=\"_ _1\"></span> cash flows do not meet the requir<span class=\"_ _1\"></span>ements of the solely payments of principal and interest test or ar<span class=\"_ _1\"></span>e other<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>wise classified at fair value. See the section on Clas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sification and measurement \u2013 Financial assets earlier in this Note. Examples of credit instruments include<span class=\"_ _1\"></span> investment in Private Credit funds managed or<span class=\"_ _0\"></span> advised by Pollen Street or other cr<span class=\"_ _1\"></span>edit instruments where incr<span class=\"_ _1\"></span>emental cash flows are due contingent on certain events occurring. Credit Assets at FVTPL ar<span class=\"_ _1\"></span>e valued based off the net asset value of each fund. The valuations typically<span class=\"_ _1\"></span> reflect the fair value of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s proportionate<span class=\"_ _1\"></span> share of each investment as at the r<span class=\"_ _1\"></span>eporting date or the latest available date. As at 31 December<span class=\"_ _1\"></span> 2023, the majority of cr<span class=\"_ _1\"></span>edit assets at FVTPL were<span class=\"_ _1\"></span> priced at their amortised cost value given that they were floating rate assets and performing in line with expectations. Purchases and sales of unquoted investments ar<span class=\"_ _1\"></span>e recognised when the contract for acquisition or sale becomes unconditional.<span class=\"_ _1f9\"> </span>IFRS 13 requir<span class=\"_ _1\"></span>es the Group to classify its financial<span class=\"_ _1\"></span> instruments held at fair value using a hierarchy that<span class=\"_ _1\"></span> reflects the significance of the inputs used in the<span class=\"_ _1\"></span> valuation methodologies. These are as follows:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Level 1 \u2013 quoted prices in active markets for<span class=\"_ _1\"></span> identical investments.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Level 2 \u2013 other significant observable inputs<span class=\"_ _1\"></span> (including quoted prices for similar investments, interest rates, pr<span class=\"_ _1\"></span>epayments, credit risk, etc.).<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Level 3 \u2013 significant unobservable inputs (including the Group\u2019<span class=\"_ _31\"></span>s own assumptions in determining the fair value of investments).<span class=\"_ _1f9\"> </span>An investment is always categorised as Level 1, 2 or 3 in its entirety<span class=\"_ _31\"></span>. In certain cases, the fair value meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urement for an investment may use a number of<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent inputs that fall into differ<span class=\"_ _1\"></span>ent levels of the fair value hierarchy<span class=\"_ _31\"></span>. The assessment of the significance of a particular input to the fair value measurement<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>es judgement and is specific to the investment.<span class=\"_ _1f9\"> </span>The gain on fair value is shown in the \u2018Gains on<span class=\"_ _1\"></span> Investment Assets held at fair value\u2019 line on the<span class=\"_ _1\"></span> Consolidated Statement of Comprehensive Income. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "INVESTMENTS HELD <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span> F<span class=\"_ _1\"></span>AIR <span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ALUE THROUGH PROFIT<span class=\"_ _1\"></span> OR LOSS<span class=\"_ _1f9\"> </span>The Investments held at fair value through pr<span class=\"_ _1\"></span>ofit<span class=\"_ _1\"></span> or loss (\u201cFVTPL\u201d) include Equity Assets and Credit<span class=\"_ _1\"></span> Assets.<span class=\"_ _1f9\"> </span>Equity Assets held at FVTPL are valued in accor<span class=\"_ _1\"></span>d<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ance with the International Private Equity and V<span class=\"_ _1\"></span>enture Capital V<span class=\"_ _1\"></span>aluation Guidelines (\u201cIPEVCV\u201d) ef<span class=\"_ _1\"></span>fective 1 January 2019 with the latest update in December 2022 as recommended by the British Private Equity and V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>e Capital Association. Credit Assets<span class=\"_ _1\"></span> held at FVTPL are valued incorporating the ef<span class=\"_ _1\"></span>fect of changes interest rates and the cr<span class=\"_ _1\"></span>edit risk using similar techniques to those described in the secti<span class=\"_ _1\"></span>on of expected credit loss allowance for financial assets measured at amortised costs later in this Note.<span class=\"_ _1f9\"> </span>Equity Assets are instrumen<span class=\"_ _1\"></span>ts that have equity-like returns; that is, instruments that do not contain a<span class=\"_ _1\"></span> contractual obligation to pay and that evidence a<span class=\"_ _1\"></span> residual inter<span class=\"_ _1\"></span>est in the issuer\u2019<span class=\"_ _31\"></span>s net assets. Examples<span class=\"_ _1f9\"> </span>of equity instruments include ordinary shar<span class=\"_ _1\"></span>es or<span class=\"_ _1\"></span> investments in Private Equity funds managed or<span class=\"_ _0\"></span> advised by Pollen Street.<span class=\"_ _1f9\"> </span>Credit Assets at FVTPL consist of loans, together<span class=\"_ _1\"></span> with similar investments, made by the Investment<span class=\"_ _1\"></span> Company to counterparties where the contractual<span class=\"_ _1\"></span> cash flows do not meet the requir<span class=\"_ _1\"></span>ements of the solely payments of principal and interest test or ar<span class=\"_ _1\"></span>e other<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>wise classified at fair value. See the section on Clas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sification and measurement \u2013 Financial assets earlier in this Note. Examples of credit instruments include<span class=\"_ _1\"></span> investment in Private Credit funds managed or<span class=\"_ _0\"></span> advised by Pollen Street or other cr<span class=\"_ _1\"></span>edit instruments where incr<span class=\"_ _1\"></span>emental cash flows are due contingent on certain events occurring. Credit Assets at FVTPL ar<span class=\"_ _1\"></span>e valued based off the net asset value of each fund. The valuations typically<span class=\"_ _1\"></span> reflect the fair value of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s proportionate<span class=\"_ _1\"></span> share of each investment as at the r<span class=\"_ _1\"></span>eporting date or the latest available date. As at 31 December<span class=\"_ _1\"></span> 2023, the majority of cr<span class=\"_ _1\"></span>edit assets at FVTPL were<span class=\"_ _1\"></span> priced at their amortised cost value given that they were floating rate assets and performing in line with expectations. Purchases and sales of unquoted investments ar<span class=\"_ _1\"></span>e recognised when the contract for acquisition or sale becomes unconditional.<span class=\"_ _1f9\"> </span>IFRS 13 requir<span class=\"_ _1\"></span>es the Group to classify its financial<span class=\"_ _1\"></span> instruments held at fair value using a hierarchy that<span class=\"_ _1\"></span> reflects the significance of the inputs used in the<span class=\"_ _1\"></span> valuation methodologies. These are as follows:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Level 1 \u2013 quoted prices in active markets for<span class=\"_ _1\"></span> identical investments.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Level 2 \u2013 other significant observable inputs<span class=\"_ _1\"></span> (including quoted prices for similar investments, interest rates, pr<span class=\"_ _1\"></span>epayments, credit risk, etc.).<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Level 3 \u2013 significant unobservable inputs (including the Group\u2019<span class=\"_ _31\"></span>s own assumptions in determining the fair value of investments).<span class=\"_ _1f9\"> </span>An investment is always categorised as Level 1, 2 or 3 in its entirety<span class=\"_ _31\"></span>. In certain cases, the fair value meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urement for an investment may use a number of<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent inputs that fall into differ<span class=\"_ _1\"></span>ent levels of the fair value hierarchy<span class=\"_ _31\"></span>. The assessment of the significance of a particular input to the fair value measurement<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>es judgement and is specific to the investment.<span class=\"_ _1f9\"> </span>The gain on fair value is shown in the \u2018Gains on<span class=\"_ _1\"></span> Investment Assets held at fair value\u2019 line on the<span class=\"_ _1\"></span> Consolidated Statement of Comprehensive Income.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "IFRS 13 requir<span class=\"_ _1\"></span>es the Group to classify its financial<span class=\"_ _1\"></span> instruments held at fair value using a hierarchy that<span class=\"_ _1\"></span> reflects the significance of the inputs used in the<span class=\"_ _1\"></span> valuation methodologies. These are as follows:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>Level 1 \u2013 quoted prices in active markets for<span class=\"_ _1\"></span> identical investments.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Level 2 \u2013 other significant observable inputs<span class=\"_ _1\"></span> (including quoted prices for similar investments, interest rates, pr<span class=\"_ _1\"></span>epayments, credit risk, etc.).<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>Level 3 \u2013 significant unobservable inputs (including the Group\u2019<span class=\"_ _31\"></span>s own assumptions in determining the fair value of investments).<span class=\"_ _1f9\"> </span>An investment is always categorised as Level 1, 2 or 3 in its entirety<span class=\"_ _31\"></span>. In certain cases, the fair value meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urement for an investment may use a number of<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ent inputs that fall into differ<span class=\"_ _1\"></span>ent levels of the fair value hierarchy<span class=\"_ _31\"></span>. The assessment of the significance of a particular input to the fair value measurement<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>es judgement and is specific to the investment.<span class=\"_ _1f9\"> </span>The gain on fair value is shown in the \u2018Gains on<span class=\"_ _1\"></span> Investment Assets held at fair value\u2019 line on the<span class=\"_ _1\"></span> Consolidated Statement of Comprehensive Income.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-488": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs3f9\">FIXED ASSETS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs3fa\">Fixed assets are shown at cost less accumulated<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3b gs3fb\">depreciation. Depr<span class=\"_ _1\"></span>eciation is calculated by the Group </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs3fc\">on a straight-line basis by refer<span class=\"_ _1\"></span>ence to the original </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs3fd\">cost, estimated useful life and r<span class=\"_ _1\"></span>esidual value. Cost </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs3fe\">includes the original purchase price of the asset<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs3ff\">and the costs attributable to bringing the asset to its </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs400\">working condition for its intended use. The period </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs401\">of estimated useful life for this purpose is up to 10<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs402\">years. Residual values are assumed to be nil.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs403\">Plant and equipment is stated at historical cost less </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws18 gs404\">accumulated depreciation and impairment. Historical </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs405\">cost includes expenditure that is dir<span class=\"_ _1\"></span>ectly attributable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs406\">to the acquisition of the items.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs407\">Depreciation is charged so as to allocate the cost of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs408\">assets less their residual value over their estimated<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs409\">useful lives, using the straight line method.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs40a\">Depreciation is pr<span class=\"_ _1\"></span>ovided on the following basis:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls0 ws0 gs40b\">Fixtures and fittings <span class=\"_ _101\"> </span> <span class=\"_ _34\"> </span>3 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls0 ws0 gs40c\">Office equipment <span class=\"_ _38\"> </span> <span class=\"_ _2a\"> </span>3 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls0 ws0 gs40d\">Electric vehicles <span class=\"_ _0\"></span> <span class=\"_ _34\"> </span> <span class=\"_ _2a\"> </span>5 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls0 ws0 gs40e\">Leasehold improvements <span class=\"_ _2a\"> </span>10 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs40f\">The assets\u2019 residual values, useful lives and depr<span class=\"_ _1\"></span>eci<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs410\">ation methods are r<span class=\"_ _1\"></span>eviewed, and adjusted prospec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs411\">tively if appropriate, or if ther<span class=\"_ _1\"></span>e is an indication of a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs412\">significant change since the last reporting date.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs413\">Gains and losses on disposals are determined by<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs414\">comparing the proceeds with the carrying amount<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs415\">and are r<span class=\"_ _1\"></span>ecognised in the consolidated statement of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs416\">comprehensive income<span class=\"_ _1f9\"> </span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated<span class=\"_ _1\"></span> useful lives, using the straight line method.<span class=\"_ _1f9\"> </span>Depreciation is pr<span class=\"_ _1\"></span>ovided on the following basis:<span class=\"_ _1f9\"> </span>Fixtures and fittings <span class=\"_ _101\"> </span> <span class=\"_ _34\"> </span>3 years<span class=\"_ _1f9\"> </span>Office equipment <span class=\"_ _38\"> </span> <span class=\"_ _2a\"> </span>3 years<span class=\"_ _1f9\"> </span>Electric vehicles <span class=\"_ _0\"></span> <span class=\"_ _34\"> </span> <span class=\"_ _2a\"> </span>5 years<span class=\"_ _1f9\"> </span>Leasehold improvements <span class=\"_ _2a\"> </span>10 years<span class=\"_ _1f9\"> </span>The assets\u2019 residual values, useful lives and depr<span class=\"_ _1\"></span>eci<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ation methods are r<span class=\"_ _1\"></span>eviewed, and adjusted prospec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tively if appropriate, or if ther<span class=\"_ _1\"></span>e is an indication of a significant change since the last reporting date.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-489": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs418\">GOODWILL<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls21 ws0 gs419\">Goodwill is initially measured at cost (being the<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs41a\">excess of the aggregate of the consideration trans<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs41b\">ferred over the net identifiable assets acquir<span class=\"_ _1\"></span>ed and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs41c\">liabilities assumed). If the fair value of the net assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs41d\">acquired is in excess of the aggr<span class=\"_ _1\"></span>egate consideration </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs41e\">transferred, the Gr<span class=\"_ _1\"></span>oup reassesses whether it has<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws24 gs41f\">correctly identified all of the assets acquir<span class=\"_ _1\"></span>ed and all of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs420\">the liabilities assumed, and r<span class=\"_ _1\"></span>eviews the procedur<span class=\"_ _1\"></span>es </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs421\">used to measure the amounts to be r<span class=\"_ _1\"></span>ecognised at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs422\">the acquisition date. If the reassessment still r<span class=\"_ _1\"></span>esults </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs423\">in an excess of the fair value of net assets acquired<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs424\">over the aggregate consideration transferr<span class=\"_ _1\"></span>ed, then </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs425\">the gain is recognised in the consolidated statement </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs426\">of comprehensive income.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs427\">After initial recognition, goodwill is <span class=\"_ _1\"></span>measured at cost </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs428\">less any accumulated impairment losses. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs429\">Goodwill is tested for impairment on an annual basis </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs42a\">and whenever there is an indication that the r<span class=\"_ _1\"></span>ecover<span class=\"_ _1\"></span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs42b\">able amount of a cash-generating unit (\u201cCGU\u201d) is less </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gs42c\">than its carrying amount. Any impairment loss recog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gs42d\">nised on the goodwill are not r<span class=\"_ _1\"></span>eversed subsequently<span class=\"_ _0\"></span>. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs42e\">For the purpose of impairment testing, goodwill<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws2f gs42f\">acquired in a business combination is, fr<span class=\"_ _1\"></span>om the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gs430\">sition date, allocated to each of the Group\u2019<span class=\"_ _31\"></span>s CGUs or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs431\">group of CGUs that ar<span class=\"_ _1\"></span>e expected to benefit from the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs432\">combination, irrespective of whether other assets or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws2d gs433\">liabilities of the acquiree ar<span class=\"_ _1\"></span>e assigned to those units. A </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs434\">CGU repr<span class=\"_ _1\"></span>esents the lowest level at which goodwill is </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs435\">monitored for internal management purposes.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs436\">Where goodwill has been allocated to a CGU and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs437\">part of the operation within that unit is disposed of, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs438\">the goodwill associated with the disposed operation </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs439\">is included in the carrying amount of the operation </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls53 ws0 gs43a\">when determining the gain or loss on disposal.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs43b\">Goodwill disposed in these circumstances is meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs43c\">ured based on the r<span class=\"_ _1\"></span>elative values of the disposed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs43d\">operation and the portion of the CGU retained.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs43e\">As explained in Note 5, on 14 February 2024, the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs43f\">Company distributed the entire issued shar<span class=\"_ _1\"></span>e capital </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs440\">in Pollen Street Capital Holdings Limited to its new<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs441\">parent, Pollen Str<span class=\"_ _1\"></span>eet Group Limited. This is r<span class=\"_ _1\"></span>eferred </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1f gs442\">to as the Distribution. The Distribution was approved </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs443\">by shareholders on 11 October 2023. At this date,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws38 gs444\">the Group consider<span class=\"_ _1\"></span>ed that it was highly probable that </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs445\">the Distribution would take place, and so the Group </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs446\">carried out an impairment assessment of the good<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws36 gs447\">will to determine the carrying amount of goodwill that </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs448\">forms part of the Distribution.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs449\">INT<span class=\"_ _1\"></span>ANGIBLES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs44a\">Intangible assets, which constitute acquired cus<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs44b\">tomer relationship assets acquir<span class=\"_ _1\"></span>ed from a business </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs44c\">combination, are stated at cost less accumulated<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs44d\">amortisation and accumulated impairment losses. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs44e\">Intangible assets are assessed at each r<span class=\"_ _1\"></span>eporting<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs44f\">date when there ar<span class=\"_ _1\"></span>e indicators of impairment.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs450\">Amortisation is calculated using the straight-line<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs451\">method to allocate the amortised amount of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs452\">assets to their residual values over their estimated<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs453\">useful lives.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "GOODWILL<span class=\"_ _1f9\"> </span>Goodwill is initially measured at cost (being the<span class=\"_ _0\"></span> excess of the aggregate of the consideration trans<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ferred over the net identifiable assets acquir<span class=\"_ _1\"></span>ed and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggr<span class=\"_ _1\"></span>egate consideration transferred, the Gr<span class=\"_ _1\"></span>oup reassesses whether it has<span class=\"_ _1\"></span> correctly identified all of the assets acquir<span class=\"_ _1\"></span>ed and all of the liabilities assumed, and r<span class=\"_ _1\"></span>eviews the procedur<span class=\"_ _1\"></span>es used to measure the amounts to be r<span class=\"_ _1\"></span>ecognised at the acquisition date. If the reassessment still r<span class=\"_ _1\"></span>esults in an excess of the fair value of net assets acquired<span class=\"_ _1\"></span> over the aggregate consideration transferr<span class=\"_ _1\"></span>ed, then the gain is recognised in the consolidated statement of comprehensive income.<span class=\"_ _1f9\"> </span>After initial recognition, goodwill is <span class=\"_ _1\"></span>measured at cost less any accumulated impairment losses. Goodwill is tested for impairment on an annual basis and whenever there is an indication that the r<span class=\"_ _1\"></span>ecover<span class=\"_ _1\"></span>-<span class=\"_ _1f9\"> </span>able amount of a cash-generating unit (\u201cCGU\u201d) is less than its carrying amount. Any impairment loss recog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nised on the goodwill are not r<span class=\"_ _1\"></span>eversed subsequently<span class=\"_ _0\"></span>. For the purpose of impairment testing, goodwill<span class=\"_ _1\"></span> acquired in a business combination is, fr<span class=\"_ _1\"></span>om the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sition date, allocated to each of the Group\u2019<span class=\"_ _31\"></span>s CGUs or group of CGUs that ar<span class=\"_ _1\"></span>e expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree ar<span class=\"_ _1\"></span>e assigned to those units. A CGU repr<span class=\"_ _1\"></span>esents the lowest level at which goodwill is monitored for internal management purposes.<span class=\"_ _1f9\"> </span>Where goodwill has been allocated to a CGU and<span class=\"_ _1\"></span> part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.<span class=\"_ _1\"></span> Goodwill disposed in these circumstances is meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured based on the r<span class=\"_ _1\"></span>elative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _1f9\"> </span>As explained in Note 5, on 14 February 2024, the<span class=\"_ _1\"></span> Company distributed the entire issued shar<span class=\"_ _1\"></span>e capital in Pollen Street Capital Holdings Limited to its new<span class=\"_ _1\"></span> parent, Pollen Str<span class=\"_ _1\"></span>eet Group Limited. This is r<span class=\"_ _1\"></span>eferred to as the Distribution. The Distribution was approved by shareholders on 11 October 2023. At this date,<span class=\"_ _1\"></span> the Group consider<span class=\"_ _1\"></span>ed that it was highly probable that the Distribution would take place, and so the Group carried out an impairment assessment of the good<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>will to determine the carrying amount of goodwill that forms part of the Distribution.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "Goodwill is tested for impairment on an annual basis and whenever there is an indication that the r<span class=\"_ _1\"></span>ecover<span class=\"_ _1\"></span>-<span class=\"_ _1f9\"> </span>able amount of a cash-generating unit (\u201cCGU\u201d) is less than its carrying amount. Any impairment loss recog<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nised on the goodwill are not r<span class=\"_ _1\"></span>eversed subsequently<span class=\"_ _0\"></span>. For the purpose of impairment testing, goodwill<span class=\"_ _1\"></span> acquired in a business combination is, fr<span class=\"_ _1\"></span>om the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sition date, allocated to each of the Group\u2019<span class=\"_ _31\"></span>s CGUs or group of CGUs that ar<span class=\"_ _1\"></span>e expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree ar<span class=\"_ _1\"></span>e assigned to those units. A CGU repr<span class=\"_ _1\"></span>esents the lowest level at which goodwill is monitored for internal management purposes.<span class=\"_ _1f9\"> </span>Where goodwill has been allocated to a CGU and<span class=\"_ _1\"></span> part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal.<span class=\"_ _1\"></span> Goodwill disposed in these circumstances is meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured based on the r<span class=\"_ _1\"></span>elative values of the disposed operation and the portion of the CGU retained.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "INT<span class=\"_ _1\"></span>ANGIBLES<span class=\"_ _1f9\"> </span>Intangible assets, which constitute acquired cus<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tomer relationship assets acquir<span class=\"_ _1\"></span>ed from a business combination, are stated at cost less accumulated<span class=\"_ _1\"></span> amortisation and accumulated impairment losses. Intangible assets are assessed at each r<span class=\"_ _1\"></span>eporting<span class=\"_ _1\"></span> date when there ar<span class=\"_ _1\"></span>e indicators of impairment.<span class=\"_ _1f9\"> </span>Amortisation is calculated using the straight-line<span class=\"_ _1\"></span> method to allocate the amortised amount of the<span class=\"_ _1\"></span> assets to their residual values over their estimated<span class=\"_ _1\"></span> useful lives.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-490": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs455\">LEASES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs456\">The Group assesses at contract inception whether<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs457\">a contract is, or contains, a lease. That is, if the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs458\">contract conveys the right to control the us<span class=\"_ _1\"></span>e of an </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs459\">identified asset for a period of time in exchange for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs45a\">consideration.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs45b\">Group as a lessee<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws16 gs45c\">The Group applies a single r<span class=\"_ _1\"></span>ecognition and measure<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs45d\">ment approach for all leases, except for short-term<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs45e\">leases and leases of low-value assets. The Group<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs45f\">recognises lease liabilities to make lease payments<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs460\">and lease assets repr<span class=\"_ _1\"></span>esenting the right to use the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs461\">underlying assets.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs462\">Lease assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs463\">The Group r<span class=\"_ _1\"></span>ecognises lease assets at the com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gs464\">mencement date of the lease (i.e., the date the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs465\">underlying asset is available for use). Lease assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs466\">are measur<span class=\"_ _1\"></span>ed at cost, less any accumulated depre<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs467\">ciation and impairment losses, and adjusted for any </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs468\">remeasur<span class=\"_ _1\"></span>ement of lease liabilities. The cost of lease </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs469\">assets includes the amount of lease liabilities rec<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs46a\">ognised, initial direct costs incurr<span class=\"_ _1\"></span>ed, an estimate of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws37 gs46b\">costs to be incurred in r<span class=\"_ _1\"></span>estoring the underlying asset </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws16 gs46c\">to the condition requir<span class=\"_ _1\"></span>ed by the terms and conditions </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs46d\">of the lease and lease payments made at or before<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs46e\">the commencement date less any lease incentives </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsf gs46f\">received. Lease assets ar<span class=\"_ _1\"></span>e depreciated on a straight-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs470\">line basis over the shorter of the lease term and the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs471\">estimated useful lives of the assets.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7 ws0 gs472\">If ownership of the leased asset transfers to the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws62 gs473\">Group at the end of the lease term or the cost r<span class=\"_ _1\"></span>eflects </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs474\">the exercise of a pur<span class=\"_ _1\"></span>chase option, depreciation is<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws83 gs475\">calculated using the estimated useful life of the asset.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs477\">Lease liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs478\">At the commencement date of the lease, the Group </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs479\">recognises lease liabilities measur<span class=\"_ _1\"></span>ed at the present </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs47a\">value of lease payments to be made over the lease </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs47b\">term. The lease payments include fixed payments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs47c\">less any lease incentives receivable and amounts<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3e gs47d\">expected to be paid under residual value guarantees. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1f gs47e\">The lease payments also include payments of penal<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws35 gs47f\">ties for terminating the lease, if the lease term reflects </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs480\">the Group exer<span class=\"_ _1\"></span>cising the option to terminate.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs481\">In calculating the present value of lease payments,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs482\">the Group uses its incr<span class=\"_ _1\"></span>emental borrowing rate at<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs483\">the lease commencement date because the intere<span class=\"_ _1\"></span>st </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs484\">rate implicit in the lease is not readily determinable.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs485\">After the commencement date, the amount of lease </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls21 ws0 gs486\">liabilities is increased to r<span class=\"_ _1\"></span>eflect the accretion of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs487\">interest and r<span class=\"_ _1\"></span>educed for the lease payments made. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs488\">In addition, the carrying amount of lease liabilities is </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws11 gs489\">remeasur<span class=\"_ _1\"></span>ed if there is a modification, a change in the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs48a\">lease term, a change in the lease payments (e.g.,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs48b\">changes to future payments r<span class=\"_ _1\"></span>esulting from a change </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsa gs48c\">in an index or rate used to determine such lease pay<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsf gs48d\">ments) or a change in the assessment of an option to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs48e\">purchase the underlying asset.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs48f\">SHORT<span class=\"_ _1\"></span>-<span class=\"_ _1\"></span>TERM LEASES <span class=\"_ _1\"></span>AND LEASES <span class=\"ls0\"> </span></div><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 wsd gs490\">OF LOW-<span class=\"_ _1\"></span>V<span class=\"_ _1\"></span>ALUE A<span class=\"_ _1\"></span>SSETS </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs491\">The Group applies the short-term lease r<span class=\"_ _1\"></span>ecognition </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs492\">exemption to its short-term leases (i.e., those leases </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs493\">that have a lease term of 12 months or less from the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1b gs494\">commencement date and do not contain a purchase </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs495\">option). It also applies the lease of low-value assets<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs496\">recognition exemption to leases of of<span class=\"_ _1\"></span>fice equipment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1b gs497\">that are consider<span class=\"_ _1\"></span>ed to be low value. Lease payments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs498\">on short-term leases and leases of low-value assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs499\">are r<span class=\"_ _1\"></span>ecognised as expense on a straight-line basis </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs49a\">over the lease term.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-491": {
   "value": "CARRIED INTEREST RECEIVABLE Carried interest receivable represents a contract asset under IFRS 15. The carried interest receivable amounts are recorded in the Carried interest line on the Consolidated Statement of Financial Position and are typically presented as non-current assets unless they are expected to be received within the next 12 months. The entitlement to carried interest and the amount is determined by the level of accumulated profits exceeding an agreed threshold or hurdle over the lifetime of each fund. The carried interest income is recognised when the performance obligations are expected to be met. Income is only recognised to the extent that it is highly probable that there would not be a significant reversal of any accumulated revenue recognised on the completion of a fund. The uncer- tainty of future fund performance is reduced through the application of discounts in the calculation of car- ried interest income. Performance fees are generally calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle, subject to catch-up provisions, and are recognised on an accrual basis when the fee amount can be estimated reliably, and it is highly probable that it will not be subject to significant reversal. The Group acquired carried interest rights in certain funds that were part of the acquisition of Pollen Street Capital Holdings Limited. These rights were not part of the Group prior to the Combination and part of the shares issued to former shareholders of Pollen Street Capital Holdings Limited were in consideration for the fair value of acquiring rights to this carried interest. The rights are in the form of partnership interests in carried interest partnerships. The Group has between 10 and 25 per cent of the total interests in these partnerships. Where the Group has in excess of 20 percent of the rights, the Group is considered to have significant influence over the partnerships and the partnership is considered to be an associate. Associates are entities in which the Group has an investment and over which it has sig- nificant interest, but not control, through participation in the financial and operating policy decision. The Group has therefore recognised these interests as associates at fair value. ",
   "dimensions": {
    "concept": "pollenstreetplc:DescriptionOfAccountingPolicyForCarriedInterestReceivable",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-492": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs4ca\">CASH <span class=\"_ _1\"></span>AND CA<span class=\"_ _1\"></span>SH EQUIV<span class=\"_ _1\"></span>ALENTS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs4cb\">Cash and cash equivalents (which are pr<span class=\"_ _1\"></span>esented as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs4cc\">a single class of asset on the Statement of Financial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs4cd\">Position) comprise cash at bank including cash that<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs4ce\">is restricted and held in r<span class=\"_ _1\"></span>eserve.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-493": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs4d0\">RECEIV<span class=\"_ _1\"></span>ABLES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs4d1\">Receivables do not carry any interest and ar<span class=\"_ _1\"></span>e short </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs4d2\">term in nature. They ar<span class=\"_ _1\"></span>e initially stated at their nomi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs4d3\">nal value and reduced by appr<span class=\"_ _1\"></span>opriate allowances for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs4d4\">expected credit losses (if any).<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-494": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs4da\">P<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>Y<span class=\"_ _0\"></span>ABLES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs4db\">Payables repr<span class=\"_ _1\"></span>esent amounts for goods and services </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs4dc\">provided to the consolidated entity prior t<span class=\"_ _1\"></span>o the end </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs4dd\">of the financial period and which are unpaid. The<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws13 gs4de\">amounts are unsecur<span class=\"_ _1\"></span>ed and are usually paid within 30 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws35 gs4df\">days of recognition. Payables ar<span class=\"_ _1\"></span>e non-interest-bearing </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs4e0\">and are initially stated at their nominal value.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-495": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs4e2\">T<span class=\"_ _1\"></span>AXA<span class=\"_ _0\"></span>TION<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws5f gs4e3\">Throughout 2023, Pollen Str<span class=\"_ _1\"></span>eet Limited had approval </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws12 gs4e4\">under Section 1158 of the Corporation T<span class=\"_ _31\"></span>ax Act 2010 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs4e5\">to be an investment trust and so was not liable for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs4e6\">taxation on capital gains. The tax expense of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs4e7\">Group ar<span class=\"_ _1\"></span>ose within the Asset Manager segment and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs4e8\">comprised current and deferr<span class=\"_ _1\"></span>ed tax.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs4e9\">Following the Reorganisation that occurred on 24<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs4ea\">January 2024, Pollen Street Limited ceased to be<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs4eb\">classified as an investment trust.  As such Pollen<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs4ec\">Street Limited will incur corporation tax on its pr<span class=\"_ _1\"></span>ofits </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws12 gs4ed\">for the year ended 31 December 2024. Further infor<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs4ee\">mation on the Reorganisation is available in Note 1.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs4ef\">Current income tax<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb9 ws0 gs4f0\">Current income tax assets and liabilities ar<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs4f1\">measured at the amount expected to be r<span class=\"_ _1\"></span>ecovered </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1e ws0 gs4f2\">from or paid to the taxation authorities. The tax<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs4f3\">rates and tax laws used to compute the amount are </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs4f4\">those that are enacted or substantively enacted at<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs4f5\">the reporting date in the countries wher<span class=\"_ _1\"></span>e the Group </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs4f6\">operates and generates taxable income.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gs4f7\">Current income tax r<span class=\"_ _1\"></span>elating to items recognised<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsf gs4f8\">directly in equity is r<span class=\"_ _1\"></span>ecognised in equity and not in the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs4f9\">consolidated statement of comprehensive income.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs4fa\">Management periodically evaluates positions taken </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs4fb\">in the tax returns with respect to situations in which </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs4fc\">applicable tax regulations ar<span class=\"_ _1\"></span>e subject to interpreta<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs4fd\">tion and establishes provisions wher<span class=\"_ _1\"></span>e appropriate. </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs4fe\">Deferred tax<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs4ff\">Deferred tax is pr<span class=\"_ _1\"></span>ovided using the liability method </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs500\">on temporary differ<span class=\"_ _1\"></span>ences between the tax bases of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs501\">assets and liabilities and their carrying amounts for<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs502\">financial reporting purposes at the r<span class=\"_ _1\"></span>eporting date.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs503\">Deferred tax liabilities ar<span class=\"_ _1\"></span>e recognised for all taxable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs504\">temporary differ<span class=\"_ _1\"></span>ences, except:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws15 gs505\">\u2022   <span class=\"_ _d\"></span>when the deferred tax liability arises from the initial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs506\">recognition of goodwill or an asset or liability in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs507\">a transaction that is not a business combination </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs508\">and, at the time of the transaction, affects neither </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2f gs509\">the accounting profit nor taxable pr<span class=\"_ _1\"></span>ofit or loss; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls78 ws0 gs50a\">\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>in respect of taxable temporary differ<span class=\"_ _1\"></span>ences<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls18 ws0 gs50b\">associated with investments in subsidiaries,<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs50c\">associates and inter<span class=\"_ _1\"></span>ests in joint arrangements,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs50d\">when the timing of the reversal of the temporary<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs50e\">differ<span class=\"_ _1\"></span>ences can be controlled and it is pr<span class=\"_ _1\"></span>obable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs50f\">that the temporary differ<span class=\"_ _1\"></span>ences will not reverse in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs510\">the foreseeable futur<span class=\"_ _1\"></span>e.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs511\">Deferred tax assets ar<span class=\"_ _1\"></span>e recognised for all deductible </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs512\">temporary differ<span class=\"_ _1\"></span>ences, the carry forwar<span class=\"_ _1\"></span>d of unused </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs513\">tax credits and any unused tax losses. Deferr<span class=\"_ _1\"></span>ed tax </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws35 gs514\">assets are r<span class=\"_ _1\"></span>ecognised to the extent that it is probable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs515\">that taxable profit will be available against which<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs516\">the deductible temporary differ<span class=\"_ _1\"></span>ences, and the carry </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs517\">forward of unused <span class=\"_ _1\"></span>tax credits and unused tax losses </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs518\">can be utilised, except:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb6 ws0 gs519\">\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>when the deferred tax asset r<span class=\"_ _1\"></span>elating to the<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7e ws0 gs51a\">deductible temporary dif<span class=\"_ _1\"></span>ference arises fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws31 gs51b\">the initial recognit<span class=\"_ _1\"></span>ion of an asset or liability in a<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs51c\">transaction that is not a business combination<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs51d\">and, at the time of the transaction, affects neither </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2f gs51e\">the accounting profit nor taxable pr<span class=\"_ _1\"></span>ofit or loss; and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs51f\">\u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>in respect of deductible temporary dif<span class=\"_ _1\"></span>ferences<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls18 ws0 gs520\">associated with investments in subsidiaries,<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs521\">associates and inter<span class=\"_ _1\"></span>ests in joint arrangements,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs522\">deferred tax assets ar<span class=\"_ _1\"></span>e recognised only to the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls31 ws0 gs523\">extent that it is probable that the temporary<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs524\">differ<span class=\"_ _1\"></span>ences will reverse in the foreseeable futur<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs525\">and taxable profit will be available against which<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs526\">the temporary differ<span class=\"_ _1\"></span>ences can be utilised.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4d ws0 gs527\">The carrying amount of deferred tax assets is<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs528\">reviewed at each r<span class=\"_ _1\"></span>eporting date and reduced to the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs529\">extent that it is no longer probable that suf<span class=\"_ _1\"></span>ficient<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs52a\">taxable profit will be available to allow all or part of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs52b\">the deferred tax a<span class=\"_ _1\"></span>sset to be utilised. Unrecognised<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2b gs52c\">deferred tax assets ar<span class=\"_ _1\"></span>e reassessed at each r<span class=\"_ _1\"></span>eporting </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs52d\">date and are r<span class=\"_ _1\"></span>ecognised to the extent that it has<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7a gs52e\">become probable that futur<span class=\"_ _1\"></span>e taxable profits will allow </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs52f\">the deferred tax asset to be r<span class=\"_ _1\"></span>ecovered. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs530\">Deferred tax assets <span class=\"_ _1\"></span>and liabilities are measur<span class=\"_ _1\"></span>ed at the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws3b gs531\">tax rates that are expected to apply in the period when </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gs532\">the asset is realised or the liability is settled, based on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs533\">tax rates (and tax laws) that have been enacted or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs534\">substantively enacted at the reporting date<span class=\"_ _1f9\"> </span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs536\">Deferred tax r<span class=\"_ _1\"></span>elating to items recognised outside<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs537\">profit or loss is r<span class=\"_ _1\"></span>ecognised in Other Comprehensive </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs538\">Income (\u201cOCI\u201d) or directly in equity<span class=\"_ _31\"></span>. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs539\">T<span class=\"_ _31\"></span>ax benefits acquired as part of a business combi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws76 gs53a\">nation, but not satisfying the criteria for separate rec<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs53b\">ognition at that date, are r<span class=\"_ _1\"></span>ecognised subsequently </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs53c\">if new information about facts and circumstances<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls83 ws0 gs53d\">change. The adjustment is either treated as a<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs53e\">reduction in goodwill (as long<span class=\"_ _1\"></span> as it does not exceed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs53f\">goodwill) if it was incurred during the measur<span class=\"_ _1\"></span>ement </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs540\">period or recognised in the consolidated statement<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs541\">of comprehensive income. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs542\">The Group of<span class=\"_ _1\"></span>fsets deferred tax assets and deferr<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs543\">tax liabilities if and only if it has a legally enforceable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs544\">right to set off curr<span class=\"_ _1\"></span>ent tax assets and current tax<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs545\">liabilities and the deferred tax assets and deferr<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs546\">tax liabilities relate to income taxes levied by the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs547\">same taxation authority on either the same taxable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs548\">entity or differ<span class=\"_ _1\"></span>ent taxable entities which intend either </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs549\">to settle current ta<span class=\"_ _1\"></span>x liabilities and assets on a net<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs54a\">basis, or to realise the assets and settle the liabilities </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs54b\">simultaneously<span class=\"_ _0\"></span>, in each future period in which signif<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs54c\">icant amounts of deferred tax liabilities or assets ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs54d\">expected to be settled or recover<span class=\"_ _1\"></span>ed. </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs54e\">Sales tax<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gs54f\">Expenses and assets are r<span class=\"_ _1\"></span>ecognised net of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs550\">amount of sales tax, except:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws24 gs551\">\u2022 <span class=\"_ _57\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>when the sales tax incurred on a pur<span class=\"_ _1\"></span>chase of assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs552\">or services is not recoverable fr<span class=\"_ _1\"></span>om the taxation </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws0 gs553\">authority<span class=\"_ _0\"></span>, in which case, the sales tax is r<span class=\"_ _1\"></span>ecognised </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs554\">as part of the cost of acquisition of the asset or as </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs555\">part of the expense item, as applicable; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1a gs556\">\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>when receivables and payables ar<span class=\"_ _1\"></span>e stated with the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs557\">amount of sales tax included.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs558\">The net amount of sales tax recoverable fr<span class=\"_ _1\"></span>om, or<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs559\">payable to, the taxation authority is included as part </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs55a\">of receivables or payables in the statement of finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs55b\">cial position.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "Deferred tax<span class=\"_ _1f9\"> </span>Deferred tax is pr<span class=\"_ _1\"></span>ovided using the liability method on temporary differ<span class=\"_ _1\"></span>ences between the tax bases of assets and liabilities and their carrying amounts for<span class=\"_ _1\"></span> financial reporting purposes at the r<span class=\"_ _1\"></span>eporting date.<span class=\"_ _1f9\"> </span>Deferred tax liabilities ar<span class=\"_ _1\"></span>e recognised for all taxable temporary differ<span class=\"_ _1\"></span>ences, except:<span class=\"_ _1f9\"> </span>\u2022   <span class=\"_ _d\"></span>when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in<span class=\"_ _1\"></span> a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable pr<span class=\"_ _1\"></span>ofit or loss; and<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>in respect of taxable temporary differ<span class=\"_ _1\"></span>ences<span class=\"_ _0\"></span> associated with investments in subsidiaries,<span class=\"_ _0\"></span> associates and inter<span class=\"_ _1\"></span>ests in joint arrangements,<span class=\"_ _1\"></span> when the timing of the reversal of the temporary<span class=\"_ _1\"></span> differ<span class=\"_ _1\"></span>ences can be controlled and it is pr<span class=\"_ _1\"></span>obable that the temporary differ<span class=\"_ _1\"></span>ences will not reverse in<span class=\"_ _1\"></span> the foreseeable futur<span class=\"_ _1\"></span>e.<span class=\"_ _1f9\"> </span>Deferred tax assets ar<span class=\"_ _1\"></span>e recognised for all deductible temporary differ<span class=\"_ _1\"></span>ences, the carry forwar<span class=\"_ _1\"></span>d of unused tax credits and any unused tax losses. Deferr<span class=\"_ _1\"></span>ed tax assets are r<span class=\"_ _1\"></span>ecognised to the extent that it is probable that taxable profit will be available against which<span class=\"_ _1\"></span> the deductible temporary differ<span class=\"_ _1\"></span>ences, and the carry forward of unused <span class=\"_ _1\"></span>tax credits and unused tax losses can be utilised, except:<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _59\"></span>when the deferred tax asset r<span class=\"_ _1\"></span>elating to the<span class=\"_ _0\"></span> deductible temporary dif<span class=\"_ _1\"></span>ference arises fr<span class=\"_ _1\"></span>om<span class=\"_ _1\"></span> the initial recognit<span class=\"_ _1\"></span>ion of an asset or liability in a<span class=\"_ _1\"></span> transaction that is not a business combination<span class=\"_ _1\"></span> and, at the time of the transaction, affects neither the accounting profit nor taxable pr<span class=\"_ _1\"></span>ofit or loss; and \u2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>in respect of deductible temporary dif<span class=\"_ _1\"></span>ferences<span class=\"_ _1\"></span> associated with investments in subsidiaries,<span class=\"_ _0\"></span> associates and inter<span class=\"_ _1\"></span>ests in joint arrangements,<span class=\"_ _1\"></span> deferred tax assets ar<span class=\"_ _1\"></span>e recognised only to the<span class=\"_ _1\"></span> extent that it is probable that the temporary<span class=\"_ _0\"></span> differ<span class=\"_ _1\"></span>ences will reverse in the foreseeable futur<span class=\"_ _1\"></span>e and taxable profit will be available against which<span class=\"_ _1\"></span> the temporary differ<span class=\"_ _1\"></span>ences can be utilised.<span class=\"_ _1f9\"> </span>The carrying amount of deferred tax assets is<span class=\"_ _0\"></span> reviewed at each r<span class=\"_ _1\"></span>eporting date and reduced to the extent that it is no longer probable that suf<span class=\"_ _1\"></span>ficient<span class=\"_ _1\"></span> taxable profit will be available to allow all or part of<span class=\"_ _1\"></span> the deferred tax a<span class=\"_ _1\"></span>sset to be utilised. Unrecognised<span class=\"_ _1\"></span> deferred tax assets ar<span class=\"_ _1\"></span>e reassessed at each r<span class=\"_ _1\"></span>eporting date and are r<span class=\"_ _1\"></span>ecognised to the extent that it has<span class=\"_ _1\"></span> become probable that futur<span class=\"_ _1\"></span>e taxable profits will allow the deferred tax asset to be r<span class=\"_ _1\"></span>ecovered. Deferred tax assets <span class=\"_ _1\"></span>and liabilities are measur<span class=\"_ _1\"></span>ed at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date<span class=\"_ _1f9\"> </span>Deferred tax r<span class=\"_ _1\"></span>elating to items recognised outside<span class=\"_ _1\"></span> profit or loss is r<span class=\"_ _1\"></span>ecognised in Other Comprehensive Income (\u201cOCI\u201d) or directly in equity<span class=\"_ _31\"></span>. T<span class=\"_ _31\"></span>ax benefits acquired as part of a business combi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nation, but not satisfying the criteria for separate rec<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ognition at that date, are r<span class=\"_ _1\"></span>ecognised subsequently if new information about facts and circumstances<span class=\"_ _1\"></span> change. The adjustment is either treated as a<span class=\"_ _0\"></span> reduction in goodwill (as long<span class=\"_ _1\"></span> as it does not exceed goodwill) if it was incurred during the measur<span class=\"_ _1\"></span>ement period or recognised in the consolidated statement<span class=\"_ _1\"></span> of comprehensive income. The Group of<span class=\"_ _1\"></span>fsets deferred tax assets and deferr<span class=\"_ _1\"></span>ed tax liabilities if and only if it has a legally enforceable right to set off curr<span class=\"_ _1\"></span>ent tax assets and current tax<span class=\"_ _1\"></span> liabilities and the deferred tax assets and deferr<span class=\"_ _1\"></span>ed tax liabilities relate to income taxes levied by the<span class=\"_ _1\"></span> same taxation authority on either the same taxable entity or differ<span class=\"_ _1\"></span>ent taxable entities which intend either to settle current ta<span class=\"_ _1\"></span>x liabilities and assets on a net<span class=\"_ _1\"></span> basis, or to realise the assets and settle the liabilities simultaneously<span class=\"_ _0\"></span>, in each future period in which signif<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>icant amounts of deferred tax liabilities or assets ar<span class=\"_ _1\"></span>e expected to be settled or recover<span class=\"_ _1\"></span>ed. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "Sales tax<span class=\"_ _1f9\"> </span>Expenses and assets are r<span class=\"_ _1\"></span>ecognised net of the<span class=\"_ _1\"></span> amount of sales tax, except:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _57\"></span> <span class=\"_ _32\"></span> <span class=\"_ _2\"></span>when the sales tax incurred on a pur<span class=\"_ _1\"></span>chase of assets or services is not recoverable fr<span class=\"_ _1\"></span>om the taxation authority<span class=\"_ _0\"></span>, in which case, the sales tax is r<span class=\"_ _1\"></span>ecognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable; and<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _32\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>when receivables and payables ar<span class=\"_ _1\"></span>e stated with the amount of sales tax included.<span class=\"_ _1f9\"> </span>The net amount of sales tax recoverable fr<span class=\"_ _1\"></span>om, or<span class=\"_ _1\"></span> payable to, the taxation authority is included as part of receivables or payables in the statement of finan<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>cial position.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs55d\">DERIV<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TIVES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs55e\">The Group uses for<span class=\"_ _1\"></span>eign exchange spot, forward<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs55f\">and swap transactions to hedge foreign exchange<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs560\">movements in non-GBP assets or liabilities in order<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs561\">to minimise foreign exchange exposur<span class=\"_ _1\"></span>e.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs562\">Derivative financial instruments are initially measur<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs563\">at fair value on the date on which the derivative<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs564\">contract is entered into and ar<span class=\"_ _1\"></span>e subsequently meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs565\">ured at fair value<span class=\"_ _1\"></span> at each reporting date. The Gr<span class=\"_ _1\"></span>oup </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs566\">does not designate derivatives as cash flow hedges </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs567\">and so all fair value movements are r<span class=\"_ _1\"></span>ecognised in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs568\">the Income Statement in the \u2018Gains on Investment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs569\">Assets held at fair value\u2019 line on the statement of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs56a\">comprehensive income. The fair value of unsettled<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs56b\">forward curr<span class=\"_ _1\"></span>ency contracts is calculated by refer<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs56c\">ence to the market for forwar<span class=\"_ _1\"></span>d contracts with similar </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs56d\">maturities.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "DERIV<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TIVES<span class=\"_ _1f9\"> </span>The Group uses for<span class=\"_ _1\"></span>eign exchange spot, forward<span class=\"_ _1\"></span> and swap transactions to hedge foreign exchange<span class=\"_ _1\"></span> movements in non-GBP assets or liabilities in order<span class=\"_ _1\"></span> to minimise foreign exchange exposur<span class=\"_ _1\"></span>e.<span class=\"_ _1f9\"> </span>Derivative financial instruments are initially measur<span class=\"_ _1\"></span>ed at fair value on the date on which the derivative<span class=\"_ _1\"></span> contract is entered into and ar<span class=\"_ _1\"></span>e subsequently meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured at fair value<span class=\"_ _1\"></span> at each reporting date. The Gr<span class=\"_ _1\"></span>oup does not designate derivatives as cash flow hedges and so all fair value movements are r<span class=\"_ _1\"></span>ecognised in the Income Statement in the \u2018Gains on Investment Assets held at fair value\u2019 line on the statement of<span class=\"_ _1\"></span> comprehensive income. The fair value of unsettled<span class=\"_ _1\"></span> forward curr<span class=\"_ _1\"></span>ency contracts is calculated by refer<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ence to the market for forwar<span class=\"_ _1\"></span>d contracts with similar maturities.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-496": {
   "value": "DERIV<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TIVES<span class=\"_ _1f9\"> </span>The Group uses for<span class=\"_ _1\"></span>eign exchange spot, forward<span class=\"_ _1\"></span> and swap transactions to hedge foreign exchange<span class=\"_ _1\"></span> movements in non-GBP assets or liabilities in order<span class=\"_ _1\"></span> to minimise foreign exchange exposur<span class=\"_ _1\"></span>e.<span class=\"_ _1f9\"> </span>Derivative financial instruments are initially measur<span class=\"_ _1\"></span>ed at fair value on the date on which the derivative<span class=\"_ _1\"></span> contract is entered into and ar<span class=\"_ _1\"></span>e subsequently meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ured at fair value<span class=\"_ _1\"></span> at each reporting date. The Gr<span class=\"_ _1\"></span>oup does not designate derivatives as cash flow hedges and so all fair value movements are r<span class=\"_ _1\"></span>ecognised in the Income Statement in the \u2018Gains on Investment Assets held at fair value\u2019 line on the statement of<span class=\"_ _1\"></span> comprehensive income. The fair value of unsettled<span class=\"_ _1\"></span> forward curr<span class=\"_ _1\"></span>ency contracts is calculated by refer<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ence to the market for forwar<span class=\"_ _1\"></span>d contracts with similar maturities",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-497": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs56f\">INTEREST<span class=\"_ _1\"></span>-BEARING BORRO<span class=\"_ _1\"></span>WINGS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2d gs570\">Interest-bearing borr<span class=\"_ _1\"></span>owings are initially r<span class=\"_ _1\"></span>ecognised at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs571\">a carrying value equivalent to the proceeds r<span class=\"_ _1\"></span>eceived </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs572\">net of issue costs associated with the borrowings.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs573\">After initial recognition, inter<span class=\"_ _1\"></span>est-bearing borrowings </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs574\">are subsequently measur<span class=\"_ _1\"></span>ed at amortised cost using </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs575\">the effective inter<span class=\"_ _1\"></span>est rate method.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-498": {
   "value": "DEEMED LOANS \u2022   The deemed loans are a non-derivative financial liability with fixed or determinable repayments that are not quoted in an active market. Deemed loans in relation to the Company arise from loans originated by the Company and subsequently sold to in a special purpose entity to reduce the cost of borrowing, in this case Sting Funding Limited and Bud Funding Limited. Although the loans are no longer legally owned by the Company, the Company maintains the economic risks and rewards of the underlying assets and therefore does not meet the criteria to derecognise. \u2022   Loans and related transaction costs are measured at initial recognition at fair value and are subsequently measured at amortised cost using the EIRM. International accounting standards (\u201cIAS\u201d) makes it clear that assets should only appear on one statement of financial position. IFRS require a reporting entity, as part of the derecognition assessment, to consider whether the transfer includes a transfer to a consolidated subsidiary. Derecognition cannot be achieved by merely transferring the legal title to a financial asset to another party. The substance of the arrangement must be assessed in order to determine whether an entity has transferred the economic exposure associated with the rights inherent in the asset (i.e., its risks and rewards) and, in some cases, control of those rights. \u2022   In the case of the Company, it has not met the requirements of derecognition in relation to the deemed loans given the economic exposure associated with the rights inherent in the assets (i.e., its risks and rewards), have been retained. As such the Company fails to meet the requirements for derecognition and continues to recognise the financial assets and as such has a deemed loans liability to the relevant special purpose entity. At a consolidated Group level, the deemed liability is eliminated. ",
   "dimensions": {
    "concept": "pollenstreetplc:DescriptionOfAccountingPolicyForDeemedLoans",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-499": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs5a2\">SHARES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls54 ws0 gs5a3\">Ordinary and tr<span class=\"_ _1\"></span>easury shares ar<span class=\"_ _1\"></span>e classified as<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs5a4\">equity<span class=\"_ _0\"></span>. The costs of issuing or acquiring equity are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs5a5\">recognised in equity (net of any r<span class=\"_ _1\"></span>elated income tax </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs5a6\">benefit), as a reduction of equity on the condition<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs5a7\">that these are incr<span class=\"_ _1\"></span>emental costs directly attributable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs5a8\">to the equity transaction that otherwise would have </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5a9\">been avoided. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2d gs5aa\">The costs of an equity transaction that is abandoned </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs5ab\">are r<span class=\"_ _1\"></span>ecognised as an expense. Those costs might </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs5ac\">include registration and other r<span class=\"_ _1\"></span>egulatory fees, legal </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs5ad\">fees, accounting and other professional advisers,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5ae\">printing costs and stamp duties.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1e gs5af\">T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es have no entitlements to vote and are </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5b0\">held directly by the Company<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "SHARES<span class=\"_ _1f9\"> </span>Ordinary and tr<span class=\"_ _1\"></span>easury shares ar<span class=\"_ _1\"></span>e classified as<span class=\"_ _1\"></span> equity<span class=\"_ _0\"></span>. The costs of issuing or acquiring equity are<span class=\"_ _1\"></span> recognised in equity (net of any r<span class=\"_ _1\"></span>elated income tax benefit), as a reduction of equity on the condition<span class=\"_ _1\"></span> that these are incr<span class=\"_ _1\"></span>emental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are r<span class=\"_ _1\"></span>ecognised as an expense. Those costs might include registration and other r<span class=\"_ _1\"></span>egulatory fees, legal fees, accounting and other professional advisers,<span class=\"_ _1\"></span> printing costs and stamp duties.<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es have no entitlements to vote and are held directly by the Company<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-500": {
   "value": "CAPITAL RESERVES Capital reserves arise from: \u2022   gains or losses on disposal of equity investments during the year; \u2022   increases and decreases in the valuation of equity investments held at the year-end; and \u2022   other capital charges and credits charged to this account in accordance with the accounting policies above or as applied to the capital column of the Consolidated Statement of Comprehensive Income, prepared under guidance issued by the Association of Investment Companies. All of the above are accounted for in the Consolidated Statement of Comprehensive Income. Any other gains or losses, charges or credits from investments still held or otherwise are included in the revenue reserves. Following completion of the Scheme, the capital reserves and revenue reserves were reallocated to a newly created retained earnings reserve on 31 December 2023. ",
   "dimensions": {
    "concept": "pollenstreetplc:DescriptionOfAccountingPolicyForCapitalReserves",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-501": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs5c7\">DIVIDENDS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7 ws0 gs5c8\">Dividends to shareholders ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5c9\">period in which they are paid.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-502": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs5cb\">INCOME<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1b ws0 gs5cc\">The Group has four primary sour<span class=\"_ _1\"></span>ces of income:<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2f gs5cd\">management fee income, carried interest and perfor<span class=\"_ _0\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5ce\">mance fee income, interest income on Cr<span class=\"_ _1\"></span>edit Assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs5cf\">held at amortised cost, and gains on Investment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5d0\">Assets held at fair value.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs5d1\">Management fee income includes fees charged by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs5d2\">the Group to the funds that it manages for the pr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs5d3\">vision of investment fund management and advisory </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs5d4\">services. Management fee revenue is shown net of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs5d5\">any value added tax. Management fees are earned </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs5d6\">over a period and are r<span class=\"_ _1\"></span>ecognised on an accrual basis </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws26 gs5d7\">in the same period in which the service is performed. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs5d8\">Management fees are generally calculated at the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsb gs5d9\">end of each measurement period as a per<span class=\"_ _1\"></span>centage of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs5da\">fund assets managed in accordance with individual<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1b ws0 gs5db\">management agreements or limited partnership<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5dc\">agreements.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws1f gs5dd\">Carried interest and performance fee income includes </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gs5de\">income from holdings in carried inter<span class=\"_ _1\"></span>est partnerships </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs5df\">where the Gr<span class=\"_ _1\"></span>oup receives variable returns as an<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsc ws0 gs5e0\">incentive for the funds that it manages. Carried<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gs5e1\">interest r<span class=\"_ _1\"></span>epresents a shar<span class=\"_ _1\"></span>e of fund profits through the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls38 ws0 gs5e2\">Group\u2019<span class=\"_ _31\"></span>s holdings in carried interest partnerships. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs5e3\">amount is determined by the level of accumulated<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs5e4\">profits exceeding an agr<span class=\"_ _1\"></span>eed threshold or hur<span class=\"_ _1\"></span>dle.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws0 gs5e5\">Management fees and performance fees are charged </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs5e6\">to the Investment Company by Pollen Street Capital<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws18 gs5e7\">Limited, an indirect subsidiary of Pollen Str<span class=\"_ _1\"></span>eet Limited. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws8 gs5e8\">These fees are shown in Note 7, operating segments. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs5e9\">However<span class=\"_ _0\"></span>, they are eliminated on consolidation.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs5ea\">Interest income on Cr<span class=\"_ _1\"></span>edit Assets held at amortised </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2e ws0 gs5eb\">cost is generated from loans originated by the<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs5ec\">Group. Inter<span class=\"_ _1\"></span>est from loans ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs5ed\">Statement of Comprehensive Income for all instru<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs5ee\">ments measured at amortised cost using the EIRM. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs5ef\">The EIRM is a method of calculating the amortised </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs5f0\">cost of a financial asset or financial liability and of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs5f1\">allocating the interest income or inter<span class=\"_ _1\"></span>est expense<span class=\"_ _1f9\"> </span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs5f3\">over the relevant period. The ef<span class=\"_ _1\"></span>fective interest rate<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs5f4\">(\u201cEIR\u201d) is the rate that exactly discounts estimated </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs5f5\">future cash flows thr<span class=\"_ _1\"></span>ough the expected life of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs5f6\">financial instrument or<span class=\"_ _0\"></span>, when appropriate, a shorter<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs5f7\">period to the net carrying amount of the financial<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs5f8\">asset or financial liability<span class=\"_ _0\"></span>. When calculating the EIR, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs5f9\">the Group takes into account all contractual terms<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs5fa\">of the financial instrument, for example prepayment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs5fb\">options, but does not consider future cr<span class=\"_ _1\"></span>edit losses. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs5fc\">The calculation includes all fees paid or received<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs5fd\">between parties to the contract that are an integral<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws36 gs5fe\">part of the EIR, transaction costs and all other premi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs5ff\">ums or discounts. Fees and commissions which are </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7 gs600\">not considered integral to the EIR model and deposit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs601\">interest income ar<span class=\"_ _1\"></span>e recognised on an accruals basis </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs602\">when the service has been provided or r<span class=\"_ _1\"></span>eceived.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws59 gs603\">Gains on Investment Assets held at fair value include </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3c gs604\">realised and unr<span class=\"_ _1\"></span>ealised income on assets accounted </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws34 gs605\">for at fair value. Refer to the Investments held at fair </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1f gs606\">value through pr<span class=\"_ _1\"></span>ofit or loss section for further details.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "Management fee income includes fees charged by the Group to the funds that it manages for the pr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>vision of investment fund management and advisory services. Management fee revenue is shown net of<span class=\"_ _1\"></span> any value added tax. Management fees are earned over a period and are r<span class=\"_ _1\"></span>ecognised on an accrual basis in the same period in which the service is performed. Management fees are generally calculated at the<span class=\"_ _1\"></span> end of each measurement period as a per<span class=\"_ _1\"></span>centage of fund assets managed in accordance with individual<span class=\"_ _1\"></span> management agreements or limited partnership<span class=\"_ _0\"></span> agreements.<span class=\"_ _1f9\"> </span>Carried interest and performance fee income includes income from holdings in carried inter<span class=\"_ _1\"></span>est partnerships where the Gr<span class=\"_ _1\"></span>oup receives variable returns as an<span class=\"_ _1\"></span> incentive for the funds that it manages. Carried<span class=\"_ _0\"></span> interest r<span class=\"_ _1\"></span>epresents a shar<span class=\"_ _1\"></span>e of fund profits through the Group\u2019<span class=\"_ _31\"></span>s holdings in carried interest partnerships. The amount is determined by the level of accumulated<span class=\"_ _1\"></span> profits exceeding an agr<span class=\"_ _1\"></span>eed threshold or hur<span class=\"_ _1\"></span>dle.<span class=\"_ _1f9\"> </span>Management fees and performance fees are charged to the Investment Company by Pollen Street Capital<span class=\"_ _1\"></span> Limited, an indirect subsidiary of Pollen Str<span class=\"_ _1\"></span>eet Limited. These fees are shown in Note 7, operating segments. However<span class=\"_ _0\"></span>, they are eliminated on consolidation.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "Interest income on Cr<span class=\"_ _1\"></span>edit Assets held at amortised cost is generated from loans originated by the<span class=\"_ _0\"></span> Group. Inter<span class=\"_ _1\"></span>est from loans ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> Statement of Comprehensive Income for all instru<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ments measured at amortised cost using the EIRM. The EIRM is a method of calculating the amortised cost of a financial asset or financial liability and of<span class=\"_ _1\"></span> allocating the interest income or inter<span class=\"_ _1\"></span>est expense<span class=\"_ _1f9\"> </span>over the relevant period. The ef<span class=\"_ _1\"></span>fective interest rate<span class=\"_ _1\"></span> (\u201cEIR\u201d) is the rate that exactly discounts estimated future cash flows thr<span class=\"_ _1\"></span>ough the expected life of the financial instrument or<span class=\"_ _0\"></span>, when appropriate, a shorter<span class=\"_ _1\"></span> period to the net carrying amount of the financial<span class=\"_ _1\"></span> asset or financial liability<span class=\"_ _0\"></span>. When calculating the EIR, the Group takes into account all contractual terms<span class=\"_ _1\"></span> of the financial instrument, for example prepayment<span class=\"_ _1\"></span> options, but does not consider future cr<span class=\"_ _1\"></span>edit losses. The calculation includes all fees paid or received<span class=\"_ _1\"></span> between parties to the contract that are an integral<span class=\"_ _1\"></span> part of the EIR, transaction costs and all other premi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ums or discounts. Fees and commissions which are not considered integral to the EIR model and deposit interest income ar<span class=\"_ _1\"></span>e recognised on an accruals basis when the service has been provided or r<span class=\"_ _1\"></span>eceived.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "Interest income on Cr<span class=\"_ _1\"></span>edit Assets held at amortised cost is generated from loans originated by the<span class=\"_ _0\"></span> Group. Inter<span class=\"_ _1\"></span>est from loans ar<span class=\"_ _1\"></span>e recognised in the<span class=\"_ _1\"></span> Statement of Comprehensive Income for all instru<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ments measured at amortised cost using the EIRM. The EIRM is a method of calculating the amortised cost of a financial asset or financial liability and of<span class=\"_ _1\"></span> allocating the interest income or inter<span class=\"_ _1\"></span>est expense<span class=\"_ _1f9\"> </span>over the relevant period. The ef<span class=\"_ _1\"></span>fective interest rate<span class=\"_ _1\"></span> (\u201cEIR\u201d) is the rate that exactly discounts estimated future cash flows thr<span class=\"_ _1\"></span>ough the expected life of the financial instrument or<span class=\"_ _0\"></span>, when appropriate, a shorter<span class=\"_ _1\"></span> period to the net carrying amount of the financial<span class=\"_ _1\"></span> asset or financial liability<span class=\"_ _0\"></span>. When calculating the EIR, the Group takes into account all contractual terms<span class=\"_ _1\"></span> of the financial instrument, for example prepayment<span class=\"_ _1\"></span> options, but does not consider future cr<span class=\"_ _1\"></span>edit losses. The calculation includes all fees paid or received<span class=\"_ _1\"></span> between parties to the contract that are an integral<span class=\"_ _1\"></span> part of the EIR, transaction costs and all other premi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ums or discounts. Fees and commissions which are not considered integral to the EIR model and deposit interest income ar<span class=\"_ _1\"></span>e recognised on an accruals basis when the service has been provided or r<span class=\"_ _1\"></span>eceived.<span class=\"_ _1f9\"> </span>FINANCE COSTS<span class=\"_ _1f9\"> </span>Finance costs are accrued on the EIR basis and ar<span class=\"_ _1\"></span>e presented as a separate line on the statement of<span class=\"_ _1\"></span> comprehensive income.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-504": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs608\">PENSIONS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2e ws0 gs609\">The Group makes contributions into employee<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs60a\">personal pension schemes. Once the contributions </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs60b\">have been paid, the Group has no further payment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs60c\">obligations. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs60d\">The contributions are r<span class=\"_ _1\"></span>ecognised as an expense<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs60e\">in the consolidated statement of comprehensive<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs60f\">income when they fall due. Amounts not paid are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs610\">shown in accruals as a liability in the Statement of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs611\">Financial Position.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-505": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws42 gs613\">EXPENSES<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls19 ws0 gs614\">All expenses are accounted for on an accruals<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs615\">basis. During the year<span class=\"_ _0\"></span>, all expenses have been pre<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs616\">sented within retained earnings. In the prior year<span class=\"_ _0\"></span>, all </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws83 gs617\">expenses were pr<span class=\"_ _1\"></span>esented in revenue r<span class=\"_ _1\"></span>eserves except </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs618\">the following which formed part of capital reserves: </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls25 ws0 gs619\">\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _0\"></span> <span class=\"_ _2f\"></span>transaction costs which are incurred on the<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs61a\">purchases or sales of Equity Assets designated<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs61b\">as fair value through pr<span class=\"_ _1\"></span>ofit or loss are expensed<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsbb ws0 gs61c\">to capital in the consolidated statement of<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs61d\">Comprehensive Income;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs61e\">\u2022   <span class=\"_ _d\"></span>expenses ar<span class=\"_ _1\"></span>e split and presented partly as capital </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gs61f\">items where a connection with the maintenance or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws76 gs620\">enhancement of the value of the equity investments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs621\">held can be demonstrated; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws1b gs622\">\u2022 <span class=\"_ _57\"></span> <span class=\"_ _32\"></span> <span class=\"_ _39\"></span>management fees and performance fees attributable<span class=\"_ _32\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs623\">to equity that were incurr<span class=\"_ _1\"></span>ed by the Company and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs624\">were payable to Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls99 ws0 gs625\">Limited were allocated to the Capital column on the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5c ws0 gs626\">Consolidated Statement of Comprehensive Income.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-506": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs628\">SHARE-BASED P<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>YMENTS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs629\">The Group grants annual bonuses to its Executive<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls59 ws0 gs62a\">Directors and other senior employees that ar<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gs62b\">deferred into shar<span class=\"_ _1\"></span>e-based awards under the Group\u2019<span class=\"_ _3a\"></span>s </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws0 gs62c\">deferred bonus plan. The shar<span class=\"_ _1\"></span>e-based awards gener<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs62d\">ally vest after three years<span class=\"_ _1\"></span>, subject to the opportunity </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs62e\">for co-investment. The co-investment opportunity<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs62f\">permits the employee to collect the deferr<span class=\"_ _1\"></span>ed award<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse wsa gs630\">early<span class=\"_ _0\"></span>, either in shares or up fr<span class=\"_ _1\"></span>ont in cash, provided they </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs631\">elect to apply the after<span class=\"_ _1\"></span>-tax pr<span class=\"_ _1\"></span>oceeds of the deferred </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs632\">award into a fund managed by the Gr<span class=\"_ _1\"></span>oup that has a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs633\">contractual duration of longer than three years.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gs634\">The Group accounts for the deferr<span class=\"_ _1\"></span>ed awards as<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs635\">share-based payments.  The awar<span class=\"_ _1\"></span>ds are consider<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs636\">to be compound financial instruments, because the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws23 gs637\">employee has the right to demand settlement in cash. <span class=\"_ _39\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs638\">The Group first measur<span class=\"_ _1\"></span>es the fair value of the cash </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs639\">component, which is considered to be a cash-settled </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs63a\">share-based payment, and then measur<span class=\"_ _1\"></span>es the fair </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws75 gs63b\">value of the equity component taking into account that </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls38 ws0 gs63c\">the counterparty must forfeit the right to r<span class=\"_ _1\"></span>eceive cash </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws76 gs63d\">in order to r<span class=\"_ _1\"></span>eceive the equity instrument, which is con<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws1f gs63e\">sidered to be an equity-settled shar<span class=\"_ _1\"></span>e-based payment.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-503": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs640\">FINANCE COSTS<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs641\">Finance costs are accrued on the EIR basis and ar<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs642\">presented as a separate line on the statement of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs643\">comprehensive income.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-507": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs645\">SEGMENT<span class=\"_ _0\"></span>AL REPORTING<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs646\">The Group has two segments: the Asset Manager<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws0 gs647\">segment and the Investment Company segment. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs648\">primary revenue str<span class=\"_ _1\"></span>eams for the Asset Manager seg<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs649\">ment consist of management fees and performance </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gs64a\">fees or carried interest arising fr<span class=\"_ _1\"></span>om managing Private </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7 ws0 gs64b\">Equity and Private Credit funds. The Investment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs64c\">Company segment primarily consists of the Group<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7 ws0 gs64d\">Investment Assets and borrowings. The primary<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws76 gs64e\">revenue str<span class=\"_ _1\"></span>eam for the Investment Company segment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs64f\">is interest income and fair value gains on Investments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs650\">held at fair value.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs652\">The Asset Manager segment charges management </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs653\">and performance fees to the Investment Company </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs654\">segment for managing the segment\u2019<span class=\"_ _31\"></span>s assets. These </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs655\">fees are shown in the segmental r<span class=\"_ _1\"></span>esults. However<span class=\"_ _0\"></span>, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gs656\">they are eliminated<span class=\"_ _1\"></span> in the consolidated financial state<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs657\">ments. Refer to Note 7 for further details.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gs658\">Prior to the Combination on 30 September 2022, the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs659\">Group had a single business segment, which was the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs65a\">Investment Company<span class=\"_ _0\"></span>.</div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "3. Significant <span class=\"_ _0\"></span>Accounting E<span class=\"_ _1\"></span>stimates and <span class=\"_ _1\"></span>Judgmen<span class=\"_ _1\"></span>ts<span class=\"_ _1f9\"> </span>The preparation of financial statements in conformity with UK-adopted International Accounting Stand<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ards and with the r<span class=\"_ _1\"></span>equirements of the Companies<span class=\"_ _1\"></span> Act 2006 as applicable to companies reporting under those standards r<span class=\"_ _1\"></span>equires the Group to make judge<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ments, estimates and assumptions that affect the<span class=\"_ _1\"></span> application of accounting policies and the reported<span class=\"_ _1\"></span> amounts of assets and liabilities at the date of the financial statements and the reported amounts of<span class=\"_ _1\"></span> income and expenses during the reporting period.<span class=\"_ _1\"></span> UK company law and IFRS requir<span class=\"_ _1\"></span>e the Directors, in preparing the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s financial statements, to select suitable accounting policies, apply them consistently and make judgements and estimates that are r<span class=\"_ _1\"></span>ea<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sonable. The Group\u2019<span class=\"_ _31\"></span>s estimates and assumptions<span class=\"_ _1\"></span> are based on historical experience and expectations of future events and ar<span class=\"_ _1\"></span>e reviewed on an ongoing<span class=\"_ _1\"></span> basis. Although these estimates are based on the<span class=\"_ _1\"></span> Directors\u2019 best knowledge of the amount, actual<span class=\"_ _1\"></span> results may dif<span class=\"_ _1\"></span>fer materially from those estimates.<span class=\"_ _1f9\"> </span>ESTIMA<span class=\"_ _0\"></span>TES<span class=\"_ _1f9\"> </span>The estimates of most significance to the financial statements are detailed below<span class=\"_ _0\"></span>. Estimates and under<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>lying assumptions are r<span class=\"_ _1\"></span>eviewed on an ongoing basis. Revisions to accounting estimates are r<span class=\"_ _1\"></span>ecognised in the period in which the estimates are r<span class=\"_ _1\"></span>evised and in any future periods af<span class=\"_ _1\"></span>fected.<span class=\"_ _1f9\"> </span>Expected Credit loss (\u201cECL\u201d) allowance for<span class=\"_ _0\"></span> financial assets measured at amortised cost<span class=\"_ _1f9\"> </span>The calculation of the Group\u2019<span class=\"_ _31\"></span>s ECL allowances<span class=\"_ _1\"></span> and provisions against loan commitments and<span class=\"_ _0\"></span> guarantees under IFRS 9 is complex and involves<span class=\"_ _1\"></span> the use of significant judgement and estimation.<span class=\"_ _1\"></span> Loan Impairment Provisions r<span class=\"_ _1\"></span>epresent an estimate<span class=\"_ _1\"></span> of the losses incurred in the loan portfolios at the<span class=\"_ _1\"></span> balance sheet date. Individual impairment losses are determined as the differ<span class=\"_ _1\"></span>ence between the carrying value and the prese<span class=\"_ _1\"></span>nt value of estimated future cash flows, discounted at the loans\u2019 original EIR. The<span class=\"_ _1\"></span> calculation involves the formulation and incorporation of multiple forward-looking economic conditions into ECL to meet the measurement objective of IFRS 9,<span class=\"_ _1\"></span> depending on a range of factors such as changes<span class=\"_ _1\"></span> in the economic environment in the UK. The most<span class=\"_ _1\"></span> significant factors are set out below<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>Definition of default<span class=\"ff5\"> \u2013 The PD of an exposure, both </span>over a 12-month period and over its lifetime, is a key input to the measurement of the ECL allowance.<span class=\"_ _1\"></span> Default has occurred when ther<span class=\"_ _1\"></span>e is evidence that the customer is experiencing significant financial difficulty which is likely to affect the ability to r<span class=\"_ _1\"></span>epay amounts due.<span class=\"_ _1f9\"> </span>A number of the Gro<span class=\"_ _1\"></span>up\u2019<span class=\"_ _0\"></span>s loans are se<span class=\"_ _1\"></span>cured against underlying collateral; for example real estate, SME<span class=\"_ _1\"></span> and consumer loans. The Directors do not con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sider the value of this collateral to directly influence<span class=\"_ _1\"></span> the probability of default. However<span class=\"_ _31\"></span>, the Directors<span class=\"_ _1\"></span> consider that the structure of some of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s lending arrangements may mean that this collateral<span class=\"_ _1\"></span> generates income for the Group\u2019<span class=\"_ _31\"></span>s borrowers that<span class=\"_ _1\"></span> supports the borrowers\u2019 ability to service the loan<span class=\"_ _1\"></span> from the Gr<span class=\"_ _1\"></span>oup and therefor<span class=\"_ _1\"></span>e influence the probabil<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ity of default.<span class=\"_ _1f9\"> </span>The definition of default adopted by the Group is<span class=\"_ _1\"></span> described in expected credit loss allowance for<span class=\"_ _0\"></span> financial assets measured at amortised cost above.<span class=\"_ _1\"></span> As noted on page 138, the Group has r<span class=\"_ _1\"></span>ebutted the presumption in IFRS<span class=\"_ _1\"></span> 9 that default occurs no later than when a payment is 90 days past due on some of its portfolio.<span class=\"_ _1f9\"> </span>The lifetime of an exposure<span class=\"ff5\"> \u2013 T<span class=\"_ _31\"></span>o derive the<span class=\"_ _0\"></span> </span>PDs necessary to calculate the ECL allowance it<span class=\"_ _1\"></span> is necessary to estimate the expected life of each financial instrument. A range of approaches has been adopted across dif<span class=\"_ _1\"></span>ferent pr<span class=\"_ _1\"></span>oduct groupings includ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ing the full contractual life and taking into account behavioural factors such as early repayments and<span class=\"_ _1\"></span> refinancing. The Gr<span class=\"_ _1\"></span>oup has defined the lifetime for each product by analysing the time taken for all<span class=\"_ _1\"></span> losses to be observed and for a material proportion of the assets to fully resolve thr<span class=\"_ _1\"></span>ough either closure<span class=\"_ _1\"></span> or write-off. Significant increase in cr<span class=\"_ _1\"></span>edit risk (\u201cSICR\u201d) <span class=\"ff5 ls0\">\u2013 </span>Performing assets are classified as either Stage 1 or Stage 2. An ECL allowance equivalent to 12 months\u2019 expected credit losses is established against assets in Stage 1; assets classified as Stage 2 carry an<span class=\"_ _1\"></span> ECL allowance equivalent to lifetime expected credit losses. Assets are transferr<span class=\"_ _1\"></span>ed from Stage 1 to Stage 2 when there has been a SICR since initial r<span class=\"_ _1\"></span>ecognition.<span class=\"_ _1f9\"> </span>The Directors do not consider the value of any collat<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>eral to directly trigger whether ther<span class=\"_ _1\"></span>e has been a sig<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nificant increase in cr<span class=\"_ _1\"></span>edit risk. However<span class=\"_ _0\"></span>, the Directors consider that the structure of some of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s lending arrangements may mean that the underlying loans that the Group is financing generate income for the borrowers that supports the borr<span class=\"_ _1\"></span>owers\u2019 ability to service the loan fr<span class=\"_ _1\"></span>om the Group and ther<span class=\"_ _1\"></span>efore influ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ence whether there has been a SICR.<span class=\"_ _1f9\"> </span>The Group uses a quantitative test together with<span class=\"_ _1\"></span> qualitative indicators and a backstop of 30 days past due for determining whether ther<span class=\"_ _1\"></span>e has been a SICR. The setting of precise trigger points combined with<span class=\"_ _1\"></span> risk indicators requir<span class=\"_ _1\"></span>es judgement. The use of differ<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ent trigger points may have a material impact upon the size of the ECL allowance.<span class=\"_ _1f9\"> </span>Forward-looking information<span class=\"ff5\"> \u2013 IFRS 9 r<span class=\"_ _1\"></span>equires<span class=\"_ _1\"></span> </span>the incorporation of forward-looking macr<span class=\"_ _1\"></span>oeconomic information that is reasonable and supportable, but it provides limited guidance on how this should be per<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>formed. The measurement of expected cr<span class=\"_ _1\"></span>edit losses is requir<span class=\"_ _1\"></span>ed to reflect an unbiased probability-weighted range of possible future outcomes.   In order to do this the Gr<span class=\"_ _1\"></span>oup uses a model to pro<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ject a number of key variables to generate future<span class=\"_ _1\"></span> economic scenarios. These are ranked accor<span class=\"_ _1\"></span>ding to severity of loss and three economic scenarios have<span class=\"_ _1\"></span> been selected to repr<span class=\"_ _1\"></span>esent an unbiased and full loss distribution. They repr<span class=\"_ _1\"></span>esent a \u201cmost likely outcome\u201d (the Base case scenario) and two, less likely<span class=\"_ _31\"></span>, \u201couter\u201d scenarios, referr<span class=\"_ _1\"></span>ed to as the \u201cUpside\u201d and \u201cDownside\u201d scenarios. These scenarios are used to pr<span class=\"_ _1\"></span>oduce a weighted average PD for each product gr<span class=\"_ _1\"></span>ouping<span class=\"_ _1\"></span> which is used to calculate the related ECL allowance. This weighting scheme is deemed appropriate for the computation of unbiased ECL. Key scenario assump<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>tions are set using external economist forecasts,<span class=\"_ _1\"></span> helping to ensure the IFRS 9 scenarios ar<span class=\"_ _1\"></span>e unbiased and maximise the use of independent information. Using externally available forecast distributions helps ensure independence in scenario construction. While key economic variables are set with r<span class=\"_ _1\"></span>eference to<span class=\"_ _1\"></span> external distributional forecasts, the overall narrative of the scenarios is aligned to the macroeconomic risks faced by the Group at 31 December 2023. The choice of alternative scenarios and probability weighting is a combination of quantitative analysis<span class=\"_ _1\"></span> and judgemental assessments, designed to ensure<span class=\"_ _1\"></span> that the full range of possible outcomes and material non-linearity are captur<span class=\"_ _1\"></span>ed. Paths for the two outer scenarios are benchmarked to the Base scenario<span class=\"_ _1\"></span> and reflect the economic risk assessment. Scenario probabilities r<span class=\"_ _1\"></span>eflect management judgement and<span class=\"_ _1\"></span> are informed by data analysis of past r<span class=\"_ _1\"></span>ecessions, transitions in and out of recession, and the curr<span class=\"_ _1\"></span>ent economic outlook. The key assumptions made,<span class=\"_ _1\"></span> and the accompanying paths, repr<span class=\"_ _1\"></span>esent our \u201dbest estimate\u201d of a scenario at a specified probability<span class=\"_ _31\"></span>. Suitable narratives are developed for the central<span class=\"_ _1\"></span> scenario and the paths of the two outer scenarios. It may be insufficient to use thr<span class=\"_ _1\"></span>ee scenarios in certain economic environments. Additional analysis may be requested at management\u2019<span class=\"_ _31\"></span>s discretion, including the production of extra scenarios. W<span class=\"_ _1\"></span>e anticipate there will only be limited instances when the standard appr<span class=\"_ _1\"></span>oach will not apply<span class=\"_ _0\"></span>. The Base case, Upside and Downside scenarios are usually generated annually and those<span class=\"_ _1\"></span> described herein r<span class=\"_ _1\"></span>eflect the conditions in place at the balance sheet date and are only updated during the period if economic conditions change significantly<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>The Group\u2019<span class=\"_ _31\"></span>s mild upside scenario can be thought<span class=\"_ _1\"></span> of as an alternative, more optimistic, base case in which several differ<span class=\"_ _1\"></span>ent upside risks materialise. In this scenario, the UK economy recor<span class=\"_ _1\"></span>ds growth of<span class=\"_ _1\"></span> 3% in 2024 and 2.9% in 2025. The labour market<span class=\"_ _1\"></span> recovers gradually<span class=\"_ _31\"></span>, and the unemployment rate<span class=\"_ _1\"></span> falls to its recent decade-l<span class=\"_ _1\"></span>ow of 3.6% by mid-2029.<span class=\"_ _1f9\"> </span>Supported by the turnaround in confidence, incomes and employment, residential house prices only see a mild fall in 2024-25 and r<span class=\"_ _1\"></span>ecover thereafter<span class=\"_ _31\"></span>. A sharp increase in consumption lifts financial market sen<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>timent from its curr<span class=\"_ _1\"></span>ent depressed levels r<span class=\"_ _1\"></span>esulting in renewed gains in asset prices. The one-year for<span class=\"_ _1\"></span>ecast changes in key economic drivers are shown in the<span class=\"_ _1\"></span> table below<span class=\"_ _1\"></span>.<span class=\"_ _1f9\"> </span>The base case forecasts<span class=\"_ _1\"></span> unemployment to peak at 4.5% in December 2024, and the Bank of England base rate to be at 4.85% by the end of 2024 before gradually reducing to 2.0% b<span class=\"_ _1\"></span>y the end of 2027.<span class=\"_ _1\"></span> The downside scenario for<span class=\"_ _1\"></span>ecasts unemployment to rise sharply over the coming year<span class=\"_ _0\"></span>, reaching a peak<span class=\"_ _1\"></span> of 7.2% in late 2026 and remaining r<span class=\"_ _1\"></span>elatively high thereafter<span class=\"_ _31\"></span>, staying above 5.7% by the end of 2032. T<span class=\"_ _31\"></span>o counter the economic downtur<span class=\"_ _32\"></span>n, the downside scenario forecasts the base rate to fall mor<span class=\"_ _1\"></span>e quickly to 3.88% by December 2024. See note 12 for the sensitivity analysis.<span class=\"_ _1f9\"> </span>Loss given default<span class=\"ff5\"> \u2013 referr<span class=\"_ _1\"></span>ed to as LGD, repr<span class=\"_ _1\"></span>esents </span>the expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty<span class=\"_ _31\"></span>, type and seniority of claim and availability of collateral or other credit support. LGD is expr<span class=\"_ _1\"></span>essed as a percent<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>age loss per unit of exposure at the time of default.<span class=\"_ _1\"></span> LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the per<span class=\"_ _1\"></span>centage of loss<span class=\"_ _1\"></span> expected to be made if the default occurs in the next 12 months and Lifetime LGD is the percentage of<span class=\"_ _1\"></span> loss expected to be made if the default occurs over the remaining expected lifetime of the loan.<span class=\"_ _1f9\"> </span>The 12-month and lifetime LGDs are determined<span class=\"_ _1\"></span> based on the factors which impact the recoveries<span class=\"_ _1\"></span> made post default. These vary by product type:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>For secured pr<span class=\"_ _1\"></span>oducts, this is primarily based on collateral type and projected collateral values,<span class=\"_ _1\"></span> historical discounts to market/book values due to forced sales, time to r<span class=\"_ _1\"></span>epossession and recovery<span class=\"_ _1\"></span> costs observed.<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _1\"></span>  <span class=\"_ _1\"></span> <span class=\"_ _2f\"></span>For unsecured products, LGDs are typically set<span class=\"_ _1\"></span> at product level du<span class=\"_ _1\"></span>e to the limited differ<span class=\"_ _1\"></span>entiation in recoveries achieved acr<span class=\"_ _1\"></span>oss differ<span class=\"_ _1\"></span>ent borrowers.<span class=\"_ _1\"></span> These LGDs are influenced by collection strategies, including contracted debt sales and price.<span class=\"_ _1f9\"> </span>Exposure at default<span class=\"ff5\"> \u2013 r<span class=\"_ _1\"></span>eferred to as EAD, is based </span>on the amounts expected to be owed at the time of default, over the next 12 months or over the remain<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ing lifetime. IFRS 9 requir<span class=\"_ _1\"></span>es an assumed draw down profile for committed amounts.<span class=\"_ _1f9\"> </span>The Group also considers post-model adjustments<span class=\"_ _1\"></span> to address model limitations or factors that have<span class=\"_ _1\"></span> not been captured in the models. These r<span class=\"_ _1\"></span>epresent<span class=\"_ _1\"></span> the factors that are not fully accounted for as part<span class=\"_ _1\"></span> of the modelling described above, such as potential uncertainty arising from the cost-of-living crisis and<span class=\"_ _1\"></span> the current economic envir<span class=\"_ _1\"></span>onment.<span class=\"_ _1f9\"> </span>Equity Asset valuation<span class=\"_ _1f9\"> </span>The valuation of unquoted investments and invest<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ments for which there is an inactive market is a key<span class=\"_ _1\"></span> area of estimation and may cause material adjustment to the carrying value of those assets and liabilities. The unquoted Equity Assets are valued on a periodic basis using techniques including a market multiple approach, costs appr<span class=\"_ _1\"></span>oach and/or income approach. The valuation process is collaborative, involving the<span class=\"_ _1\"></span> finance and investment functions of the Group with<span class=\"_ _1\"></span> the final valuations being reviewed by the V<span class=\"_ _0\"></span>aluation Committee, which is a management-level Commit<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tee responsible for the oversight of the valuation of<span class=\"_ _1\"></span> investments. The techniques used include earnings multiples, discounted cash flow analysis, the value of recent transactions and the net asset value of the investment. The valuations often reflect a synthesis of a number of differ<span class=\"_ _1\"></span>ent approaches in determining the final fair value estimate. The individual approach for<span class=\"_ _1\"></span> each investment will vary depending on relevant fac<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tors that a market participant would take into account in pricing the asset. These might include the specific<span class=\"_ _1\"></span> industry dynamics, the Investee\u2019<span class=\"_ _31\"></span>s stage of develop<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment, profitability<span class=\"_ _31\"></span>, growth prospects or risk as well as the rights associated with the particular security<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _14f\"> </span>Base<span class=\"_ _60\"> </span>Upside<span class=\"_ _15\"> </span>Down-side<span class=\"_ _1f9\"> </span>UK unemployment rate yearly change<span class=\"_ _11a\"> </span>0.24%<span class=\"_ _a1\"> </span>(0.15%)<span class=\"_ _150\"> </span>1.56%<span class=\"_ _1f9\"> </span>UK HPI yearly change<span class=\"_ _151\"> </span>(5.85%)<span class=\"_ _a1\"> </span>(2.32%)<span class=\"_ _152\"> </span>(11.93%)<span class=\"_ _1f9\"> </span>UK Base Rate<span class=\"_ _153\"> </span>4.85%<span class=\"_ _80\"> </span>5.75%<span class=\"_ _150\"> </span>3.88%<span class=\"_ _1f9\"> </span>As at 31 December 2022<span class=\"_ _14f\"> </span>Base<span class=\"_ _60\"> </span>Upside<span class=\"_ _15\"> </span>Down-side<span class=\"_ _1f9\"> </span>UK unemployment rate yearly change<span class=\"_ _11a\"> </span>4.66%<span class=\"_ _150\"> </span>4.24%<span class=\"_ _150\"> </span>5.99%<span class=\"_ _1f9\"> </span>UK HPI yearly change<span class=\"_ _151\"> </span>(5.90%)<span class=\"_ _a1\"> </span>(3.15%)<span class=\"_ _152\"> </span>(10.63%)<span class=\"_ _1f9\"> </span>UK Base Rate<span class=\"_ _153\"> </span>4.00%<span class=\"_ _80\"> </span>5.25%<span class=\"_ _150\"> </span>3.50%<span class=\"_ _1f9\"> </span>Increases or decr<span class=\"_ _1\"></span>eases in any of the inputs in iso<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>lation may result in higher or lower fair value meas<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>urements. Changes in fair value of all investments<span class=\"_ _1\"></span> held at fair value, which includes Equity Assets ar<span class=\"_ _1\"></span>e recognised in the Consolidated Statement of Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>prehensive Income as a capital item. On disposal,<span class=\"_ _1\"></span> realised gains and losses ar<span class=\"_ _1\"></span>e also recognised in<span class=\"_ _1\"></span> the Consolidated Statement of Comprehensive<span class=\"_ _0\"></span> Income. T<span class=\"_ _0\"></span>ransaction costs are included within gains or losses on investments held at fair value, although any related inter<span class=\"_ _1\"></span>est income, dividend income and finance costs are disclosed separately in the financial statements. Sensitivity analysis has been performed on the equity investment valuations in Note 9. Impairment assessment for Goodwill<span class=\"_ _1f9\"> </span>Goodwill is assessed for indicators of impairment at each reporting date and whenever ther<span class=\"_ _1\"></span>e is an indication that the recoverable amount of a cash-generating unit (\u201cCGU\u201d) is less than its carrying amount, and tested for impairment annually<span class=\"_ _0\"></span>. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which<span class=\"_ _1\"></span> benefit from the synergies of the acquisition and which repr<span class=\"_ _1\"></span>esent the lowest level at which goodwill is moni<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tored for internal management purposes. The recoverable amount of CGUs is determined<span class=\"_ _1\"></span> based on higher of value-in-use and fair value less cost to sell. Key assumptions in the discounted<span class=\"_ _1\"></span> cash flow projections ar<span class=\"_ _1\"></span>e prepared based on curr<span class=\"_ _1\"></span>ent economic conditions and comprise an estimated<span class=\"_ _1\"></span> long-term growth rate, the period over which futur<span class=\"_ _1\"></span>e cashflows have been forecast, the weighted average cost of capital and estimated operating margins.<span class=\"_ _1\"></span> Wherever possible, the inputs into the discounted<span class=\"_ _1\"></span> cash flow projections used for the impairment test of goodwill are based on thir<span class=\"_ _1\"></span>d party observable data. <span class=\"_ _1\"></span> <span class=\"_ _1\"></span> Carried interest The Group participates in carried inter<span class=\"_ _1\"></span>est in the<span class=\"_ _1\"></span> underlying funds. Carried interest r<span class=\"_ _1\"></span>epresents a shar<span class=\"_ _1\"></span>e of fund profits thr<span class=\"_ _1\"></span>ough the Group\u2019<span class=\"_ _31\"></span>s holdings in carried interest partnerships. The amount is determined by<span class=\"_ _1\"></span> the level of accumulated profits exceeding an agr<span class=\"_ _1\"></span>eed threshold or hur<span class=\"_ _1\"></span>dle. The rights are in the form of part<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>nership interests in carried inter<span class=\"_ _1\"></span>est partnerships. Car<span class=\"_ _1\"></span><span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ried interest is accounted for as r<span class=\"_ _1\"></span>evenue under IFRS 15, where the carried inter<span class=\"_ _1\"></span>est is obtained as part of the service that the Group pr<span class=\"_ _1\"></span>ovides to the funds, and it is held at fair value, where the Gr<span class=\"_ _1\"></span>oup acquired carried interest rights as part of the Combination.<span class=\"_ _1f9\"> </span>Carried interest income is only r<span class=\"_ _1\"></span>ecognised under<span class=\"_ _1\"></span> IFRS 15 provided it has been determined as being<span class=\"_ _1\"></span> highly probable that ther<span class=\"_ _1\"></span>e will not be a significant reversal. The value of carried inter<span class=\"_ _1\"></span>est, under this<span class=\"_ _1\"></span> method, has been modelled by assessing the value of the assets in the fund as well as the terms of the<span class=\"_ _1\"></span> carried interest arrangements that the Gr<span class=\"_ _1\"></span>oup is a beneficiary of. The value of the assets have been<span class=\"_ _1\"></span> discounted to ensure that it is highly pr<span class=\"_ _1\"></span>obable that there will not be a significant r<span class=\"_ _1\"></span>eversal.<span class=\"_ _1f9\"> </span>Carried interest at fair value is modelled by estimating from the value of the funds\u2019 investments and the<span class=\"_ _1\"></span> amount that would be due to the Group under the<span class=\"_ _1\"></span> terms of the carried interest arrangements if the<span class=\"_ _1\"></span> assets were r<span class=\"_ _1\"></span>ealised at these values. Carried interest includes an embedded option where carried inter<span class=\"_ _1\"></span>est holders participate in gains but not losses of the fund subject to certain hurdles. The value of this option<span class=\"_ _1\"></span> has been modelled using a variety of techniques,<span class=\"_ _1\"></span> including the Black Scholes option valuation model and scenario analysis.<span class=\"_ _1f9\"> </span>Sensitivity analysis has been performed on carried interest valuations in Note 10. JUDGEMENTS<span class=\"_ _1f9\"> </span>The critical judgements relate to the consolidation<span class=\"_ _1\"></span> of Group companies, the consolidation of fund<span class=\"_ _0\"></span> investments and the accounting for carried interest<span class=\"_ _1\"></span> partnerships.<span class=\"_ _1f9\"> </span>Consolidation of Group companies<span class=\"_ _1f9\"> </span>Determining whether the Group has contr<span class=\"_ _1\"></span>ol of an entity is generally straightforward when based on<span class=\"_ _1\"></span> ownership of the majority of the voting capital.<span class=\"_ _1\"></span> However<span class=\"_ _0\"></span>, in certain instances, this determination will involve significant judgement, particularly in the case of structured entities wher<span class=\"_ _1\"></span>e voting rights are often not the determining factor in decisions over the relevant activities. This judgement may involve assessing the<span class=\"_ _1\"></span> purpose and design of the entity<span class=\"_ _0\"></span>. It will also often be necessary to consider whether the Group, or another involved party with power over the relevant activities, is acting as a principal in its own right or as an agent on behalf of others.<span class=\"_ _1f9\"> </span>Consolidation of fund investments<span class=\"_ _1f9\"> </span>It was assessed throughout the period whether the<span class=\"_ _1\"></span> Group should consolidate investments in funds man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>aged or advised by the Group into the r<span class=\"_ _1\"></span>esults of the Group. Contr<span class=\"_ _1\"></span>ol is determined by the extent of which<span class=\"_ _1f9\"> </span>the Group has power over the investee, exposur<span class=\"_ _1\"></span>e or rights to variable r<span class=\"_ _1\"></span>etur<span class=\"_ _32\"></span>ns fr<span class=\"_ _1\"></span>om its involvement with the investee and the ability to use its power over the investee to affect the amount of the investor\u2019<span class=\"_ _31\"></span>s returns.<span class=\"_ _1f9\"> </span>The Group has assessed the legal natur<span class=\"_ _1\"></span>e of the<span class=\"_ _1\"></span> relationships between the Gr<span class=\"_ _1\"></span>oup, the relevant fund, the General Partners and the Limited Partners. This assessment included carrying out a control assess<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment of each Limited Partner (\u201cLP\u201d) in accordance<span class=\"_ _1\"></span> with IFRS 10 to consider whether the LPs should<span class=\"_ _1\"></span> be consolidated into the financial statements of the Group. The Gr<span class=\"_ _1\"></span>oup has determined that control over the LPs ultimately resides with the underlying fund<span class=\"_ _1\"></span> majority investors and that the Group, thr<span class=\"_ _1\"></span>ough the Asset Manager<span class=\"_ _0\"></span>, acts as an agent to the underlying fund major investors and not as principal. The Group also determined that as the manager<span class=\"_ _31\"></span>, the Group has the power to influence the r<span class=\"_ _1\"></span>eturns generated by the fund, but the Group\u2019<span class=\"_ _31\"></span>s interests typically r<span class=\"_ _1\"></span>epresent<span class=\"_ _1\"></span> only a small proportion of the total capital within each fund. The Group has ther<span class=\"_ _1\"></span>efore concluded that the<span class=\"_ _1\"></span> Group acts as an agent, which is primarily engaged to act on behalf, and for the benefit, of the LPs rather than to act for its own benefit.<span class=\"_ _1f9\"> </span>Accounting for carried interest partnerships<span class=\"_ _1f9\"> </span>Carried interest r<span class=\"_ _1\"></span>epresents a share of fund pr<span class=\"_ _1\"></span>ofits<span class=\"_ _1\"></span> through the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s holdings in carried interest part<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nerships. The amount is determined by the level of<span class=\"_ _1\"></span> accumulated profits exceeding an agr<span class=\"_ _1\"></span>eed threshold or hurdle. The rights ar<span class=\"_ _1\"></span>e in the form of partnership interests in carried inter<span class=\"_ _1\"></span>est partnerships. The Group has between 1 and 25 per cent of the total interests in these partnerships.<span class=\"_ _1f9\"> </span>The Group has undertaken a contr<span class=\"_ _1\"></span>ol assessment of each carried interest partnership in accor<span class=\"_ _1\"></span>dance with IFRS 10 to consider whether they should be<span class=\"_ _1\"></span> consolidated into the Group\u2019<span class=\"_ _31\"></span>s results. The Gr<span class=\"_ _1\"></span>oup has considered the natur<span class=\"_ _1\"></span>e of the relationships between the Group, the fund, the fund investors, the carried<span class=\"_ _1\"></span> interest partnership and participants in the carried<span class=\"_ _1\"></span> interest partnership. The Gr<span class=\"_ _1\"></span>oup has determined that the power to control the carried inter<span class=\"_ _1\"></span>est partnerships ultimately resides with the fund investors and that the Group is ther<span class=\"_ _1\"></span>efore an agent and not a principal. This is because the purpose and design of the carried<span class=\"_ _1\"></span> interest partnerships and the carry rights in the fund are determined at the outset by each fund\u2019<span class=\"_ _31\"></span>s Limited Partner Agreement (<span class=\"_ _1\"></span>\u201cLP<span class=\"_ _1\"></span>A\u201d), which r<span class=\"_ _1\"></span>equires investor<span class=\"_ _1\"></span> agreement and r<span class=\"_ _1\"></span>eflects investor expectations to<span class=\"_ _1\"></span> incentivise individuals to enhance performance of the underlying fund. While the Group has some power<span class=\"_ _1\"></span> over the carried interest partnerships, these powers are limited and r<span class=\"_ _1\"></span>epresent the best inter<span class=\"_ _1\"></span>ests of all carried interest holders collectively and hence, these are assessed to be on behalf of the fund investors.<span class=\"_ _1f9\"> </span>The Group has asse<span class=\"_ _1\"></span>ssed the payments and the<span class=\"_ _1\"></span> returns the carried interest holders make and r<span class=\"_ _1\"></span>eceive from their investment in carried inter<span class=\"_ _1\"></span>est and have considered whether those carried inter<span class=\"_ _1\"></span>est holders, who are also employees of the Gr<span class=\"_ _1\"></span>oup, were pr<span class=\"_ _1\"></span>oviding a service for the benefit of the Group or the investors in the fund. The Gr<span class=\"_ _1\"></span>oup concluded that the carried interest r<span class=\"_ _1\"></span>epresents a separate relationship between<span class=\"_ _1\"></span> the fund investors and the individual employees and that the carried interest r<span class=\"_ _1\"></span>epresents an investment<span class=\"_ _1\"></span> requiring the individuals to put their own cap<span class=\"_ _1\"></span>ital at risk and that, after an initial vesting period, continued rights to returns from the investment is not dictated by continuation of employment.<span class=\"_ _1f9\"> </span>In addition, the Group has also consider<span class=\"_ _1\"></span>ed the var<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>iability of returns for all carried interest partnerships<span class=\"_ _1\"></span> and in doing so have determined that the Group is<span class=\"_ _1\"></span> exposed to variable returns in the range of 1 to 25 per cent as at 31 December 2023 (31 December<span class=\"_ _1\"></span> 2022: 1 to 28 per cent), with the main beneficiaries of the carried interest partnership variable r<span class=\"_ _1\"></span>eturns being the other participants. The Group concluded that the carried interest partnership ar<span class=\"_ _1\"></span>e not controlled by the Group and ther<span class=\"_ _1\"></span>efore should not be consolidated.<span class=\"_ _1f9\"> </span>The Group has also assessed whether the Gr<span class=\"_ _1\"></span>oup has significant influence over the carried interest partner<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ships under IAS28, Investments in Associates and Joint V<span class=\"_ _1\"></span>entur<span class=\"_ _1\"></span>es. Where the Group has a shar<span class=\"_ _1\"></span>e of 20 per cent or more of the rights to the carried inter<span class=\"_ _1\"></span>est, the Group is consider<span class=\"_ _1\"></span>ed to have significant influence and therefor<span class=\"_ _1\"></span>e these carried interest partnerships ar<span class=\"_ _1\"></span>e treated as an associate. Details of the associates ar<span class=\"_ _1\"></span>e set out in Note 21.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "4. Business Combination<span class=\"_ _1f9\"> </span>There wer<span class=\"_ _1\"></span>e no business combinations in the year ended 31 December 2023. In the prior year<span class=\"_ _0\"></span>, the Company acquired 100 per<span class=\"_ _1\"></span> cent of the shares in Pollen S<span class=\"_ _1\"></span>treet Capital Holdings Limited on 30 September 2022. The Company con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>trols Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited so it has been consolidated from 30 September 2022. In the prior year<span class=\"_ _0\"></span>, the Group expensed \u00a33,352,000 of costs associated with the acquisition of the shares in Pollen Street Capital Holdings Limited. The costs associ<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ated with the issuance of shares of \u00a310,216,400<span class=\"_ _1\"></span> were pr<span class=\"_ _1\"></span>esented in merger reserves in the Statement of Financial Position and Statement of Changes in Shareholders\u2019 Funds.<span class=\"_ _1f9\"> </span>The following table shows the fair value of the con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sideration transferred and the acquisition-date fair<span class=\"_ _1\"></span> value of each major class of the consideration: As at 30 September 2022<span class=\"_ _154\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Consideration<span class=\"_ _155\"> </span>235,781<span class=\"_ _1f9\"> </span>Purchase price allocation<span class=\"_ _1f9\"> </span>Pollen Street Capital Holdings Limited net asset value<span class=\"_ _156\"> </span>(4,590)<span class=\"_ _1f9\"> </span>Intangible assets<span class=\"_ _157\"> </span>(4,000)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal value of assets acquired<span class=\"_ _cc\"> </span>(8,590)<span class=\"_ _1f9\"> </span>Goodwill<span class=\"_ _158\"> </span>227,191<span class=\"_ _1f9\"> </span>The goodwill recognised on acquisition of the Pollen Street Capital Holdings Limited is made up of one<span class=\"_ _1\"></span> cash-generating unit, which includes future manage<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ment and performance fees arising from the acquir<span class=\"_ _1\"></span>ed company and its subsidiaries.<span class=\"_ _1f9\"> </span>Consideration<span class=\"_ _1f9\"> </span>The consideration for the acquisition of Pollen Street Capital Holdings Limited was in the form of issuance of shares in Pollen Str<span class=\"_ _1\"></span>eet Limited to the owners of Pollen Street Capital Holdings Limited. The gr<span class=\"_ _1\"></span>oss amount was \u00a3235,781,304, which was the number of shares issued on 30 September 2022 of 29,472,663 multiplied by the prior day closing share price of \u00a38.00 per share.<span class=\"_ _1f9\"> </span>In aggregate, the consideration shar<span class=\"_ _1\"></span>es repr<span class=\"_ _1\"></span>esented approximately 45.6 per cent of the enlarged shar<span class=\"_ _1\"></span>e capital of Pollen Street Limited on the completion date being 30 September 2022. As at 30 September 2022<span class=\"_ _154\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Pollen Street Capital Holdings Limited net asset value:<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _159\"> </span>15,054<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _15a\"> </span>(23,729)<span class=\"_ _1f9\"> </span>Carried interest<span class=\"_ _15b\"> </span>5,459<span class=\"_ _1f9\"> </span>Other assets<span class=\"_ _15c\"> </span>7,806<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _157\"> </span>4,590<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _1f9\"> </span>The fair value of the r<span class=\"_ _1\"></span>eceivables acquired in Pollen<span class=\"_ _1\"></span> Street Capital Holdings Limited wer<span class=\"_ _1\"></span>e equal to the gross contractual amounts r<span class=\"_ _1\"></span>eceivable. The main<span class=\"_ _1\"></span> receivables consist of trade and other debtor bal<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ances, prepayments and accrued income. Receivable balances were r<span class=\"_ _1\"></span>epresented by fees receivable for<span class=\"_ _1\"></span> investment fund management and advisory services provided to Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited\u2019<span class=\"_ _31\"></span>s customers. The customers include investors in funds that Pollen Street Capital Holdings Limited manages or advises; as such, Pollen Street Capital Holdings<span class=\"_ _1\"></span> Limited has detailed and up-to-date information on the financial position and outlook of its counterparties. The significant majority of the receivable balance<span class=\"_ _1\"></span>s were trade debtors that ar<span class=\"_ _1\"></span>e generally collected on a monthly or quarterly basis and had been collected by 31 December 2023.<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _1f9\"> </span>The main items of the payables acquired include cor<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>poration tax and general business accruals.<span class=\"_ _1f9\"> </span>Carried interest<span class=\"_ _1f9\"> </span>Carried interest r<span class=\"_ _1\"></span>efers to the shar<span class=\"_ _1\"></span>e of the profits of a third-party fund earned by Pollen Street Capital Hold<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ings Limited and its subsidiaries. The Group\u2019<span class=\"_ _31\"></span>s carried interest participations ar<span class=\"_ _1\"></span>e defined and agreed with the Limited Partners in each fund\u2019<span class=\"_ _31\"></span>s Limited Partnership Agreement. The exact measur<span class=\"_ _1\"></span>ement for the carried interest in dif<span class=\"_ _1\"></span>ferent funds can dif<span class=\"_ _1\"></span>fer<span class=\"_ _0\"></span>, such as containing differ<span class=\"_ _1\"></span>ent hurdle rates and waterfalls.<span class=\"_ _1f9\"> </span>Other assets<span class=\"_ _1f9\"> </span>Other assets are primarily formed of fixed tangible<span class=\"_ _1\"></span> assets including investments in funds managed or advised by the Investment Manager and a third-party fund management company<span class=\"_ _0\"></span>. The other assets also included \u00a32.6 million of cash and cash equivalents.<span class=\"_ _1f9\"> </span>Intangible assets<span class=\"_ _1f9\"> </span>The intangible assets repr<span class=\"_ _1\"></span>esent customer relation<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ships which arose as part of the acquisition of Pollen Street Capital Holdings Limited. See Note 6 for further details.<span class=\"_ _1f9\"> </span>Pollen Street Capital Holdings Limited net  asset value<span class=\"_ _1f9\"> </span>Pollen Street Capital Holdings Limited net asset value was formed of the following balance sheet items on the date of completion, being 30 September 2022: ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "5. Assets Held for Distribution to the New  Parent Company On 14 February 2024, the Company distributed the entire issued share capital in Pollen Street Capital Holdings Limited to its new parent, Pollen Street Group Limited. This is referred to as the Distribution. All operations undertaken by Pollen Street Capital Holdings Limited were therefore classified as held for distribution to owners, also described as held for dis- tribution to new parent, on 11 October 2023 being the date that shareholders approved the resolutions for the Distribution. See Note 1 and Note 2 for further information. The following table shows the group of assets and liabilities held for distribution as at 31 December 2023: As at 31 December 2023 Notes Items for Distribution \u00a3\u2019000 Current assets Cash and cash equivalents 24 1,196 Receivables 17 13,939 Fixed assets 15 1,344 Goodwill and intangible assets 6 230,551 Lease assets 16 4,056 Carried interest 10 17,332 Total current assets 268,418 Total assets 268,418 Current liabilities - - Payables 18 17,582 Lease payables 16 4,152 Current tax payable 13 981 Deferred tax liability 13 2,628 Total current liabilities 25,343 Total assets less current liabilities 243,075 Net assets 243,075 The table above shows the consolidated balance of the items held for distribution, which are net of intercompany amounts. The intercompany eliminations amount not shown above is for \u00a33.9 million, which is added to the net assets of \u00a3243.1 million shown above to total the amount being distributed of \u00a3247.0 million. The Company assets held for distribution comprise investments in subsidiaries of \u00a3239.0 million. See note 21 for further details on subsidiaries. The following table shows the cash flows from the group of assets and liabilities held for distribution as at 31 December 2023: For the year ended  31 December 2023 For the year ended  31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Net cash flows from operating activities 1,312 1,951 Net cash used in investing activities (1,487) 2,055 Net cash used in financing activities (1,350) (1,285) Net decrease in cash and cash equivalents (1,525) 2,721 Cash and cash equivalents at beginning of year 2,721 - Cash and cash equivalents at the end of year 1,196 2,721 As part of the Distribution, the Group was required to account for the assets that are held for distribution at the lower of their carrying amount and fair value. A fair value assessment was carried out as at 31 December 2023 on the assets held for distribution, which had a carrying value of \u00a3243.1 million (31 December 2022: nil) and a fair value of \u00a3326.8 million (31 December 2022: nil). ",
   "dimensions": {
    "concept": "pollenstreetplc:DisclosureOfAssetsHeldForDistributionToTheNewParentCompanyExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-508": {
   "value": "<div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls2 ws0 gs65c\">6. Goodwill<span class=\"_ _1\"></span> and In<span class=\"_ _1\"></span>tangible <span class=\"_ _1\"></span>Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws59 gs65d\">On 11 October 2023, the Group classified the good<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2c gs65e\">will and intangibles recognised as part of the acquisi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsc gs65f\">tion of Pollen Street Capital Holdings Limited in 2022 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsc gs660\">as assets held for distribution to the new parent. See </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs661\">Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3b gs662\">The table below shows the total goodwill and intangi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs663\">ble assets held by the Group:<span class=\"_ _1f9\"> </span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs665\">The table below shows the total goodwill held by the Group:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs667\">Group<span class=\"_ _171\"> </span>For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs668\">31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs669\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs66a\">31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs66b\">Continuing<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs66c\">Operations</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs66d\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs66e\">Analysis of </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs66f\">items for </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs670\">Distribution<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs671\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs672\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs673\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs674\">Continuing<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs675\">Operations<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs676\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs677\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs678\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs679\">Opening balance <span class=\"_ _139\"> </span><span class=\"ff19\">231,191<span class=\"_ _172\"> </span>-<span class=\"_ _c3\"> </span>231,191<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs67a\">Additions<span class=\"_ _174\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _d1\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs67b\">Reallocation to assets held for </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs67c\">distribution to the new parent<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs67d\">(231,191)<span class=\"_ _e2\"> </span>231,191<span class=\"_ _105\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs67e\">T<span class=\"_ _31\"></span>otal income<span class=\"_ _177\"> </span>-<span class=\"_ _e2\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _d1\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs67f\">Accumulated amortisation<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs680\">Opening balance <span class=\"_ _e6\"> </span>(160)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(160)<span class=\"_ _dc\"> </span></span>-<span class=\"_ _105\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs681\">Amortisation<span class=\"_ _66\"> </span>(480)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(480)<span class=\"_ _62\"> </span></span>(160)<span class=\"_ _99\"> </span>(160)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws37 gs682\">Reallocation to assets held for </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs683\">distribution to the new parent<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs684\">640<span class=\"_ _152\"> </span>(640)<span class=\"_ _7f\"> </span><span class=\"ff19\">-<span class=\"_ _176\"> </span></span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs685\">Closing balance <span class=\"_ _178\"> </span>-<span class=\"_ _f9\"> </span>(640)<span class=\"_ _8c\"> </span>(640)<span class=\"_ _12e\"> </span>(160)<span class=\"_ _8c\"> </span>(160)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs686\">Net book value <span class=\"_ _b2\"> </span>-<span class=\"_ _e2\"> </span>230,551<span class=\"_ _c3\"> </span>230,551<span class=\"_ _90\"> </span>231,031<span class=\"_ _c3\"> </span>231,031<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs688\">Group<span class=\"_ _179\"> </span>For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs689\">December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs68a\">For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs68b\">December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs68c\">Continuing<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs68d\">Operations</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs68e\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs68f\">Analysis of </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs690\">items for </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs691\">Distribution<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs692\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs693\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs694\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs695\">Continuing<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs696\">Operations<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs697\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs698\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs699\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs69a\">Opening balance <span class=\"_ _139\"> </span><span class=\"ff19\">227,191<span class=\"_ _172\"> </span>-<span class=\"_ _c3\"> </span>227,191<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs69b\">Additions<span class=\"_ _17a\"> </span>227,191<span class=\"_ _c3\"> </span>227,191<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs69c\">Reallocation to assets held for </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs69d\">distribution to the new parent<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs69e\">(227,191)<span class=\"_ _e2\"> </span>227,191<span class=\"_ _105\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs69f\">Net book value<span class=\"_ _66\"> </span>-<span class=\"_ _e0\"> </span>227,191<span class=\"_ _92\"> </span>227,191<span class=\"_ _d1\"> </span>227,191<span class=\"_ _c3\"> </span>227,191<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a1\">Group<span class=\"_ _171\"> </span>For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a2\">31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a3\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a4\">31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a5\">Continuing<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a6\">Operations</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a7\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a8\">Analysis of </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6a9\">items for </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6aa\">Distribution<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6ab\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6ac\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6ad\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6ae\">Continuing<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6af\">Operations<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6b0\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6b1\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6b2\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs6b3\">Opening balance <span class=\"_ _17b\"> </span><span class=\"ff19\">4,000<span class=\"_ _172\"> </span>-<span class=\"_ _ff\"> </span>4,000<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6b4\">Additions<span class=\"_ _174\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _99\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs6b5\">Reallocation to assets held for </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs6b6\">distribution to the new parent<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6b7\">(4,000)<span class=\"_ _da\"> </span>4,000<span class=\"_ _173\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6b8\">Closing balance<span class=\"_ _d3\"> </span>-<span class=\"_ _da\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _99\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6b9\">Accumulated amortisation<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs6ba\">Opening balance <span class=\"_ _e6\"> </span>(160)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(160)<span class=\"_ _dc\"> </span></span>-<span class=\"_ _105\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs6bb\">Amortisation<span class=\"_ _66\"> </span>(480)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(480)<span class=\"_ _62\"> </span></span>(160)<span class=\"_ _99\"> </span>(160)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws37 gs6bc\">Reallocation to assets held for </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6bd\">distribution to the new parent<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs6be\">640<span class=\"_ _152\"> </span>(640)<span class=\"_ _7f\"> </span><span class=\"ff19\">-<span class=\"_ _176\"> </span></span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6bf\">Closing balance <span class=\"_ _178\"> </span>-<span class=\"_ _f9\"> </span>(640)<span class=\"_ _8c\"> </span>(640)<span class=\"_ _12e\"> </span>(160)<span class=\"_ _8c\"> </span>(160)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs6c0\">Net book value <span class=\"_ _b2\"> </span>-<span class=\"_ _db\"> </span>3,360<span class=\"_ _ff\"> </span>3,360<span class=\"_ _99\"> </span>3,840<span class=\"_ _ff\"> </span>3,840<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs6c2\">The table below shows the total intangible assets held by the Group: </div>Goodwill<span class=\"_ _1f9\"> </span>Goodwill is calculated as the consideration for an<span class=\"_ _1\"></span> acquisition less the value of the assets acquired. The goodwill, shown in Note 4 above, relates to the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sition of the Pollen Street Capital Holdings Limited. As per the requir<span class=\"_ _1\"></span>ements of IAS 36 \u201cimpairment of assets\u201d, goodwill is tested for impairment annually<span class=\"_ _0\"></span>. The goodwill recognised as part of the acquisition above is compared to a financial model used to estimate the value in use of Pollen Street Capital Holdings Limited. The value in use involves identifying the cashflows associated with the revenue str<span class=\"_ _1\"></span>eams of Pollen Steet Capital Holdings Limited and carrying out a forecast of future cashflows that ar<span class=\"_ _1\"></span>e discounted back to their net present value based on discount rates obtained fr<span class=\"_ _1\"></span>om relevant industry comparable information.<span class=\"_ _1f9\"> </span>Goodwill was tested for impairment on 11 October 2023, the date that the Group consider<span class=\"_ _1\"></span>ed that it was highly probable that the Distribution would take place and no impairment was identified. The cashflows<span class=\"_ _1\"></span> have been forecast five years and thr<span class=\"_ _1\"></span>ee months into the future (2022: 3 year<span class=\"_ _1\"></span>s projections used), wher<span class=\"_ _1\"></span>e the final year is assigned a terminal value. The value in use of goodwill was \u00a3296 million (31 December 2022: \u00a3300 million) which is \u00a369 million (31 Decem<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ber 2022: \u00a373 million) above the goodwill value of \u00a3227 million presented by <span class=\"_ _1\"></span>the Group. The value in<span class=\"_ _1\"></span> use model has a number of assumptions; the most significant assumptions are the futur<span class=\"_ _1\"></span>e income projec<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>tions that are based on Pol<span class=\"_ _1\"></span>len Street Capital Hold<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ings Limited\u2019<span class=\"_ _31\"></span>s forecast profit after tax, the discount<span class=\"_ _1\"></span> rate used of 12.4 per cent (31 December 2022: 11.3 per cent), and the long-term growth rate of 3.6 per<span class=\"_ _1\"></span> cent (31 December 2022: 2.5 per cent).<span class=\"_ _1f9\"> </span>The future cashflow pr<span class=\"_ _1\"></span>ojections are based on<span class=\"_ _0\"></span> management\u2019<span class=\"_ _31\"></span>s best estimate using historical perfor<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mance and third-party data and applying assump<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions to future potential funds<div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs6eb\">The following table shows the sensitivity of the value in use to the key inputs as at 11 October 2023:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6ec\">Group<span class=\"_ _107\"> </span>Sensitivity </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6ed\">applied </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6ee\">Increase rate<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6ef\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6f0\">Decrease rate<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6f1\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws98 gs6f2\">Change at which VIU </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6f3\">equates to carrying </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6f4\">value of goodwill<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6f5\">Profit after tax<span class=\"_ _c2\"> </span>+/-50%<span class=\"_ _a1\"> </span>147,793<span class=\"_ _fb\"> </span>(147,793)<span class=\"_ _f4\"> </span>Decrease of 23%<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6f6\">Long-term </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6f7\">growth rate<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6f8\">+/-100bps<span class=\"_ _173\"> </span>30,622<span class=\"_ _a6\"> </span>(24,386)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6f9\">Decrease of </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6fa\">350bps<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6fb\">Discount rate<span class=\"_ _95\"> </span>+/-100bps<span class=\"_ _86\"> </span>(33,945)<span class=\"_ _105\"> </span>42,781<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6fc\">Increase of </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs6fd\">230bps<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs6fe\">The following table shows the sensitivity of the value in use to the key inputs as at 31 December 2022:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs6ff\">Group<span class=\"_ _107\"> </span>Sensitivity </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs700\">applied </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs701\">Increase rate<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs702\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs703\">Decrease rate<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs704\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws98 gs705\">Change at which VIU </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs706\">equates to carrying </div><div class=\"t m0 h24 ff19 fs17 fc5 sc0 ls0 ws0 gs707\">value of goodwill<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs708\">Profit after tax<span class=\"_ _c2\"> </span>+/-10%<span class=\"_ _7f\"> </span>30,000<span class=\"_ _a6\"> </span>(30,000)<span class=\"_ _92\"> </span>Decrease of 24%<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs709\">Long-term </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs70a\">growth rate<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs70b\">+/-50bps<span class=\"_ _173\"> </span>16,790<span class=\"_ _a6\"> </span>(14,988)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs70c\">Decrease of </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs70d\">305bps<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs70e\">Discount rate<span class=\"_ _61\"> </span>+/-50bps<span class=\"_ _a6\"> </span>(16,820)<span class=\"_ _173\"> </span>20,478<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs70f\">Increase of </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs710\">250bps<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs711\">Intangible assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws67 gs712\">The intangible assets arose as part of the acquisition, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs713\">and repr<span class=\"_ _1\"></span>esents existing customer relationships of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsa gs714\">Pollen Street Capital Holdings Limited. The intangible </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs715\">assets have a finite life, which is estimated to be<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs716\">up to the end of 2028, and so the intangibles are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs717\">amortised on a straight-line basis up to the end of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs718\">2028 and are included in Administration costs on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs719\">the statement of comprehensive income. See Not<span class=\"_ _1\"></span>es </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs71a\">2 and 4 for further information on intangible assets.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "6. Goodwill<span class=\"_ _1\"></span> and In<span class=\"_ _1\"></span>tangible <span class=\"_ _1\"></span>Assets<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classified the good<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>will and intangibles recognised as part of the acquisi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>tion of Pollen Street Capital Holdings Limited in 2022 as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>The table below shows the total goodwill and intangi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ble assets held by the Group:<span class=\"_ _1f9\"> </span>The table below shows the total goodwill held by the Group:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _171\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations \u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _139\"> </span><span class=\"ff19\">231,191<span class=\"_ _172\"> </span>-<span class=\"_ _c3\"> </span>231,191<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span>Additions<span class=\"_ _174\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _d1\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(231,191)<span class=\"_ _e2\"> </span>231,191<span class=\"_ _105\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal income<span class=\"_ _177\"> </span>-<span class=\"_ _e2\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _d1\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _1f9\"> </span>Accumulated amortisation<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _e6\"> </span>(160)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(160)<span class=\"_ _dc\"> </span></span>-<span class=\"_ _105\"> </span>-<span class=\"_ _1f9\"> </span>Amortisation<span class=\"_ _66\"> </span>(480)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(480)<span class=\"_ _62\"> </span></span>(160)<span class=\"_ _99\"> </span>(160)<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>640<span class=\"_ _152\"> </span>(640)<span class=\"_ _7f\"> </span><span class=\"ff19\">-<span class=\"_ _176\"> </span></span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance <span class=\"_ _178\"> </span>-<span class=\"_ _f9\"> </span>(640)<span class=\"_ _8c\"> </span>(640)<span class=\"_ _12e\"> </span>(160)<span class=\"_ _8c\"> </span>(160)<span class=\"_ _1f9\"> </span>Net book value <span class=\"_ _b2\"> </span>-<span class=\"_ _e2\"> </span>230,551<span class=\"_ _c3\"> </span>230,551<span class=\"_ _90\"> </span>231,031<span class=\"_ _c3\"> </span>231,031<span class=\"_ _1f9\"> </span>Group<span class=\"_ _179\"> </span>For the year ended 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations \u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _139\"> </span><span class=\"ff19\">227,191<span class=\"_ _172\"> </span>-<span class=\"_ _c3\"> </span>227,191<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span>Additions<span class=\"_ _17a\"> </span>227,191<span class=\"_ _c3\"> </span>227,191<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(227,191)<span class=\"_ _e2\"> </span>227,191<span class=\"_ _105\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Net book value<span class=\"_ _66\"> </span>-<span class=\"_ _e0\"> </span>227,191<span class=\"_ _92\"> </span>227,191<span class=\"_ _d1\"> </span>227,191<span class=\"_ _c3\"> </span>227,191<span class=\"_ _1f9\"> </span>Group<span class=\"_ _171\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations \u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _17b\"> </span><span class=\"ff19\">4,000<span class=\"_ _172\"> </span>-<span class=\"_ _ff\"> </span>4,000<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span>Additions<span class=\"_ _174\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _99\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(4,000)<span class=\"_ _da\"> </span>4,000<span class=\"_ _173\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _d3\"> </span>-<span class=\"_ _da\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _99\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _1f9\"> </span>Accumulated amortisation<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _e6\"> </span>(160)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(160)<span class=\"_ _dc\"> </span></span>-<span class=\"_ _105\"> </span>-<span class=\"_ _1f9\"> </span>Amortisation<span class=\"_ _66\"> </span>(480)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(480)<span class=\"_ _62\"> </span></span>(160)<span class=\"_ _99\"> </span>(160)<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>640<span class=\"_ _152\"> </span>(640)<span class=\"_ _7f\"> </span><span class=\"ff19\">-<span class=\"_ _176\"> </span></span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance <span class=\"_ _178\"> </span>-<span class=\"_ _f9\"> </span>(640)<span class=\"_ _8c\"> </span>(640)<span class=\"_ _12e\"> </span>(160)<span class=\"_ _8c\"> </span>(160)<span class=\"_ _1f9\"> </span>Net book value <span class=\"_ _b2\"> </span>-<span class=\"_ _db\"> </span>3,360<span class=\"_ _ff\"> </span>3,360<span class=\"_ _99\"> </span>3,840<span class=\"_ _ff\"> </span>3,840<span class=\"_ _1f9\"> </span>The table below shows the total intangible assets held by the Group: <div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs6c4\">Goodwill<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs6c5\">Goodwill is calculated as the consideration for an<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs6c6\">acquisition less the value of the assets acquired. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws23 gs6c7\">goodwill, shown in Note 4 above, relates to the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs6c8\">sition of the Pollen Street Capital Holdings Limited. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs6c9\">As per the requir<span class=\"_ _1\"></span>ements of IAS 36 \u201cimpairment of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws85 gs6ca\">assets\u201d, goodwill is tested for impairment annually<span class=\"_ _0\"></span>. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws2c gs6cb\">goodwill recognised as part of the acquisition above is </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs6cc\">compared to a financial model used to estimate the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs6cd\">value in use of Pollen Street Capital Holdings Limited. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs6ce\">The value in use involves identifying the cashflows </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs6cf\">associated with the revenue str<span class=\"_ _1\"></span>eams of Pollen Steet </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse wsa gs6d0\">Capital Holdings Limited and carrying out a forecast of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs6d1\">future cashflows that ar<span class=\"_ _1\"></span>e discounted back to their net </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls38 ws0 gs6d2\">present value based on discount rates obtained fr<span class=\"_ _1\"></span>om </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs6d3\">relevant industry comparable information.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs6d4\">Goodwill was tested for impairment on 11 October </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9 gs6d5\">2023, the date that the Group consider<span class=\"_ _1\"></span>ed that it was </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsf gs6d6\">highly probable that the Distribution would take place </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs6d7\">and no impairment was identified. The cashflows<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs6d8\">have been forecast five years and thr<span class=\"_ _1\"></span>ee months into </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs6d9\">the future (2022: 3 year<span class=\"_ _1\"></span>s projections used), wher<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs6da\">the final year is assigned a terminal value. The value </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs6db\">in use of goodwill was \u00a3296 million (31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs6dc\">2022: \u00a3300 million) which is \u00a369 million (31 Decem<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs6dd\">ber 2022: \u00a373 million) above the goodwill value of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs6de\">\u00a3227 million presented by <span class=\"_ _1\"></span>the Group. The value in<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs6df\">use model has a number of assumptions; the most </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsa gs6e0\">significant assumptions are the futur<span class=\"_ _1\"></span>e income projec<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs6e1\">tions that are based on Pol<span class=\"_ _1\"></span>len Street Capital Hold<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs6e2\">ings Limited\u2019<span class=\"_ _31\"></span>s forecast profit after tax, the discount<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws21 gs6e3\">rate used of 12.4 per cent (31 December 2022: 11.3 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs6e4\">per cent), and the long-term growth rate of 3.6 per<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs6e5\">cent (31 December 2022: 2.5 per cent).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls65 ws0 gs6e6\">The future cashflow pr<span class=\"_ _1\"></span>ojections are based on<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs6e7\">management\u2019<span class=\"_ _31\"></span>s best estimate using historical perfor<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs6e8\">mance and third-party data and applying assump<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs6e9\">tions to future potential funds.<span class=\"_ _1f9\"> </span></div>The following table shows the sensitivity of the value in use to the key inputs as at 11 October 2023:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _107\"> </span>Sensitivity applied Increase rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Decrease rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Change at which VIU equates to carrying value of goodwill<span class=\"_ _1f9\"> </span>Profit after tax<span class=\"_ _c2\"> </span>+/-50%<span class=\"_ _a1\"> </span>147,793<span class=\"_ _fb\"> </span>(147,793)<span class=\"_ _f4\"> </span>Decrease of 23%<span class=\"_ _1f9\"> </span>Long-term growth rate<span class=\"_ _1f9\"> </span>+/-100bps<span class=\"_ _173\"> </span>30,622<span class=\"_ _a6\"> </span>(24,386)<span class=\"_ _1f9\"> </span>Decrease of 350bps<span class=\"_ _1f9\"> </span>Discount rate<span class=\"_ _95\"> </span>+/-100bps<span class=\"_ _86\"> </span>(33,945)<span class=\"_ _105\"> </span>42,781<span class=\"_ _1f9\"> </span>Increase of 230bps<span class=\"_ _1f9\"> </span>The following table shows the sensitivity of the value in use to the key inputs as at 31 December 2022:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _107\"> </span>Sensitivity applied Increase rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Decrease rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Change at which VIU equates to carrying value of goodwill<span class=\"_ _1f9\"> </span>Profit after tax<span class=\"_ _c2\"> </span>+/-10%<span class=\"_ _7f\"> </span>30,000<span class=\"_ _a6\"> </span>(30,000)<span class=\"_ _92\"> </span>Decrease of 24%<span class=\"_ _1f9\"> </span>Long-term growth rate<span class=\"_ _1f9\"> </span>+/-50bps<span class=\"_ _173\"> </span>16,790<span class=\"_ _a6\"> </span>(14,988)<span class=\"_ _1f9\"> </span>Decrease of 305bps<span class=\"_ _1f9\"> </span>Discount rate<span class=\"_ _61\"> </span>+/-50bps<span class=\"_ _a6\"> </span>(16,820)<span class=\"_ _173\"> </span>20,478<span class=\"_ _1f9\"> </span>Increase of 250bps<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "6. Goodwill<span class=\"_ _1\"></span> and In<span class=\"_ _1\"></span>tangible <span class=\"_ _1\"></span>Assets<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classified the good<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>will and intangibles recognised as part of the acquisi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>tion of Pollen Street Capital Holdings Limited in 2022 as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>The table below shows the total goodwill and intangi<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ble assets held by the Group:<span class=\"_ _1f9\"> </span>The table below shows the total goodwill held by the Group:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _171\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations \u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _139\"> </span><span class=\"ff19\">231,191<span class=\"_ _172\"> </span>-<span class=\"_ _c3\"> </span>231,191<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span>Additions<span class=\"_ _174\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _d1\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(231,191)<span class=\"_ _e2\"> </span>231,191<span class=\"_ _105\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal income<span class=\"_ _177\"> </span>-<span class=\"_ _e2\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _d1\"> </span>231,191<span class=\"_ _c3\"> </span>231,191<span class=\"_ _1f9\"> </span>Accumulated amortisation<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _e6\"> </span>(160)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(160)<span class=\"_ _dc\"> </span></span>-<span class=\"_ _105\"> </span>-<span class=\"_ _1f9\"> </span>Amortisation<span class=\"_ _66\"> </span>(480)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(480)<span class=\"_ _62\"> </span></span>(160)<span class=\"_ _99\"> </span>(160)<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>640<span class=\"_ _152\"> </span>(640)<span class=\"_ _7f\"> </span><span class=\"ff19\">-<span class=\"_ _176\"> </span></span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance <span class=\"_ _178\"> </span>-<span class=\"_ _f9\"> </span>(640)<span class=\"_ _8c\"> </span>(640)<span class=\"_ _12e\"> </span>(160)<span class=\"_ _8c\"> </span>(160)<span class=\"_ _1f9\"> </span>Net book value <span class=\"_ _b2\"> </span>-<span class=\"_ _e2\"> </span>230,551<span class=\"_ _c3\"> </span>230,551<span class=\"_ _90\"> </span>231,031<span class=\"_ _c3\"> </span>231,031<span class=\"_ _1f9\"> </span>Group<span class=\"_ _179\"> </span>For the year ended 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations \u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _139\"> </span><span class=\"ff19\">227,191<span class=\"_ _172\"> </span>-<span class=\"_ _c3\"> </span>227,191<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span>Additions<span class=\"_ _17a\"> </span>227,191<span class=\"_ _c3\"> </span>227,191<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(227,191)<span class=\"_ _e2\"> </span>227,191<span class=\"_ _105\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Net book value<span class=\"_ _66\"> </span>-<span class=\"_ _e0\"> </span>227,191<span class=\"_ _92\"> </span>227,191<span class=\"_ _d1\"> </span>227,191<span class=\"_ _c3\"> </span>227,191<span class=\"_ _1f9\"> </span>Group<span class=\"_ _171\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations \u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _17b\"> </span><span class=\"ff19\">4,000<span class=\"_ _172\"> </span>-<span class=\"_ _ff\"> </span>4,000<span class=\"_ _94\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span></span>Additions<span class=\"_ _174\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _99\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(4,000)<span class=\"_ _da\"> </span>4,000<span class=\"_ _173\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _d3\"> </span>-<span class=\"_ _da\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _99\"> </span>4,000<span class=\"_ _ff\"> </span>4,000<span class=\"_ _1f9\"> </span>Accumulated amortisation<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _e6\"> </span>(160)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(160)<span class=\"_ _dc\"> </span></span>-<span class=\"_ _105\"> </span>-<span class=\"_ _1f9\"> </span>Amortisation<span class=\"_ _66\"> </span>(480)<span class=\"_ _175\"> </span>-<span class=\"_ _8c\"> </span><span class=\"ff19\">(480)<span class=\"_ _62\"> </span></span>(160)<span class=\"_ _99\"> </span>(160)<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>640<span class=\"_ _152\"> </span>(640)<span class=\"_ _7f\"> </span><span class=\"ff19\">-<span class=\"_ _176\"> </span></span>-<span class=\"_ _173\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance <span class=\"_ _178\"> </span>-<span class=\"_ _f9\"> </span>(640)<span class=\"_ _8c\"> </span>(640)<span class=\"_ _12e\"> </span>(160)<span class=\"_ _8c\"> </span>(160)<span class=\"_ _1f9\"> </span>Net book value <span class=\"_ _b2\"> </span>-<span class=\"_ _db\"> </span>3,360<span class=\"_ _ff\"> </span>3,360<span class=\"_ _99\"> </span>3,840<span class=\"_ _ff\"> </span>3,840<span class=\"_ _1f9\"> </span>The table below shows the total intangible assets held by the Group: Goodwill<span class=\"_ _1f9\"> </span>Goodwill is calculated as the consideration for an<span class=\"_ _1\"></span> acquisition less the value of the assets acquired. The goodwill, shown in Note 4 above, relates to the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sition of the Pollen Street Capital Holdings Limited. As per the requir<span class=\"_ _1\"></span>ements of IAS 36 \u201cimpairment of assets\u201d, goodwill is tested for impairment annually<span class=\"_ _0\"></span>. The goodwill recognised as part of the acquisition above is compared to a financial model used to estimate the value in use of Pollen Street Capital Holdings Limited. The value in use involves identifying the cashflows associated with the revenue str<span class=\"_ _1\"></span>eams of Pollen Steet Capital Holdings Limited and carrying out a forecast of future cashflows that ar<span class=\"_ _1\"></span>e discounted back to their net present value based on discount rates obtained fr<span class=\"_ _1\"></span>om relevant industry comparable information.<span class=\"_ _1f9\"> </span>Goodwill was tested for impairment on 11 October 2023, the date that the Group consider<span class=\"_ _1\"></span>ed that it was highly probable that the Distribution would take place and no impairment was identified. The cashflows<span class=\"_ _1\"></span> have been forecast five years and thr<span class=\"_ _1\"></span>ee months into the future (2022: 3 year<span class=\"_ _1\"></span>s projections used), wher<span class=\"_ _1\"></span>e the final year is assigned a terminal value. The value in use of goodwill was \u00a3296 million (31 December 2022: \u00a3300 million) which is \u00a369 million (31 Decem<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ber 2022: \u00a373 million) above the goodwill value of \u00a3227 million presented by <span class=\"_ _1\"></span>the Group. The value in<span class=\"_ _1\"></span> use model has a number of assumptions; the most significant assumptions are the futur<span class=\"_ _1\"></span>e income projec<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>tions that are based on Pol<span class=\"_ _1\"></span>len Street Capital Hold<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ings Limited\u2019<span class=\"_ _31\"></span>s forecast profit after tax, the discount<span class=\"_ _1\"></span> rate used of 12.4 per cent (31 December 2022: 11.3 per cent), and the long-term growth rate of 3.6 per<span class=\"_ _1\"></span> cent (31 December 2022: 2.5 per cent).<span class=\"_ _1f9\"> </span>The future cashflow pr<span class=\"_ _1\"></span>ojections are based on<span class=\"_ _0\"></span> management\u2019<span class=\"_ _31\"></span>s best estimate using historical perfor<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>mance and third-party data and applying assump<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions to future potential funds.<span class=\"_ _1f9\"> </span>The following table shows the sensitivity of the value in use to the key inputs as at 11 October 2023:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _107\"> </span>Sensitivity applied Increase rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Decrease rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Change at which VIU equates to carrying value of goodwill<span class=\"_ _1f9\"> </span>Profit after tax<span class=\"_ _c2\"> </span>+/-50%<span class=\"_ _a1\"> </span>147,793<span class=\"_ _fb\"> </span>(147,793)<span class=\"_ _f4\"> </span>Decrease of 23%<span class=\"_ _1f9\"> </span>Long-term growth rate<span class=\"_ _1f9\"> </span>+/-100bps<span class=\"_ _173\"> </span>30,622<span class=\"_ _a6\"> </span>(24,386)<span class=\"_ _1f9\"> </span>Decrease of 350bps<span class=\"_ _1f9\"> </span>Discount rate<span class=\"_ _95\"> </span>+/-100bps<span class=\"_ _86\"> </span>(33,945)<span class=\"_ _105\"> </span>42,781<span class=\"_ _1f9\"> </span>Increase of 230bps<span class=\"_ _1f9\"> </span>The following table shows the sensitivity of the value in use to the key inputs as at 31 December 2022:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _107\"> </span>Sensitivity applied Increase rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Decrease rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Change at which VIU equates to carrying value of goodwill<span class=\"_ _1f9\"> </span>Profit after tax<span class=\"_ _c2\"> </span>+/-10%<span class=\"_ _7f\"> </span>30,000<span class=\"_ _a6\"> </span>(30,000)<span class=\"_ _92\"> </span>Decrease of 24%<span class=\"_ _1f9\"> </span>Long-term growth rate<span class=\"_ _1f9\"> </span>+/-50bps<span class=\"_ _173\"> </span>16,790<span class=\"_ _a6\"> </span>(14,988)<span class=\"_ _1f9\"> </span>Decrease of 305bps<span class=\"_ _1f9\"> </span>Discount rate<span class=\"_ _61\"> </span>+/-50bps<span class=\"_ _a6\"> </span>(16,820)<span class=\"_ _173\"> </span>20,478<span class=\"_ _1f9\"> </span>Increase of 250bps<span class=\"_ _1f9\"> </span>Intangible assets<span class=\"_ _1f9\"> </span>The intangible assets arose as part of the acquisition, and repr<span class=\"_ _1\"></span>esents existing customer relationships of<span class=\"_ _1\"></span> Pollen Street Capital Holdings Limited. The intangible assets have a finite life, which is estimated to be<span class=\"_ _1\"></span> up to the end of 2028, and so the intangibles are<span class=\"_ _1\"></span> amortised on a straight-line basis up to the end of 2028 and are included in Administration costs on<span class=\"_ _1\"></span> the statement of comprehensive income. See Not<span class=\"_ _1\"></span>es 2 and 4 for further information on intangible assets.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "<div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls2 ws0 gs71c\">7<span class=\"_ _31\"></span>. Oper<span class=\"_ _1\"></span>ating Segments<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs71d\">The Group has two operating segments: the Asset<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs71e\">Manager segment and the Investment Company<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs71f\">segment.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls28 ws0 gs720\">The Asset Manager segment encompasses the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs721\">activities of the Group<span class=\"_ _1\"></span> that provide investment man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws39 gs722\">agement and investment advisory services to a range </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs723\">of funds under management within Private Equity<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs724\">and Private Credit strategies. The primary r<span class=\"_ _1\"></span>evenue </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs725\">streams for the Asset Manager segment consist of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs726\">management fees and performance fees or carried </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs727\">interest. Fund management services ar<span class=\"_ _1\"></span>e also pro<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws38 gs728\">vided to the Investment Company segment, however </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs729\">fees from these services ar<span class=\"_ _1\"></span>e eliminated from the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws12 gs72a\">Group consolidated financial statements. Fund Man<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs72b\">agement EBITDA in Strategic Report is equivalent to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs72c\">the operating profit of the Asset Manager segment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs72d\">adjusted for the depreciation of the lease asset.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs72e\">The Investment Company segment holds the Invest-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs72f\">ment Assets of the Group. The primary r<span class=\"_ _1\"></span>evenue<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs730\">stream for this segment is inter<span class=\"_ _1\"></span>est income and fair </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs731\">value gains on the Investment Asset portfolio. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs732\">Income on Net Investment Assets of the Investment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws66 gs733\">Company segment repr<span class=\"_ _1\"></span>esents the operating profit of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsb gs734\">the segment and is referr<span class=\"_ _1\"></span>ed to as the Net Investment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs735\">Income in the Strategic Report.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs736\">For the year ended 31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs737\">Group<span class=\"_ _17c\"> </span>Asset </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs738\">Manager</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs739\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs73a\">Investment </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs73b\">Company</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs73c\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs73d\">Central</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs73e\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs73f\">Group</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs740\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs741\">Management fee income<span class=\"_ _17b\"> </span>34,332<span class=\"_ _73\"> </span>-<span class=\"_ _67\"> </span>(5,420)<span class=\"_ _62\"> </span>28,912<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs742\">Carried interest and performance </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs743\">fee income<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs744\">14,831<span class=\"_ _73\"> </span>-<span class=\"_ _17d\"> </span>(3,351)<span class=\"_ _8f\"> </span>11,480<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs745\">Interest income on Cr<span class=\"_ _1\"></span>edit Assets held </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs746\">at amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs747\">-<span class=\"_ _8f\"> </span>57,668<span class=\"_ _73\"> </span>-<span class=\"_ _8f\"> </span>57,668<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs748\">Gains through pr<span class=\"_ _1\"></span>ofit or loss on </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs749\">Investment Assets held at fair value<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs74a\">-<span class=\"_ _17e\"> </span>5,102<span class=\"_ _73\"> </span>-<span class=\"_ _17e\"> </span>5,102<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs74b\">T<span class=\"_ _31\"></span>otal income<span class=\"_ _b1\"> </span>49,163<span class=\"_ _62\"> </span>62,770<span class=\"_ _62\"> </span>(8,771)<span class=\"_ _ea\"> </span>103,162<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs74c\">Credit impairment r<span class=\"_ _1\"></span>elease<span class=\"_ _b0\"> </span>-<span class=\"_ _173\"> </span>970<span class=\"_ _73\"> </span>-<span class=\"_ _173\"> </span>970<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs74d\">Third-party servicing costs<span class=\"_ _d3\"> </span>-<span class=\"_ _17d\"> </span>(2,374)<span class=\"_ _73\"> </span>-<span class=\"_ _17d\"> </span>(2,374)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs74e\">Net operating income<span class=\"_ _170\"> </span>49,163<span class=\"_ _8f\"> </span>61,366<span class=\"_ _62\"> </span>(8,771)<span class=\"_ _ea\"> </span>101,758<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs74f\">Administration costs<span class=\"_ _fd\"> </span>(33,006)<span class=\"_ _a4\"> </span>(10,833)<span class=\"_ _17e\"> </span>7,148<span class=\"_ _a4\"> </span>(36,691)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs750\">Finance costs<span class=\"_ _b3\"> </span>(230)<span class=\"_ _a4\"> </span>(20,360)<span class=\"_ _17f\"> </span>-<span class=\"_ _a4\"> </span>(20,590)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs751\">Operating profit<span class=\"_ _19\"> </span>15,927<span class=\"_ _8f\"> </span>30,173<span class=\"_ _62\"> </span>(1,623)<span class=\"_ _62\"> </span>44,477<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs752\">Depreciation<span class=\"_ _ca\"> </span>(927)<span class=\"_ _17f\"> </span>-<span class=\"_ _73\"> </span>-<span class=\"_ _86\"> </span>(927)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs753\">Amortisation<span class=\"_ _180\"> </span>-<span class=\"_ _73\"> </span>-<span class=\"_ _86\"> </span>(480)<span class=\"_ _86\"> </span>(480)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs754\">Profit befor<span class=\"_ _1\"></span>e tax<span class=\"_ _110\"> </span>15,000<span class=\"_ _8f\"> </span>30,173<span class=\"_ _da\"> </span>(2,103)<span class=\"_ _8f\"> </span>43,070<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs756\">For the year ended 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs757\">Group<span class=\"_ _17c\"> </span>Asset </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs758\">Manager</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs759\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs75a\">Investment </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs75b\">Company</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs75c\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs75d\">Central</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs75e\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs75f\">Group</div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs760\"> \u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs761\">Management fee income<span class=\"_ _6c\"> </span>7,750<span class=\"_ _73\"> </span>-<span class=\"_ _17d\"> </span>(1,538)<span class=\"_ _17e\"> </span>6,212<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs762\">Carried interest and performance </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs763\">fee income<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs764\">2,411<span class=\"_ _73\"> </span>-<span class=\"_ _86\"> </span>(833)<span class=\"_ _17e\"> </span>1,578<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs765\">Interest income on Cr<span class=\"_ _1\"></span>edit Assets held </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs766\">at amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs767\">-<span class=\"_ _8f\"> </span>51,986<span class=\"_ _73\"> </span>-<span class=\"_ _8f\"> </span>51,986<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs768\">Gains on Investment Assets held at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 lse ws0 gs769\">fair value<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs76a\">-<span class=\"_ _17e\"> </span>3,909<span class=\"_ _73\"> </span>-<span class=\"_ _17e\"> </span>3,909<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs76b\">T<span class=\"_ _31\"></span>otal income<span class=\"_ _b1\"> </span>10,161<span class=\"_ _62\"> </span>55,895<span class=\"_ _62\"> </span>(2,371)<span class=\"_ _8f\"> </span>63,685<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs76c\">Credit impairment r<span class=\"_ _1\"></span>elease<span class=\"_ _b0\"> </span>-<span class=\"_ _173\"> </span>206<span class=\"_ _73\"> </span>-<span class=\"_ _173\"> </span>206<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs76d\">Third-party servicing costs<span class=\"_ _d3\"> </span>-<span class=\"_ _17d\"> </span>(2,511)<span class=\"_ _73\"> </span>-<span class=\"_ _17d\"> </span>(2,511)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs76e\">Net operating income<span class=\"_ _170\"> </span>10,161<span class=\"_ _8f\"> </span>53,590<span class=\"_ _62\"> </span>(2,371)<span class=\"_ _8f\"> </span>61,380<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs76f\">Administration costs<span class=\"_ _d3\"> </span>(7,224)<span class=\"_ _a4\"> </span>(10,821)<span class=\"_ _130\"> </span>(1,540)<span class=\"_ _a4\"> </span>(19,585)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs770\">Finance costs<span class=\"_ _10c\"> </span>-<span class=\"_ _a4\"> </span>(14,517)<span class=\"_ _73\"> </span>-<span class=\"_ _a4\"> </span>(14,517)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs771\">Operating profit<span class=\"_ _181\"> </span>2,937<span class=\"_ _8f\"> </span>28,252<span class=\"_ _da\"> </span>(3,911)<span class=\"_ _8f\"> </span>27,278<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs772\">Depreciation<span class=\"_ _ca\"> </span>(322)<span class=\"_ _17f\"> </span>-<span class=\"_ _73\"> </span>-<span class=\"_ _86\"> </span>(322)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs773\">Amortisation<span class=\"_ _180\"> </span>-<span class=\"_ _73\"> </span>-<span class=\"_ _86\"> </span>(160)<span class=\"_ _86\"> </span>(160)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs774\">Profit befor<span class=\"_ _1\"></span>e tax<span class=\"_ _ac\"> </span>2,615<span class=\"_ _8f\"> </span>28,252<span class=\"_ _62\"> </span>(4,071)<span class=\"_ _8f\"> </span>26,796<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls51 ws0 gs775\">All of the Credit Assets at amortised cost wer<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs776\">held within the Pollen Street Limited, Sting Funding<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs777\">Limited and Bud Funding Limited. The Investment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs778\">Assets held at fair value through pr<span class=\"_ _1\"></span>ofit or loss as at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs779\">31 December 2023 were \u00a388.2 million (31 Decem<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs77a\">ber 2022: \u00a364.5 million), of which \u00a388.2 million (31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs77b\">December 2022: \u00a362.9 million) were held within the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs77c\">Pollen Street Limited, Sting Funding Limited and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs77d\">Bud Funding Limited, and no Investment Assets (31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws10 gs77e\">December 2022: \u00a31.7 million) were held within Pollen </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs77f\">Street Capital Holdings Limited and its subsidiaries. <span class=\"_ _3a\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs780\">Income<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gs781\">Management fee income, repr<span class=\"_ _1\"></span>esents all income in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs782\">the form of management fees arising in the Asset<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls48 ws0 gs783\">Manager<span class=\"_ _0\"></span>. Carried interest and performance fee<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs784\">income includes income earned by the Asset Man<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs785\">ager that is in the form of a performance fee or the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs786\">carried interest shar<span class=\"_ _1\"></span>e from the funds under manage<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs787\">ment. Interest income r<span class=\"_ _1\"></span>elates to income earned by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs788\">the Investment Company on loans provided to thir<span class=\"_ _1\"></span>d </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs789\">parties. Gains/(Losses) on Investment Assets held at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9 gs78a\">fair value include revenue earned by the Group on its </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs78b\">Investment Asset portfolio. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs78c\">There was r<span class=\"_ _1\"></span>ealised carried interest of \u00a31.2 million<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls77 ws0 gs78d\">(2022: nil) arising from two Separately Managed<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs78e\">Accounts (\u201cSMAs\u201d). The remaining carried inter<span class=\"_ _1\"></span>est </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs78f\">income was unrealised. The Gains on Investment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs790\">assets at fair value includes both realised and unr<span class=\"_ _1\"></span>e<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs791\">alised income. </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs792\">Expenses<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs793\">Credit impairments r<span class=\"_ _1\"></span>elate to any charges (releases) </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gs794\">on the assets held at amortised cost within the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs795\">Investment Company<span class=\"_ _0\"></span>. Administrative costs include </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls52 ws0 gs796\">employee expenses such as salaries, bonuses<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs797\">and any employee benefits costs incurred by the<span class=\"_ _1\"></span> <span class=\"_ _2f\"></span><span class=\"ls0\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs798\">Asset Manager<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs79a\">The following table shows the fees payable to  </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs79b\">the Company\u2019<span class=\"_ _31\"></span>s auditor PricewaterhouseCoopers  </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs79c\">LLP (\u201cPwC\u201d):<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs79d\">Group<span class=\"_ _182\"> </span>For the year ended </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs79e\">31 December 2023 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs79f\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7a0\">For the year ended </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7a1\">31 December 2022 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7a2\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7a3\">Fees for the statutory audit of the Company and </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7a4\">consolidated financial statements </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7a5\">624<span class=\"_ _70\"> </span>595<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7a6\">Fees for the statutory audits of the subsidiaries<span class=\"_ _4a\"> </span>262<span class=\"_ _70\"> </span>224<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7a7\">Audit related assurance services \u2013 historical finan-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7a8\">cial information<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7a9\">855<span class=\"_ _71\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7aa\">Non-audit fees \u2013 comfort letter<span class=\"_ _13e\"> </span>55<span class=\"_ _71\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7ab\">T<span class=\"_ _31\"></span>otal<span class=\"_ _183\"> </span>1,796<span class=\"_ _70\"> </span>819<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs7ac\">The audit related assurance services and non-audit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls32 ws0 gs7ad\">fees were in r<span class=\"_ _1\"></span>elation to work performed by PwC<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs7ae\">as Reporting Accountants in relation to histor<span class=\"_ _1\"></span>ical </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs7af\">financial information of the Group for the six-month<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs7b0\">period ended 30 June 2023 and historical financial </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1c gs7b1\">information for Pollen Street Capital Holdings Limited </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gs7b2\">for the year ended 31 December 2022 that was<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs7b3\">requir<span class=\"_ _1\"></span>ed by legislation.  </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs7b4\">Central<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs7b5\">The Central column consists primarily of the elimina<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs7b6\">tion of inter<span class=\"_ _1\"></span>-segment fees, which ar<span class=\"_ _1\"></span>e fees charged </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs7b7\">by the Asset Manager to the Investment Company<span class=\"_ _31\"></span>, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls19 ws0 gs7b8\">losses from the US operations of Pollen Str<span class=\"_ _1\"></span>eet<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs7b9\">Capital Holdings Limited, exceptional costs and the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gs7ba\">amortisation of intangibles acquired as part of the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs7bb\">business combination. </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs7bc\">Geographical analysis<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs7bd\">The Group and Company had the following geo<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7 gs7be\">graphical exposures of its Cr<span class=\"_ _1\"></span>edit Assets at amortised </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws25 gs7bf\">cost and Investment Assets held at fair value through </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs7c0\">profit or loss in GBP equivalent:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7c1\">Group<span class=\"_ _183\"> </span>As at <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7c2\">31 December 2023 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7c3\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7c4\">As at <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7c5\">31 December 2022 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7c6\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7c7\">UK<span class=\"_ _123\"> </span>429,761<span class=\"_ _e4\"> </span>524,181<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7c8\">Europe<span class=\"_ _184\"> </span>102,949<span class=\"_ _11a\"> </span>42,961<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7c9\">USA<span class=\"_ _185\"> </span>-<span class=\"_ _11a\"> </span>21,241<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7ca\">T<span class=\"_ _31\"></span>otal<span class=\"_ _186\"> </span>532,710<span class=\"_ _e4\"> </span>588,383<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7cc\">Company<span class=\"_ _187\"> </span>As at <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7cd\">31 December 2023 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7ce\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7cf\">As at <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7d0\">31 December 2022 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7d1\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7d2\">UK<span class=\"_ _123\"> </span>429,761<span class=\"_ _e4\"> </span>522,528<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7d3\">Europe<span class=\"_ _184\"> </span>102,949<span class=\"_ _11a\"> </span>42,961<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7d4\">USA<span class=\"_ _185\"> </span>-<span class=\"_ _11a\"> </span>21,241<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7d5\">T<span class=\"_ _31\"></span>otal<span class=\"_ _186\"> </span>532,710<span class=\"_ _e4\"> </span>586,730<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs7d6\">The majority of revenue was obtained in the UK. For the year ended 31 December 2023, the Gr<span class=\"_ _1\"></span>oup earned </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs7d7\">revenues fr<span class=\"_ _1\"></span>om US and European investment assets of GBP equivalent 10.4 million (For the year ended 31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs7d8\">December 2022: GBP equivalent 3.8 million).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-9": {
   "value": "The following table shows the fees payable to  the Company\u2019<span class=\"_ _31\"></span>s auditor PricewaterhouseCoopers  LLP (\u201cPwC\u201d):<span class=\"_ _1f9\"> </span>Group<span class=\"_ _182\"> </span>For the year ended 31 December 2023 \u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022 \u00a3\u2019000<span class=\"_ _1f9\"> </span>Fees for the statutory audit of the Company and consolidated financial statements 624<span class=\"_ _70\"> </span>595<span class=\"_ _1f9\"> </span>Fees for the statutory audits of the subsidiaries<span class=\"_ _4a\"> </span>262<span class=\"_ _70\"> </span>224<span class=\"_ _1f9\"> </span>Audit related assurance services \u2013 historical finan-<span class=\"_ _1f9\"> </span>cial information<span class=\"_ _1f9\"> </span>855<span class=\"_ _71\"> </span>-<span class=\"_ _1f9\"> </span>Non-audit fees \u2013 comfort letter<span class=\"_ _13e\"> </span>55<span class=\"_ _71\"> </span>-<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _183\"> </span>1,796<span class=\"_ _70\"> </span>819<span class=\"_ _1f9\"> </span>The audit related assurance services and non-audit<span class=\"_ _1\"></span> fees were in r<span class=\"_ _1\"></span>elation to work performed by PwC<span class=\"_ _1\"></span> as Reporting Accountants in relation to histor<span class=\"_ _1\"></span>ical financial information of the Group for the six-month<span class=\"_ _1\"></span> period ended 30 June 2023 and historical financial information for Pollen Street Capital Holdings Limited for the year ended 31 December 2022 that was<span class=\"_ _1\"></span> requir<span class=\"_ _1\"></span>ed by legislation.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "<div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls2 ws0 gs7da\">8. Employees<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls28 ws0 gs7db\">The following tables show the average monthly<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs7dc\">number of employees and the Directors during th<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws37 gs7dd\">year<span class=\"_ _0\"></span>. For the prior year<span class=\"_ _0\"></span>, the average includes the four </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs7de\">Non-Executive Directors of Pollen Str<span class=\"_ _1\"></span>eet Limited for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs7df\">the entire period and the addition of two executive<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs7e0\">Directors fr<span class=\"_ _1\"></span>om 30 September 2022 alongside the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs7e1\">Pollen Street Capital Holdings Limited staf<span class=\"_ _1\"></span>f from 30 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs7e2\">September 2022, being the completion date of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs7e3\">acquisition that occurred in the prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7e4\">Group<span class=\"_ _13e\"> </span>For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7e5\">December 2023 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7e6\">Average number of staf<span class=\"_ _1\"></span>f<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7e7\">For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7e8\">December 2022 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7e9\">Average number of staf<span class=\"_ _1\"></span>f<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7ea\">Directors<span class=\"_ _cc\"> </span>7<span class=\"_ _79\"> </span>5<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7eb\">Employees  </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7ec\">(the average for the respective period) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7ed\">82<span class=\"_ _188\"> </span>78<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7ee\">T<span class=\"_ _31\"></span>otal<span class=\"_ _3\"> </span>89<span class=\"_ _188\"> </span>83<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7ef\">Company<span class=\"_ _180\"> </span>For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7f0\">December 2023 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7f1\">Number of staff<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7f2\">For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7f3\">December 2022 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7f4\">Number of staff<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs7f5\">Directors<span class=\"_ _cc\"> </span>7<span class=\"_ _79\"> </span>5<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs7f6\">T<span class=\"_ _31\"></span>otal<span class=\"_ _189\"> </span>7<span class=\"_ _79\"> </span>5<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs7f7\">There wer<span class=\"_ _1\"></span>e no employees in the Company through<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs7f8\">out the year (31 December 2022: nil) and the Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs7f9\">pany had 7 Directors as at 31 December 2023 (31<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs7fa\">December 2022: 7). The Group had a total of 84<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs7fb\">employees as at 31 December 2023 (2022: 78). </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls18 ws0 gs7fc\">The following table shows the total staff costs<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs7fd\">incurred during the year<span class=\"_ _31\"></span>. This includes the Group\u2019<span class=\"_ _31\"></span>s </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7 gs7fe\">five Non-Executive Directors of Pollen Str<span class=\"_ _1\"></span>eet Limited. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs7ff\">The total number of employees and Directors as at<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws24 gs800\">31 December 2023 was 91 (31 December 2022: 85). </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs801\">Group<span class=\"_ _13e\"> </span>For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs802\">December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs803\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs804\">For the year ended 31 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs805\">December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs806\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs807\">W<span class=\"_ _1\"></span>ages and salaries<span class=\"_ _50\"> </span>23,534<span class=\"_ _10d\"> </span>5,638<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs808\">Social security costs<span class=\"_ _18a\"> </span>3,719<span class=\"_ _b7\"> </span>932<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs809\">Defined contribution pension cost<span class=\"_ _18b\"> </span>148<span class=\"_ _188\"> </span>24<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs80a\">T<span class=\"_ _31\"></span>otal<span class=\"_ _18c\"> </span>27,401<span class=\"_ _10d\"> </span>6,594<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws5f gs80b\">W<span class=\"_ _1\"></span>ages and salaries include the expense recognised in r<span class=\"_ _1\"></span>elation to awards under the Group\u2019<span class=\"_ _31\"></span>s deferred bonus plan.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-10": {
   "value": "8. Employees<span class=\"_ _1f9\"> </span>The following tables show the average monthly<span class=\"_ _1\"></span> number of employees and the Directors during th<span class=\"_ _1\"></span>e year<span class=\"_ _0\"></span>. For the prior year<span class=\"_ _0\"></span>, the average includes the four Non-Executive Directors of Pollen Str<span class=\"_ _1\"></span>eet Limited for the entire period and the addition of two executive<span class=\"_ _1\"></span> Directors fr<span class=\"_ _1\"></span>om 30 September 2022 alongside the Pollen Street Capital Holdings Limited staf<span class=\"_ _1\"></span>f from 30 September 2022, being the completion date of the acquisition that occurred in the prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>Group<span class=\"_ _13e\"> </span>For the year ended 31 December 2023 Average number of staf<span class=\"_ _1\"></span>f<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022 Average number of staf<span class=\"_ _1\"></span>f<span class=\"_ _1f9\"> </span>Directors<span class=\"_ _cc\"> </span>7<span class=\"_ _79\"> </span>5<span class=\"_ _1f9\"> </span>Employees  (the average for the respective period) 82<span class=\"_ _188\"> </span>78<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _3\"> </span>89<span class=\"_ _188\"> </span>83<span class=\"_ _1f9\"> </span>Company<span class=\"_ _180\"> </span>For the year ended 31 December 2023 Number of staff<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022 Number of staff<span class=\"_ _1f9\"> </span>Directors<span class=\"_ _cc\"> </span>7<span class=\"_ _79\"> </span>5<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _189\"> </span>7<span class=\"_ _79\"> </span>5<span class=\"_ _1f9\"> </span>There wer<span class=\"_ _1\"></span>e no employees in the Company through<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>out the year (31 December 2022: nil) and the Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pany had 7 Directors as at 31 December 2023 (31<span class=\"_ _1\"></span> December 2022: 7). The Group had a total of 84<span class=\"_ _1\"></span> employees as at 31 December 2023 (2022: 78). The following table shows the total staff costs<span class=\"_ _0\"></span> incurred during the year<span class=\"_ _31\"></span>. This includes the Group\u2019<span class=\"_ _31\"></span>s five Non-Executive Directors of Pollen Str<span class=\"_ _1\"></span>eet Limited. The total number of employees and Directors as at<span class=\"_ _1\"></span> 31 December 2023 was 91 (31 December 2022: 85). Group<span class=\"_ _13e\"> </span>For the year ended 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>W<span class=\"_ _1\"></span>ages and salaries<span class=\"_ _50\"> </span>23,534<span class=\"_ _10d\"> </span>5,638<span class=\"_ _1f9\"> </span>Social security costs<span class=\"_ _18a\"> </span>3,719<span class=\"_ _b7\"> </span>932<span class=\"_ _1f9\"> </span>Defined contribution pension cost<span class=\"_ _18b\"> </span>148<span class=\"_ _188\"> </span>24<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _18c\"> </span>27,401<span class=\"_ _10d\"> </span>6,594<span class=\"_ _1f9\"> </span>W<span class=\"_ _1\"></span>ages and salaries include the expense recognised in r<span class=\"_ _1\"></span>elation to awards under the Group\u2019<span class=\"_ _31\"></span>s deferred bonus plan.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-509": {
   "value": "<div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls0 ws0 gs80d\">9<span class=\"_ _0\"></span>. I<span class=\"_ _1\"></span>nvestment <span class=\"_ _1\"></span>Assets at F<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>V<span class=\"_ _31\"></span>alue <span class=\"_ _1\"></span>Through  </div><div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls0 ws0 gs80e\">Pro<span class=\"_ _1\"></span>fit or<span class=\"_ _1\"></span> Loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs80f\">a) Investment Assets at Fair V<span class=\"_ _1\"></span>alue thr<span class=\"_ _1\"></span>ough profit or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs810\">The following table shows the total Investment Assets at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Group, which </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs811\">includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs812\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs813\">31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs814\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs815\">31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs816\">Group<span class=\"_ _188\"> </span>Equity </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs817\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs818\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs819\">Credit </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs81a\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs81b\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs81c\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs81d\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs81e\">Equity<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs81f\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs820\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs821\">Credit<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs822\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs823\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs824\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs825\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs826\">Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span></span>64,506<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs827\">Additions at cost<span class=\"_ _13b\"> </span>10,390<span class=\"_ _a0\"> </span>33,837<span class=\"_ _a0\"> </span><span class=\"ff19\">44,227<span class=\"_ _58\"> </span></span>790<span class=\"_ _a0\"> </span>13,008<span class=\"_ _a0\"> </span><span class=\"ff19\">13,798<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs828\">Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs829\">Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs82a\">Realised gains through pr<span class=\"_ _1\"></span>ofit </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs82b\">or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs82c\">-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs82d\">Foreign exchange r<span class=\"_ _1\"></span>evaluation<span class=\"_ _18e\"> </span>-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs82e\">Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _134\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs82f\">Comprising:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs830\">V<span class=\"_ _1\"></span>alued using an earnings </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs831\">multiple<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs832\">1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,559<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">12,016<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs833\">V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,890<span class=\"_ _a0\"> </span>37,600<span class=\"_ _a0\"> </span><span class=\"ff19\">52,490<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs834\">Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gs836\">The following table shows the total Investment Asse<span class=\"_ _1\"></span>ts at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Company<span class=\"_ _0\"></span>, which </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs837\">includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs838\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs839\">31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs83a\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs83b\">31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs83c\">Company<span class=\"_ _ad\"> </span>Equity </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs83d\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs83e\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs83f\">Credit </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs840\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs841\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs842\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs843\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs844\">Equity<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs845\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs846\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs847\">Credit<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs848\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs849\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs84a\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs84b\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs84c\">Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span></span>62,853<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs84d\">Additions at cost<span class=\"_ _13b\"> </span>11,180<span class=\"_ _a0\"> </span>34,700<span class=\"_ _a0\"> </span><span class=\"ff19\">45,880<span class=\"_ _18d\"> </span></span>-<span class=\"_ _a0\"> </span>12,145<span class=\"_ _a0\"> </span><span class=\"ff19\">12,145<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs84e\">Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs84f\">Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs850\">Realised gains through pr<span class=\"_ _1\"></span>ofit </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs851\">or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs852\">-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs853\">Unrealised For<span class=\"_ _1\"></span>eign exchange </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs854\">revaluation<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs855\">-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs856\">Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _134\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs857\">Comprising:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs858\">V<span class=\"_ _1\"></span>alued using an earnings </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs859\">multiple<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs85a\">1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,359<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">11,816<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs85b\">V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,300<span class=\"_ _a0\"> </span>36,737<span class=\"_ _a0\"> </span><span class=\"ff19\">51,037<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs85c\">Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gs85d\">Gains through pr<span class=\"_ _1\"></span>ofit or loss are pr<span class=\"_ _1\"></span>esented in the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls59 ws0 gs85e\">\u2018Gains on Investment Assets held at fair value<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs85f\">through pr<span class=\"_ _1\"></span>ofit or loss\u2019 in the consolidated statement </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs860\">of comprehensive income.  </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7e ws0 gs861\">The Group and Company Cr<span class=\"_ _1\"></span>edit Assets at fair<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs862\">value through pr<span class=\"_ _1\"></span>ofit and loss include investments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs863\">made into three Private Cr<span class=\"_ _1\"></span>edit funds that are also<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs864\">managed or advised by the Group: PSC Cr<span class=\"_ _1\"></span>edit III </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs865\">(A) SCSp and (B) SCSp, PSC Credit (T) SCSp, one<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsc ws0 gs866\">of the European Separately Managed Accounts<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs867\">(\u201cSMAs\u201d), and PSC US Badger LLC, one of the US </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs868\">SMAs. As at 31 December 2023, the Group held<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gs869\">12% of Credit III (31 December 2022: 7.5%), 1%<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs86a\">of PSC Credit (T) SCSp (As at 31 December 2022:<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws1f gs86b\">1%) and 0% of PSC US Badger LLC (31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs86c\">2022: 49%) as PSC US Badger LLC was wound<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs86d\">down during the year<span class=\"_ _0\"></span>. As at 31 December 2023,<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs86e\">the undrawn commitment for the investment into<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gs86f\">flagship Credit III was \u00a34.7 million (31 December<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs870\">2022: \u00a311.9 million), \u00a30.8 million (31 December<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws31 gs871\">2022: \u00a30.8 million) for the investment in PSC Credit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs872\">(T) SCSp and \u00a30 million for the investment in PSC </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs873\">US Badger LLC (31 December 2022: \u00a36.8 million). </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs874\">As at 31 December 2023, the Company holds the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs875\">investments in Credit III and PSC Cr<span class=\"_ _1\"></span>edit (T) SCSP </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs876\">(31 December 2022: the investment in PSC Credit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs877\">(T) SCSp was held by a subsidiary of the Group).<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs878\">The Group and Company Equity Assets at fair value </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws15 gs879\">through pr<span class=\"_ _1\"></span>ofit and loss includes commitments in two </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gs87a\">private equity funds that are managed or advis<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs87b\">by the Group: PSC Accelerator II (A) LP and PSC<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs87c\">V (A) LP<span class=\"_ _3a\"></span>. As at 31 December 2023, the Group held </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs87d\">2% of PSC Accelerator II (A) LP\u2019<span class=\"_ _31\"></span>s total commitments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs87e\">(31 December 2022: nil) and had drawn amounts<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs87f\">of \u00a310.4 million and undrawn commitments in PSC </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs880\">Accelerator II (A) of \u00a310.5 million (31 December<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs881\">2022: nil) and had 5% of the total commitments in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs882\">PSC V (A) LP with no amounts drawn (31 December<span class=\"_ _1f9\"> </span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs884\">2022: nil) and an undrawn commitment in PSC V (A) </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs885\">LP of \u00a320 million (31 December 2022: nil). </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs886\">The Asset Manager does not double charge fees in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs887\">relation to these assets. The costs incurr<span class=\"_ _1\"></span>ed by these </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gs888\">funds are not included in the costs r<span class=\"_ _1\"></span>eported by the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs889\">Group.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs88a\">b) Fair value classification of total </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs88b\">Investment Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs88c\">The Group Investment Assets at fair value thr<span class=\"_ _1\"></span>ough </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs88d\">profit or loss ar<span class=\"_ _1\"></span>e classified as level 3 assets with<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gs88e\">a value as at 31 December 2023 of \u00a388.2 million<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs88f\">(31 December 2022: \u00a364.5 million). The Company </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls46 ws0 gs890\">Investment Assets at fair value thr<span class=\"_ _1\"></span>ough profit or<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs891\">loss are classified as level 3 assets with a value on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs892\">31 December 2023 of \u00a388.2 million (31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs893\">2022: \u00a362.9 million). There wer<span class=\"_ _1\"></span>e no movements for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7 ws0 gs894\">the Group and Company (2022: no movements)<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs895\">between the fair value hierarchies during the year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls56 ws0 gs896\">c) Sensitivity analysis of assets at fair value<span class=\"_ _1\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs897\">through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs898\">The investments are in Equity Assets and Cr<span class=\"_ _1\"></span>edit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gs899\">Assets, both of which are valued using dif<span class=\"_ _1\"></span>ferent<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gs89a\">techniques, including recent transactions and r<span class=\"_ _1\"></span>ecent </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws20 gs89b\">rounds of funding by the investee entities and a market </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs89c\">approach. Sensitivity to the quantitative information<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gs89d\">regar<span class=\"_ _1\"></span>ding the unobservable inputs for the Group and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws38 gs89e\">Company\u2019<span class=\"_ _31\"></span>s Level 3 positions as at 31 December 2023<span class=\"_ _32\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs89f\">and 31 December 2022 is given below:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a0\">V<span class=\"_ _1\"></span>aluation technique<span class=\"_ _67\"> </span>Sensitivity applied<span class=\"_ _c3\"> </span>For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a1\">31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a2\">\u00a3\u2019000 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a3\">Impact of sensitivity<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a4\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a5\">31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a6\">\u00a3\u2019000 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8a7\">Impact of sensitivity<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8a8\">Earnings multiple<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8a9\">Earnings multiple </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8aa\">changed by 1x<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8ab\">2,956<span class=\"_ _48\"> </span>2,998<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8ac\">TNA<span class=\"_ _1\"></span>V <span class=\"_ _190\"> </span>TNA<span class=\"_ _1\"></span>V changed by 10%<span class=\"_ _48\"> </span>5,243<span class=\"_ _48\"> </span>3,974<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs8ad\">The earnings multiple used was between 1.5x and 11.3x (2022: 5.3x and 12.7x).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs8ae\">d) Assets and liabilities not carried at fair value but for which fair value is disclosed<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs8af\">For the Group as at 31 December 2023:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b0\">Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b1\">Level 1<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b2\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b3\">Level 2<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b4\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b5\">Level 3<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b6\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b7\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b8\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8b9\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8ba\">Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8bb\">Receivables<span class=\"_ _193\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8bc\">Cash and cash equivalents<span class=\"_ _5d\"> </span>19,746<span class=\"_ _12c\"> </span>19,746<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>19,746<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8bd\">T<span class=\"_ _31\"></span>otal income<span class=\"_ _194\"> </span>482,178<span class=\"_ _12c\"> </span>19,746<span class=\"_ _12c\"> </span>17,942<span class=\"_ _192\"> </span>475,484<span class=\"_ _f5\"> </span>513,172<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8be\">Liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8bf\">Payables<span class=\"_ _d5\"> </span>(19,149)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8c0\">Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8c1\">T<span class=\"_ _31\"></span>otal Liabilities<span class=\"_ _151\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs8c3\">For the Company as at 31 December 2023:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8c4\">Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8c5\">Level 1<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8c6\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8c7\">Level 2<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8c8\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8c9\">Level 3<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8ca\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8cb\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8cc\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8cd\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff5 fs7 fc5 sc0 ls0 ws0 gs8ce\">Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _67\"> </span><span class=\"ff19\">-<span class=\"_ _192\"> </span></span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8cf\">Receivables<span class=\"_ _c\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8d0\">Cash and cash equivalents<span class=\"_ _5d\"> </span>14,402<span class=\"_ _12c\"> </span>14,402<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>14,402<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8d1\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>463,667<span class=\"_ _12c\"> </span>14,402<span class=\"_ _198\"> </span>4,775<span class=\"_ _f5\"> </span>475,484<span class=\"_ _192\"> </span>494,661<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8d2\">Liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8d3\">Payable<span class=\"_ _199\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8d4\">Deemed Loan<span class=\"_ _f1\"> </span>(63,526)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8d5\">Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8d6\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(212,905)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs8d7\">For the Group as at 31 December 2022:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8d8\">Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8d9\">Level 1<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8da\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8db\">Level 2<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8dc\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8dd\">Level 3<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8de\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8df\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8e0\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8e1\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8e2\">Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8e3\">Receivables<span class=\"_ _193\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8e4\">Cash and cash equivalents<span class=\"_ _5d\"> </span>23,303 <span class=\"_ _19b\"> </span>23,303<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>23,303<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8e5\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>560,050<span class=\"_ _12c\"> </span>23,303<span class=\"_ _12c\"> </span>12,870<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>593,353<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8e6\">Liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8e7\">Payable<span class=\"_ _19c\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _19d\"> </span>(19,221)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8e8\">Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8e9\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(282,854)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs8eb\">For the Company as at 31 December 2022:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8ec\">Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8ed\">Level 1<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8ee\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8ef\">Level 2<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8f0\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8f1\">Level 3<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8f2\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8f3\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8f4\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8f5\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8f6\">Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8f7\">Receivables<span class=\"_ _c\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8f8\">Cash and cash equivalents<span class=\"_ _5d\"> </span>18,229<span class=\"_ _12c\"> </span>18,229<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>18,229<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8f9\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>545,937<span class=\"_ _12c\"> </span>18,229<span class=\"_ _198\"> </span>3,831<span class=\"_ _f5\"> </span>557,180<span class=\"_ _192\"> </span>579,240<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8fa\">Liabilities:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8fb\">Payable<span class=\"_ _199\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8fc\">Deemed Loan<span class=\"_ _f1\"> </span>(93,036)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs8fd\">Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs8fe\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(267,577)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs8ff\">Note 12 provides further details of the loans at amortised cost held by the Gr<span class=\"_ _1\"></span>oup and Company<span class=\"_ _0\"></span>. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs900\">The fair value of the receivable and payable balances appr<span class=\"_ _1\"></span>oximates their carrying amounts due to the short-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs901\">term nature of the balances.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": "9<span class=\"_ _0\"></span>. I<span class=\"_ _1\"></span>nvestment <span class=\"_ _1\"></span>Assets at F<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>V<span class=\"_ _31\"></span>alue <span class=\"_ _1\"></span>Through  Pro<span class=\"_ _1\"></span>fit or<span class=\"_ _1\"></span> Loss<span class=\"_ _1f9\"> </span>a) Investment Assets at Fair V<span class=\"_ _1\"></span>alue thr<span class=\"_ _1\"></span>ough profit or loss<span class=\"_ _1f9\"> </span>The following table shows the total Investment Assets at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Group, which includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Group<span class=\"_ _188\"> </span>Equity Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Equity<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span></span>64,506<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span>Additions at cost<span class=\"_ _13b\"> </span>10,390<span class=\"_ _a0\"> </span>33,837<span class=\"_ _a0\"> </span><span class=\"ff19\">44,227<span class=\"_ _58\"> </span></span>790<span class=\"_ _a0\"> </span>13,008<span class=\"_ _a0\"> </span><span class=\"ff19\">13,798<span class=\"_ _1f9\"> </span></span>Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span>Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span>Realised gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span>Foreign exchange r<span class=\"_ _1\"></span>evaluation<span class=\"_ _18e\"> </span>-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span>Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _134\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span>Comprising:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>alued using an earnings multiple<span class=\"_ _1f9\"> </span>1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,559<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">12,016<span class=\"_ _1f9\"> </span></span>V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,890<span class=\"_ _a0\"> </span>37,600<span class=\"_ _a0\"> </span><span class=\"ff19\">52,490<span class=\"_ _1f9\"> </span></span>Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span>The following table shows the total Investment Asse<span class=\"_ _1\"></span>ts at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Company<span class=\"_ _0\"></span>, which includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Company<span class=\"_ _ad\"> </span>Equity Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Equity<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span></span>62,853<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span>Additions at cost<span class=\"_ _13b\"> </span>11,180<span class=\"_ _a0\"> </span>34,700<span class=\"_ _a0\"> </span><span class=\"ff19\">45,880<span class=\"_ _18d\"> </span></span>-<span class=\"_ _a0\"> </span>12,145<span class=\"_ _a0\"> </span><span class=\"ff19\">12,145<span class=\"_ _1f9\"> </span></span>Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span>Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span>Realised gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span>Unrealised For<span class=\"_ _1\"></span>eign exchange revaluation<span class=\"_ _1f9\"> </span>-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span>Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _134\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span>Comprising:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>alued using an earnings multiple<span class=\"_ _1f9\"> </span>1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,359<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">11,816<span class=\"_ _1f9\"> </span></span>V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,300<span class=\"_ _a0\"> </span>36,737<span class=\"_ _a0\"> </span><span class=\"ff19\">51,037<span class=\"_ _1f9\"> </span></span>Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span>Gains through pr<span class=\"_ _1\"></span>ofit or loss are pr<span class=\"_ _1\"></span>esented in the \u2018Gains on Investment Assets held at fair value<span class=\"_ _1\"></span> through pr<span class=\"_ _1\"></span>ofit or loss\u2019 in the consolidated statement of comprehensive income.  The Group and Company Cr<span class=\"_ _1\"></span>edit Assets at fair<span class=\"_ _1\"></span> value through pr<span class=\"_ _1\"></span>ofit and loss include investments made into three Private Cr<span class=\"_ _1\"></span>edit funds that are also<span class=\"_ _1\"></span> managed or advised by the Group: PSC Cr<span class=\"_ _1\"></span>edit III (A) SCSp and (B) SCSp, PSC Credit (T) SCSp, one<span class=\"_ _1\"></span> of the European Separately Managed Accounts<span class=\"_ _0\"></span> (\u201cSMAs\u201d), and PSC US Badger LLC, one of the US SMAs. As at 31 December 2023, the Group held<span class=\"_ _1\"></span> 12% of Credit III (31 December 2022: 7.5%), 1%<span class=\"_ _1\"></span> of PSC Credit (T) SCSp (As at 31 December 2022:<span class=\"_ _1\"></span> 1%) and 0% of PSC US Badger LLC (31 December 2022: 49%) as PSC US Badger LLC was wound<span class=\"_ _1\"></span> down during the year<span class=\"_ _0\"></span>. As at 31 December 2023,<span class=\"_ _1\"></span> the undrawn commitment for the investment into<span class=\"_ _1\"></span> flagship Credit III was \u00a34.7 million (31 December<span class=\"_ _1\"></span> 2022: \u00a311.9 million), \u00a30.8 million (31 December<span class=\"_ _0\"></span> 2022: \u00a30.8 million) for the investment in PSC Credit<span class=\"_ _1\"></span> (T) SCSp and \u00a30 million for the investment in PSC US Badger LLC (31 December 2022: \u00a36.8 million). As at 31 December 2023, the Company holds the investments in Credit III and PSC Cr<span class=\"_ _1\"></span>edit (T) SCSP (31 December 2022: the investment in PSC Credit<span class=\"_ _1\"></span> (T) SCSp was held by a subsidiary of the Group).<span class=\"_ _1\"></span> The Group and Company Equity Assets at fair value through pr<span class=\"_ _1\"></span>ofit and loss includes commitments in two private equity funds that are managed or advis<span class=\"_ _1\"></span>ed by the Group: PSC Accelerator II (A) LP and PSC<span class=\"_ _1\"></span> V (A) LP<span class=\"_ _3a\"></span>. As at 31 December 2023, the Group held 2% of PSC Accelerator II (A) LP\u2019<span class=\"_ _31\"></span>s total commitments (31 December 2022: nil) and had drawn amounts<span class=\"_ _1\"></span> of \u00a310.4 million and undrawn commitments in PSC Accelerator II (A) of \u00a310.5 million (31 December<span class=\"_ _1\"></span> 2022: nil) and had 5% of the total commitments in PSC V (A) LP with no amounts drawn (31 December<span class=\"_ _1f9\"> </span>2022: nil) and an undrawn commitment in PSC V (A) LP of \u00a320 million (31 December 2022: nil). The Asset Manager does not double charge fees in relation to these assets. The costs incurr<span class=\"_ _1\"></span>ed by these funds are not included in the costs r<span class=\"_ _1\"></span>eported by the Group.<span class=\"_ _1f9\"> </span>b) Fair value classification of total Investment Assets<span class=\"_ _1f9\"> </span>The Group Investment Assets at fair value thr<span class=\"_ _1\"></span>ough profit or loss ar<span class=\"_ _1\"></span>e classified as level 3 assets with<span class=\"_ _1\"></span> a value as at 31 December 2023 of \u00a388.2 million<span class=\"_ _1\"></span> (31 December 2022: \u00a364.5 million). The Company Investment Assets at fair value thr<span class=\"_ _1\"></span>ough profit or<span class=\"_ _1\"></span> loss are classified as level 3 assets with a value on<span class=\"_ _1\"></span> 31 December 2023 of \u00a388.2 million (31 December 2022: \u00a362.9 million). There wer<span class=\"_ _1\"></span>e no movements for the Group and Company (2022: no movements)<span class=\"_ _1\"></span> between the fair value hierarchies during the year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>c) Sensitivity analysis of assets at fair value<span class=\"_ _1\"></span> through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>The investments are in Equity Assets and Cr<span class=\"_ _1\"></span>edit<span class=\"_ _1\"></span> Assets, both of which are valued using dif<span class=\"_ _1\"></span>ferent<span class=\"_ _1\"></span> techniques, including recent transactions and r<span class=\"_ _1\"></span>ecent rounds of funding by the investee entities and a market approach. Sensitivity to the quantitative information<span class=\"_ _1\"></span> regar<span class=\"_ _1\"></span>ding the unobservable inputs for the Group and Company\u2019<span class=\"_ _31\"></span>s Level 3 positions as at 31 December 2023<span class=\"_ _32\"></span> and 31 December 2022 is given below:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>aluation technique<span class=\"_ _67\"> </span>Sensitivity applied<span class=\"_ _c3\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000 Impact of sensitivity<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000 Impact of sensitivity<span class=\"_ _1f9\"> </span>Earnings multiple<span class=\"_ _1f9\"> </span>Earnings multiple changed by 1x<span class=\"_ _1f9\"> </span>2,956<span class=\"_ _48\"> </span>2,998<span class=\"_ _1f9\"> </span>TNA<span class=\"_ _1\"></span>V <span class=\"_ _190\"> </span>TNA<span class=\"_ _1\"></span>V changed by 10%<span class=\"_ _48\"> </span>5,243<span class=\"_ _48\"> </span>3,974<span class=\"_ _1f9\"> </span>The earnings multiple used was between 1.5x and 11.3x (2022: 5.3x and 12.7x).<span class=\"_ _1f9\"> </span>d) Assets and liabilities not carried at fair value but for which fair value is disclosed<span class=\"_ _1f9\"> </span>For the Group as at 31 December 2023:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _193\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>19,746<span class=\"_ _12c\"> </span>19,746<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>19,746<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal income<span class=\"_ _194\"> </span>482,178<span class=\"_ _12c\"> </span>19,746<span class=\"_ _12c\"> </span>17,942<span class=\"_ _192\"> </span>475,484<span class=\"_ _f5\"> </span>513,172<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _d5\"> </span>(19,149)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal Liabilities<span class=\"_ _151\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _1f9\"> </span>For the Company as at 31 December 2023:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _67\"> </span><span class=\"ff19\">-<span class=\"_ _192\"> </span></span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _c\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>14,402<span class=\"_ _12c\"> </span>14,402<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>14,402<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>463,667<span class=\"_ _12c\"> </span>14,402<span class=\"_ _198\"> </span>4,775<span class=\"_ _f5\"> </span>475,484<span class=\"_ _192\"> </span>494,661<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _199\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _1f9\"> </span>Deemed Loan<span class=\"_ _f1\"> </span>(63,526)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(212,905)<span class=\"_ _1f9\"> </span>For the Group as at 31 December 2022:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _193\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>23,303 <span class=\"_ _19b\"> </span>23,303<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>23,303<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>560,050<span class=\"_ _12c\"> </span>23,303<span class=\"_ _12c\"> </span>12,870<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>593,353<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _19c\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _19d\"> </span>(19,221)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(282,854)<span class=\"_ _1f9\"> </span>For the Company as at 31 December 2022:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _c\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>18,229<span class=\"_ _12c\"> </span>18,229<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>18,229<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>545,937<span class=\"_ _12c\"> </span>18,229<span class=\"_ _198\"> </span>3,831<span class=\"_ _f5\"> </span>557,180<span class=\"_ _192\"> </span>579,240<span class=\"_ _1f9\"> </span>Liabilities:<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _199\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _1f9\"> </span>Deemed Loan<span class=\"_ _f1\"> </span>(93,036)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(267,577)<span class=\"_ _1f9\"> </span>Note 12 provides further details of the loans at amortised cost held by the Gr<span class=\"_ _1\"></span>oup and Company<span class=\"_ _0\"></span>. The fair value of the receivable and payable balances appr<span class=\"_ _1\"></span>oximates their carrying amounts due to the short-<span class=\"_ _1f9\"> </span>term nature of the balances.<span class=\"_ _1f9\"> </span>12. Credit <span class=\"_ _0\"></span>Assets at <span class=\"_ _1\"></span>Amortised Cost<span class=\"_ _1f9\"> </span>(a) Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>The disclosure below pr<span class=\"_ _1\"></span>esents the gross carrying<span class=\"_ _1\"></span> value of financial instruments to which the impair<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment requir<span class=\"_ _1\"></span>ements in IFRS 9 are applied and the<span class=\"_ _1\"></span> associated allowance for Expected Credit Loss<span class=\"_ _0\"></span> (\u201cECL\u201d) provision. See Notes 2 and 3 for mor<span class=\"_ _1\"></span>e detail on the allowance for ECL.<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _19f\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _1f9\"> </span>Gross Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Allowance for ECL<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Net <span class=\"_ _d\"></span> Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Gross Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Allowance for ECL<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Net <span class=\"_ _d\"></span> Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>Stage 1<span class=\"_ _a5\"> </span>411,491<span class=\"_ _12e\"> </span>(693)<span class=\"_ _98\"> </span>410,798<span class=\"_ _98\"> </span>512,030<span class=\"_ _38\"> </span>(1,013)<span class=\"_ _7e\"> </span>511,017<span class=\"_ _1f9\"> </span>Stage 2<span class=\"_ _80\"> </span>21,527<span class=\"_ _12e\"> </span>(576)<span class=\"_ _35\"> </span>20,951<span class=\"_ _ef\"> </span>6,878<span class=\"_ _a3\"> </span>(678)<span class=\"_ _ea\"> </span>6,200<span class=\"_ _1f9\"> </span>Stage 3<span class=\"_ _80\"> </span>19,783<span class=\"_ _38\"> </span>(7,042)<span class=\"_ _9c\"> </span>12,741<span class=\"_ _9c\"> </span>14,250<span class=\"_ _38\"> </span>(7,590)<span class=\"_ _ef\"> </span>6,660<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal Assets<span class=\"_ _1f9\"> </span>452,801<span class=\"_ _9c\"> </span>(8,311)<span class=\"_ _7e\"> </span>444,490<span class=\"_ _7e\"> </span>533,158<span class=\"_ _9c\"> </span>(9,281)<span class=\"_ _7e\"> </span>523,877<span class=\"_ _1f9\"> </span>The following table analyses loans by staging for both the Group and Company:<span class=\"_ _1f9\"> </span>The fair value of collateral accepted as security for the stage 2 and stage 3 credit assets at amortised<span class=\"_ _1\"></span> cost as at 31 December 2023 was \u00a364.3 million (31 December 2022: \u00a341.7 million).<span class=\"_ _1f9\"> </span>The following table analyses ECL by staging for both the Group and Company:<span class=\"_ _1f9\"> </span>For the year ended 31 December 2023<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _87\"> </span>Stage 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _fe\"> </span>1,013<span class=\"_ _1b1\"> </span>678<span class=\"_ _fb\"> </span>7,590<span class=\"_ _fb\"> </span>9,281<span class=\"_ _1f9\"> </span>Movement from stage 1 to stage 2<span class=\"_ _51\"> </span>(75)<span class=\"_ _52\"> </span>235<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>160<span class=\"_ _1f9\"> </span>Movement from stage 1 to stage 3<span class=\"_ _a6\"> </span>(202)<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>468<span class=\"_ _1b1\"> </span>266<span class=\"_ _1f9\"> </span>Movement from stage 2 to stage 1<span class=\"_ _41\"> </span>2<span class=\"_ _a5\"> </span>(150)<span class=\"_ _1af\"> </span>-<span class=\"_ _1a0\"> </span>(148)<span class=\"_ _1f9\"> </span>Movement from stage 2 to stage 3<span class=\"_ _1b2\"> </span>-<span class=\"_ _a5\"> </span>(156)<span class=\"_ _52\"> </span>335<span class=\"_ _52\"> </span>179<span class=\"_ _1f9\"> </span>Movement from stage 3 to stage 1<span class=\"_ _1b2\"> </span>-<span class=\"_ _1af\"> </span>-<span class=\"_ _a5\"> </span>(124)<span class=\"_ _a5\"> </span>(124)<span class=\"_ _1f9\"> </span>Movement from stage 3 to stage 2<span class=\"_ _1b2\"> </span>-<span class=\"_ _176\"> </span>60<span class=\"_ _1a0\"> </span>(150)<span class=\"_ _80\"> </span>(90)<span class=\"_ _1f9\"> </span>Decreases due to r<span class=\"_ _1\"></span>epayments<span class=\"_ _190\"> </span>-<span class=\"_ _80\"> </span>(24)<span class=\"_ _a5\"> </span>(274)<span class=\"_ _1a0\"> </span>(298)<span class=\"_ _1f9\"> </span>Remeasurements due to modelling<span class=\"_ _173\"> </span>(45)<span class=\"_ _80\"> </span>(67)<span class=\"_ _a5\"> </span>(803)<span class=\"_ _1a0\"> </span>(915)<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _181\"> </span>693<span class=\"_ _52\"> </span>576<span class=\"_ _fb\"> </span>7,042<span class=\"_ _fb\"> </span>8,311<span class=\"_ _1f9\"> </span>(b) Expected Credit Loss allowance for IFRS 9<span class=\"_ _1f9\"> </span>Under the expected credit loss model (\u201cECL\u201d) intr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>duced by IFRS 9 Impairment Provisions ar<span class=\"_ _1\"></span>e driven by changes in credit risk of instruments, with a pr<span class=\"_ _1\"></span>ovision for lifetime expected credit losses r<span class=\"_ _1\"></span>ecognised where the risk of default of an instrument has increased<span class=\"_ _1\"></span> significantly since initial recognition. The following table analyses Group loans by stage:<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _115\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023 \u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022 \u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _b\"> </span>9,281<span class=\"_ _1b3\"> </span> 10,786 Release for year \u2013 Stage 1<span class=\"_ _153\"> </span>(300)<span class=\"_ _124\"> </span>(108) Release for year \u2013 Stage 2<span class=\"_ _19c\"> </span>(21)<span class=\"_ _178\"> </span>(23) Release for year \u2013 Stage 3<span class=\"_ _153\"> </span>(649)<span class=\"_ _178\"> </span>(75) Release for year \u2013 total<span class=\"_ _1b4\"> </span>(970)<span class=\"_ _1ab\"> </span>(206) Loans sold &amp; write-offs<span class=\"_ _1a1\"> </span>-<span class=\"_ _e6\"> </span>(1,299) Allowance for ECL <span class=\"_ _121\"> </span>8,311<span class=\"_ _10d\"> </span>9,281<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _1ab\"> </span>Stage1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _16e\"> </span> 952 <span class=\"_ _fb\"> </span> 946 <span class=\"_ _8c\"> </span> 8,888 <span class=\"_ _38\"> </span> 10,786 Movement from stage 1 to stage 2<span class=\"_ _bf\"> </span>(2) <span class=\"_ _fb\"> </span> 197 <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-    <span class=\"_ _c8\"> </span></span> 195 Movement from stage 1 to stage 3<span class=\"_ _bf\"> </span>(9) <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-    <span class=\"_ _c8\"> </span></span> 359 <span class=\"_ _fb\"> </span> 350 Movement from stage 2 to stage 1<span class=\"_ _c4\"> </span> 1 <span class=\"_ _e8\"> </span>(242) <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(241) Movement from stage 2 to stage 3<span class=\"_ _11f\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(171) <span class=\"_ _fb\"> </span> 314 <span class=\"_ _fb\"> </span> 143 Movement from stage 3 to stage 1<span class=\"_ _11f\"> </span> -<span class=\"_ _f2\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(260) <span class=\"_ _e8\"> </span>(260) Movement from stage 3 to stage 2<span class=\"_ _11f\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _52\"> </span></span> 87 <span class=\"_ _e8\"> </span>(190) <span class=\"_ _e8\"> </span>(103) Decreases due to r<span class=\"_ _1\"></span>epayments<span class=\"_ _f8\"> </span>(167) <span class=\"_ _1a0\"> </span>(69) <span class=\"_ _e8\"> </span>(419) <span class=\"_ _e8\"> </span>(655) Increases due to origination<span class=\"_ _5d\"> </span> 20 <span class=\"_ _dc\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-   <span class=\"_ _f2\"> </span> <span class=\"_ _10\"> </span>-   <span class=\"_ _52\"> </span></span> 20 Remeasurements due to modelling<span class=\"_ _83\"> </span> 281 <span class=\"_ _150\"> </span>(6) <span class=\"_ _a6\"> </span> 71 <span class=\"_ _fb\"> </span> 346 Loans sold<span class=\"_ _c\"> </span>(63) <span class=\"_ _a5\"> </span>(63) <span class=\"_ _a5\"> </span>(77) <span class=\"_ _e8\"> </span>(203) Loans written off<span class=\"_ _1b6\"> </span>- <span class=\"_ _80\"> </span>(1) <span class=\"_ _ec\"> </span>(1,096) <span class=\"_ _58\"> </span>(1,097) Closing balance<span class=\"_ _103\"> </span> 1,013 <span class=\"_ _b8\"> </span> 678 <span class=\"_ _8c\"> </span> 7,590 <span class=\"_ _8c\"> </span> 9,281<span class=\"_ _1f9\"> </span>Measurement uncertainty and sensitivity analysis of ECL<span class=\"_ _1f9\"> </span>The recognition and measur<span class=\"_ _1\"></span>ement of ECL is highly complex and involves the use of significant judge<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment and estimation. This includes the formulation and incorporation of multiple forward-looking eco<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nomic conditions into ECL to meet the measurement objective of IFRS 9. The Group has adopted the use of thr<span class=\"_ _1\"></span>ee economic scenarios, repr<span class=\"_ _1\"></span>esentative of Oxford Economics view of forecast economic conditions<span class=\"_ _1\"></span>, sufficient to cal<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>culate unbiased ECL. They repr<span class=\"_ _1\"></span>esent a \u201cmost likely outcome\u201d (the Base scenario) and two, less likely<span class=\"_ _0\"></span>, outer scenarios, referr<span class=\"_ _1\"></span>ed to as the \u201cUpside\u201d and<span class=\"_ _1\"></span> \u201cDownside\u201d scenarios. The ECL recognised in these financial statements<span class=\"_ _1\"></span> reflects the ef<span class=\"_ _1\"></span>fect on expected credit losses of a<span class=\"_ _1\"></span> range of possible outcomes, calculated on a prob<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ability-weighted basis, based on the economic sce<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>narios described in Note 3, including management overlays where r<span class=\"_ _1\"></span>equired. The probability-weighted<span class=\"_ _1\"></span> amount is typically a higher number than would result from using only the Base (most likely) economic sce<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>nario. ECLs typically have a non-linear relationship to the many factors which influence credit losses, such that more favourable macr<span class=\"_ _1\"></span>oeconomic factors do not reduce defaults as much as less favourable macr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>economic factors increase defa<span class=\"_ _1\"></span>ults. The ECL cal<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>culated for each of the scenarios repr<span class=\"_ _1\"></span>esent a range of possible outcomes that have been evaluated to<span class=\"_ _1\"></span> estimate ECL. As a result, the ECL calculated for the Upside and Downside scenarios should not be taken to repr<span class=\"_ _1\"></span>esent the upper and lower limits of possible actual ECL outcomes. There is a high degr<span class=\"_ _1\"></span>ee of<span class=\"_ _1\"></span> estimation uncertainty in numbers repr<span class=\"_ _1\"></span>esenting tail risk scenarios when assigned a 100 per cent weight. A wider range of possible ECL outcomes reflects<span class=\"_ _1\"></span> uncertainty about the distribution of economic con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ditions and does not necessarily mean that credit<span class=\"_ _1\"></span> risk on the associated loans is higher than for loans where the distribution of possible futur<span class=\"_ _1\"></span>e economic conditions is narrower<span class=\"_ _31\"></span>. For Stage 3 impaired loans, LGD estimates con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sider independent recovery valuations pr<span class=\"_ _1\"></span>ovided by external valuers where available, or internal forecasts corresponding to anticipated economic conditions.<span class=\"_ _1f9\"> </span>Analysis shows that the ECL would have been \u00a30.6 million higher<span class=\"_ _0\"></span>, as at 31 December 2023 (31 Decem<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ber 2022: \u00a30.7 million higher), if the weighting of the scenarios are changed to allocate a 100 per cent<span class=\"_ _1f9\"> </span>weight to the downside scenario. The sensitivity of the ECL has been further analysed by assessing<span class=\"_ _1\"></span> the impact of \u00a310.0 million of portfolio Credit Assets at amortised cost moving from Stage 1 to Stage<span class=\"_ _1\"></span> 2 based on the ECL coverage of the loan book at<span class=\"_ _1\"></span> the reporting date. The analysis shows that the ECL would have been \u00a30.25 million higher (31 December 2022: \u00a31.1 million higher) under this sensitivity as<span class=\"_ _1\"></span> the provision coverage incr<span class=\"_ _1\"></span>eases from Stage 1 to<span class=\"_ _1\"></span> Stage 2.<span class=\"_ _1f9\"> </span>(c) Disposals of Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>The Group and Company did not dispose of any<span class=\"_ _1\"></span> assets for the year ended 31 December 2023 (for the year ended 31 December 2022: \u00a343.8 million) and so no profit or loss was r<span class=\"_ _1\"></span>ecorded during the year (for the year ended 31 December 2022: \u00a32.1 million profit).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "9<span class=\"_ _0\"></span>. I<span class=\"_ _1\"></span>nvestment <span class=\"_ _1\"></span>Assets at F<span class=\"_ _1\"></span>air<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>V<span class=\"_ _31\"></span>alue <span class=\"_ _1\"></span>Through  Pro<span class=\"_ _1\"></span>fit or<span class=\"_ _1\"></span> Loss<span class=\"_ _1f9\"> </span>a) Investment Assets at Fair V<span class=\"_ _1\"></span>alue thr<span class=\"_ _1\"></span>ough profit or loss<span class=\"_ _1f9\"> </span>The following table shows the total Investment Assets at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Group, which includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Group<span class=\"_ _188\"> </span>Equity Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Equity<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span></span>64,506<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span>Additions at cost<span class=\"_ _13b\"> </span>10,390<span class=\"_ _a0\"> </span>33,837<span class=\"_ _a0\"> </span><span class=\"ff19\">44,227<span class=\"_ _58\"> </span></span>790<span class=\"_ _a0\"> </span>13,008<span class=\"_ _a0\"> </span><span class=\"ff19\">13,798<span class=\"_ _1f9\"> </span></span>Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span>Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span>Realised gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span>Foreign exchange r<span class=\"_ _1\"></span>evaluation<span class=\"_ _18e\"> </span>-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span>Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _134\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span>Comprising:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>alued using an earnings multiple<span class=\"_ _1f9\"> </span>1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,559<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">12,016<span class=\"_ _1f9\"> </span></span>V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,890<span class=\"_ _a0\"> </span>37,600<span class=\"_ _a0\"> </span><span class=\"ff19\">52,490<span class=\"_ _1f9\"> </span></span>Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span>The following table shows the total Investment Asse<span class=\"_ _1\"></span>ts at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Company<span class=\"_ _0\"></span>, which includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Company<span class=\"_ _ad\"> </span>Equity Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Equity<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span></span>62,853<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span>Additions at cost<span class=\"_ _13b\"> </span>11,180<span class=\"_ _a0\"> </span>34,700<span class=\"_ _a0\"> </span><span class=\"ff19\">45,880<span class=\"_ _18d\"> </span></span>-<span class=\"_ _a0\"> </span>12,145<span class=\"_ _a0\"> </span><span class=\"ff19\">12,145<span class=\"_ _1f9\"> </span></span>Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span>Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span>Realised gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span>Unrealised For<span class=\"_ _1\"></span>eign exchange revaluation<span class=\"_ _1f9\"> </span>-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span>Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _134\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span>Comprising:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>alued using an earnings multiple<span class=\"_ _1f9\"> </span>1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,359<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">11,816<span class=\"_ _1f9\"> </span></span>V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,300<span class=\"_ _a0\"> </span>36,737<span class=\"_ _a0\"> </span><span class=\"ff19\">51,037<span class=\"_ _1f9\"> </span></span>Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span>Gains through pr<span class=\"_ _1\"></span>ofit or loss are pr<span class=\"_ _1\"></span>esented in the \u2018Gains on Investment Assets held at fair value<span class=\"_ _1\"></span> through pr<span class=\"_ _1\"></span>ofit or loss\u2019 in the consolidated statement of comprehensive income.  The Group and Company Cr<span class=\"_ _1\"></span>edit Assets at fair<span class=\"_ _1\"></span> value through pr<span class=\"_ _1\"></span>ofit and loss include investments made into three Private Cr<span class=\"_ _1\"></span>edit funds that are also<span class=\"_ _1\"></span> managed or advised by the Group: PSC Cr<span class=\"_ _1\"></span>edit III (A) SCSp and (B) SCSp, PSC Credit (T) SCSp, one<span class=\"_ _1\"></span> of the European Separately Managed Accounts<span class=\"_ _0\"></span> (\u201cSMAs\u201d), and PSC US Badger LLC, one of the US SMAs. As at 31 December 2023, the Group held<span class=\"_ _1\"></span> 12% of Credit III (31 December 2022: 7.5%), 1%<span class=\"_ _1\"></span> of PSC Credit (T) SCSp (As at 31 December 2022:<span class=\"_ _1\"></span> 1%) and 0% of PSC US Badger LLC (31 December 2022: 49%) as PSC US Badger LLC was wound<span class=\"_ _1\"></span> down during the year<span class=\"_ _0\"></span>. As at 31 December 2023,<span class=\"_ _1\"></span> the undrawn commitment for the investment into<span class=\"_ _1\"></span> flagship Credit III was \u00a34.7 million (31 December<span class=\"_ _1\"></span> 2022: \u00a311.9 million), \u00a30.8 million (31 December<span class=\"_ _0\"></span> 2022: \u00a30.8 million) for the investment in PSC Credit<span class=\"_ _1\"></span> (T) SCSp and \u00a30 million for the investment in PSC US Badger LLC (31 December 2022: \u00a36.8 million). As at 31 December 2023, the Company holds the investments in Credit III and PSC Cr<span class=\"_ _1\"></span>edit (T) SCSP (31 December 2022: the investment in PSC Credit<span class=\"_ _1\"></span> (T) SCSp was held by a subsidiary of the Group).<span class=\"_ _1\"></span> The Group and Company Equity Assets at fair value through pr<span class=\"_ _1\"></span>ofit and loss includes commitments in two private equity funds that are managed or advis<span class=\"_ _1\"></span>ed by the Group: PSC Accelerator II (A) LP and PSC<span class=\"_ _1\"></span> V (A) LP<span class=\"_ _3a\"></span>. As at 31 December 2023, the Group held 2% of PSC Accelerator II (A) LP\u2019<span class=\"_ _31\"></span>s total commitments (31 December 2022: nil) and had drawn amounts<span class=\"_ _1\"></span> of \u00a310.4 million and undrawn commitments in PSC Accelerator II (A) of \u00a310.5 million (31 December<span class=\"_ _1\"></span> 2022: nil) and had 5% of the total commitments in PSC V (A) LP with no amounts drawn (31 December<span class=\"_ _1f9\"> </span>2022: nil) and an undrawn commitment in PSC V (A) LP of \u00a320 million (31 December 2022: nil). The Asset Manager does not double charge fees in relation to these assets. The costs incurr<span class=\"_ _1\"></span>ed by these funds are not included in the costs r<span class=\"_ _1\"></span>eported by the Group.<span class=\"_ _1f9\"> </span>b) Fair value classification of total Investment Assets<span class=\"_ _1f9\"> </span>The Group Investment Assets at fair value thr<span class=\"_ _1\"></span>ough profit or loss ar<span class=\"_ _1\"></span>e classified as level 3 assets with<span class=\"_ _1\"></span> a value as at 31 December 2023 of \u00a388.2 million<span class=\"_ _1\"></span> (31 December 2022: \u00a364.5 million). The Company Investment Assets at fair value thr<span class=\"_ _1\"></span>ough profit or<span class=\"_ _1\"></span> loss are classified as level 3 assets with a value on<span class=\"_ _1\"></span> 31 December 2023 of \u00a388.2 million (31 December 2022: \u00a362.9 million). There wer<span class=\"_ _1\"></span>e no movements for the Group and Company (2022: no movements)<span class=\"_ _1\"></span> between the fair value hierarchies during the year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>c) Sensitivity analysis of assets at fair value<span class=\"_ _1\"></span> through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>The investments are in Equity Assets and Cr<span class=\"_ _1\"></span>edit<span class=\"_ _1\"></span> Assets, both of which are valued using dif<span class=\"_ _1\"></span>ferent<span class=\"_ _1\"></span> techniques, including recent transactions and r<span class=\"_ _1\"></span>ecent rounds of funding by the investee entities and a market approach. Sensitivity to the quantitative information<span class=\"_ _1\"></span> regar<span class=\"_ _1\"></span>ding the unobservable inputs for the Group and Company\u2019<span class=\"_ _31\"></span>s Level 3 positions as at 31 December 2023<span class=\"_ _32\"></span> and 31 December 2022 is given below:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>aluation technique<span class=\"_ _67\"> </span>Sensitivity applied<span class=\"_ _c3\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000 Impact of sensitivity<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000 Impact of sensitivity<span class=\"_ _1f9\"> </span>Earnings multiple<span class=\"_ _1f9\"> </span>Earnings multiple changed by 1x<span class=\"_ _1f9\"> </span>2,956<span class=\"_ _48\"> </span>2,998<span class=\"_ _1f9\"> </span>TNA<span class=\"_ _1\"></span>V <span class=\"_ _190\"> </span>TNA<span class=\"_ _1\"></span>V changed by 10%<span class=\"_ _48\"> </span>5,243<span class=\"_ _48\"> </span>3,974<span class=\"_ _1f9\"> </span>The earnings multiple used was between 1.5x and 11.3x (2022: 5.3x and 12.7x).<span class=\"_ _1f9\"> </span>d) Assets and liabilities not carried at fair value but for which fair value is disclosed<span class=\"_ _1f9\"> </span>For the Group as at 31 December 2023:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _193\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>19,746<span class=\"_ _12c\"> </span>19,746<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>19,746<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal income<span class=\"_ _194\"> </span>482,178<span class=\"_ _12c\"> </span>19,746<span class=\"_ _12c\"> </span>17,942<span class=\"_ _192\"> </span>475,484<span class=\"_ _f5\"> </span>513,172<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _d5\"> </span>(19,149)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal Liabilities<span class=\"_ _151\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _1f9\"> </span>For the Company as at 31 December 2023:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _67\"> </span><span class=\"ff19\">-<span class=\"_ _192\"> </span></span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _c\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>14,402<span class=\"_ _12c\"> </span>14,402<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>14,402<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>463,667<span class=\"_ _12c\"> </span>14,402<span class=\"_ _198\"> </span>4,775<span class=\"_ _f5\"> </span>475,484<span class=\"_ _192\"> </span>494,661<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _199\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _1f9\"> </span>Deemed Loan<span class=\"_ _f1\"> </span>(63,526)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(212,905)<span class=\"_ _1f9\"> </span>For the Group as at 31 December 2022:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _193\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>23,303 <span class=\"_ _19b\"> </span>23,303<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>23,303<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>560,050<span class=\"_ _12c\"> </span>23,303<span class=\"_ _12c\"> </span>12,870<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>593,353<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _19c\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _19d\"> </span>(19,221)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(282,854)<span class=\"_ _1f9\"> </span>For the Company as at 31 December 2022:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _c\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>18,229<span class=\"_ _12c\"> </span>18,229<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>18,229<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>545,937<span class=\"_ _12c\"> </span>18,229<span class=\"_ _198\"> </span>3,831<span class=\"_ _f5\"> </span>557,180<span class=\"_ _192\"> </span>579,240<span class=\"_ _1f9\"> </span>Liabilities:<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _199\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _1f9\"> </span>Deemed Loan<span class=\"_ _f1\"> </span>(93,036)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(267,577)<span class=\"_ _1f9\"> </span>Note 12 provides further details of the loans at amortised cost held by the Gr<span class=\"_ _1\"></span>oup and Company<span class=\"_ _0\"></span>. The fair value of the receivable and payable balances appr<span class=\"_ _1\"></span>oximates their carrying amounts due to the short-<span class=\"_ _1f9\"> </span>term nature of the balances.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "a) Investment Assets at Fair V<span class=\"_ _1\"></span>alue thr<span class=\"_ _1\"></span>ough profit or loss<span class=\"_ _1f9\"> </span>The following table shows the total Investment Assets at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Group, which includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Group<span class=\"_ _188\"> </span>Equity Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Equity<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span></span>64,506<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span>Additions at cost<span class=\"_ _13b\"> </span>10,390<span class=\"_ _a0\"> </span>33,837<span class=\"_ _a0\"> </span><span class=\"ff19\">44,227<span class=\"_ _58\"> </span></span>790<span class=\"_ _a0\"> </span>13,008<span class=\"_ _a0\"> </span><span class=\"ff19\">13,798<span class=\"_ _1f9\"> </span></span>Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span>Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span>Realised gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span>Foreign exchange r<span class=\"_ _1\"></span>evaluation<span class=\"_ _18e\"> </span>-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span>Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _134\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span>Comprising:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>alued using an earnings multiple<span class=\"_ _1f9\"> </span>1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,559<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">12,016<span class=\"_ _1f9\"> </span></span>V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,890<span class=\"_ _a0\"> </span>37,600<span class=\"_ _a0\"> </span><span class=\"ff19\">52,490<span class=\"_ _1f9\"> </span></span>Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>16,449<span class=\"_ _a0\"> </span>48,057<span class=\"_ _a0\"> </span>64,506<span class=\"_ _1f9\"> </span>The following table shows the total Investment Asse<span class=\"_ _1\"></span>ts at fair value through pr<span class=\"_ _1\"></span>ofit or loss of the Company<span class=\"_ _0\"></span>, which includes both Equity Assets and Credit Assets.<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Company<span class=\"_ _ad\"> </span>Equity Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Equity<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _133\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span></span>62,853<span class=\"_ _134\"> </span><span class=\"ff5\">15,659<span class=\"_ _a0\"> </span>33,111<span class=\"_ _a0\"> </span></span>48,770<span class=\"_ _1f9\"> </span>Additions at cost<span class=\"_ _13b\"> </span>11,180<span class=\"_ _a0\"> </span>34,700<span class=\"_ _a0\"> </span><span class=\"ff19\">45,880<span class=\"_ _18d\"> </span></span>-<span class=\"_ _a0\"> </span>12,145<span class=\"_ _a0\"> </span><span class=\"ff19\">12,145<span class=\"_ _1f9\"> </span></span>Realisations at cost<span class=\"_ _70\"> </span>-<span class=\"_ _97\"> </span>(22,935)<span class=\"_ _e9\"> </span><span class=\"ff19\">(22,935)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,033)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,033)<span class=\"_ _1f9\"> </span></span>Gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _135\"> </span>-<span class=\"_ _90\"> </span>5,659<span class=\"_ _90\"> </span><span class=\"ff19\">5,659<span class=\"_ _132\"> </span></span>-<span class=\"_ _90\"> </span>3,762<span class=\"_ _90\"> </span><span class=\"ff19\">3,762<span class=\"_ _1f9\"> </span></span>Realised gains through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _8b\"> </span>(2,747)<span class=\"_ _9d\"> </span><span class=\"ff19\">(2,747)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _8b\"> </span>(1,958)<span class=\"_ _9d\"> </span><span class=\"ff19\">(1,958)<span class=\"_ _1f9\"> </span></span>Unrealised For<span class=\"_ _1\"></span>eign exchange revaluation<span class=\"_ _1f9\"> </span>-<span class=\"_ _e0\"> </span>(490)<span class=\"_ _8e\"> </span><span class=\"ff19\">(490)<span class=\"_ _18d\"> </span></span>-<span class=\"_ _90\"> </span>1,167<span class=\"_ _90\"> </span><span class=\"ff19\">1,167<span class=\"_ _1f9\"> </span></span>Closing balance<span class=\"_ _c5\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _134\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span>Comprising:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>alued using an earnings multiple<span class=\"_ _1f9\"> </span>1,566<span class=\"_ _a0\"> </span>11,090<span class=\"_ _a0\"> </span><span class=\"ff19\">12,656<span class=\"_ _90\"> </span></span>1,359<span class=\"_ _a0\"> </span>10,457<span class=\"_ _a0\"> </span><span class=\"ff19\">11,816<span class=\"_ _1f9\"> </span></span>V<span class=\"_ _1\"></span>alued using a TNA<span class=\"_ _1\"></span>V multiple<span class=\"_ _a2\"> </span>25,273<span class=\"_ _a0\"> </span>50,291<span class=\"_ _a0\"> </span><span class=\"ff19\">75,564<span class=\"_ _a0\"> </span></span>14,300<span class=\"_ _a0\"> </span>36,737<span class=\"_ _a0\"> </span><span class=\"ff19\">51,037<span class=\"_ _1f9\"> </span></span>Closing balance <span class=\"_ _18f\"> </span>26,839<span class=\"_ _a0\"> </span>61,381<span class=\"_ _a0\"> </span>88,220<span class=\"_ _a0\"> </span>15,659<span class=\"_ _a0\"> </span>47,194<span class=\"_ _a0\"> </span>62,853<span class=\"_ _1f9\"> </span>Gains through pr<span class=\"_ _1\"></span>ofit or loss are pr<span class=\"_ _1\"></span>esented in the \u2018Gains on Investment Assets held at fair value<span class=\"_ _1\"></span> through pr<span class=\"_ _1\"></span>ofit or loss\u2019 in the consolidated statement of comprehensive income.  The Group and Company Cr<span class=\"_ _1\"></span>edit Assets at fair<span class=\"_ _1\"></span> value through pr<span class=\"_ _1\"></span>ofit and loss include investments made into three Private Cr<span class=\"_ _1\"></span>edit funds that are also<span class=\"_ _1\"></span> managed or advised by the Group: PSC Cr<span class=\"_ _1\"></span>edit III (A) SCSp and (B) SCSp, PSC Credit (T) SCSp, one<span class=\"_ _1\"></span> of the European Separately Managed Accounts<span class=\"_ _0\"></span> (\u201cSMAs\u201d), and PSC US Badger LLC, one of the US SMAs. As at 31 December 2023, the Group held<span class=\"_ _1\"></span> 12% of Credit III (31 December 2022: 7.5%), 1%<span class=\"_ _1\"></span> of PSC Credit (T) SCSp (As at 31 December 2022:<span class=\"_ _1\"></span> 1%) and 0% of PSC US Badger LLC (31 December 2022: 49%) as PSC US Badger LLC was wound<span class=\"_ _1\"></span> down during the year<span class=\"_ _0\"></span>. As at 31 December 2023,<span class=\"_ _1\"></span> the undrawn commitment for the investment into<span class=\"_ _1\"></span> flagship Credit III was \u00a34.7 million (31 December<span class=\"_ _1\"></span> 2022: \u00a311.9 million), \u00a30.8 million (31 December<span class=\"_ _0\"></span> 2022: \u00a30.8 million) for the investment in PSC Credit<span class=\"_ _1\"></span> (T) SCSp and \u00a30 million for the investment in PSC US Badger LLC (31 December 2022: \u00a36.8 million). As at 31 December 2023, the Company holds the investments in Credit III and PSC Cr<span class=\"_ _1\"></span>edit (T) SCSP (31 December 2022: the investment in PSC Credit<span class=\"_ _1\"></span> (T) SCSp was held by a subsidiary of the Group).<span class=\"_ _1\"></span> The Group and Company Equity Assets at fair value through pr<span class=\"_ _1\"></span>ofit and loss includes commitments in two private equity funds that are managed or advis<span class=\"_ _1\"></span>ed by the Group: PSC Accelerator II (A) LP and PSC<span class=\"_ _1\"></span> V (A) LP<span class=\"_ _3a\"></span>. As at 31 December 2023, the Group held 2% of PSC Accelerator II (A) LP\u2019<span class=\"_ _31\"></span>s total commitments (31 December 2022: nil) and had drawn amounts<span class=\"_ _1\"></span> of \u00a310.4 million and undrawn commitments in PSC Accelerator II (A) of \u00a310.5 million (31 December<span class=\"_ _1\"></span> 2022: nil) and had 5% of the total commitments in PSC V (A) LP with no amounts drawn (31 December<span class=\"_ _1f9\"> </span>2022: nil) and an undrawn commitment in PSC V (A) LP of \u00a320 million (31 December 2022: nil). The Asset Manager does not double charge fees in relation to these assets. The costs incurr<span class=\"_ _1\"></span>ed by these funds are not included in the costs r<span class=\"_ _1\"></span>eported by the Group.<span class=\"_ _1f9\"> </span>b) Fair value classification of total Investment Assets<span class=\"_ _1f9\"> </span>The Group Investment Assets at fair value thr<span class=\"_ _1\"></span>ough profit or loss ar<span class=\"_ _1\"></span>e classified as level 3 assets with<span class=\"_ _1\"></span> a value as at 31 December 2023 of \u00a388.2 million<span class=\"_ _1\"></span> (31 December 2022: \u00a364.5 million). The Company Investment Assets at fair value thr<span class=\"_ _1\"></span>ough profit or<span class=\"_ _1\"></span> loss are classified as level 3 assets with a value on<span class=\"_ _1\"></span> 31 December 2023 of \u00a388.2 million (31 December 2022: \u00a362.9 million). There wer<span class=\"_ _1\"></span>e no movements for the Group and Company (2022: no movements)<span class=\"_ _1\"></span> between the fair value hierarchies during the year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>c) Sensitivity analysis of assets at fair value<span class=\"_ _1\"></span> through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>The investments are in Equity Assets and Cr<span class=\"_ _1\"></span>edit<span class=\"_ _1\"></span> Assets, both of which are valued using dif<span class=\"_ _1\"></span>ferent<span class=\"_ _1\"></span> techniques, including recent transactions and r<span class=\"_ _1\"></span>ecent rounds of funding by the investee entities and a market approach. Sensitivity to the quantitative information<span class=\"_ _1\"></span> regar<span class=\"_ _1\"></span>ding the unobservable inputs for the Group and Company\u2019<span class=\"_ _31\"></span>s Level 3 positions as at 31 December 2023<span class=\"_ _32\"></span> and 31 December 2022 is given below:<span class=\"_ _1f9\"> </span>V<span class=\"_ _1\"></span>aluation technique<span class=\"_ _67\"> </span>Sensitivity applied<span class=\"_ _c3\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000 Impact of sensitivity<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000 Impact of sensitivity<span class=\"_ _1f9\"> </span>Earnings multiple<span class=\"_ _1f9\"> </span>Earnings multiple changed by 1x<span class=\"_ _1f9\"> </span>2,956<span class=\"_ _48\"> </span>2,998<span class=\"_ _1f9\"> </span>TNA<span class=\"_ _1\"></span>V <span class=\"_ _190\"> </span>TNA<span class=\"_ _1\"></span>V changed by 10%<span class=\"_ _48\"> </span>5,243<span class=\"_ _48\"> </span>3,974<span class=\"_ _1f9\"> </span>The earnings multiple used was between 1.5x and 11.3x (2022: 5.3x and 12.7x).<span class=\"_ _1f9\"> </span>d) Assets and liabilities not carried at fair value but for which fair value is disclosed<span class=\"_ _1f9\"> </span>For the Group as at 31 December 2023:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _193\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>17,942<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>19,746<span class=\"_ _12c\"> </span>19,746<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>19,746<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal income<span class=\"_ _194\"> </span>482,178<span class=\"_ _12c\"> </span>19,746<span class=\"_ _12c\"> </span>17,942<span class=\"_ _192\"> </span>475,484<span class=\"_ _f5\"> </span>513,172<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _d5\"> </span>(19,149)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,149)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(210,764)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal Liabilities<span class=\"_ _151\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(229,913)<span class=\"_ _1f9\"> </span>For the Company as at 31 December 2023:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>444,490<span class=\"_ _f9\"> </span>-<span class=\"_ _67\"> </span><span class=\"ff19\">-<span class=\"_ _192\"> </span></span>475,484<span class=\"_ _192\"> </span>475,484<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _c\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>4,775<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>14,402<span class=\"_ _12c\"> </span>14,402<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>14,402<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>463,667<span class=\"_ _12c\"> </span>14,402<span class=\"_ _198\"> </span>4,775<span class=\"_ _f5\"> </span>475,484<span class=\"_ _192\"> </span>494,661<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _199\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(4,185)<span class=\"_ _1f9\"> </span>Deemed Loan<span class=\"_ _f1\"> </span>(63,526)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(63,526)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(145,194)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(212,905)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(212,905)<span class=\"_ _1f9\"> </span>For the Group as at 31 December 2022:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _191\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _193\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>12,870<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>23,303 <span class=\"_ _19b\"> </span>23,303<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _12c\"> </span>23,303<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>560,050<span class=\"_ _12c\"> </span>23,303<span class=\"_ _12c\"> </span>12,870<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>593,353<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _19c\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(19,221)<span class=\"_ _f9\"> </span>-<span class=\"_ _19d\"> </span>(19,221)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(263,633)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(282,854)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(282,854)<span class=\"_ _1f9\"> </span>For the Company as at 31 December 2022:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _197\"> </span>As Presented<span class=\"_ _55\"> </span>Fair V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>Level 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Level 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>Investments at amortised cost<span class=\"_ _190\"> </span>523,877<span class=\"_ _f9\"> </span>-<span class=\"_ _f9\"> </span>-<span class=\"_ _192\"> </span>557,180<span class=\"_ _192\"> </span>557,180<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _c\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _f9\"> </span>-<span class=\"_ _198\"> </span>3,831<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _5d\"> </span>18,229<span class=\"_ _12c\"> </span>18,229<span class=\"_ _f9\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _12c\"> </span>18,229<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _102\"> </span>545,937<span class=\"_ _12c\"> </span>18,229<span class=\"_ _198\"> </span>3,831<span class=\"_ _f5\"> </span>557,180<span class=\"_ _192\"> </span>579,240<span class=\"_ _1f9\"> </span>Liabilities:<span class=\"_ _1f9\"> </span>Payable<span class=\"_ _199\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _f9\"> </span>-<span class=\"_ _8d\"> </span>(5,174)<span class=\"_ _1f9\"> </span>Deemed Loan<span class=\"_ _f1\"> </span>(93,036)<span class=\"_ _f9\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _e8\"> </span>-<span class=\"_ _33\"> </span>(93,036)<span class=\"_ _1f9\"> </span>Interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _170\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _f9\"> </span>-<span class=\"_ _195\"> </span>(169,367)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _21\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _19a\"> </span>(267,577)<span class=\"_ _67\"> </span>-<span class=\"_ _196\"> </span>(267,577)<span class=\"_ _1f9\"> </span>Note 12 provides further details of the loans at amortised cost held by the Gr<span class=\"_ _1\"></span>oup and Company<span class=\"_ _0\"></span>. The fair value of the receivable and payable balances appr<span class=\"_ _1\"></span>oximates their carrying amounts due to the short-<span class=\"_ _1f9\"> </span>term nature of the balances.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-12": {
   "value": "10. Carried Interest On 11 October 2023, the Group classified the carried interest as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information. The following table shows the total value of the car- ried interest held by the Group, which includes both the carried interest at fair value through profit or loss and the carried interest receivable: Group As at 31 December 2023 As at 31 December 2022 Continuing Operations \u00a3\u2019000 Analysis of items for Distribution \u00a3\u2019000 Total \u00a3\u2019000 Continuing Operations \u00a3\u2019000 Total \u00a3\u2019000 Carried interest at fair value - 15,967 15,967 6,495 6,495 Carried interest receivable - 1,365 1,365 557 557 Closing balance - 17,332 17,332 7,052 7,052 The Company did not hold any carried interest during the year (31 December 2022: nil). CARRIED INTEREST ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (a) Movements during the year Group As at 31 December 2023 As at 31 December 2022 Continuing Operations \u00a3\u2019000 Analysis of items for Distribution \u00a3\u2019000 Total \u00a3\u2019000 Continuing Operations \u00a3\u2019000 Total \u00a3\u2019000 Opening balance 6,495 - 6,495 - - Additions at cost - - - 5,459 5,459 Gains through profit or loss 10,672 - 10,672 1,036 1,036 Realised proceeds (1,200) - (1,200) - - Reallocation to assets held for distribution to the new parent (15,967) 15,967 - - - Closing balance - 15,967 15,967 6,495 6,495 Gains through profit or loss are presented in the \u2018Carried interest and performance fee income\u2019 line on the consolidated statement of comprehensive income. (b) Fair value classification of carried interest at fair value through profit or loss Carried Interest at fair value through profit or loss is classified as a level 3 asset with a value as at 31 December 2023 of \u00a316.0 million (31 December 2022: \u00a36.5 million). There were no movements between the fair value hierarchies during the year (for the year ended 31 December 2022: no movements). (c) Sensitivity analysis of carried interest at fair value through profit or loss The table below is the sensitivity impact on the inputs applied to the carried interest assets at FVTPL. The sensitivity parameters are considered reasonable assumptions in the movement in inputs: As at  31 December 2023 As at  31 December 2022 Valuation Parameter Sensitivity applied Increase \u00a3\u2019000 Decrease \u00a3\u2019000 Increase \u00a3\u2019000 Decrease \u00a3\u2019000 Fund NAV +/- 10% 4,450 (4,349) 2,995 (1,899) Option volatility +/- 10% 1,302 (716) 816 (569) Option time to maturity +/- 1 Year 1,532 (1,714) 867 (998) Option risk free rate +/- 1% 477 (475) 238 (235) CARRIED INTEREST RECEIVABLE Movements in the year Group For the year ended 31 December 2023 For the year ended 31 December 2022 Continuing Operations Analysis of items for Distribution Total Continuing Operations Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 557 - 557 - - Additions at cost - - - 557 557 Gains through profit or loss 808 - 808 - - Reallocation to assets held for distribution to the new parent (1,365) 1,365 - Closing balance - 1,365 1,365 557 557",
   "dimensions": {
    "concept": "pollenstreetplc:DisclosureOfCarriedInterest",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-13": {
   "value": "11. In<span class=\"_ _1\"></span>terest Bearing Borr<span class=\"_ _1\"></span>owings<span class=\"_ _1f9\"> </span>The table below sets out a breakdown of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s interest-bearing borrowings.<span class=\"_ _1f9\"> </span>Group<span class=\"_ _4e\"> </span><span class=\"ws8c\">As <span class=\"_ _d6\"> </span>at <span class=\"_ _10\"> </span>31 <span class=\"_ _10\"> </span>December <span class=\"_ _d6\"> </span>2023         </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>As at 31 December 2022 \u00a3\u2019000<span class=\"_ _1f9\"> </span>Current liabilities<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _1a1\"> </span>132,493<span class=\"_ _75\"> </span>60,379<span class=\"_ _1f9\"> </span>Interest and commitment fees payable<span class=\"_ _110\"> </span>437<span class=\"_ _cf\"> </span>415<span class=\"_ _1f9\"> </span>Prepaid inter<span class=\"_ _1\"></span>est and commitment fees<span class=\"_ _1a2\"> </span>(192)<span class=\"_ _b4\"> </span>(196)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal current liabilities<span class=\"_ _1a3\"> </span>132,738<span class=\"_ _44\"> </span>60,598<span class=\"_ _1f9\"> </span>Non-Current liabilities<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _1a4\"> </span>78,026<span class=\"_ _106\"> </span>204,234<span class=\"_ _1f9\"> </span>Prepaid inter<span class=\"_ _1\"></span>est and commitment fees<span class=\"_ _103\"> </span>-<span class=\"_ _56\"> </span>(1,199)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal non-current liabilities<span class=\"_ _f1\"> </span>78,026<span class=\"_ _77\"> </span>203,035<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal interest-bearing borrowings<span class=\"_ _1a5\"> </span>210,764<span class=\"_ _ad\"> </span>263,633<span class=\"_ _1f9\"> </span>The table below sets out a breakdown of the Company\u2019<span class=\"_ _31\"></span>s interest-bearing borr<span class=\"_ _1\"></span>owings.<span class=\"_ _1f9\"> </span>Company<span class=\"_ _174\"> </span><span class=\"ws8c\">As <span class=\"_ _d6\"> </span>at <span class=\"_ _d6\"> </span>31 <span class=\"_ _10\"> </span>December <span class=\"_ _10\"> </span>2023         </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>As at 31 December 2022 \u00a3\u2019000<span class=\"_ _1f9\"> </span>Current liabilities<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _1a4\"> </span>70,088<span class=\"_ _75\"> </span>30,000<span class=\"_ _1f9\"> </span>Interest and commitment fees payable<span class=\"_ _110\"> </span>194<span class=\"_ _cf\"> </span>141<span class=\"_ _1f9\"> </span>Prepaid inter<span class=\"_ _1\"></span>est and commitment fees<span class=\"_ _103\"> </span>-<span class=\"_ _f0\"> </span>-<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal current liabilities<span class=\"_ _3b\"> </span>70,282<span class=\"_ _44\"> </span>30,141<span class=\"_ _1f9\"> </span>Non-current liabilities<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _1a4\"> </span>74,912<span class=\"_ _106\"> </span>140,000<span class=\"_ _1f9\"> </span>Prepaid inter<span class=\"_ _1\"></span>est and commitment fees<span class=\"_ _103\"> </span>-<span class=\"_ _b4\"> </span>(774)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal non-current liabilities<span class=\"_ _f1\"> </span>74,912<span class=\"_ _77\"> </span>139,226<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal interest-bearing borrowings<span class=\"_ _1a5\"> </span>145,194<span class=\"_ _ad\"> </span>169,367<span class=\"_ _1f9\"> </span>As at 31 December 2023, the Group and Compa<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ny\u2019<span class=\"_ _31\"></span>s main debt facility was \u00a3170 million provided by Goldman Sachs, being a \u00a3140 million term loan (31 December 2022: \u00a3140 million) and \u00a330 million revolv<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>ing credit facility (31 December 2022: \u00a330 million). As at 31 December 2023, the term loan was fully drawn, and the revolving cr<span class=\"_ _1\"></span>edit facility was \u00a35 million drawn (31 December 2022: both were fully drawn). This<span class=\"_ _1\"></span> main debt facility is charged interest at SONIA plus a margin and matures in September 2025. As at 31 December 2023, the Group held an amor<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tising term loan with an outstanding principal balance of \u00a354.9 million (31 December 2022: \u00a376.6 million) provided by National W<span class=\"_ _1\"></span>estminster bank secured<span class=\"_ _1\"></span> against a structured SME facility<span class=\"_ _31\"></span>. The debt facility charges SONIA plus a margin and is an amortising term loan with the full \u00a382 million drawn on day one. The facility matures in October 2024.<span class=\"_ _1f9\"> </span>As at 31 December 2023, the Group held an amor<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tising term loan with an outstanding principal balance of \u00a37.5 million (31 December 2022: \u00a318.0 million)<span class=\"_ _1\"></span> provided by Duomo Funding plc secur<span class=\"_ _1\"></span>ed against<span class=\"_ _1\"></span> a structured SME facility<span class=\"_ _31\"></span>. The debt facility charges SONIA plus a margin and is an amortising term loan with the full \u00a335 million drawn on day one. The facility has a 49-year term.<span class=\"_ _1f9\"> </span>The table below shows the related debt costs incurr<span class=\"_ _1\"></span>ed by the Group during the year:<span class=\"_ _1f9\"> </span>The table below shows the related debt costs incurr<span class=\"_ _1\"></span>ed by the Company during the year:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _18a\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Interest and commitment  fees charged during the year<span class=\"_ _1f9\"> </span>19,141<span class=\"_ _1a6\"> </span>12,920<span class=\"_ _1f9\"> </span>Other finance charges<span class=\"_ _c7\"> </span>1,219<span class=\"_ _10d\"> </span>1,597<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal finance costs<span class=\"_ _c7\"> </span>20,360<span class=\"_ _1a6\"> </span>14,517<span class=\"_ _1f9\"> </span>Company<span class=\"_ _179\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Interest and commitment fees payable<span class=\"_ _b4\"> </span>13,529<span class=\"_ _1a7\"> </span>9,813<span class=\"_ _1f9\"> </span>Other finance charges<span class=\"_ _1a8\"> </span>886<span class=\"_ _1a7\"> </span>1,137<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal finance costs<span class=\"_ _c7\"> </span>14,415<span class=\"_ _1a6\"> </span>10,950<span class=\"_ _1f9\"> </span>The table below shows the movements in interest-bearing borr<span class=\"_ _1\"></span>owings of the Group:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _18a\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _1a9\"> </span>263,633<span class=\"_ _1aa\"> </span>267,657<span class=\"_ _1f9\"> </span>Drawdown of interest-bearing borr<span class=\"_ _1\"></span>owings <span class=\"_ _1ab\"> </span>37,000<span class=\"_ _1a6\"> </span>76,925<span class=\"_ _1f9\"> </span>Repayments of interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _87\"> </span>(91,094)<span class=\"_ _5e\"> </span>(82,291)<span class=\"_ _1f9\"> </span>Finance costs<span class=\"_ _1ac\"> </span>20,360<span class=\"_ _1a6\"> </span>14,517<span class=\"_ _1f9\"> </span>Interest paid on financing activities<span class=\"_ _e\"> </span>(19,135)<span class=\"_ _5e\"> </span>(13,175)<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _1ad\"> </span>210,764<span class=\"_ _1aa\"> </span>263,633<span class=\"_ _1f9\"> </span>The table below shows the movements in interest-bearing borr<span class=\"_ _1\"></span>owings of the Company:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _179\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _1a9\"> </span>169,367<span class=\"_ _1aa\"> </span>183,182<span class=\"_ _1f9\"> </span>Drawdown of interest-bearing borr<span class=\"_ _1\"></span>owings <span class=\"_ _1ab\"> </span>37,000<span class=\"_ _1a6\"> </span>35,000<span class=\"_ _1f9\"> </span>Repayments of interest-bearing borr<span class=\"_ _1\"></span>owings<span class=\"_ _87\"> </span>(62,000)<span class=\"_ _5e\"> </span>(50,000)<span class=\"_ _1f9\"> </span>Finance costs<span class=\"_ _1ac\"> </span>14,415<span class=\"_ _1a6\"> </span>10,950<span class=\"_ _1f9\"> </span>Interest paid on financing activities<span class=\"_ _e\"> </span>(13,588)<span class=\"_ _170\"> </span>(9,765)<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _1ad\"> </span>145,194<span class=\"_ _1aa\"> </span>169,367<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1ae\"> </span>&lt; 1 year<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1 \u2013 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>More than <span class=\"_ _d\"></span> 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _151\"> </span>132,493<span class=\"_ _12e\"> </span>74,912<span class=\"_ _fb\"> </span>3,114<span class=\"_ _ff\"> </span>210,519<span class=\"_ _1f9\"> </span>Interest and commitment fees payable<span class=\"_ _18e\"> </span>245<span class=\"_ _1af\"> </span>-<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>245<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal exposure<span class=\"_ _5a\"> </span>132,738<span class=\"_ _12e\"> </span>74,912<span class=\"_ _fb\"> </span>3,114<span class=\"_ _ff\"> </span>210,764<span class=\"_ _1f9\"> </span>The tables below analyses the Group\u2019<span class=\"_ _31\"></span>s financial liabilities into relevant maturity gr<span class=\"_ _1\"></span>oupings:<span class=\"_ _1f9\"> </span>The tables below analyses the Company\u2019<span class=\"_ _31\"></span>s financial liabilities into relevant maturity groupings:<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span>Company<span class=\"_ _af\"> </span>&lt; 1 year<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1 \u2013 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>More than <span class=\"_ _d\"></span> 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _11d\"> </span>70,088<span class=\"_ _12e\"> </span>74,912<span class=\"_ _1af\"> </span>-<span class=\"_ _ff\"> </span>145,000<span class=\"_ _1f9\"> </span>Interest and commitment fees payable<span class=\"_ _18e\"> </span>194<span class=\"_ _1af\"> </span>-<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>194<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal exposure<span class=\"_ _1b0\"> </span>70,282<span class=\"_ _a3\"> </span>74,912<span class=\"_ _133\"> </span>-<span class=\"_ _ff\"> </span>145,194<span class=\"_ _1f9\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Company<span class=\"_ _af\"> </span>&lt; 1 year<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1 \u2013 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>More than <span class=\"_ _d\"></span> 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _11d\"> </span>30,000<span class=\"_ _ff\"> </span>140,000<span class=\"_ _1af\"> </span>-<span class=\"_ _ff\"> </span>170,000<span class=\"_ _1f9\"> </span>Interest and commitment fees payable<span class=\"_ _18e\"> </span>141<span class=\"_ _a5\"> </span>(774)<span class=\"_ _1af\"> </span>-<span class=\"_ _1a0\"> </span>(633)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal exposure<span class=\"_ _1b0\"> </span>30,141<span class=\"_ _ff\"> </span>139,226<span class=\"_ _133\"> </span>-<span class=\"_ _ff\"> </span>169,367<span class=\"_ _1f9\"> </span>The tables below analyses the Group\u2019<span class=\"_ _31\"></span>s financial liabilities into relevant maturity gr<span class=\"_ _1\"></span>oupings:<span class=\"_ _1f9\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1ae\"> </span>&lt; 1 year<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1 \u2013 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>More than <span class=\"_ _d\"></span> 5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit facility<span class=\"_ _11d\"> </span>61,356<span class=\"_ _ff\"> </span>196,351<span class=\"_ _fb\"> </span>7,882<span class=\"_ _ff\"> </span>265,589<span class=\"_ _1f9\"> </span>Interest and commitment fees payable<span class=\"_ _18e\"> </span>271<span class=\"_ _db\"> </span>(2,069)<span class=\"_ _1a0\"> </span>(158)<span class=\"_ _db\"> </span>(1,956)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal exposure<span class=\"_ _1b0\"> </span>61,627<span class=\"_ _ff\"> </span>194,282<span class=\"_ _fb\"> </span>7,724<span class=\"_ _ff\"> </span>263,633<span class=\"_ _1f9\"> </span>The tables below analyses the Company\u2019<span class=\"_ _31\"></span>s financial liabilities into relevant maturity groupings:",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-510": {
   "value": "<div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs903\">(a) Credit Assets at amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs904\">The disclosure below pr<span class=\"_ _1\"></span>esents the gross carrying<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs905\">value of financial instruments to which the impair<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1f ws0 gs906\">ment requir<span class=\"_ _1\"></span>ements in IFRS 9 are applied and the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gs907\">associated allowance for Expected Credit Loss<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs908\">(\u201cECL\u201d) provision. See Notes 2 and 3 for mor<span class=\"_ _1\"></span>e detail </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs909\">on the allowance for ECL.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs90b\">As at 31 December 2023<span class=\"_ _19f\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs90c\">Group and </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs90d\">Company<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs90e\">Gross </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs90f\">Carrying </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs910\">Amount<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs911\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs912\">Allowance </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs913\">for ECL<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs914\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs915\">Net <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs916\">Carrying </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs917\">Amount<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs918\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs919\">Gross </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs91a\">Carrying </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs91b\">Amount<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs91c\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs91d\">Allowance </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs91e\">for ECL<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs91f\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs920\">Net <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs921\">Carrying </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs922\">Amount<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs923\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs924\">Credit Assets at amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs925\">Stage 1<span class=\"_ _a5\"> </span>411,491<span class=\"_ _12e\"> </span>(693)<span class=\"_ _98\"> </span>410,798<span class=\"_ _98\"> </span>512,030<span class=\"_ _38\"> </span>(1,013)<span class=\"_ _7e\"> </span>511,017<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs926\">Stage 2<span class=\"_ _80\"> </span>21,527<span class=\"_ _12e\"> </span>(576)<span class=\"_ _35\"> </span>20,951<span class=\"_ _ef\"> </span>6,878<span class=\"_ _a3\"> </span>(678)<span class=\"_ _ea\"> </span>6,200<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs927\">Stage 3<span class=\"_ _80\"> </span>19,783<span class=\"_ _38\"> </span>(7,042)<span class=\"_ _9c\"> </span>12,741<span class=\"_ _9c\"> </span>14,250<span class=\"_ _38\"> </span>(7,590)<span class=\"_ _ef\"> </span>6,660<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs928\">T<span class=\"_ _31\"></span>otal </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs929\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs92a\">452,801<span class=\"_ _9c\"> </span>(8,311)<span class=\"_ _7e\"> </span>444,490<span class=\"_ _7e\"> </span>533,158<span class=\"_ _9c\"> </span>(9,281)<span class=\"_ _7e\"> </span>523,877<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs92c\">The following table analyses loans by staging for both the Group and Company:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs92e\">The fair value of collateral accepted as security for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs92f\">the stage 2 and stage 3 credit assets at amortised<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs930\">cost as at 31 December 2023 was \u00a364.3 million (31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs931\">December 2022: \u00a341.7 million).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs933\">The following table analyses ECL by staging for both the Group and Company:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs934\">For the year ended 31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs935\">Group and Company<span class=\"_ _87\"> </span>Stage 1<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs936\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs937\">Stage 2<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs938\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs939\">Stage 3<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs93a\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs93b\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs93c\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs93d\">Opening balance<span class=\"_ _fe\"> </span>1,013<span class=\"_ _1b1\"> </span>678<span class=\"_ _fb\"> </span>7,590<span class=\"_ _fb\"> </span>9,281<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs93e\">Movement from stage 1 to stage 2<span class=\"_ _51\"> </span>(75)<span class=\"_ _52\"> </span>235<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>160<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs93f\">Movement from stage 1 to stage 3<span class=\"_ _a6\"> </span>(202)<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>468<span class=\"_ _1b1\"> </span>266<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs940\">Movement from stage 2 to stage 1<span class=\"_ _41\"> </span>2<span class=\"_ _a5\"> </span>(150)<span class=\"_ _1af\"> </span>-<span class=\"_ _1a0\"> </span>(148)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs941\">Movement from stage 2 to stage 3<span class=\"_ _1b2\"> </span>-<span class=\"_ _a5\"> </span>(156)<span class=\"_ _52\"> </span>335<span class=\"_ _52\"> </span>179<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs942\">Movement from stage 3 to stage 1<span class=\"_ _1b2\"> </span>-<span class=\"_ _1af\"> </span>-<span class=\"_ _a5\"> </span>(124)<span class=\"_ _a5\"> </span>(124)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs943\">Movement from stage 3 to stage 2<span class=\"_ _1b2\"> </span>-<span class=\"_ _176\"> </span>60<span class=\"_ _1a0\"> </span>(150)<span class=\"_ _80\"> </span>(90)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs944\">Decreases due to r<span class=\"_ _1\"></span>epayments<span class=\"_ _190\"> </span>-<span class=\"_ _80\"> </span>(24)<span class=\"_ _a5\"> </span>(274)<span class=\"_ _1a0\"> </span>(298)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs945\">Remeasurements due to modelling<span class=\"_ _173\"> </span>(45)<span class=\"_ _80\"> </span>(67)<span class=\"_ _a5\"> </span>(803)<span class=\"_ _1a0\"> </span>(915)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs946\">Closing balance<span class=\"_ _181\"> </span>693<span class=\"_ _52\"> </span>576<span class=\"_ _fb\"> </span>7,042<span class=\"_ _fb\"> </span>8,311<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs948\">(b) Expected Credit Loss allowance for IFRS 9<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs949\">Under the expected credit loss model (\u201cECL\u201d) intr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws35 gs94a\">duced by IFRS 9 Impairment Provisions ar<span class=\"_ _1\"></span>e driven by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws2c gs94b\">changes in credit risk of instruments, with a pr<span class=\"_ _1\"></span>ovision </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs94c\">for lifetime expected credit losses r<span class=\"_ _1\"></span>ecognised where </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs94d\">the risk of default of an instrument has increased<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs94e\">significantly since initial recognition. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs94f\">The following table analyses Group loans by stage:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs950\">Group and Company<span class=\"_ _115\"> </span>For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs951\">31 December 2023 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs952\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs953\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs954\">31 December 2022 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs955\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs956\">Opening balance<span class=\"_ _b\"> </span>9,281<span class=\"_ _1b3\"> </span> 10,786 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs957\">Release for year \u2013 Stage 1<span class=\"_ _153\"> </span>(300)<span class=\"_ _124\"> </span>(108) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs958\">Release for year \u2013 Stage 2<span class=\"_ _19c\"> </span>(21)<span class=\"_ _178\"> </span>(23) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs959\">Release for year \u2013 Stage 3<span class=\"_ _153\"> </span>(649)<span class=\"_ _178\"> </span>(75) </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs95a\">Release for year \u2013 total<span class=\"_ _1b4\"> </span>(970)<span class=\"_ _1ab\"> </span>(206) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs95b\">Loans sold &amp; write-offs<span class=\"_ _1a1\"> </span>-<span class=\"_ _e6\"> </span>(1,299) </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs95c\">Allowance for ECL <span class=\"_ _121\"> </span>8,311<span class=\"_ _10d\"> </span>9,281<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs95e\">For the year ended 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs95f\">Group and Company<span class=\"_ _1ab\"> </span>Stage1<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs960\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs961\">Stage 2<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs962\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs963\">Stage 3<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs964\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs965\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs966\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs967\">Opening balance<span class=\"_ _16e\"> </span> 952 <span class=\"_ _fb\"> </span> 946 <span class=\"_ _8c\"> </span> 8,888 <span class=\"_ _38\"> </span> 10,786 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs968\">Movement from stage 1 to stage 2<span class=\"_ _bf\"> </span>(2) <span class=\"_ _fb\"> </span> 197 <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-    <span class=\"_ _c8\"> </span></span> 195 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs969\">Movement from stage 1 to stage 3<span class=\"_ _bf\"> </span>(9) <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-    <span class=\"_ _c8\"> </span></span> 359 <span class=\"_ _fb\"> </span> 350 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs96a\">Movement from stage 2 to stage 1<span class=\"_ _c4\"> </span> 1 <span class=\"_ _e8\"> </span>(242) <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(241) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs96b\">Movement from stage 2 to stage 3<span class=\"_ _11f\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(171) <span class=\"_ _fb\"> </span> 314 <span class=\"_ _fb\"> </span> 143 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs96c\">Movement from stage 3 to stage 1<span class=\"_ _11f\"> </span> -<span class=\"_ _f2\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(260) <span class=\"_ _e8\"> </span>(260) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs96d\">Movement from stage 3 to stage 2<span class=\"_ _11f\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _52\"> </span></span> 87 <span class=\"_ _e8\"> </span>(190) <span class=\"_ _e8\"> </span>(103) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs96e\">Decreases due to r<span class=\"_ _1\"></span>epayments<span class=\"_ _f8\"> </span>(167) <span class=\"_ _1a0\"> </span>(69) <span class=\"_ _e8\"> </span>(419) <span class=\"_ _e8\"> </span>(655) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs96f\">Increases due to origination<span class=\"_ _5d\"> </span> 20 <span class=\"_ _dc\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-   <span class=\"_ _f2\"> </span> <span class=\"_ _10\"> </span>-   <span class=\"_ _52\"> </span></span> 20 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs970\">Remeasurements due to modelling<span class=\"_ _83\"> </span> 281 <span class=\"_ _150\"> </span>(6) <span class=\"_ _a6\"> </span> 71 <span class=\"_ _fb\"> </span> 346 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs971\">Loans sold<span class=\"_ _c\"> </span>(63) <span class=\"_ _a5\"> </span>(63) <span class=\"_ _a5\"> </span>(77) <span class=\"_ _e8\"> </span>(203) </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gs972\">Loans written off<span class=\"_ _1b6\"> </span>- <span class=\"_ _80\"> </span>(1) <span class=\"_ _ec\"> </span>(1,096) <span class=\"_ _58\"> </span>(1,097) </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gs973\">Closing balance<span class=\"_ _103\"> </span> 1,013 <span class=\"_ _b8\"> </span> 678 <span class=\"_ _8c\"> </span> 7,590 <span class=\"_ _8c\"> </span> 9,281<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs975\">Measurement uncertainty and sensitivity </div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs976\">analysis of ECL<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs977\">The recognition and measur<span class=\"_ _1\"></span>ement of ECL is highly </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs978\">complex and involves the use of significant judge<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs979\">ment and estimation. This includes the formulation </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gs97a\">and incorporation of multiple forward-looking eco<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1b gs97b\">nomic conditions into ECL to meet the measurement </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs97c\">objective of IFRS 9. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs97d\">The Group has adopted the use of thr<span class=\"_ _1\"></span>ee economic </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs97e\">scenarios, repr<span class=\"_ _1\"></span>esentative of Oxford Economics view </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs97f\">of forecast economic conditions<span class=\"_ _1\"></span>, sufficient to cal<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs980\">culate unbiased ECL. They repr<span class=\"_ _1\"></span>esent a \u201cmost likely </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs981\">outcome\u201d (the Base scenario) and two, less likely<span class=\"_ _0\"></span>, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls30 ws0 gs982\">outer scenarios, referr<span class=\"_ _1\"></span>ed to as the \u201cUpside\u201d and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs983\">\u201cDownside\u201d scenarios. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs984\">The ECL recognised in these financial statements<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs985\">reflects the ef<span class=\"_ _1\"></span>fect on expected credit losses of a<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs986\">range of possible outcomes, calculated on a prob<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs987\">ability-weighted basis, based on the economic sce<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs988\">narios described in Note 3, including management </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs989\">overlays where r<span class=\"_ _1\"></span>equired. The probability-weighted<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws5f gs98a\">amount is typically a higher number than would result </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1f gs98b\">from using only the Base (most likely) economic sce<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws7a gs98c\">nario. ECLs typically have a non-linear relationship to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs98d\">the many factors which influence credit losses, such </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs98e\">that more favourable macr<span class=\"_ _1\"></span>oeconomic factors do not </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs98f\">reduce defaults as much as less favourable macr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs990\">economic factors increase defa<span class=\"_ _1\"></span>ults. The ECL cal<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gs991\">culated for each of the scenarios repr<span class=\"_ _1\"></span>esent a range </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gs992\">of possible outcomes that have been evaluated to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws37 gs993\">estimate ECL. As a result, the ECL calculated for the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws18 gs994\">Upside and Downside scenarios should not be taken </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs995\">to repr<span class=\"_ _1\"></span>esent the upper and lower limits of possible </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls32 ws0 gs996\">actual ECL outcomes. There is a high degr<span class=\"_ _1\"></span>ee of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gs997\">estimation uncertainty in numbers repr<span class=\"_ _1\"></span>esenting tail </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws9 gs998\">risk scenarios when assigned a 100 per cent weight. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gs999\">A wider range of possible ECL outcomes reflects<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs99a\">uncertainty about the distribution of economic con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs99b\">ditions and does not necessarily mean that credit<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs99c\">risk on the associated loans is higher than for loans </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gs99d\">where the distribution of possible futur<span class=\"_ _1\"></span>e economic </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs99e\">conditions is narrower<span class=\"_ _31\"></span>. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls26 ws0 gs99f\">For Stage 3 impaired loans, LGD estimates con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls15 ws0 gs9a0\">sider independent recovery valuations pr<span class=\"_ _1\"></span>ovided by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws59 gs9a1\">external valuers where available, or internal forecasts </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs9a2\">corresponding to anticipated economic conditions.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs9a3\">Analysis shows that the ECL would have been \u00a30.6 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs9a4\">million higher<span class=\"_ _0\"></span>, as at 31 December 2023 (31 Decem<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gs9a5\">ber 2022: \u00a30.7 million higher), if the weighting of the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs9a6\">scenarios are changed to allocate a 100 per cent<span class=\"_ _1f9\"> </span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gs9a8\">weight to the downside scenario. The sensitivity of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gs9a9\">the ECL has been further analysed by assessing<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs9aa\">the impact of \u00a310.0 million of portfolio Credit Assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs9ab\">at amortised cost moving from Stage 1 to Stage<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gs9ac\">2 based on the ECL coverage of the loan book at<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gs9ad\">the reporting date. The analysis shows that the ECL </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs9ae\">would have been \u00a30.25 million higher (31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gs9af\">2022: \u00a31.1 million higher) under this sensitivity as<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gs9b0\">the provision coverage incr<span class=\"_ _1\"></span>eases from Stage 1 to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs9b1\">Stage 2.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 lse ws0 gs9b2\">(c) Disposals of Credit Assets at amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls17 ws0 gs9b3\">The Group and Company did not dispose of any<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs9b4\">assets for the year ended 31 December 2023 (for the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws0 gs9b5\">year ended 31 December 2022: \u00a343.8 million) and so </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gs9b6\">no profit or loss was r<span class=\"_ _1\"></span>ecorded during the year (for the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9b7\">year ended 31 December 2022: \u00a32.1 million profit).</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "(a) Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>The disclosure below pr<span class=\"_ _1\"></span>esents the gross carrying<span class=\"_ _1\"></span> value of financial instruments to which the impair<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment requir<span class=\"_ _1\"></span>ements in IFRS 9 are applied and the<span class=\"_ _1\"></span> associated allowance for Expected Credit Loss<span class=\"_ _0\"></span> (\u201cECL\u201d) provision. See Notes 2 and 3 for mor<span class=\"_ _1\"></span>e detail on the allowance for ECL.<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _19f\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _1f9\"> </span>Gross Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Allowance for ECL<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Net <span class=\"_ _d\"></span> Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Gross Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Allowance for ECL<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Net <span class=\"_ _d\"></span> Carrying Amount<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>Stage 1<span class=\"_ _a5\"> </span>411,491<span class=\"_ _12e\"> </span>(693)<span class=\"_ _98\"> </span>410,798<span class=\"_ _98\"> </span>512,030<span class=\"_ _38\"> </span>(1,013)<span class=\"_ _7e\"> </span>511,017<span class=\"_ _1f9\"> </span>Stage 2<span class=\"_ _80\"> </span>21,527<span class=\"_ _12e\"> </span>(576)<span class=\"_ _35\"> </span>20,951<span class=\"_ _ef\"> </span>6,878<span class=\"_ _a3\"> </span>(678)<span class=\"_ _ea\"> </span>6,200<span class=\"_ _1f9\"> </span>Stage 3<span class=\"_ _80\"> </span>19,783<span class=\"_ _38\"> </span>(7,042)<span class=\"_ _9c\"> </span>12,741<span class=\"_ _9c\"> </span>14,250<span class=\"_ _38\"> </span>(7,590)<span class=\"_ _ef\"> </span>6,660<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal Assets<span class=\"_ _1f9\"> </span>452,801<span class=\"_ _9c\"> </span>(8,311)<span class=\"_ _7e\"> </span>444,490<span class=\"_ _7e\"> </span>533,158<span class=\"_ _9c\"> </span>(9,281)<span class=\"_ _7e\"> </span>523,877<span class=\"_ _1f9\"> </span>The following table analyses loans by staging for both the Group and Company:<span class=\"_ _1f9\"> </span>The fair value of collateral accepted as security for the stage 2 and stage 3 credit assets at amortised<span class=\"_ _1\"></span> cost as at 31 December 2023 was \u00a364.3 million (31 December 2022: \u00a341.7 million).<span class=\"_ _1f9\"> </span>The following table analyses ECL by staging for both the Group and Company:<span class=\"_ _1f9\"> </span>For the year ended 31 December 2023<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _87\"> </span>Stage 1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _fe\"> </span>1,013<span class=\"_ _1b1\"> </span>678<span class=\"_ _fb\"> </span>7,590<span class=\"_ _fb\"> </span>9,281<span class=\"_ _1f9\"> </span>Movement from stage 1 to stage 2<span class=\"_ _51\"> </span>(75)<span class=\"_ _52\"> </span>235<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>160<span class=\"_ _1f9\"> </span>Movement from stage 1 to stage 3<span class=\"_ _a6\"> </span>(202)<span class=\"_ _1af\"> </span>-<span class=\"_ _52\"> </span>468<span class=\"_ _1b1\"> </span>266<span class=\"_ _1f9\"> </span>Movement from stage 2 to stage 1<span class=\"_ _41\"> </span>2<span class=\"_ _a5\"> </span>(150)<span class=\"_ _1af\"> </span>-<span class=\"_ _1a0\"> </span>(148)<span class=\"_ _1f9\"> </span>Movement from stage 2 to stage 3<span class=\"_ _1b2\"> </span>-<span class=\"_ _a5\"> </span>(156)<span class=\"_ _52\"> </span>335<span class=\"_ _52\"> </span>179<span class=\"_ _1f9\"> </span>Movement from stage 3 to stage 1<span class=\"_ _1b2\"> </span>-<span class=\"_ _1af\"> </span>-<span class=\"_ _a5\"> </span>(124)<span class=\"_ _a5\"> </span>(124)<span class=\"_ _1f9\"> </span>Movement from stage 3 to stage 2<span class=\"_ _1b2\"> </span>-<span class=\"_ _176\"> </span>60<span class=\"_ _1a0\"> </span>(150)<span class=\"_ _80\"> </span>(90)<span class=\"_ _1f9\"> </span>Decreases due to r<span class=\"_ _1\"></span>epayments<span class=\"_ _190\"> </span>-<span class=\"_ _80\"> </span>(24)<span class=\"_ _a5\"> </span>(274)<span class=\"_ _1a0\"> </span>(298)<span class=\"_ _1f9\"> </span>Remeasurements due to modelling<span class=\"_ _173\"> </span>(45)<span class=\"_ _80\"> </span>(67)<span class=\"_ _a5\"> </span>(803)<span class=\"_ _1a0\"> </span>(915)<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _181\"> </span>693<span class=\"_ _52\"> </span>576<span class=\"_ _fb\"> </span>7,042<span class=\"_ _fb\"> </span>8,311<span class=\"_ _1f9\"> </span>(b) Expected Credit Loss allowance for IFRS 9<span class=\"_ _1f9\"> </span>Under the expected credit loss model (\u201cECL\u201d) intr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>duced by IFRS 9 Impairment Provisions ar<span class=\"_ _1\"></span>e driven by changes in credit risk of instruments, with a pr<span class=\"_ _1\"></span>ovision for lifetime expected credit losses r<span class=\"_ _1\"></span>ecognised where the risk of default of an instrument has increased<span class=\"_ _1\"></span> significantly since initial recognition. The following table analyses Group loans by stage:<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _115\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023 \u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022 \u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _b\"> </span>9,281<span class=\"_ _1b3\"> </span> 10,786 Release for year \u2013 Stage 1<span class=\"_ _153\"> </span>(300)<span class=\"_ _124\"> </span>(108) Release for year \u2013 Stage 2<span class=\"_ _19c\"> </span>(21)<span class=\"_ _178\"> </span>(23) Release for year \u2013 Stage 3<span class=\"_ _153\"> </span>(649)<span class=\"_ _178\"> </span>(75) Release for year \u2013 total<span class=\"_ _1b4\"> </span>(970)<span class=\"_ _1ab\"> </span>(206) Loans sold &amp; write-offs<span class=\"_ _1a1\"> </span>-<span class=\"_ _e6\"> </span>(1,299) Allowance for ECL <span class=\"_ _121\"> </span>8,311<span class=\"_ _10d\"> </span>9,281<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _1ab\"> </span>Stage1<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 2<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Stage 3<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _16e\"> </span> 952 <span class=\"_ _fb\"> </span> 946 <span class=\"_ _8c\"> </span> 8,888 <span class=\"_ _38\"> </span> 10,786 Movement from stage 1 to stage 2<span class=\"_ _bf\"> </span>(2) <span class=\"_ _fb\"> </span> 197 <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-    <span class=\"_ _c8\"> </span></span> 195 Movement from stage 1 to stage 3<span class=\"_ _bf\"> </span>(9) <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-    <span class=\"_ _c8\"> </span></span> 359 <span class=\"_ _fb\"> </span> 350 Movement from stage 2 to stage 1<span class=\"_ _c4\"> </span> 1 <span class=\"_ _e8\"> </span>(242) <span class=\"_ _94\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(241) Movement from stage 2 to stage 3<span class=\"_ _11f\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(171) <span class=\"_ _fb\"> </span> 314 <span class=\"_ _fb\"> </span> 143 Movement from stage 3 to stage 1<span class=\"_ _11f\"> </span> -<span class=\"_ _f2\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _1b5\"> </span></span>(260) <span class=\"_ _e8\"> </span>(260) Movement from stage 3 to stage 2<span class=\"_ _11f\"> </span><span class=\"ws8c\"> <span class=\"_ _10\"> </span>-    <span class=\"_ _52\"> </span></span> 87 <span class=\"_ _e8\"> </span>(190) <span class=\"_ _e8\"> </span>(103) Decreases due to r<span class=\"_ _1\"></span>epayments<span class=\"_ _f8\"> </span>(167) <span class=\"_ _1a0\"> </span>(69) <span class=\"_ _e8\"> </span>(419) <span class=\"_ _e8\"> </span>(655) Increases due to origination<span class=\"_ _5d\"> </span> 20 <span class=\"_ _dc\"> </span><span class=\"ws8c\"> <span class=\"_ _d6\"> </span>-   <span class=\"_ _f2\"> </span> <span class=\"_ _10\"> </span>-   <span class=\"_ _52\"> </span></span> 20 Remeasurements due to modelling<span class=\"_ _83\"> </span> 281 <span class=\"_ _150\"> </span>(6) <span class=\"_ _a6\"> </span> 71 <span class=\"_ _fb\"> </span> 346 Loans sold<span class=\"_ _c\"> </span>(63) <span class=\"_ _a5\"> </span>(63) <span class=\"_ _a5\"> </span>(77) <span class=\"_ _e8\"> </span>(203) Loans written off<span class=\"_ _1b6\"> </span>- <span class=\"_ _80\"> </span>(1) <span class=\"_ _ec\"> </span>(1,096) <span class=\"_ _58\"> </span>(1,097) Closing balance<span class=\"_ _103\"> </span> 1,013 <span class=\"_ _b8\"> </span> 678 <span class=\"_ _8c\"> </span> 7,590 <span class=\"_ _8c\"> </span> 9,281<span class=\"_ _1f9\"> </span>Measurement uncertainty and sensitivity analysis of ECL<span class=\"_ _1f9\"> </span>The recognition and measur<span class=\"_ _1\"></span>ement of ECL is highly complex and involves the use of significant judge<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment and estimation. This includes the formulation and incorporation of multiple forward-looking eco<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>nomic conditions into ECL to meet the measurement objective of IFRS 9. The Group has adopted the use of thr<span class=\"_ _1\"></span>ee economic scenarios, repr<span class=\"_ _1\"></span>esentative of Oxford Economics view of forecast economic conditions<span class=\"_ _1\"></span>, sufficient to cal<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>culate unbiased ECL. They repr<span class=\"_ _1\"></span>esent a \u201cmost likely outcome\u201d (the Base scenario) and two, less likely<span class=\"_ _0\"></span>, outer scenarios, referr<span class=\"_ _1\"></span>ed to as the \u201cUpside\u201d and<span class=\"_ _1\"></span> \u201cDownside\u201d scenarios. The ECL recognised in these financial statements<span class=\"_ _1\"></span> reflects the ef<span class=\"_ _1\"></span>fect on expected credit losses of a<span class=\"_ _1\"></span> range of possible outcomes, calculated on a prob<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ability-weighted basis, based on the economic sce<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>narios described in Note 3, including management overlays where r<span class=\"_ _1\"></span>equired. The probability-weighted<span class=\"_ _1\"></span> amount is typically a higher number than would result from using only the Base (most likely) economic sce<span class=\"ws0\">-<span class=\"_ _1f9\"> </span></span>nario. ECLs typically have a non-linear relationship to the many factors which influence credit losses, such that more favourable macr<span class=\"_ _1\"></span>oeconomic factors do not reduce defaults as much as less favourable macr<span class=\"_ _1\"></span>o<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>economic factors increase defa<span class=\"_ _1\"></span>ults. The ECL cal<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>culated for each of the scenarios repr<span class=\"_ _1\"></span>esent a range of possible outcomes that have been evaluated to<span class=\"_ _1\"></span> estimate ECL. As a result, the ECL calculated for the Upside and Downside scenarios should not be taken to repr<span class=\"_ _1\"></span>esent the upper and lower limits of possible actual ECL outcomes. There is a high degr<span class=\"_ _1\"></span>ee of<span class=\"_ _1\"></span> estimation uncertainty in numbers repr<span class=\"_ _1\"></span>esenting tail risk scenarios when assigned a 100 per cent weight. A wider range of possible ECL outcomes reflects<span class=\"_ _1\"></span> uncertainty about the distribution of economic con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ditions and does not necessarily mean that credit<span class=\"_ _1\"></span> risk on the associated loans is higher than for loans where the distribution of possible futur<span class=\"_ _1\"></span>e economic conditions is narrower<span class=\"_ _31\"></span>. For Stage 3 impaired loans, LGD estimates con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>sider independent recovery valuations pr<span class=\"_ _1\"></span>ovided by external valuers where available, or internal forecasts corresponding to anticipated economic conditions.<span class=\"_ _1f9\"> </span>Analysis shows that the ECL would have been \u00a30.6 million higher<span class=\"_ _0\"></span>, as at 31 December 2023 (31 Decem<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ber 2022: \u00a30.7 million higher), if the weighting of the scenarios are changed to allocate a 100 per cent<span class=\"_ _1f9\"> </span>weight to the downside scenario. The sensitivity of the ECL has been further analysed by assessing<span class=\"_ _1\"></span> the impact of \u00a310.0 million of portfolio Credit Assets at amortised cost moving from Stage 1 to Stage<span class=\"_ _1\"></span> 2 based on the ECL coverage of the loan book at<span class=\"_ _1\"></span> the reporting date. The analysis shows that the ECL would have been \u00a30.25 million higher (31 December 2022: \u00a31.1 million higher) under this sensitivity as<span class=\"_ _1\"></span> the provision coverage incr<span class=\"_ _1\"></span>eases from Stage 1 to<span class=\"_ _1\"></span> Stage 2.<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-14": {
   "value": "13. <span class=\"_ _32\"></span>Corporation T<span class=\"_ _3a\"></span>ax<span class=\"_ _1f9\"> </span>The tax charge for the year was \u00a32.7 million (for the year ended 31 December 2022: \u00a30.4 million). The Company incurred no tax during 2023 (for the year<span class=\"_ _1\"></span> ended 2022: nil). Factors affecting taxation charge for the year<span class=\"_ _1f9\"> </span>The taxation charge for the year is lower than the<span class=\"_ _1\"></span> standard rate of UK corporation tax of 25 per cent<span class=\"_ _1\"></span> from 1 April 2023 (up to 31 Mar<span class=\"_ _1\"></span>ch 2023: 19 per<span class=\"_ _1\"></span> cent). A reconciliation of the taxation charge fr<span class=\"_ _1\"></span>om 1 January 2023 to 31 December 2023 is based on the standard rate of UK corporation tax to the actual taxation charge is shown below<span class=\"_ _1\"></span>.<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1b7\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Profit befor<span class=\"_ _1\"></span>e taxation<span class=\"_ _ba\"> </span>38,941<span class=\"_ _72\"> </span>4,129<span class=\"_ _93\"> </span>43,070<span class=\"_ _1f9\"> </span>Profit befor<span class=\"_ _1\"></span>e taxation multiplied by the  blended rate of UK Corporation tax (23.52%)<span class=\"_ _1f9\"> </span>9,159<span class=\"_ _1b8\"> </span>971<span class=\"_ _15\"> </span>10,130<span class=\"_ _1f9\"> </span>Effects of:<span class=\"_ _1f9\"> </span>Overseas dividends not chargeable to UK corporation tax<span class=\"_ _1f9\"> </span>(306)<span class=\"_ _b9\"> </span>-<span class=\"_ _62\"> </span>(306)<span class=\"_ _1f9\"> </span>Interest distributions paid<span class=\"_ _21\"> </span>(7,549)<span class=\"_ _49\"> </span>-<span class=\"_ _e5\"> </span>(7,549)<span class=\"_ _1f9\"> </span>Capital items exempt from corporation tax<span class=\"_ _1b9\"> </span>(845)<span class=\"_ _b9\"> </span>-<span class=\"_ _62\"> </span>(845)<span class=\"_ _1f9\"> </span>Deferred tax movements not r<span class=\"_ _1\"></span>ecognised<span class=\"_ _fd\"> </span>-<span class=\"_ _72\"> </span>1,716<span class=\"_ _19e\"> </span>1,716<span class=\"_ _1f9\"> </span>Movement in excess management expenses<span class=\"_ _1ba\"> </span>(459)<span class=\"_ _b9\"> </span>-<span class=\"_ _62\"> </span>(459)<span class=\"_ _1f9\"> </span>Disallowed expenses<span class=\"_ _1bb\"> </span>-<span class=\"_ _1b8\"> </span>115<span class=\"_ _b8\"> </span>115<span class=\"_ _1f9\"> </span>Prior year adjustments<span class=\"_ _1bc\"> </span>-<span class=\"_ _7b\"> </span>(246)<span class=\"_ _62\"> </span>(246)<span class=\"_ _1f9\"> </span>Changes in tax rate for deferred tax<span class=\"_ _ac\"> </span>-<span class=\"_ _1b8\"> </span>127<span class=\"_ _b8\"> </span>127<span class=\"_ _1f9\"> </span>Fixed asset differ<span class=\"_ _1\"></span>ence<span class=\"_ _1bd\"> </span>-<span class=\"_ _11f\"> </span>4<span class=\"_ _95\"> </span>4<span class=\"_ _1f9\"> </span>Other income not taxable<span class=\"_ _1be\"> </span>-<span class=\"_ _76\"> </span>(23)<span class=\"_ _63\"> </span>(23)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal tax charge in income statement<span class=\"_ _84\"> </span>-<span class=\"_ _133\"> </span>2,664<span class=\"_ _19e\"> </span>2,664<span class=\"_ _1f9\"> </span>For the year ended 31 December 2023<span class=\"_ _1f9\"> </span>A reconciliation of the taxation charge fr<span class=\"_ _1\"></span>om 1 January 2022 to 31 December 2022 is based on the standard rate of UK corporation tax to the actual taxation charge is shown below<span class=\"_ _1\"></span>.<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1f9\"> </span>Revenue<span class=\"_ _1f9\"> </span>(Continuing operations)<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Revenue<span class=\"_ _1f9\"> </span>(For distri-<span class=\"_ _1f9\"> </span>bution)<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Capital<span class=\"_ _1f9\"> </span>(Continuing operations)<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Profit befor<span class=\"_ _1\"></span>e taxation<span class=\"_ _fd\"> </span>28,370<span class=\"_ _df\"> </span>(1,457)<span class=\"_ _132\"> </span>(117)<span class=\"_ _68\"> </span>26,796<span class=\"_ _1f9\"> </span>Profit befor<span class=\"_ _1\"></span>e taxation multiplied by  the standard rate of UK corporation <span class=\"_ _1\"></span> tax of 19.00%<span class=\"_ _1f9\"> </span>5,390<span class=\"_ _132\"> </span>(277)<span class=\"_ _1bf\"> </span>(22)<span class=\"_ _69\"> </span>5,091<span class=\"_ _1f9\"> </span>Effects of:<span class=\"_ _1f9\"> </span>Capital items exempt from tax<span class=\"_ _19f\"> </span>(343)<span class=\"_ _d9\"> </span>-<span class=\"_ _16\"> </span>-<span class=\"_ _132\"> </span>(343)<span class=\"_ _1f9\"> </span>Income distributions received not taxable<span class=\"_ _1f9\"> </span>(372)<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _132\"> </span>(372)<span class=\"_ _1f9\"> </span>Disallowed expenses<span class=\"_ _1b0\"> </span>-<span class=\"_ _5f\"> </span>710<span class=\"_ _d9\"> </span>-<span class=\"_ _5f\"> </span>710<span class=\"_ _1f9\"> </span>Movement in excess  management expenses<span class=\"_ _1f9\"> </span>982<span class=\"_ _85\"> </span>2<span class=\"_ _1c0\"> </span>22<span class=\"_ _69\"> </span>1,006<span class=\"_ _1f9\"> </span>Interest distributions paid<span class=\"_ _4f\"> </span>(5,657)<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _df\"> </span>(5,657)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal tax charge in  income statement<span class=\"_ _1f9\"> </span>-<span class=\"_ _5f\"> </span>435<span class=\"_ _81\"> </span>-<span class=\"_ _5f\"> </span>435<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>The following table shows the deferred tax for the year:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1bb\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _26\"> </span>(94)<span class=\"_ _141\"> </span>-<span class=\"_ _1f9\"> </span>Prior year adjustment<span class=\"_ _c7\"> </span>(26)<span class=\"_ _141\"> </span>-<span class=\"_ _1f9\"> </span>Credit/(charge) to pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1c1\"> </span>(2,508)<span class=\"_ _110\"> </span>(94)<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _c7\"> </span>(2,628)<span class=\"_ _1a5\"> </span>(94)<span class=\"_ _1f9\"> </span>There was no withholding tax payable by the Gr<span class=\"_ _1\"></span>oup or Company at 31 December 2023 (31 December 2022: \u00a3nil) due to the changes made in the 2017 Finance Act whereby all inter<span class=\"_ _1\"></span>est distributions will be paid gross of tax, therefore withholding tax is r<span class=\"_ _1\"></span>etained by the Company and paid directly to HMRC. The deferr<span class=\"_ _1\"></span>ed tax asset for the Group as at 31 December 2023 was \u00a30.5 million (31 December 2022: Deferred tax liability \u00a3(0.09) million).<span class=\"_ _1f9\"> </span>No corporation tax arose for the Company for continuing operations or assets held for distribution to the par<span class=\"_ _1\"></span>ent during the year ended  31 December 2023 and 31 December 2022. The corporation tax that arose during the year ended 31 December 2023 and 31 December 2022 was in relation to Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited and its subsidiaries.  The revenue and capital r<span class=\"_ _1\"></span>eserves were combined into retained earnings in 2023 as described in Note 27. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-15": {
   "value": "14. Earnings P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> Shar<span class=\"_ _1\"></span>e<span class=\"_ _1f9\"> </span>Group and  Company<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023 For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Continuing Operations<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _e3\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>Continuing Operations<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _e3\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>Basic and diluted earnings per share (pence)<span class=\"_ _1f9\"> </span>60.6 pence<span class=\"_ _1f9\"> </span>2.3 <span class=\"_ _d\"></span> pence<span class=\"_ _1f9\"> </span>62.9 pence<span class=\"_ _1f9\"> </span>72.2 pence<span class=\"_ _1f9\"> </span>(10.0) pence<span class=\"_ _1f9\"> </span>62.1 pence<span class=\"_ _1f9\"> </span>The calculation for the year ended 31 December 2023 is based on profit after tax of \u00a340.4 million (2022: \u00a326.4 million) and a weighted average number of ordinary shar<span class=\"_ _1\"></span>es of 64,209,597 for the year ended 31 December 2023 (2022: 42,444,118).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-16": {
   "value": "15. <span class=\"_ _32\"></span>Fixed Assets<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classified the fixed assets within Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited and its subsidiaries as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>The table below sets out the movement in Fixed Assets for the Group for continuing operations and for assets held for distribution to the new parent.<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1c2\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Cost<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _b0\"> </span>1,470<span class=\"_ _175\"> </span>-<span class=\"_ _8d\"> </span>1,470<span class=\"_ _dc\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Additions<span class=\"_ _1c4\"> </span>137<span class=\"_ _175\"> </span>-<span class=\"_ _98\"> </span>137<span class=\"_ _19e\"> </span>1,470<span class=\"_ _8d\"> </span>1,470<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(1,607)<span class=\"_ _da\"> </span>1,607<span class=\"_ _68\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _103\"> </span>-<span class=\"_ _db\"> </span>1,607<span class=\"_ _8d\"> </span>1,607<span class=\"_ _19e\"> </span>1,470<span class=\"_ _8d\"> </span>1,470<span class=\"_ _1f9\"> </span>Accumulated depreciation<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _bb\"> </span>(56)<span class=\"_ _172\"> </span>-<span class=\"_ _90\"> </span>(56)<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _1f9\"> </span>Depreciation charge <span class=\"_ _71\"> </span>(207)<span class=\"_ _175\"> </span>-<span class=\"_ _a0\"> </span>(207)<span class=\"_ _63\"> </span>(56)<span class=\"_ _90\"> </span>(56)<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>263<span class=\"_ _152\"> </span>(263)<span class=\"_ _68\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _103\"> </span>-<span class=\"_ _f9\"> </span>(263)<span class=\"_ _91\"> </span>(263)<span class=\"_ _fb\"> </span>(56)<span class=\"_ _7e\"> </span>(56)<span class=\"_ _1f9\"> </span>Net book value <span class=\"_ _1c5\"> </span>-<span class=\"_ _da\"> </span>1,344<span class=\"_ _f\"> </span>1,344<span class=\"_ _df\"> </span>1,414<span class=\"_ _8d\"> </span>1,414<span class=\"_ _1f9\"> </span>The Group\u2019<span class=\"_ _0\"></span>s fixed assets comprise of fixtures and fittings, of<span class=\"_ _1\"></span>fice equipment and electric vehicles<span class=\"_ _1f9\"> </span>The Company does not have any fixed assets (31 December 2022: nil).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-17": {
   "value": "16. Leases<span class=\"_ _1f9\"> </span>The Group leases include of<span class=\"_ _1\"></span>fice premises wher<span class=\"_ _1\"></span>e the Group is a tenant which include fixed periodic rental<span class=\"_ _1\"></span> payments over the fixed lease terms of no more than five years r<span class=\"_ _1\"></span>emaining from the r<span class=\"_ _1\"></span>eporting date. One lease matured during the year ended 31 December 2023. The total cash outflow during the year in r<span class=\"_ _1\"></span>elation to leases was \u00a31.4 million (31 December 2022: \u00a30.3 million).<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classified its leases as assets held for distribution to the new par<span class=\"_ _1\"></span>ent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>Set out below are the carrying amounts of lease assets r<span class=\"_ _1\"></span>ecognised and the movements during the year<span class=\"_ _0\"></span>.<span class=\"_ _1f9\"> </span>Group \u2013 Lease assets<span class=\"_ _1c6\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Cost<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _b0\"> </span>5,042<span class=\"_ _175\"> </span>-<span class=\"_ _8d\"> </span>5,042<span class=\"_ _dc\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Additions<span class=\"_ _1c7\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _99\"> </span>5,042<span class=\"_ _8d\"> </span>5,042<span class=\"_ _1f9\"> </span>Lease maturity<span class=\"_ _1b0\"> </span>(169)<span class=\"_ _175\"> </span>-<span class=\"_ _a0\"> </span>(169)<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(4,873)<span class=\"_ _da\"> </span>4,873<span class=\"_ _68\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _103\"> </span>-<span class=\"_ _db\"> </span>4,873<span class=\"_ _8d\"> </span>4,873<span class=\"_ _19e\"> </span>5,042<span class=\"_ _8d\"> </span>5,042<span class=\"_ _1f9\"> </span>Accumulated depreciation<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _1c8\"> </span>(266)<span class=\"_ _175\"> </span>-<span class=\"_ _a0\"> </span>(266)<span class=\"_ _dc\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Depreciation expense<span class=\"_ _aa\"> </span>(720)<span class=\"_ _175\"> </span>-<span class=\"_ _a0\"> </span>(720)<span class=\"_ _62\"> </span>(266)<span class=\"_ _a0\"> </span>(266)<span class=\"_ _1f9\"> </span>Lease maturity<span class=\"_ _f0\"> </span>169<span class=\"_ _172\"> </span>-<span class=\"_ _98\"> </span>169<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>817<span class=\"_ _152\"> </span>(817)<span class=\"_ _68\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance <span class=\"_ _f7\"> </span>-<span class=\"_ _f9\"> </span>(817)<span class=\"_ _91\"> </span>(817)<span class=\"_ _12e\"> </span>(266)<span class=\"_ _91\"> </span>(266)<span class=\"_ _1f9\"> </span>Net book value <span class=\"_ _1c5\"> </span>-<span class=\"_ _da\"> </span>4,056<span class=\"_ _f\"> </span>4,056<span class=\"_ _df\"> </span>4,776<span class=\"_ _8d\"> </span>4,776<span class=\"_ _1f9\"> </span>The table below shows the provision for r<span class=\"_ _1\"></span>estoration costs on lease contracts which has been recognised as part of the lease assets acquired:<span class=\"_ _1f9\"> </span>Group \u2013 Lease pr<span class=\"_ _1\"></span>ovision<span class=\"_ _f7\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _137\"> </span>99<span class=\"_ _175\"> </span>-<span class=\"_ _1c9\"> </span>99<span class=\"_ _dc\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Arising during the year<span class=\"_ _66\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _a7\"> </span>98<span class=\"_ _35\"> </span>98<span class=\"_ _1f9\"> </span>Unwinding of discount<span class=\"_ _104\"> </span>1<span class=\"_ _175\"> </span>-<span class=\"_ _a4\"> </span>1<span class=\"_ _51\"> </span>1<span class=\"_ _a4\"> </span>1<span class=\"_ _1f9\"> </span>Lease maturity<span class=\"_ _1ca\"> </span>(18)<span class=\"_ _175\"> </span>-<span class=\"_ _90\"> </span>(18)<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(82)<span class=\"_ _80\"> </span>82<span class=\"_ _1c3\"> </span>-<span class=\"_ _dc\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _103\"> </span>-<span class=\"_ _80\"> </span>82<span class=\"_ _35\"> </span>82<span class=\"_ _a7\"> </span>99<span class=\"_ _35\"> </span>99<span class=\"_ _1f9\"> </span>Set out below are the carrying amounts of lease liabilities and the movements during the year<span class=\"_ _31\"></span>.<span class=\"_ _32\"></span>  Group \u2013 Lease liabilities<span class=\"_ _bd\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance <span class=\"_ _b0\"> </span>5,268<span class=\"_ _175\"> </span>-<span class=\"_ _8d\"> </span>5,268<span class=\"_ _dc\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Additions<span class=\"_ _1c7\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _99\"> </span>5,521<span class=\"_ _8d\"> </span>5,521<span class=\"_ _1f9\"> </span>Accretion of inter<span class=\"_ _1\"></span>est<span class=\"_ _188\"> </span>170<span class=\"_ _175\"> </span>-<span class=\"_ _96\"> </span>170<span class=\"_ _18e\"> </span>71<span class=\"_ _35\"> </span>71<span class=\"_ _1f9\"> </span>Payments<span class=\"_ _1cb\"> </span>(896)<span class=\"_ _175\"> </span>-<span class=\"_ _a0\"> </span>(896)<span class=\"_ _62\"> </span>(324)<span class=\"_ _a0\"> </span>(324)<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>(4,542)<span class=\"_ _da\"> </span>4,542<span class=\"_ _68\"> </span>-<span class=\"_ _176\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _1f9\"> </span>Accretion of inter<span class=\"_ _1\"></span>est<span class=\"_ _1cc\"> </span>-<span class=\"_ _80\"> </span>59<span class=\"_ _35\"> </span>59<span class=\"_ _176\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Payments<span class=\"_ _1be\"> </span>-<span class=\"_ _69\"> </span>(449)<span class=\"_ _a0\"> </span>(449)<span class=\"_ _dc\"> </span>-<span class=\"_ _1c3\"> </span>-<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _103\"> </span>-<span class=\"_ _db\"> </span>4,152<span class=\"_ _8d\"> </span>4,152<span class=\"_ _19e\"> </span>5,268<span class=\"_ _8d\"> </span>5,268<span class=\"_ _1f9\"> </span>The table below shows the lease liabilities by maturity:<span class=\"_ _1f9\"> </span>Group \u2013 Lease liabilities<span class=\"_ _bd\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Cost<span class=\"_ _1f9\"> </span>Current<span class=\"_ _3d\"> </span>-<span class=\"_ _db\"> </span>4,152<span class=\"_ _8d\"> </span>4,152<span class=\"_ _19e\"> </span>1,201<span class=\"_ _8d\"> </span>1,201<span class=\"_ _1f9\"> </span>Non-current<span class=\"_ _1cd\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _68\"> </span>-<span class=\"_ _99\"> </span>4,067<span class=\"_ _8d\"> </span>4,067<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _103\"> </span>-<span class=\"_ _db\"> </span>4,152<span class=\"_ _8d\"> </span>4,152<span class=\"_ _19e\"> </span>5,268<span class=\"_ _8d\"> </span>5,268<span class=\"_ _1f9\"> </span>The following are the amounts r<span class=\"_ _1\"></span>ecognised in the comprehensive income statement:<span class=\"_ _1f9\"> </span>Group \u2013 Amounts r<span class=\"_ _1\"></span>ecognised  in profit or loss<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Depreciation expense lease assets<span class=\"_ _1ce\"> </span>-<span class=\"_ _a5\"> </span>720<span class=\"_ _96\"> </span>720<span class=\"_ _b8\"> </span>266<span class=\"_ _98\"> </span>266<span class=\"_ _1f9\"> </span>Finance costs<span class=\"_ _18b\"> </span>-<span class=\"_ _1a0\"> </span>230<span class=\"_ _98\"> </span>230<span class=\"_ _18e\"> </span>71<span class=\"_ _1c9\"> </span>71<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal amount recognised in profit or loss during the year -<span class=\"_ _a5\"> </span>950<span class=\"_ _96\"> </span>950<span class=\"_ _b8\"> </span>337<span class=\"_ _98\"> </span>337<span class=\"_ _1f9\"> </span>Group \u2013 Finance costs<span class=\"_ _1c1\"> </span>For the year ended <span class=\"_ _39\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Lease liability interest<span class=\"_ _1c8\"> </span>-<span class=\"_ _1a0\"> </span>229<span class=\"_ _98\"> </span>229<span class=\"_ _a7\"> </span>70<span class=\"_ _35\"> </span>70<span class=\"_ _1f9\"> </span>Unwinding of discount  (on restoration pr<span class=\"_ _1\"></span>ovision)<span class=\"_ _1f9\"> </span>-<span class=\"_ _135\"> </span>1<span class=\"_ _ef\"> </span>1<span class=\"_ _95\"> </span>1<span class=\"_ _ef\"> </span>1<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal finance costs<span class=\"_ _19\"> </span>-<span class=\"_ _1a0\"> </span>230<span class=\"_ _98\"> </span>230<span class=\"_ _a7\"> </span>71<span class=\"_ _35\"> </span>71<span class=\"_ _1f9\"> </span>The incremental borr<span class=\"_ _1\"></span>owing rate (\u201cIBR\u201d) has been estimated based on what the lessee would have to pay to borrow over a similar term as the leases at origination of the lease. The rate of the IBR is in line with the inter<span class=\"_ _1\"></span>est margin payable on the Group\u2019<span class=\"_ _31\"></span>s debt facilities. If the IBR had been 1 per cent higher or lower<span class=\"_ _0\"></span>, the impact on the lease liabilities would be as follows: Group<span class=\"_ _1bb\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023 \u00a3\u2019000<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Lease assets<span class=\"_ _1f9\"> </span>Increase IBR by 1%<span class=\"_ _65\"> </span>(210)<span class=\"_ _100\"> </span>(243)<span class=\"_ _1f9\"> </span>Decrease IBR by 1%<span class=\"_ _65\"> </span>226<span class=\"_ _5c\"> </span>261<span class=\"_ _1f9\"> </span>Lease liabilities<span class=\"_ _1f9\"> </span>Increase IBR by 1%<span class=\"_ _65\"> </span>(110)<span class=\"_ _100\"> </span>(156)<span class=\"_ _1f9\"> </span>Decrease IBR by 1%<span class=\"_ _65\"> </span>114<span class=\"_ _5c\"> </span>162<span class=\"_ _1f9\"> </span>The Company has no lease assets or lease liabilities (2022: nil).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-18": {
   "value": "17<span class=\"_ _0\"></span>. Receivables<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classified the r<span class=\"_ _1\"></span>eceivables arising within Pollen Street Capital Holdings Limited and its subsidiaries as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>The table below sets out a breakdown of the Gr<span class=\"_ _1\"></span>oup receivables:<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Management fees and  performance fees -<span class=\"_ _da\"> </span>6,496<span class=\"_ _1cf\"> </span>6,496<span class=\"_ _19e\"> </span>1,956<span class=\"_ _1cf\"> </span>1,956<span class=\"_ _1f9\"> </span>Amounts due from debtors<span class=\"_ _76\"> </span>394<span class=\"_ _db\"> </span>4,161<span class=\"_ _1cf\"> </span>4,555<span class=\"_ _19e\"> </span>1,659<span class=\"_ _198\"> </span>1,659<span class=\"_ _1f9\"> </span>Prepayments and  other receivables<span class=\"_ _1f9\"> </span>3,609<span class=\"_ _da\"> </span>3,282<span class=\"_ _1cf\"> </span>6,891<span class=\"_ _19e\"> </span>9,255<span class=\"_ _1cf\"> </span>9,255<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _71\"> </span>4,003<span class=\"_ _58\"> </span>13,939<span class=\"_ _f\"> </span>17,942<span class=\"_ _1d0\"> </span>12,870<span class=\"_ _12c\"> </span>12,870<span class=\"_ _1f9\"> </span>The receivables balance in the assets held for distribution to the new par<span class=\"_ _1\"></span>ent includes \u00a36.5 million (31 December 2022: nil) of receivables fr<span class=\"_ _1\"></span>om funds managed by the Group. The table below sets out a breakdown of the Company r<span class=\"_ _1\"></span>eceivables:<span class=\"_ _1f9\"> </span>The prepayments and other r<span class=\"_ _1\"></span>eceivables balance for the Group and Company includes pr<span class=\"_ _1\"></span>epaid amounts of \u00a31.4 million (31 December 2022: nil) in relation to the Scheme described in Note 1.<span class=\"_ _1f9\"> </span>The above receivables do not carry any inter<span class=\"_ _1\"></span>est and are short term in natur<span class=\"_ _1\"></span>e. The Group considers that the carrying values of these receivables appr<span class=\"_ _1\"></span>oximate their fair value. There wer<span class=\"_ _1\"></span>e no impairments on receivables recor<span class=\"_ _1\"></span>ded during the year (31 December 2022: nil).<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022<span class=\"_ _1f9\"> </span>Company<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Amounts due from debtors<span class=\"_ _133\"> </span>1,166<span class=\"_ _175\"> </span>-<span class=\"_ _1cf\"> </span>1,166<span class=\"_ _b8\"> </span>767<span class=\"_ _45\"> </span>767<span class=\"_ _1f9\"> </span>Prepayments and  other receivables<span class=\"_ _1f9\"> </span>3,609<span class=\"_ _175\"> </span>-<span class=\"_ _1cf\"> </span>3,609<span class=\"_ _19e\"> </span>3,064<span class=\"_ _1cf\"> </span>3,064<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _71\"> </span>4,775<span class=\"_ _172\"> </span>-<span class=\"_ _8b\"> </span>4,775<span class=\"_ _19e\"> </span>3,831<span class=\"_ _198\"> </span>3,831",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-19": {
   "value": "18. Payables<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classified the payables arising within Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited and its subsidiaries as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>The table below sets out a breakdown of the Gr<span class=\"_ _1\"></span>oup payables:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1d1\"> </span>As at <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>As at <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Staff salaries and bonuses<span class=\"_ _f8\"> </span>-<span class=\"_ _ec\"> </span>12,935<span class=\"_ _12c\"> </span>12,935<span class=\"_ _15\"> </span>12,377<span class=\"_ _12c\"> </span>12,377<span class=\"_ _1f9\"> </span>Audit fee accruals<span class=\"_ _114\"> </span>552<span class=\"_ _a5\"> </span>507<span class=\"_ _1cf\"> </span>1,059<span class=\"_ _1b5\"> </span>863<span class=\"_ _e0\"> </span>863<span class=\"_ _1f9\"> </span>Deferred income<span class=\"_ _1b0\"> </span>-<span class=\"_ _150\"> </span>22<span class=\"_ _ea\"> </span>22<span class=\"_ _b8\"> </span>964<span class=\"_ _e0\"> </span>964<span class=\"_ _1f9\"> </span>Other payables<span class=\"_ _66\"> </span>1,015<span class=\"_ _da\"> </span>4,118<span class=\"_ _1cf\"> </span>5,133<span class=\"_ _19e\"> </span>5,017<span class=\"_ _1cf\"> </span>5,017<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _71\"> </span>1,567<span class=\"_ _58\"> </span>17,582<span class=\"_ _f\"> </span>19,149<span class=\"_ _1d0\"> </span>19,221<span class=\"_ _12c\"> </span>19,221<span class=\"_ _1f9\"> </span>The table below sets out a breakdown of the Company payables:<span class=\"_ _1f9\"> </span>Company<span class=\"_ _1d2\"> </span>As at <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>As at <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Analysis of items for Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Staff salaries and bonuses<span class=\"_ _f8\"> </span>-<span class=\"_ _175\"> </span>-<span class=\"_ _e8\"> </span>-<span class=\"_ _a6\"> </span>25<span class=\"_ _ea\"> </span>25<span class=\"_ _1f9\"> </span>Audit fee accruals<span class=\"_ _114\"> </span>552<span class=\"_ _172\"> </span>-<span class=\"_ _9c\"> </span>552<span class=\"_ _b8\"> </span>584<span class=\"_ _e0\"> </span>584<span class=\"_ _1f9\"> </span>Other payables<span class=\"_ _66\"> </span>3,630<span class=\"_ _175\"> </span>-<span class=\"_ _1cf\"> </span>3,630<span class=\"_ _19e\"> </span>4,565<span class=\"_ _1cf\"> </span>4,565<span class=\"_ _1f9\"> </span>Closing balance<span class=\"_ _71\"> </span>4,182<span class=\"_ _172\"> </span>-<span class=\"_ _f\"> </span>4,182<span class=\"_ _69\"> </span>5,174<span class=\"_ _1cf\"> </span>5,174<span class=\"_ _1f9\"> </span>The payables in Company include an amount due to Pollen Street Capital Holdings Limited of \u00a33.9 million (31 December 2022: \u00a33.4 million).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-20": {
   "value": "19<span class=\"_ _0\"></span>. <span class=\"_ _32\"></span>Ordinary Divid<span class=\"_ _1\"></span>ends<span class=\"_ _1f9\"> </span>Dividend<span class=\"_ _1f9\"> </span>Payment Date<span class=\"_ _1f9\"> </span>Amount per<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>Share<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>(pence per share)<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>31 December 2021<span class=\"_ _1f9\"> </span>25 March 2022<span class=\"_ _1f9\"> </span><span class=\"gsc\">20.00p<span class=\"_ _1f9\"> </span></span>7,052<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>31 March 2022<span class=\"_ _1f9\"> </span>24 June 2022<span class=\"_ _1f9\"> </span><span class=\"gsc\">20.00p<span class=\"_ _1f9\"> </span></span>6,990<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>30 June 2022<span class=\"_ _1f9\"> </span>30 September 2022<span class=\"_ _1f9\"> </span><span class=\"gsc\">20.00p<span class=\"_ _1f9\"> </span></span>6,947<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>30 September 2022<span class=\"_ _1f9\"> </span>23 December 2022<span class=\"_ _1f9\"> </span><span class=\"gsc\">16.00p<span class=\"_ _1f9\"> </span></span>7,916<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>31 December 2022<span class=\"_ _1f9\"> </span>31 March 2023<span class=\"_ _1f9\"> </span><span class=\"gsc\">16.00p<span class=\"_ _1f9\"> </span></span>7,916<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>31 March 2023<span class=\"_ _1f9\"> </span>30 June 2023<span class=\"_ _1f9\"> </span><span class=\"gsc\">16.00p<span class=\"_ _1f9\"> </span></span>7,916<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>30 June 2023<span class=\"_ _1f9\"> </span>29 September 2023<span class=\"_ _1f9\"> </span><span class=\"gsc\">16.00p<span class=\"_ _1f9\"> </span></span>7,916<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>30 September 2023<span class=\"_ _1f9\"> </span>29 December 2023<span class=\"_ _1f9\"> </span><span class=\"gsc\">16.00p<span class=\"_ _1f9\"> </span></span>7,916<span class=\"_ _1f9\"> </span>Interim dividend for the period to<span class=\"_ _1f9\"> </span>31 December 2023<span class=\"_ _1f9\"> </span>1 March 2024<span class=\"_ _1f9\"> </span><span class=\"gsc\">13.00p<span class=\"_ _1f9\"> </span></span><span class=\"gsc\">8,347<span class=\"_ _1f9\"> </span></span>The following table shows the dividends in relation to or paid during the year ended 31 December 2023 and the year ended 31 December 2022.<span class=\"_ _1f9\"> </span>The following table shows the total dividends in relation to the year and the total dividends paid during the year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>Dividend<span class=\"_ _1f9\"> </span>For the year ended<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023 31 <span class=\"_ _d6\"> </span>December <span class=\"_ _10\"> </span>2022      \u00a3\u2019000<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal dividend paid during the year<span class=\"_ _1f9\"> </span>31,664<span class=\"_ _1f9\"> </span>28,905<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal dividend in relation to the year<span class=\"_ _1f9\"> </span>32,095<span class=\"_ _1f9\"> </span>29,769<span class=\"_ _1f9\"> </span>Former shareholders of Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited, who received ordinary shares as consideration as part of the Combination, waived ordinary dividends paid to them in both 2022 and 2023 on appr<span class=\"_ _1\"></span>oximately 50.0 per cent of such consideration shares, pursuant to the terms of the Combination. As a result, the interim dividends for the period to 30 September 2022, 31 December 2022, 31 Mar<span class=\"_ _1\"></span>ch 2023, 30 June 2023 and 30 September 2023 were paid on 49,473,264 or<span class=\"_ _1\"></span>dinary shares. The interim dividend for the period to 31 December 2023 was paid on 64,209,597 ordinary shar<span class=\"_ _1\"></span>es. Further information is available in the prospectus dated 26 September 2022, which is available on the Group\u2019<span class=\"_ _0\"></span>s website.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "0.20",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2021-10-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-525": {
   "value": "0.20",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2022-01-01T00:00:00/2022-04-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-526": {
   "value": "0.20",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2022-04-01T00:00:00/2022-07-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-527": {
   "value": "0.16",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2022-07-01T00:00:00/2022-10-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-528": {
   "value": "0.16",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2022-10-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-529": {
   "value": "0.16",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2023-04-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-530": {
   "value": "0.16",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-04-01T00:00:00/2023-07-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-531": {
   "value": "0.16",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-07-01T00:00:00/2023-10-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-532": {
   "value": "0.13",
   "decimals": 4,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "fact-533": {
   "value": "8347000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-21": {
   "value": "20.<span class=\"_ _32\"></span> Derivative Liabilities Held at Fair<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>V<span class=\"_ _3a\"></span>alue<span class=\"_ _32\"></span> <span class=\"ls0\"> </span>Through Pr<span class=\"_ _1\"></span>ofit or<span class=\"_ _0\"></span> Loss<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classified the derivatives arising within Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited and its subsidiaries as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>The table below presents the movement in the undiscounted notional values of the for<span class=\"_ _1\"></span>eign exchange forward contracts for the Group and Company for continuing operations:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1d3\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening notional balance<span class=\"_ _1a7\"> </span>45,560<span class=\"_ _2a\"> </span>19,683<span class=\"_ _df\"> </span>6,040<span class=\"_ _df\"> </span>8,759<span class=\"_ _1f9\"> </span>Reallocation to held for distribution<span class=\"_ _172\"> </span>(1,155)<span class=\"_ _88\"> </span>-<span class=\"_ _135\"> </span>-<span class=\"_ _135\"> </span>-<span class=\"_ _1f9\"> </span>Movement in notional value<span class=\"_ _87\"> </span>(1,418)<span class=\"_ _67\"> </span>(323)<span class=\"_ _2a\"> </span>39,520<span class=\"_ _34\"> </span>10,924<span class=\"_ _1f9\"> </span>Closing notional balance <span class=\"_ _1aa\"> </span>42,987<span class=\"_ _2a\"> </span>19,360<span class=\"_ _2a\"> </span>45,560<span class=\"_ _2a\"> </span>19,683<span class=\"_ _1f9\"> </span>Company<span class=\"_ _10f\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022 EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening notional balance<span class=\"_ _1a7\"> </span>40,956<span class=\"_ _2a\"> </span>19,683<span class=\"_ _df\"> </span>1,674<span class=\"_ _df\"> </span>8,759<span class=\"_ _1f9\"> </span>Movement in notional value<span class=\"_ _ad\"> </span>2,031<span class=\"_ _17d\"> </span>(323)<span class=\"_ _2a\"> </span>39,282<span class=\"_ _34\"> </span>10,924<span class=\"_ _1f9\"> </span>Closing notional balance <span class=\"_ _1aa\"> </span>42,987<span class=\"_ _2a\"> </span>19,360<span class=\"_ _2a\"> </span>40,956<span class=\"_ _2a\"> </span>19,683<span class=\"_ _1f9\"> </span>The table below presents the movement in the undiscounted notional values of the for<span class=\"_ _1\"></span>eign exchange forward contracts for the Group for assets held for distribution to the new par<span class=\"_ _1\"></span>ent:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1d4\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening notional balance<span class=\"_ _1d4\"> </span>-<span class=\"_ _1a2\"> </span>-<span class=\"_ _1f9\"> </span>Reallocation to assets held for distribution to the new parent<span class=\"_ _1f9\"> </span>1,155<span class=\"_ _1a2\"> </span>-<span class=\"_ _1f9\"> </span>Movement in notional value<span class=\"_ _1d5\"> </span>10,449<span class=\"_ _1a2\"> </span>-<span class=\"_ _1f9\"> </span>Closing notional balance <span class=\"_ _53\"> </span>11,604<span class=\"_ _1a2\"> </span>-<span class=\"_ _1f9\"> </span>The Company did not have any derivatives held for distribution to the new parent (2022: nil).<span class=\"_ _1f9\"> </span>The table below presents the movement in the mark-to-market value of the for<span class=\"_ _1\"></span>eign exchange forward contracts for the Group and Company for continuing operations:<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _16d\"> </span>For the year ended <span class=\"_ _39\"></span> 31 December 2023<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Opening balance<span class=\"_ _150\"> </span>(839)<span class=\"_ _df\"> </span>(77)<span class=\"_ _2a\"> </span>(916)<span class=\"_ _1c3\"> </span>113<span class=\"_ _2a\"> </span>(221)<span class=\"_ _2a\"> </span>(108)<span class=\"_ _1f9\"> </span>Fair value movement<span class=\"_ _69\"> </span>648<span class=\"_ _69\"> </span>89<span class=\"_ _68\"> </span>737<span class=\"_ _2a\"> </span>(952)<span class=\"_ _1c3\"> </span>144<span class=\"_ _2a\"> </span>(808)<span class=\"_ _1f9\"> </span>Closing balance <span class=\"_ _18d\"> </span>(191)<span class=\"_ _69\"> </span>12<span class=\"_ _93\"> </span>(179)<span class=\"_ _93\"> </span>(839)<span class=\"_ _68\"> </span>(77)<span class=\"_ _93\"> </span>(916)<span class=\"_ _1f9\"> </span>There wer<span class=\"_ _1\"></span>e no movements in the mark-to-market value of the foreign exchange forward contracts for the Group and Company for assets held for distribution to the new parent. The mark-to-market value is pr<span class=\"_ _1\"></span>esented in the Derivative liabilities held at fair value through profit or loss line on the statement of financial position.<span class=\"_ _1f9\"> </span>The fair value for the forward contracts is based on the forwar<span class=\"_ _1\"></span>d rate curves for the respective currencies. The maturity date for derivatives that were held as at 31 December 2023 for the continuing operations and for derivatives held for distribution to the new par<span class=\"_ _1\"></span>ent was less than one year (31 December 2022: less than one year). Fair value classification of derivatives<span class=\"_ _1f9\"> </span>The Group and Company derivatives for continuing<span class=\"_ _1\"></span> operations are classified as level 2 in the fair value<span class=\"_ _1\"></span> hierarchy with a GBP equivalent value on 31<span class=\"_ _31\"></span> December 2023 of \u00a3(0.2) million (31 December<span class=\"_ _1\"></span> 2022: \u00a3(0.9) million). There wer<span class=\"_ _1\"></span>e no movements<span class=\"_ _1\"></span> between the fair value hierarchies during the year<span class=\"_ _31\"></span>. The derivatives are valued using market forwar<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> rates and are contracts with a thir<span class=\"_ _1\"></span>d party and so they are not traded on an exchange.<span class=\"_ _1f9\"> </span>The Group and Company derivatives for asset held<span class=\"_ _1\"></span> for distribution to the new parent ar<span class=\"_ _1\"></span>e classified<span class=\"_ _1\"></span> as level 2 in the fair value hierarchy with a GBP<span class=\"_ _0\"></span> equivalent value on 31 December 2023 of nil (31<span class=\"_ _1\"></span> December 2022: nil). There wer<span class=\"_ _1\"></span>e no movements<span class=\"_ _1\"></span> between the fair value hierarchies during the year<span class=\"_ _31\"></span>. The derivatives are valued using market forwar<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> rates and are contracts with a thir<span class=\"_ _1\"></span>d party and so they are not traded on an exchange.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-22": {
   "value": "21<span class=\"_ _32\"></span>. <span class=\"_ _32\"></span>Investmen<span class=\"_ _1\"></span>t in Subsidiaries<span class=\"_ _1f9\"> </span>Investments in consolidated entities<span class=\"_ _1f9\"> </span>The consolidated financial statements of the Group include the following subsidiaries:<span class=\"_ _1f9\"> </span>Name<span class=\"_ _b4\"> </span>Country of incorporation<span class=\"_ _1f9\"> </span>Class of shares<span class=\"_ _1f9\"> </span>Holding<span class=\"_ _17\"> </span>Activity<span class=\"_ _1f9\"> </span>Avant Credit of UK, LLC<span class=\"_ _1ba\"> </span>USA<span class=\"_ _88\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>Lending company<span class=\"_ _1f9\"> </span>Bud Funding Limited<span class=\"_ _1b9\"> </span>UK<span class=\"_ _d9\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>SPV<span class=\"_ _1f9\"> </span>Financial Services Infrastructure Limited<span class=\"_ _9d\"> </span>UK<span class=\"_ _d9\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>Dormant<span class=\"_ _1f9\"> </span>Honeycomb Finance Limited<span class=\"_ _7f\"> </span>UK<span class=\"_ _16\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>Lending company<span class=\"_ _1f9\"> </span>Juniper Lending Fund GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _fb\"> </span>Luxembourg<span class=\"_ _ff\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>General partner<span class=\"_ _1f9\"> </span>Pollen Street Capital (US) Holdings LLC<span class=\"_ _a0\"> </span>USA<span class=\"_ _88\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>Holding company<span class=\"_ _1f9\"> </span>Pollen Street Capital (US) LLC<span class=\"_ _a6\"> </span>USA<span class=\"_ _88\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _1f9\"> </span>Investment management services<span class=\"_ _1f9\"> </span>Pollen Street Capital Holdings Limited<span class=\"_ _90\"> </span>Guernsey<span class=\"_ _152\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>Holding company<span class=\"_ _1f9\"> </span>Pollen Street Capital Limited<span class=\"_ _51\"> </span>UK<span class=\"_ _d9\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _1f9\"> </span>Investment  management services<span class=\"_ _1f9\"> </span>Pollen Street Capital Partners Limited<span class=\"_ _c6\"> </span>UK<span class=\"_ _d9\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>Holding company<span class=\"_ _1f9\"> </span>PollenUp Limited<span class=\"_ _70\"> </span>UK<span class=\"_ _d9\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>Dormant<span class=\"_ _1f9\"> </span>PSC 3 Funding Limited<span class=\"_ _c5\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _90\"> </span>100%<span class=\"_ _9c\"> </span>Dormant<span class=\"_ _1f9\"> </span>PSC Accelerator GP Limited<span class=\"_ _1d6\"> </span>Guernsey<span class=\"_ _152\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Accelerator Nominee Limited<span class=\"_ _19e\"> </span>Guernsey<span class=\"_ _152\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>Nominee<span class=\"_ _1f9\"> </span>PSC Accelerator II GP Limited<span class=\"_ _a6\"> </span>Guernsey<span class=\"_ _69\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Accelerator II GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _51\"> </span>Luxembourg<span class=\"_ _ff\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Accelerator I (C) GP Limited<span class=\"_ _8f\"> </span>Guernsey<span class=\"_ _152\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Accelerator Nominee II Limited<span class=\"_ _15\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _152\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>Nominee<span class=\"_ _1f9\"> </span>PSC Group Carry GP Limited<span class=\"_ _1bf\"> </span>Guernsey<span class=\"_ _152\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Credit (OE) I GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _9b\"> </span>Luxembourg<span class=\"_ _ff\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Credit (P) GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _17f\"> </span>Luxembourg<span class=\"_ _ff\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _35\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Credit (T) GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _7b\"> </span>Luxembourg<span class=\"_ _ff\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Credit Holdings LLP<span class=\"_ _72\"> </span>UK<span class=\"_ _1f9\"> </span>Capital contribution<span class=\"_ _1f9\"> </span>100%<span class=\"_ _1f9\"> </span>Investment management services<span class=\"_ _1f9\"> </span>PSC Credit III GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _3f\"> </span>Luxembourg<span class=\"_ _ff\"> </span>Ordinary<span class=\"_ _90\"> </span>100%<span class=\"_ _9c\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Credit IV GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _83\"> </span>Luxembourg<span class=\"_ _ff\"> </span>Ordinary<span class=\"_ _96\"> </span>100%<span class=\"_ _9c\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Credit Limited<span class=\"_ _54\"> </span>Cayman<span class=\"_ _c8\"> </span>Ordinary<span class=\"_ _90\"> </span>100%<span class=\"_ _9c\"> </span>Holding company<span class=\"_ _1f9\"> </span>Name<span class=\"_ _b4\"> </span>Country of incorporation<span class=\"_ _1f9\"> </span>Class of shares<span class=\"_ _1f9\"> </span>Hold-ing<span class=\"_ _ab\"> </span>Activity<span class=\"_ _1f9\"> </span>PSC Digital Limited<span class=\"_ _c4\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>Holding company<span class=\"_ _1f9\"> </span>PSC III Carry GP Limited<span class=\"_ _16\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC III G GP Limited<span class=\"_ _1d7\"> </span>Guernsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC III GP Limited<span class=\"_ _54\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Income Fund I GP LLC<span class=\"_ _52\"> </span>USA<span class=\"_ _9b\"> </span>Ordinary<span class=\"_ _7e\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Investments (Q) GP Limited<span class=\"_ _dd\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC IV GP Limited<span class=\"_ _16d\"> </span>Guernsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC IV GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _f8\"> </span>Luxembourg<span class=\"_ _e5\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Marlin GP Limited<span class=\"_ _18f\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Nominee 1 Limited<span class=\"_ _41\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>Dormant<span class=\"_ _1f9\"> </span>PSC Nominee 3 Limited<span class=\"_ _41\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>Dormant<span class=\"_ _1f9\"> </span>PSC Nominee 4 Limited<span class=\"_ _41\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>Nominee<span class=\"_ _1f9\"> </span>PSC Plane GP (Guernsey) Limited<span class=\"_ _ff\"> </span>Guernsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _7e\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Saturn G GP Limited<span class=\"_ _88\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Service Company Limited<span class=\"_ _152\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>Service company<span class=\"_ _1f9\"> </span>PSC SPV I GP LLC<span class=\"_ _129\"> </span>USA<span class=\"_ _135\"> </span>Or<span class=\"_ _1\"></span>dinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC US Credit GP MM LLC<span class=\"_ _52\"> </span>USA<span class=\"_ _1d8\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC V GP Limited<span class=\"_ _fc\"> </span>Guernsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC V GP S.a.r<span class=\"_ _0\"></span>.l<span class=\"_ _17b\"> </span>Luxembourg<span class=\"_ _e5\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>PSC Nominee 5 Limited<span class=\"_ _41\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>Nominee<span class=\"_ _1f9\"> </span>PSC Saturn G GP Limited<span class=\"_ _88\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>Saturn GP Limited<span class=\"_ _fc\"> </span>UK<span class=\"_ _1ce\"> </span>Ordinary<span class=\"_ _7e\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>SOF Annex Nominees Limited<span class=\"_ _17e\"> </span>UK<span class=\"_ _81\"> </span><span class=\"ls2c wsa1\">Ordinary<span class=\"_ _98\"> </span></span>100%<span class=\"_ _45\"> </span>Dormant<span class=\"_ _1f9\"> </span>SOF General Partner (Guernsey) Limited<span class=\"_ _131\"> </span><span class=\"ls0\">Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _f9\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span></span>SOF General Partner (Scotland) II Limited<span class=\"_ _1d9\"> </span><span class=\"ls0\">UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span></span>SOF General Partner (UK) Limited<span class=\"_ _ec\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _7e\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>Special Opportunities Fund  General Partner (Cayman) Ltd<span class=\"_ _1f9\"> </span>Cayman<span class=\"_ _132\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>General partner<span class=\"_ _1f9\"> </span>Sting Funding Limited<span class=\"_ _76\"> </span>UK<span class=\"_ _81\"> </span>Ordinary<span class=\"_ _6a\"> </span>100%<span class=\"_ _45\"> </span>SPV<span class=\"_ _1f9\"> </span>All shares held in the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _0\"></span>s subsidiaries represent ordinary shar<span class=\"_ _1\"></span>es except otherwise stated.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-23": {
   "value": "Investments in unconsolidated structured entities<span class=\"_ _1f9\"> </span>The Group has inter<span class=\"_ _1\"></span>ests in a number of entities who act as general partner to a number of funds structured as limited partnerships. The limited partnerships ar<span class=\"_ _1\"></span>e not treated as<span class=\"_ _1\"></span> subsidiary undertakings of the Group because the rights of the general partners are exer<span class=\"_ _1\"></span>cised on behalf of other investors in the limited partnerships and, being fiduciary in nature, ar<span class=\"_ _1\"></span>e not considered to r<span class=\"_ _1\"></span>esult in power over the relevant activities of the limited partnerships. As such, the Group is consider<span class=\"_ _1\"></span>ed an agent. The list of such limited partnerships in which the Group has an inter<span class=\"_ _1\"></span>est at 31 December 2023 are:<span class=\"_ _1f9\"> </span>Partnership<span class=\"_ gs9b8\"> </span><span class=\"_ _1b9\"> </span>Jurisdiction<span class=\"_ _1f9\"> </span>Juniper Lending Fund SCSp<span class=\"_ _9c\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Accelerator Carry LP<span class=\"_ _12e\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Accelerator LP<span class=\"_ _61\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Accelerator II (A) LP<span class=\"_ _69\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Accelerator II (B) SCSp<span class=\"_ _1c9\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Accelerator II (C) LP<span class=\"_ _f9\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _1f9\"> </span>PSC Accelerator II Carry LP<span class=\"_ _1d0\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Credit (OE) I SCSp<span class=\"_ _18d\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit (P) SCSp<span class=\"_ _94\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit (T) SCSp<span class=\"_ _176\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit (T) Carry SCSp<span class=\"_ _ea\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit III (A) SCSp<span class=\"_ _86\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit III (B) SCSp<span class=\"_ _a1\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit III Carry SCSp<span class=\"_ _df\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit IV (A) SCSp<span class=\"_ _a5\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit IV (B) SCSp<span class=\"_ _c8\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Credit IV Carry SCSp<span class=\"_ _68\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC Glebe LP<span class=\"_ _c4\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _1f9\"> </span>PSC III Carry LP<span class=\"_ _13b\"> </span>UK<span class=\"_ _1f9\"> </span>PSC III G, LP<span class=\"_ _4f\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC III LP<span class=\"_ _1a7\"> </span>UK<span class=\"_ _1f9\"> </span>PSC III Pooling LP<span class=\"_ _7b\"> </span>UK<span class=\"_ _1f9\"> </span>PSC Investments (C) LP<span class=\"_ _17e\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Investments (Q) LP<span class=\"_ _63\"> </span>UK<span class=\"_ _1f9\"> </span>Partnership<span class=\"_ gs9b8\"> </span><span class=\"_ _1b9\"> </span>Jurisdiction<span class=\"_ _1f9\"> </span>PSC Investments B LP<span class=\"_ _a7\"> </span>UK<span class=\"_ _1f9\"> </span>PSC Investments LP<span class=\"_ _1d8\"> </span>UK<span class=\"_ _1f9\"> </span>Special Opportunities Fund F LP<span class=\"_ _f\"> </span><span class=\"ws0\">UK<span class=\"_ _1f9\"> </span></span>PSC IV (C) SCSp<span class=\"_ _e4\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC IV Carry<span class=\"_ _0\"></span>, LP<span class=\"_ _1b8\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC IV Partners LP<span class=\"_ _1ce\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC IV<span class=\"_ _31\"></span>, LP<span class=\"_ _6c\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Marlin LP<span class=\"_ _129\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _1f9\"> </span>PSC Neptune LP<span class=\"_ _1da\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Plane (Guernsey) LP Incorporated<span class=\"_ _1f9\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC Plane Carry LP<span class=\"_ _172\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _1f9\"> </span>PSC US Badger LLC<span class=\"_ _94\"> </span>Delaware<span class=\"_ _1f9\"> </span>PSC US Buckeye LLC<span class=\"_ _52\"> </span>Delawar<span class=\"_ _1\"></span>e<span class=\"_ _1f9\"> </span>PSC US Wolverine LLC<span class=\"_ _1a0\"> </span>Delaware<span class=\"_ _1f9\"> </span>PSC V (A) LP<span class=\"_ _4f\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC V (B) SCSp<span class=\"_ _19f\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>PSC V Carry LP<span class=\"_ _1d7\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSC V<span class=\"_ _1\"></span>enus LP<span class=\"_ _129\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSCM Carry LP<span class=\"_ _c0\"> </span>Guernsey<span class=\"_ _1f9\"> </span>PSCM Pooling LP<span class=\"_ _1db\"> </span>Guernsey<span class=\"_ _1f9\"> </span>SOF Carry LP<span class=\"_ _fc\"> </span>Guernsey<span class=\"_ _1f9\"> </span>Special Opportunities Fund (Guernsey) LP<span class=\"_ _1f9\"> </span>Guernsey<span class=\"_ _1f9\"> </span>Special Opportunities Fund A LP<span class=\"_ _1d9\"> </span><span class=\"ls0\">UK<span class=\"_ _1f9\"> </span></span>Partnership<span class=\"_ gs9b8\"> </span><span class=\"_ _1b9\"> </span>Jurisdiction<span class=\"_ _1f9\"> </span>Special Opportunities Fund B LP<span class=\"_ _131\"> </span><span class=\"ls0\">UK<span class=\"_ _1f9\"> </span></span>Special Opportunities Fund C LP<span class=\"_ _12c\"> </span><span class=\"ls0\">UK<span class=\"_ _1f9\"> </span></span>Special Opportunities Fund D LP<span class=\"_ _131\"> </span><span class=\"ls0\">UK<span class=\"_ _1f9\"> </span></span>Special Opportunities Fund Employee LP<span class=\"_ _1f9\"> </span>Cayman<span class=\"_ _1f9\"> </span>Partnership<span class=\"_ gs9b8\"> </span><span class=\"_ _1b9\"> </span>Jurisdiction<span class=\"_ _1f9\"> </span>Special Opportunities Fund G LP<span class=\"_ _12c\"> </span><span class=\"ls0\">UK<span class=\"_ _1f9\"> </span></span>Special Opportunities Fund J LP<span class=\"_ _f\"> </span>UK<span class=\"_ _1f9\"> </span>Special Opportunities Fund S1 LP<span class=\"_ _12c\"> </span><span class=\"ls0\">UK<span class=\"_ _1f9\"> </span></span>Special Opportunities Fund S2 LP<span class=\"_ _12c\"> </span><span class=\"ls0\">UK<span class=\"_ _1f9\"> </span></span>The maximum exposure to loss for investments in unconsolidated limited partnerships is the carrying amount of any investments in limited partnerships and loss of future fees. As at 31 December 2023, the carrying amount was \u00a375.1 million (31 December 2022: \u00a326.9 million).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-24": {
   "value": "Associates<span class=\"_ _1f9\"> </span>The Group accounts for investments in funds or carried inter<span class=\"_ _1\"></span>est partnerships that give the Group significant influence, but not control, thr<span class=\"_ _1\"></span>ough participation in the financial and operating policy decisions, as associates at fair value through pr<span class=\"_ _1\"></span>ofit or loss. Information about the Group\u2019<span class=\"_ _31\"></span>s investments in associates measured at fair value is shown below<span class=\"_ _1\"></span>. The table below shows the investment fund that is accounted for as an associate by the Group. The<span class=\"_ _1\"></span> investment fund is classified within Investment Assets at Fair V<span class=\"_ _1\"></span>alue Thr<span class=\"_ _1\"></span>ough Profit or Loss in the Group\u2019<span class=\"_ _31\"></span>s Statement of Financial Position.<span class=\"_ _1f9\"> </span>PSC US Badger LLC<span class=\"_ _124\"> </span>As at 31 December 2023 <span class=\"_ _d\"></span> \u00a3\u2019000<span class=\"_ _1f9\"> </span>As at 31 December 2022 <span class=\"_ _d\"></span> \u00a3\u2019000 Investment at fair value<span class=\"_ _1b7\"> </span>-<span class=\"_ _1dc\"> </span>29,376<span class=\"_ _1f9\"> </span>Other assets<span class=\"_ _167\"> </span>-<span class=\"_ _89\"> </span>977<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1dd\"> </span>-<span class=\"_ _1de\"> </span>(103)<span class=\"_ _1f9\"> </span>Net Asset V<span class=\"_ _1\"></span>alue<span class=\"_ _1df\"> </span>-<span class=\"_ _1dc\"> </span>30,250<span class=\"_ _1f9\"> </span>Country of incorporation<span class=\"_ _180\"> </span>USA<span class=\"_ _ee\"> </span>USA<span class=\"_ _1f9\"> </span>Activity<span class=\"_ _1e0\"> </span>Private credit<span class=\"_ _81\"> </span>Private credit<span class=\"_ _1f9\"> </span>Group\u2019<span class=\"_ _0\"></span>s interest in the associate<span class=\"_ _141\"> </span>49%<span class=\"_ _ee\"> </span>49%<span class=\"_ _1f9\"> </span>PSC US Badger LLC realised its assets and r<span class=\"_ _1\"></span>etur<span class=\"_ _32\"></span>ned the proceeds to its investors during 2023. The pr<span class=\"_ _1\"></span>ofit for the year ended 31 December 2023 was \u00a31.3 million (for the year ended 31 December 2022: \u00a32.8 million)<span class=\"_ _1f9\"> </span>Associates PSC V Carry LP<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC <span class=\"_ _d\"></span> Accel-<span class=\"_ _1f9\"> </span>erator <span class=\"_ _d6\"> </span>II  Carry LP<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC IV <span class=\"_ _d\"></span> Carry LP<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC <span class=\"_ _d\"></span> Accel-<span class=\"_ _1f9\"> </span>erator  Carry LP<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC <span class=\"_ _d\"></span> Credit III Carry SCSp<span class=\"_ _1f9\"> </span>\u00a3\u2019000 PSC US W<span class=\"_ _1\"></span>olver<span class=\"_ _1\"></span>-<span class=\"_ _1f9\"> </span>ine LLC<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC Credit (T) SCSp \u00a3\u2019000<span class=\"_ _1f9\"> </span>Net Assets V<span class=\"_ _1\"></span>alue<span class=\"_ _1f9\"> </span>-<span class=\"_ _a1\"> </span>-<span class=\"_ _96\"> </span>53,828<span class=\"_ _35\"> </span>9,749<span class=\"_ _35\"> </span>4,672<span class=\"_ _a1\"> </span>-<span class=\"_ _68\"> </span>852<span class=\"_ _1f9\"> </span>Country of incorporation<span class=\"_ _1f9\"> </span>Guernsey<span class=\"_ _131\"> </span>Guernsey<span class=\"_ _131\"> </span>Guernsey<span class=\"_ _131\"> </span>Guernsey<span class=\"_ _1f9\"> </span>Luxem-<span class=\"_ _1f9\"> </span>bourg<span class=\"_ _1f9\"> </span>USA<span class=\"_ _1f9\"> </span>Luxem-<span class=\"_ _1f9\"> </span>bourg<span class=\"_ _1f9\"> </span>Group\u2019<span class=\"_ _31\"></span>s  interest  in the  associate<span class=\"_ _1f9\"> </span>25%<span class=\"_ _ec\"> </span>25%<span class=\"_ _1e1\"> </span>25%<span class=\"_ _ec\"> </span>25%<span class=\"_ _1e1\"> </span>25%<span class=\"_ _ec\"> </span>25%<span class=\"_ _1e1\"> </span>25%<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span>Associates PSC IV Carry LP<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC <span class=\"_ _d\"></span> Accelerator  Carry LP<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC <span class=\"_ _d\"></span> Credit III Carry SCSp \u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC US W<span class=\"_ _1\"></span>olverine LLC<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>PSC Credit (T) SCSp \u00a3\u2019000 Carried interest r<span class=\"_ _1\"></span>eceivable<span class=\"_ _f9\"> </span>22,012<span class=\"_ _67\"> </span>1,184<span class=\"_ _67\"> </span>1,229<span class=\"_ _86\"> </span>648<span class=\"_ _a1\"> </span>355<span class=\"_ _1f9\"> </span>Country of incorporation<span class=\"_ _df\"> </span>Guer<span class=\"_ _32\"></span>nsey<span class=\"_ _8e\"> </span>Guernsey<span class=\"_ _131\"> </span>Luxembourg<span class=\"_ _18d\"> </span>USA<span class=\"_ _12c\"> </span>Luxembourg<span class=\"_ _1f9\"> </span>Group\u2019<span class=\"_ _31\"></span>s interest in  the associate<span class=\"_ _1f9\"> </span>25%<span class=\"_ _17e\"> </span>25%<span class=\"_ _132\"> </span>28%<span class=\"_ _17e\"> </span>25%<span class=\"_ _132\"> </span>28%<span class=\"_ _1f9\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>The table below shows the carried interest partnerships that ar<span class=\"_ _1\"></span>e accounted for as associates by the Group. The carried interest partnerships appear as part of Carried interest in the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _0\"></span>s Statement of Financial Position. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-25": {
   "value": "22<span class=\"_ _32\"></span>. <span class=\"_ _32\"></span>Financial<span class=\"_ _1\"></span> Risk Managemen<span class=\"_ _1\"></span>t<span class=\"_ _1f9\"> </span>This Note details the management of financial risk and includes quantitative data on specific financial risks.<span class=\"_ _1f9\"> </span>The Group has a compr<span class=\"_ _1\"></span>ehensive risk management framework that includes risk appetite statements,<span class=\"_ _1\"></span> risk policies, procedur<span class=\"_ _1\"></span>es, a committee oversight<span class=\"_ _1\"></span> structure, a risk r<span class=\"_ _1\"></span>egister<span class=\"_ _0\"></span>, risk reporting, monitoring and risk controls. Further details can be found in the Risk Management section on pages 53 to 61. The Board maintains oversight of this framework through the<span class=\"_ _1\"></span> Board Risk Committee.<span class=\"_ _1f9\"> </span>The most significant financial risks that the Group<span class=\"_ _1\"></span> is exposed to are cr<span class=\"_ _1\"></span>edit risk, market risk, capital<span class=\"_ _1\"></span> management and liquidity risk. Market risk includes interest rate risk, for<span class=\"_ _1\"></span>eign currency risk and price risk. Capital management includes the risk of there being insufficient capital, including insuf<span class=\"_ _1\"></span>ficient capital of a particular type.<span class=\"_ _1f9\"> </span>CREDIT<span class=\"_ _1\"></span> RISK<span class=\"_ _1f9\"> </span>Credit risk is the risk of loss arising fr<span class=\"_ _1\"></span>om failure of a counterparty to pay the amounts that they are con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tractually due to pay<span class=\"_ _0\"></span>. The Group is exposed to cr<span class=\"_ _1\"></span>edit risk principally through the Investment Company<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>The Investment Committee approves all investment<span class=\"_ _1\"></span> decisions, and all investments are subject to extensive due diligence prior to approval. The performance of<span class=\"_ _1\"></span> each investment is monitored by the Investment Com<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>mittee by way of regular r<span class=\"_ _1\"></span>eviews of the investment and any collateral. Sector and asset class concentrations across the investment po<span class=\"_ _1\"></span>rtfolio are closely monitor<span class=\"_ _1\"></span>ed and controlled, with mitigating actions taken wher<span class=\"_ _1\"></span>e appropriate.<span class=\"_ _1f9\"> </span>Credit risk is mitigated thr<span class=\"_ _1\"></span>ough first loss protection, where the Gr<span class=\"_ _1\"></span>oup is senior to equity in the partner and where the Gr<span class=\"_ _1\"></span>oup benefits from underlying collateral, as well as diversification across the wide range of<span class=\"_ _1\"></span> platforms that makes up its portfolio.<span class=\"_ _1f9\"> </span>Credit risk is analysed further in Note 23.<span class=\"_ _1f9\"> </span>MARKET<span class=\"_ _1\"></span> RISK<span class=\"_ _1f9\"> </span>In addition to the underlying trading performance<span class=\"_ _1\"></span> of the Group\u2019<span class=\"_ _31\"></span>s investment portfolio, the fair value or future cash flows of a financial instrument held by the Group may fluctuate because of changes in market<span class=\"_ _1\"></span> prices. Market risk can be summarised as comprising three types of risk:<span class=\"_ _1f9\"> </span>\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>Interest rate risk \u2013<span class=\"ff5\"> the risk of loss arising fr<span class=\"_ _1\"></span>om </span>changes in market interest rates;<span class=\"_ _1f9\"> </span>\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Currency risk \u2013<span class=\"ff5\"> the risk of loss arising from<span class=\"_ _0\"></span> </span>changes in foreign exchange rates; and<span class=\"_ _1f9\"> </span>\u2022  <span class=\"_ _d\"></span>Price risk \u2013<span class=\"ff5\"> the risk of loss arising fr<span class=\"_ _1\"></span>om changes in </span>other market rates.<span class=\"_ _1f9\"> </span>The Group\u2019<span class=\"_ _31\"></span>s exposure, sensitivity to and management of each of these risks is described in further detail below<span class=\"_ _1\"></span>. Management of market risk is fundamental<span class=\"_ _1\"></span> to the Group\u2019<span class=\"_ _31\"></span>s investment objective. The investment<span class=\"_ _1\"></span> portfolio is continually monitored to ensur<span class=\"_ _1\"></span>e an appro<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>priate balance of risk and rewar<span class=\"_ _1\"></span>d.<span class=\"_ _1f9\"> </span>a) Interest rate risk<span class=\"_ _1f9\"> </span>Interest rate risk arises fr<span class=\"_ _1\"></span>om the possibility that<span class=\"_ _1\"></span> changes in interest rates will af<span class=\"_ _1\"></span>fect future cash flows or the fair value of financial instruments. The Group invests in Cr<span class=\"_ _1\"></span>edit Assets which may be subject to a fixed rate of interest, or a floating rate of interest (which may be linked to base rates or other<span class=\"_ _1\"></span> benchmarks). The Group\u2019<span class=\"_ _31\"></span>s borrowings ar<span class=\"_ _1\"></span>e subject to a floating rate of interest.<span class=\"_ _1f9\"> </span>The Group intends to manage the mismatch it has in respect of the income generated by its Cr<span class=\"_ _1\"></span>edit Assets, on the one hand, with the liabilities in r<span class=\"_ _1\"></span>espect of its borrowings, on the other hand, by matching any float<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>ing rate borrowings with investments in Cr<span class=\"_ _1\"></span>edit Assets that are also subject to a floating rate of inter<span class=\"_ _1\"></span>est. T<span class=\"_ _31\"></span>o the<span class=\"_ _32\"></span> extent that the Group is unable to match its funding in this way<span class=\"_ _0\"></span>, it may use derivative instruments, including interest rate swaps, to r<span class=\"_ _1\"></span>educe its exposure to fluctua<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tions in interest rates, however some unmatched risk may remain. The Gr<span class=\"_ _1\"></span>oup has not used any interest rate derivative instruments in the current or prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>Exposure of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s and Company\u2019<span class=\"_ _0\"></span>s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates ar<span class=\"_ _1\"></span>e reset) and fixed inter<span class=\"_ _1\"></span>est rates (giving fair value risk) is shown below:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1c8\"> </span>As at 31 December 2023<span class=\"_ _1e2\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets  at amortised cost<span class=\"_ _1f9\"> </span>Credit Assets at  amortised cost<span class=\"_ _1f9\"> </span>266,965<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>444,490<span class=\"_ _a0\"> </span> 282,847 241,030 523,877 Cash and cash  equivalents<span class=\"_ _1f9\"> </span>19,746<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>19,746<span class=\"_ _a8\"> </span>23,303<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>23,303<span class=\"_ _1f9\"> </span>Interest-bearing  borrowings<span class=\"_ _1f9\"> </span>(210,764)<span class=\"_ _1a0\"> </span>-<span class=\"_ _101\"> </span>(210,764)<span class=\"_ _101\"> </span>(263,633) <span class=\"_ _1b5\"> </span>-<span class=\"_ _101\"> </span>(263,633) T<span class=\"_ _31\"></span>otal fixed  and floating  rate exposure<span class=\"_ _1f9\"> </span>75,947<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>253,472<span class=\"_ _a8\"> </span>42,517<span class=\"_ _1d9\"> </span>241,030<span class=\"_ _c3\"> </span>283,547<span class=\"_ _1f9\"> </span>Company<span class=\"_ _1e3\"> </span>As at 31 December 2023<span class=\"_ _1e2\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets  at amortised cost<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>266,965<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>444,490<span class=\"_ _c3\"> </span>282,847<span class=\"_ _1d9\"> </span>241,030<span class=\"_ _c3\"> </span>523,877<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _1f9\"> </span>14,402<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>14,402<span class=\"_ _a8\"> </span>18,229<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>18,229<span class=\"_ _1f9\"> </span>Interest-bearing borrowings<span class=\"_ _1f9\"> </span>(145,194)<span class=\"_ _1a0\"> </span>-<span class=\"_ _101\"> </span>(145,194)<span class=\"_ _101\"> </span>(169,367)<span class=\"_ _1a0\"> </span>-<span class=\"_ _101\"> </span>(169,367)<span class=\"_ _1f9\"> </span>Deemed loan<span class=\"_ _a5\"> </span>(63,526)<span class=\"_ _1a0\"> </span>-<span class=\"_ _a2\"> </span>(63,526)<span class=\"_ _a2\"> </span>(93,036)<span class=\"_ _1a0\"> </span>-<span class=\"_ _a2\"> </span>(93,036)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal fixed and floating rate exposure<span class=\"_ _1f9\"> </span>72,647<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>250,172<span class=\"_ _a8\"> </span>38,673<span class=\"_ _1d9\"> </span>241,030<span class=\"_ _c3\"> </span>279,703<span class=\"_ _1f9\"> </span>A 1 per cent change in interest rates impacts Gr<span class=\"_ _1\"></span>oup income on the assets with a floating rate by \u00a32.7 million for year to 31 December 2023 (for the year ended 31 December 2022: \u00a32.8 million). For the year ended 31 December 2023, a 1 per cent change in interest rates impacts the debt expense on the floating rate liabilities <span class=\"_ _1\"></span>by \u00a32.1 million (for the year ended 31 December 2022: \u00a32.6 million)<span class=\"_ _1f9\"> </span><span class=\"_ _32\"></span>.<span class=\"_ _1f9\"> </span>EFFECT<span class=\"_ _1\"></span> OF IBOR<span class=\"_ _1f9\"> </span>Following the financial crisis, the reform and r<span class=\"_ _1\"></span>eplace-<span class=\"_ _1f9\"> </span>ment of benchmark interest rates such as GBP<span class=\"_ _0\"></span> LIBOR and other inter<span class=\"_ _1\"></span>-bank of<span class=\"_ _1\"></span>fered rates (\u201cIBORs\u201d) became a priority for global regulators. The Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s risk exposure that is dir<span class=\"_ _1\"></span>ectly affected by the interest<span class=\"_ _1\"></span> rate benchmark reform pr<span class=\"_ _1\"></span>edominantly comprises its portfolio of GBP Credit Assets that ar<span class=\"_ _1\"></span>e measured at amortised cost, which as at the 31 December 2023<span class=\"_ _1\"></span> had an outstanding principal of nil (31 December<span class=\"_ _1\"></span> 2022: \u00a324.8 million) and liabilities of nil (31 December 2022: \u00a3nil). For the GBP LIBOR reforms, the FCA decided to<span class=\"_ _1\"></span> no longer compel panel banks to participate in the GBP LIBOR submission process after the end of<span class=\"_ _1\"></span> 2021. The Group is now using the SONIA r<span class=\"_ _1\"></span>eference rates to measure the variable elements of its Cr<span class=\"_ _1\"></span>edit Assets and obligations. GBP LIBOR was a \u201cterm<span class=\"_ _1\"></span> rate\u201d, which means that it was published for a bor<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>rowing period, such as thr<span class=\"_ _1\"></span>ee months or six months, and was forward-looking, b<span class=\"_ _1\"></span>ecause it was published at the beginning of the borrowing period. SONIA is<span class=\"_ _1\"></span> a backward-looking rate, based on overnight rates from actual transactions, and it is published at the<span class=\"_ _1\"></span> end of the overnight borrowing period. Furthermore, LIBOR includes a credit spr<span class=\"_ _1\"></span>ead over the risk-free rate, which SONIA currently does not. T<span class=\"_ _31\"></span>o transition existing contracts and agreements that r<span class=\"_ _1\"></span>eference GBP LIBOR to SONIA, adjustments for term differ<span class=\"_ _1\"></span>ences and credit differ<span class=\"_ _1\"></span>ences need to be applied to SONIA, to enable the two benchmark rates to be economically equivalent on transition. As at 31 December 2023, the following table shows the Group and Company\u2019<span class=\"_ _31\"></span>s assets that refer<span class=\"_ _1\"></span>ence synthetic GBP LIBOR, which is a temporary bridging benchmark to aid the smooth transaction of contracts to SONIA:<span class=\"_ _1f9\"> </span>Carrying V<span class=\"_ _1\"></span>alue/Nominal Amount at:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _10c\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000     As at 31 December 2022<span class=\"_ _1f9\"> </span>Assets<span class=\"_ _1f9\"> </span>\u00a3\u2019000      Credit Assets at amortised cost<span class=\"_ _10c\"> </span>-<span class=\"_ _44\"> </span>24,818<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal exposure<span class=\"_ _13d\"> </span>-<span class=\"_ _44\"> </span>24,818<span class=\"_ _1f9\"> </span>b) Currency risk<span class=\"_ _1f9\"> </span>Currency risk arises fr<span class=\"_ _1\"></span>om foreign currency assets and liabilities. The Group uses economic hedges to hedge currency exposur<span class=\"_ _1\"></span>e between the Pound Sterling and other currencies using for<span class=\"_ _1\"></span>eign exchange contracts.<span class=\"_ _1f9\"> </span>The Group monitors the fluctuations in for<span class=\"_ _1\"></span>eign<span class=\"_ _1\"></span> currency exchange rates and uses forwar<span class=\"_ _1\"></span>d foreign<span class=\"_ _1\"></span> exchange contracts to hedge the currency exposur<span class=\"_ _1\"></span>e of the Group\u2019<span class=\"_ _31\"></span>s non-GBP denominated investments. The Group r<span class=\"_ _1\"></span>e-examines the currency exposur<span class=\"_ _1\"></span>e on a regular basis in each curr<span class=\"_ _1\"></span>ency and manages the Group\u2019<span class=\"_ _31\"></span>s currency expos<span class=\"_ _1\"></span>ure in accordance<span class=\"_ _1\"></span> with<span class=\"_ _1\"></span> market expectations. The Group did not designate<span class=\"_ _1\"></span> any derivatives as hedges for accounting purposes as described under IAS 39 or IFRS 9 during the<span class=\"_ _1\"></span> current or prior year and r<span class=\"_ _1\"></span>ecords its derivative<span class=\"_ _0\"></span> activities on a fair value basis. The Group\u2019<span class=\"_ _31\"></span>s and Company\u2019<span class=\"_ _31\"></span>s foreign exchange exposures ar<span class=\"_ _1\"></span>e summarised in the tables below:<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _96\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1b\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _95\"> </span>42,062<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>47,681<span class=\"_ _69\"> </span>4,656<span class=\"_ _1f9\"> </span>Investment Assets at fair value<span class=\"_ _c1\"> </span>1,828<span class=\"_ _68\"> </span>16,006<span class=\"_ _16\"> </span>-<span class=\"_ _68\"> </span>17,982<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _f6\"> </span>1,350<span class=\"_ _69\"> </span>1,592<span class=\"_ _5f\"> </span>882<span class=\"_ _69\"> </span>3,057<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _14f\"> </span>45,240<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>48,563<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _3b\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _df\"> </span>(1,945)<span class=\"_ _d9\"> </span>-<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _1e4\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _99\"> </span>(1,945)<span class=\"_ _81\"> </span>-<span class=\"_ _1f9\"> </span>Net assets<span class=\"_ _151\"> </span>45,240<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>46,618<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span>Derivatives notional<span class=\"_ _106\"> </span>(54,591)<span class=\"_ _1d0\"> </span>(19,360)<span class=\"_ _2a\"> </span>(52,325)<span class=\"_ _2a\"> </span>(23,860)<span class=\"_ _1f9\"> </span>Net exposure<span class=\"_ _181\"> </span>(9,351)<span class=\"_ _99\"> </span>(1,762)<span class=\"_ _99\"> </span>(5,707)<span class=\"_ _69\"> </span>1,835<span class=\"_ _1f9\"> </span>As at 31 December 2023 <span class=\"_ _d\"></span> <span class=\"_ _d\"></span> <span class=\"_ _d\"></span> <span class=\"_ _c3\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Company<span class=\"_ _1e5\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>EUR<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>USD<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _95\"> </span>42,062<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>47,681<span class=\"_ _69\"> </span>4,656<span class=\"_ _1f9\"> </span>Investment Assets at fair value<span class=\"_ _c1\"> </span>1,461<span class=\"_ _68\"> </span>16,006<span class=\"_ _16\"> </span>-<span class=\"_ _68\"> </span>17,982<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _f6\"> </span>1,159<span class=\"_ _69\"> </span>1,592<span class=\"_ _5f\"> </span>882<span class=\"_ _69\"> </span>3,057<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _14f\"> </span>44,682<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>48,563<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span>Net assets<span class=\"_ _151\"> </span>44,682<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>48,563<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span>Derivatives notional<span class=\"_ _106\"> </span>(42,987)<span class=\"_ _1d0\"> </span>(19,360)<span class=\"_ _2a\"> </span>(47,125)<span class=\"_ _2a\"> </span>(23,860)<span class=\"_ _1f9\"> </span>Net exposure<span class=\"_ _141\"> </span>1,695<span class=\"_ _99\"> </span>(1,762)<span class=\"_ _69\"> </span>1,438<span class=\"_ _69\"> </span>1,835<span class=\"_ _1f9\"> </span>If the GBP exchange rate incr<span class=\"_ _1\"></span>eased by 10 percent against the above<span class=\"_ _1\"></span> currencies, the impact on Gr<span class=\"_ _1\"></span>oup profit for the year ended 31 December 2023 would be \u00a3(0.96) million (for the year ended 31 December <span class=\"_ _1\"></span>2022: \u00a30.57 million) and there is no change for the Company (for the year ended 31 December 2022: \u00a30.08 million).<span class=\"_ _1f9\"> </span>If the GBP exchange rate increased by 10 per<span class=\"_ _1\"></span>cent against the above currencies, ther<span class=\"_ _1\"></span>e would be no impact on the profit of the con<span class=\"_ _1\"></span>tinuing operations for the year ended 31 December 2023 (for the year ended 31 December 2022: \u00a30.57 million) and the impact on the assets held for distribution to the new parent would be \u00a3(0.96) million (for the year ended 31 December 2022: ni<span class=\"_ _32\"></span>l).<span class=\"_ _1f9\"> </span>c) Price risk<span class=\"_ _1f9\"> </span>Price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because<span class=\"_ _1\"></span> of changes in market prices (other than those aris<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ing from inter<span class=\"_ _1\"></span>est rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer<span class=\"_ _0\"></span>, or factors affecting similar financial instruments traded in the<span class=\"_ _1\"></span> market. Local, regional or global events such as war<span class=\"_ _31\"></span>, acts of terrorism, the spr<span class=\"_ _1\"></span>ead of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Group and<span class=\"_ _1\"></span> market prices of its investments. This risk applies to financial instruments held by the Group, including<span class=\"_ _1\"></span> Equity Assets, Credit Assets and derivatives. Sensitiv<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>ity analysis on the Equity Assets is included in Note 9.<span class=\"_ _1f9\"> </span>CAPIT<span class=\"_ _0\"></span>AL MANA<span class=\"_ _1\"></span>GEMENT<span class=\"_ _1f9\"> </span>The Group manages its capital to<span class=\"_ _1\"></span> ensure that the<span class=\"_ _1\"></span> Group and its subsidiaries have suf<span class=\"_ _1\"></span>ficient capital and the optimum combination of debt and equity<span class=\"_ _0\"></span>. The Group also manages its capital position to ensur<span class=\"_ _1\"></span>e compliance with capital requir<span class=\"_ _1\"></span>ements imposed by the Financial Conduct Authority (\u201cFCA\u201d) on certain subsidiaries within the Group. The Group monitors capital using a ratio of debt to<span class=\"_ _1\"></span> equity<span class=\"_ _0\"></span>. Debt is calculated as total interest-bearing<span class=\"_ _1\"></span> borrowings (as shown in the Consolidated Statement of Financial Position). The Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _0\"></span>s net debt to tangi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ble equity ratio was 54 per cent as at 31 December 2023 (31 December 2022: 69 per cent). It is less than the borrowing limit of 100 per cent set by the Boar<span class=\"_ _1\"></span>d.<span class=\"_ _1f9\"> </span>The Company held a minimum share capital of<span class=\"_ _0\"></span> \u00a350,000 throughout the year<span class=\"_ _31\"></span>. The Company was no longer requir<span class=\"_ _1\"></span>ed to meet this after it had converted to a private company<span class=\"_ _0\"></span>, which occurred on 14 February<span class=\"_ _1\"></span> 2024.<span class=\"_ _1f9\"> </span>During the year the Group was fully compliant with<span class=\"_ _1\"></span> regulatory capital r<span class=\"_ _1\"></span>equirements and the covenants<span class=\"_ _1\"></span> on its debt facilities. LIQUIDITY<span class=\"_ _1\"></span> RISK<span class=\"_ _1f9\"> </span>Liquidity risk is the risk that the Group will be unable to meet its obligations in respect of financial liabilities as they fall due.   The Group manages its liquid r<span class=\"_ _1\"></span>esources to ensur<span class=\"_ _1\"></span>e sufficient cash is available to meet its expected<span class=\"_ _0\"></span> contractual commitments both under normal and<span class=\"_ _1\"></span> stressed conditions<span class=\"_ _1\"></span>, without incurring unacceptable losses or risking damage to its reputation. It monitors the level of short-term funding and balances the<span class=\"_ _1\"></span> need for access to short-term funding, with the long-<span class=\"_ _1f9\"> </span>term funding needs of the Group.<span class=\"_ _1f9\"> </span>The Group has the power<span class=\"_ _31\"></span>, under its Articles of<span class=\"_ _1\"></span> Association, to take out both short and long-term borrowings subject to a maximum value of 100 per<span class=\"_ _1\"></span> cent of its share capital and r<span class=\"_ _1\"></span>eserves.<span class=\"_ _1f9\"> </span>As at 31 December 2023 the Group had committed debt facilities totalling \u00a3235.4 million (31 December<span class=\"_ _1\"></span> 2022: \u00a3264.6 million) with maturity dates ranging<span class=\"_ _1\"></span> from October 2024 <span class=\"_ _1\"></span>to December 2071. The facilities include a term and revolving facility secur<span class=\"_ _1\"></span>ed on a range of assets. As at 31 December 2023 the Group and Company<span class=\"_ _1\"></span> had a committed debt facility totalling \u00a3170.0 million (31 December 2022: \u00a3170.0 million) with a maturity date of 4 September 2025. This facility includes a term and revolving facility secur<span class=\"_ _1\"></span>ed on a range of<span class=\"_ _1\"></span> assets.  The facility starts amortising from 4 Sep<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>tember 2024. The Group also has a \u00a354.9 million<span class=\"_ _1\"></span> amortising facility that matures 30 October 2024.<span class=\"_ _1\"></span> The facility is structured as run-of<span class=\"_ _1\"></span>f financing in that the debt will paydown over the term of the facility<span class=\"_ _0\"></span>. The Group also has <span class=\"_ _1\"></span>a  \u00a310.6 million (31 December 2022: \u00a318.0 million) amortising term loan with a<span class=\"_ _1\"></span> 48-year term. Further details of the Company\u2019<span class=\"_ _31\"></span>s and Group\u2019<span class=\"_ _31\"></span>s debt facilities are in note 11. The Group utilises its tr<span class=\"_ _1\"></span>easury system data such<span class=\"_ _1\"></span> as live cash balance, debt balances and upcoming payment obligations in order to monitor liquidity on<span class=\"_ _1\"></span> an ongoing basis. The tables below show the cash flows of the Group\u2019<span class=\"_ _31\"></span>s and Company\u2019<span class=\"_ _31\"></span>s financial assets and liabilities on an undis<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>counted basis by contractual maturity:<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1e6\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>3-12 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1-5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>5+ years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>72,218<span class=\"_ _93\"> </span>103,751<span class=\"_ _e5\"> </span>239,781<span class=\"_ _99\"> </span>24,729<span class=\"_ _e5\"> </span>440,479<span class=\"_ _1f9\"> </span>Investment Assets at  fair value through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _99\"> </span>13,137<span class=\"_ _68\"> </span>62,751<span class=\"_ _68\"> </span>12,332<span class=\"_ _99\"> </span>88,220<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _ed\"> </span>5,569<span class=\"_ _e8\"> </span>9,922<span class=\"_ _e8\"> </span>2,451<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>17,942<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _1f9\"> </span>19,747<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>19,747<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _16f\"> </span>97,534<span class=\"_ _93\"> </span>126,810<span class=\"_ _e5\"> </span>304,983<span class=\"_ _99\"> </span>37,061<span class=\"_ _e5\"> </span>566,388<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _70\"> </span>(14,042)<span class=\"_ _dd\"> </span>(3,314)<span class=\"_ _df\"> </span>(1,793)<span class=\"_ _81\"> </span>-<span class=\"_ _1d0\"> </span>(19,149)<span class=\"_ _1f9\"> </span>Interest-bearing borrowings<span class=\"_ _1f9\"> </span>(2,052)<span class=\"_ _c6\"> </span>(130,686)<span class=\"_ _1d0\"> </span>(74,912)<span class=\"_ _df\"> </span>(3,114)<span class=\"_ _c6\"> </span>(210,764)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _85\"> </span>(16,094)<span class=\"_ _d1\"> </span>(134,000)<span class=\"_ _93\"> </span>(76,705)<span class=\"_ _19e\"> </span>(3,114)<span class=\"_ _d1\"> </span>(229,913)<span class=\"_ _1f9\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1e6\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>3-12 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1-5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>5+ years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>-<span class=\"_ _93\"> </span>126,504<span class=\"_ _e5\"> </span>380,426<span class=\"_ _99\"> </span>26,231<span class=\"_ _e5\"> </span>533,161<span class=\"_ _1f9\"> </span>Investment Assets at fair value through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>14,760<span class=\"_ _99\"> </span>49,746<span class=\"_ _68\"> </span>64,506<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _ed\"> </span>7,601<span class=\"_ _e8\"> </span>2,481<span class=\"_ _e8\"> </span>2,788<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>12,870<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _1f9\"> </span>23,303<span class=\"_ _81\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>23,303<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _16f\"> </span>30,904<span class=\"_ _93\"> </span>128,985<span class=\"_ _e5\"> </span>397,974<span class=\"_ _99\"> </span>75,977<span class=\"_ _e5\"> </span>633,840<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _70\"> </span>(15,073)<span class=\"_ _df\"> </span>(1,684)<span class=\"_ _1c3\"> </span>(2,464)<span class=\"_ _d9\"> </span>-<span class=\"_ _1d0\"> </span>(19,221)<span class=\"_ _1f9\"> </span>Interest-bearing borrowings<span class=\"_ _1f9\"> </span>-<span class=\"_ _1d0\"> </span>(30,000)<span class=\"_ _192\"> </span>      (216,563)<span class=\"_ _2a\"> </span>(18,050)<span class=\"_ _c6\"> </span>(264,613)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _1e2\"> </span>(15,073)<span class=\"_ _15\"> </span>(31,684)<span class=\"_ _d1\"> </span>(219,027)<span class=\"_ _93\"> </span>(18,050)<span class=\"_ _90\"> </span>(283,834)<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span>Company<span class=\"_ _81\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>3-12 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1-5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>5+ years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>72,218<span class=\"_ _e5\"> </span>103,751<span class=\"_ _93\"> </span>239,781<span class=\"_ _68\"> </span>24,729<span class=\"_ _e5\"> </span>440,479<span class=\"_ _1f9\"> </span>Investment Assets at fair value through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _68\"> </span>13,137<span class=\"_ _68\"> </span>62,751<span class=\"_ _68\"> </span>12,332<span class=\"_ _68\"> </span>88,220<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _f8\"> </span>1,162<span class=\"_ _69\"> </span>3,613<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _69\"> </span>4,775<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _1f9\"> </span>14,402<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>14,402<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _55\"> </span>87,782<span class=\"_ _93\"> </span>120,501 <span class=\"_ _e0\"> </span>302,532<span class=\"_ _68\"> </span>37,061<span class=\"_ _e5\"> </span>547,876<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _1e7\"> </span>(4,182)<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _dd\"> </span>(4,182)<span class=\"_ _1f9\"> </span>Interest-bearing borrowings<span class=\"_ _1f9\"> </span>-<span class=\"_ _1d0\"> </span>(70,282)<span class=\"_ _2a\"> </span>(74,912)<span class=\"_ _81\"> </span>-<span class=\"_ _de\"> </span>(145,194)<span class=\"_ _1f9\"> </span>Deemed loan<span class=\"_ _71\"> </span>-<span class=\"_ _1d0\"> </span>(60,412)<span class=\"_ _d9\"> </span>-<span class=\"_ _df\"> </span>(3,114)<span class=\"_ _1d0\"> </span>(63,526)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _17f\"> </span>(4,182)<span class=\"_ _d1\"> </span>(130,694)<span class=\"_ _93\"> </span>(74,912)<span class=\"_ _99\"> </span>(3,114)<span class=\"_ _d1\"> </span>(212,902)<span class=\"_ _1f9\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Company<span class=\"_ _81\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>3-12 months<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>1-5 years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>5+ years<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>-<span class=\"_ _e5\"> </span>126,504<span class=\"_ _93\"> </span>380,426<span class=\"_ _68\"> </span>26,231<span class=\"_ _e5\"> </span>533,161<span class=\"_ _1f9\"> </span>Investment Assets at fair value through pr<span class=\"_ _1\"></span>ofit or loss<span class=\"_ _1f9\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>13,897<span class=\"_ _68\"> </span>48,956<span class=\"_ _68\"> </span>62,853<span class=\"_ _1f9\"> </span>Receivables<span class=\"_ _f8\"> </span>3,831<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _69\"> </span>3,831<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _1f9\"> </span>18,229<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>18,229<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal assets<span class=\"_ _55\"> </span>22,060<span class=\"_ _93\"> </span>126,504<span class=\"_ _e5\"> </span>394,323<span class=\"_ _68\"> </span>75,187<span class=\"_ _e5\"> </span>618,074<span class=\"_ _1f9\"> </span>Liabilities<span class=\"_ _1f9\"> </span>Payables<span class=\"_ _1e7\"> </span>(5,174)<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _dd\"> </span>(5,174)<span class=\"_ _1f9\"> </span>Interest-bearing borrowings<span class=\"_ _1f9\"> </span>-<span class=\"_ _1d0\"> </span>(30,000)<span class=\"_ _33\"> </span>      (140,000)<span class=\"_ _81\"> </span>- <span class=\"_ _7e\"> </span>(170,000)<span class=\"_ _1f9\"> </span>Deemed loan<span class=\"_ _1f9\"> </span>1,229 -<span class=\"_ _1d0\"> </span>(76,563)<span class=\"_ _2a\"> </span>(18,050)<span class=\"_ _1d0\"> </span>(93,384)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _17f\"> </span>(3,945)<span class=\"_ _93\"> </span>(30,000)<span class=\"_ _d1\"> </span>(216,563)<span class=\"_ _93\"> </span>(18,050)<span class=\"_ _d1\"> </span>(268,558)<span class=\"_ _1f9\"> </span>23. Credit R<span class=\"_ _1\"></span>isk<span class=\"_ _1f9\"> </span>Credit risk is the risk that one party to a financial instru<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>ment will cause a financial loss for the other party by failing to discharge an obligation.<span class=\"_ _1f9\"> </span>The Group\u2019<span class=\"_ _31\"></span>s credit risks arise principally thr<span class=\"_ _1\"></span>ough expo<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sures to loans originated or acquir<span class=\"_ _1\"></span>ed by the Group<span class=\"_ _1\"></span> and cash deposited with banks, both of which are<span class=\"_ _1\"></span> subject to risk of borrower default.<span class=\"_ _1f9\"> </span>The Group establishes and adher<span class=\"_ _1\"></span>es to stringent<span class=\"_ _1\"></span> underwriting criteria. The Group invests in a gran<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ular portfolio of assets, diversified at the underlying borrower level, with each loan being subject to a<span class=\"_ _1\"></span> maximum single loan exposure limit. This helps miti<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>gate credit concentrations in r<span class=\"_ _1\"></span>elation to an individual customer<span class=\"_ _0\"></span>, a borrower gr<span class=\"_ _1\"></span>oup or a collection of related borrowers.    The credit quality of loans is assessed thr<span class=\"_ _1\"></span>ough<span class=\"_ _1\"></span> evaluation of various factors, including credit scor<span class=\"_ _1\"></span>es, payment data, collateral available from the borr<span class=\"_ _1\"></span>ower and other information. The Group further mitigat<span class=\"_ _1\"></span>es its exposure to cr<span class=\"_ _1\"></span>edit risk through structuring facilities wher<span class=\"_ _1\"></span>eby the facilities are secured on a granular pool of performing loans and<span class=\"_ _1\"></span> structured so that the borr<span class=\"_ _1\"></span>ower provides the first loss, and the Group finances the senior risk. Further risk is mitigated in the property sector as the Group takes collateral i<span class=\"_ _1\"></span>n the form of property to mit<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>igate the credit risk arising fr<span class=\"_ _1\"></span>om residential mortgage lending and commercial r<span class=\"_ _1\"></span>eal estate.   Set out below is the analysis of the gross closing balances of the Gr<span class=\"_ _1\"></span>oup and Company\u2019<span class=\"_ _31\"></span>s Credit Assets at amor<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>tised cost split by the credit risk band that each loan is assigned to at inception:<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _18f\"> </span>Unsecured<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Secured<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>A &amp; B<span class=\"_ _1b\"> </span>68<span class=\"_ _1a6\"> </span>452,733<span class=\"_ _80\"> </span>452,801<span class=\"_ _1f9\"> </span>C, D &amp; E<span class=\"_ _1e8\"> </span>-<span class=\"_ _5a\"> </span>-<span class=\"_ _49\"> </span>-<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal <span class=\"_ _c\"> </span>68<span class=\"_ _1e9\"> </span>452,733<span class=\"_ _150\"> </span>452,801<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span>Group and Company<span class=\"_ _18f\"> </span>Unsecured<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Secured<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>A &amp; B<span class=\"_ _4c\"> </span> 21,444 <span class=\"_ _190\"> </span> 511,715 <span class=\"_ _5f\"> </span>533,158 C, D &amp; E<span class=\"_ _1e8\"> </span>-<span class=\"_ _5a\"> </span>-<span class=\"_ _49\"> </span>-<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal <span class=\"_ _1ea\"> </span> 21,444 <span class=\"_ _190\"> </span> 511,715 <span class=\"_ _5f\"> </span>533,158<span class=\"_ _1f9\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Each credit risk band is defined below:<span class=\"_ _1f9\"> </span>Credit Risk Band<span class=\"_ _94\"> </span>Definition<span class=\"_ _1f9\"> </span>A<span class=\"_ _115\"> </span>Highest quality with minimal indicators of cr<span class=\"_ _1\"></span>edit risk<span class=\"_ _1f9\"> </span>B<span class=\"_ _1b0\"> </span>High quality<span class=\"_ _0\"></span>, with minor adverse indicators<span class=\"_ _1f9\"> </span>C<span class=\"_ _1f9\"> </span>Medium-grade, moderate credit risk, may have some adverse cr<span class=\"_ _1\"></span>edit risk indicators<span class=\"_ _1f9\"> </span>D/E<span class=\"_ _1f9\"> </span>Elevated credit risk, adverse indicators (e.g. lower borr<span class=\"_ _1\"></span>owing ability<span class=\"_ _0\"></span>, credit history<span class=\"_ _31\"></span>, existing debt)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-511": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs9ba\">CREDIT<span class=\"_ _1\"></span> RISK<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs9bb\">Credit risk is the risk of loss arising fr<span class=\"_ _1\"></span>om failure of a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs9bc\">counterparty to pay the amounts that they are con<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs9bd\">tractually due to pay<span class=\"_ _0\"></span>. The Group is exposed to cr<span class=\"_ _1\"></span>edit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9be\">risk principally through the Investment Company<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs9bf\">The Investment Committee approves all investment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws2f gs9c0\">decisions, and all investments are subject to extensive </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs9c1\">due diligence prior to approval. The performance of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse wsf gs9c2\">each investment is monitored by the Investment Com<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws1a gs9c3\">mittee by way of regular r<span class=\"_ _1\"></span>eviews of the investment and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs9c4\">any collateral. Sector and asset class concentrations </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs9c5\">across the investment po<span class=\"_ _1\"></span>rtfolio are closely monitor<span class=\"_ _1\"></span>ed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gs9c6\">and controlled, with mitigating actions taken wher<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws2a gs9c7\">appropriate.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gs9c8\">Credit risk is mitigated thr<span class=\"_ _1\"></span>ough first loss protection, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gs9c9\">where the Gr<span class=\"_ _1\"></span>oup is senior to equity in the partner and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs9ca\">where the Gr<span class=\"_ _1\"></span>oup benefits from underlying collateral, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gs9cb\">as well as diversification across the wide range of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9cc\">platforms that makes up its portfolio.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9cd\">Credit risk is analysed further in Note 23.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls0 ws0 gsb30\">23. Credit R<span class=\"_ _1\"></span>isk<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws3d gsb31\">Credit risk is the risk that one party to a financial instru<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gsb32\">ment will cause a financial loss for the other party by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb33\">failing to discharge an obligation.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws38 gsb34\">The Group\u2019<span class=\"_ _31\"></span>s credit risks arise principally thr<span class=\"_ _1\"></span>ough expo<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gsb35\">sures to loans originated or acquir<span class=\"_ _1\"></span>ed by the Group<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gsb36\">and cash deposited with banks, both of which are<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb37\">subject to risk of borrower default.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls32 ws0 gsb38\">The Group establishes and adher<span class=\"_ _1\"></span>es to stringent<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gsb39\">underwriting criteria. The Group invests in a gran<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gsb3a\">ular portfolio of assets, diversified at the underlying </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gsb3b\">borrower level, with each loan being subject to a<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gsb3c\">maximum single loan exposure limit. This helps miti<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gsb3d\">gate credit concentrations in r<span class=\"_ _1\"></span>elation to an individual </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gsb3e\">customer<span class=\"_ _0\"></span>, a borrower gr<span class=\"_ _1\"></span>oup or a collection of related </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb3f\">borrowers.    </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4e ws0 gsb40\">The credit quality of loans is assessed thr<span class=\"_ _1\"></span>ough<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gsb41\">evaluation of various factors, including credit scor<span class=\"_ _1\"></span>es, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsb42\">payment data, collateral available from the borr<span class=\"_ _1\"></span>ower </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb43\">and other information. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gsb44\">The Group further mitigat<span class=\"_ _1\"></span>es its exposure to cr<span class=\"_ _1\"></span>edit risk </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gsb45\">through structuring facilities wher<span class=\"_ _1\"></span>eby the facilities are </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gsb46\">secured on a granular pool of performing loans and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb47\">structured so that the borr<span class=\"_ _1\"></span>ower provides the first loss, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb48\">and the Group finances the senior risk. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gsb49\">Further risk is mitigated in the property sector as the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gsb4a\">Group takes collateral i<span class=\"_ _1\"></span>n the form of property to mit<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls55 ws0 gsb4b\">igate the credit risk arising fr<span class=\"_ _1\"></span>om residential mortgage </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb4c\">lending and commercial r<span class=\"_ _1\"></span>eal estate.   </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws37 gsb4d\">Set out below is the analysis of the gross closing balances of the Gr<span class=\"_ _1\"></span>oup and Company\u2019<span class=\"_ _31\"></span>s Credit Assets at amor<span class=\"_ _1\"></span><span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb4e\">tised cost split by the credit risk band that each loan is assigned to at inception:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb50\">Group and Company<span class=\"_ _18f\"> </span>Unsecured<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb51\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb52\">Secured<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb53\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb54\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb55\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb56\">A &amp; B<span class=\"_ _1b\"> </span>68<span class=\"_ _1a6\"> </span>452,733<span class=\"_ _80\"> </span>452,801<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb57\">C, D &amp; E<span class=\"_ _1e8\"> </span>-<span class=\"_ _5a\"> </span>-<span class=\"_ _49\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb58\">T<span class=\"_ _31\"></span>otal <span class=\"_ _c\"> </span>68<span class=\"_ _1e9\"> </span>452,733<span class=\"_ _150\"> </span>452,801<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls0 ws0 gsb5a\">As at 31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb5c\">Group and Company<span class=\"_ _18f\"> </span>Unsecured<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb5d\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb5e\">Secured<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb5f\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb60\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb61\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb62\">A &amp; B<span class=\"_ _4c\"> </span> 21,444 <span class=\"_ _190\"> </span> 511,715 <span class=\"_ _5f\"> </span>533,158 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb63\">C, D &amp; E<span class=\"_ _1e8\"> </span>-<span class=\"_ _5a\"> </span>-<span class=\"_ _49\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb64\">T<span class=\"_ _31\"></span>otal <span class=\"_ _1ea\"> </span> 21,444 <span class=\"_ _190\"> </span> 511,715 <span class=\"_ _5f\"> </span>533,158<span class=\"_ _1f9\"> </span> </div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls0 ws0 gsb66\">As at 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsb68\">Each credit risk band is defined below:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb69\">Credit Risk Band<span class=\"_ _94\"> </span>Definition<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb6a\">A<span class=\"_ _115\"> </span>Highest quality with minimal indicators of cr<span class=\"_ _1\"></span>edit risk<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb6b\">B<span class=\"_ _1b0\"> </span>High quality<span class=\"_ _0\"></span>, with minor adverse indicators<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb6c\">C<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb6d\">Medium-grade, moderate credit risk, may have some adverse cr<span class=\"_ _1\"></span>edit </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb6e\">risk indicators<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb6f\">D/E<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb70\">Elevated credit risk, adverse indicators (e.g. lower borr<span class=\"_ _1\"></span>owing ability<span class=\"_ _0\"></span>, </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb71\">credit history<span class=\"_ _31\"></span>, existing debt)</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-512": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs9cf\">MARKET<span class=\"_ _1\"></span> RISK<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls8 ws0 gs9d0\">In addition to the underlying trading performance<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs9d1\">of the Group\u2019<span class=\"_ _31\"></span>s investment portfolio, the fair value or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gs9d2\">future cash flows of a financial instrument held by the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gs9d3\">Group may fluctuate because of changes in market<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws31 gs9d4\">prices. Market risk can be summarised as comprising </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9d5\">three types of risk:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls3a ws0 gs9d6\">\u2022 <span class=\"_ _1\"></span>  <span class=\"_ _2f\"></span>Interest rate risk \u2013<span class=\"ff5\"> the risk of loss arising fr<span class=\"_ _1\"></span>om </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9d7\">changes in market interest rates;<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls18 ws0 gs9d8\">\u2022<span class=\"_ _0\"></span> <span class=\"_ _1\"></span> <span class=\"_ _59\"></span>Currency risk \u2013<span class=\"ff5\"> the risk of loss arising from<span class=\"_ _0\"></span> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9d9\">changes in foreign exchange rates; and<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc1 sc0 ls38 ws0 gs9da\">\u2022  <span class=\"_ _d\"></span>Price risk \u2013<span class=\"ff5\"> the risk of loss arising fr<span class=\"_ _1\"></span>om changes in </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9db\">other market rates.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws7 gs9dc\">The Group\u2019<span class=\"_ _31\"></span>s exposure, sensitivity to and management </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs9dd\">of each of these risks is described in further detail </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gs9de\">below<span class=\"_ _1\"></span>. Management of market risk is fundamental<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gs9df\">to the Group\u2019<span class=\"_ _31\"></span>s investment objective. The investment<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3b ws0 gs9e0\">portfolio is continually monitored to ensur<span class=\"_ _1\"></span>e an appro<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9e1\">priate balance of risk and rewar<span class=\"_ _1\"></span>d.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gs9e2\">a) Interest rate risk<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gs9e3\">Interest rate risk arises fr<span class=\"_ _1\"></span>om the possibility that<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws3f gs9e4\">changes in interest rates will af<span class=\"_ _1\"></span>fect future cash flows or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9e5\">the fair value of financial instruments. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3d ws0 gs9e6\">The Group invests in Cr<span class=\"_ _1\"></span>edit Assets which may be </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gs9e7\">subject to a fixed rate of interest, or a floating rate of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gs9e8\">interest (which may be linked to base rates or other<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs9e9\">benchmarks). The Group\u2019<span class=\"_ _31\"></span>s borrowings ar<span class=\"_ _1\"></span>e subject to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9ea\">a floating rate of interest.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gs9eb\">The Group intends to manage the mismatch it has in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gs9ec\">respect of the income generated by its Cr<span class=\"_ _1\"></span>edit Assets, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gs9ed\">on the one hand, with the liabilities in r<span class=\"_ _1\"></span>espect of its </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws6e gs9ee\">borrowings, on the other hand, by matching any float<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gs9ef\">ing rate borrowings with investments in Cr<span class=\"_ _1\"></span>edit Assets </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws24 gs9f0\">that are also subject to a floating rate of inter<span class=\"_ _1\"></span>est. T<span class=\"_ _31\"></span>o the<span class=\"_ _32\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws1f gs9f1\">extent that the Group is unable to match its funding in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gs9f2\">this way<span class=\"_ _0\"></span>, it may use derivative instruments, including </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gs9f3\">interest rate swaps, to r<span class=\"_ _1\"></span>educe its exposure to fluctua<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3b ws0 gs9f4\">tions in interest rates, however some unmatched risk </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws23 gs9f5\">may remain. The Gr<span class=\"_ _1\"></span>oup has not used any interest rate </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gs9f6\">derivative instruments in the current or prior year<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span></div>Exposure of the Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s and Company\u2019<span class=\"_ _0\"></span>s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates ar<span class=\"_ _1\"></span>e reset) and fixed inter<span class=\"_ _1\"></span>est rates (giving fair value risk) is shown below:<span class=\"_ _1f9\"> </span>Group<span class=\"_ _1c8\"> </span>As at 31 December 2023<span class=\"_ _1e2\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets  at amortised cost<span class=\"_ _1f9\"> </span>Credit Assets at  amortised cost<span class=\"_ _1f9\"> </span>266,965<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>444,490<span class=\"_ _a0\"> </span> 282,847 241,030 523,877 Cash and cash  equivalents<span class=\"_ _1f9\"> </span>19,746<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>19,746<span class=\"_ _a8\"> </span>23,303<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>23,303<span class=\"_ _1f9\"> </span>Interest-bearing  borrowings<span class=\"_ _1f9\"> </span>(210,764)<span class=\"_ _1a0\"> </span>-<span class=\"_ _101\"> </span>(210,764)<span class=\"_ _101\"> </span>(263,633) <span class=\"_ _1b5\"> </span>-<span class=\"_ _101\"> </span>(263,633) T<span class=\"_ _31\"></span>otal fixed  and floating  rate exposure<span class=\"_ _1f9\"> </span>75,947<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>253,472<span class=\"_ _a8\"> </span>42,517<span class=\"_ _1d9\"> </span>241,030<span class=\"_ _c3\"> </span>283,547<span class=\"_ _1f9\"> </span>Company<span class=\"_ _1e3\"> </span>As at 31 December 2023<span class=\"_ _1e2\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Floating rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Fixed rate<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Credit Assets  at amortised cost<span class=\"_ _1f9\"> </span>Credit Assets at amortised cost<span class=\"_ _1f9\"> </span>266,965<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>444,490<span class=\"_ _c3\"> </span>282,847<span class=\"_ _1d9\"> </span>241,030<span class=\"_ _c3\"> </span>523,877<span class=\"_ _1f9\"> </span>Cash and cash equivalents<span class=\"_ _1f9\"> </span>14,402<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>14,402<span class=\"_ _a8\"> </span>18,229<span class=\"_ _1a0\"> </span>-<span class=\"_ _a8\"> </span>18,229<span class=\"_ _1f9\"> </span>Interest-bearing borrowings<span class=\"_ _1f9\"> </span>(145,194)<span class=\"_ _1a0\"> </span>-<span class=\"_ _101\"> </span>(145,194)<span class=\"_ _101\"> </span>(169,367)<span class=\"_ _1a0\"> </span>-<span class=\"_ _101\"> </span>(169,367)<span class=\"_ _1f9\"> </span>Deemed loan<span class=\"_ _a5\"> </span>(63,526)<span class=\"_ _1a0\"> </span>-<span class=\"_ _a2\"> </span>(63,526)<span class=\"_ _a2\"> </span>(93,036)<span class=\"_ _1a0\"> </span>-<span class=\"_ _a2\"> </span>(93,036)<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal fixed and floating rate exposure<span class=\"_ _1f9\"> </span>72,647<span class=\"_ _1d9\"> </span>177,525<span class=\"_ _c3\"> </span>250,172<span class=\"_ _a8\"> </span>38,673<span class=\"_ _1d9\"> </span>241,030<span class=\"_ _c3\"> </span>279,703<span class=\"_ _1f9\"> </span>A 1 per cent change in interest rates impacts Gr<span class=\"_ _1\"></span>oup income on the assets with a floating rate by \u00a32.7 million for year to 31 December 2023 (for the year ended 31 December 2022: \u00a32.8 million). For the year ended 31 December 2023, a 1 per cent change in interest rates impacts the debt expense on the floating rate liabilities <span class=\"_ _1\"></span>by \u00a32.1 million (for the year ended 31 December 2022: \u00a32.6 million)<span class=\"_ _1f9\"> </span><div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gs9f8\">EFFECT<span class=\"_ _1\"></span> OF IBOR<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gs9f9\">Following the financial crisis, the reform and r<span class=\"_ _1\"></span>eplace-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls28 ws0 gs9fa\">ment of benchmark interest rates such as GBP<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gs9fb\">LIBOR and other inter<span class=\"_ _1\"></span>-bank of<span class=\"_ _1\"></span>fered rates (\u201cIBORs\u201d) </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs9fc\">became a priority for global regulators. The Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gs9fd\">risk exposure that is dir<span class=\"_ _1\"></span>ectly affected by the interest<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gs9fe\">rate benchmark reform pr<span class=\"_ _1\"></span>edominantly comprises its </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gs9ff\">portfolio of GBP Credit Assets that ar<span class=\"_ _1\"></span>e measured at </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsa00\">amortised cost, which as at the 31 December 2023<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gsa01\">had an outstanding principal of nil (31 December<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 wsf gsa02\">2022: \u00a324.8 million) and liabilities of nil (31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa03\">2022: \u00a3nil). </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls36 ws0 gsa04\">For the GBP LIBOR reforms, the FCA decided to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gsa05\">no longer compel panel banks to participate in the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gsa06\">GBP LIBOR submission process after the end of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsa07\">2021. The Group is now using the SONIA r<span class=\"_ _1\"></span>eference </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gsa08\">rates to measure the variable elements of its Cr<span class=\"_ _1\"></span>edit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls12 ws0 gsa09\">Assets and obligations. GBP LIBOR was a \u201cterm<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsa0a\">rate\u201d, which means that it was published for a bor<span class=\"_ _0\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsa0b\">rowing period, such as thr<span class=\"_ _1\"></span>ee months or six months, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gsa0c\">and was forward-looking, b<span class=\"_ _1\"></span>ecause it was published </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsa0d\">at the beginning of the borrowing period. SONIA is<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsa0e\">a backward-looking rate, based on overnight rates </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gsa0f\">from actual transactions, and it is published at the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gsa10\">end of the overnight borrowing period. Furthermore, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws15 gsa11\">LIBOR includes a credit spr<span class=\"_ _1\"></span>ead over the risk-free rate, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa12\">which SONIA currently does not. T<span class=\"_ _31\"></span>o transition existing </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls62 ws0 gsa13\">contracts and agreements that r<span class=\"_ _1\"></span>eference GBP LIBOR </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws15 gsa14\">to SONIA, adjustments for term differ<span class=\"_ _1\"></span>ences and credit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws17 gsa15\">differ<span class=\"_ _1\"></span>ences need to be applied to SONIA, to enable the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsa16\">two benchmark rates to be economically equivalent </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa17\">on transition. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gsa18\">As at 31 December 2023, the following table shows the Group and Company\u2019<span class=\"_ _31\"></span>s assets that refer<span class=\"_ _1\"></span>ence synthetic </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa19\">GBP LIBOR, which is a temporary bridging benchmark to aid the smooth transaction of contracts to SONIA:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa1a\">Carrying V<span class=\"_ _1\"></span>alue/Nominal Amount at:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa1b\">Group<span class=\"_ _10c\"> </span>As at 31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa1c\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws8c gsa1d\">\u00a3\u2019000     </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa1e\">As at 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa1f\">Assets<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws8c gsa20\">\u00a3\u2019000      </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa21\">Credit Assets at amortised cost<span class=\"_ _10c\"> </span>-<span class=\"_ _44\"> </span>24,818<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa22\">T<span class=\"_ _31\"></span>otal exposure<span class=\"_ _13d\"> </span>-<span class=\"_ _44\"> </span>24,818<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gsa23\">b) Currency risk<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gsa24\">Currency risk arises fr<span class=\"_ _1\"></span>om foreign currency assets and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws37 gsa25\">liabilities. The Group uses economic hedges to hedge </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gsa26\">currency exposur<span class=\"_ _1\"></span>e between the Pound Sterling and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa27\">other currencies using for<span class=\"_ _1\"></span>eign exchange contracts.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls39 ws0 gsa28\">The Group monitors the fluctuations in for<span class=\"_ _1\"></span>eign<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls35 ws0 gsa29\">currency exchange rates and uses forwar<span class=\"_ _1\"></span>d foreign<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa2a\">exchange contracts to hedge the currency exposur<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gsa2b\">of the Group\u2019<span class=\"_ _31\"></span>s non-GBP denominated investments. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gsa2c\">The Group r<span class=\"_ _1\"></span>e-examines the currency exposur<span class=\"_ _1\"></span>e on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gsa2d\">a regular basis in each curr<span class=\"_ _1\"></span>ency and manages the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4b ws0 gsa2e\">Group\u2019<span class=\"_ _31\"></span>s currency expos<span class=\"_ _1\"></span>ure in accordance<span class=\"_ _1\"></span> with<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gsa2f\">market expectations. The Group did not designate<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gsa30\">any derivatives as hedges for accounting purposes </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls20 ws0 gsa31\">as described under IAS 39 or IFRS 9 during the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls18 ws0 gsa32\">current or prior year and r<span class=\"_ _1\"></span>ecords its derivative<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa33\">activities on a fair value basis. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa35\">The Group\u2019<span class=\"_ _31\"></span>s and Company\u2019<span class=\"_ _31\"></span>s foreign exchange exposures ar<span class=\"_ _1\"></span>e summarised in the tables below:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa36\">As at 31 December 2023<span class=\"_ _96\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa37\">Group<span class=\"_ _1b\"> </span>EUR<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa38\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa39\">USD<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa3a\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa3b\">EUR<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa3c\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa3d\">USD<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa3e\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa3f\">Credit Assets at amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa40\">Credit Assets at amortised cost<span class=\"_ _95\"> </span>42,062<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>47,681<span class=\"_ _69\"> </span>4,656<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa41\">Investment Assets at fair value<span class=\"_ _c1\"> </span>1,828<span class=\"_ _68\"> </span>16,006<span class=\"_ _16\"> </span>-<span class=\"_ _68\"> </span>17,982<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa42\">Cash and cash equivalents<span class=\"_ _f6\"> </span>1,350<span class=\"_ _69\"> </span>1,592<span class=\"_ _5f\"> </span>882<span class=\"_ _69\"> </span>3,057<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa43\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _14f\"> </span>45,240<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>48,563<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa44\">Payables<span class=\"_ _3b\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _df\"> </span>(1,945)<span class=\"_ _d9\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa45\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _1e4\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _99\"> </span>(1,945)<span class=\"_ _81\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa46\">Net assets<span class=\"_ _151\"> </span>45,240<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>46,618<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa47\">Derivatives notional<span class=\"_ _106\"> </span>(54,591)<span class=\"_ _1d0\"> </span>(19,360)<span class=\"_ _2a\"> </span>(52,325)<span class=\"_ _2a\"> </span>(23,860)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa48\">Net exposure<span class=\"_ _181\"> </span>(9,351)<span class=\"_ _99\"> </span>(1,762)<span class=\"_ _99\"> </span>(5,707)<span class=\"_ _69\"> </span>1,835<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa49\">As at 31 December 2023 <span class=\"_ _d\"></span> <span class=\"_ _d\"></span> <span class=\"_ _d\"></span> <span class=\"_ _c3\"> </span>As at 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa4a\">Company<span class=\"_ _1e5\"> </span>EUR<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa4b\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa4c\">USD<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa4d\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa4e\">EUR<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa4f\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa50\">USD<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa51\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa52\">Credit Assets at amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa53\">Credit Assets at amortised cost<span class=\"_ _95\"> </span>42,062<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>47,681<span class=\"_ _69\"> </span>4,656<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa54\">Investment Assets at fair value<span class=\"_ _c1\"> </span>1,461<span class=\"_ _68\"> </span>16,006<span class=\"_ _16\"> </span>-<span class=\"_ _68\"> </span>17,982<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa55\">Cash and cash equivalents<span class=\"_ _f6\"> </span>1,159<span class=\"_ _69\"> </span>1,592<span class=\"_ _5f\"> </span>882<span class=\"_ _69\"> </span>3,057<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa56\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _14f\"> </span>44,682<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>48,563<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa57\">Net assets<span class=\"_ _151\"> </span>44,682<span class=\"_ _68\"> </span>17,598<span class=\"_ _1c3\"> </span>48,563<span class=\"_ _68\"> </span>25,695<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsa58\">Derivatives notional<span class=\"_ _106\"> </span>(42,987)<span class=\"_ _1d0\"> </span>(19,360)<span class=\"_ _2a\"> </span>(47,125)<span class=\"_ _2a\"> </span>(23,860)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsa59\">Net exposure<span class=\"_ _141\"> </span>1,695<span class=\"_ _99\"> </span>(1,762)<span class=\"_ _69\"> </span>1,438<span class=\"_ _69\"> </span>1,835<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsa5a\">If the GBP exchange rate incr<span class=\"_ _1\"></span>eased by 10 percent against the above<span class=\"_ _1\"></span> currencies, the impact on Gr<span class=\"_ _1\"></span>oup profit </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gsa5b\">for the year ended 31 December 2023 would be \u00a3(0.96) million (for the year ended 31 December <span class=\"_ _1\"></span>2022: \u00a30.57 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa5c\">million) and there is no change for the Company (for the year ended 31 December 2022: \u00a30.08 million).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gsa5d\">If the GBP exchange rate increased by 10 per<span class=\"_ _1\"></span>cent against the above currencies, ther<span class=\"_ _1\"></span>e would be no impact on </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gsa5e\">the profit of the con<span class=\"_ _1\"></span>tinuing operations for the year ended 31 December 2023 (for the year ended 31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws1c gsa5f\">2022: \u00a30.57 million) and the impact on the assets held for distribution to the new parent would be \u00a3(0.96) million </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa60\">(for the year ended 31 December 2022: ni<span class=\"_ _32\"></span>l).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc0 sc0 ls0 ws0 gsa62\">c) Price risk<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsa63\">Price risk is the risk that the fair value of future cash </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsa64\">flows of a financial instrument will fluctuate because<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gsa65\">of changes in market prices (other than those aris<span class=\"_ _1\"></span><span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gsa66\">ing from inter<span class=\"_ _1\"></span>est rate risk or currency risk), whether </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gsa67\">those changes are caused by factors specific to the </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsa68\">individual financial instrument or its issuer<span class=\"_ _0\"></span>, or factors </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gsa69\">affecting similar financial instruments traded in the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gsa6a\">market. Local, regional or global events such as war<span class=\"_ _31\"></span>, </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsa6b\">acts of terrorism, the spr<span class=\"_ _1\"></span>ead of infectious illness or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gsa6c\">other public health issue, recessions, or other events </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls27 ws0 gsa6d\">could have a significant impact on the Group and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gsa6e\">market prices of its investments. This risk applies to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gsa6f\">financial instruments held by the Group, including<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws15 gsa70\">Equity Assets, Credit Assets and derivatives. Sensitiv<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsa71\">ity analysis on the Equity Assets is included in Note 9.<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gsa73\">CAPIT<span class=\"_ _0\"></span>AL MANA<span class=\"_ _1\"></span>GEMENT<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gsa74\">The Group manages its capital to<span class=\"_ _1\"></span> ensure that the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws15 gsa75\">Group and its subsidiaries have suf<span class=\"_ _1\"></span>ficient capital and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1a ws0 gsa76\">the optimum combination of debt and equity<span class=\"_ _0\"></span>. The </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gsa77\">Group also manages its capital position to ensur<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gsa78\">compliance with capital requir<span class=\"_ _1\"></span>ements imposed by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls14 ws0 gsa79\">the Financial Conduct Authority (\u201cFCA\u201d) on certain </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa7a\">subsidiaries within the Group. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gsa7b\">The Group monitors capital using a ratio of debt to<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gsa7c\">equity<span class=\"_ _0\"></span>. Debt is calculated as total interest-bearing<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws3b gsa7d\">borrowings (as shown in the Consolidated Statement </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gsa7e\">of Financial Position). The Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _0\"></span>s net debt to tangi<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls41 ws0 gsa7f\">ble equity ratio was 54 per cent as at 31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws83 gsa80\">2023 (31 December 2022: 69 per cent). It is less than </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa81\">the borrowing limit of 100 per cent set by the Boar<span class=\"_ _1\"></span>d.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls19 ws0 gsa82\">The Company held a minimum share capital of<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsa83\">\u00a350,000 throughout the year<span class=\"_ _31\"></span>. The Company was no </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gsa84\">longer requir<span class=\"_ _1\"></span>ed to meet this after it had converted to </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gsa85\">a private company<span class=\"_ _0\"></span>, which occurred on 14 February<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa86\">2024.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls13 ws0 gsa87\">During the year the Group was fully compliant with<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gsa88\">regulatory capital r<span class=\"_ _1\"></span>equirements and the covenants<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa89\">on its debt facilities. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "<div class=\"t m0 hc ff1 fs1 fc1 sc0 ls16 ws0 gsa8b\">LIQUIDITY<span class=\"_ _1\"></span> RISK<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls43 ws0 gsa8c\">Liquidity risk is the risk that the Group will be unable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws37 gsa8d\">to meet its obligations in respect of financial liabilities </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa8e\">as they fall due.   </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gsa8f\">The Group manages its liquid r<span class=\"_ _1\"></span>esources to ensur<span class=\"_ _1\"></span>e </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1e ws0 gsa90\">sufficient cash is available to meet its expected<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gsa91\">contractual commitments both under normal and<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4f ws0 gsa92\">stressed conditions<span class=\"_ _1\"></span>, without incurring unacceptable </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws1a gsa93\">losses or risking damage to its reputation. It monitors </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls29 ws0 gsa94\">the level of short-term funding and balances the<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws76 gsa95\">need for access to short-term funding, with the long-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa96\">term funding needs of the Group.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2e ws0 gsa97\">The Group has the power<span class=\"_ _31\"></span>, under its Articles of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls10 ws0 gsa98\">Association, to take out both short and long-term </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls23 ws0 gsa99\">borrowings subject to a maximum value of 100 per<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsa9a\">cent of its share capital and r<span class=\"_ _1\"></span>eserves.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls24 ws0 gsa9b\">As at 31 December 2023 the Group had committed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gsa9c\">debt facilities totalling \u00a3235.4 million (31 December<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1c ws0 gsa9d\">2022: \u00a3264.6 million) with maturity dates ranging<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gsa9e\">from October 2024 <span class=\"_ _1\"></span>to December 2071. The facilities </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls22 ws0 gsa9f\">include a term and revolving facility secur<span class=\"_ _1\"></span>ed on a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsaa0\">range of assets. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gsaa1\">As at 31 December 2023 the Group and Company<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gsaa2\">had a committed debt facility totalling \u00a3170.0 million </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsaa3\">(31 December 2022: \u00a3170.0 million) with a maturity </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4c ws0 gsaa4\">date of 4 September 2025. This facility includes a </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gsaa5\">term and revolving facility secur<span class=\"_ _1\"></span>ed on a range of<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gsaa6\">assets.  The facility starts amortising from 4 Sep<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gsaa7\">tember 2024. The Group also has a \u00a354.9 million<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gsaa8\">amortising facility that matures 30 October 2024.<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gsaa9\">The facility is structured as run-of<span class=\"_ _1\"></span>f financing in that </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gsaaa\">the debt will paydown over the term of the facility<span class=\"_ _0\"></span>. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls6 ws0 gsaab\">The Group also has <span class=\"_ _1\"></span>a  \u00a310.6 million (31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls7 ws0 gsaac\">2022: \u00a318.0 million) amortising term loan with a<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsaad\">48-year term. Further details of the Company\u2019<span class=\"_ _31\"></span>s and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsaae\">Group\u2019<span class=\"_ _31\"></span>s debt facilities are in note 11. </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls56 ws0 gsaaf\">The Group utilises its tr<span class=\"_ _1\"></span>easury system data such<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5 ws0 gsab0\">as live cash balance, debt balances and upcoming </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsb ws0 gsab1\">payment obligations in order to monitor liquidity on<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsab2\">an ongoing basis.   </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws2d gsab4\">The tables below show the cash flows of the Group\u2019<span class=\"_ _31\"></span>s and Company\u2019<span class=\"_ _31\"></span>s financial assets and liabilities on an undis<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsab5\">counted basis by contractual maturity:<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsab6\">As at 31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsab7\">Group<span class=\"_ _1e6\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsab8\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsab9\">3-12 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaba\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsabb\">1-5 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsabc\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsabd\">5+ years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsabe\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsabf\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsac0\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac1\">Credit Assets at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac2\">amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac3\">72,218<span class=\"_ _93\"> </span>103,751<span class=\"_ _e5\"> </span>239,781<span class=\"_ _99\"> </span>24,729<span class=\"_ _e5\"> </span>440,479<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac4\">Investment Assets at  </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac5\">fair value through pr<span class=\"_ _1\"></span>ofit </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac6\">or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac7\">-<span class=\"_ _99\"> </span>13,137<span class=\"_ _68\"> </span>62,751<span class=\"_ _68\"> </span>12,332<span class=\"_ _99\"> </span>88,220<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac8\">Receivables<span class=\"_ _ed\"> </span>5,569<span class=\"_ _e8\"> </span>9,922<span class=\"_ _e8\"> </span>2,451<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>17,942<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsac9\">Cash and cash </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsaca\">equivalents<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsacb\">19,747<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>19,747<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsacc\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _16f\"> </span>97,534<span class=\"_ _93\"> </span>126,810<span class=\"_ _e5\"> </span>304,983<span class=\"_ _99\"> </span>37,061<span class=\"_ _e5\"> </span>566,388<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsacd\">Liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsace\">Payables<span class=\"_ _70\"> </span>(14,042)<span class=\"_ _dd\"> </span>(3,314)<span class=\"_ _df\"> </span>(1,793)<span class=\"_ _81\"> </span>-<span class=\"_ _1d0\"> </span>(19,149)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsacf\">Interest-bearing </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsad0\">borrowings<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsad1\">(2,052)<span class=\"_ _c6\"> </span>(130,686)<span class=\"_ _1d0\"> </span>(74,912)<span class=\"_ _df\"> </span>(3,114)<span class=\"_ _c6\"> </span>(210,764)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad2\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _85\"> </span>(16,094)<span class=\"_ _d1\"> </span>(134,000)<span class=\"_ _93\"> </span>(76,705)<span class=\"_ _19e\"> </span>(3,114)<span class=\"_ _d1\"> </span>(229,913)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad3\">As at 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad4\">Group<span class=\"_ _1e6\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad5\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad6\">3-12 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad7\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad8\">1-5 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsad9\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsada\">5+ years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsadb\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsadc\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsadd\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsade\">Credit Assets at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsadf\">amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae0\">-<span class=\"_ _93\"> </span>126,504<span class=\"_ _e5\"> </span>380,426<span class=\"_ _99\"> </span>26,231<span class=\"_ _e5\"> </span>533,161<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae1\">Investment Assets at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae2\">fair value through pr<span class=\"_ _1\"></span>ofit </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae3\">or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae4\">-<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>14,760<span class=\"_ _99\"> </span>49,746<span class=\"_ _68\"> </span>64,506<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae5\">Receivables<span class=\"_ _ed\"> </span>7,601<span class=\"_ _e8\"> </span>2,481<span class=\"_ _e8\"> </span>2,788<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>12,870<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae6\">Cash and cash </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae7\">equivalents<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsae8\">23,303<span class=\"_ _81\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>23,303<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsae9\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _16f\"> </span>30,904<span class=\"_ _93\"> </span>128,985<span class=\"_ _e5\"> </span>397,974<span class=\"_ _99\"> </span>75,977<span class=\"_ _e5\"> </span>633,840<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaea\">Liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsaeb\">Payables<span class=\"_ _70\"> </span>(15,073)<span class=\"_ _df\"> </span>(1,684)<span class=\"_ _1c3\"> </span>(2,464)<span class=\"_ _d9\"> </span>-<span class=\"_ _1d0\"> </span>(19,221)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsaec\">Interest-bearing </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsaed\">borrowings<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsaee\">-<span class=\"_ _1d0\"> </span>(30,000)<span class=\"_ _192\"> </span>      (216,563)<span class=\"_ _2a\"> </span>(18,050)<span class=\"_ _c6\"> </span>(264,613)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaef\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _1e2\"> </span>(15,073)<span class=\"_ _15\"> </span>(31,684)<span class=\"_ _d1\"> </span>(219,027)<span class=\"_ _93\"> </span>(18,050)<span class=\"_ _90\"> </span>(283,834)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf1\">As at 31 December 2023<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf2\">Company<span class=\"_ _81\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf3\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf4\">3-12 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf5\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf6\">1-5 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf7\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf8\">5+ years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsaf9\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsafa\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsafb\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsafc\">Credit Assets at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsafd\">amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsafe\">72,218<span class=\"_ _e5\"> </span>103,751<span class=\"_ _93\"> </span>239,781<span class=\"_ _68\"> </span>24,729<span class=\"_ _e5\"> </span>440,479<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsaff\">Investment Assets at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb00\">fair value through pr<span class=\"_ _1\"></span>ofit </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb01\">or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb02\">-<span class=\"_ _68\"> </span>13,137<span class=\"_ _68\"> </span>62,751<span class=\"_ _68\"> </span>12,332<span class=\"_ _68\"> </span>88,220<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb03\">Receivables<span class=\"_ _f8\"> </span>1,162<span class=\"_ _69\"> </span>3,613<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _69\"> </span>4,775<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb04\">Cash and cash </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb05\">equivalents<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb06\">14,402<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>14,402<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb07\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _55\"> </span>87,782<span class=\"_ _93\"> </span>120,501 <span class=\"_ _e0\"> </span>302,532<span class=\"_ _68\"> </span>37,061<span class=\"_ _e5\"> </span>547,876<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb08\">Liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb09\">Payables<span class=\"_ _1e7\"> </span>(4,182)<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _dd\"> </span>(4,182)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb0a\">Interest-bearing </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb0b\">borrowings<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb0c\">-<span class=\"_ _1d0\"> </span>(70,282)<span class=\"_ _2a\"> </span>(74,912)<span class=\"_ _81\"> </span>-<span class=\"_ _de\"> </span>(145,194)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb0d\">Deemed loan<span class=\"_ _71\"> </span>-<span class=\"_ _1d0\"> </span>(60,412)<span class=\"_ _d9\"> </span>-<span class=\"_ _df\"> </span>(3,114)<span class=\"_ _1d0\"> </span>(63,526)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb0e\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _17f\"> </span>(4,182)<span class=\"_ _d1\"> </span>(130,694)<span class=\"_ _93\"> </span>(74,912)<span class=\"_ _99\"> </span>(3,114)<span class=\"_ _d1\"> </span>(212,902)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb0f\">As at 31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb10\">Company<span class=\"_ _81\"> </span>&lt;3 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb11\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb12\">3-12 months<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb13\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb14\">1-5 years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb15\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb16\">5+ years<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb17\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb18\">T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb19\">\u00a3\u2019000<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb1a\">Credit Assets at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb1b\">amortised cost<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb1c\">-<span class=\"_ _e5\"> </span>126,504<span class=\"_ _93\"> </span>380,426<span class=\"_ _68\"> </span>26,231<span class=\"_ _e5\"> </span>533,161<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb1d\">Investment Assets at </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb1e\">fair value through pr<span class=\"_ _1\"></span>ofit </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb1f\">or loss<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb20\">-<span class=\"_ _81\"> </span>-<span class=\"_ _68\"> </span>13,897<span class=\"_ _68\"> </span>48,956<span class=\"_ _68\"> </span>62,853<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb21\">Receivables<span class=\"_ _f8\"> </span>3,831<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _69\"> </span>3,831<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb22\">Cash and cash </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb23\">equivalents<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb24\">18,229<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _68\"> </span>18,229<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb25\">T<span class=\"_ _31\"></span>otal assets<span class=\"_ _55\"> </span>22,060<span class=\"_ _93\"> </span>126,504<span class=\"_ _e5\"> </span>394,323<span class=\"_ _68\"> </span>75,187<span class=\"_ _e5\"> </span>618,074<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb26\">Liabilities<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb27\">Payables<span class=\"_ _1e7\"> </span>(5,174)<span class=\"_ _81\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _d9\"> </span>-<span class=\"_ _dd\"> </span>(5,174)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb28\">Interest-bearing </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb29\">borrowings<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb2a\">-<span class=\"_ _1d0\"> </span>(30,000)<span class=\"_ _33\"> </span>      (140,000)<span class=\"_ _81\"> </span>- <span class=\"_ _7e\"> </span>(170,000)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb2b\">Deemed loan<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb2c\">1,229 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb2d\">-<span class=\"_ _1d0\"> </span>(76,563)<span class=\"_ _2a\"> </span>(18,050)<span class=\"_ _1d0\"> </span>(93,384)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb2e\">T<span class=\"_ _31\"></span>otal liabilities<span class=\"_ _17f\"> </span>(3,945)<span class=\"_ _93\"> </span>(30,000)<span class=\"_ _d1\"> </span>(216,563)<span class=\"_ _93\"> </span>(18,050)<span class=\"_ _d1\"> </span>(268,558)<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-26": {
   "value": "24. Cash and Cash Equivalen<span class=\"_ _1\"></span>ts<span class=\"_ _1f9\"> </span>On 11 October 2023, the Group classi<span class=\"_ _1\"></span>fied the cash and cash equivalent arising within Pollen Street Capital<span class=\"_ _1\"></span> Holdings Limited and its subsidiaries as assets held for distribution to the new parent. See Notes 1, 2 and 5 for further information.<span class=\"_ _1f9\"> </span>Cash and cash equivalents consist of cash at bank and in hand.<span class=\"_ _1f9\"> </span>As at 31 December 2023<span class=\"_ _f\"> </span>As at 31 December 2022 Continuing<span class=\"_ _1f9\"> </span>Operations<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>For <span class=\"_ _d\"></span> Distribution<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal<span class=\"_ _1f9\"> </span>\u00a3\u2019000<span class=\"_ _1f9\"> </span>Continuing<span class=\"_ _1f9\"> </span>Operations \u00a3\u2019000<span class=\"_ _1f9\"> </span>T<span class=\"_ _31\"></span>otal \u00a3\u2019000<span class=\"_ _1f9\"> </span>Group cash at bank<span class=\"_ _95\"> </span>18,550<span class=\"_ _62\"> </span>1,196<span class=\"_ _9c\"> </span>19,746<span class=\"_ _ea\"> </span>23,303<span class=\"_ _45\"> </span>23,303<span class=\"_ _1f9\"> </span>Company cash at bank<span class=\"_ _67\"> </span>14,402<span class=\"_ _61\"> </span>-<span class=\"_ _9c\"> </span>14,402<span class=\"_ _1e1\"> </span>18,229<span class=\"_ _9c\"> </span>18,229<span class=\"_ _1f9\"> </span>Cash and cash equivalents comprise cash at bank including restricted cash that is held in r<span class=\"_ _1\"></span>eserve as part of the Group\u2019<span class=\"_ _31\"></span>s borrowing arrangements. The Gr<span class=\"_ _1\"></span>oup\u2019<span class=\"_ _31\"></span>s cash balances are generally held in call accounts with funds available on a same day basis and earn interest at the corresponding short-term inter<span class=\"_ _1\"></span>est rates. The amount held in reserve for the continuing operations as at 31 December 2023 was \u00a33.4 million (31 Decem<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>ber 2022: \u00a32.4 million).  No amounts were held in r<span class=\"_ _1\"></span>eserve for assets held for distribution to the new parent (31 December 2022: nil).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-27": {
   "value": "25. Deemed Loan The Company has two deemed loans as at 31 December 2023 (31 December 2022: two). Deemed loans only relate to the Company as they relate to loans originated by the Company and subsequently sold to a special purpose entity. The table below shows the deemed loans: Company For the year ended  31 December 2023 \u00a3\u2019000 For the year ended  31 December 2022 \u00a3\u2019000 Opening balance 93,036 82,326 Novations/(Redemptions) (29,510) 10,710 Closing balance 63,526 93,036",
   "dimensions": {
    "concept": "pollenstreetplc:DisclosureOfDeemedLoan",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-515": {
   "value": "<div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls0 ws0 gsb73\">26. Ordinary Shar<span class=\"_ _1\"></span>e Capital<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws1c gsb74\">The table below details the issued share capital of the Company<span class=\"_ _31\"></span>. On 8 December 2023, the Company cancelled<span class=\"_ _32\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5e ws0 gsb75\">its treasury shar<span class=\"_ _1\"></span>es.  There wer<span class=\"_ _1\"></span>e no other movements in share issuances by the Company in the year ended 31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb76\">December 2023.<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gsb77\">For the year ended 31 December 2022, the Company issued 29,472,663 of shar<span class=\"_ _1\"></span>es on 30 September 2022 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3b ws0 gsb78\">with a total value of \u00a3235,781,304, which was valued at the market price of \u00a38.00 per share using the closing </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls44 ws0 gsb79\">share price as at 29 September 2022 being the date on which the terms of the i<span class=\"_ _1\"></span>ssue were fixed. The nominal </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls42 ws0 gsb7a\">value of \u00a30.01 per share totalled \u00a3294,727 and was r<span class=\"_ _1\"></span>ecognised in ordinary shar<span class=\"_ _1\"></span>e capital. The remaining value </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gsb7b\">of the shares of \u00a3235,486,577 was r<span class=\"_ _1\"></span>ecognised in Merger Reserves. The costs associated with the issuance of </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws8 gsb7c\">shares of \u00a310,216,400 wer<span class=\"_ _1\"></span>e presented in merger r<span class=\"_ _1\"></span>eserves in the Statement of Financial Position and Statement </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb7d\">of Changes in Shareholders\u2019 Funds. </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb7e\">No. Issued, allotted and fully paid </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb7f\">ordinary shar<span class=\"_ _1\"></span>es of \u00a30.01 each<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb80\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb81\">31 December 2023 </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb82\">For the year ended <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb83\">31 December 2022<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb84\">Opening number of shares<span class=\"_ _194\"> </span>64,209,597<span class=\"_ _133\"> </span>35,259,741<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb85\">Shares issued during the year<span class=\"_ _1ed\"> </span>-<span class=\"_ _72\"> </span>29,472,663<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb86\">Number of shares bought back<span class=\"_ _13c\"> </span>-<span class=\"_ _82\"> </span>(522,807)<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb87\">Closing number of shares<span class=\"_ _7d\"> </span>64,209,597<span class=\"_ _133\"> </span>64,209,597<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb88\">Shares in issue at <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws8c gsb89\">1 <span class=\"_ _d6\"> </span>January <span class=\"_ _10\"> </span>2023                        </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb8a\">Cancellation of <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb8b\">treasury shar<span class=\"_ _1\"></span>es<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb8c\">Shares in issue at </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb8d\">31 December 2023 </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb8e\">Ordinary shar<span class=\"_ _1\"></span>es<span class=\"_ _1b9\"> </span>64,209,597<span class=\"_ _104\"> </span>-<span class=\"_ _7b\"> </span>64,209,597<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb8f\">T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es<span class=\"_ _fc\"> </span>4,712,985<span class=\"_ _1db\"> </span>(4,712,985)<span class=\"_ _104\"> </span>-<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb90\">Shares in <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb91\">issue at <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws8c gsb92\">1 <span class=\"_ _d6\"> </span>January <span class=\"_ _10\"> </span>2022                         </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb93\">Shares issued <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb94\">during the year<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb95\">Buyback of<span class=\"_ _1f9\"> </span></div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws8c gsb96\">Ordinary <span class=\"_ _d6\"> </span>Shares   </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb97\">Shares in <span class=\"_ _d\"></span> </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb98\">issue at </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws0 gsb99\">31 December </div><div class=\"t m0 h19 ff19 fs7 fc5 sc0 ls0 ws8c gsb9a\">2022  </div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb9b\">Ordinary shar<span class=\"_ _1\"></span>es<span class=\"_ _67\"> </span>35,259,741<span class=\"_ _62\"> </span>29,472,663<span class=\"_ _a1\"> </span>(522,807)<span class=\"_ _da\"> </span>64,209,597<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc5 sc0 ls0 ws0 gsb9c\">T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es<span class=\"_ _a5\"> </span>4,190,178<span class=\"_ _b9\"> </span>-<span class=\"_ _150\"> </span>522,807<span class=\"_ _1b5\"> </span>4,712,985<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls11 ws0 gsb9d\">The nominal value of ordinary shar<span class=\"_ _1\"></span>es as at 31 December 2023 was \u00a30.6 million (31 December 2023: <span class=\"_ _2f\"></span><span class=\"ls0\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsb9e\">\u00a30.6 million).<span class=\"_ _1f9\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "26. Ordinary Shar<span class=\"_ _1\"></span>e Capital<span class=\"_ _1f9\"> </span>The table below details the issued share capital of the Company<span class=\"_ _31\"></span>. On 8 December 2023, the Company cancelled<span class=\"_ _32\"></span> its treasury shar<span class=\"_ _1\"></span>es.  There wer<span class=\"_ _1\"></span>e no other movements in share issuances by the Company in the year ended 31 December 2023.<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022, the Company issued 29,472,663 of shar<span class=\"_ _1\"></span>es on 30 September 2022 with a total value of \u00a3235,781,304, which was valued at the market price of \u00a38.00 per share using the closing share price as at 29 September 2022 being the date on which the terms of the i<span class=\"_ _1\"></span>ssue were fixed. The nominal value of \u00a30.01 per share totalled \u00a3294,727 and was r<span class=\"_ _1\"></span>ecognised in ordinary shar<span class=\"_ _1\"></span>e capital. The remaining value of the shares of \u00a3235,486,577 was r<span class=\"_ _1\"></span>ecognised in Merger Reserves. The costs associated with the issuance of shares of \u00a310,216,400 wer<span class=\"_ _1\"></span>e presented in merger r<span class=\"_ _1\"></span>eserves in the Statement of Financial Position and Statement of Changes in Shareholders\u2019 Funds. No. Issued, allotted and fully paid ordinary shar<span class=\"_ _1\"></span>es of \u00a30.01 each<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023 For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Opening number of shares<span class=\"_ _194\"> </span>64,209,597<span class=\"_ _133\"> </span>35,259,741<span class=\"_ _1f9\"> </span>Shares issued during the year<span class=\"_ _1ed\"> </span>-<span class=\"_ _72\"> </span>29,472,663<span class=\"_ _1f9\"> </span>Number of shares bought back<span class=\"_ _13c\"> </span>-<span class=\"_ _82\"> </span>(522,807)<span class=\"_ _1f9\"> </span>Closing number of shares<span class=\"_ _7d\"> </span>64,209,597<span class=\"_ _133\"> </span>64,209,597<span class=\"_ _1f9\"> </span>Shares in issue at <span class=\"_ _d\"></span> 1 <span class=\"_ _d6\"> </span>January <span class=\"_ _10\"> </span>2023                        Cancellation of <span class=\"_ _d\"></span> treasury shar<span class=\"_ _1\"></span>es<span class=\"_ _1f9\"> </span>Shares in issue at 31 December 2023 Ordinary shar<span class=\"_ _1\"></span>es<span class=\"_ _1b9\"> </span>64,209,597<span class=\"_ _104\"> </span>-<span class=\"_ _7b\"> </span>64,209,597<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es<span class=\"_ _fc\"> </span>4,712,985<span class=\"_ _1db\"> </span>(4,712,985)<span class=\"_ _104\"> </span>-<span class=\"_ _1f9\"> </span>Shares in <span class=\"_ _d\"></span> issue at <span class=\"_ _d\"></span> 1 <span class=\"_ _d6\"> </span>January <span class=\"_ _10\"> </span>2022                         Shares issued <span class=\"_ _d\"></span> during the year<span class=\"_ _1f9\"> </span>Buyback of<span class=\"_ _1f9\"> </span>Ordinary <span class=\"_ _d6\"> </span>Shares   Shares in <span class=\"_ _d\"></span> issue at 31 December 2022  Ordinary shar<span class=\"_ _1\"></span>es<span class=\"_ _67\"> </span>35,259,741<span class=\"_ _62\"> </span>29,472,663<span class=\"_ _a1\"> </span>(522,807)<span class=\"_ _da\"> </span>64,209,597<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es<span class=\"_ _a5\"> </span>4,190,178<span class=\"_ _b9\"> </span>-<span class=\"_ _150\"> </span>522,807<span class=\"_ _1b5\"> </span>4,712,985<span class=\"_ _1f9\"> </span>The nominal value of ordinary shar<span class=\"_ _1\"></span>es as at 31 December 2023 was \u00a30.6 million (31 December 2023: <span class=\"_ _2f\"></span><span class=\"ls0\"> </span>\u00a30.6 million).<span class=\"_ _1f9\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-28": {
   "value": "26. Ordinary Shar<span class=\"_ _1\"></span>e Capital<span class=\"_ _1f9\"> </span>The table below details the issued share capital of the Company<span class=\"_ _31\"></span>. On 8 December 2023, the Company cancelled<span class=\"_ _32\"></span> its treasury shar<span class=\"_ _1\"></span>es.  There wer<span class=\"_ _1\"></span>e no other movements in share issuances by the Company in the year ended 31 December 2023.<span class=\"_ _1f9\"> </span>For the year ended 31 December 2022, the Company issued 29,472,663 of shar<span class=\"_ _1\"></span>es on 30 September 2022 with a total value of \u00a3235,781,304, which was valued at the market price of \u00a38.00 per share using the closing share price as at 29 September 2022 being the date on which the terms of the i<span class=\"_ _1\"></span>ssue were fixed. The nominal value of \u00a30.01 per share totalled \u00a3294,727 and was r<span class=\"_ _1\"></span>ecognised in ordinary shar<span class=\"_ _1\"></span>e capital. The remaining value of the shares of \u00a3235,486,577 was r<span class=\"_ _1\"></span>ecognised in Merger Reserves. The costs associated with the issuance of shares of \u00a310,216,400 wer<span class=\"_ _1\"></span>e presented in merger r<span class=\"_ _1\"></span>eserves in the Statement of Financial Position and Statement of Changes in Shareholders\u2019 Funds. No. Issued, allotted and fully paid ordinary shar<span class=\"_ _1\"></span>es of \u00a30.01 each<span class=\"_ _1f9\"> </span>For the year ended <span class=\"_ _d\"></span> 31 December 2023 For the year ended <span class=\"_ _d\"></span> 31 December 2022<span class=\"_ _1f9\"> </span>Opening number of shares<span class=\"_ _194\"> </span>64,209,597<span class=\"_ _133\"> </span>35,259,741<span class=\"_ _1f9\"> </span>Shares issued during the year<span class=\"_ _1ed\"> </span>-<span class=\"_ _72\"> </span>29,472,663<span class=\"_ _1f9\"> </span>Number of shares bought back<span class=\"_ _13c\"> </span>-<span class=\"_ _82\"> </span>(522,807)<span class=\"_ _1f9\"> </span>Closing number of shares<span class=\"_ _7d\"> </span>64,209,597<span class=\"_ _133\"> </span>64,209,597<span class=\"_ _1f9\"> </span>Shares in issue at <span class=\"_ _d\"></span> 1 <span class=\"_ _d6\"> </span>January <span class=\"_ _10\"> </span>2023                        Cancellation of <span class=\"_ _d\"></span> treasury shar<span class=\"_ _1\"></span>es<span class=\"_ _1f9\"> </span>Shares in issue at 31 December 2023 Ordinary shar<span class=\"_ _1\"></span>es<span class=\"_ _1b9\"> </span>64,209,597<span class=\"_ _104\"> </span>-<span class=\"_ _7b\"> </span>64,209,597<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es<span class=\"_ _fc\"> </span>4,712,985<span class=\"_ _1db\"> </span>(4,712,985)<span class=\"_ _104\"> </span>-<span class=\"_ _1f9\"> </span>Shares in <span class=\"_ _d\"></span> issue at <span class=\"_ _d\"></span> 1 <span class=\"_ _d6\"> </span>January <span class=\"_ _10\"> </span>2022                         Shares issued <span class=\"_ _d\"></span> during the year<span class=\"_ _1f9\"> </span>Buyback of<span class=\"_ _1f9\"> </span>Ordinary <span class=\"_ _d6\"> </span>Shares   Shares in <span class=\"_ _d\"></span> issue at 31 December 2022  Ordinary shar<span class=\"_ _1\"></span>es<span class=\"_ _67\"> </span>35,259,741<span class=\"_ _62\"> </span>29,472,663<span class=\"_ _a1\"> </span>(522,807)<span class=\"_ _da\"> </span>64,209,597<span class=\"_ _1f9\"> </span>T<span class=\"_ _0\"></span>reasury shar<span class=\"_ _1\"></span>es<span class=\"_ _a5\"> </span>4,190,178<span class=\"_ _b9\"> </span>-<span class=\"_ _150\"> </span>522,807<span class=\"_ _1b5\"> </span>4,712,985<span class=\"_ _1f9\"> </span>The nominal value of ordinary shar<span class=\"_ _1\"></span>es as at 31 December 2023 was \u00a30.6 million (31 December 2023: <span class=\"_ _2f\"></span><span class=\"ls0\"> </span>\u00a30.6 million).<span class=\"_ _1f9\"> </span>27<span class=\"_ _31\"></span>. Other<span class=\"_ _1\"></span> R<span class=\"_ _1\"></span>eserves<span class=\"_ _1f9\"> </span>On 21 March 2016, the Company cancelled it shar<span class=\"_ _1\"></span>e premium account, following shar<span class=\"_ _1\"></span>eholder and court approval. Accor<span class=\"_ _1\"></span>dingly<span class=\"_ _0\"></span>, \u00a398.1 million, previously held in the share pr<span class=\"_ _1\"></span>emium account, was transferred to<span class=\"_ _1\"></span> the Special Distributable Reserve in 2015. On 21<span class=\"_ _1\"></span> November 2023, the Company cancelled its share<span class=\"_ _1\"></span> premium account again, following shar<span class=\"_ _1\"></span>eholder and court approval. Accor<span class=\"_ _1\"></span>dingly<span class=\"_ _0\"></span>, \u00a3299.6 million, previously held in the share pr<span class=\"_ _1\"></span>emium account, was transferred to the Special Distributable Reserve in 2023. As at 31 December 2023 the special distributable reserve balance was \u00a3351.6 million (31 December 2022:<span class=\"_ _1\"></span> \u00a352.0 million). Following completion of the Scheme, the Company<span class=\"_ _1\"></span> is no longer subject to the Association of Investment Company requir<span class=\"_ _1\"></span>ements to show the Revenue and Capital reserves. As such, the two r<span class=\"_ _1\"></span>eserves were r<span class=\"_ _1\"></span>eal<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>located to a newly created r<span class=\"_ _1\"></span>etained earnings reserve on 31 December 2023. As at 31 December 2023,<span class=\"_ _1\"></span> the Group had a r<span class=\"_ _1\"></span>etained earnings reserve balance of \u00a38.6 million and the Company had a retained earnings reserve balance of \u00a30.3 million. Merger Reserves include the additional reserves<span class=\"_ _1\"></span> accounted for as part of the acquisition that occurred during 2022. The Merger Reserve also includes the costs associated with the issuance of shares. The Foreign Curr<span class=\"_ _1\"></span>ency T<span class=\"_ _0\"></span>ranslation Reserve reflects the foreign exchange dif<span class=\"_ _1\"></span>ferences arising on translation<span class=\"_ _1\"></span> that are r<span class=\"_ _1\"></span>ecognised in the Consolidated Statement of Comprehensive Income.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "27<span class=\"_ _31\"></span>. Other<span class=\"_ _1\"></span> R<span class=\"_ _1\"></span>eserves<span class=\"_ _1f9\"> </span>On 21 March 2016, the Company cancelled it shar<span class=\"_ _1\"></span>e premium account, following shar<span class=\"_ _1\"></span>eholder and court approval. Accor<span class=\"_ _1\"></span>dingly<span class=\"_ _0\"></span>, \u00a398.1 million, previously held in the share pr<span class=\"_ _1\"></span>emium account, was transferred to<span class=\"_ _1\"></span> the Special Distributable Reserve in 2015. On 21<span class=\"_ _1\"></span> November 2023, the Company cancelled its share<span class=\"_ _1\"></span> premium account again, following shar<span class=\"_ _1\"></span>eholder and court approval. Accor<span class=\"_ _1\"></span>dingly<span class=\"_ _0\"></span>, \u00a3299.6 million, previously held in the share pr<span class=\"_ _1\"></span>emium account, was transferred to the Special Distributable Reserve in 2023. As at 31 December 2023 the special distributable reserve balance was \u00a3351.6 million (31 December 2022:<span class=\"_ _1\"></span> \u00a352.0 million). Following completion of the Scheme, the Company<span class=\"_ _1\"></span> is no longer subject to the Association of Investment Company requir<span class=\"_ _1\"></span>ements to show the Revenue and Capital reserves. As such, the two r<span class=\"_ _1\"></span>eserves were r<span class=\"_ _1\"></span>eal<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>located to a newly created r<span class=\"_ _1\"></span>etained earnings reserve on 31 December 2023. As at 31 December 2023,<span class=\"_ _1\"></span> the Group had a r<span class=\"_ _1\"></span>etained earnings reserve balance of \u00a38.6 million and the Company had a retained earnings reserve balance of \u00a30.3 million. Merger Reserves include the additional reserves<span class=\"_ _1\"></span> accounted for as part of the acquisition that occurred during 2022. The Merger Reserve also includes the costs associated with the issuance of shares. The Foreign Curr<span class=\"_ _1\"></span>ency T<span class=\"_ _0\"></span>ranslation Reserve reflects the foreign exchange dif<span class=\"_ _1\"></span>ferences arising on translation<span class=\"_ _1\"></span> that are r<span class=\"_ _1\"></span>ecognised in the Consolidated Statement of Comprehensive Income",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-29": {
   "value": "28. Net <span class=\"_ _0\"></span>Asset <span class=\"_ _1\"></span>V<span class=\"_ _31\"></span>alue P<span class=\"_ _1\"></span>er<span class=\"_ _1\"></span> Ordinary Shar<span class=\"_ _1\"></span>e<span class=\"_ _1f9\"> </span>The following table shows the net asset value per ordinary shar<span class=\"_ _1\"></span>e:<span class=\"_ _1f9\"> </span>The Group net asset value per or<span class=\"_ _1\"></span>dinary share as at 31 December 2023 is based on net assets at the<span class=\"_ _1\"></span> year<span class=\"_ _1\"></span>-end of \u00a3585.8 million (31 December 2022:<span class=\"_ _1\"></span> \u00a3577.5 million) and or<span class=\"_ _1\"></span>dinary shares of 64,209,597<span class=\"_ _1\"></span> (31 December 2022: 64,209,597) in issue at the year<span class=\"_ _1\"></span>-<span class=\"_ _1f9\"> </span>end. The Company net asset value per ordinary shar<span class=\"_ _1\"></span>e as at 31 December 2023 is based on net assets at the year<span class=\"_ _1\"></span>-end of \u00a3577.8 million (31 Dec<span class=\"_ _1\"></span>ember 2022: \u00a3579.3 million) and ordinary shar<span class=\"_ _1\"></span>es of 64,209,597 (31 December 2022: 64,209,597) in issue at the year<span class=\"_ _1\"></span>-end. <span class=\"_ _39\"></span> Group<span class=\"_ _1ee\"> </span>As at 31 December 2023 <span class=\"_ _12d\"> </span>As at 31 December 2022 Net asset value per ordinary shar<span class=\"_ _1\"></span>e pence<span class=\"_ _43\"> </span>912.4<span class=\"_ _1a6\"> </span>899.5p<span class=\"_ _1f9\"> </span>Net assets attributable \u00a3\u2019000<span class=\"_ _ca\"> </span>585,828<span class=\"_ _1aa\"> </span>577,539<span class=\"_ _1f9\"> </span>Company<span class=\"_ _1c4\"> </span>As at 31 December 2023 <span class=\"_ _12d\"> </span>As at 31 December 2022 Net asset value per ordinary shar<span class=\"_ _1\"></span>e pence<span class=\"_ _43\"> </span>899.9<span class=\"_ _1a6\"> </span>902.2p<span class=\"_ _1f9\"> </span>Net assets attributable \u00a3\u2019000<span class=\"_ _ca\"> </span>577,833<span class=\"_ _1aa\"> </span>579,324",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "<div class=\"t m0 h5 ff2 fs3 fc0 sc0 ls2 ws0 gsba0\">29<span class=\"_ _1\"></span>. Contingent Liabilities and Capital<span class=\"_ _1\"></span> Commitments<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse wsf gsba1\">As at 31 December 2023 there wer<span class=\"_ _1\"></span>e no contingent lia<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gsba2\">bilities or capital commitments for the Group or Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gsba3\">pany (31 December 2022: none). As at 31 December </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gsba4\">2023 the Group and Company had \u00a36.3 million (31<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws3d gsba5\">December 2022: \u00a388.9 million) of undrawn committed </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gsba6\">structured cr<span class=\"_ _1\"></span>edit facilities and undrawn commitments </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsba7\">in relation to secur<span class=\"_ _1\"></span>ed real estate loans of \u00a335.6 million </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsba8\">(31 December 2022: \u00a399.1 million).  </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsd ws0 gsba9\">The Group and Company Cr<span class=\"_ _1\"></span>edit Assets at fair value </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsbaa\">through pr<span class=\"_ _1\"></span>ofit and loss include investments made into </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsbab\">three Private Cr<span class=\"_ _1\"></span>edit funds that are also managed or </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsbac\">advised by the Group: PSC Cr<span class=\"_ _1\"></span>edit III (A) SCSp and </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gsbad\">(B) SCSp, PSC Credit (T) SCSp, one of the Eur<span class=\"_ _1\"></span>opean </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsbae\">Separately Managed Accounts (\u201cSMAs\u201d), and PSC </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2b ws0 gsbaf\">US Badger LLC, one of the US SMAs. As at 31<span class=\"_ _0\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls5a ws0 gsbb0\">December 2023, the Group held 12% of Cr<span class=\"_ _1\"></span>edit III (31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gsbb1\">December 2022: 7.5%), 1% of PSC Credit (T) SCSp </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls34 ws0 gsbb2\">(As at 31 December 2022: 1%) and 0% of PSC US </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsbb3\">Badger LLC (31 December 2022: 49%) as PSC US </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsf ws0 gsbb4\">Badger LLC was wound down during the year<span class=\"_ _0\"></span>. As </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsbb5\">at 31 December 2023, the undrawn commitment for </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls38 ws0 gsbb6\">the investment into flagship Credit III was \u00a34.7 million </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls33 ws0 gsbb7\">(31 December 2022: \u00a311.9 million), \u00a30.8 million (31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls9 ws0 gsbb8\">December 2022: \u00a30.8 million) for the investment in </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws2d gsbb9\">PSC Credit (T) SCSp and \u00a30 million for the investment </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2a ws0 gsbba\">in PSC US Badger LLC (31 December 2022: \u00a36.8<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws67 gsbbb\">million). As at 31 December 2023, the Company holds </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls2f ws0 gsbbc\">the investments in Credit III and PSC Cr<span class=\"_ _1\"></span>edit (T) SCSP </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls88 ws0 gsbbd\">(31 December 2022: the investment in PSC Credit (T) </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsbbe\">SCSp was held by a subsidiary of the Group).<span class=\"_ _1f9\"> </span></div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3c ws0 gsbbf\">The Group and Company Equity Assets at fair value </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls0 ws0 gsbc0\">through pr<span class=\"_ _1\"></span>ofit and loss includes commitments in two </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gsbc1\">private equity funds that are managed or advised by </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lsa ws0 gsbc2\">the Group: PSC Accelerator II (A) LP and PSC V (A)<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls4a ws0 gsbc3\">LP<span class=\"_ _3a\"></span>. As at 31 December 2023, the Group held 2%<span class=\"_ _1\"></span> </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3e ws0 gsbc4\">of PSC Accelerator II (A) LP\u2019<span class=\"_ _31\"></span>s total commitments (31 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws83 gsbc5\">December 2022: nil) and had drawn amounts of \u00a310.4 </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws35 gsbc6\">million and undrawn commitments in PSC Accelerator </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws37 gsbc7\">II (A) of \u00a310.5 million (31 December 2022: nil) and had </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls3a ws0 gsbc8\">5% of the total commitments in PSC V (A) LP with </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls1d ws0 gsbc9\">no amounts drawn (31 December 2022: nil) and an </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 ls37 ws0 gsbca\">undrawn commitment in PSC V (A) LP of \u00a320 million </div><div class=\"t m0 hb ff5 fs7 fc1 sc0 lse ws0 gsbcb\">(31 December 2022: nil). </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "29<span class=\"_ _1\"></span>. Contingent Liabilities and Capital<span class=\"_ _1\"></span> Commitments<span class=\"_ _1f9\"> </span>As at 31 December 2023 there wer<span class=\"_ _1\"></span>e no contingent lia<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>bilities or capital commitments for the Group or Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pany (31 December 2022: none). As at 31 December 2023 the Group and Company had \u00a36.3 million (31<span class=\"_ _1\"></span> December 2022: \u00a388.9 million) of undrawn committed structured cr<span class=\"_ _1\"></span>edit facilities and undrawn commitments in relation to secur<span class=\"_ _1\"></span>ed real estate loans of \u00a335.6 million (31 December 2022: \u00a399.1 million).  The Group and Company Cr<span class=\"_ _1\"></span>edit Assets at fair value through pr<span class=\"_ _1\"></span>ofit and loss include investments made into three Private Cr<span class=\"_ _1\"></span>edit funds that are also managed or advised by the Group: PSC Cr<span class=\"_ _1\"></span>edit III (A) SCSp and (B) SCSp, PSC Credit (T) SCSp, one of the Eur<span class=\"_ _1\"></span>opean Separately Managed Accounts (\u201cSMAs\u201d), and PSC US Badger LLC, one of the US SMAs. As at 31<span class=\"_ _0\"></span> December 2023, the Group held 12% of Cr<span class=\"_ _1\"></span>edit III (31 December 2022: 7.5%), 1% of PSC Credit (T) SCSp (As at 31 December 2022: 1%) and 0% of PSC US Badger LLC (31 December 2022: 49%) as PSC US Badger LLC was wound down during the year<span class=\"_ _0\"></span>. As at 31 December 2023, the undrawn commitment for the investment into flagship Credit III was \u00a34.7 million (31 December 2022: \u00a311.9 million), \u00a30.8 million (31 December 2022: \u00a30.8 million) for the investment in PSC Credit (T) SCSp and \u00a30 million for the investment in PSC US Badger LLC (31 December 2022: \u00a36.8<span class=\"_ _1\"></span> million). As at 31 December 2023, the Company holds the investments in Credit III and PSC Cr<span class=\"_ _1\"></span>edit (T) SCSP (31 December 2022: the investment in PSC Credit (T) SCSp was held by a subsidiary of the Group).<span class=\"_ _1f9\"> </span>The Group and Company Equity Assets at fair value through pr<span class=\"_ _1\"></span>ofit and loss includes commitments in two private equity funds that are managed or advised by the Group: PSC Accelerator II (A) LP and PSC V (A)<span class=\"_ _1\"></span> LP<span class=\"_ _3a\"></span>. As at 31 December 2023, the Group held 2%<span class=\"_ _1\"></span> of PSC Accelerator II (A) LP\u2019<span class=\"_ _31\"></span>s total commitments (31 December 2022: nil) and had drawn amounts of \u00a310.4 million and undrawn commitments in PSC Accelerator II (A) of \u00a310.5 million (31 December 2022: nil) and had 5% of the total commitments in PSC V (A) LP with no amounts drawn (31 December 2022: nil) and an undrawn commitment in PSC V (A) LP of \u00a320 million (31 December 2022: nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-30": {
   "value": "29<span class=\"_ _1\"></span>. Contingent Liabilities and Capital<span class=\"_ _1\"></span> Commitments<span class=\"_ _1f9\"> </span>As at 31 December 2023 there wer<span class=\"_ _1\"></span>e no contingent lia<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>bilities or capital commitments for the Group or Com<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>pany (31 December 2022: none). As at 31 December 2023 the Group and Company had \u00a36.3 million (31<span class=\"_ _1\"></span> December 2022: \u00a388.9 million) of undrawn committed structured cr<span class=\"_ _1\"></span>edit facilities and undrawn commitments in relation to secur<span class=\"_ _1\"></span>ed real estate loans of \u00a335.6 million (31 December 2022: \u00a399.1 million).  The Group and Company Cr<span class=\"_ _1\"></span>edit Assets at fair value through pr<span class=\"_ _1\"></span>ofit and loss include investments made into three Private Cr<span class=\"_ _1\"></span>edit funds that are also managed or advised by the Group: PSC Cr<span class=\"_ _1\"></span>edit III (A) SCSp and (B) SCSp, PSC Credit (T) SCSp, one of the Eur<span class=\"_ _1\"></span>opean Separately Managed Accounts (\u201cSMAs\u201d), and PSC US Badger LLC, one of the US SMAs. As at 31<span class=\"_ _0\"></span> December 2023, the Group held 12% of Cr<span class=\"_ _1\"></span>edit III (31 December 2022: 7.5%), 1% of PSC Credit (T) SCSp (As at 31 December 2022: 1%) and 0% of PSC US Badger LLC (31 December 2022: 49%) as PSC US Badger LLC was wound down during the year<span class=\"_ _0\"></span>. As at 31 December 2023, the undrawn commitment for the investment into flagship Credit III was \u00a34.7 million (31 December 2022: \u00a311.9 million), \u00a30.8 million (31 December 2022: \u00a30.8 million) for the investment in PSC Credit (T) SCSp and \u00a30 million for the investment in PSC US Badger LLC (31 December 2022: \u00a36.8<span class=\"_ _1\"></span> million). As at 31 December 2023, the Company holds the investments in Credit III and PSC Cr<span class=\"_ _1\"></span>edit (T) SCSP (31 December 2022: the investment in PSC Credit (T) SCSp was held by a subsidiary of the Group).<span class=\"_ _1f9\"> </span>The Group and Company Equity Assets at fair value through pr<span class=\"_ _1\"></span>ofit and loss includes commitments in two private equity funds that are managed or advised by the Group: PSC Accelerator II (A) LP and PSC V (A)<span class=\"_ _1\"></span> LP<span class=\"_ _3a\"></span>. As at 31 December 2023, the Group held 2%<span class=\"_ _1\"></span> of PSC Accelerator II (A) LP\u2019<span class=\"_ _31\"></span>s total commitments (31 December 2022: nil) and had drawn amounts of \u00a310.4 million and undrawn commitments in PSC Accelerator II (A) of \u00a310.5 million (31 December 2022: nil) and had 5% of the total commitments in PSC V (A) LP with no amounts drawn (31 December 2022: nil) and an undrawn commitment in PSC V (A) LP of \u00a320 million (31 December 2022: nil)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-31": {
   "value": "30.<span class=\"_ _32\"></span> <span class=\"_ _57\"></span>R<span class=\"_ _1\"></span>elated <span class=\"_ _57\"></span>Party T<span class=\"_ _31\"></span>r<span class=\"_ _1\"></span>ansactions<span class=\"_ _1f9\"> </span>IAS 24 \u2018Related Party Disclosures\u2019 r<span class=\"_ _1\"></span>equires the dis<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>closure of the details of material transactions between the Group and any r<span class=\"_ _1\"></span>elated parties. Accordingly<span class=\"_ _31\"></span>, the disclosures r<span class=\"_ _1\"></span>equired ar<span class=\"_ _1\"></span>e set out below<span class=\"_ _1\"></span>.<span class=\"_ _1f9\"> </span>The remuneration of the Dir<span class=\"_ _1\"></span>ectors is set out in the Directors\u2019 Remuneration Report on pages 94 to 96. There wer<span class=\"_ _1\"></span>e no contracts subsisting during or at the<span class=\"_ _1\"></span> end of the year in which a Director of the Company is or was interested and which ar<span class=\"_ _1\"></span>e or were significant in relation to the Company\u2019<span class=\"_ _31\"></span>s business other than as set out in the Regulatory Disclosures section of the Dir<span class=\"_ _1\"></span>ec<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>tors\u2019 Report. There wer<span class=\"_ _1\"></span>e no other transactions during the year with the Directors of the Company<span class=\"_ _31\"></span>.<span class=\"_ _32\"></span> For the period from 1 January 2022 to 30 September 2022 the Company paid \u00a39.1 million of fees to Pollen Street Capital Limited.  Pollen Str<span class=\"_ _1\"></span>eet Capital Limited became a subsidiary of the Group following the acqui<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>sition of Pollen Street Capital Holdings Limited by the Company on 30 September 2022, as such, these transactions were no longer consider<span class=\"_ _1\"></span>ed to be related party transactions.<span class=\"_ _1f9\"> </span>The Group considers <span class=\"_ _1\"></span>all transactions with companies that are contr<span class=\"_ _1\"></span>olled by funds managed by the Group as related party transactions.<span class=\"_ _1f9\"> </span>The Group has a forwar<span class=\"_ _1\"></span>d facility in place with Oplo Group Limited, a consumer lender<span class=\"_ _1\"></span> that is controlled by funds managed by the Group. As at 31 December 2023 the facility had an outstanding balance of \u00a36.2 million (31 December 2022: \u00a38.2 million) included in Credit Assets at amortised cost in Note 12.<span class=\"_ _1f9\"> </span>During the year<span class=\"_ _0\"></span>, the Gro<span class=\"_ _1\"></span>up made an investment of \u00a39.0 million in Saturn Holdings Limited which is a wholly owned subsidiary of a Private Equity fund man<span class=\"ls0 ws0\">-<span class=\"_ _1f9\"> </span></span>aged by the Group<span class=\"_ _1f9\"> </span>31. Ultimate Con<span class=\"_ _1\"></span>trolling P<span class=\"_ _1\"></span>arty<span class=\"_ _1f9\"> </span>It is the opinion of the Directors that ther<span class=\"_ _1\"></span>e is no ultimate controlling party thr<span class=\"_ _1\"></span>oughout 2023 and up to 24 January 2024. As of 24 January 2024, Pollen Street Gr<span class=\"_ _1\"></span>oup Limited became the immediate parent and ultimate controlling party of Pollen Str<span class=\"_ _1\"></span>eet Limited.<span class=\"_ _1f9\"> </span>During the year<span class=\"_ _0\"></span>, the Company made commitments to PSC Accelerator II (A) LP of \u00a320.9 million and PSC V (A) LP of \u00a320 million which ar<span class=\"_ _1\"></span>e both funds manage<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment by the Group.<span class=\"_ _1f9\"> </span>During the year<span class=\"_ _0\"></span>, the Company carried out foreign<span class=\"_ _1\"></span> exchange transactions with Lumon Risk Management L<span class=\"_ _0\"></span>TD (\u201cLumon\u201d, formerly Infinity International Limited) in relation to EUR and USD derivative transactions.<span class=\"_ _1\"></span> Lumon is a portfolio company owned by a private equity fund that is managed by the Group. The deriv<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>atives exposure with Lumon is disclosed in Note 20. As at 31 December 2023, there was \u00a33.9 million (31 December 2022: \u00a33.4 million) payable to the Invest<span class=\"ls0\">-<span class=\"_ _1f9\"> </span></span>ment Manager by the Company<span class=\"_ _0\"></span>. During the year<span class=\"_ _0\"></span>, the Company cancelled all 4,712,985 treasury shar<span class=\"_ _1\"></span>es. There were no pur<span class=\"_ _1\"></span>chases of own<span class=\"_ _1\"></span> shares during the year<span class=\"_ _31\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  },
  "fact-32": {
   "value": "32. Subsequen<span class=\"_ _1\"></span>t Events<span class=\"_ _1f9\"> </span>On 9 January 2024, a dividend of 13.0 pence per ordinary shar<span class=\"_ _1\"></span>e was approved and duly paid on 1 Mar<span class=\"_ _1\"></span>ch 2024.<span class=\"_ _1f9\"> </span>On 24 January 2024, the Group completed the Scheme that ef<span class=\"_ _1\"></span>fectively transitioned the listing category of the Company\u2019<span class=\"_ _31\"></span>s shares to that of a commercial comp<span class=\"_ _1\"></span>any and introduced Pollen Street Gr<span class=\"_ _1\"></span>oup Limited as the new parent of the Gr<span class=\"_ _1\"></span>oup. On 14 February 2024, the Company re-r<span class=\"_ _1\"></span>egistered as a private company<span class=\"_ _31\"></span>, changed its name from Pollen Street plc to Pollen Street Limited; and completed the Distribution of the entir<span class=\"_ _1\"></span>e issued share capital of Pollen Str<span class=\"_ _1\"></span>eet Capital Holdings Limited to Pollen Street Gr<span class=\"_ _1\"></span>oup Limited. The distribution included 64,209,597 shares with a distribution value of \u00a3247.0 million. As a result of the Reorganisation, the Company ceased to be classified as an investment trust and ceased to be classified as an AIF<span class=\"_ _31\"></span>.<span class=\"_ _1f9\"> </span>Further information on the Scheme and the Distribution is provided in Note 1 to the Financial Statements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:213800BSSM76JMYMSO76",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
   }
  }
 }
}