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"value": "Notes to the consolidated and Company financial statements 1 General information and basis of preparation General information Bridgepoint Group plc (the \u201cCompany\u201d) is a public company limited by shares, incorporated, domiciled and registered in England and Wales. The Company\u2019s registration number is 11443992 and the address of its registered office is 5 Marble Arch, London, W1H 7EJ. The principal activity of the Company and entities controlled by the Company (collectively, the \u201cGroup\u201d) is to act as a private equity and credit fund manager. The Strategic Report sets out further details of the Group\u2019s activities. Basis of preparation The consolidated financial statements for the year ended 31 December 2022 comprise the financial statements of the Group and the Company. The consolidated financial statements of the Group and the Company\u2019s financial statements have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006, as applicable to companies reporting under those standards. The financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value through profit and loss. The principal accounting policies applied in the preparation of the financial statements are set out within note 2. These policies have been consistently applied to all the periods presented, unless otherwise stated. The preparation of the financial statements in conformity with international accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group\u2019s accounting policies. Details of the critical judgements and key sources of estimation uncertainty are set out in note 3. Actual results may differ from these estimates. The financial statements are presented in pound sterling and all values are rounded to the nearest \u00a30.1m except where otherwise indicated. Adoption of new and revised standards and interpretations During the year, the following amendments to existing standards and interpretations issued by the International Accounting Standards Board (\u201cIASB\u201d) became effective. These do not have a material impact on the Group or Company\u2019s financial statements: \u2212 Amendments to IFRS 3 \u201cBusiness Combinations\u201d: reference to the Conceptual Framework \u2212 Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d: proceeds before intended use \u2212 Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d: onerous contracts \u2013 cost of fulfilling a contract \u2212 Annual Improvements to IFRS 2018\u20132020 The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group plans to adopt the \u201cAmendments to IAS 1 \u2018Presentation of Financial Statements\u2019: classification of liabilities\u201d issued by IASB when it becomes effective on 1 January 2024. The impact of this standard on the Group\u2019s financial statements is currently being considered, but is unlikely to be material. Changes to comparative period financial information The following changes have been made to the comparative period presented within these financial statements: \u2212 Receipts from sale and repurchase of the Group\u2019s holding in CLOs of \u00a328.1m have been reclassified from investing activities to financing activities in the Consolidated Statement of Cash Flows. There is no impact on net cash flows for the period; \u2212 IPO costs of \u00a318.4m have been reclassified from financing activities to operating activities in the Consolidated Statement of Cash Flows to bifurcate the cash flows in a similar manner to how the costs had been classified within the Consolidated Statement of Profit or Loss and Consolidated Statement of Changes in Equity. There is no impact on net cash flows for the period; \u2212 IPO costs of \u00a318.0m have been reclassified from financing activities to operating activities in the Company Statement of Cash Flows to bifurcate the cash flows in a similar manner to how the costs had been classified within the Company Statement of Profit or Loss and the Company Statement of Changes in Equity. There is no impact on net cash flows for the period; and \u2212 Investments in subsidiaries and merger reserve have been increased by \u00a3571.4m in the Company Statement of Financial Position to record the fair value of shares acquired in the Company\u2019s immediate subsidiary as part of the restructuring ahead of the Company\u2019s IPO. There is no impact on the distributable reserves of the Company. The above changes were prompted by an inquiry from the Corporate Reporting Review team of the FRC as part of its regular review and assessment of the quality of corporate reporting in the UK. They requested further information in relation to the Company\u2019s 2021 Annual Report and Accounts, as explained further in the Audit and Risk Committee report on page 106. The Company agreed to make the above changes within its 2022 financial statements. The FRC\u2019s review is limited to the published 2021 Annual Report and Accounts; it does not benefit from a detailed understanding of underlying transactions and provides no assurance that the Annual Report and Accounts are correct in all material respects. Going concern The consolidated financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for a period of at least 12 months from the date of issue of these financial statements having assessed the business risks, financial position and resources of both the Group and Company. Further detail is set out within the viability and going concern statement on pages 51 to 53. Company financial statements As permitted by section 408 of the Companies Act 2006, the Statement of Profit or Loss and the Statement of Comprehensive Income of the Company are not presented as part of these financial statements. The Company\u2019s profit for the year amounted to \u00a32.9m (2021: loss of \u00a324.3m). 2 Accounting policies (a) Consolidation The consolidated financial statements include the comprehensive gains or losses, the financial position and the cash flows of the Company, its subsidiaries and the entities that the Group is deemed to control, drawn up to the end of the relevant period, which includes elimination of all intra-group transactions. Uniform accounting policies have been adopted across the Group. Assessment of control Control is achieved when the Group has power over the relevant activities, exposure to variable returns from the investee, and the ability to affect those returns through its power over the investee. The Group controls an investee (entity) if, and only if, the Group has all of the following: \u2212 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2212 exposure, or rights, to variable returns from its involvement with the investee; and \u2212 ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group holds less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are sufficient to give it power, including: \u2212 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2212 potential voting rights held by the Group, other vote holders or other parties; \u2212 rights arising from other contractual arrangements; and \u2212 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. The assessment of control is based on all relevant facts and circumstances and the Group reassesses its conclusion if there is an indication that there are changes in facts and circumstances. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date the Group gains control until the date when the Group ceases to control the subsidiary. All intra-group balances and transactions with subsidiaries are eliminated upon consolidation. When the Group consolidates an entity which has an interest held by a third party, it assesses whether the third party\u2019s interest represents equity or a financial liability. To determine this classification, the substance of the contractual terms of the financial instrument is taken as an indicator of whether the third party\u2019s interest is debt or equity. If a pre-agreed profit share percentage that is contractually defined within relevant limited partnership agreements is present, the Group recognises a contractual obligation to settle in cash, and, therefore, the interest is classified as debt and fair valued through profit and loss. In the case where the contract results in a residual interest in the assets of the investee after deducting all of the investee\u2019s liabilities, a non-controlling interest is recognised within equity. More details are provided in note 17 (d). (b) Foreign currencies Presentation currency The financial statements are presented in pound sterling, which is the Company\u2019s functional currency and also the presentational currency for the Company and Group. Foreign currency transactions Foreign currency transactions are translated into the functional currency using the opening spot exchange rate for the month in which the transaction occurs as an approximate for the actual rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the applicable foreign currency exchange rate on the date the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate on the date of the transaction. Foreign operations The results and financial position of foreign operations that have a functional currency different from the presentational currency are translated into the presentational currency of the Group as follows: \u2212 assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; \u2212 income and expenses for each statement of profit or loss presented are translated at opening spot rate for the month; and \u2212 all resulting exchange differences are recognised in other comprehensive income. (c) Operating income Operating income primarily comprises management and other fees, carried interest income and investment profits from the management of investment in private equity and credit fund partnerships. The parties to agreements for fund management services comprise the Group and the investors of each fund as a body. Accordingly, the group of investors of each fund are identified as a customer for accounting purposes. Income is measured based on the consideration specified in the contracts and exclude amounts collected on behalf of third parties, discounts and value added taxes. Management and other fees The Group earns management fees from its provision of various investment management services to funds, which are treated as a single performance obligation. Management fees are recognised over the life of each fund, generally 10 to 12 years, occasionally subject to an extension, if agreed with the investors of that fund. Management fees are based on an agreed percentage of either committed or invested capital, depending on the fund and its life stage. Fees are billed in accordance with the relevant limited partnership agreement and are either billed semi-annually or quarterly in advance or arrears. Other fees may also comprise fees and commissions relating to provision of services to third parties. Carried interest The Group receives a share of fund profits through its holdings in Founder Partnerships as variable consideration dependent on the level of fund returns. The entitlement to carried interest and the amount is determined by the level of accumulated profits exceeding an agreed threshold (the \u201churdle\u201d) over the life-time of each fund. The carried interest income is only recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised on the completion of a fund. The reversal risk due to uncertainty of future fund performance is managed through the application of discounts. This is explained further within note 3. The carried interest receivable represents a contract asset under IFRS 15 \u201cRevenue from Contracts with Customers\u201d. Amounts are typically presented as non-current assets unless they are expected to be received within the next 12 months. The Group applies the simplified approach for measuring impairment of the contract asset and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. Investment income Investment income consists primarily of fair value remeasurement of the Group\u2019s investments in private equity and credit funds. Details of the valuation of such investments is explained further within note 3. Other operating income Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business, PEPCO Services LLP. Amounts are recognised in the Consolidated Statement of Profit or Loss on an accruals basis. (d) Deferred acquisition costs Professional costs, particularly legal and other adviser costs, are incurred when raising a new fund. The limited partnership agreement of each fund dictates the aggregate expense that can be recharged to the fund investors on the close of a new fund. Costs in excess of the cap and any fees paid to placement agents are capitalised as a non-current asset. The benefit of the incurred costs for private equity funds is primarily considered to be attributable to the period when the primary fund investment activity is carried out. Therefore, the useful life of the asset is the commitment period for the fund. A useful life of three years is used for private equity funds, being the shortest likely commitment period, but is typically between three and five years. For credit funds, the period of portfolio construction is typically longer, therefore a five-year useful life is used, which correlates with the period over which the management fees build up to a maximum level. Details are provided within note 16 (e). (e) Personnel benefits Short-term employee benefits Short-term employee benefits, which include employee salaries and bonuses, are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Accumulated holiday balances are accrued at each period end, if an employee\u2019s entitlement is not used in full. Long-term employee benefits Long-term employee benefits, which are those that are not expected to be settled wholly before 12 months after the period end in which the employee renders the service that gives rise to the benefit, include certain long-term bonuses. An expense is recognised over the period in which the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Defined contribution pensions Amounts payable in respect of employers\u2019 contributions to the Group\u2019s defined contribution pension scheme are recognised as employee expenses as incurred. The assets of the scheme are held separately from those of the Group in an independently administered fund. Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on an estimate of the number of equity instruments that will eventually vest. A corresponding credit is made to the share-based payment reserve within equity. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Consolidated Statement of Profit or Loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. (f) EBITDA EBITDA means earnings before interest, taxes, depreciation and amortisation. It is used to provide an overview of the profitability of the Group\u2019s business and segments. Underlying EBITDA is calculated by deducting exceptional items within EBITDA. EBITDA and Underlying EBITDA are alternative performance measures and non-IFRS measures. The Group uses Underlying EBITDA as exceptional income or expenditure could distort an understanding of the performance of the Group. Details of exceptional expenses are set out in note 8. (g) Operating profit Operating profit means earnings before other income, other expenses and taxes. Operating profit is an alternative performance measure and a non-IFRS measure. (h) Leases Leases for office premises The Group has applied IFRS 16 \u201cLeases\u201d where the Group has right-of-use of an asset under a lease contract for a period of more than 12 months. Such contracts represent leases of office premises where the Group is a tenant. The lease liability is initially measured at the net present value of future lease payments that are not paid at the commencement date discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate (\u201cIBR\u201d). Generally, the Group uses its IBR as the discount rate as the implicit rate is not readily determinable for the rented office premises. The lease liability is subsequently measured at amortised cost using the effective interest method. The IBR is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment within similar terms, security and conditions. Lease payments due within the next 12 months are recognised within current liabilities; payments due after 12 months are recognised within non-current liabilities. Assets are recorded initially at cost and depreciated on a straight-line basis over the length of the contractual lease term. Cost is defined as the lease liabilities recognised plus any initial costs and dilapidation provisions less any incentives received. The right-to-use assets are depreciated during the lease term, generally 5 to 10 years. Right-of-use assets are included within property, plant and equipment in the Consolidated Statement of Financial Position. Group as lessor Where the Group acts as an intermediate lessor by entering into a subletting agreement and has transferred substantially all the risks and rewards incidental to ownership of the underlying asset, the Group accounts for these subleases as finance leases under IFRS 16 \u201cLeases\u201d. Such contracts represent subleases of office premises. At commencement of the lease term, the Group derecognises the right-of-use asset relating to the head lease and recognises the net investments in the sublease as a receivable. The difference between the right-of-use asset and the net investment in the sublease is recognised in profit and loss. The Group uses the IBR used for the head lease to measure the net investment in the lease (adjusted for any initial direct costs associated with the sublease). During the term of the sublease, the Group recognises both finance income on the sublease and finance expense on the head lease. The Group applies the simplified approach for measuring impairment of lease receivables and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term within operating expenses. (i) Other income and expenses Other income comprises interest earned on cash and term deposits, finance income on sublease agreements and the impact of the remeasurement of the deferred contingent consideration payable under the sale and purchase agreement and associated unwind of the discount for EQT AB. Other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities and amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility. (j) Exceptional items Items of income and expense that are material by size and/or nature and are not considered to be incurred in the normal course of business are classified as \u2018exceptional\u2019 within the statement of profit or loss and disclosed separately to give a clearer presentation of the Group\u2019s underlying financial performance. In considering the nature of an exceptional item, management\u2019s assessment includes, both individually and collectively, each of the following: \u2212 whether the item is outside of the principal activities of the business; \u2212 the specific circumstances which have led to the item arising; \u2212 the likelihood of recurrence; and \u2212 if the item is likely to recur, whether the item is unusual by virtue of its size. (k) Taxation Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Current tax Current tax is the amount of corporation tax payable in respect of the taxable profit for the current or prior reporting periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Current tax is recognised in the Consolidated Statement of Profit or Loss, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, current tax is also recognised in other comprehensive income or directly in equity accordingly. Deferred tax Deferred tax arises from temporary differences at the reporting date between the carrying amounts of assets and liabilities and the amounts used for taxation purposes. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax liabilities are recognised for all taxable temporary differences. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated Statement of Profit or Loss, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity, or to other comprehensive income. Current or deferred taxation assets and liabilities are not discounted. (l) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any provision for impairment. The cost includes the purchase price as well as expenditure directly attributable to put the asset in place and order to be used in accordance with the purpose of the acquisition. Assets are depreciated so as to write off their cost, on a straight-line basis, over their estimated useful lives as follows: Asset class Useful life Computers, furniture and other 3 to 6 years Leasehold improvements Over the shorter of their useful economic life or the lease term Property right-of-use assets Over the contractual lease term The loss to reduce the carrying amount of any assets that are impaired is recognised within the Consolidated Statement of Profit or Loss and reversed if there are indications that the need for impairment is no longer present. The carrying amount of an item of property, plant and equipment is derecognised from the Consolidated Statement of Financial Position at disposal or when no future economic benefits are expected from the use or disposal of the asset. The depreciation is included within \u201cDepreciation and amortisation expense\u201d within the Consolidated Statement of Profit or Loss. (m) Intangible assets Intangible assets, which constitute customer relationship assets acquired from a business combination, are stated at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are annually assessed for impairment when there are indicators of impairment. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives. The amortisation is included within \u201cDepreciation and amortisation expense\u201d in the Consolidated Statement of Profit or Loss. (n) Business combinations and goodwill Business combinations of subsidiaries and businesses are accounted for by applying the acquisition method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued. Costs attributable to the business combination are expensed in the Consolidated Statement of Profit or Loss. Where control is achieved in stages the cost is the consideration at the date of each transaction. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured, they are disclosed on the same basis as other contingent liabilities. Contingent consideration is recognised at the acquisition date. It is classified as a financial liability and subsequently remeasured to fair value, with changes in fair value recognised in the statement of profit or loss. Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair values to the Group\u2019s interest in the identifiable net assets, liabilities and contingent liabilities acquired. Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. Any identified impairment is charged to the Consolidated Statement of Profit or Loss. No reversals of impairment are recognised. Impairment triggers could include the loss of a fund management contract or a failure to raise a new fund. Third party interest arises when the Group\u2019s interest only constitutes a portion of the total with the rest portion being profit share that the Group owes the other related parties. The profit share is calculated based on a contractually defined and pre\u2010agreed percentage which is set out within relevant limited partnership agreements. The Group has considered factors such as the substance of the legal contractual agreement and the lack of discretion the Group has regarding the residual payments to third parties. Therefore third party interest is classified as a financial liability and measured at fair value through profit and loss with the corresponding assets being measured at fair value. (o) Financial instruments Financial assets The Group\u2019s financial assets consist of investments in funds, investments made by Collateralised Loan Obligations (\u201cCLOs\u201d) consolidated by the Group, derivative financial instruments, accounts receivable and other receivables, cash and cash equivalents and term deposits with original maturities of more than three months. The Company\u2019s financial assets consist of accounts receivable and other receivables and cash and cash equivalents. Recognition A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument. Classification and measurement The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2212 fair value through profit or loss; \u2212 fair value through other comprehensive income; and \u2212 amortised cost. Financial assets must be measured through profit or loss unless they are measured at amortised cost or through other comprehensive income. The Group\u2019s investments in funds and investments in CLOs are measured at fair value through profit or loss as such assets are held for investment returns. Derivative instruments used for hedging foreign exchange, are measured at fair value through profit or loss. Where they qualify for hedge accounting the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income until the recognition of the hedged transaction affects profit or loss, at which point the amount recognised in other comprehensive income is recycled to the Consolidated Statement of Profit or Loss. Financial assets are measured at amortised cost only if both of the following criteria are met: \u2212 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2212 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore subsequently measured at amortised cost using the effective interest rate method less expected credit loss. The Group\u2019s approach to calculating expected credit loss allowances is described in the credit risk section within note 19 (d). Receivables due in greater than one year are initially discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over time to the Consolidated Statement of Profit or Loss. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. Derecognition A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in the Consolidated Statement of Profit or Loss. Impairment Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated Statement of Profit or Loss. For trade and other receivables, the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d to apply a provision matrix that is based on its historic default rates over the expected life of the short-term receivables. Financial liabilities Financial liabilities, with the exception of financial liabilities at or designated at fair value through profit or loss, are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis. Derivative financial liabilities are initially measured at fair value and are subsequently measured at fair value at each reporting date. Liabilities of CLOs consolidated by the Group are designated as financial liabilities measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss related to CLOs are initially recognised and subsequently measured at fair value on a recurring basis with gains or losses arising from changes in fair value recognised through the fair value remeasurements of investments line within the Consolidated Statement of Profit or Loss along with interest paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Amounts payable for CLO purchases awaiting settlement are recognised at the point at which the CLO has a contractual obligation to exchange cash. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss. Borrowings are initially recognised as the amount of cash received from the bank, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Repurchase agreements are measured at fair value through profit or loss. Other amounts payable to related party investors which represent the residual profits due to third party investors are held at fair value through profit and loss with the corresponding assets being measured at fair value. The effect of the Group\u2019s own credit risk on these liabilities is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. All of the Group\u2019s and Company\u2019s other financial liabilities are measured at amortised cost using the effective interest rate method. The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are discharged, cancelled or expire. Derivative instruments and hedge accounting Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each reporting date. For derivatives designated as cash flow hedges, prior to their settlement the fair value movements on the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income and within the cash flow hedge reserve within equity, while any ineffective portion is recognised immediately in the Consolidated Statement of Profit or Loss as gain or loss on cash flow hedge within operating expenses. Amounts recognised in equity are transferred to the Consolidated Statement of Profit or Loss when the hedged transaction affects profit or loss, such as when the hedged cash flow occurs. For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement of Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive and as a financial liability when fair value is negative. The fair value of unsettled forward currency contracts is calculated by reference to the market for forward contracts with similar maturities. (p) Investment in subsidiaries Investments in subsidiaries in the Company Statement of Financial Position are recorded at cost less provision for impairments. All transactions between the Company and its subsidiary undertakings are classified as related party transactions for the Company accounts and are eliminated on consolidation. (q) Investments in associates Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Such entities are funds or carried interest partnerships where the Group holds more than a 20% interest in the entity. The Group initially records the investment at fair value through profit or loss as operating income within the Consolidated Statement of Profit or Loss. The investments are recorded as fair value of fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. (r) Cash and term deposits Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term deposits with original maturities of three months or less and money market funds, which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. CLO cash is cash held by CLO vehicles consolidated by the Group and is not available for the Group\u2019s other operating activities. Term deposits represent fixed term deposits placed with banks and financial institutions. (s) Dividends Dividends and other distributions to the Company\u2019s shareholders are recognised in the period in which the dividends and other distributions are declared and approved by the shareholders. These amounts are recognised in the Statement of Changes in Equity. (t) Own shares Own shares are recorded by the Group when ordinary shares are purchased through special purpose vehicles, which have the purpose of purchasing and holding surplus shares of the Company from employees who have left the employment of the Group or from other means. The special purpose vehicles include Atlantic SAV Limited, Atlantic SAV 2 Limited and the Bridgepoint Group plc Employee Benefit Trust. These entities are aggregated together within the financial statements of the Company and are consolidated within the financial statements. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. They are recognised as a deduction to retained earnings. When shares are sold, they are transferred at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. 3 Critical judgements in the application of accounting policies and key sources of estimation uncertainty The judgements and other key sources of estimation uncertainty at the reporting date, which may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below. The Group\u2019s estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. The actual outcome may be materially different from that anticipated. (a) Judgements Consolidation of fund investments The Directors have considered whether the Group should consolidate investments in funds into the results of the Group. Control is determined by the extent of decision-making authority, rights held by other parties, remuneration and exposure to returns. The Directors have assessed the legal nature of the relationships between the Group, the relevant fund and fund investors and have determined that as the manager, the Group has the power to influence the returns generated by the fund, but the Group\u2019s interests typically represent only a small proportion of the total capital within each fund (c. 2% of commitments). The Directors have therefore concluded that the Group acts as an agent, which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than act for its own benefit. The Group\u2019s investments in Bridgepoint funds are accordingly measured at fair value through profit or loss and returns from those investments are recognised as operating income within the Consolidated Statement of Profit or Loss. Consolidation of CLOs The Group holds investments in the senior and subordinated notes of CLOs that it manages, predominantly driven by risk-retention regulations. As the Group has power, as the asset manager, to impact the returns of the vehicles, the level of exposure to variable returns from its involvement as an investor in the notes requires assessment to whether this indicates the Group has a principal or agent relationship and therefore whether the CLO should be consolidated under IFRS 10 \u201cConsolidated Financial Statements\u201d. The subordinated notes of CLOs are the tranche that is most exposed to the risk of portfolio assets failing to pay as they are the first to absorb any losses. As a result, the Group\u2019s consideration of exposure to variable returns focuses on its interest in equity tranche. The assets and liabilities of the CLO are held within separate legal entities and, as a result, the liabilities of the CLO are non-recourse to the Group. The consolidation of the CLO has a significant gross-up on the Group\u2019s assets and liabilities, which is shown gross on the face of the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows as separate lines but has no net effect on the profit or loss, cash flows or net assets. Details of the assets and liabilities are included in notes 16 and 17 and a non-statutory and unaudited Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows excluding the consolidation of CLOs is included on pages 202 and 203. The Group consolidates Bridgepoint CLO 1 DAC (\u201cCLO 1\u201d) as the Group has exposure to variable returns as an investor in the subordinated notes. The Group holds the majority of the subordinated notes in CLO 1 and the Directors have therefore concluded that the Group acts as principal and should consolidate. Bridgepoint CLO 2 DAC (\u201cCLO 2\u201d) is not consolidated in the financial statements of the Group at 31 December 2022 as the Group\u2019s exposure to variable returns is only 5% of all debt and subordinated notes. At 31 December 2021, Bridgepoint CLO 3 DAC (\u201cCLO 3\u201d) was not consolidated in the financial statements of the Group and was treated as an associate as the Group\u2019s holding was 7% of all notes (which includes a 31% interest in the subordinated notes) as the Group did not have the greatest exposure to the variable returns. On 8 June 2022, the Group acquired an additional 30% interest from another investor which increased the Group\u2019s interest in the subordinated notes to 61%. The Group\u2019s equity interest has decreased to 51% as at 31 December 2022. The subordinated notes are the tranche that is most exposed to the risk of portfolio assets failing to pay as they are the first to absorb any losses. As a result, the Directors have therefore determined that the Group acts as principal and should consolidate in the financial statements as at 31 December 2022. The following table provides an overview of the consideration transferred, and the recognised amounts of assets acquired and liabilities assumed as of the acquisition date. \u00a3m Consideration Cash paid on acquisition date 8.3 Total consideration transferred 8.3 Fair value of the Group\u2019s equity interest in CLO 3 held before the acquisition 8.6 Total 16.9 Recognised amounts of identifiable assets acquired and liabilities assumed Financial assets 342.9 Financial liabilities (315.2) Total identifiable net assets attributable to subordinated notes 27.7 Attributable to third-party investors of CLO 3 (10.8) Total 16.9 The Group paid \u00a38.3m (\u20ac9.6m) in cash on the acquisition date with no further consideration due. The fair value of the identifiable net assets acquired approximates the fair value of consideration on the acquisition date, and as a result, no goodwill is recognised on the acquisition. Bridgepoint CLO 4 DAC (\u201cCLO 4\u201d) is also consolidated in the financial statements of the Group as at 31 December 2022 as the Group has a majority interest in its warehouse equity. The consolidation of CLO 4 began during 2022 and it remained consolidated at 31 December 2022 as it was still a warehouse ahead of its issuance in January 2023. The Group designates the amounts attributable to the third-party investors as financial liabilities at fair value through profit and loss. Consolidation of Carried Interest Partnerships As a fund manager to its private equity and credit funds, the Group participates in Carried Interest Partnerships (\u201cCIPs\u201d), the participants of which are the Group, certain Group employees and others connected to the underlying fund. These vehicles have two purposes: to facilitate payments of carried interest from the fund to carried interest participants, and to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS 10 \u201cConsolidated Financial Statements\u201d to consider whether they should consolidate the CIP. The Directors have considered the legal nature of the relationships between the relevant fund, the CIPs and the CIP participants and have determined that the power to control the CIPs (which are entitled to the carried interest from the funds) ultimately resides with the fund investors and that the Group is therefore an agent and not a principal. This is because the purpose and design of the CIPs and the carry rights in the fund are determined at the outset by the fund\u2019s limited partnership agreement (\u201cLPA\u201d) which requires investor agreement and reflects investor expectations to incentivise individuals to enhance performance of the underlying fund. The Group does not primarily benefit as its principal revenue stream is management fees based on commitments or invested capital. While the Group has some power over the Adjudication Committees of the CIPs, these powers are limited and represent the best interests of all carried interest holders collectively and, hence, these are assessed to be on behalf of the fund investors. The Directors have assessed the payments and the returns the carried interest holders make and receive from their investment in carried interest and have considered whether those carried interest holders who are also employees of the Group were providing a service for the benefit of the Group or the investors in the fund. The Directors have concluded that the carried interest represents a separate relationship between the fund investors and the individual employees and that the carried interest represents an investment requiring the individuals to put their own capital at risk and that, after an initial vesting period, continued rights to returns from the investment are not dictated by continuation of employment. In addition, the Directors have also considered the variability of returns for all CIPs that currently have value under IFRS 15 \u201cRevenue from Contracts with Customers\u201d and in doing so have determined that the Group is exposed to limited variable returns in the range 5-26% with the main beneficiaries of the CIP variable returns being the other participants. The Directors concluded that the CIPs are not controlled by the Group and therefore should not be consolidated. Where the Group has a share of 20% or more of the rights to the carried interest, the Group is considered to have significant influence. Accordingly, the BDC III carry scheme, where the Group holds an interest of 26%, is considered an associate. Details of the associate are set out within note 27 (d). Consolidation of employee share partnership On listing, the founder employee shareholders created a separate ring-fenced vehicle, Burgundy Investments Holdings LP (the \u201cBurgundy Partnership\u201d). The Burgundy Partnership is a pool of assets, which will comprise the Company\u2019s shares and other investments. The shares were contributed by founder employee shareholders electing to donate a portion of their shares to the partnership. This pool is ring-fenced for allocating to future partners in the business, as a means of allowing them to build a meaningful long-term shareholding in Bridgepoint and other investments and reflect the opportunities that previous partners were offered. The existing employee shareholders prior to listing, and certain new employee partners, will wholly own the interest in the Burgundy Partnership. The Group does not have any direct economic interest in the Burgundy Partnership, and awards of new points to existing and future employees will be made by the Advisory Committee of the Burgundy Partnership, which is made up of some of the largest founder employee shareholders. The Directors have considered the requirements of IFRS 10 \u201cConsolidated Financial Statements\u201d to determine whether they should consolidate the Burgundy Partnership. As the Group does not meet all three criteria: 1) power over the investee, 2) exposure, or rights, to variable returns from its involvement with the investee, and 3) the ability to use its power over the investee to affect its returns, they have concluded that the Burgundy Partnership should not be consolidated. (b) Estimates Recognition and measurement of carried interest revenue Carried interest revenue is only recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised on the completion of a fund. In determining the amount of revenue to be recognised the Group is required to make assumptions and estimates when determining 1) whether or not revenue should be recognised and 2) the timing and measurement of such amounts. The Group bases its assessment on the best available information pertaining to the funds and the activity of the underlying assets within that fund. This includes the current fund valuation and internal forecasts on the expected timing and disposal of fund assets. For private equity funds, the reversal risk is managed through the application of discounts of 30 to 50% to the fair values of unrealised investments where the realised and unrealised valuation of a fund exceeds the relevant carried interest hurdle. For credit funds, which are more sensitive to the performance of individual investments within the portfolio, only funds that have either reached their hurdle or are expected to do so imminently are modelled on the same basis. The discount applied for each fund depends on the specific circumstances of each fund, taking into account diversity of assets, whether there has been a recent market correction (and whether this has been already factored into the valuation of the fund) and the expected average remaining holding period. The levels of discounts applied are reassessed annually. A sensitivity analysis on the impact of a change in the fair value of unrealised investments has been included in note 5. Valuation of fund investments at fair value Fund investments at fair value consist of investments in private equity and credit funds. The investments are fair valued using the net asset value of each fund, determined by the fund manager. These funds are invested into direct and indirect equity and debt investments. Portfolio assets within each fund are stated at fair value as determined in good faith by the fund manager in accordance with the terms of the LPA of each fund and the International Private Equity and Venture Capital Valuation Guidelines (\u201cIPEV\u201d) and are reviewed and approved by the relevant Bridgepoint Valuation Committee. The valuations provided by the fund manager typically reflect the fair value of the Group\u2019s proportionate share of capital account balance of each investment as at the reporting date or the latest available date. The market approach is typically used for the valuation of the assets. This comprises valuation techniques such as market comparable companies and multiple techniques. A market comparable approach uses quoted market prices or third-party quotes for similar instruments to determine the fair value of a financial asset. A multiple approach can be used in the valuation of less liquid securities, which typically form the majority of assets within a private equity or credit fund. Comparable companies and multiple techniques assume that the valuation of unquoted direct investments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Comparable public companies are selected based on factors such as industry, size, stage of development and strategy. The most appropriate performance measure for determining the valuation of the relevant investment is selected (which may include EBITDA, price/earnings ratios for earnings or price/book ratios for book values). Trading multiples for each comparable company identified are calculated by dividing the value of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued direct investment and the group of comparable companies. The indicated fair value of the direct investment is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. Where available, valuation techniques use market- observable assumptions and inputs. If such information is not available, inputs may be derived by reference to similar assets and active markets, from recent prices for comparable transactions or from other observable market data. When measuring fair value, the manager selects the non-market-observable inputs to be used in its valuation techniques based on a combination of historical experience, deviation of input levels based upon similar investments with observable price levels and knowledge of current market conditions and valuation approaches. Within its valuation techniques the fund manager typically uses different unobservable input factors. Significant unobservable inputs include EBITDA multiples (based on budget/forward-looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for an equivalent period), discount rates, price/earnings ratios and enterprise value/sales multiples. The fund manager also considers the original transaction prices, recent transactions in the same or similar instruments and completed third party transactions in comparable instruments and adjusts the model as deemed necessary. The fund manager takes into account ESG related factors such as climate change into the valuation of investments and, to the extent necessary, makes adjustments to earnings and multiples where demand or costs for a portfolio company could be impacted. Debt instruments may be valued using the market approach, independent loan pricing sources or at amortised cost, which requires the determination of the effective interest rate from a number of inputs, including an estimation of the expected maturity of each loan. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment in a fund, fund investments at fair value are classified as level 3 financial assets under IFRS 13 \u201cFair Value Measurement\u201d. Further detail on the valuation methodologies, inputs and the number of fund investments valued using each technique, along with a sensitivity analysis of the impact of a change in the fair value of fund investments is included within note 19 (a). Valuation of CLO assets and liabilities The loan asset portfolios of the consolidated CLO vehicles are valued using independent loan pricing sources. To the extent that the significant inputs are observable, the Group categorises these investments as level 2. The valuation methodology for the Group\u2019s investment in the various notes of CLOs is based upon discounted cash flow models with unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates, recovery rates and discount rates and they are therefore considered level 3 financial assets. At 31 December 2021, the approach had been to use broker pricing for the equity investments, classified as level 2 financial assets. Notwithstanding, the Directors believe that the model-based valuation is more reflective of the valuation of the liabilities and aligned with the objectives of the holdings of such assets. The debt and subordinated debt liabilities of consolidated CLOs are valued in line with the fair value of the CLOs\u2019 loan asset portfolios. The CLO designated activity vehicles which are consolidated are set up to distribute all proceeds generated from the assets of the CLO to the note holders of the CLO and thus the entity itself does not generate any residual profit. The valuations of the consolidated liabilities are therefore measured at par and adjusted in order to match the value of the asset portfolio, with any adjustment applied to the note liabilities in order of ascending seniority. A sensitivity analysis has been included within note 19 (f). Measurement of deferred contingent consideration payable Under the sale and purchase agreement for EQT Credit the Group has an obligation to settle an amount of deferred contingent consideration on the completion of fundraising for Bridgepoint Direct Lending III (\u201cBDL III\u201d) and Bridgepoint Credit Opportunities IV (\u201cBCO IV\u201d). Fundraising for both funds continued during 2022 and is expected to complete in 2023. The amount payable has been based upon management\u2019s best estimate of each fundraising at 31 December 2022, which is consistent with approved budgets. Measurement of intangible assets, useful lives and impairment A customer relationship asset was recognised following the Group\u2019s acquisition of EQT Credit in October 2020, to reflect the value of current investor relationships to the Group in the future. At the time of the acquisition, the cost of the acquired customer relationship was measured at fair value by discounting estimated contractual future cash flows over a period in which the customer was expected to remain invested within the Group\u2019s funds. Key assumptions in the model included forecast earnings for 2021 to 2025, a growth rate applied from 2025 onwards, which was based upon the long-term operating plan for the business, an investor reinvestment rate from one fund to another and a pre-tax discount rate of 10.5%, which was calculated by using comparable company information. The useful life of the intangible assets arising from this transaction has been determined as seven years, which represents the period over which the net present value of cash flows from the acquired customer relationships reduce to nil. The customer relationship asset is assessed for impairment when there are indicators of impairment. Such indicators would include fundraising lower than targets. No impairment has been identified. Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. Goodwill arose from the acquisition of EQT Credit. It is the Group\u2019s judgement that the lowest level of cash generating unit (\u201cCGU\u201d) used to determine impairment is the credit business segment for the purposes of monitoring and assessing goodwill for impairment. In performing the impairment test, management prepares a calculation of the recoverable amount of the goodwill, using the value-in-use approach and compares this to the carrying value. In order to validate this, a value-in-use forecast based on approved budgets has been prepared by management to compare the forecast of the Credit business segment to the carrying amount of the goodwill. Key assumptions in the forecast include forecast earnings for 2023 to 2027, including new fundraising, and a pre-tax discount rate of 15.0% (2021: 10.7%), which was calculated by using comparable company information. A sensitivity analysis of goodwill and the intangible asset has been included within note 14. 4 Operating segments Operating segments are the components of the Group whose results are regularly reviewed by the Group\u2019s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. The Executive Directors are considered to be the chief operating decision maker of the Group, which is divided into operating segments based on how key management reviews and evaluates the operation and performance of the business. The Group\u2019s operations are divided into two groups, the Core business, consisting of the Private Equity and Credit fund management and associated Central support, and Other. Other includes the Group\u2019s procurement consulting business, PEPCO Services LLP, and costs relating to strategic projects. The Group\u2019s core operations are divided into two business segments: Private Equity and Credit. The operations of both business segments consist of providing investment management services to the respective funds and their investors. The investment management services comprise identification and structuring of new investments, the monitoring of investments and the sale and exit from investments. The two business segments are supported by the Central support functions which include investor relations, head office, finance, human resources, IT and marketing. In 2022 certain investor related costs were reclassed to Central from Credit reflecting team restructuring. The comparative period was not restated. Segmental statement of profit or loss analysis The Executive Directors assess the operating segments based on the line items below, primarily on operating income and operating profit. The EBITDA for each segment (the segment result), together with depreciation and amortisation and net finance expense, forms profit before tax. Depreciation, other income, other expenses and exceptional expenses are not allocated to operating segments and are included in the Group total. Foreign exchange gains and losses are allocated to Central. Group Year ended 31 December 2022 Private Equity \u00a3 m Credit \u00a3 m Central \u00a3 m Total Core \u00a3 m Total Other \u00a3 m Total Group \u00a3 m Management and other fees 187.8 50.8 2.9 241.5 \u2013 241.5 Carried interest 24.2 \u2013 \u2013 24.2 \u2013 24.2 Fair value remeasurement of investments 32.1 8.6 \u2013 40.7 \u2013 40.7 Other operating income 0.2 \u2013 \u2013 0.2 0.8 1.0 Total operating income 244.3 59.4 2.9 306.6 0.8 307.4 Personnel expenses (67.6) (21.2) (35.9) (124.7) (1.1) (125.8) Other operating expenses (16.2) (8.4) (17.6) (42.2) (0.2) (42.4) Foreign exchange \u2013 0.7 0.4 1.1 \u2013 1.1 Underlying EBITDA (excluding exceptional expenses) 160.5 30.5 (50.2) 140.8 (0.5) 140.3 Exceptional expenses (3.2) EBITDA (including exceptional expenses) 137.1 Depreciation and amortisation (18.3) Other income and expenses 8.6 Profit before tax 127.4 Group Year ended 31 December 2021 Private Equity \u00a3 m Credit \u00a3 m Central \u00a3 m Total Core \u00a3 m Total Other \u00a3 m Total Group \u00a3 m Management and other fees 157.3 37.9 2.5 197.7 \u2013 197.7 Carried interest 14.3 \u2013 \u2013 14.3 \u2013 14.3 Fair value remeasurement of investments 54.5 2.4 \u2013 56.9 \u2013 56.9 Other operating income 0.8 \u2013 \u2013 0.8 0.9 1.7 Total operating income 226.9 40.3 2.5 269.7 0.9 270.6 Personnel expenses (66.2) (22.1) (32.0) (120.3) (1.1) (121.4) Other operating expenses (13.3) (9.1) (13.7) (36.1) (0.3) (36.4) Foreign exchange \u2013 \u2013 1.1 1.1 \u2013 1.1 Underlying EBITDA (excluding exceptional expenses) 147.4 9.1 (42.1) 114.4 (0.5) 113.9 Exceptional expenses (28.6) EBITDA (including exceptional expenses) 85.3 Depreciation and amortisation (15.0) Other income and expenses (7.7) Profit before tax 62.6 Geographical analysis and customer concentrations The Group\u2019s income from funds is earned from funds entirely domiciled within Europe. The Group\u2019s operating expenses are incurred in the locations where the Group has offices, to identify and support portfolio companies which is unconnected to the domicile of the fund or the location of the fund investors. Therefore, the Group\u2019s operating results cannot be analysed in a meaningful way by geography. No single fund investor constitutes more than 10% of assets under management. Assets and liabilities analysis The Group\u2019s Consolidated Statement of Financial Position is managed as a single unit rather than by segment. The only distinction for the business segments relates to the Group\u2019s investments in funds and the carried interest receivable, which can be split between private equity and credit (split between attributable to the Group and third-party investors). 31 December 2022 \u00a3 m 2021 \u00a3 m Investments: Private equity 241.3 217.9 Credit (assets attributable to the Group) 76.9 108.1 Credit (CLO assets attributable to third-party investors) 696.1 274.5 Total investments 1,014.3 600.5 Carried interest receivable: Private equity 39.4 36.4 Credit 2.6 2.5 Total carried interest receivable 42.0 38.9 5 Operating income Operating income primarily comprises management and other fees, carried interest income and investment profits from the management of and investment in private equity and credit fund partnerships. Management and other fees Management and other fees are presented net of the profit or loss impact of the settlement of foreign exchange hedging used to limit the volatility of foreign exchange on fees earned in euros. Group 2022 \u00a3 m 2021 \u00a3 m Management and other fees before settlement of FX hedges 239.1 196.7 Settlement of FX hedges 2.4 1.0 Total management and other fees 241.5 197.7 Carried interest The amount of carried interest recognised in operating income and the carrying value of the related asset is sensitive to the fair value of unrealised investment within each fund. The reversal risk in carried interest income, which is accounted for under IFRS 15 \u201cRevenue from Contracts with Customers\u201d, is managed through the application of discounts of 30 to 50% to the fair value of the fund investments and the later recognition of carried interest relating to credit funds. If the fair value of unrealised investments of each relevant fund had been higher/lower at each year end, the impact on carried interest income in each year is shown in the table below. Group Carried interest income: 2022 \u00a3 m 2021 \u00a3 m 10% lower value of unrealised assets (3.9) (4.2) 10% higher value of unrealised assets 5.4 5.4 Note 19 (a) includes a sensitivity analysis for co-investment valuations and the impact on profit or loss. Fair value remeasurement of investments Fair value remeasurement of investments consists of net changes in the fair value of the Group\u2019s investments in private equity and credit funds. Fair value remeasurement of investments is presented net of the profit or loss impact of the remeasurement of foreign exchange hedging used to limit the volatility of foreign exchange on investment income earned in euros. Group 2022 \u00a3 m 2021 \u00a3 m Fair value remeasurement of investments before remeasurement of FX hedges 47.0 53.8 Remeasurement of FX hedges (6.3) 3.1 Fair value remeasurement of investments 40.7 56.9 Fair value remeasurement of investments also includes the remeasurement of the fair value of investments in CLOs which are fully consolidated by the Group. The CLO investment expense is the amount of investment income due to third-party note holders who have invested in the CLOs which are fully consolidated by the Group. Group 2022 \u00a3 m 2021 \u00a3 m CLO investment income 14.9 3.0 CLO investment expense (13.0) (1.3) CLO investment income, net 1.9 1.7 The table above excludes the fair value remeasurement of sale and repurchase arrangements of the Group\u2019s interests in CLOs 2 and 3. Further details are set out in note 17 (d). Other operating income Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business, PEPCO Services LLP. 6 Personnel expenses Aggregate personnel expenses (including Directors\u2019 remuneration) in each year were as follows: Group 2022 \u00a3 m 2021 \u00a3 m Wages and bonuses 97.6 104.4 Social security costs 16.1 15.8 Pensions 2.0 1.9 Share-based payments 0.4 3.2 Other employee expenses 10.8 7.4 Total personnel expenses 126.9 132.7 Total personnel expenses include \u00a31.1m (2021: \u00a311.3m) of exceptional expenses, and accordingly are excluded from the calculation of underlying profitability measures. See note 8 for further details. a) Pensions The Group operates a defined contribution pension scheme for its Directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The scheme is a non-contributory scheme but does permit employee contributions b) Share-based payments The total charge to the Consolidated Statement of Profit or Loss for the year was \u00a30.4m (2021: \u00a33.2m) and this was credited to the share-based payments reserve in equity. Details of the different types of awards making up the charge are set out below. No other share-based payment awards were made during the year ended 31 December 2022. Group and Company A3 Share Award IPO Share Award A3 Share Award (\u00a3 per share) IPO Share Award (\u00a3 per share) 2022 2021 2022 (Restated) 2021* 2022 2021 2022 (Restated) 2021* Opening 602,000 \u2013 \u2013 \u2013 3.96 \u2013 3.50 \u2013 Share reorganisation/granted \u2013 612,000 \u2013 870,090 \u2013 3.96 \u2013 3.50 Vested (60,200) \u2013 \u2013 (837,230) 3.96 3.96 \u2013 3.50 Forfeited (12,825) (10,000) \u2013 (32,860) 3.96 3.96 \u2013 3.50 Outstanding at year end 528,975 602,000 \u2013 \u2013 3.96 3.96 \u2013 \u2013 * Share-based payments in 2021 have been restated to reflect the vesting of IPO awards as at 31 December 2021. There is no impact on the Consolidated Statement of Profit or Loss and the Consolidated Statement of Financial Position. c) Other employee expenses Other employee expenses include insurance, healthcare, training and recruitment costs. Staff numbers The monthly average number of persons, including Directors, employed by the Group during the year split by geography was as follows: Group 2022 No. 2021 No. UK 221 207 Other 145 133 Total 366 340 The Company has four employees (2021: four). 7 Other operating expenses Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses include fees paid to the auditors for the audit of the Group and relevant subsidiary financial statements and other fees for other services. Expenditure relating to low-value asset leases are required to be disclosed separately and are set out below. a) Auditor\u2019s remuneration During the year, the Company and the Group received the following services from its external auditor, Mazars LLP (\u201cMazars\u201d). The table below sets out fees earned by Mazars in relation to the year ended 31 December 2022. Group 2022 \u00a3 m 2021 \u00a3 m Audit fees Fees payable to the external auditor for the audit of the Company and the consolidated financial statements 0.5 0.4 Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries 0.9 0.8 Total audit fees 1.4 1.2 Non-audit fees Audit-related assurance services 0.2 0.1 Total non-audit fees 0.2 0.1 Total auditor\u2019s remuneration 1.6 1.3 b) Low-value asset leases
Group
2022
\u00a3 m
2021
\u00a3 m
Expense relating to low-value asset leases
\u2212 Low-value asset leases 0.3 0.2
8 Exceptional items
Exceptional items are material items of income or expenditure that are not considered to be incurred in the normal course of business
and without disclosure could distort an understanding of the financial statements. Accordingly, exceptional items are excluded from the
calculation of underlying profitability measures.
Exceptional items in the year ended 31 December 2022 principally relate to costs associated with the Group\u2019s acquisition of EQT Credit
and costs incurred in relation to potential acquisitions. Exceptional other income relates to the remeasurement and revaluation of a
deferred consideration payable.
Group
2022
\u00a3 m
2021
\u00a3 m
Personnel expenses (1.1) (11.3)
Other operating expenses (2.1) (17.3)
Total exceptional expenses within EBITDA (3.2) (28.6)
Other expenses \u2013 \u2013
Total exceptional expenses (3.2) (28.6)
Group
2022
\u00a3 m
2021
\u00a3 m
Other income 13.6 3.8
Total exceptional income 13.6 3.8
a) Exceptional personnel expenses
In 2022, exceptional personnel expenses include deferred transaction related bonuses and associated social security costs from the
acquisition of EQT Credit in 2020. Specific bonus payments payable to employees in relation to the EQT acquisition are exceptional as
similar awards were only granted once. The awards incentivise employees to align their goals with the business\u2019 goals through being
awarded over multiple periods, hence such expenses will continue to be recognised until 2025. 2021 exceptional personnel expenses
include transaction related bonuses from the acquisition of EQT Credit and IPO related personnel costs.
b) Exceptional other operating expenses
In 2022, exceptional other operating expenses include costs incurred in relation to potential acquisitions. 2021 exceptional other
operating expenses include listing costs incurred during the IPO and costs related to potential acquisitions.
c) Exceptional other income
Exceptional other income of \u00a313.6m relates to remeasurement and revaluation of the deferred contingent consideration payable and
associated unwind of discount to EQT AB. The deferred consideration payable to EQT AB was recognised upon acquisition and is
considered exceptional as no similar contractual liabilities will be entered into with EQT AB by the Group. Due to the contractual
arrangement underlying the deferred consideration, which is a payable in a future accounting period, there will be exceptional items
related to the valuation in multiple periods.
2021 exceptional other income relates to remeasurement and revaluation of the deferred contingent consideration payable to EQT AB and
associated unwind of the discount and deferred proceeds receivable under the Investment Agreement with Dyal Capital Partners IV (C) LP.
9 Depreciation and amortisation The following table summarises the depreciation and amortisation charge during the year. Group 2022 \u00a3 m 2021 \u00a3 m Depreciation on property, plant and equipment 15.3 11.9 Amortisation of intangible assets 3.0 3.1 Total depreciation and amortisation expense 18.3 15.0 The amortisation of intangible assets is excluded from the calculation of underlying profitability measures in order to distinguish from underlying performance. 10 Other income and expenses Group 2022 \u00a3 m 2021 \u00a3 m Interest income on term deposits 2.3 0.4 Finance income on subleases 0.6 \u2013 Other income 13.6 3.8 Total other income 16.5 4.2 Interest expense on bank overdrafts and borrowings (1.3) (3.1) Interest expense on lease liabilities (3.4) (2.8) Other expenses (0.9) (0.4) Finance expense on amounts payable to related party investors (2.3) (5.6) Total other expenses (7.9) (11.9) Net other income/(expenses), including exceptional items 8.6 (7.7) a) Other income Other income in 2022 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB (see note 17 (b) for further details) of \u00a313.6m. It is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. Other income in 2021 relates to the unwind of discounting on the deferred proceeds receivable from Dyal Partners IV (C) LP of \u00a32.6m and the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a31.2m. b) Other expenses Other expenses include borrowing facility fees which are being amortised over the term of the facility of \u00a30.9m (2021: \u00a30.4m). c) Finance expense on amounts payable to related party investors Finance expense on other financial liabilities represents amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. See note 17 (d) for further detail. 11 Tax expense (a) Tax expense Tax charged in the Consolidated Statement of Profit or Loss: Group 2022 \u00a3 m 2021 \u00a3 m Current taxation Current tax \u2013 current year 3.4 2.8 Current tax \u2013 prior year 0.4 0.3 Total current tax expense 3.8 3.1 Deferred taxation Deferred tax \u2013 current year 4.7 2.8 Deferred tax \u2013 prior year (1.7) (1.1) Total deferred tax expense 3.0 1.7 Tax expense 6.8 4.8 (b) Reconciliation of tax expense The tax on profit before tax is different to the standard rate of corporation tax in the UK of 19.0% (2021: 19.0%) primarily due to timing differences on taxation of management fee income, losses carried forward, a proportion of which are not recognised, and other timing differences. In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. As the change had been substantively enacted at the balance sheet date, these rates have been considered when calculating the closing deferred tax balances at the reporting date. Group 2022 \u00a3 m 2021 \u00a3 m Profit before tax 127.4 62.6 Tax on profit before taxation at the standard rate of corporation tax in the UK of 19.0% (2021: 19.0%) 24.2 11.9 Non-taxable and non-deductible items (23.7) (5.3) Deferred tax adjustments regarding management fee income and investments 2.5 (13.9) Capital gains transferred \u2013 3.1 Effect of tax rate changes \u2013 5.3 Effect of foreign tax rates 0.2 0.5 Deferred tax not recognised 5.0 4.0 Prior year adjustment (1.4) (0.8) Total tax expense for the year 6.8 4.8 (c) Tax on amounts recognised directly in other comprehensive income Tax on amounts recognised in other comprehensive income relate to deferred tax timing differences on foreign exchange forward contracts used for hedging purposes. 2022 \u00a3 m 2021 \u00a3 m Tax on amounts recognised in other comprehensive income 3.3 (2.1) (d) Tax losses not recognised The Group has carried forward losses of \u00a3498.8m (2021: \u00a3452.0m) as at 31 December 2022 which have not been recognised due to the uncertainty of future taxable profits against which the asset can be utilised. The Group has an asset of \u00a333.4m (2021: \u00a325.0m) and the Company an asset of \u00a30.4m (2021: \u00a31.1m) that have been recognised where there is an expectation that the tax losses can be utilised against future profits. See note 21 for further detail on deferred tax assets recognised. 12 Earnings per share 2022 2021 Profit attributable to equity holders of the Company (\u00a3 m) 120.6 57.8 Weighted average number of ordinary shares for purposes of basic and diluted EPS (m) 823.3 356.0 Basic and diluted earnings per share (\u00a3) 0.15 0.16 The adjusted earnings per share on underlying profit after tax of \u00a3113.1m (2021: \u00a385.7m) based on the weighted average number of shares at 31 December 2022 is \u00a30.14 (2021: \u00a30.10 on underlying profit after tax of \u00a385.7m based on the number of shares in issue at 31 December 2021). The underlying profit after tax is calculated by excluding exceptional items and the amortisation of intangible assets from within profit after tax. See note 22 for further details on the changes in the number of shares. The number of ordinary shares included in the calculation of earnings per share excludes own shares held by the Group. 13 Property, plant and equipment Group Right-of-use assets \u00a3 m Leasehold improvements \u00a3 m Computers, furniture and other \u00a3 m Total \u00a3 m Cost Balance at 1 January 2022 77.4 15.2 10.8 103.4 Foreign exchange \u2013 0.4 0.1 0.5 Additions 3.4 18.9 3.4 25.7 Disposals (7.7) (4.7) (3.8) (16.2) Balance at 31 December 2022 73.1 29.8 10.5 113.4 Accumulated depreciation Balance at 1 January 2022 (14.2) (5.6) (7.8) (27.6) Foreign exchange \u2013 (0.1) (0.1) (0.2) Depreciation (10.6) (2.7) (2.0) (15.3) Disposals 7.2 4.2 3.8 15.2 Balance at 31 December 2022 (17.6) (4.2) (6.1) (27.9) Carrying value at 31 December 2022 55.5 25.6 4.4 85.5 Group Right-of-use assets \u00a3 m Leasehold improvements \u00a3 m Computers, furniture and other \u00a3 m Total \u00a3 m Cost Balance at 1 January 2021 50.1 9.9 10.0 70.0 Foreign exchange \u2013 (0.2) (0.1) (0.3) Additions 65.1 5.5 1.0 71.6 Disposals (37.8) \u2013 (0.1) (37.9) Balance at 31 December 2021 77.4 15.2 10.8 103.4 Accumulated depreciation Balance at 1 January 2021 (17.5) (4.3) (6.6) (28.4) Foreign exchange \u2013 0.1 0.1 0.2 Depreciation (9.0) (1.4) (1.5) (11.9) Disposals 12.3 \u2013 0.2 12.5 Balance at 31 December 2021 (14.2) (5.6) (7.8) (27.6) Carrying value at 31 December 2021 63.2 9.6 3.0 75.8 The Company has no plant, property or equipment at 31 December 2022 (2021: nil). 14 Goodwill and intangible assets Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2022 105.1 21.2 126.3 Balance at 31 December 2022 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2022 \u2013 (3.7) (3.7) Amortisation \u2013 (3.0) (3.0) Balance at 31 December 2022 \u2013 (6.7) (6.7) Carrying value Balance at 1 January 2022 105.1 17.5 122.6 Balance at 31 December 2022 105.1 14.5 119.6 Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2021 105.1 21.2 126.3 Balance at 31 December 2021 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2021 \u2013 (0.6) (0.6) Amortisation \u2013 (3.1) (3.1) Balance at 31 December 2021 \u2013 (3.7) (3.7) Carrying value Balance at 1 January 2021 105.1 20.6 125.7 Balance at 31 December 2021 105.1 17.5 122.6 The goodwill arose following the acquisition of EQT Credit in 2020. All goodwill is attributable to the Credit operating segment. Goodwill is required to be assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. In performing the impairment test, management prepares a calculation of the recoverable amount of the goodwill using the value-in-use approach and compares this to the carrying value. The value-in-use is determined by discounting the expected future cash flows generated from the continuing use of the Credit operating segment and is based on the following key assumptions: \u2212 The cash flows are projected based on the actual operating results and a five-year estimate from 2023 to 2027 (2021: from 2022 to 2026). Cash flows for the time thereafter are taken into account by calculating a terminal value based on the discount factor applied by the Group. \u2212 Operating profits are based on management approved income, future fundraising, deployment of capital and costs of the business, taking into account growth plans for the Credit business as well as past experience. \u2212 A pre-tax discount rate of 15.0% (2021: 10.7%), which is based on the Group\u2019s weighted average cost of capital, is applied in determining the recoverable amount. \u2212 A long-term growth rate of 4.1% (2021: 5.0%), which is based on an assessment of the private debt industry rates of growth, and management\u2019s experience, is applied to the terminal value. As at 31 December 2022 significant headroom is noted, and therefore no impairment is identified (2021: nil). The Credit business would need to fall short of its projected profit margins by over 58.5% over the period 2023 to 2027 for the goodwill to be impaired. The intangible asset represents a customer relationship asset which also arose as part of the acquisition of EQT Credit. The intangible asset was valued based on a number of assumptions. These include profit margins, size of funds, level of reinvestment and attrition in new funds and the discount rate applied to the projections. The Company has no goodwill or intangibles assets. 15 Carried interest receivable The carried interest receivable relates to revenue which has been recognised by the Group relating to its share of fund profits through its holdings in CIPs. Revenue is only recognised to the extent it is highly probable that the revenue recognised would not result in significant revenue reversal of any accumulated revenue recognised on the completion of a fund. The reversal risk is mitigated through the application of discounts. If adjustments to the carried interest receivable recognised in previous periods are required, they are adjusted through revenue. A sensitivity analysis of the impact of a change in the value of unrealised fund assets is included within note 5. As at 31 December 2022, the undiscounted carried interest asset is \u00a368.3m (2021: \u00a363.2m). Group 2022 \u00a3 m 2021 \u00a3 m Opening balance 38.9 27.9 Income recognised in the year 23.1 15.2 Foreign exchange movements recognised in the Consolidated Statement of Profit or Loss 1.1 (0.9) Foreign exchange movements recognised in other comprehensive income 0.1 (0.2) Receipts of carried interest (21.2) (3.1) Closing balance 42.0 38.9 The Company has no carried interest receivable. 16 Financial assets (a) Classification of financial assets The following tables analyse the Group and Company\u2019s assets in accordance with the categories of financial instruments as defined in IFRS 9 \u201cFinancial Instruments\u201d. Assets which are not considered as financial assets, for example prepayments and lease receivables, are also shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of Financial Position. As at 31 December 2022 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial assets at amortised cost \u00a3 m Assets which are not financial assets \u00a3 m Total \u00a3 m Fair value of fund investments 273.0 \u2013 \u2013 \u2013 273.0 Consolidated CLO assets 726.3 \u2013 15.0 \u2013 741.3 Trade and other receivables \u2013 \u2013 181.6 23.2 204.8 Derivative financial assets \u2013 1.0 \u2013 \u2013 1.0 Cash and cash equivalents \u2013 \u2013 196.0 \u2013 196.0 Term deposits with original maturities of more than three months \u2013 \u2013 100.0 \u2013 100.0 Consolidated CLO cash \u2013 \u2013 24.6 \u2013 24.6 Total 999.3 1.0 517.2 23.2 1,540.7 As at 31 December 2021 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial assets at amortised cost \u00a3 m Assets which are not financial assets \u00a3 m Total \u00a3 m Fair value of fund investments 313.7 \u2013 \u2013 \u2013 313.7 Consolidated CLO assets 286.8 \u2013 \u2013 \u2013 286.8 Trade and other receivables \u2013 \u2013 76.4 28.7 105.1 Derivative financial assets \u2013 9.9 \u2013 \u2013 9.9 Cash and cash equivalents \u2013 \u2013 323.1 \u2013 323.1 Term deposits with original maturities of more than three months \u2013 \u2013 \u2013 \u2013 \u2013 Consolidated CLO cash \u2013 \u2013 4.2 \u2013 4.2 Total 600.5 9.9 403.7 28.7 1,042.8 As at 31 December 2022
Company
Fair value
through profit
or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial assets
at amortised
cost
\u00a3 m
Assets which
are not financial
assets
\u00a3 m
Total
\u00a3 m
Trade and other receivables \u2013 \u2013 20.3 \u2013 20.3
Cash and cash equivalents \u2013 \u2013 114.0 \u2013 114.0
Term deposits with original maturities of more than three months \u2013 \u2013 50.0 \u2013 50.0
Total \u2013 \u2013 184.3 \u2013 184.3
As at 31 December 2021
Company
Fair value
through profit
or loss
\u00a3 m
Hedging
derivatives
\u00a3 m
Financial assets
at amortised
cost
\u00a3 m
Assets which are
not financial
assets
\u00a3 m
Total
\u00a3 m
Trade and other receivables \u2013 \u2013 106.5 \u2013 106.5
Cash and cash equivalents \u2013 \u2013 159.0 \u2013 159.0
Term deposits with original maturities of more than three months \u2013 \u2013 \u2013 \u2013 \u2013
Total \u2013 \u2013 265.5 \u2013 265.5
(b) Fair value of fund investments
Investments representing the Group\u2019s interests in private equity and credit funds are initially recognised at fair value and subsequently
remeasured at fair value through profit or loss within operating income.
The investments primarily consist of loans or commitments made in relation to the Bridgepoint Europe VI, V and III, Bridgepoint
Development Capital IV and III private equity funds, the Bridgepoint Credit I, Direct Lending I and II, and Credit Opportunities III and
IV credit funds.
The fund investments are measured at fair value through profit or loss as the business model of each vehicle is to manage the assets and
to evaluate their performance on a fair value basis.
Group
2022
\u00a3 m
2021
\u00a3 m
Opening balance 313.7 235.9
Additions 38.5 92.7
Change in fair value 32.9 65.7
Foreign exchange movements recognised in the Consolidated Statement of Profit or Loss 5.8 (8.6)
Foreign exchange movements recognised in other comprehensive income 8.2 (6.1)
Disposals (126.1) (65.9)
Closing balance 273.0 313.7
The Company has no investment in funds at 31 December 2022 (2021: nil).
(c) CLO assets
The balance shown includes the gross value of the assets held by CLO 1, CLO 3 and CLO 4 (2021: CLO 1), which are consolidated by
the Group, but of which the Group only holds the right and liabilities in relation to a small portion. The CLO assets are primarily
measured at fair value through profit or loss as the business model of each vehicle is to manage the assets and to evaluate their
performance on a fair value basis.
Group
2022
\u00a3 m
2021
\u00a3 m
Consolidated CLO assets consolidated by the Group 741.3 286.8
Consolidated CLO assets attributable to third-party investors (696.1) (274.5)
Group\u2019s exposure to consolidated CLO assets 45.2 12.3
The Company has no investments in CLO assets at 31 December 2022 (2021: nil).
(d) Derivative financial assets Group 2022 \u00a3 m 2021 \u00a3 m Derivative financial assets Forward contracts 1.0 9.9 The derivative financial assets relate to forward contracts that are used to hedge foreign exchange risk. Further detail on the hedging programme is set out in note 19 (b). The Company has no derivative financial assets at 31 December 2022 (2021: nil). (e) Trade and other receivables Group Company 2022 \u00a3 m (Restated) 2021* \u00a3 m 2022 \u00a3 m (Restated) 2021* \u00a3 m Non-current Prepayments 1.6 \u2013 \u2013 \u2013 Trade and other receivables 18.3 16.9 \u2013 \u2013 19.9 16.9 \u2013 \u2013 Current Trade receivables 12.2 16.0 \u2013 \u2013 Accrued income 19.0 2.8 \u2013 \u2013 Prepayments 6.2 5.5 \u2013 \u2013 Deferred investment receipts 52.8 \u2013 \u2013 \u2013 Other receivables 94.7 63.9 20.3 106.5 184.9 88.2 20.3 106.5 Total trade and other receivables 204.8 105.1 20.3 106.5 * Current prepayments and other receivables in 2021 have been restated to reflect a classification change. There is no impact on the Group Consolidated Statement of Financial Position. There are no material differences between the above amounts for trade and other receivables and their fair value. i) Other receivables Other receivables primarily relate to amounts to be invoiced to funds managed by the Group and their portfolio companies in relation to costs incurred on their behalf. Such costs include deal and fundraising expenditure. Amounts receivable from the funds at year end were \u00a349.7m (2021: \u00a337.6m). Amounts receivable from portfolio companies of the funds at the end of the year were \u00a32.7m (2021: \u00a32.1m). ii) Deferred investment receipts This receivable relates to the sale of the Group\u2019s stake in Bridgepoint Credit II \u201cC\u201d LP, which was previously held as an investment in an associate and measured at fair value through profit or loss. The sale was completed in October 2022 with an initial payment of \u00a352.8m (\u20ac59.5m) which was received in February 2023 and a final payment in 2026 if the final net asset value is outside a pre-determined range. The Group has determined that the possibility of the net asset value of the fund falling outside the range is highly unlikely, therefore, no contingent consideration has been recognised. iii) Cost of acquisition Current and non-current trade and other receivables also include the deferred cost of acquisition and consist of expenditure in excess of the cap within the LPA and fees paid to placement agents. Such costs are capitalised as a non-current asset and amortised between three and five years. The movement in the capitalised costs of acquisition is set out in the following table. Group 2022 \u00a3 m 2021 \u00a3 m Opening balance 0.1 1.1 Additions 3.6 \u2013 Amortisation (0.9) (1.0) Closing balance 2.8 0.1 iv) Lease receivables Non-current and current trade and other receivables include lease receivables on sublet office premises. Two of the subleases run until the end of the related head lease and expire on 31 December 2027. The third sublease runs for 10 years and expires on 16 August 2031. The undiscounted cash flows for these lease receivables during the year ended 31 December 2022 were \u00a31.4m (2021: \u00a31.0m). The finance income earned on the subleases during the year ended 31 December 2022 was \u00a30.6m (2021: \u00a30.4m). The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the reporting date. Group Lease receivables 2022 \u00a3 m 2021 \u00a3 m Due within 1 year 2.5 1.4 Due between 1 and 2 years 2.5 2.5 Due between 2 and 3 years 2.5 2.5 Due between 3 and 4 years 2.5 2.5 Due between 4 and 5 years 2.5 2.5 Due after more than 5 years 5.2 7.9 Total undiscounted lease payments receivable 17.7 19.3 Unearned finance income (2.3) (3.1) Net investment in leases 15.4 16.2 Current 2.0 0.8 Non-current 13.4 15.4 15.4 16.2 The Company has no lease receivables at 31 December 2022 (2021: nil). (f) Cash and term deposits Group Company 2022 \u00a3 m 2021 \u00a3 m 2022 \u00a3 m 2021 \u00a3 m Cash at bank and in hand 78.3 323.1 1.4 159.0 Money market funds 17.7 \u2013 12.6 \u2013 Term deposits with original maturities of less than three months 100.0 \u2013 100.0 \u2013 Total cash and cash equivalents 196.0 323.1 114.0 159.0 Term deposits with original maturities of more than three months 100.0 \u2013 50.0 \u2013 Consolidated CLO cash 24.6 4.2 \u2013 \u2013 Total cash and term deposits 320.6 327.3 164.0 159.0 Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term deposits with original maturities of three months or less and money market funds, which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Term deposits represent fixed term deposits placed with banks and financial institutions. Consolidated CLO cash is cash held by CLO vehicles consolidated by the Group and is not available for the Group\u2019s operating activities. There are no material differences between the carrying amounts and fair values of cash and cash equivalents, term deposits with original maturities of more than three months and consolidated CLO cash. 17 Financial liabilities (a) Classification of financial liabilities The following tables analyse the Group and Company\u2019s financial liabilities in accordance with the categories of financial instruments defined in IFRS 9 \u201cFinancial Instruments\u201d. Liabilities such as deferred income, long-term employee benefits, social security and other taxes are excluded as they do not constitute a financial liability and are shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of Financial Position. As at 31 December 2022 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables 16.7 \u2013 51.8 60.6 129.1 Other financial liabilities 49.5 \u2013 \u2013 \u2013 49.5 Lease liabilities \u2013 \u2013 83.2 \u2013 83.2 Derivative financial liabilities \u2013 13.2 \u2013 \u2013 13.2 Consolidated CLO liabilities 597.5 \u2013 2.6 \u2013 600.1 Consolidated CLO purchases awaiting settlement \u2013 \u2013 120.6 \u2013 120.6 Total financial liabilities 663.7 13.2 258.2 60.6 995.7 As at 31 December 2021 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables 30.3 \u2013 39.0 64.4 133.7 Other financial liabilities 46.9 \u2013 \u2013 \u2013 46.9 Lease liabilities \u2013 \u2013 84.8 \u2013 84.8 Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 Consolidated CLO liabilities 241.4 \u2013 1.5 \u2013 242.9 Consolidated CLO purchases awaiting settlement \u2013 \u2013 35.8 \u2013 35.8 Total financial liabilities 318.6 \u2013 161.1 64.4 544.1 Company As at 31 December 2022 Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables \u2013 \u2013 1.1 \u2013 1.1 Total financial liabilities \u2013 \u2013 1.1 \u2013 1.1 As at 31 December 2021 Company Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables \u2013 \u2013 23.1 \u2013 23.1 Total financial liabilities \u2013 \u2013 23.1 \u2013 23.1 (b) Trade and other payables Group Company 2022 \u00a3 m 2021 \u00a3 m 2022 \u00a3 m 2021 \u00a3 m Amounts due in more than one year: Deferred contingent consideration payable \u2013 30.3 \u2013 \u2013 Management incentive scheme 12.9 12.6 \u2013 \u2013 Accrued expenses 0.7 0.6 \u2013 \u2013 13.6 43.5 \u2013 \u2013 Amounts due within one year: Trade payables 1.3 8.0 \u2013 \u2013 Deferred contingent consideration payable 16.7 \u2013 \u2013 \u2013 Accrued expenses and deferred income 77.7 70.2 1.1 2.9 Amounts due to related parties 1.3 0.7 \u2013 20.2 Social security and other taxes 2.8 2.7 \u2013 \u2013 Other payables 15.7 8.6 \u2013 \u2013 115.5 90.2 1.1 23.1 Total trade and other payables 129.1 133.7 1.1 23.1 i) Deferred contingent consideration The deferred contingent consideration is payable to EQT AB and relates to the outcome of certain fundraising for the Bridgepoint Direct Lending III and Bridgepoint Credit Opportunities IV funds that falls within the definitions applying to deferred consideration in the transaction documents (this does not equate to total fundraising). These fundraises are expected to complete during 2023. The maximum amount payable is \u00a344.4m (\u20ac50.0m). At 31 December 2022, the Group remeasured the expected liability at that point, which equated to \u00a316.7m (2021: \u00a330.3m), through the Consolidated Statement of Profit or Loss. Further details of the corresponding income relating to the re-measurement are included in note 8 (c). Were the total fundraising raised within the relevant definitions for both funds to increase by 45%, the maximum deferred consideration would be met. At 31 December 2022, the deferred contingent consideration payable is classified as a current liability as it is expected to be settled during 2023 (2021: non-current liability). ii) Management incentive scheme In April 2021, a subsidiary company, Bridgepoint Credit Holdings Limited, issued shares to certain employees of the Group as part of a management incentive scheme. The shares are subject to a put and call option, whereby the participating employees have the option to sell and the Group has the option to buy back the shares in the future based upon a pre-determined formula which considers the amount of funds raised and the resulting management fees over a five-year period. The scheme has been accounted for as an other long-term employment benefit under IAS 19 \u201cEmployment Benefits\u201d as it is not linked to the value of the equity of Bridgepoint Credit Holdings Limited or equity instruments of other Group members, but is based on the revenue generated by major funds managed by the Group. As at 31 December 2022, the expense and corresponding liability has been based upon funds raised and expected management fees which exceed the targets at that date. iii) Accruals and deferred income Accruals and deferred income include amounts that have been incurred, but not yet invoiced, employee bonuses and amounts that have been received in relation to fund management activity for services that have not been provided, but are owed to the Bridgepoint funds. iv) Other payables Other payables include tax and other provisions. There are no material differences between the above amounts for trade and other payables and their fair value. (c) Borrowings On 19 October 2020, Bridgepoint Advisers Holdings, entered into a Revolving Facility Agreement for \u00a3125m for a period of three years. At 31 December 2022 there were no drawn amounts on the facility (2021: nil drawn). Loan arrangement fees of \u00a31.25m have been capitalised and are being amortised over the life of the facility. At 31 December 2022 the unamortised fees are \u00a30.4m (2021: \u00a30.7m). There are no material differences between the above amounts for borrowings held at amortised cost and their fair value. The Company has no borrowings at 31 December 2022 (2021: nil). (d) Other financial liabilities Group 2022 \u00a3 m 2021 \u00a3 m Liabilities held at fair value through profit and loss: CLO repurchase agreements 28.1 28.1 Amount payable to related party investors in Opal Investments LP 10.0 9.5 Amount payable to related party investors in intermediate fund holding entities 11.4 9.3 Total 49.5 46.9 i) CLO repurchase agreements The Group has entered into an arrangement to sell and repurchase interests in CLOs 2 and 3. For CLO 2, the repurchase liability is \u00a312.5m (\u20ac14.9m) and will be repaid at face value as at the scheduled repurchase date of 15 April 2035, unless an earlier date is agreed as per the agreement. For CLO 3, the repurchase liability is \u00a315.6m (\u20ac18.6m) and will be repaid at face value as at the scheduled repurchase date of 15 January 2036, unless an earlier date is agreed as per the agreement. The interest payable over the life of the repurchase is equal to any distributions received by the relevant notes to which the repurchase agreement relates. ii) Amounts payable to related party investors in Opal Investments LP The Group has an investment in Opal Investments LP, which is an investor in the Bridgepoint Europe V Fund partnerships. Under the limited partnership agreement, related party investors had the right to receive up to 100% of the profits from the partnership unless the Group exercised an option to trigger up to 85% of the profits of the partnership from the date of the exercise of the option. Effective 31 December 2020, the option was exercised therefore 85% of the accumulated profits from the partnership were allocated to the equity shareholders of the Company from non-controlling interests. 15% of the residual profits are classified as a financial liability payable to related party investors. Due to the nature of this agreement, being a contractually agreed profit share to related party investors, the Group recognises their interest as a financial liability which is fair valued through profit and loss at each reporting date. iii) Amount payable to related party investors in intermediate fund holding entities The Group consolidates a number of limited partnerships through which some of the Group\u2019s investment in funds is held. The Group\u2019s interest only constitutes a portion of the total and therefore other financial liabilities include the fair value of the amounts due to external parties, who are related party investors, under the limited partnership agreement. Due to the nature of this agreement, being a contractually agreed profit share to related party investors, the Group recognises their interest as a financial liability which is fair valued through profit and loss at each reporting date. The Company has no other financial liabilities at 31 December 2022 (2021: nil). (e) Consolidated CLO liabilities Group 2022 \u00a3 m 2021 \u00a3 m Liabilities of CLOs consolidated by the Group (non-current) 597.5 241.4 Liabilities of CLOs consolidated by the Group (current) 2.6 1.5 Total 600.1 242.9 Non-current CLO liabilities are designated as financial liabilities at fair value through profit and loss. Financial liabilities held at fair value through profit or loss represent notes and loans issued by CLOs which are consolidated by and have been originated by the Group. They are initially recognised and subsequently measured at fair value with gains or losses arising from changes in fair value and interest paid on financial instruments recognised through investment income in the Consolidated Statement of Profit or Loss. The notes and loans issued by CLOs have rights to the assets of the respective CLO and there is no recourse to the Group. (f) Consolidated CLO purchases awaiting settlement Group 2022 \u00a3 m 2021 \u00a3 m Consolidated CLO purchases awaiting settlement 120.6 35.8 Amounts payable for purchases of CLO assets awaiting settlement are recognised at the point at which the CLO has a contractual obligation to exchange cash. (g) Derivative financial liabilities Group 2022 \u00a3 m 2021 \u00a3 m Derivative financial liabilities: Forward contracts 13.2 \u2013 The derivative financial liabilities relate to forward contracts that are used to hedge foreign exchange risk. Further detail on the Group\u2019s hedging programme is set out in note 19 (b). The Company has no derivative financial liabilities at 31 December 2022 (2021: nil). (h) Commitments The Group\u2019s undrawn capital commitments to the Bridgepoint funds at each period end are shown in the table below. Capital commitments are called over time, typically between one to five years following the subscription of the commitment. Capital commitments are not a financial liability, and the Group does not have an obligation to pay cash until the capital is called. Commitments may increase where distributions made by the fund are recallable. Group 2022 \u00a3 m 2021 \u00a3 m Private equity funds 255.3 113.7 Credit funds 34.4 28.5 Total commitments 289.7 142.2 18 Lease liabilities
Group
2022
\u00a3 m
2021
\u00a3 m
Lease liabilities
Current 6.1 4.0
Non-current 77.1 80.8
Total 83.2 84.8
The lease liabilities relate to rental payments in respect of the Group\u2019s rented offices. The lease contracts range from 5 to 10 years.
The lease liability is initially measured at the net present value of future lease payments that are not paid at the commencement date
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s IBR. Generally, the Group
uses its IBR as the discount rate as the implicit rate is not readily determinable for the rented office premises.
The lease contracts include either inflationary increases to the rent payable or periodic review of the rent payable. The liability has been
determined at each period end, based upon expected changes in the contractual rent payable, as well as any planned exercise of any
break or early exit.
The determination of the lease term for each lease involves the Group assessing any extension and termination options, the
enforceability of such options, and judging whether it is reasonably certain that they will be exercised. A number of leases contain such
clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. The potential future cash
outflows relating to extension options not included in the measurement of lease liabilities approximate \u00a31.6m (2021: \u00a31.6m).
The lease liability is therefore sensitive to assumptions relating to the selection and application of the IBR and those relating to the
exercise or non-exercise of lease break clauses.
The Group periodically reassesses the lease term and this assessment is based on all relevant facts and circumstances. Should a change
occur, the Group modifies the lease liability and associated right of use asset to reflect the remaining expected cash flows.
The IBR has been determined by combining the relevant reference risk free rate for each currency, consideration of adjustments for
country specific risks and applying a financing spread observable to comparable companies. In order to validate the reasonableness of the
IBR, it has been compared to the margin payable on the Group\u2019s Revolving Credit Facility, and found to be comparable. If the IBR had
been 1% higher or lower, the impact on the lease liability would be:
Group
2022
\u00a3 m
2021
\u00a3 m
Increase of 1% (3.0) (3.5)
Decrease of 1% 3.2 3.8
All lease liabilities have been modelled to the end of their non-cancellable lease term, or where expected to be exercised to the break
date. Therefore, the lease exposure stated is the maximum exposure, ignoring any extension options.
The lease payments are allocated between principal and finance expense. The finance expense is charged to the profit or loss over the
lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability.
The Consolidated Statement of Profit or Loss includes the following amounts relating to the lease liabilities:
Group
2022
\u00a3 m
2021
\u00a3 m
Interest on lease liability 3.4 2.8
The Company has no lease liabilities (2021: nil).
19 Financial risk management In its activities, the Group is exposed to various financial risks: price/valuation risk, market risk (including exposure to interest rates and foreign currencies), liquidity risk and credit risk arising from financial instruments. The Group\u2019s senior management is responsible for the creation and control of an overall risk management policy in the Group. The Group Consolidated Statement of Financial Position is made up predominately of investments into private equity and credit funds, consolidated CLO assets and liabilities, term deposits with original maturities of more than three months, cash and cash equivalents, lease liabilities, CLO purchase awaiting settlement and other financial liabilities. The assets of a private equity fund are controlling or minority stakes, typically in private companies, and their debt. The assets of credit funds and the consolidated CLO vehicles are loans to private companies. The financial risks relating to such investments are inherently different, due to the nature of the investments as equity or debt and recovery and returns from capital invested will depend upon the financial health and prospects of each underlying investee entity. As part of their construction, each fund is constructed as a diversified portfolio of assets, diversified by the number of assets, their industry and geography. Risk management policies are established to identify and analyse the risks faced by the Group and to set appropriate risk limits and controls. Policies are reviewed on a regular basis to reflect changes in the market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Company Statement of Financial Position is made up predominantly of investments in subsidiaries, cash and cash equivalents, and term deposits with original maturities of more than three months. (a) Price and valuation risk Price and valuation risk is the uncertainty about the difference between the reported value and the price that could be obtained on exit or maturity of an asset or liability. This principally relates to investments in funds, which hold portfolios of private equity and debt investments, the investments held by consolidated CLOs, and the notes issued by consolidated CLOs. This uncertainty arises due to the use of unobservable inputs, such as EBITDA, in the calculation of fair value, the performance and financial health of portfolio companies, and ultimately \u2013 as it relates to investments in private equity \u2013 what a third party may be willing to pay for the business. There is less uncertainty for investments in debt as the upside is capped to the maximum of the principal and interest receipts, whereas private equity investments have greater potential for larger changes in their valuation as the upside is not capped. The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and maintains focus throughout the investment life of each company. All investments are formally reviewed through dedicated Portfolio Monitoring Committees. The review process involves a rigorous assessment of the company\u2019s financial performance, financial health (including covenant coverage) and exit prospects. The Group values all investments in line with the IPEV Guidelines at least twice a year, and in most cases quarterly. Each investment undergoes the same detailed valuation process, in accordance with the Group\u2019s valuation policies. Completed valuations are presented and discussed at the relevant Bridgepoint valuation committee for approval. The number of unique investments that the Group indirectly invests into through its investments in private equity and credit funds is numerous and it is not practical to provide a summary of the principal inputs into each investment. The table below summarises the valuation methodologies used to fair value investments in private equity and credit funds which are classified as level 3 financial assets. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment in a fund, fund investments at fair value are classified as level 3. Whilst some assets held by the funds may be classified as level 2 instruments, the Group does not consolidate the funds and treats the unit of account as the fund rather than the individual asset. Nature of asset/ liability Fair value at 31 December 2022 (\u00a3 m) Fair value at 31 December 2021 (\u00a3 m) Number of unique investments Valuation methodology Description Inputs Private equity fund investments 241.3 217.9 68 Earnings Where a portfolio company is profitable and for which a set of listed companies and precedent transactions are available. This is the most commonly used private equity valuation methodology. Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments to arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or forecast/ budgeted earnings, as considered appropriate. When selecting earning multiples consideration is given to: \u2212 The original transaction price/entry multiple; \u2212 Recent transactions in the same or similar instruments; \u2212 Relevant comparable listed company multiples; \u2212 Exit expectations and other company specific factors. The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, including any assets or liabilities such as cash or debt that should be included. The fund\u2019s share of the value is calculated by calculating its holding. At 31 December 2022, 97% (2021: 97%) of private equity fund investments were valued using the earnings multiple approach. Listed price Where a portfolio company has instruments traded on a recognised exchange the traded price is used to value the investment. The traded price is applied to the number of shares held by the fund in the portfolio company. The value is then adjusted to take into account any assets or liabilities in holding entities outside of the listed company. As at 31 December 2022, there were two listed portfolio companies (3%) (2021: 3%) which were priced using the prevailing share price. Nature of asset/ liability Fair value at 31 December 2022 (\u00a3 m) Fair value at 31 December 2021 (\u00a3 m) Number of unique investments Valuation methodology Description Inputs Credit funds 76.9 108.1 126 Market price Where a loan is traded in the market, market prices can be obtained for use in pricing. Market prices can be obtained from third-party market price aggregation services or broker quotes where there is an active market. The extent to how active the market is depends upon the \u2018depth\u2019 of the pricing, (being the number of distinct price quotations available from different sources). Before the use of market pricing, consideration is given to identify anomalies or other inaccuracies in market pricing or whether there are other factors that should be considered, for example, recent transactions. As at 31 December 2022, 8% (2021: 8%) of the Credit fund assets were priced using market prices. Earnings Where a loan may be impaired an earnings basis is typically used to determine the enterprise value of the borrower, following which a waterfall approach is used to determine the value of the loan. Where there are circumstances which indicate there is risk of non-performance of the borrower, the enterprise value of the borrower will typically be determined in accordance with an earnings methodology (as described above), following which a waterfall approach is used to determine the value of the loan. As at 31 December 2022, 4% (2021: 4%) of the Credit fund assets were priced using earnings basis. Amortising to par method Where a performing loan that has been originated is valued based upon its amortised cost. Provided that there are no circumstances which indicate a material underperformance or inability of the borrower to pay interest or repay the principal, the valuation of loans that have been originated is determined by apportioning any arrangement fees, similar fees or discount on a linear basis over the anticipated holding period (which is typically three years). As at 31 December 2022, 80% (2021: 82%) of the Credit fund assets were priced using the amortising to par method. Discounted cash flows Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the valuation. Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected cash flows relating to the CLO\u2019s underlying asset portfolio including annual loan default rates and associated recovery rates, prepayment rates, reinvestment rates and spreads. As at 31 December 2022, 100% (2021: none) of the investments in CLO notes were priced using discounted cash flow method. Other Other valuation techniques may be utilised where the above methodologies are not deemed appropriate. Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for other valuation techniques to be utilised in certain cases. As at 31 December 2022, 8% (2021: 6%) of the Credit fund assets were priced using other valuation techniques. Nature of asset/ liability Fair value at 31 December 2022 (\u00a3 m) Fair value at 31 December 2021 (\u00a3 m) Number of unique investments Valuation methodology Description Inputs Consolidated CLO assets 681.1 274.5 152 Market price Where a loan is traded in the market, market prices can be obtained for use in pricing. Market price aggregation services or broker quotes where there is an active market. The extent to how active the market is depends upon the \u2018depth\u2019 of the pricing, (being the number of distinct price quotations available from different sources). Before the use of market pricing, consideration is given to identify anomalies or other inaccuracies in market pricing or whether there are other factors that should be considered, for example, recent transactions. As at 31 December 2022, 100% (2021: 99%) of the CLO fund assets were priced using market prices. Total assets 999.3 600.5 Non- investment grade and subordinated debt liabilities of the consolidated CLOs 597.5 241.4 17 Net asset value Where the Group is required to consolidate the liabilities of a CLO, a net asset approach is used where the value of the liabilities is driven by the value of the consolidated loan asset portfolio and any residual cash, accrued interest and expenses contained within the vehicle. The inputs to the valuation are the quotes obtained from Markit and Bloomberg of the CLO assets. The cash, accrued interest and expenses are at their book value. Deferred contingent consid- eration 16.7 30.3 N/A Discounted cash flows Future consideration to be paid to EQT AB in relation to the acquisition of EQT Credit business and relates to the outcome of fundraising for certain funds. Inputs used in the calculation of the deferred consideration calculation include estimated outcome of certain fundraising, minimum and maximum thresholds and payout ratio set out in the sales and purchase agreement and discount rate. CLO repurchase agreements 28.1 28.1 N/A Discounted cash flows Where the Group is subject to a sale and repurchase agreement relating to CLOs, a discounted cash flow analysis is used to determine the valuation Inputs used in the discounted cash flow analysis include discount rates and forecast cash flows relating to the CLO\u2019s underlying asset portfolio including assumptions for annual loan default rates and associated recovery rates, prepayment rates, reinvestment rates and spreads. Other financial liabilities 21.4 18.8 N/A Other Where the Group enters a limited partnership agreement with related party investors to contractually share profits from those partnerships, other valuation techniques may be utilised where the above methodologies are not deemed appropriate. N/A Total liabilities 663.7 318.6 A reasonably possible change in the values of investments at fair value through profit or loss is shown in the table below. This is modelled as 10% of private equity fund investments and 1% of credit fund investments. As above, investments in private equity inherently have greater potential for larger changes in their valuation as the upside is not capped. The downside is limited to the amount invested in the funds. For credit investments, the upside is capped to the maximum of the principal and interest receipts, the downside is limited to the amount invested in the funds, but due to the investment strategy of the fund, losses are expected to be very small. The sensitivity analysis considers only the net impact on the Group from changes in the consolidated CLO portfolio, as the Group\u2019s exposure to price risk is limited to only its interest within the CLO and not the gross assets and liabilities. Group 2022 \u00a3 m (+/-) 2021 \u00a3 m (+/-) Fair value sensitivity: 10% private equity fund investments 24.1 20.9 1% credit fund investments 0.8 1.1 The Company has no significant exposure to price/valuation risk. (b) Foreign currency risk Foreign currency (\u201cFX\u201d) risk is the risk of losses or other adverse effects resulting from a change in a foreign exchange rate, or from other unfavourable changes in relation to a foreign currency. The Group is primarily exposed to two types of FX risk: \u2212 Transaction risk: the adverse effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement. It is the exchange rate, or currency, risk associated specifically with the time delay between entering into a trade or contract and then settling it. As the majority of the Group\u2019s income is denominated in euro, this means that its income when recognised in sterling is subject to exposure to foreign exchange rate movements over time. \u2212 Translation risk: the risk of adverse changes in the rates at which assets, liabilities, income or costs in foreign currencies are translated into the reporting currency. The Group holds assets denominated in currencies other than sterling, the presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of investments denominated in other currencies will fluctuate due to change in exchange rate. Hedging of EUR management fees In order to hedge EUR denominated management fee income, the Group has entered into a series of forward trades and swap agreements to sell EUR and buy GBP at various dates in the future to reduce the currency exposure of EUR denominated income to future spot rate volatility. The level of hedging is determined with reference to the amount of sterling denominated costs and dividends. The level of hedging provides for almost full coverage in 2023, and reducing in 2024 and 2025, which will be increased and extended as part of the ongoing hedging strategy over time. The nominal value of open trades at the year end date to match certain expected future cash flows is shown in the table below, along with the aggregate mark-to-market of the year end date. Group 2022 \u00a3 m 2021 \u00a3 m Nominal value of forward trades in GBP 294.2 266.4 Mark-to-market value at year end (9.6) 6.8 These hedges are in place to match known future cash flows, and the Group has decided to use cash flow hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The effective portion of the gain or loss on these hedging instruments is recognised in the other comprehensive income in cash flow hedge reserves while any ineffective portion is recognised immediately in the Consolidated Statement of Profit or Loss as gain or loss on cash flow hedges within operating expenses. When the hedge is settled all gains or losses relating to the hedge are transferred to the Consolidated Statement of Profit or Loss. The change in value that has been recognised as ineffective in the Consolidated Statement of Profit or Loss, the amount of the effective portion recognised within the cash flow hedge reserve and amounts released to the Consolidated Statement of Profit or Loss during the year are shown in the table below. There was no hedge ineffectiveness. Group 2022 \u00a3 m 2021 \u00a3 m Ineffective portion recognised in the Consolidated Statement of Profit or Loss \u2013 \u2013 Effective portion recognised in other comprehensive income (10.5) 12.8 Reclassified to the Consolidated Statement of Profit or Loss upon settlement of hedges (5.9) (1.6) Hedge ineffectiveness could occur if the amount of hedging is more than the amount of the EUR denominated income and timing differences between receipt of the income and settlement of the hedge. Hedging of investments in EUR The Group\u2019s primary exposure to assets and liabilities in foreign currencies is to investments in funds and carried interest receivable, which are predominantly held in EUR. In order to remove the risk of volatility in the Group\u2019s earnings on the translation of assets at each year end, the Group has entered into a series of forward trades and swap agreements to sell EUR and buy GBP at various dates in the future that match the expected date of receipts from the underlying funds. These hedges are in place to match expected future cash flows, and the Group has decided to use hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The hedged items fair value movement is recognised in full in the consolidated statement of profit or loss, hence all gains and losses on hedging instruments are recognised in the Consolidated Statement of Profit or Loss directly. No hedging instrument gains or losses are taken directly to equity for investment hedges. The hedge ratio is tracked by comparing the nominal value of outstanding trades to the Group\u2019s total exposure to fund investments and loans denominated in a foreign currency. The Group\u2019s exposure to EUR investments and borrowings at each year end is summarised below, along with a sensitivity of the impact of a 5% change in the FX rate. This analysis excludes the CLO assets, which are attributable to third-party investors. Group 2022 \u00a3 m 2021 \u00a3 m EUR denominated investments (EUR) 330.7 347.7 Borrowings (EUR) \u2013 \u2013 Investment hedges (EUR) (176.7) (180.0) EUR denominated investments, net (EUR) 154.0 167.7 +/- 5% sensitivity (GBP) impact on profit and net assets 6.8 7.0 The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market. Group 2022 \u00a3 m 2021 \u00a3 m Nominal value of forward trades in GBP 156.7 159.7 Mark-to-market value at year end (2.6) 3.1 The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss. A change to FX rates will impact the fair value of derivative contracts, however an opposing movement will be seen in the hedged item. The Company has no significant exposure to foreign currency risk. (c) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The amounts drawn under the Group\u2019s revolving credit agreements, however, bear interest at a floating rate that could rise and increase the Group\u2019s interest cost and debt, although at 31 December 2022 the Group had no outstanding borrowings (2021: nil). If interest rates were to change by 1%, the Group\u2019s finance expense applied on the borrowings at year end would have increased or (decreased) by the amounts set out in the table below. Group 2022 \u00a3 m (+/-) 2021 \u00a3 m (+/-) Increase or decrease of 1% \u2013 \u2013 (d) Credit risk Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full, when due. Potential areas of credit risk consist of cash and cash equivalents, including deposits with banks and financial institutions, short-term receivables, investments in the CLOs and derivative financial instruments. The Company and the Group have not experienced any significant defaults in prior periods. Group exposure The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. Expected credit losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The Group\u2019s expected credit losses are calculated using a three-stage model, which requires financial assets to be assessed as: \u2212 Performing (stage 1) \u2013 Financial assets where there has been no significant increase in credit risk since original recognition \u2212 Under-performing (stage 2) \u2013 Financial assets where there has been a significant increase in credit risk since initial recognition, but no default \u2212 Non-performing (stage 3) \u2013 Financial assets that are in default The maximum exposure to credit risk at the reporting date of these financial assets is their carrying amount. Expected credit losses are not expected to be material and there are no financial assets that are impaired. Cash and cash equivalents The Group limits its exposure in relation to cash balances and derivative financial instruments by only dealing with well-established financial institutions of high-quality credit standing. At each period end, the Group\u2019s cash and cash equivalents were held with banks that were investment grade credit quality (BBB or higher). Term deposits with original maturities of more than three months The Group\u2019s term deposits represent fixed term (more than three months) deposits placed with banks and financial institutions of high-quality credit rating. At each period end, the Group\u2019s term deposits were held with banks that were investment grade credit quality (BBB or higher). Investments in CLOs At 31 December 2022, the Group fully consolidated CLOs 1, 3 and 4 (2021: CLO 1). The Group\u2019s interests in CLOs 1 and 3 comprise interests in subordinated notes which incur the first loss if there is any default within the portfolio of assets by an individual borrower. The construction of CLO 4 commenced during the year and remained in warehousing as at 31 December 2022. As the Group held a majority interest in the warehouse equity, the Group fully consolidates CLO 4. Whilst the Group has entered into sale and repurchase agreements for CLO 2 and CLO 3, it remains contractually exposed to the performance of CLO, however as the interest is held vertically across all notes of the CLO, the holdings are more diversified than the Group\u2019s interest in CLOs 1, 3 and 4. Under the sale and repurchase agreements, the Group is subject to credit risk with the counterparty to \u00a329.7m (2021: \u00a328.5m), however is holding cash collateral of \u00a329.7m (2021: \u00a328.4m), reducing the risk. The Group is required to hold a 5% interest in such vehicles after they are launched under risk retention rules. Each CLO portfolio typically invests in 70-100 individual loans issued by private equity borrowers. The portfolios are highly diversified by geography, industry and sponsor. The Group\u2019s maximum exposure to loss associated with its interest in the CLOs is limited to the carrying amounts of the notes held by the Group, which at 31 December 2022 was \u00a360.3m (2021: \u00a350.3m). Investments in private equity and credit funds The Group\u2019s investments in private equity and credit funds indirectly expose it to credit risk via loans to investee entities. The maximum exposure to loss associated to funds is limited to the carrying value at 31 December 2022 which was \u00a3257.9m (2021: \u00a3266.4m). Trade and other receivables The Group applies the simplified approach to calculate expected credit losses for trade and other receivables. Under this approach, instruments are not categorised into three stages and expected credit losses are calculated based on the life of the instrument. Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies, which are collected by the Group, for the benefit of the fund. The funds are managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables with the funds are collateralised against unfunded investor commitments. These commitments can be drawn at any time. The Group therefore considers the probability of default to be remote. As a lessor the Group has exposure to payments by lessees. The Group considers there to be a low risk of default due to the quality of the counterparty. Carried interest receivable The Group\u2019s carried interest receivable represents income expected from CIPs. The Group considers there to be no risk of default on these receivables on the basis that these amounts are due from the funds for reasons set out above (e.g. investor commitments). Company exposure Potential areas of credit risk for the Company consist of cash and cash equivalents, including deposits with banks and financial institutions and short-term receivables. The maximum exposure to credit risk at the year end of these financial assets is their carrying value. The Company seeks to reduce the credit risk relating to cash balances by only dealing with well-established financial institutions of high quality standing. (e) Liquidity risk Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Liquidity outlook is monitored at least monthly by management and regularly reviewed by the board of directors. The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing, amount and profits from the Group\u2019s investments into and divestments from the funds are inherently less predictable, however a reasonable period of notice is given to all investors, including the Group, ahead of drawing of funds. The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents to meet its commitments at a given date. The Group has the use of a Revolving Credit Facility to assist in managing liquidity. Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturity of its debt instruments is matched to free cash generated from the business. The Company has sufficient cash reserves to assist in managing liquidity. The risk is not considered to be material as the majority of the balances are held with the Group companies. The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled, undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income). As at 31 December 2022 Group Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Other financial liabilities 21.4 \u2013 \u2013 29.7 51.1 Derivative financial liabilities 5.2 4.8 3.2 \u2013 13.2 Trade and other payables 51.8 \u2013 \u2013 \u2013 51.8 Deferred contingent consideration 16.7 \u2013 \u2013 \u2013 16.7 Lease liabilities 9.4 13.6 39.7 34.9 97.6 Consolidated CLO liabilities 84.5 48.3 397.2 249.5 779.5 Consolidated CLO purchases awaiting settlement 120.6 \u2013 \u2013 \u2013 120.6 309.6 66.7 440.1 314.1 1,130.5 As at 31 December 2021 Group Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Other financial liabilities 18.8 \u2013 \u2013 28.1 46.9 Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 Trade and other payables 39.0 \u2013 \u2013 \u2013 39.0 Deferred contingent consideration \u2013 33.2 \u2013 \u2013 33.2 Lease liabilities 7.2 8.9 38.8 47.1 102.0 Consolidated CLO liabilities 1.5 \u2013 \u2013 241.4 242.9 Consolidated CLO purchases awaiting settlement 35.8 \u2013 \u2013 \u2013 35.8 102.3 42.1 38.8 316.6 499.8 As at 31 December 2022 Company Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Trade and other payables 1.1 \u2013 \u2013 \u2013 1.1 1.1 \u2013 \u2013 \u2013 1.1 As at 31 December 2021 Company Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Trade and other payables 23.1 \u2013 \u2013 \u2013 23.1 23.1 \u2013 \u2013 \u2013 23.1 (f) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access to at that date. The fair value of a liability reflects its non-performance risk. The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u2212 Quoted prices (unadjusted) in active markets (level 1); \u2212 Inputs \u2013 other than quoted prices included within level 1 \u2013 that are observable for assets or liabilities, either directly (as prices) or indirectly (derived from prices) (level 2); and \u2212 Inputs for assets or liabilities that are not based on observable market data (level 3). Financial assets presented in the Consolidated Statement of Financial Position as investments in funds through profit or loss use inputs based on unobservable market data and therefore classified as level 3 in the fair value hierarchy. Further details of the approach to the valuation of investments are set out within note 3. There have not been any transfers between levels in the fair value hierarchy during the year. The assets of the CLO vehicles, which are fully consolidated by the Group, are classified as level 2 fair values as they are priced using independent loan pricing sources. These sources consolidate broker quotes where depth represents the number of quotes supporting the price provided. Derivatives used for hedging, which are fair valued, are classified as level 2 fair values as the inputs are observable. Group 2022 \u00a3 m 2021 \u00a3 m Financial assets at fair value through profit or loss: Level 1 \u2013 \u2013 Level 2 727.3 296.7 Level 3 273.0 313.7 Total 1,000.3 610.4 A reconciliation of level 3 fair values for financial assets which represent the Group\u2019s interest in private equity and credit funds, including the Group\u2019s investment in CLOs which are not consolidated, is set out in the table below: Group 2022 \u00a3 m 2021 \u00a3 m Level 3 financial assets at fair value through profit or loss: Opening balance 313.7 235.9 Additions 38.5 92.7 Change in fair value 32.9 65.7 Foreign exchange movements recognised in the Consolidated Statement of Profit or Loss 5.8 (8.6) Foreign exchange movements recognised in other comprehensive income 8.2 (6.1) Disposals (126.1) (65.9) Transfers (to)/from level 1 or 2 \u2013 \u2013 Closing balance 273.0 313.7 The underlying assets in each fund consist of portfolios of investments in controlling or minority stakes, typically in private companies, and their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13 \u201cFair Value Measurement\u201d. A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 19 (a). Group 2022 \u00a3 m 2021 \u00a3 m Financial liabilities at fair value through profit or loss: Level 1 \u2013 \u2013 Level 2 13.2 213.2 Level 3 663.7 78.8 Total 676.9 292.0 The valuation methodology for valuing debt liabilities and subordinated debt liabilities of the Group\u2019s holdings in is based upon internal discounted cash flow models with unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates, recovery rates and discount rates and they are therefore considered level 3 financial liabilities. At 31 December 2021, the approach had been to use broker pricing for the liabilities of the consolidated CLOs which were therefore classified as level 2 financial liabilities. Due to the change in valuation methodology for the consolidated CLO liabilities, \u00a3211.9m of financial liabilities have been transferred from level 2 to level 3 in the fair value hierarchy during the period (2021: nil). Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, liabilities of CLOs consolidated by the Group and other financial liabilities, which represent CLO repurchase agreements, and payables to related party investors in Opal Investments LP and other intermediate fund holding entities. The valuation of these liabilities is based on unobservable market data and they are therefore classified as level 3. Group 2022 \u00a3 m 2021 \u00a3 m Level 3 financial liabilities at fair value through profit or loss: Deferred contingent consideration 16.7 30.3 Consolidated CLO liabilities 597.5 29.7 Other financial liabilities 49.5 18.8 Total 663.7 78.8 A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below. A reconciliation is not provided for the deferred contingent consideration on the basis that the movement between 31 December 2022 and 31 December 2021 relates to the remeasurement and revaluation of the payable and for other financial liabilities refer to note 17 (d). Group 2022 \u00a3 m 2021 \u00a3 m Movement in CLO liabilities at fair value through profit or loss which are level 3: Opening balance 29.7 37.8 On acquisition 287.9 \u2013 Repayment \u2013 (5.5) Drawn 52.8 \u2013 Foreign exchange movements 24.2 (2.2) Change in fair value (9.0) (0.4) Transfers from level 1 or 2 211.9 \u2013 Closing balance 597.5 29.7 A change in the value of the CLO liabilities is included in the table below. A sensitivity analysis for the deferred contingent consideration is included within note 17 (b). Group 2022 \u00a3 m 2021 \u00a3 m Increase or decrease of 1% 6.0 0.3 The Company does not hold any liabilities at fair value at 31 December 2022 (2021: nil). 20 Capital management The primary objective of the Group\u2019s capital management is to ensure that the Company and its subsidiaries have sufficient capital both now and in the future, having considered risks in the business and mitigants to those risks, while managing returns to the Group\u2019s shareholders. The Group also manages its capital position to ensure compliance with capital requirements imposed by the Financial Conduct Authority (\u201cFCA\u201d) and other regulatory authorities on individual regulated entities. The Investment Firms Prudential Regime (\u201cIFPR\u201d) for the Markets in Financial Instruments Directive (\u201cMiFID\u201d) investment firms came into effect from 1 January 2022. This regime applies to MiFID investment firms, collective portfolio management investment firms and regulated and unregulated holding companies of groups that contain one or more of the aforementioned firms. During the year, the Group and certain regulated subsidiaries have reported to the FCA on own funds, the own funds requirement and a basic liquid asset requirement. The capital structure comprises cash and cash equivalents, borrowings and the capital and reserves of the Company, comprising share capital, share premium, capital contributions, other reserves and retained earnings as set out below. 2022 \u00a3 m 2021 \u00a3 m Cash and cash equivalents (for use within the Group) 196.0 323.1 Term deposits with original maturities of more than three months 100.0 \u2013 Net cash 296.0 323.1 Share capital 0.1 0.1 Share premium 289.8 289.8 Share-based payment reserve 3.6 3.2 Cash flow hedge reserve (8.9) 7.5 Net exchange differences reserve 14.4 3.1 Retained earnings 473.7 412.6 Equity attributable to equity holders 772.7 716.3 The Group\u2019s banking facilities are subject to financial covenants. Bridgepoint Advisers Holdings\u2019 Revolving Credit Agreement is subject to a ratio of adjusted EBITDA to net finance charges and ratio of total net debt to adjusted EBITDA on a rolling annual period. During the year the Group was fully compliant with regulatory capital requirements and banking covenants. 21 Deferred tax Group 2022 \u00a3 m 2021 \u00a3 m Gross deferred tax assets 57.9 47.8 Gross deferred tax liabilities (77.3) (67.5) Total (19.4) (19.7) Gross deferred tax assets Other timing differences Management fees hedges Losses carried forward Total As at 1 January 2021 9.1 0.8 16.1 26.0 (Charge) to other comprehensive income \u2013 (0.8) \u2013 (0.8) Credit to the Consolidated Statement of Profit or Loss 13.7 \u2013 8.9 22.6 As at 31 December 2021 22.8 \u2013 25.0 47.8 Credit to other comprehensive income \u2013 2.0 \u2013 2.0 (Charge)/credit to the Consolidated Statement of Profit or Loss (0.3) \u2013 8.4 8.1 As at 31 December 2022 22.5 2.0 33.4 57.9 Gross deferred tax liabilities Other timing differences Management fees hedges Management fees income and investments Capital allowance Total As at 1 January 2021 (10.6) \u2013 (31.3) \u2013 (41.9) (Charge) to other comprehensive income \u2013 (1.3) \u2013 \u2013 (1.3) (Charge) to the Consolidated Statement of Profit or Loss (10.3) \u2013 (11.5) (2.5) (24.3) As at 31 December 2021 (20.9) (1.3) (42.8) (2.5) (67.5) Credit to other comprehensive income \u2013 1.3 \u2013 \u2013 1.3 Credit/(charge) to the Consolidated Statement of Profit or Loss 1.9 \u2013 (10.8) (2.2) (11.1 As at 31 December 2022 (19.0) \u2013 (53.6) (4.7) (77.3 Deferred tax liabilities primarily represent a future tax on the Group\u2019s management fees income and a timing difference arising on the remeasurement of the fair value of investments. They unwind as management fees become taxable and investments are realised. Deferred tax assets primarily relate to tax losses carried forward, to the extent that they can be utilised under relevant tax legislation. Other timing differences primarily relate to a deferred tax asset on lease liabilities of \u00a320.8m (2021: \u00a321.9m) and a deferred tax liability on right-of-use assets amounting to \u00a313.9m (2021: \u00a316.3m), these will unwind over the period of the lease. The Company had a deferred tax asset of \u00a30.4m (2021: \u00a31.1m) which relates to tax losses carried forward. The deferred tax has been measured using the applicable tax rate expected at the point at which the income or cost will become taxable. 22 Equity (a) Share capital and premium Allotted, called up and fully paid shares Company 2022 2021 No. \u00a3 No. \u00a3 Ordinary of \u00a30.00005 each 823,268,774 41,163 823,268,774 41,163 Deferred of \u00a381 each 500 40,500 500 40,500 Deferred of \u00a31 each 1 1 1 1 Deferred of \u00a30.01 each 1 0.01 1 0.01 Total 823,269,276 81,664 823,269,276 81,664 Share capital represents the number of ordinary shares issued in Bridgepoint Group plc multiplied by their nominal value of \u00a30.00005 each. Share premium substantially represents the aggregate of all amounts that have ever been paid above nominal value to Bridgepoint Group plc when it has issued ordinary shares. The holders of the ordinary shares have the right to receive notice of and to attend and vote at any general meeting of the Company. The shares have one vote per share on a resolution. Each ordinary share is eligible for ordinary course dividends and distributions on a liquidation, and is generally entitled to participate in a return of capital, in each case subject to the provisions set out in the Articles of the Company. Deferred shares have no rights other than the right to receive their nominal value in a liquidation after all other shares have received \u00a31.0m per share. (b) Own shares Own shares are recorded by the Group when ordinary shares are acquired by the Company and they are deducted from shareholders\u2019 equity. The Company held 886,484 ordinary shares and 501 deferred shares (2021: 853,624 ordinary shares; 501 deferred shares) within retained earnings as at 31 December 2022 at a cost of nil (2021: nil). (c) Cash flow hedge reserve Hedge reserves consist of the cash flow hedge reserve and the costs of hedging reserve, such as the change in fair value related to forward points basis adjustment. The cash flow hedge reserve is used to recognise the effective portion of gains or losses on foreign exchange forward contracts that are designated and qualify as cash flow hedges, as described in note 19 (b). Amounts are subsequently either transferred to deferred income or reclassified to the Consolidated Statement of Profit or Loss as appropriate. (d) Net exchange differences reserve Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gain/(loss) on the translation of foreign operations. (e) Share-based payment reserve The share-based payment reserve relates to the accumulated expense from the recognition of equity-settled share-based payments to employees. (f) Merger reserve The merger reserve relates to the fair value of shares issued by the Company as part of the restructuring ahead of the Company\u2019s IPO in 2021 at fair value. 23 Dividends The Company paid a final dividend of \u00a330.0m in May 2022 to qualifying shareholders, in respect of the second half of 2021, which equates to 3.6 pence per share. In 2021, a dividend of \u00a330.0m was paid to eligible A1 and A2 ordinary shareholders on the day immediately before IPO, which equates to \u00a39.61 per share. An interim dividend of \u00a332.8 million was paid to shareholders in September 2022, which equates to 4.0 pence per share. The directors have announced a final dividend of 4.0 pence per share, to be paid in May 2023 to shareholders on the register as at 28 April 2023. This equates to \u00a333.0 million, subject to the share buyback programme (the \u201cShare Buyback Programme\u201d). 2022 2021 Ordinary dividends paid: \u00a3 m Pence per share \u00a3 m Pence per share Interim 32.8 4.0 30.0 961.0 Proposed final dividend 33.0 4.0 30.0 3.6 24 Cash flow information (a) Cash generated from operations Group Company 2022 \u00a3 m (Restated) 2021 \u00a3 m 2022 \u00a3 m (Restated) 2021 \u00a3 m Profit/(loss) before tax 127.4 62.6 2.9 (25.8 Adjustments for: Exceptional expenses 3.2 3.2 0.1 3.2 Share-based payments 0.4 2.9 \u2013 \u2013 Profit on disposal of right-of-use asset 0.4 (0.6) \u2013 \u2013 Depreciation and amortisation expense 18.3 15.0 \u2013 \u2013 Net other (income)/expense (8.6) 7.7 (1.7) \u2013 Carried interest (24.2) (14.3) \u2013 \u2013 Fair value remeasurement of investments (40.7) (56.9) \u2013 \u2013 Net exchange (gains)/losses (1.1) (1.1) 0.1 \u2013 (Increase)/decrease in trade and other receivables (46.4) (10.3) 86.9 (108.5) Increase/(decrease) in trade and other payables 6.9 (2.1) (22.0) 23.6 Cash generated from operations 35.6 6.1 66.3 (107.5) (b) Cash outflows from leases Group 2022 \u00a3 m 2021 \u00a3 m Financing 7.6 9.6 Operating 0.3 0.2 Cash generated from leases 7.9 9.8 The Company has no leases (2021: nil). (c) Reconciliation of liabilities arising from financial activities Group 1 January 2022 \u00a3 m Cash flows \u00a3 m Net additions/ (disposals) \u00a3 m Fair value movements \u00a3 m Foreign exchange movements \u00a3 m 31 December 2022 \u00a3 m Borrowings \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Fair value of consolidated CLO liabilities 241.4 \u2013 340.7 (8.9) 24.3 597.5 Lease liabilities 84.8 (7.6) 6.0 \u2013 \u2013 83.2 Total 326.2 (7.6) 346.7 (8.9) 24.3 680.7 Group 1 January 2021 \u00a3 m Cash flows \u00a3 m Net additions/ (disposals) \u00a3 m Fair value movements \u00a3 m Foreign exchange movements \u00a3 m 31 December 2021 \u00a3 m Borrowings 99.7 (97.7) \u2013 \u2013 (2.0) \u2013 Fair value of consolidated CLO liabilities 256.6 \u2013 \u2013 0.4 (15.6) 241.4 Lease liabilities 42.0 (9.6) 52.4 \u2013 \u2013 84.8 Total 398.3 (107.3) 52.4 0.4 (17.6) 326.2 The Company has no borrowings or lease liabilities (2021: nil). 25 Related party transactions (a) Key management compensation The Executive Directors are considered to represent the key management of the Group. The compensation paid or payable to the key management is set out in the table below. Group 2022 \u00a3 m 2021 \u00a3 m Salary, bonus and other benefits 1.6 5.0 Total 1.6 5.0 Further information on the remuneration of the directors can be found in the Remuneration Report on page 112. (b) Directors\u2019 emoluments The directors of the Company since their appointment or the point of their resignation were remunerated by the Group as set out below. The aggregate value of remuneration expenses in relation to pensions and share based payments are less than \u00a30.1m. Group 2022 \u00a3 m 2021 \u00a3 m Salary, bonus and other benefits 2.1 6.6 Total 2.1 6.6 (c) Transactions with directors On 31 March 2022, Adam Jones was granted a conditional share award of 71,428 shares at a value of \u00a33.50 per share, with total value \u00a3250,000, vesting on 31 March 2025. In 2021, on the Company\u2019s listing to the London Stock Exchange, 275,000 shares were issued to Archie Norman, 94,286 shares to Angeles Garcia-Poveda, and 75,714 shares to each of Carolyn McCall and Tim Score for consideration of \u00a33.50 per share. On 7 June 2021, Adam Jones and William Jackson were granted 10,000 and 25,000 A3 shares respectively in the capital of the Company for consideration of \u00a31.50 per share. (d) Carried interest Fund investors expect certain members of the Group\u2019s senior executive management to invest in carried interest and co-investment in the Group\u2019s third-party funds to demonstrate alignment of interest, and as such the directors of the Company have made significant personal commitments from their own resources to some of these third-party funds. The funds and CIPs (which are entitled to the carry) are not consolidated by the Group but are related parties. The returns (in the form of investment income and capital appreciation) are fully dependent on the performance of the relevant fund and its underlying investments. The directors of the Company at 31 December 2022 have committed amounts from their personal resources across multiple funds totalling \u00a315.6m (the directors at 31 December 2021: \u00a311.8m). (e) Transactions with funds The Bridgepoint funds are related parties of the Group. Amounts received as fees from and reimbursement of expenses paid on behalf of the funds during the year are shown in the table below, along with the amounts receivable at year end. Group 2022 \u00a3 m 2021 \u00a3 m Amounts received from funds 264.3 216.0 Amounts receivable from funds 49.7 39.6 26 Parent and ultimate controlling party The Company is owned by a number of individual shareholders and companies, none of whom own more than 20% of the issued share capital of the Company. Accordingly, there is no parent entity nor ultimate controlling party. 27 Subsidiaries The Group consists of the Company and entities controlled by the Company. This note sets out those subsidiary entities owned by the Company and that are consolidated, those which are not, and those structured entities which are consolidated in the financial statements. Company 2022 \u00a3 m (Restated) 2021 \u00a3 m Balance as at 1 January 1,022.6 448.0 Increase in investment in subsidiary 0.4 574.6 At 31 December 1,023.0 1,022.6 The Group holds a direct interest in Bridgepoint Group Holdings Limited as at 31 December 2022 representing 100% (2021: 100%). Its registered office is referenced in the table below the list of subsidiaries. (a) List of subsidiaries Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Group Holdings Limited 1 UK Holding company Ordinary shares 100% The table below shows details of subsidiaries owned directly or indirectly by Bridgepoint Group Holdings Limited as at 31 December 2022 and its ownership interest in each entity. The registered office of each subsidiary is referenced to a table below the list of subsidiaries. All subsidiaries operate in the countries where they are registered or incorporated and are stated at cost less, where appropriate, provision for impairment. Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest 101 Investments (GP) Limited 1 UK General Partner Ordinary shares 100% Atlantic GP 1 Limited 1 UK General Partner Ordinary shares 100% Atlantic GP 2 Limited 1 UK General Partner Ordinary shares 100% Atlantic GP LLP 2 UK General Partner N/A \u2013 BBTPS GP Limited 1 UK General Partner Ordinary shares 100% BBTPS FP GP Limited 2 UK General Partner Ordinary shares 100% BBTPS Nominees Limited 1 UK Nominee company Ordinary shares 100% BC II FP Limited 1 UK Dormant entity Ordinary shares 100% BC II FP SGP Limited 2 UK Dormant entity Ordinary shares 100% BC GP 1 Limited 1 UK General Partner Ordinary shares 100% BC GP 2 Limited 1 UK General Partner Ordinary shares 100% BC II GP LLP 2 UK General Partner N/A \u2013 BC II GP LP 2 UK General Partner N/A \u2013 BC II MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BC MLP UK Limited 1 UK Managing Limited Partner Ordinary shares 100% BC SMA Carry GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% BC SMA II Carry GP LLP 2 UK General Partner N/A \u2013 BC SMA II FP Limited 1 UK Founder Partner Ordinary shares 100% BCLO Credit Investments I S.\u00e0 r.l. 3 Luxembourg CLO management company Ordinary shares 100% BCO II Carry GP LLP 2 UK General Partner N/A \u2013 BCO III Carry GP LLP 2 UK General Partner N/A \u2013 BCO IV Carry GP LLP 2 UK General Partner N/A \u2013 BCO IV FP Limited 1 UK Founder Partner Ordinary shares 100% BCO IV LORAC Limited 1 UK Investment holding company Ordinary shares 100% BCO IV SFP LP 2 UK General Partner N/A \u2013 BDC GP LP 2 UK General Partner N/A \u2013 BDC II (SGP) Limited 2 UK General Partner Ordinary shares 100% BDC II FP GP Limited 2 UK General Partner Ordinary shares 100% BDC II GP LP 2 UK General Partner N/A \u2013 BDC II Limited 1 UK Limited Partner Ordinary shares 100% BDC II Nominees Limited 1 UK Nominee company Ordinary shares 100% BDC III GP 1 Limited 1 UK General Partner Ordinary shares 100% BDC III GP 2 Limited 1 UK General Partner Ordinary shares 100% BDC III GP LLP 1 UK General Partner N/A \u2013 BDC III Limited 1 UK Dormant entity Ordinary shares 100% BDC III Nominees Limited 1 UK Nominee company Ordinary shares 100% BDC III SFP GP Limited 2 UK General Partner Ordinary shares 100% BDC IV Nominees Limited 1 UK Nominee company Ordinary shares 100% BDC IV Limited 1 UK Dormant entity Ordinary shares 100% BDC IV GP 1 Limited 1 UK General Partner Ordinary shares 100% BDC IV GP 2 Limited 1 UK General Partner Ordinary shares 100% BDC IV MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BDC IV GP LLP 2 UK General Partner N/A \u2013 BDC IV GP LP 2 UK General Partner N/A \u2013 BDC IV SFP GP Limited 2 UK General Partner Ordinary shares 100% Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest BDC Special 1 Limited 2 UK General Partner Ordinary shares 100% BDC Special 2 Limited 2 UK General Partner Ordinary shares 100% BDC Special GP LLP 2 UK General Partner N/A \u2013 BDCP II (Nominees) Limited 1 UK Nominee company Ordinary shares 100% BDCP II GP 1 Limited 1 UK General Partner Ordinary shares 100% BDCP II GP 2 Limited 1 UK General Partner Ordinary shares 100% BDCP II GP LLP 2 UK General Partner N/A \u2013 BDCP II GP LP 2 UK General Partner N/A \u2013 BDCP II Limited 1 UK Investment holding company Ordinary shares 100% BDCP II MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BDCP II SFP GP Limited 2 UK General Partner Ordinary shares 100% BDL I Carry GP LLP 2 UK General Partner N/A \u2013 BDL II Carry GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% BDL III Carry GP LLP 2 UK General Partner N/A \u2013 BDL III FP Limited 1 UK Founder Partner Ordinary shares 100% BDL III LORAC Limited 1 UK Investment holding company Ordinary shares 100% BEP IV (Nominees) Limited 1 UK Nominee company Ordinary shares 100% BEP IV FP Limited 1 UK Founder Partner Ordinary shares 100% BEP IV FP SGP Limited 2 UK General Partner Ordinary shares 100% BEP IV GP 2 Limited 1 UK General Partner Ordinary shares 100% BEP IV GP LLP 2 UK General Partner N/A \u2013 BEP IV GP LP 2 UK General Partner N/A \u2013 BEP IV MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BEV Germany GP Co Limited 4 Guernsey General Partner Ordinary shares 100% BEV FP Limited 1 UK Founder Partner Ordinary shares 100% BEV GP LLP 1 UK General Partner N/A \u2013 BEV FP SGP Limited 2 UK General Partner Ordinary shares 100% BEV GP 2 Limited 1 UK General Partner Ordinary shares 100% BEV GPC Limited 1 UK General Partner Ordinary shares 100% BEV MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BEV Nominees Limited 1 UK Nominee company Ordinary shares 100% BEV Nominees II Limited 1 UK Nominee company Ordinary shares 100% BE VI FP Limited 1 UK Dormant entity Ordinary shares 100% BE VI FP SGP Limited 2 UK General Partner Ordinary shares 100% BE VI GP 2 Limited 1 UK General Partner Ordinary shares 100% BE VI GP LLP 2 UK General Partner N/A \u2013 BE VI GP LP 2 UK General Partner N/A \u2013 BE VI Limited 4 Guernsey Dormant entity Ordinary shares 100% BE VI MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BE VI Nominees Limited 1 UK Nominee company Ordinary shares 100% BE VII GP SCSp 3 Luxembourg General Partner N/A \u2013 BG II GP LLP 1 UK General Partner N/A \u2013 BG II Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint AB 5 Sweden Private equity advisory company Ordinary shares 100% Bridgepoint Advantage Limited 1 UK Dormant entity Ordinary shares 100% Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Advantage MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% Bridgepoint Advantage FP Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Advantage FP SGP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Advantage GP 2 Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Advantage GP LLP 2 UK General Partner N/A \u2013 Bridgepoint Advantage GP LP 2 UK General Partner N/A \u2013 Bridgepoint Advantage Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Advisers Europe Limited 1 UK Private equity advisory company Ordinary shares 100% Bridgepoint Advisers Group Limited 1 UK Investment holding company Ordinary shares 100% Bridgepoint Advisers Holdings 1 UK Investment holding company Ordinary shares 100% Bridgepoint Advisers II Limited 1 UK Private equity management company Ordinary shares 100% Bridgepoint Advisers Limited 1 UK Private equity management company Ordinary shares 100% Bridgepoint Advisers UK Limited 1 UK Private equity management company Ordinary shares 100% Bridgepoint Capital (Doolittle) Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Capital (GP) Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Capital (Nominees) Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Capital Directorships Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Capital General Partner LP 2 UK General Partner N/A \u2013 Bridgepoint Capital Group Limited Employee Benefit Trust 1 UK Employee Benefit Trust N/A \u2013 Bridgepoint Capital Scottish GP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Capital Scottish GP II Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Capital Partners Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Capital Verwaltungs GmbH 6 Germany General Partner Ordinary shares 100% Bridgepoint Charitable Trust 1 UK Charitable Trust N/A \u2013 Bridgepoint Credit AD GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Advisers Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Credit Advisers UK Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Credit BOCPIF GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Carry LP 2 UK Investment holding company N/A \u2013 Bridgepoint Credit Carry GP LLP 2 UK General Partner N/A \u2013 Bridgepoint Credit Co-Invest GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Empire GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Europe Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Credit France SAS 12 France Credit fund management company Ordinary shares 100% Bridgepoint Credit GP Verwaltungs GmbH 13 Germany General Partner Ordinary shares 100% Bridgepoint Credit Holdings Limited 1 UK Investment holding company Ordinary shares 100% Bridgepoint Credit Limited 1 UK Credit fund management company Ordinary shares 100% Bridgepoint Credit Management Limited* 1 UK Credit fund management company Ordinary shares 49% Bridgepoint Credit MSPD GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit MPD GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Nominees Limited 1 UK Nominee company Ordinary shares 100% Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Credit Opportunities II GP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Credit Opportunities II GP LP 2 UK General Partner N/A \u2013 Bridgepoint Credit Opportunities III GP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Credit Opportunities III GP LP 2 UK General Partner N/A \u2013 Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Partners Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Credit PPF GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Services S.\u00e0 r.l. 3 Luxembourg Credit fund advisory company Ordinary shares 100% Bridgepoint Credit UK Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Debt Funding Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Debt Management Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Debt Managers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Development Capital Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Direct Lending II GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Direct Lending III GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Europe (SGP) Ltd 2 UK General Partner Ordinary shares 100% Bridgepoint Europe III FP (GP) Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Europe III (GP) Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Europe III GP LP 2 UK General Partner N/A \u2013 Bridgepoint Europe IV (Nominees) 1 Limited 1 UK Nominee entity Ordinary shares 100% Bridgepoint Europe IV (Nominees) Limited 1 UK Nominee entity Ordinary shares 100% Bridgepoint Europe IV FP (GP) Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Europe IV General Partner L.P. 2 UK General Partner N/A \u2013 Bridgepoint Europe IV General Partner \u2018F\u2019 L.P. 2 UK General Partner N/A \u2013 Bridgepoint Europe Limited 1 UK Limited Partner Ordinary shares 100% Bridgepoint Europe Managerial LLP 1 UK Limited Partner N/A \u2013 Bridgepoint Europe V Finance 1 Limited 1 UK Dormant entity Ordinary Shares 100% Bridgepoint Europe VII (GP) S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Europe VII FP Limited 1 UK Founder Partner Ordinary shares 100% Bridgepoint Europe VII FP SGP Limited 2 UK Bridgepoint Europe VII GP 2 Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Europe VII GP LLP 1 UK General Partner N/A \u2013 Bridgepoint Europe VII Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Europe VII MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% Bridgepoint Finance Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Fund Management S.\u00e0 r.l. 3 Luxembourg Private equity management company Ordinary Shares 100% Bridgepoint GmbH 6 Germany Private equity advisory company Ordinary shares 100% Bridgepoint GP2 LLP 2 UK General Partner N/A \u2013 Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Growth I GP LLP 1 UK General Partner N/A \u2013 Bridgepoint Growth Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Growth Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Holdco 1 Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Holdings Group Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Holdings Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Infrastructure Advisers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Infrastructure Development Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Infrastructure Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint International Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Investment Consultants (Shanghai) Co Ltd 8 China Private equity advisory company Ordinary shares 100% Bridgepoint Loan Fund GP S.\u00e0.r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Netherlands B.V. 9 Netherlands Private equity advisory company Ordinary shares 100% Bridgepoint Partners Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint SAS 7 France Private equity advisory company Ordinary shares 100% Bridgepoint Private Equity Group Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Private Equity Growth Fund Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Private Equity Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Property Advisers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Property Development Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Estate Advisers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Estate Development Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Estate Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint SA 10 Spain Private equity advisory company Ordinary shares 100% Bridgepoint Services S\u00e0rl 3 Luxembourg Private equity advisory company Ordinary shares 100% Bridgepoint Sp Zoo 11 Poland Private equity advisory company Ordinary shares 100% Bridgepoint Sp Zoo sp.k 11 Poland Private equity advisory company N/A \u2013 Bridgepoint Structured Credit Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint US Holdco Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Ventures Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint, LLC 14 United States Private equity advisory company Ordinary shares 100% Burgundy GP LLP 1 UK General Partner Ordinary shares 100% Burgundy GP 2 Limited 1 UK General Partner Ordinary shares 100% GeorgeTown (Nominees) Limited 1 UK Dormant entity Ordinary shares 100% Horninghaven Limited 1 UK Dormant entity Ordinary shares 100% Horningway Limited 1 UK General Partner Ordinary shares 100% HPE II GP LP 2 UK General Partner N/A \u2013 HPE SGP Limited 2 UK General Partner Ordinary shares 100% LORAC 5 Limited 1 UK Investment holding company Ordinary shares 100% LORAC 6 Limited 1 UK Investment holding company Ordinary shares 100% Ref Registered office 1 5 Marble Arch, London, W1H 7EJ, United Kingdom 2 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland, United Kingdom 3 6B Rue du Fort Niedergr\u00fcnewald, Luxembourg, L-2226, Luxembourg 4 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL, Guernsey 5 M\u00e4ster Samuelsgatan 1, S-111 44 Stockholm , Sweden 6 Neue Mainzer Strasse 28, 60311 Frankfurt, Germany 7 21 Avenue Kleber, 75116, Paris, France 8 Unit 2103-05, ONE ICC, No 999 Middle Huaihai Road, Shanghai, Xuhui District, China 9 Amstelveenseweg 760, 1081JK, Amsterdam, Netherlands 10 Calle Rafael Calvo, 39A-4\u00b0 - 28010 Madrid , Spain 11 ul. Rondo ONZ 1, 00-124, Warsaw, Poland 12 21 rue La P\u00e9rouse, 75116, Paris, France 13 C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany 14 Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington Newcastle DE 19808, United States 15 21 rue La P\u00e9rouse, 75017, Paris, France Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interes LORAC BC Co-Investment Limited 1 UK Investment holding company Ordinary shares 100% LORAC BC II Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDC III Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDC IV Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDC Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDCP II Limited 1 UK Investment holding company Ordinary shares 100% LORAC BEP IV Limited 1 UK Investment holding company Ordinary shares 100% LORAC BE VI Co-investment Limited 1 UK Investment holding company Ordinary shares 100% LORAC BG I Limited 1 UK Investment holding company Ordinary shares 100% LORAC Carry BC SMA II Limited 1 UK Investment holding company Ordinary Shares 100% LORAC Carry BCO IV Limited 1 UK Investment holding company Ordinary Shares 100% LORAC Carry BDL III Limited 1 UK Investment holding company Ordinary Shares 100% LORAC Eagle Limited 1 UK Investment holding company Ordinary shares 100% LORAC KITE Limited 1 UK Investment holding company Ordinary shares 100% New HPE II GP LP 2 UK General Partner N/A \u2013 Opal Investments LP 2 UK Investment holding partnership N/A \u2013 PEPCO Services LLP 1 UK Collective purchasing negotiator N/A \u2013 Ruby Germany GP Limited 4 Guernsey General Partner Ordinary shares 100% Ruby Investments (UK) Limited 1 UK Investment holding company Ordinary shares 100% Sapphire Investments (Guernsey) Limited 4 Guernsey Investment holding company Ordinary shares 100% Throttle Nominees Limited 1 UK Nominee company Ordinary shares 100% Vigny Advisory 15 France Dormant entity Ordinary shares 100% Vigny Participation 15 France Dormant entity Ordinary shares 100% Vigny Holding 15 France Dormant entity Ordinary shares 100% * The Group holds 49% of A Shares and 100% of B shares. As the Group has the power to force a compulsory purchase of the A shares and all the B shares have been bought by the Group and all profits and residuals accumulate to the B shares, the Group has deemed to control and are consolidated within the financial statements. (b) Entities not consolidated The table below shows entities that are indirect subsidiaries of the Company, but the Group does not have the power to direct activities or rights to variable returns from the entity and they are therefore not consolidated in the financial information. Name of subsidiary: Ref Country of incorporation Principal activity Share class Proportion of ownership interest Bridgepoint PE CI Limited 1 UK Investment holding company Ordinary shares 49.1% Sapphire Fund II South Limited 4 Guernsey Investment holding company Ordinary shares 25% Sapphire Sub II A Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub II B Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub III A Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub III B Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub III C Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub South Limited 4 Guernsey Investment holding company Ordinary shares 25% The profit or loss for the above entities for the years ended 31 December 2021 and 2022 are not material. (c) Consolidated structured entities The table below shows details of structured entities that the Group has deemed to control and are consolidated within the financial statements for the periods referenced. Country of incorporation Group\u2019s proportion of ownership interest Nature of interest Periods consolidated Name of structured entities: BE VI (French) Co-Invest LP United Kingdom 86.2% Limited partner All periods BDC IV (French) Co-Investment LP United Kingdom 51.9% Limited partner Year ended 31 December 2022 Bridgepoint CLO 1 DAC Ireland 55% Subordinated note in the residual class All periods Bridgepoint CLO 3 DAC Ireland 51% Subordinated note in the residual class Year ended 31 December 2022 Bridgepoint CLO 4 DAC Ireland 50% Warehouse equity Year ended 31 December 2022 Opal Investments LP United Kingdom 85.0% Limited partner All periods Maple Tree VII LP United Kingdom 21.7%* Limited partner Year ended 31 December 2022 * A control assessment of Maple Tree VII LP has been performed in accordance with its accounting policies and concluded that the Group has power and exposure to variable returns in profit sharing. As a result, the Group consolidates the vehicle. Under the limited partnership agreement, third-party investors have the right to receive the higher of a preferred return and multiple of drawn commitments, along with a share of residual profits from the partnership. As at 31 December 2022, no commitment had been drawn from the third-party investors. (d) Associates Where the Group hold investments in funds or CIPs that give the Group significant influence, but not control, through participation in the financial and operating policy decisions, the Group measures investments in associates at fair value through profit or loss. Information about the Group\u2019s associates measured at fair value is shown below. The investments are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position. BDC III SFP LP The Group has an interest in a CIP which has a share of 26% of the rights to the carried interest from the BDC III fund partnerships and is therefore considered to have significant influence. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, the BDC III carry scheme is considered an associate of the Group. Key financial information is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Carried interest receivable 136.4 136.3 Carried interest payable (136.2) (136.3) Net assets (0.2) \u2013 Result for the year \u2013 \u2013 Country of domicile UK UK Group\u2019s interest in the associate 25.9% 25.9% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BEP IV SFP LP Within investments in funds, the Group has an investment that has an entitlement of 49.7% of the limited partner commitments of BEP IV SFP LP, a partnership that is a co-investor into the BEP IV fund partnerships. The Group also has a 31.8% of the entitlement to the founder partner commitments of the entity, which currently has no value. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, BEP IV SFP LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Investments at fair value 39.5 46.6 Other assets 3.2 1.7 Total liabilities (2.1) (0.5) Net assets 40.6 47.8 Profit for the year 0.7 5.8 Country of domicile UK UK Group\u2019s interest in the associate 49.7% 49.7% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BE VI Co-Investment (Feeder) Partnership LP The Group has an investment that has an entitlement of 45.6% of the limited partner commitments of BE VI Co-Investment (Feeder) Partnership LP. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, BE VI Co-Investment (Feeder) Partnership LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Investments at fair value 12.4 7.4 Other assets 1.5 2.0 Total liabilities (0.1) (0.1) Net assets 13.8 9.3 Profit for the year 2.8 1.9 Country of domicile UK UK Group\u2019s interest in the associate 45.6% 52.6% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. Other associates In addition to the associates listed above, there are four other entities where the Group considers itself to have significant influence with ownership above 20%. These are immaterial individually and in aggregate and have no balances or transactions associated with them for the years presented. (e) Subsidiaries not audited For the year ended 31 December 2022 the following UK subsidiaries were expected to be entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies: 101 Investments (GP) Limited BDC III GP 2 Limited BDCP II GP 2 Limited BEP IV GP 2 Limited Atlantic GP 1 Limited BDC III Limited BDCP II MLP Limited BEP IV MLP Limited Atlantic GP LLP BDC III SFP GP Limited BDCP II SFP GP Limited BEV FP SGP Limited BBTPS FP GP Limited BDC IV GP 2 Limited BE VI FP SGP Limited Bridgepoint Europe III FP (GP) Limited BC GP 2 Limited BDC IV MLP Limited BE VI GP 2 Limited Bridgepoint Europe IV FP (GP) Limited BC II FP SGP Limited BDC IV SFP GP Limited BE VII FP Limited Bridgepoint Europe Managerial LLP BC II MLP Limited BDC Special 1 Limited BE VII FP SGP Limited Bridgepoint Growth I GP LLP BDC II FP GP Limited BDC Special 2 Limited BE VI MLP Limited Burgundy GP LLP BDC II Limited BDC Special GP LLP BEP IV FP SGP Limited 28 Unconsolidated structured entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. The Group has determined that where the Group holds an investment, loan, fee receivable, commitment with an investment fund or CIP with a right to carried interest, this represents an interest in a structured entity. Where the Group does not hold an investment in the structured entity, the Group has determined that the characteristics of control are not met. As set out in note 3 (a), CIPs that currently have value are those where the Group is exposed to variable returns in the range of 5-25.9% with the main beneficiaries of the CIP being the other participants. The disclosure below includes CLO 2 for the year ended 31 December 2022, which is not consolidated, as explained in note 3 (a) (2021: CLO 2 and CLO 3 were not consolidated). The Group acts in accordance with pre-determined parameters set out in various agreements and the decision-making authority is well defined, including third-party rights in respect of the investment manager. The agreements include management fees that are commensurate with the services provided and performance fee arrangements that are industry standard. As such the Group is acting as agent on behalf of these investors and therefore these entities are not consolidated into the Group\u2019s financial statements. The Group\u2019s interest in and exposure to unconsolidated structured entities including outstanding management fees is detailed in the
table below and recognised within trade and other receivables in the Consolidated Statement of Financial Position. The carried interest
receivable is included within the Consolidated Statement of Financial Position.
Value of the
Group\u2019s
co-
investments
at year end
\u00a3 m
Typical
Group
commitment
to the fund as
%
Total investor
commitments
\u00a3 bn
Net asset
value of the
funds at year
end
\u00a3 bn
Management
fees received
by the Group
\u00a3 m
Typical
management
fee range
%
Carried interest rate
%
Group share
of carried
interest
%
Group
accrued
carried
interest
receivable
at year end
\u00a3 m
Group
maximum
exposure to
loss at
year end
\u00a3 m
31 December
2022
Private equity
funds 241.3 <2% 28.2 15.5 179.5
0.75 to
2.00%
Generally up to
20% of profits
over threshold
Up to
35% 39.4 280.7
Credit funds 76.9 <2% 4.9 2.8 50.8
1.00 to
1.75%
Generally up to
20% of profits
over threshold
Up to
35% 2.6 79.5
318.2 33.1 18.3 230.3 42.0 360.2
31 December
2021
Private equity
funds 217.9 <2% 23.0 13.8 157.3
0.75 to
2.00%
Generally up to
20% of profits
over threshold
Up to
35% 36.4 254.3
Credit funds 108.1 <2% 5.9 3.8 37.9
1.00 to
1.75%
Generally up to
20% of profits
over threshold
Up to
35% 2.5 110.6
326.0 28.9 17.6 195.2 38.9 364.9
29 Events after the reporting period
On 24 January 2023, the Company announced an on-market Share Buyback Programme of up to \u00a350.0m. The sole purpose of the
Share Buyback Programme is to reduce the Company\u2019s share capital. The Share Buyback Programme commenced on 24 January 2023
and is expected to be completed on or before 30 September 2023. As at the date of the approval of the financial statements, in aggregate
3,270,273 ordinary shares have been acquired by the Company pursuant to the Share Buyback Programme and cancelled.
There have been no other material subsequent events since 31 December 2022.
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"fact-358": {
"value": "General information Bridgepoint Group plc (the \u201cCompany\u201d) is a public company limited by shares, incorporated, domiciled and registered in England and Wales. The Company\u2019s registration number is 11443992 and the address of its registered office is 5 Marble Arch, London, W1H 7EJ. The principal activity of the Company and entities controlled by the Company (collectively, the \u201cGroup\u201d) is to act as a private equity and credit fund manager. The Strategic Report sets out further details of the Group\u2019s activities. ",
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"value": "Bridgepoint Group plc",
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"value": "public company limited ",
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"fact-363": {
"value": "Wales. The Company\u2019s registration number is 11443992 and the address of its registered office is 5 Marble Arch, London, W1H 7EJ. ",
"dimensions": {
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"fact-364": {
"value": "5 Marble Arch, London, W1H 7EJ",
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"language": "en",
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"fact-365": {
"value": "The principal activity of the Company and entities controlled by the Company (collectively, the \u201cGroup\u201d) is to act as a private equity and credit fund manager. The Strategic Report sets out further details of the Group\u2019s activities. ",
"dimensions": {
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"fact-366": {
"value": "Basis of preparation The consolidated financial statements for the year ended 31 December 2022 comprise the financial statements of the Group and the Company. The consolidated financial statements of the Group and the Company\u2019s financial statements have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006, as applicable to companies reporting under those standards. The financial statements have been prepared on a historical cost basis, except for financial instruments measured at fair value through profit and loss. The principal accounting policies applied in the preparation of the financial statements are set out within note 2. These policies have been consistently applied to all the periods presented, unless otherwise stated. The preparation of the financial statements in conformity with international accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group\u2019s accounting policies. Details of the critical judgements and key sources of estimation uncertainty are set out in note 3. Actual results may differ from these estimates. The financial statements are presented in pound sterling and all values are rounded to the nearest \u00a30.1m except where otherwise indicated. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-367": {
"value": "Adoption of new and revised standards and interpretations During the year, the following amendments to existing standards and interpretations issued by the International Accounting Standards Board (\u201cIASB\u201d) became effective. These do not have a material impact on the Group or Company\u2019s financial statements: \u2212 Amendments to IFRS 3 \u201cBusiness Combinations\u201d: reference to the Conceptual Framework \u2212 Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d: proceeds before intended use \u2212 Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d: onerous contracts \u2013 cost of fulfilling a contract \u2212 Annual Improvements to IFRS 2018\u20132020 The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group plans to adopt the \u201cAmendments to IAS 1 \u2018Presentation of Financial Statements\u2019: classification of liabilities\u201d issued by IASB when it becomes effective on 1 January 2024. The impact of this standard on the Group\u2019s financial statements is currently being considered, but is unlikely to be material. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "Changes to comparative period financial information The following changes have been made to the comparative period presented within these financial statements: \u2212 Receipts from sale and repurchase of the Group\u2019s holding in CLOs of \u00a328.1m have been reclassified from investing activities to financing activities in the Consolidated Statement of Cash Flows. There is no impact on net cash flows for the period; \u2212 IPO costs of \u00a318.4m have been reclassified from financing activities to operating activities in the Consolidated Statement of Cash Flows to bifurcate the cash flows in a similar manner to how the costs had been classified within the Consolidated Statement of Profit or Loss and Consolidated Statement of Changes in Equity. There is no impact on net cash flows for the period; \u2212 IPO costs of \u00a318.0m have been reclassified from financing activities to operating activities in the Company Statement of Cash Flows to bifurcate the cash flows in a similar manner to how the costs had been classified within the Company Statement of Profit or Loss and the Company Statement of Changes in Equity. There is no impact on net cash flows for the period; and \u2212 Investments in subsidiaries and merger reserve have been increased by \u00a3571.4m in the Company Statement of Financial Position to record the fair value of shares acquired in the Company\u2019s immediate subsidiary as part of the restructuring ahead of the Company\u2019s IPO. There is no impact on the distributable reserves of the Company. The above changes were prompted by an inquiry from the Corporate Reporting Review team of the FRC as part of its regular review and assessment of the quality of corporate reporting in the UK. They requested further information in relation to the Company\u2019s 2021 Annual Report and Accounts, as explained further in the Audit and Risk Committee report on page 106. The Company agreed to make the above changes within its 2022 financial statements. The FRC\u2019s review is limited to the published 2021 Annual Report and Accounts; it does not benefit from a detailed understanding of underlying transactions and provides no assurance that the Annual Report and Accounts are correct in all material respects. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-369": {
"value": "Going concern The consolidated financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for a period of at least 12 months from the date of issue of these financial statements having assessed the business risks, financial position and resources of both the Group and Company. Further detail is set out within the viability and going concern statement on pages 51 to 53. ",
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"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-370": {
"value": "2 Accounting policies (a) Consolidation The consolidated financial statements include the comprehensive gains or losses, the financial position and the cash flows of the Company, its subsidiaries and the entities that the Group is deemed to control, drawn up to the end of the relevant period, which includes elimination of all intra-group transactions. Uniform accounting policies have been adopted across the Group. Assessment of control Control is achieved when the Group has power over the relevant activities, exposure to variable returns from the investee, and the ability to affect those returns through its power over the investee. The Group controls an investee (entity) if, and only if, the Group has all of the following: \u2212 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2212 exposure, or rights, to variable returns from its involvement with the investee; and \u2212 ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group holds less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are sufficient to give it power, including: \u2212 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2212 potential voting rights held by the Group, other vote holders or other parties; \u2212 rights arising from other contractual arrangements; and \u2212 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. The assessment of control is based on all relevant facts and circumstances and the Group reassesses its conclusion if there is an indication that there are changes in facts and circumstances. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date the Group gains control until the date when the Group ceases to control the subsidiary. All intra-group balances and transactions with subsidiaries are eliminated upon consolidation.When the Group consolidates an entity which has an interest held by a third party, it assesses whether the third party\u2019s interest represents equity or a financial liability. To determine this classification, the substance of the contractual terms of the financial instrument is taken as an indicator of whether the third party\u2019s interest is debt or equity. If a pre-agreed profit share percentage that is contractually defined within relevant limited partnership agreements is present, the Group recognises a contractual obligation to settle in cash, and, therefore, the interest is classified as debt and fair valued through profit and loss. In the case where the contract results in a residual interest in the assets of the investee after deducting all of the investee\u2019s liabilities, a non-controlling interest is recognised within equity. More details are provided in note 17 (d). (b) Foreign currencies Presentation currency The financial statements are presented in pound sterling, which is the Company\u2019s functional currency and also the presentational currency for the Company and Group. Foreign currency transactions Foreign currency transactions are translated into the functional currency using the opening spot exchange rate for the month in which the transaction occurs as an approximate for the actual rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the applicable foreign currency exchange rate on the date the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate on the date of the transaction. Foreign operations The results and financial position of foreign operations that have a functional currency different from the presentational currency are translated into the presentational currency of the Group as follows: \u2212 assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; \u2212 income and expenses for each statement of profit or loss presented are translated at opening spot rate for the month; and \u2212 all resulting exchange differences are recognised in other comprehensive income. (c) Operating income Operating income primarily comprises management and other fees, carried interest income and investment profits from the management of investment in private equity and credit fund partnerships. The parties to agreements for fund management services comprise the Group and the investors of each fund as a body. Accordingly, the group of investors of each fund are identified as a customer for accounting purposes. Income is measured based on the consideration specified in the contracts and exclude amounts collected on behalf of third parties, discounts and value added taxes. Management and other fees The Group earns management fees from its provision of various investment management services to funds, which are treated as a single performance obligation. Management fees are recognised over the life of each fund, generally 10 to 12 years, occasionally subject to an extension, if agreed with the investors of that fund. Management fees are based on an agreed percentage of either committed or invested capital, depending on the fund and its life stage. Fees are billed in accordance with the relevant limited partnership agreement and are either billed semi-annually or quarterly in advance or arrears. Other fees may also comprise fees and commissions relating to provision of services to third parties. Carried interest The Group receives a share of fund profits through its holdings in Founder Partnerships as variable consideration dependent on the level of fund returns. The entitlement to carried interest and the amount is determined by the level of accumulated profits exceeding an agreed threshold (the \u201churdle\u201d) over the life-time of each fund. The carried interest income is only recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised on the completion of a fund. The reversal risk due to uncertainty of future fund performance is managed through the application of discounts. This is explained further within note 3. The carried interest receivable represents a contract asset under IFRS 15 \u201cRevenue from Contracts with Customers\u201d. Amounts are typically presented as non-current assets unless they are expected to be received within the next 12 months. The Group applies the simplified approach for measuring impairment of the contract asset and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. Investment income Investment income consists primarily of fair value remeasurement of the Group\u2019s investments in private equity and credit funds. Details of the valuation of such investments is explained further within note 3. Other operating income Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business, PEPCO Services LLP. Amounts are recognised in the Consolidated Statement of Profit or Loss on an accruals basis. (d) Deferred acquisition costs Professional costs, particularly legal and other adviser costs, are incurred when raising a new fund. The limited partnership agreement of each fund dictates the aggregate expense that can be recharged to the fund investors on the close of a new fund. Costs in excess of the cap and any fees paid to placement agents are capitalised as a non-current asset. The benefit of the incurred costs for private equity funds is primarily considered to be attributable to the period when the primary fund investment activity is carried out. Therefore, the useful life of the asset is the commitment period for the fund. A useful life of three years is used for private equity funds, being the shortest likely commitment period, but is typically between three and five years. For credit funds, the period of portfolio construction is typically longer, therefore a five-year useful life is used, which correlates with the period over which the management fees build up to a maximum level. Details are provided within note 16 (e). (e) Personnel benefits Short-term employee benefits Short-term employee benefits, which include employee salaries and bonuses, are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Accumulated holiday balances are accrued at each period end, if an employee\u2019s entitlement is not used in full. Long-term employee benefits Long-term employee benefits, which are those that are not expected to be settled wholly before 12 months after the period end in which the employee renders the service that gives rise to the benefit, include certain long-term bonuses. An expense is recognised over the period in which the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Defined contribution pensions Amounts payable in respect of employers\u2019 contributions to the Group\u2019s defined contribution pension scheme are recognised as employee expenses as incurred. The assets of the scheme are held separately from those of the Group in an independently administered fund. Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on an estimate of the number of equity instruments that will eventually vest. A corresponding credit is made to the share-based payment reserve within equity. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Consolidated Statement of Profit or Loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. (f) EBITDA EBITDA means earnings before interest, taxes, depreciation and amortisation. It is used to provide an overview of the profitability of the Group\u2019s business and segments. Underlying EBITDA is calculated by deducting exceptional items within EBITDA. EBITDA and Underlying EBITDA are alternative performance measures and non-IFRS measures. The Group uses Underlying EBITDA as exceptional income or expenditure could distort an understanding of the performance of the Group. Details of exceptional expenses are set out in note 8. (g) Operating profit Operating profit means earnings before other income, other expenses and taxes. Operating profit is an alternative performance measure and a non-IFRS measure. (h) Leases Leases for office premises The Group has applied IFRS 16 \u201cLeases\u201d where the Group has right-of-use of an asset under a lease contract for a period of more than 12 months. Such contracts represent leases of office premises where the Group is a tenant. The lease liability is initially measured at the net present value of future lease payments that are not paid at the commencement date discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate (\u201cIBR\u201d). Generally, the Group uses its IBR as the discount rate as the implicit rate is not readily determinable for the rented office premises. The lease liability is subsequently measured at amortised cost using the effective interest method. The IBR is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment within similar terms, security and conditions. Lease payments due within the next 12 months are recognised within current liabilities; payments due after 12 months are recognised within non-current liabilities. Assets are recorded initially at cost and depreciated on a straight-line basis over the length of the contractual lease term. Cost is defined as the lease liabilities recognised plus any initial costs and dilapidation provisions less any incentives received. The right-to-use assets are depreciated during the lease term, generally 5 to 10 years. Right-of-use assets are included within property, plant and equipment in the Consolidated Statement of Financial Position. Group as lessor Where the Group acts as an intermediate lessor by entering into a subletting agreement and has transferred substantially all the risks and rewards incidental to ownership of the underlying asset, the Group accounts for these subleases as finance leases under IFRS 16 \u201cLeases\u201d. Such contracts represent subleases of office premises. At commencement of the lease term, the Group derecognises the right-of-use asset relating to the head lease and recognises the net investments in the sublease as a receivable. The difference between the right-of-use asset and the net investment in the sublease is recognised in profit and loss. The Group uses the IBR used for the head lease to measure the net investment in the lease (adjusted for any initial direct costs associated with the sublease). During the term of the sublease, the Group recognises both finance income on the sublease and finance expense on the head lease. The Group applies the simplified approach for measuring impairment of lease receivables and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term within operating expenses. (i) Other income and expenses Other income comprises interest earned on cash and term deposits, finance income on sublease agreements and the impact of the remeasurement of the deferred contingent consideration payable under the sale and purchase agreement and associated unwind of the discount for EQT AB. Other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities and amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility. (j) Exceptional items Items of income and expense that are material by size and/or nature and are not considered to be incurred in the normal course of business are classified as \u2018exceptional\u2019 within the statement of profit or loss and disclosed separately to give a clearer presentation of the Group\u2019s underlying financial performance. In considering the nature of an exceptional item, management\u2019s assessment includes, both individually and collectively, each of the following: \u2212 whether the item is outside of the principal activities of the business; \u2212 the specific circumstances which have led to the item arising; \u2212 the likelihood of recurrence; and \u2212 if the item is likely to recur, whether the item is unusual by virtue of its size. (k) Taxation Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Current tax Current tax is the amount of corporation tax payable in respect of the taxable profit for the current or prior reporting periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Current tax is recognised in the Consolidated Statement of Profit or Loss, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, current tax is also recognised in other comprehensive income or directly in equity accordingly. Deferred tax Deferred tax arises from temporary differences at the reporting date between the carrying amounts of assets and liabilities and the amounts used for taxation purposes. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax liabilities are recognised for all taxable temporary differences. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated Statement of Profit or Loss, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity, or to other comprehensive income. Current or deferred taxation assets and liabilities are not discounted. (l) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any provision for impairment. The cost includes the purchase price as well as expenditure directly attributable to put the asset in place and order to be used in accordance with the purpose of the acquisition. Assets are depreciated so as to write off their cost, on a straight-line basis, over their estimated useful lives as follows: Asset class Useful life Computers, furniture and other 3 to 6 years Leasehold improvements Over the shorter of their useful economic life or the lease term Property right-of-use assets Over the contractual lease term The loss to reduce the carrying amount of any assets that are impaired is recognised within the Consolidated Statement of Profit or Loss and reversed if there are indications that the need for impairment is no longer present. The carrying amount of an item of property, plant and equipment is derecognised from the Consolidated Statement of Financial Position at disposal or when no future economic benefits are expected from the use or disposal of the asset. The depreciation is included within \u201cDepreciation and amortisation expense\u201d within the Consolidated Statement of Profit or Loss. (m) Intangible assets Intangible assets, which constitute customer relationship assets acquired from a business combination, are stated at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are annually assessed for impairment when there are indicators of impairment. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives. The amortisation is included within \u201cDepreciation and amortisation expense\u201d in the Consolidated Statement of Profit or Loss. (n) Business combinations and goodwill Business combinations of subsidiaries and businesses are accounted for by applying the acquisition method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued. Costs attributable to the business combination are expensed in the Consolidated Statement of Profit or Loss. Where control is achieved in stages the cost is the consideration at the date of each transaction. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured, they are disclosed on the same basis as other contingent liabilities. Contingent consideration is recognised at the acquisition date. It is classified as a financial liability and subsequently remeasured to fair value, with changes in fair value recognised in the statement of profit or loss. Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair values to the Group\u2019s interest in the identifiable net assets, liabilities and contingent liabilities acquired. Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. Any identified impairment is charged to the Consolidated Statement of Profit or Loss. No reversals of impairment are recognised. Impairment triggers could include the loss of a fund management contract or a failure to raise a new fund. Third party interest arises when the Group\u2019s interest only constitutes a portion of the total with the rest portion being profit share that the Group owes the other related parties. The profit share is calculated based on a contractually defined and pre\u2010agreed percentage which is set out within relevant limited partnership agreements. The Group has considered factors such as the substance of the legal contractual agreement and the lack of discretion the Group has regarding the residual payments to third parties. Therefore third party interest is classified as a financial liability and measured at fair value through profit and loss with the corresponding assets being measured at fair value. (o) Financial instruments Financial assets The Group\u2019s financial assets consist of investments in funds, investments made by Collateralised Loan Obligations (\u201cCLOs\u201d) consolidated by the Group, derivative financial instruments, accounts receivable and other receivables, cash and cash equivalents and term deposits with original maturities of more than three months. The Company\u2019s financial assets consist of accounts receivable and other receivables and cash and cash equivalents. Recognition A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument. Classification and measurement The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2212 fair value through profit or loss; \u2212 fair value through other comprehensive income; and \u2212 amortised cost. Financial assets must be measured through profit or loss unless they are measured at amortised cost or through other comprehensive income. The Group\u2019s investments in funds and investments in CLOs are measured at fair value through profit or loss as such assets are held for investment returns. Derivative instruments used for hedging foreign exchange, are measured at fair value through profit or loss. Where they qualify for hedge accounting the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income until the recognition of the hedged transaction affects profit or loss, at which point the amount recognised in other comprehensive income is recycled to the Consolidated Statement of Profit or Loss. Financial assets are measured at amortised cost only if both of the following criteria are met: \u2212 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2212 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore subsequently measured at amortised cost using the effective interest rate method less expected credit loss. The Group\u2019s approach to calculating expected credit loss allowances is described in the credit risk section within note 19 (d). Receivables due in greater than one year are initially discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over time to the Consolidated Statement of Profit or Loss. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. Derecognition A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in the Consolidated Statement of Profit or Loss. Impairment Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated Statement of Profit or Loss. For trade and other receivables, the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d to apply a provision matrix that is based on its historic default rates over the expected life of the short-term receivables. Financial liabilities Financial liabilities, with the exception of financial liabilities at or designated at fair value through profit or loss, are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis. Derivative financial liabilities are initially measured at fair value and are subsequently measured at fair value at each reporting date. Liabilities of CLOs consolidated by the Group are designated as financial liabilities measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss related to CLOs are initially recognised and subsequently measured at fair value on a recurring basis with gains or losses arising from changes in fair value recognised through the fair value remeasurements of investments line within the Consolidated Statement of Profit or Loss along with interest paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Amounts payable for CLO purchases awaiting settlement are recognised at the point at which the CLO has a contractual obligation to exchange cash. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss. Borrowings are initially recognised as the amount of cash received from the bank, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Repurchase agreements are measured at fair value through profit or loss. Other amounts payable to related party investors which represent the residual profits due to third party investors are held at fair value through profit and loss with the corresponding assets being measured at fair value. The effect of the Group\u2019s own credit risk on these liabilities is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. All of the Group\u2019s and Company\u2019s other financial liabilities are measured at amortised cost using the effective interest rate method. The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are discharged, cancelled or expire. Derivative instruments and hedge accounting Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each reporting date. For derivatives designated as cash flow hedges, prior to their settlement the fair value movements on the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income and within the cash flow hedge reserve within equity, while any ineffective portion is recognised immediately in the Consolidated Statement of Profit or Loss as gain or loss on cash flow hedge within operating expenses. Amounts recognised in equity are transferred to the Consolidated Statement of Profit or Loss when the hedged transaction affects profit or loss, such as when the hedged cash flow occurs. For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement of Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive and as a financial liability when fair value is negative. The fair value of unsettled forward currency contracts is calculated by reference to the market for forward contracts with similar maturities. (p) Investment in subsidiaries Investments in subsidiaries in the Company Statement of Financial Position are recorded at cost less provision for impairments. All transactions between the Company and its subsidiary undertakings are classified as related party transactions for the Company accounts and are eliminated on consolidation. (q) Investments in associates Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Such entities are funds or carried interest partnerships where the Group holds more than a 20% interest in the entity. The Group initially records the investment at fair value through profit or loss as operating income within the Consolidated Statement of Profit or Loss. The investments are recorded as fair value of fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. (r) Cash and term deposits Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term deposits with original maturities of three months or less and money market funds, which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. CLO cash is cash held by CLO vehicles consolidated by the Group and is not available for the Group\u2019s other operating activities. Term deposits represent fixed term deposits placed with banks and financial institutions. (s) Dividends Dividends and other distributions to the Company\u2019s shareholders are recognised in the period in which the dividends and other distributions are declared and approved by the shareholders. These amounts are recognised in the Statement of Changes in Equity. (t) Own shares Own shares are recorded by the Group when ordinary shares are purchased through special purpose vehicles, which have the purpose of purchasing and holding surplus shares of the Company from employees who have left the employment of the Group or from other means. The special purpose vehicles include Atlantic SAV Limited, Atlantic SAV 2 Limited and the Bridgepoint Group plc Employee Benefit Trust. These entities are aggregated together within the financial statements of the Company and are consolidated within the financial statements. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. They are recognised as a deduction to retained earnings. When shares are sold, they are transferred at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "(a) Consolidation The consolidated financial statements include the comprehensive gains or losses, the financial position and the cash flows of the Company, its subsidiaries and the entities that the Group is deemed to control, drawn up to the end of the relevant period, which includes elimination of all intra-group transactions. Uniform accounting policies have been adopted across the Group. Assessment of control Control is achieved when the Group has power over the relevant activities, exposure to variable returns from the investee, and the ability to affect those returns through its power over the investee. The Group controls an investee (entity) if, and only if, the Group has all of the following: \u2212 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2212 exposure, or rights, to variable returns from its involvement with the investee; and \u2212 ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group holds less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group\u2019s voting rights in an investee are sufficient to give it power, including: \u2212 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2212 potential voting rights held by the Group, other vote holders or other parties; \u2212 rights arising from other contractual arrangements; and \u2212 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. The assessment of control is based on all relevant facts and circumstances and the Group reassesses its conclusion if there is an indication that there are changes in facts and circumstances. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the date the Group gains control until the date when the Group ceases to control the subsidiary. All intra-group balances and transactions with subsidiaries are eliminated upon consolidation. When the Group consolidates an entity which has an interest held by a third party, it assesses whether the third party\u2019s interest represents equity or a financial liability. To determine this classification, the substance of the contractual terms of the financial instrument is taken as an indicator of whether the third party\u2019s interest is debt or equity. If a pre-agreed profit share percentage that is contractually defined within relevant limited partnership agreements is present, the Group recognises a contractual obligation to settle in cash, and, therefore, the interest is classified as debt and fair valued through profit and loss. In the case where the contract results in a residual interest in the assets of the investee after deducting all of the investee\u2019s liabilities, a non-controlling interest is recognised within equity. More details are provided in note 17 (d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "Presentation currency The financial statements are presented in pound sterling, which is the Company\u2019s functional currency and also the presentational currency for the Company and Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "Foreign currency transactions Foreign currency transactions are translated into the functional currency using the opening spot exchange rate for the month in which the transaction occurs as an approximate for the actual rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the applicable foreign currency exchange rate on the date the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate on the date of the transaction. Foreign operations The results and financial position of foreign operations that have a functional currency different from the presentational currency are translated into the presentational currency of the Group as follows: \u2212 assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; \u2212 income and expenses for each statement of profit or loss presented are translated at opening spot rate for the month; and \u2212 all resulting exchange differences are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "(c) Operating income Operating income primarily comprises management and other fees, carried interest income and investment profits from the management of investment in private equity and credit fund partnerships. The parties to agreements for fund management services comprise the Group and the investors of each fund as a body. Accordingly, the group of investors of each fund are identified as a customer for accounting purposes. Income is measured based on the consideration specified in the contracts and exclude amounts collected on behalf of third parties, discounts and value added taxes. Management and other fees The Group earns management fees from its provision of various investment management services to funds, which are treated as a single performance obligation. Management fees are recognised over the life of each fund, generally 10 to 12 years, occasionally subject to an extension, if agreed with the investors of that fund. Management fees are based on an agreed percentage of either committed or invested capital, depending on the fund and its life stage. Fees are billed in accordance with the relevant limited partnership agreement and are either billed semi-annually or quarterly in advance or arrears. Other fees may also comprise fees and commissions relating to provision of services to third parties. Carried interest The Group receives a share of fund profits through its holdings in Founder Partnerships as variable consideration dependent on the level of fund returns. The entitlement to carried interest and the amount is determined by the level of accumulated profits exceeding an agreed threshold (the \u201churdle\u201d) over the life-time of each fund. The carried interest income is only recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised on the completion of a fund. The reversal risk due to uncertainty of future fund performance is managed through the application of discounts. This is explained further within note 3. The carried interest receivable represents a contract asset under IFRS 15 \u201cRevenue from Contracts with Customers\u201d. Amounts are typically presented as non-current assets unless they are expected to be received within the next 12 months. The Group applies the simplified approach for measuring impairment of the contract asset and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. Investment income Investment income consists primarily of fair value remeasurement of the Group\u2019s investments in private equity and credit funds. Details of the valuation of such investments is explained further within note 3. Other operating income Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business, PEPCO Services LLP. Amounts are recognised in the Consolidated Statement of Profit or Loss on an accruals basis. ",
"dimensions": {
"concept": "bridgepointgroupplc:DescriptionOfAccountingPolicyForOperatingIncome",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "(d) Deferred acquisition costs Professional costs, particularly legal and other adviser costs, are incurred when raising a new fund. The limited partnership agreement of each fund dictates the aggregate expense that can be recharged to the fund investors on the close of a new fund. Costs in excess of the cap and any fees paid to placement agents are capitalised as a non-current asset. The benefit of the incurred costs for private equity funds is primarily considered to be attributable to the period when the primary fund investment activity is carried out. Therefore, the useful life of the asset is the commitment period for the fund. A useful life of three years is used for private equity funds, being the shortest likely commitment period, but is typically between three and five years. For credit funds, the period of portfolio construction is typically longer, therefore a five-year useful life is used, which correlates with the period over which the management fees build up to a maximum level. Details are provided within note 16 (e). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "(e) Personnel benefits Short-term employee benefits Short-term employee benefits, which include employee salaries and bonuses, are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Accumulated holiday balances are accrued at each period end, if an employee\u2019s entitlement is not used in full. Long-term employee benefits Long-term employee benefits, which are those that are not expected to be settled wholly before 12 months after the period end in which the employee renders the service that gives rise to the benefit, include certain long-term bonuses. An expense is recognised over the period in which the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Defined contribution pensions Amounts payable in respect of employers\u2019 contributions to the Group\u2019s defined contribution pension scheme are recognised as employee expenses as incurred. The assets of the scheme are held separately from those of the Group in an independently administered fund. Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on an estimate of the number of equity instruments that will eventually vest. A corresponding credit is made to the share-based payment reserve within equity. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Consolidated Statement of Profit or Loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on an estimate of the number of equity instruments that will eventually vest. A corresponding credit is made to the share-based payment reserve within equity. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Consolidated Statement of Profit or Loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "(f) EBITDA EBITDA means earnings before interest, taxes, depreciation and amortisation. It is used to provide an overview of the profitability of the Group\u2019s business and segments. Underlying EBITDA is calculated by deducting exceptional items within EBITDA. EBITDA and Underlying EBITDA are alternative performance measures and non-IFRS measures. The Group uses Underlying EBITDA as exceptional income or expenditure could distort an understanding of the performance of the Group. Details of exceptional expenses are set out in note 8. ",
"dimensions": {
"concept": "bridgepointgroupplc:DescriptionOfAccountingPolicyForEBITDA",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "(g) Operating profit Operating profit means earnings before other income, other expenses and taxes. Operating profit is an alternative performance measure and a non-IFRS measure. ",
"dimensions": {
"concept": "bridgepointgroupplc:DescriptionOfAccountingPolicyForOperatingProfit",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "(h) Leases Leases for office premises The Group has applied IFRS 16 \u201cLeases\u201d where the Group has right-of-use of an asset under a lease contract for a period of more than 12 months. Such contracts represent leases of office premises where the Group is a tenant. The lease liability is initially measured at the net present value of future lease payments that are not paid at the commencement date discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate (\u201cIBR\u201d). Generally, the Group uses its IBR as the discount rate as the implicit rate is not readily determinable for the rented office premises. The lease liability is subsequently measured at amortised cost using the effective interest method. The IBR is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment within similar terms, security and conditions. Lease payments due within the next 12 months are recognised within current liabilities; payments due after 12 months are recognised within non-current liabilities. Assets are recorded initially at cost and depreciated on a straight-line basis over the length of the contractual lease term. Cost is defined as the lease liabilities recognised plus any initial costs and dilapidation provisions less any incentives received. The right-to-use assets are depreciated during the lease term, generally 5 to 10 years. Right-of-use assets are included within property, plant and equipment in the Consolidated Statement of Financial Position. Group as lessor Where the Group acts as an intermediate lessor by entering into a subletting agreement and has transferred substantially all the risks and rewards incidental to ownership of the underlying asset, the Group accounts for these subleases as finance leases under IFRS 16 \u201cLeases\u201d. Such contracts represent subleases of office premises. At commencement of the lease term, the Group derecognises the right-of-use asset relating to the head lease and recognises the net investments in the sublease as a receivable. The difference between the right-of-use asset and the net investment in the sublease is recognised in profit and loss. The Group uses the IBR used for the head lease to measure the net investment in the lease (adjusted for any initial direct costs associated with the sublease). During the term of the sublease, the Group recognises both finance income on the sublease and finance expense on the head lease. The Group applies the simplified approach for measuring impairment of lease receivables and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. Short-term leases and leases of low-value assets The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term within operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "(i) Other income and expenses Other income comprises interest earned on cash and term deposits, finance income on sublease agreements and the impact of the remeasurement of the deferred contingent consideration payable under the sale and purchase agreement and associated unwind of the discount for EQT AB. Other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities and amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "(i) Other income and expenses Other income comprises interest earned on cash and term deposits, finance income on sublease agreements and the impact of the remeasurement of the deferred contingent consideration payable under the sale and purchase agreement and associated unwind of the discount for EQT AB. Other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities and amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. Interest income and expense is recognised using the effective interest rate method. Recurring fees and charges levied on committed bank facilities are charged to the Consolidated Statement of Profit or Loss as accrued. Credit facility arrangement fees are capitalised and amortised to the Consolidated Statement of Profit or Loss using the effective interest method over the term of the facility. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "(j) Exceptional items Items of income and expense that are material by size and/or nature and are not considered to be incurred in the normal course of business are classified as \u2018exceptional\u2019 within the statement of profit or loss and disclosed separately to give a clearer presentation of the Group\u2019s underlying financial performance. In considering the nature of an exceptional item, management\u2019s assessment includes, both individually and collectively, each of the following: \u2212 whether the item is outside of the principal activities of the business; \u2212 the specific circumstances which have led to the item arising; \u2212 the likelihood of recurrence; and \u2212 if the item is likely to recur, whether the item is unusual by virtue of its size. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "(k) Taxation Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Current tax Current tax is the amount of corporation tax payable in respect of the taxable profit for the current or prior reporting periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Current tax is recognised in the Consolidated Statement of Profit or Loss, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, current tax is also recognised in other comprehensive income or directly in equity accordingly. Deferred tax Deferred tax arises from temporary differences at the reporting date between the carrying amounts of assets and liabilities and the amounts used for taxation purposes. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax liabilities are recognised for all taxable temporary differences. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated Statement of Profit or Loss, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity, or to other comprehensive income. Current or deferred taxation assets and liabilities are not discounted. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "Deferred tax arises from temporary differences at the reporting date between the carrying amounts of assets and liabilities and the amounts used for taxation purposes. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax liabilities are recognised for all taxable temporary differences. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Consolidated Statement of Profit or Loss, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity, or to other comprehensive income. Current or deferred taxation assets and liabilities are not discounted. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "(l) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any provision for impairment. The cost includes the purchase price as well as expenditure directly attributable to put the asset in place and order to be used in accordance with the purpose of the acquisition. Assets are depreciated so as to write off their cost, on a straight-line basis, over their estimated useful lives as follows: Asset class Useful life Computers, furniture and other 3 to 6 years Leasehold improvements Over the shorter of their useful economic life or the lease term Property right-of-use assets Over the contractual lease term The loss to reduce the carrying amount of any assets that are impaired is recognised within the Consolidated Statement of Profit or Loss and reversed if there are indications that the need for impairment is no longer present. The carrying amount of an item of property, plant and equipment is derecognised from the Consolidated Statement of Financial Position at disposal or when no future economic benefits are expected from the use or disposal of the asset. The depreciation is included within \u201cDepreciation and amortisation expense\u201d within the Consolidated Statement of Profit or Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "(m) Intangible assets Intangible assets, which constitute customer relationship assets acquired from a business combination, are stated at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are annually assessed for impairment when there are indicators of impairment. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives. The amortisation is included within \u201cDepreciation and amortisation expense\u201d in the Consolidated Statement of Profit or Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "(n) Business combinations and goodwill Business combinations of subsidiaries and businesses are accounted for by applying the acquisition method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued. Costs attributable to the business combination are expensed in the Consolidated Statement of Profit or Loss. Where control is achieved in stages the cost is the consideration at the date of each transaction. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured, they are disclosed on the same basis as other contingent liabilities. Contingent consideration is recognised at the acquisition date. It is classified as a financial liability and subsequently remeasured to fair value, with changes in fair value recognised in the statement of profit or loss. Goodwill recognised represents the excess of the fair value of the purchase consideration over the fair values to the Group\u2019s interest in the identifiable net assets, liabilities and contingent liabilities acquired. Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. Any identified impairment is charged to the Consolidated Statement of Profit or Loss. No reversals of impairment are recognised. Impairment triggers could include the loss of a fund management contract or a failure to raise a new fund. Third party interest arises when the Group\u2019s interest only constitutes a portion of the total with the rest portion being profit share that the Group owes the other related parties. The profit share is calculated based on a contractually defined and pre\u2010agreed percentage which is set out within relevant limited partnership agreements. The Group has considered factors such as the substance of the legal contractual agreement and the lack of discretion the Group has regarding the residual payments to third parties. Therefore third party interest is classified as a financial liability and measured at fair value through profit and loss with the corresponding assets being measured at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "(o) Financial instruments Financial assets The Group\u2019s financial assets consist of investments in funds, investments made by Collateralised Loan Obligations (\u201cCLOs\u201d) consolidated by the Group, derivative financial instruments, accounts receivable and other receivables, cash and cash equivalents and term deposits with original maturities of more than three months. The Company\u2019s financial assets consist of accounts receivable and other receivables and cash and cash equivalents. Recognition A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument. Classification and measurement The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2212 fair value through profit or loss; \u2212 fair value through other comprehensive income; and \u2212 amortised cost. Financial assets must be measured through profit or loss unless they are measured at amortised cost or through other comprehensive income. The Group\u2019s investments in funds and investments in CLOs are measured at fair value through profit or loss as such assets are held for investment returns. Derivative instruments used for hedging foreign exchange, are measured at fair value through profit or loss. Where they qualify for hedge accounting the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income until the recognition of the hedged transaction affects profit or loss, at which point the amount recognised in other comprehensive income is recycled to the Consolidated Statement of Profit or Loss. Financial assets are measured at amortised cost only if both of the following criteria are met: \u2212 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2212 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore subsequently measured at amortised cost using the effective interest rate method less expected credit loss. The Group\u2019s approach to calculating expected credit loss allowances is described in the credit risk section within note 19 (d). Receivables due in greater than one year are initially discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over time to the Consolidated Statement of Profit or Loss. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. Derecognition A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in the Consolidated Statement of Profit or Loss. Impairment Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated Statement of Profit or Loss. For trade and other receivables, the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d to apply a provision matrix that is based on its historic default rates over the expected life of the short-term receivables. Financial liabilities Financial liabilities, with the exception of financial liabilities at or designated at fair value through profit or loss, are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis. Derivative financial liabilities are initially measured at fair value and are subsequently measured at fair value at each reporting date. Liabilities of CLOs consolidated by the Group are designated as financial liabilities measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss related to CLOs are initially recognised and subsequently measured at fair value on a recurring basis with gains or losses arising from changes in fair value recognised through the fair value remeasurements of investments line within the Consolidated Statement of Profit or Loss along with interest paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Amounts payable for CLO purchases awaiting settlement are recognised at the point at which the CLO has a contractual obligation to exchange cash. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss. Borrowings are initially recognised as the amount of cash received from the bank, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Repurchase agreements are measured at fair value through profit or loss. Other amounts payable to related party investors which represent the residual profits due to third party investors are held at fair value through profit and loss with the corresponding assets being measured at fair value. The effect of the Group\u2019s own credit risk on these liabilities is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. All of the Group\u2019s and Company\u2019s other financial liabilities are measured at amortised cost using the effective interest rate method. The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are discharged, cancelled or expire. Derivative instruments and hedge accounting Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each reporting date. For derivatives designated as cash flow hedges, prior to their settlement the fair value movements on the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income and within the cash flow hedge reserve within equity, while any ineffective portion is recognised immediately in the Consolidated Statement of Profit or Loss as gain or loss on cash flow hedge within operating expenses. Amounts recognised in equity are transferred to the Consolidated Statement of Profit or Loss when the hedged transaction affects profit or loss, such as when the hedged cash flow occurs. For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement of Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive and as a financial liability when fair value is negative. The fair value of unsettled forward currency contracts is calculated by reference to the market for forward contracts with similar maturities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "Financial assets The Group\u2019s financial assets consist of investments in funds, investments made by Collateralised Loan Obligations (\u201cCLOs\u201d) consolidated by the Group, derivative financial instruments, accounts receivable and other receivables, cash and cash equivalents and term deposits with original maturities of more than three months. The Company\u2019s financial assets consist of accounts receivable and other receivables and cash and cash equivalents. Recognition A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument. Classification and measurement The Group\u2019s financial assets are initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2212 fair value through profit or loss; \u2212 fair value through other comprehensive income; and \u2212 amortised cost. Financial assets must be measured through profit or loss unless they are measured at amortised cost or through other comprehensive income. The Group\u2019s investments in funds and investments in CLOs are measured at fair value through profit or loss as such assets are held for investment returns. Derivative instruments used for hedging foreign exchange, are measured at fair value through profit or loss. Where they qualify for hedge accounting the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income until the recognition of the hedged transaction affects profit or loss, at which point the amount recognised in other comprehensive income is recycled to the Consolidated Statement of Profit or Loss. Financial assets are measured at amortised cost only if both of the following criteria are met: \u2212 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2212 the contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group\u2019s trade and other receivables are short-term receivables relating to non-financing transactions and are therefore subsequently measured at amortised cost using the effective interest rate method less expected credit loss. The Group\u2019s approach to calculating expected credit loss allowances is described in the credit risk section within note 19 (d). Receivables due in greater than one year are initially discounted to their present value using an equivalent rate of interest that would be due on borrowings. The discount is released over time to the Consolidated Statement of Profit or Loss. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. Derecognition A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in the Consolidated Statement of Profit or Loss. Impairment Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated Statement of Profit or Loss. For trade and other receivables, the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d to apply a provision matrix that is based on its historic default rates over the expected life of the short-term receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "Derecognition A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or when the Group or Company transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in the Consolidated Statement of Profit or Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "Impairment Expected credit losses are calculated on financial assets measured at amortised cost and are recognised within the Consolidated Statement of Profit or Loss. For trade and other receivables, the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d to apply a provision matrix that is based on its historic default rates over the expected life of the short-term receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "Financial liabilities Financial liabilities, with the exception of financial liabilities at or designated at fair value through profit or loss, are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis. Derivative financial liabilities are initially measured at fair value and are subsequently measured at fair value at each reporting date. Liabilities of CLOs consolidated by the Group are designated as financial liabilities measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss related to CLOs are initially recognised and subsequently measured at fair value on a recurring basis with gains or losses arising from changes in fair value recognised through the fair value remeasurements of investments line within the Consolidated Statement of Profit or Loss along with interest paid on the CLO financial liabilities. The effect of the Group\u2019s own credit risk on liabilities of CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Amounts payable for CLO purchases awaiting settlement are recognised at the point at which the CLO has a contractual obligation to exchange cash. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss. Borrowings are initially recognised as the amount of cash received from the bank, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Repurchase agreements are measured at fair value through profit or loss. Other amounts payable to related party investors which represent the residual profits due to third party investors are held at fair value through profit and loss with the corresponding assets being measured at fair value. The effect of the Group\u2019s own credit risk on these liabilities is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. All of the Group\u2019s and Company\u2019s other financial liabilities are measured at amortised cost using the effective interest rate method. The Group and Company derecognise financial liabilities when, and only when, the Group\u2019s or Company\u2019s obligations are discharged, cancelled or expire. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "Derivative instruments and hedge accounting Derivative financial instruments are initially measured at fair value determined using independent third-party valuations or quoted market prices on the date on which the derivative contract is entered into and are subsequently measured at fair value at each reporting date. For derivatives designated as cash flow hedges, prior to their settlement the fair value movements on the effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income and within the cash flow hedge reserve within equity, while any ineffective portion is recognised immediately in the Consolidated Statement of Profit or Loss as gain or loss on cash flow hedge within operating expenses. Amounts recognised in equity are transferred to the Consolidated Statement of Profit or Loss when the hedged transaction affects profit or loss, such as when the hedged cash flow occurs. For derivatives that are not designated as cash flow hedges, all fair value movements are recognised in the Consolidated Statement of Profit or Loss. Where a derivative relates to a hedge of investments in foreign currencies, the profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss. Prior to their settlement, derivatives are carried as a financial asset when the fair value is positive and as a financial liability when fair value is negative. The fair value of unsettled forward currency contracts is calculated by reference to the market for forward contracts with similar maturities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "(p) Investment in subsidiaries Investments in subsidiaries in the Company Statement of Financial Position are recorded at cost less provision for impairments. All transactions between the Company and its subsidiary undertakings are classified as related party transactions for the Company accounts and are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "(q) Investments in associates Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Such entities are funds or carried interest partnerships where the Group holds more than a 20% interest in the entity. The Group initially records the investment at fair value through profit or loss as operating income within the Consolidated Statement of Profit or Loss. The investments are recorded as fair value of fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "(r) Cash and term deposits Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term deposits with original maturities of three months or less and money market funds, which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. CLO cash is cash held by CLO vehicles consolidated by the Group and is not available for the Group\u2019s other operating activities. Term deposits represent fixed term deposits placed with banks and financial institutions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "(s) Dividends Dividends and other distributions to the Company\u2019s shareholders are recognised in the period in which the dividends and other distributions are declared and approved by the shareholders. These amounts are recognised in the Statement of Changes in Equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "(t) Own shares Own shares are recorded by the Group when ordinary shares are purchased through special purpose vehicles, which have the purpose of purchasing and holding surplus shares of the Company from employees who have left the employment of the Group or from other means. The special purpose vehicles include Atlantic SAV Limited, Atlantic SAV 2 Limited and the Bridgepoint Group plc Employee Benefit Trust. These entities are aggregated together within the financial statements of the Company and are consolidated within the financial statements. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. They are recognised as a deduction to retained earnings. When shares are sold, they are transferred at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "3 Critical judgements in the application of accounting policies and key sources of estimation uncertainty The judgements and other key sources of estimation uncertainty at the reporting date, which may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below. The Group\u2019s estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. The actual outcome may be materially different from that anticipated. (a) Judgements Consolidation of fund investments The Directors have considered whether the Group should consolidate investments in funds into the results of the Group. Control is determined by the extent of decision-making authority, rights held by other parties, remuneration and exposure to returns. The Directors have assessed the legal nature of the relationships between the Group, the relevant fund and fund investors and have determined that as the manager, the Group has the power to influence the returns generated by the fund, but the Group\u2019s interests typically represent only a small proportion of the total capital within each fund (c. 2% of commitments). The Directors have therefore concluded that the Group acts as an agent, which is primarily engaged to act on behalf, and for the benefit, of the fund investors rather than act for its own benefit. The Group\u2019s investments in Bridgepoint funds are accordingly measured at fair value through profit or loss and returns from those investments are recognised as operating income within the Consolidated Statement of Profit or Loss. Consolidation of CLOs The Group holds investments in the senior and subordinated notes of CLOs that it manages, predominantly driven by risk-retention regulations. As the Group has power, as the asset manager, to impact the returns of the vehicles, the level of exposure to variable returns from its involvement as an investor in the notes requires assessment to whether this indicates the Group has a principal or agent relationship and therefore whether the CLO should be consolidated under IFRS 10 \u201cConsolidated Financial Statements\u201d. The subordinated notes of CLOs are the tranche that is most exposed to the risk of portfolio assets failing to pay as they are the first to absorb any losses. As a result, the Group\u2019s consideration of exposure to variable returns focuses on its interest in equity tranche. The assets and liabilities of the CLO are held within separate legal entities and, as a result, the liabilities of the CLO are non-recourse to the Group. The consolidation of the CLO has a significant gross-up on the Group\u2019s assets and liabilities, which is shown gross on the face of the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows as separate lines but has no net effect on the profit or loss, cash flows or net assets. Details of the assets and liabilities are included in notes 16 and 17 and a non-statutory and unaudited Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows excluding the consolidation of CLOs is included on pages 202 and 203. The Group consolidates Bridgepoint CLO 1 DAC (\u201cCLO 1\u201d) as the Group has exposure to variable returns as an investor in the subordinated notes. The Group holds the majority of the subordinated notes in CLO 1 and the Directors have therefore concluded that the Group acts as principal and should consolidate. Bridgepoint CLO 2 DAC (\u201cCLO 2\u201d) is not consolidated in the financial statements of the Group at 31 December 2022 as the Group\u2019s exposure to variable returns is only 5% of all debt and subordinated notes. At 31 December 2021, Bridgepoint CLO 3 DAC (\u201cCLO 3\u201d) was not consolidated in the financial statements of the Group and was treated as an associate as the Group\u2019s holding was 7% of all notes (which includes a 31% interest in the subordinated notes) as the Group did not have the greatest exposure to the variable returns. On 8 June 2022, the Group acquired an additional 30% interest from another investor which increased the Group\u2019s interest in the subordinated notes to 61%. The Group\u2019s equity interest has decreased to 51% as at 31 December 2022. The subordinated notes are the tranche that is most exposed to the risk of portfolio assets failing to pay as they are the first to absorb any losses. As a result, the Directors have therefore determined that the Group acts as principal and should consolidate in the financial statements as at 31 December 2022. The following table provides an overview of the consideration transferred, and the recognised amounts of assets acquired and liabilities assumed as of the acquisition date. \u00a3m Consideration Cash paid on acquisition date 8.3 Total consideration transferred 8.3 Fair value of the Group\u2019s equity interest in CLO 3 held before the acquisition 8.6 Total 16.9 Recognised amounts of identifiable assets acquired and liabilities assumed Financial assets 342.9 Financial liabilities (315.2) Total identifiable net assets attributable to subordinated notes 27.7 Attributable to third-party investors of CLO 3 (10.8) Total 16.9 The Group paid \u00a38.3m (\u20ac9.6m) in cash on the acquisition date with no further consideration due. The fair value of the identifiable net assets acquired approximates the fair value of consideration on the acquisition date, and as a result, no goodwill is recognised on the acquisition. Bridgepoint CLO 4 DAC (\u201cCLO 4\u201d) is also consolidated in the financial statements of the Group as at 31 December 2022 as the Group has a majority interest in its warehouse equity. The consolidation of CLO 4 began during 2022 and it remained consolidated at 31 December 2022 as it was still a warehouse ahead of its issuance in January 2023. The Group designates the amounts attributable to the third-party investors as financial liabilities at fair value through profit and loss. Consolidation of Carried Interest Partnerships As a fund manager to its private equity and credit funds, the Group participates in Carried Interest Partnerships (\u201cCIPs\u201d), the participants of which are the Group, certain Group employees and others connected to the underlying fund. These vehicles have two purposes: to facilitate payments of carried interest from the fund to carried interest participants, and to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS 10 \u201cConsolidated Financial Statements\u201d to consider whether they should consolidate the CIP. The Directors have considered the legal nature of the relationships between the relevant fund, the CIPs and the CIP participants and have determined that the power to control the CIPs (which are entitled to the carried interest from the funds) ultimately resides with the fund investors and that the Group is therefore an agent and not a principal. This is because the purpose and design of the CIPs and the carry rights in the fund are determined at the outset by the fund\u2019s limited partnership agreement (\u201cLPA\u201d) which requires investor agreement and reflects investor expectations to incentivise individuals to enhance performance of the underlying fund. The Group does not primarily benefit as its principal revenue stream is management fees based on commitments or invested capital. While the Group has some power over the Adjudication Committees of the CIPs, these powers are limited and represent the best interests of all carried interest holders collectively and, hence, these are assessed to be on behalf of the fund investors. The Directors have assessed the payments and the returns the carried interest holders make and receive from their investment in carried interest and have considered whether those carried interest holders who are also employees of the Group were providing a service for the benefit of the Group or the investors in the fund. The Directors have concluded that the carried interest represents a separate relationship between the fund investors and the individual employees and that the carried interest represents an investment requiring the individuals to put their own capital at risk and that, after an initial vesting period, continued rights to returns from the investment are not dictated by continuation of employment. In addition, the Directors have also considered the variability of returns for all CIPs that currently have value under IFRS 15 \u201cRevenue from Contracts with Customers\u201d and in doing so have determined that the Group is exposed to limited variable returns in the range 5-26% with the main beneficiaries of the CIP variable returns being the other participants. The Directors concluded that the CIPs are not controlled by the Group and therefore should not be consolidated. Where the Group has a share of 20% or more of the rights to the carried interest, the Group is considered to have significant influence. Accordingly, the BDC III carry scheme, where the Group holds an interest of 26%, is considered an associate. Details of the associate are set out within note 27 (d). Consolidation of employee share partnership On listing, the founder employee shareholders created a separate ring-fenced vehicle, Burgundy Investments Holdings LP (the \u201cBurgundy Partnership\u201d). The Burgundy Partnership is a pool of assets, which will comprise the Company\u2019s shares and other investments. The shares were contributed by founder employee shareholders electing to donate a portion of their shares to the partnership. This pool is ring-fenced for allocating to future partners in the business, as a means of allowing them to build a meaningful long-term shareholding in Bridgepoint and other investments and reflect the opportunities that previous partners were offered. The existing employee shareholders prior to listing, and certain new employee partners, will wholly own the interest in the Burgundy Partnership. The Group does not have any direct economic interest in the Burgundy Partnership, and awards of new points to existing and future employees will be made by the Advisory Committee of the Burgundy Partnership, which is made up of some of the largest founder employee shareholders. The Directors have considered the requirements of IFRS 10 \u201cConsolidated Financial Statements\u201d to determine whether they should consolidate the Burgundy Partnership. As the Group does not meet all three criteria: 1) power over the investee, 2) exposure, or rights, to variable returns from its involvement with the investee, and 3) the ability to use its power over the investee to affect its returns, they have concluded that the Burgundy Partnership should not be consolidated. (b) Estimates Recognition and measurement of carried interest revenue Carried interest revenue is only recognised to the extent it is highly probable that there would not be a significant reversal of any accumulated revenue recognised on the completion of a fund. In determining the amount of revenue to be recognised the Group is required to make assumptions and estimates when determining 1) whether or not revenue should be recognised and 2) the timing and measurement of such amounts. The Group bases its assessment on the best available information pertaining to the funds and the activity of the underlying assets within that fund. This includes the current fund valuation and internal forecasts on the expected timing and disposal of fund assets. For private equity funds, the reversal risk is managed through the application of discounts of 30 to 50% to the fair values of unrealised investments where the realised and unrealised valuation of a fund exceeds the relevant carried interest hurdle. For credit funds, which are more sensitive to the performance of individual investments within the portfolio, only funds that have either reached their hurdle or are expected to do so imminently are modelled on the same basis. The discount applied for each fund depends on the specific circumstances of each fund, taking into account diversity of assets, whether there has been a recent market correction (and whether this has been already factored into the valuation of the fund) and the expected average remaining holding period. The levels of discounts applied are reassessed annually. A sensitivity analysis on the impact of a change in the fair value of unrealised investments has been included in note 5. Valuation of fund investments at fair value Fund investments at fair value consist of investments in private equity and credit funds. The investments are fair valued using the net asset value of each fund, determined by the fund manager. These funds are invested into direct and indirect equity and debt investments. Portfolio assets within each fund are stated at fair value as determined in good faith by the fund manager in accordance with the terms of the LPA of each fund and the International Private Equity and Venture Capital Valuation Guidelines (\u201cIPEV\u201d) and are reviewed and approved by the relevant Bridgepoint Valuation Committee. The valuations provided by the fund manager typically reflect the fair value of the Group\u2019s proportionate share of capital account balance of each investment as at the reporting date or the latest available date. The market approach is typically used for the valuation of the assets. This comprises valuation techniques such as market comparable companies and multiple techniques. A market comparable approach uses quoted market prices or third-party quotes for similar instruments to determine the fair value of a financial asset. A multiple approach can be used in the valuation of less liquid securities, which typically form the majority of assets within a private equity or credit fund. Comparable companies and multiple techniques assume that the valuation of unquoted direct investments can be assessed by comparing performance measure multiples of similar quoted assets for which observable market prices are readily available. Comparable public companies are selected based on factors such as industry, size, stage of development and strategy. The most appropriate performance measure for determining the valuation of the relevant investment is selected (which may include EBITDA, price/earnings ratios for earnings or price/book ratios for book values). Trading multiples for each comparable company identified are calculated by dividing the value of the comparable company by the defined performance measure. The relevant trading multiples might be subject to adjustment for general qualitative differences such as liquidity, growth rate or quality of customer base between the valued direct investment and the group of comparable companies. The indicated fair value of the direct investment is determined by applying the relevant adjusted trading multiple to the identified performance measure of the valued company. Where available, valuation techniques use market- observable assumptions and inputs. If such information is not available, inputs may be derived by reference to similar assets and active markets, from recent prices for comparable transactions or from other observable market data. When measuring fair value, the manager selects the non-market-observable inputs to be used in its valuation techniques based on a combination of historical experience, deviation of input levels based upon similar investments with observable price levels and knowledge of current market conditions and valuation approaches. Within its valuation techniques the fund manager typically uses different unobservable input factors. Significant unobservable inputs include EBITDA multiples (based on budget/forward-looking EBITDA or historical EBITDA of the issuer and EBITDA multiples of comparable listed companies for an equivalent period), discount rates, price/earnings ratios and enterprise value/sales multiples. The fund manager also considers the original transaction prices, recent transactions in the same or similar instruments and completed third party transactions in comparable instruments and adjusts the model as deemed necessary. The fund manager takes into account ESG related factors such as climate change into the valuation of investments and, to the extent necessary, makes adjustments to earnings and multiples where demand or costs for a portfolio company could be impacted. Debt instruments may be valued using the market approach, independent loan pricing sources or at amortised cost, which requires the determination of the effective interest rate from a number of inputs, including an estimation of the expected maturity of each loan. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment in a fund, fund investments at fair value are classified as level 3 financial assets under IFRS 13 \u201cFair Value Measurement\u201d. Further detail on the valuation methodologies, inputs and the number of fund investments valued using each technique, along with a sensitivity analysis of the impact of a change in the fair value of fund investments is included within note 19 (a). Valuation of CLO assets and liabilities The loan asset portfolios of the consolidated CLO vehicles are valued using independent loan pricing sources. To the extent that the significant inputs are observable, the Group categorises these investments as level 2. The valuation methodology for the Group\u2019s investment in the various notes of CLOs is based upon discounted cash flow models with unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates, recovery rates and discount rates and they are therefore considered level 3 financial assets. At 31 December 2021, the approach had been to use broker pricing for the equity investments, classified as level 2 financial assets. Notwithstanding, the Directors believe that the model-based valuation is more reflective of the valuation of the liabilities and aligned with the objectives of the holdings of such assets. The debt and subordinated debt liabilities of consolidated CLOs are valued in line with the fair value of the CLOs\u2019 loan asset portfolios. The CLO designated activity vehicles which are consolidated are set up to distribute all proceeds generated from the assets of the CLO to the note holders of the CLO and thus the entity itself does not generate any residual profit. The valuations of the consolidated liabilities are therefore measured at par and adjusted in order to match the value of the asset portfolio, with any adjustment applied to the note liabilities in order of ascending seniority. A sensitivity analysis has been included within note 19 (f). Measurement of deferred contingent consideration payable Under the sale and purchase agreement for EQT Credit the Group has an obligation to settle an amount of deferred contingent consideration on the completion of fundraising for Bridgepoint Direct Lending III (\u201cBDL III\u201d) and Bridgepoint Credit Opportunities IV (\u201cBCO IV\u201d). Fundraising for both funds continued during 2022 and is expected to complete in 2023. The amount payable has been based upon management\u2019s best estimate of each fundraising at 31 December 2022, which is consistent with approved budgets. Measurement of intangible assets, useful lives and impairment A customer relationship asset was recognised following the Group\u2019s acquisition of EQT Credit in October 2020, to reflect the value of current investor relationships to the Group in the future. At the time of the acquisition, the cost of the acquired customer relationship was measured at fair value by discounting estimated contractual future cash flows over a period in which the customer was expected to remain invested within the Group\u2019s funds. Key assumptions in the model included forecast earnings for 2021 to 2025, a growth rate applied from 2025 onwards, which was based upon the long-term operating plan for the business, an investor reinvestment rate from one fund to another and a pre-tax discount rate of 10.5%, which was calculated by using comparable company information. The useful life of the intangible assets arising from this transaction has been determined as seven years, which represents the period over which the net present value of cash flows from the acquired customer relationships reduce to nil. The customer relationship asset is assessed for impairment when there are indicators of impairment. Such indicators would include fundraising lower than targets. No impairment has been identified. Goodwill is assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. Goodwill arose from the acquisition of EQT Credit. It is the Group\u2019s judgement that the lowest level of cash generating unit (\u201cCGU\u201d) used to determine impairment is the credit business segment for the purposes of monitoring and assessing goodwill for impairment. In performing the impairment test, management prepares a calculation of the recoverable amount of the goodwill, using the value-in-use approach and compares this to the carrying value. In order to validate this, a value-in-use forecast based on approved budgets has been prepared by management to compare the forecast of the Credit business segment to the carrying amount of the goodwill. Key assumptions in the forecast include forecast earnings for 2023 to 2027, including new fundraising, and a pre-tax discount rate of 15.0% (2021: 10.7%), which was calculated by using comparable company information. A sensitivity analysis of goodwill and the intangible asset has been included within note 14. ",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "4 Operating segments Operating segments are the components of the Group whose results are regularly reviewed by the Group\u2019s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. The Executive Directors are considered to be the chief operating decision maker of the Group, which is divided into operating segments based on how key management reviews and evaluates the operation and performance of the business. The Group\u2019s operations are divided into two groups, the Core business, consisting of the Private Equity and Credit fund management and associated Central support, and Other. Other includes the Group\u2019s procurement consulting business, PEPCO Services LLP, and costs relating to strategic projects. The Group\u2019s core operations are divided into two business segments: Private Equity and Credit. The operations of both business segments consist of providing investment management services to the respective funds and their investors. The investment management services comprise identification and structuring of new investments, the monitoring of investments and the sale and exit from investments. The two business segments are supported by the Central support functions which include investor relations, head office, finance, human resources, IT and marketing. In 2022 certain investor related costs were reclassed to Central from Credit reflecting team restructuring. The comparative period was not restated. Segmental statement of profit or loss analysis The Executive Directors assess the operating segments based on the line items below, primarily on operating income and operating profit. The EBITDA for each segment (the segment result), together with depreciation and amortisation and net finance expense, forms profit before tax. Depreciation, other income, other expenses and exceptional expenses are not allocated to operating segments and are included in the Group total. Foreign exchange gains and losses are allocated to Central. Group Year ended 31 December 2022 Private Equity \u00a3 m Credit \u00a3 m Central \u00a3 m Total Core \u00a3 m Total Other \u00a3 m Total Group \u00a3 m Management and other fees 187.8 50.8 2.9 241.5 \u2013 241.5 Carried interest 24.2 \u2013 \u2013 24.2 \u2013 24.2 Fair value remeasurement of investments 32.1 8.6 \u2013 40.7 \u2013 40.7 Other operating income 0.2 \u2013 \u2013 0.2 0.8 1.0 Total operating income 244.3 59.4 2.9 306.6 0.8 307.4 Personnel expenses (67.6) (21.2) (35.9) (124.7) (1.1) (125.8) Other operating expenses (16.2) (8.4) (17.6) (42.2) (0.2) (42.4) Foreign exchange \u2013 0.7 0.4 1.1 \u2013 1.1 Underlying EBITDA (excluding exceptional expenses) 160.5 30.5 (50.2) 140.8 (0.5) 140.3 Exceptional expenses (3.2) EBITDA (including exceptional expenses) 137.1 Depreciation and amortisation (18.3) Other income and expenses 8.6 Profit before tax 127.4 Group Year ended 31 December 2021 Private Equity \u00a3 m Credit \u00a3 m Central \u00a3 m Total Core \u00a3 m Total Other \u00a3 m Total Group \u00a3 m Management and other fees 157.3 37.9 2.5 197.7 \u2013 197.7 Carried interest 14.3 \u2013 \u2013 14.3 \u2013 14.3 Fair value remeasurement of investments 54.5 2.4 \u2013 56.9 \u2013 56.9 Other operating income 0.8 \u2013 \u2013 0.8 0.9 1.7 Total operating income 226.9 40.3 2.5 269.7 0.9 270.6 Personnel expenses (66.2) (22.1) (32.0) (120.3) (1.1) (121.4) Other operating expenses (13.3) (9.1) (13.7) (36.1) (0.3) (36.4) Foreign exchange \u2013 \u2013 1.1 1.1 \u2013 1.1 Underlying EBITDA (excluding exceptional expenses) 147.4 9.1 (42.1) 114.4 (0.5) 113.9 Exceptional expenses (28.6) EBITDA (including exceptional expenses) 85.3 Depreciation and amortisation (15.0) Other income and expenses (7.7) Profit before tax 62.6 Geographical analysis and customer concentrations The Group\u2019s income from funds is earned from funds entirely domiciled within Europe. The Group\u2019s operating expenses are incurred in the locations where the Group has offices, to identify and support portfolio companies which is unconnected to the domicile of the fund or the location of the fund investors. Therefore, the Group\u2019s operating results cannot be analysed in a meaningful way by geography. No single fund investor constitutes more than 10% of assets under management. Assets and liabilities analysis The Group\u2019s Consolidated Statement of Financial Position is managed as a single unit rather than by segment. The only distinction for the business segments relates to the Group\u2019s investments in funds and the carried interest receivable, which can be split between private equity and credit (split between attributable to the Group and third-party investors). 31 December 2022 \u00a3 m 2021 \u00a3 m Investments: Private equity 241.3 217.9 Credit (assets attributable to the Group) 76.9 108.1 Credit (CLO assets attributable to third-party investors) 696.1 274.5 Total investments 1,014.3 600.5 Carried interest receivable: Private equity 39.4 36.4 Credit 2.6 2.5 Total carried interest receivable 42.0 38.9 ",
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"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "5 Operating income Operating income primarily comprises management and other fees, carried interest income and investment profits from the management of and investment in private equity and credit fund partnerships. Management and other fees Management and other fees are presented net of the profit or loss impact of the settlement of foreign exchange hedging used to limit the volatility of foreign exchange on fees earned in euros. Group 2022 \u00a3 m 2021 \u00a3 m Management and other fees before settlement of FX hedges 239.1 196.7 Settlement of FX hedges 2.4 1.0 Total management and other fees 241.5 197.7 Carried interest The amount of carried interest recognised in operating income and the carrying value of the related asset is sensitive to the fair value of unrealised investment within each fund. The reversal risk in carried interest income, which is accounted for under IFRS 15 \u201cRevenue from Contracts with Customers\u201d, is managed through the application of discounts of 30 to 50% to the fair value of the fund investments and the later recognition of carried interest relating to credit funds. If the fair value of unrealised investments of each relevant fund had been higher/lower at each year end, the impact on carried interest income in each year is shown in the table below. Group Carried interest income: 2022 \u00a3 m 2021 \u00a3 m 10% lower value of unrealised assets (3.9) (4.2) 10% higher value of unrealised assets 5.4 5.4 Note 19 (a) includes a sensitivity analysis for co-investment valuations and the impact on profit or loss. Fair value remeasurement of investments Fair value remeasurement of investments consists of net changes in the fair value of the Group\u2019s investments in private equity and credit funds. Fair value remeasurement of investments is presented net of the profit or loss impact of the remeasurement of foreign exchange hedging used to limit the volatility of foreign exchange on investment income earned in euros. Group 2022 \u00a3 m 2021 \u00a3 m Fair value remeasurement of investments before remeasurement of FX hedges 47.0 53.8 Remeasurement of FX hedges (6.3) 3.1 Fair value remeasurement of investments 40.7 56.9 Fair value remeasurement of investments also includes the remeasurement of the fair value of investments in CLOs which are fully consolidated by the Group. The CLO investment expense is the amount of investment income due to third-party note holders who have invested in the CLOs which are fully consolidated by the Group. Group 2022 \u00a3 m 2021 \u00a3 m CLO investment income 14.9 3.0 CLO investment expense (13.0) (1.3) CLO investment income, net 1.9 1.7 The table above excludes the fair value remeasurement of sale and repurchase arrangements of the Group\u2019s interests in CLOs 2 and 3. Further details are set out in note 17 (d). Other operating income Other operating income includes fees and commissions receivable by the Group\u2019s procurement consulting business, PEPCO Services LLP. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "6 Personnel expenses Aggregate personnel expenses (including Directors\u2019 remuneration) in each year were as follows: Group 2022 \u00a3 m 2021 \u00a3 m Wages and bonuses 97.6 104.4 Social security costs 16.1 15.8 Pensions 2.0 1.9 Share-based payments 0.4 3.2 Other employee expenses 10.8 7.4 Total personnel expenses 126.9 132.7 Total personnel expenses include \u00a31.1m (2021: \u00a311.3m) of exceptional expenses, and accordingly are excluded from the calculation of underlying profitability measures. See note 8 for further details. a) Pensions The Group operates a defined contribution pension scheme for its Directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The scheme is a non-contributory scheme but does permit employee contributions b) Share-based payments The total charge to the Consolidated Statement of Profit or Loss for the year was \u00a30.4m (2021: \u00a33.2m) and this was credited to the share-based payments reserve in equity. Details of the different types of awards making up the charge are set out below. No other share-based payment awards were made during the year ended 31 December 2022. Group and Company A3 Share Award IPO Share Award A3 Share Award (\u00a3 per share) IPO Share Award (\u00a3 per share) 2022 2021 2022 (Restated) 2021* 2022 2021 2022 (Restated) 2021* Opening 602,000 \u2013 \u2013 \u2013 3.96 \u2013 3.50 \u2013 Share reorganisation/granted \u2013 612,000 \u2013 870,090 \u2013 3.96 \u2013 3.50 Vested (60,200) \u2013 \u2013 (837,230) 3.96 3.96 \u2013 3.50 Forfeited (12,825) (10,000) \u2013 (32,860) 3.96 3.96 \u2013 3.50 Outstanding at year end 528,975 602,000 \u2013 \u2013 3.96 3.96 \u2013 \u2013 * Share-based payments in 2021 have been restated to reflect the vesting of IPO awards as at 31 December 2021. There is no impact on the Consolidated Statement of Profit or Loss and the Consolidated Statement of Financial Position. c) Other employee expenses Other employee expenses include insurance, healthcare, training and recruitment costs. Staff numbers The monthly average number of persons, including Directors, employed by the Group during the year split by geography was as follows: Group 2022 No. 2021 No. UK 221 207 Other 145 133 Total 366 340 The Company has four employees (2021: four). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "a) Pensions The Group operates a defined contribution pension scheme for its Directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. The scheme is a non-contributory scheme but does permit employee contributions ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "b) Share-based payments The total charge to the Consolidated Statement of Profit or Loss for the year was \u00a30.4m (2021: \u00a33.2m) and this was credited to the share-based payments reserve in equity. Details of the different types of awards making up the charge are set out below. No other share-based payment awards were made during the year ended 31 December 2022. Group and Company A3 Share Award IPO Share Award A3 Share Award (\u00a3 per share) IPO Share Award (\u00a3 per share) 2022 2021 2022 (Restated) 2021* 2022 2021 2022 (Restated) 2021* Opening 602,000 \u2013 \u2013 \u2013 3.96 \u2013 3.50 \u2013 Share reorganisation/granted \u2013 612,000 \u2013 870,090 \u2013 3.96 \u2013 3.50 Vested (60,200) \u2013 \u2013 (837,230) 3.96 3.96 \u2013 3.50 Forfeited (12,825) (10,000) \u2013 (32,860) 3.96 3.96 \u2013 3.50 Outstanding at year end 528,975 602,000 \u2013 \u2013 3.96 3.96 \u2013 \u2013 * Share-based payments in 2021 have been restated to reflect the vesting of IPO awards as at 31 December 2021. There is no impact on the Consolidated Statement of Profit or Loss and the Consolidated Statement of Financial Position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "7 Other operating expenses Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses include fees paid to the auditors for the audit of the Group and relevant subsidiary financial statements and other fees for other services. Expenditure relating to low-value asset leases are required to be disclosed separately and are set out below. a) Auditor\u2019s remuneration During the year, the Company and the Group received the following services from its external auditor, Mazars LLP (\u201cMazars\u201d). The table below sets out fees earned by Mazars in relation to the year ended 31 December 2022. Group 2022 \u00a3 m 2021 \u00a3 m Audit fees Fees payable to the external auditor for the audit of the Company and the consolidated financial statements 0.5 0.4 Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries 0.9 0.8 Total audit fees 1.4 1.2 Non-audit fees Audit-related assurance services 0.2 0.1 Total non-audit fees 0.2 0.1 Total auditor\u2019s remuneration 1.6 1.3 b) Low-value asset leases Group 2022 \u00a3 m 2021 \u00a3 m Expense relating to low-value asset leases \u2212 Low-value asset leases 0.3 0.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "a) Auditor\u2019s remuneration During the year, the Company and the Group received the following services from its external auditor, Mazars LLP (\u201cMazars\u201d). The table below sets out fees earned by Mazars in relation to the year ended 31 December 2022. Group 2022 \u00a3 m 2021 \u00a3 m Audit fees Fees payable to the external auditor for the audit of the Company and the consolidated financial statements 0.5 0.4 Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries 0.9 0.8 Total audit fees 1.4 1.2 Non-audit fees Audit-related assurance services 0.2 0.1 Total non-audit fees 0.2 0.1 Total auditor\u2019s remuneration 1.6 1.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "8 Exceptional items Exceptional items are material items of income or expenditure that are not considered to be incurred in the normal course of business and without disclosure could distort an understanding of the financial statements. Accordingly, exceptional items are excluded from the calculation of underlying profitability measures. Exceptional items in the year ended 31 December 2022 principally relate to costs associated with the Group\u2019s acquisition of EQT Credit and costs incurred in relation to potential acquisitions. Exceptional other income relates to the remeasurement and revaluation of a deferred consideration payable. Group 2022 \u00a3 m 2021 \u00a3 m Personnel expenses (1.1) (11.3) Other operating expenses (2.1) (17.3) Total exceptional expenses within EBITDA (3.2) (28.6) Other expenses \u2013 \u2013 Total exceptional expenses (3.2) (28.6) Group 2022 \u00a3 m 2021 \u00a3 m Other income 13.6 3.8 Total exceptional income 13.6 3.8 a) Exceptional personnel expenses In 2022, exceptional personnel expenses include deferred transaction related bonuses and associated social security costs from the acquisition of EQT Credit in 2020. Specific bonus payments payable to employees in relation to the EQT acquisition are exceptional as similar awards were only granted once. The awards incentivise employees to align their goals with the business\u2019 goals through being awarded over multiple periods, hence such expenses will continue to be recognised until 2025. 2021 exceptional personnel expenses include transaction related bonuses from the acquisition of EQT Credit and IPO related personnel costs. b) Exceptional other operating expenses In 2022, exceptional other operating expenses include costs incurred in relation to potential acquisitions. 2021 exceptional other operating expenses include listing costs incurred during the IPO and costs related to potential acquisitions. c) Exceptional other income Exceptional other income of \u00a313.6m relates to remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB. The deferred consideration payable to EQT AB was recognised upon acquisition and is considered exceptional as no similar contractual liabilities will be entered into with EQT AB by the Group. Due to the contractual arrangement underlying the deferred consideration, which is a payable in a future accounting period, there will be exceptional items related to the valuation in multiple periods. 2021 exceptional other income relates to remeasurement and revaluation of the deferred contingent consideration payable to EQT AB and associated unwind of the discount and deferred proceeds receivable under the Investment Agreement with Dyal Capital Partners IV (C) LP. ",
"dimensions": {
"concept": "bridgepointgroupplc:DisclosureOfExceptionalItems",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "9 Depreciation and amortisation The following table summarises the depreciation and amortisation charge during the year. Group 2022 \u00a3 m 2021 \u00a3 m Depreciation on property, plant and equipment 15.3 11.9 Amortisation of intangible assets 3.0 3.1 Total depreciation and amortisation expense 18.3 15.0 The amortisation of intangible assets is excluded from the calculation of underlying profitability measures in order to distinguish from underlying performance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "10 Other income and expenses Group 2022 \u00a3 m 2021 \u00a3 m Interest income on term deposits 2.3 0.4 Finance income on subleases 0.6 \u2013 Other income 13.6 3.8 Total other income 16.5 4.2 Interest expense on bank overdrafts and borrowings (1.3) (3.1) Interest expense on lease liabilities (3.4) (2.8) Other expenses (0.9) (0.4) Finance expense on amounts payable to related party investors (2.3) (5.6) Total other expenses (7.9) (11.9) Net other income/(expenses), including exceptional items 8.6 (7.7) a) Other income Other income in 2022 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB (see note 17 (b) for further details) of \u00a313.6m. It is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. Other income in 2021 relates to the unwind of discounting on the deferred proceeds receivable from Dyal Partners IV (C) LP of \u00a32.6m and the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a31.2m. b) Other expenses Other expenses include borrowing facility fees which are being amortised over the term of the facility of \u00a30.9m (2021: \u00a30.4m). c) Finance expense on amounts payable to related party investors Finance expense on other financial liabilities represents amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. See note 17 (d) for further detail. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "10 Other income and expenses Group 2022 \u00a3 m 2021 \u00a3 m Interest income on term deposits 2.3 0.4 Finance income on subleases 0.6 \u2013 Other income 13.6 3.8 Total other income 16.5 4.2 Interest expense on bank overdrafts and borrowings (1.3) (3.1) Interest expense on lease liabilities (3.4) (2.8) Other expenses (0.9) (0.4) Finance expense on amounts payable to related party investors (2.3) (5.6) Total other expenses (7.9) (11.9) Net other income/(expenses), including exceptional items 8.6 (7.7) a) Other income Other income in 2022 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB (see note 17 (b) for further details) of \u00a313.6m. It is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. Other income in 2021 relates to the unwind of discounting on the deferred proceeds receivable from Dyal Partners IV (C) LP of \u00a32.6m and the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a31.2m. b) Other expenses Other expenses include borrowing facility fees which are being amortised over the term of the facility of \u00a30.9m (2021: \u00a30.4m). c) Finance expense on amounts payable to related party investors Finance expense on other financial liabilities represents amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. See note 17 (d) for further detail. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "10 Other income and expenses Group 2022 \u00a3 m 2021 \u00a3 m Interest income on term deposits 2.3 0.4 Finance income on subleases 0.6 \u2013 Other income 13.6 3.8 Total other income 16.5 4.2 Interest expense on bank overdrafts and borrowings (1.3) (3.1) Interest expense on lease liabilities (3.4) (2.8) Other expenses (0.9) (0.4) Finance expense on amounts payable to related party investors (2.3) (5.6) Total other expenses (7.9) (11.9) Net other income/(expenses), including exceptional items 8.6 (7.7) a) Other income Other income in 2022 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB (see note 17 (b) for further details) of \u00a313.6m. It is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. Other income in 2021 relates to the unwind of discounting on the deferred proceeds receivable from Dyal Partners IV (C) LP of \u00a32.6m and the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a31.2m. b) Other expenses Other expenses include borrowing facility fees which are being amortised over the term of the facility of \u00a30.9m (2021: \u00a30.4m). c) Finance expense on amounts payable to related party investors Finance expense on other financial liabilities represents amounts due to related party investors in Opal Investments LP and BE VI (French) Co-Invest LP under the limited partnership agreements. See note 17 (d) for further detail. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "11 Tax expense (a) Tax expense Tax charged in the Consolidated Statement of Profit or Loss: Group 2022 \u00a3 m 2021 \u00a3 m Current taxation Current tax \u2013 current year 3.4 2.8 Current tax \u2013 prior year 0.4 0.3 Total current tax expense 3.8 3.1 Deferred taxation Deferred tax \u2013 current year 4.7 2.8 Deferred tax \u2013 prior year (1.7) (1.1) Total deferred tax expense 3.0 1.7 Tax expense 6.8 4.8 (b) Reconciliation of tax expense The tax on profit before tax is different to the standard rate of corporation tax in the UK of 19.0% (2021: 19.0%) primarily due to timing differences on taxation of management fee income, losses carried forward, a proportion of which are not recognised, and other timing differences. In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. As the change had been substantively enacted at the balance sheet date, these rates have been considered when calculating the closing deferred tax balances at the reporting date. Group 2022 \u00a3 m 2021 \u00a3 m Profit before tax 127.4 62.6 Tax on profit before taxation at the standard rate of corporation tax in the UK of 19.0% (2021: 19.0%) 24.2 11.9 Non-taxable and non-deductible items (23.7) (5.3) Deferred tax adjustments regarding management fee income and investments 2.5 (13.9) Capital gains transferred \u2013 3.1 Effect of tax rate changes \u2013 5.3 Effect of foreign tax rates 0.2 0.5 Deferred tax not recognised 5.0 4.0 Prior year adjustment (1.4) (0.8) Total tax expense for the year 6.8 4.8 (c) Tax on amounts recognised directly in other comprehensive income Tax on amounts recognised in other comprehensive income relate to deferred tax timing differences on foreign exchange forward contracts used for hedging purposes. 2022 \u00a3 m 2021 \u00a3 m Tax on amounts recognised in other comprehensive income 3.3 (2.1) (d) Tax losses not recognised The Group has carried forward losses of \u00a3498.8m (2021: \u00a3452.0m) as at 31 December 2022 which have not been recognised due to the uncertainty of future taxable profits against which the asset can be utilised. The Group has an asset of \u00a333.4m (2021: \u00a325.0m) and the Company an asset of \u00a30.4m (2021: \u00a31.1m) that have been recognised where there is an expectation that the tax losses can be utilised against future profits. See note 21 for further detail on deferred tax assets recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "12 Earnings per share 2022 2021 Profit attributable to equity holders of the Company (\u00a3 m) 120.6 57.8 Weighted average number of ordinary shares for purposes of basic and diluted EPS (m) 823.3 356.0 Basic and diluted earnings per share (\u00a3) 0.15 0.16 The adjusted earnings per share on underlying profit after tax of \u00a3113.1m (2021: \u00a385.7m) based on the weighted average number of shares at 31 December 2022 is \u00a30.14 (2021: \u00a30.10 on underlying profit after tax of \u00a385.7m based on the number of shares in issue at 31 December 2021). The underlying profit after tax is calculated by excluding exceptional items and the amortisation of intangible assets from within profit after tax. See note 22 for further details on the changes in the number of shares. The number of ordinary shares included in the calculation of earnings per share excludes own shares held by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "13 Property, plant and equipment Group Right-of-use assets \u00a3 m Leasehold improvements \u00a3 m Computers, furniture and other \u00a3 m Total \u00a3 m Cost Balance at 1 January 2022 77.4 15.2 10.8 103.4 Foreign exchange \u2013 0.4 0.1 0.5 Additions 3.4 18.9 3.4 25.7 Disposals (7.7) (4.7) (3.8) (16.2) Balance at 31 December 2022 73.1 29.8 10.5 113.4 Accumulated depreciation Balance at 1 January 2022 (14.2) (5.6) (7.8) (27.6) Foreign exchange \u2013 (0.1) (0.1) (0.2) Depreciation (10.6) (2.7) (2.0) (15.3) Disposals 7.2 4.2 3.8 15.2 Balance at 31 December 2022 (17.6) (4.2) (6.1) (27.9) Carrying value at 31 December 2022 55.5 25.6 4.4 85.5 Group Right-of-use assets \u00a3 m Leasehold improvements \u00a3 m Computers, furniture and other \u00a3 m Total \u00a3 m Cost Balance at 1 January 2021 50.1 9.9 10.0 70.0 Foreign exchange \u2013 (0.2) (0.1) (0.3) Additions 65.1 5.5 1.0 71.6 Disposals (37.8) \u2013 (0.1) (37.9) Balance at 31 December 2021 77.4 15.2 10.8 103.4 Accumulated depreciation Balance at 1 January 2021 (17.5) (4.3) (6.6) (28.4) Foreign exchange \u2013 0.1 0.1 0.2 Depreciation (9.0) (1.4) (1.5) (11.9) Disposals 12.3 \u2013 0.2 12.5 Balance at 31 December 2021 (14.2) (5.6) (7.8) (27.6) Carrying value at 31 December 2021 63.2 9.6 3.0 75.8 The Company has no plant, property or equipment at 31 December 2022 (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "14 Goodwill and intangible assets Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2022 105.1 21.2 126.3 Balance at 31 December 2022 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2022 \u2013 (3.7) (3.7) Amortisation \u2013 (3.0) (3.0) Balance at 31 December 2022 \u2013 (6.7) (6.7) Carrying value Balance at 1 January 2022 105.1 17.5 122.6 Balance at 31 December 2022 105.1 14.5 119.6 Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2021 105.1 21.2 126.3 Balance at 31 December 2021 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2021 \u2013 (0.6) (0.6) Amortisation \u2013 (3.1) (3.1) Balance at 31 December 2021 \u2013 (3.7) (3.7) Carrying value Balance at 1 January 2021 105.1 20.6 125.7 Balance at 31 December 2021 105.1 17.5 122.6 The goodwill arose following the acquisition of EQT Credit in 2020. All goodwill is attributable to the Credit operating segment. Goodwill is required to be assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. In performing the impairment test, management prepares a calculation of the recoverable amount of the goodwill using the value-in-use approach and compares this to the carrying value. The value-in-use is determined by discounting the expected future cash flows generated from the continuing use of the Credit operating segment and is based on the following key assumptions: \u2212 The cash flows are projected based on the actual operating results and a five-year estimate from 2023 to 2027 (2021: from 2022 to 2026). Cash flows for the time thereafter are taken into account by calculating a terminal value based on the discount factor applied by the Group. \u2212 Operating profits are based on management approved income, future fundraising, deployment of capital and costs of the business, taking into account growth plans for the Credit business as well as past experience. \u2212 A pre-tax discount rate of 15.0% (2021: 10.7%), which is based on the Group\u2019s weighted average cost of capital, is applied in determining the recoverable amount. \u2212 A long-term growth rate of 4.1% (2021: 5.0%), which is based on an assessment of the private debt industry rates of growth, and management\u2019s experience, is applied to the terminal value. As at 31 December 2022 significant headroom is noted, and therefore no impairment is identified (2021: nil). The Credit business would need to fall short of its projected profit margins by over 58.5% over the period 2023 to 2027 for the goodwill to be impaired. The intangible asset represents a customer relationship asset which also arose as part of the acquisition of EQT Credit. The intangible asset was valued based on a number of assumptions. These include profit margins, size of funds, level of reinvestment and attrition in new funds and the discount rate applied to the projections. The Company has no goodwill or intangibles assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "14 Goodwill and intangible assets Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2022 105.1 21.2 126.3 Balance at 31 December 2022 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2022 \u2013 (3.7) (3.7) Amortisation \u2013 (3.0) (3.0) Balance at 31 December 2022 \u2013 (6.7) (6.7) Carrying value Balance at 1 January 2022 105.1 17.5 122.6 Balance at 31 December 2022 105.1 14.5 119.6 Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2021 105.1 21.2 126.3 Balance at 31 December 2021 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2021 \u2013 (0.6) (0.6) Amortisation \u2013 (3.1) (3.1) Balance at 31 December 2021 \u2013 (3.7) (3.7) Carrying value Balance at 1 January 2021 105.1 20.6 125.7 Balance at 31 December 2021 105.1 17.5 122.6 The goodwill arose following the acquisition of EQT Credit in 2020. All goodwill is attributable to the Credit operating segment. Goodwill is required to be assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. In performing the impairment test, management prepares a calculation of the recoverable amount of the goodwill using the value-in-use approach and compares this to the carrying value. The value-in-use is determined by discounting the expected future cash flows generated from the continuing use of the Credit operating segment and is based on the following key assumptions: \u2212 The cash flows are projected based on the actual operating results and a five-year estimate from 2023 to 2027 (2021: from 2022 to 2026). Cash flows for the time thereafter are taken into account by calculating a terminal value based on the discount factor applied by the Group. \u2212 Operating profits are based on management approved income, future fundraising, deployment of capital and costs of the business, taking into account growth plans for the Credit business as well as past experience. \u2212 A pre-tax discount rate of 15.0% (2021: 10.7%), which is based on the Group\u2019s weighted average cost of capital, is applied in determining the recoverable amount. \u2212 A long-term growth rate of 4.1% (2021: 5.0%), which is based on an assessment of the private debt industry rates of growth, and management\u2019s experience, is applied to the terminal value. As at 31 December 2022 significant headroom is noted, and therefore no impairment is identified (2021: nil). The Credit business would need to fall short of its projected profit margins by over 58.5% over the period 2023 to 2027 for the goodwill to be impaired. The intangible asset represents a customer relationship asset which also arose as part of the acquisition of EQT Credit. The intangible asset was valued based on a number of assumptions. These include profit margins, size of funds, level of reinvestment and attrition in new funds and the discount rate applied to the projections. The Company has no goodwill or intangibles assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "14 Goodwill and intangible assets Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2022 105.1 21.2 126.3 Balance at 31 December 2022 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2022 \u2013 (3.7) (3.7) Amortisation \u2013 (3.0) (3.0) Balance at 31 December 2022 \u2013 (6.7) (6.7) Carrying value Balance at 1 January 2022 105.1 17.5 122.6 Balance at 31 December 2022 105.1 14.5 119.6 Group Goodwill \u00a3 m Intangibles \u00a3 m Total \u00a3 m Cost Balance at 1 January 2021 105.1 21.2 126.3 Balance at 31 December 2021 105.1 21.2 126.3 Accumulated amortisation and impairment Balance at 1 January 2021 \u2013 (0.6) (0.6) Amortisation \u2013 (3.1) (3.1) Balance at 31 December 2021 \u2013 (3.7) (3.7) Carrying value Balance at 1 January 2021 105.1 20.6 125.7 Balance at 31 December 2021 105.1 17.5 122.6 The goodwill arose following the acquisition of EQT Credit in 2020. All goodwill is attributable to the Credit operating segment. Goodwill is required to be assessed for impairment annually or more frequently if events or changes in circumstances indicate potential impairment loss. In performing the impairment test, management prepares a calculation of the recoverable amount of the goodwill using the value-in-use approach and compares this to the carrying value. The value-in-use is determined by discounting the expected future cash flows generated from the continuing use of the Credit operating segment and is based on the following key assumptions: \u2212 The cash flows are projected based on the actual operating results and a five-year estimate from 2023 to 2027 (2021: from 2022 to 2026). Cash flows for the time thereafter are taken into account by calculating a terminal value based on the discount factor applied by the Group. \u2212 Operating profits are based on management approved income, future fundraising, deployment of capital and costs of the business, taking into account growth plans for the Credit business as well as past experience. \u2212 A pre-tax discount rate of 15.0% (2021: 10.7%), which is based on the Group\u2019s weighted average cost of capital, is applied in determining the recoverable amount. \u2212 A long-term growth rate of 4.1% (2021: 5.0%), which is based on an assessment of the private debt industry rates of growth, and management\u2019s experience, is applied to the terminal value. As at 31 December 2022 significant headroom is noted, and therefore no impairment is identified (2021: nil). The Credit business would need to fall short of its projected profit margins by over 58.5% over the period 2023 to 2027 for the goodwill to be impaired. The intangible asset represents a customer relationship asset which also arose as part of the acquisition of EQT Credit. The intangible asset was valued based on a number of assumptions. These include profit margins, size of funds, level of reinvestment and attrition in new funds and the discount rate applied to the projections. The Company has no goodwill or intangibles assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "15 Carried interest receivable The carried interest receivable relates to revenue which has been recognised by the Group relating to its share of fund profits through its holdings in CIPs. Revenue is only recognised to the extent it is highly probable that the revenue recognised would not result in significant revenue reversal of any accumulated revenue recognised on the completion of a fund. The reversal risk is mitigated through the application of discounts. If adjustments to the carried interest receivable recognised in previous periods are required, they are adjusted through revenue. A sensitivity analysis of the impact of a change in the value of unrealised fund assets is included within note 5. As at 31 December 2022, the undiscounted carried interest asset is \u00a368.3m (2021: \u00a363.2m). Group 2022 \u00a3 m 2021 \u00a3 m Opening balance 38.9 27.9 Income recognised in the year 23.1 15.2 Foreign exchange movements recognised in the Consolidated Statement of Profit or Loss 1.1 (0.9) Foreign exchange movements recognised in other comprehensive income 0.1 (0.2) Receipts of carried interest (21.2) (3.1) Closing balance 42.0 38.9 The Company has no carried interest receivable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "16 Financial assets (a) Classification of financial assets The following tables analyse the Group and Company\u2019s assets in accordance with the categories of financial instruments as defined in IFRS 9 \u201cFinancial Instruments\u201d. Assets which are not considered as financial assets, for example prepayments and lease receivables, are also shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of Financial Position. As at 31 December 2022 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial assets at amortised cost \u00a3 m Assets which are not financial assets \u00a3 m Total \u00a3 m Fair value of fund investments 273.0 \u2013 \u2013 \u2013 273.0 Consolidated CLO assets 726.3 \u2013 15.0 \u2013 741.3 Trade and other receivables \u2013 \u2013 181.6 23.2 204.8 Derivative financial assets \u2013 1.0 \u2013 \u2013 1.0 Cash and cash equivalents \u2013 \u2013 196.0 \u2013 196.0 Term deposits with original maturities of more than three months \u2013 \u2013 100.0 \u2013 100.0 Consolidated CLO cash \u2013 \u2013 24.6 \u2013 24.6 Total 999.3 1.0 517.2 23.2 1,540.7 As at 31 December 2021 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial assets at amortised cost \u00a3 m Assets which are not financial assets \u00a3 m Total \u00a3 m Fair value of fund investments 313.7 \u2013 \u2013 \u2013 313.7 Consolidated CLO assets 286.8 \u2013 \u2013 \u2013 286.8 Trade and other receivables \u2013 \u2013 76.4 28.7 105.1 Derivative financial assets \u2013 9.9 \u2013 \u2013 9.9 Cash and cash equivalents \u2013 \u2013 323.1 \u2013 323.1 Term deposits with original maturities of more than three months \u2013 \u2013 \u2013 \u2013 \u2013 Consolidated CLO cash \u2013 \u2013 4.2 \u2013 4.2 Total 600.5 9.9 403.7 28.7 1,042.8 As at 31 December 2022 Company Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial assets at amortised cost \u00a3 m Assets which are not financial assets \u00a3 m Total \u00a3 m Trade and other receivables \u2013 \u2013 20.3 \u2013 20.3 Cash and cash equivalents \u2013 \u2013 114.0 \u2013 114.0 Term deposits with original maturities of more than three months \u2013 \u2013 50.0 \u2013 50.0 Total \u2013 \u2013 184.3 \u2013 184.3 As at 31 December 2021 Company Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial assets at amortised cost \u00a3 m Assets which are not financial assets \u00a3 m Total \u00a3 m Trade and other receivables \u2013 \u2013 106.5 \u2013 106.5 Cash and cash equivalents \u2013 \u2013 159.0 \u2013 159.0 Term deposits with original maturities of more than three months \u2013 \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 265.5 \u2013 265.5 (b) Fair value of fund investments Investments representing the Group\u2019s interests in private equity and credit funds are initially recognised at fair value and subsequently remeasured at fair value through profit or loss within operating income. The investments primarily consist of loans or commitments made in relation to the Bridgepoint Europe VI, V and III, Bridgepoint Development Capital IV and III private equity funds, the Bridgepoint Credit I, Direct Lending I and II, and Credit Opportunities III and IV credit funds. The fund investments are measured at fair value through profit or loss as the business model of each vehicle is to manage the assets and to evaluate their performance on a fair value basis. Group 2022 \u00a3 m 2021 \u00a3 m Opening balance 313.7 235.9 Additions 38.5 92.7 Change in fair value 32.9 65.7 Foreign exchange movements recognised in the Consolidated Statement of Profit or Loss 5.8 (8.6) Foreign exchange movements recognised in other comprehensive income 8.2 (6.1) Disposals (126.1) (65.9) Closing balance 273.0 313.7 The Company has no investment in funds at 31 December 2022 (2021: nil). (c) CLO assets The balance shown includes the gross value of the assets held by CLO 1, CLO 3 and CLO 4 (2021: CLO 1), which are consolidated by the Group, but of which the Group only holds the right and liabilities in relation to a small portion. The CLO assets are primarily measured at fair value through profit or loss as the business model of each vehicle is to manage the assets and to evaluate their performance on a fair value basis. Group 2022 \u00a3 m 2021 \u00a3 m Consolidated CLO assets consolidated by the Group 741.3 286.8 Consolidated CLO assets attributable to third-party investors (696.1) (274.5) Group\u2019s exposure to consolidated CLO assets 45.2 12.3 The Company has no investments in CLO assets at 31 December 2022 (2021: nil). (d) Derivative financial assets Group 2022 \u00a3 m 2021 \u00a3 m Derivative financial assets Forward contracts 1.0 9.9 The derivative financial assets relate to forward contracts that are used to hedge foreign exchange risk. Further detail on the hedging programme is set out in note 19 (b). The Company has no derivative financial assets at 31 December 2022 (2021: nil). (e) Trade and other receivables Group Company 2022 \u00a3 m (Restated) 2021* \u00a3 m 2022 \u00a3 m (Restated) 2021* \u00a3 m Non-current Prepayments 1.6 \u2013 \u2013 \u2013 Trade and other receivables 18.3 16.9 \u2013 \u2013 19.9 16.9 \u2013 \u2013 Current Trade receivables 12.2 16.0 \u2013 \u2013 Accrued income 19.0 2.8 \u2013 \u2013 Prepayments 6.2 5.5 \u2013 \u2013 Deferred investment receipts 52.8 \u2013 \u2013 \u2013 Other receivables 94.7 63.9 20.3 106.5 184.9 88.2 20.3 106.5 Total trade and other receivables 204.8 105.1 20.3 106.5 * Current prepayments and other receivables in 2021 have been restated to reflect a classification change. There is no impact on the Group Consolidated Statement of Financial Position. There are no material differences between the above amounts for trade and other receivables and their fair value. i) Other receivables Other receivables primarily relate to amounts to be invoiced to funds managed by the Group and their portfolio companies in relation to costs incurred on their behalf. Such costs include deal and fundraising expenditure. Amounts receivable from the funds at year end were \u00a349.7m (2021: \u00a337.6m). Amounts receivable from portfolio companies of the funds at the end of the year were \u00a32.7m (2021: \u00a32.1m). ii) Deferred investment receipts This receivable relates to the sale of the Group\u2019s stake in Bridgepoint Credit II \u201cC\u201d LP, which was previously held as an investment in an associate and measured at fair value through profit or loss. The sale was completed in October 2022 with an initial payment of \u00a352.8m (\u20ac59.5m) which was received in February 2023 and a final payment in 2026 if the final net asset value is outside a pre-determined range. The Group has determined that the possibility of the net asset value of the fund falling outside the range is highly unlikely, therefore, no contingent consideration has been recognised. iii) Cost of acquisition Current and non-current trade and other receivables also include the deferred cost of acquisition and consist of expenditure in excess of the cap within the LPA and fees paid to placement agents. Such costs are capitalised as a non-current asset and amortised between three and five years. The movement in the capitalised costs of acquisition is set out in the following table. Group 2022 \u00a3 m 2021 \u00a3 m Opening balance 0.1 1.1 Additions 3.6 \u2013 Amortisation (0.9) (1.0) Closing balance 2.8 0.1 iv) Lease receivables Non-current and current trade and other receivables include lease receivables on sublet office premises. Two of the subleases run until the end of the related head lease and expire on 31 December 2027. The third sublease runs for 10 years and expires on 16 August 2031. The undiscounted cash flows for these lease receivables during the year ended 31 December 2022 were \u00a31.4m (2021: \u00a31.0m). The finance income earned on the subleases during the year ended 31 December 2022 was \u00a30.6m (2021: \u00a30.4m). The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the reporting date. Group Lease receivables 2022 \u00a3 m 2021 \u00a3 m Due within 1 year 2.5 1.4 Due between 1 and 2 years 2.5 2.5 Due between 2 and 3 years 2.5 2.5 Due between 3 and 4 years 2.5 2.5 Due between 4 and 5 years 2.5 2.5 Due after more than 5 years 5.2 7.9 Total undiscounted lease payments receivable 17.7 19.3 Unearned finance income (2.3) (3.1) Net investment in leases 15.4 16.2 Current 2.0 0.8 Non-current 13.4 15.4 15.4 16.2 The Company has no lease receivables at 31 December 2022 (2021: nil). (f) Cash and term deposits Group Company 2022 \u00a3 m 2021 \u00a3 m 2022 \u00a3 m 2021 \u00a3 m Cash at bank and in hand 78.3 323.1 1.4 159.0 Money market funds 17.7 \u2013 12.6 \u2013 Term deposits with original maturities of less than three months 100.0 \u2013 100.0 \u2013 Total cash and cash equivalents 196.0 323.1 114.0 159.0 Term deposits with original maturities of more than three months 100.0 \u2013 50.0 \u2013 Consolidated CLO cash 24.6 4.2 \u2013 \u2013 Total cash and term deposits 320.6 327.3 164.0 159.0 Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term deposits with original maturities of three months or less and money market funds, which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Term deposits represent fixed term deposits placed with banks and financial institutions. Consolidated CLO cash is cash held by CLO vehicles consolidated by the Group and is not available for the Group\u2019s operating activities. There are no material differences between the carrying amounts and fair values of cash and cash equivalents, term deposits with original maturities of more than three months and consolidated CLO cash. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "(e) Trade and other receivables Group Company 2022 \u00a3 m (Restated) 2021* \u00a3 m 2022 \u00a3 m (Restated) 2021* \u00a3 m Non-current Prepayments 1.6 \u2013 \u2013 \u2013 Trade and other receivables 18.3 16.9 \u2013 \u2013 19.9 16.9 \u2013 \u2013 Current Trade receivables 12.2 16.0 \u2013 \u2013 Accrued income 19.0 2.8 \u2013 \u2013 Prepayments 6.2 5.5 \u2013 \u2013 Deferred investment receipts 52.8 \u2013 \u2013 \u2013 Other receivables 94.7 63.9 20.3 106.5 184.9 88.2 20.3 106.5 Total trade and other receivables 204.8 105.1 20.3 106.5 * Current prepayments and other receivables in 2021 have been restated to reflect a classification change. There is no impact on the Group Consolidated Statement of Financial Position. There are no material differences between the above amounts for trade and other receivables and their fair value. i) Other receivables Other receivables primarily relate to amounts to be invoiced to funds managed by the Group and their portfolio companies in relation to costs incurred on their behalf. Such costs include deal and fundraising expenditure. Amounts receivable from the funds at year end were \u00a349.7m (2021: \u00a337.6m). Amounts receivable from portfolio companies of the funds at the end of the year were \u00a32.7m (2021: \u00a32.1m). ii) Deferred investment receipts This receivable relates to the sale of the Group\u2019s stake in Bridgepoint Credit II \u201cC\u201d LP, which was previously held as an investment in an associate and measured at fair value through profit or loss. The sale was completed in October 2022 with an initial payment of \u00a352.8m (\u20ac59.5m) which was received in February 2023 and a final payment in 2026 if the final net asset value is outside a pre-determined range. The Group has determined that the possibility of the net asset value of the fund falling outside the range is highly unlikely, therefore, no contingent consideration has been recognised. iii) Cost of acquisition Current and non-current trade and other receivables also include the deferred cost of acquisition and consist of expenditure in excess of the cap within the LPA and fees paid to placement agents. Such costs are capitalised as a non-current asset and amortised between three and five years. The movement in the capitalised costs of acquisition is set out in the following table. Group 2022 \u00a3 m 2021 \u00a3 m Opening balance 0.1 1.1 Additions 3.6 \u2013 Amortisation (0.9) (1.0) Closing balance 2.8 0.1 iv) Lease receivables Non-current and current trade and other receivables include lease receivables on sublet office premises. Two of the subleases run until the end of the related head lease and expire on 31 December 2027. The third sublease runs for 10 years and expires on 16 August 2031. The undiscounted cash flows for these lease receivables during the year ended 31 December 2022 were \u00a31.4m (2021: \u00a31.0m). The finance income earned on the subleases during the year ended 31 December 2022 was \u00a30.6m (2021: \u00a30.4m). The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the reporting date. Group Lease receivables 2022 \u00a3 m 2021 \u00a3 m Due within 1 year 2.5 1.4 Due between 1 and 2 years 2.5 2.5 Due between 2 and 3 years 2.5 2.5 Due between 3 and 4 years 2.5 2.5 Due between 4 and 5 years 2.5 2.5 Due after more than 5 years 5.2 7.9 Total undiscounted lease payments receivable 17.7 19.3 Unearned finance income (2.3) (3.1) Net investment in leases 15.4 16.2 Current 2.0 0.8 Non-current 13.4 15.4 15.4 16.2 The Company has no lease receivables at 31 December 2022 (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "(f) Cash and term deposits Group Company 2022 \u00a3 m 2021 \u00a3 m 2022 \u00a3 m 2021 \u00a3 m Cash at bank and in hand 78.3 323.1 1.4 159.0 Money market funds 17.7 \u2013 12.6 \u2013 Term deposits with original maturities of less than three months 100.0 \u2013 100.0 \u2013 Total cash and cash equivalents 196.0 323.1 114.0 159.0 Term deposits with original maturities of more than three months 100.0 \u2013 50.0 \u2013 Consolidated CLO cash 24.6 4.2 \u2013 \u2013 Total cash and term deposits 320.6 327.3 164.0 159.0 Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments including term deposits with original maturities of three months or less and money market funds, which are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Term deposits represent fixed term deposits placed with banks and financial institutions. Consolidated CLO cash is cash held by CLO vehicles consolidated by the Group and is not available for the Group\u2019s operating activities. There are no material differences between the carrying amounts and fair values of cash and cash equivalents, term deposits with original maturities of more than three months and consolidated CLO cash. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "17 Financial liabilities (a) Classification of financial liabilities The following tables analyse the Group and Company\u2019s financial liabilities in accordance with the categories of financial instruments defined in IFRS 9 \u201cFinancial Instruments\u201d. Liabilities such as deferred income, long-term employee benefits, social security and other taxes are excluded as they do not constitute a financial liability and are shown in the table in a separate column in order to reconcile to the face of the Consolidated Statement of Financial Position. As at 31 December 2022 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables 16.7 \u2013 51.8 60.6 129.1 Other financial liabilities 49.5 \u2013 \u2013 \u2013 49.5 Lease liabilities \u2013 \u2013 83.2 \u2013 83.2 Derivative financial liabilities \u2013 13.2 \u2013 \u2013 13.2 Consolidated CLO liabilities 597.5 \u2013 2.6 \u2013 600.1 Consolidated CLO purchases awaiting settlement \u2013 \u2013 120.6 \u2013 120.6 Total financial liabilities 663.7 13.2 258.2 60.6 995.7 As at 31 December 2021 Group Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables 30.3 \u2013 39.0 64.4 133.7 Other financial liabilities 46.9 \u2013 \u2013 \u2013 46.9 Lease liabilities \u2013 \u2013 84.8 \u2013 84.8 Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 Consolidated CLO liabilities 241.4 \u2013 1.5 \u2013 242.9 Consolidated CLO purchases awaiting settlement \u2013 \u2013 35.8 \u2013 35.8 Total financial liabilities 318.6 \u2013 161.1 64.4 544.1 Company As at 31 December 2022 Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables \u2013 \u2013 1.1 \u2013 1.1 Total financial liabilities \u2013 \u2013 1.1 \u2013 1.1 As at 31 December 2021 Company Fair value through profit or loss \u00a3 m Hedging derivatives \u00a3 m Financial liabilities at amortised cost \u00a3 m Liabilities which are not financial liabilities \u00a3 m Total \u00a3 m Trade and other payables \u2013 \u2013 23.1 \u2013 23.1 Total financial liabilities \u2013 \u2013 23.1 \u2013 23.1 (b) Trade and other payables Group Company 2022 \u00a3 m 2021 \u00a3 m 2022 \u00a3 m 2021 \u00a3 m Amounts due in more than one year: Deferred contingent consideration payable \u2013 30.3 \u2013 \u2013 Management incentive scheme 12.9 12.6 \u2013 \u2013 Accrued expenses 0.7 0.6 \u2013 \u2013 13.6 43.5 \u2013 \u2013 Amounts due within one year: Trade payables 1.3 8.0 \u2013 \u2013 Deferred contingent consideration payable 16.7 \u2013 \u2013 \u2013 Accrued expenses and deferred income 77.7 70.2 1.1 2.9 Amounts due to related parties 1.3 0.7 \u2013 20.2 Social security and other taxes 2.8 2.7 \u2013 \u2013 Other payables 15.7 8.6 \u2013 \u2013 115.5 90.2 1.1 23.1 Total trade and other payables 129.1 133.7 1.1 23.1 i) Deferred contingent consideration The deferred contingent consideration is payable to EQT AB and relates to the outcome of certain fundraising for the Bridgepoint Direct Lending III and Bridgepoint Credit Opportunities IV funds that falls within the definitions applying to deferred consideration in the transaction documents (this does not equate to total fundraising). These fundraises are expected to complete during 2023. The maximum amount payable is \u00a344.4m (\u20ac50.0m). At 31 December 2022, the Group remeasured the expected liability at that point, which equated to \u00a316.7m (2021: \u00a330.3m), through the Consolidated Statement of Profit or Loss. Further details of the corresponding income relating to the re-measurement are included in note 8 (c). Were the total fundraising raised within the relevant definitions for both funds to increase by 45%, the maximum deferred consideration would be met. At 31 December 2022, the deferred contingent consideration payable is classified as a current liability as it is expected to be settled during 2023 (2021: non-current liability). ii) Management incentive scheme In April 2021, a subsidiary company, Bridgepoint Credit Holdings Limited, issued shares to certain employees of the Group as part of a management incentive scheme. The shares are subject to a put and call option, whereby the participating employees have the option to sell and the Group has the option to buy back the shares in the future based upon a pre-determined formula which considers the amount of funds raised and the resulting management fees over a five-year period. The scheme has been accounted for as an other long-term employment benefit under IAS 19 \u201cEmployment Benefits\u201d as it is not linked to the value of the equity of Bridgepoint Credit Holdings Limited or equity instruments of other Group members, but is based on the revenue generated by major funds managed by the Group. As at 31 December 2022, the expense and corresponding liability has been based upon funds raised and expected management fees which exceed the targets at that date. iii) Accruals and deferred income Accruals and deferred income include amounts that have been incurred, but not yet invoiced, employee bonuses and amounts that have been received in relation to fund management activity for services that have not been provided, but are owed to the Bridgepoint funds. iv) Other payables Other payables include tax and other provisions. There are no material differences between the above amounts for trade and other payables and their fair value. (c) Borrowings On 19 October 2020, Bridgepoint Advisers Holdings, entered into a Revolving Facility Agreement for \u00a3125m for a period of three years. At 31 December 2022 there were no drawn amounts on the facility (2021: nil drawn). Loan arrangement fees of \u00a31.25m have been capitalised and are being amortised over the life of the facility. At 31 December 2022 the unamortised fees are \u00a30.4m (2021: \u00a30.7m). There are no material differences between the above amounts for borrowings held at amortised cost and their fair value. The Company has no borrowings at 31 December 2022 (2021: nil). (d) Other financial liabilities Group 2022 \u00a3 m 2021 \u00a3 m Liabilities held at fair value through profit and loss: CLO repurchase agreements 28.1 28.1 Amount payable to related party investors in Opal Investments LP 10.0 9.5 Amount payable to related party investors in intermediate fund holding entities 11.4 9.3 Total 49.5 46.9 i) CLO repurchase agreements The Group has entered into an arrangement to sell and repurchase interests in CLOs 2 and 3. For CLO 2, the repurchase liability is \u00a312.5m (\u20ac14.9m) and will be repaid at face value as at the scheduled repurchase date of 15 April 2035, unless an earlier date is agreed as per the agreement. For CLO 3, the repurchase liability is \u00a315.6m (\u20ac18.6m) and will be repaid at face value as at the scheduled repurchase date of 15 January 2036, unless an earlier date is agreed as per the agreement. The interest payable over the life of the repurchase is equal to any distributions received by the relevant notes to which the repurchase agreement relates. ii) Amounts payable to related party investors in Opal Investments LP The Group has an investment in Opal Investments LP, which is an investor in the Bridgepoint Europe V Fund partnerships. Under the limited partnership agreement, related party investors had the right to receive up to 100% of the profits from the partnership unless the Group exercised an option to trigger up to 85% of the profits of the partnership from the date of the exercise of the option. Effective 31 December 2020, the option was exercised therefore 85% of the accumulated profits from the partnership were allocated to the equity shareholders of the Company from non-controlling interests. 15% of the residual profits are classified as a financial liability payable to related party investors. Due to the nature of this agreement, being a contractually agreed profit share to related party investors, the Group recognises their interest as a financial liability which is fair valued through profit and loss at each reporting date. iii) Amount payable to related party investors in intermediate fund holding entities The Group consolidates a number of limited partnerships through which some of the Group\u2019s investment in funds is held. The Group\u2019s interest only constitutes a portion of the total and therefore other financial liabilities include the fair value of the amounts due to external parties, who are related party investors, under the limited partnership agreement. Due to the nature of this agreement, being a contractually agreed profit share to related party investors, the Group recognises their interest as a financial liability which is fair valued through profit and loss at each reporting date. The Company has no other financial liabilities at 31 December 2022 (2021: nil). (e) Consolidated CLO liabilities Group 2022 \u00a3 m 2021 \u00a3 m Liabilities of CLOs consolidated by the Group (non-current) 597.5 241.4 Liabilities of CLOs consolidated by the Group (current) 2.6 1.5 Total 600.1 242.9 Non-current CLO liabilities are designated as financial liabilities at fair value through profit and loss. Financial liabilities held at fair value through profit or loss represent notes and loans issued by CLOs which are consolidated by and have been originated by the Group. They are initially recognised and subsequently measured at fair value with gains or losses arising from changes in fair value and interest paid on financial instruments recognised through investment income in the Consolidated Statement of Profit or Loss. The notes and loans issued by CLOs have rights to the assets of the respective CLO and there is no recourse to the Group. (f) Consolidated CLO purchases awaiting settlement Group 2022 \u00a3 m 2021 \u00a3 m Consolidated CLO purchases awaiting settlement 120.6 35.8 Amounts payable for purchases of CLO assets awaiting settlement are recognised at the point at which the CLO has a contractual obligation to exchange cash. (g) Derivative financial liabilities Group 2022 \u00a3 m 2021 \u00a3 m Derivative financial liabilities: Forward contracts 13.2 \u2013 The derivative financial liabilities relate to forward contracts that are used to hedge foreign exchange risk. Further detail on the Group\u2019s hedging programme is set out in note 19 (b). The Company has no derivative financial liabilities at 31 December 2022 (2021: nil). (h) Commitments The Group\u2019s undrawn capital commitments to the Bridgepoint funds at each period end are shown in the table below. Capital commitments are called over time, typically between one to five years following the subscription of the commitment. Capital commitments are not a financial liability, and the Group does not have an obligation to pay cash until the capital is called. Commitments may increase where distributions made by the fund are recallable. Group 2022 \u00a3 m 2021 \u00a3 m Private equity funds 255.3 113.7 Credit funds 34.4 28.5 Total commitments 289.7 142.2 ",
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"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-424": {
"value": "(b) Trade and other payables Group Company 2022 \u00a3 m 2021 \u00a3 m 2022 \u00a3 m 2021 \u00a3 m Amounts due in more than one year: Deferred contingent consideration payable \u2013 30.3 \u2013 \u2013 Management incentive scheme 12.9 12.6 \u2013 \u2013 Accrued expenses 0.7 0.6 \u2013 \u2013 13.6 43.5 \u2013 \u2013 Amounts due within one year: Trade payables 1.3 8.0 \u2013 \u2013 Deferred contingent consideration payable 16.7 \u2013 \u2013 \u2013 Accrued expenses and deferred income 77.7 70.2 1.1 2.9 Amounts due to related parties 1.3 0.7 \u2013 20.2 Social security and other taxes 2.8 2.7 \u2013 \u2013 Other payables 15.7 8.6 \u2013 \u2013 115.5 90.2 1.1 23.1 Total trade and other payables 129.1 133.7 1.1 23.1 i) Deferred contingent consideration The deferred contingent consideration is payable to EQT AB and relates to the outcome of certain fundraising for the Bridgepoint Direct Lending III and Bridgepoint Credit Opportunities IV funds that falls within the definitions applying to deferred consideration in the transaction documents (this does not equate to total fundraising). These fundraises are expected to complete during 2023. The maximum amount payable is \u00a344.4m (\u20ac50.0m). At 31 December 2022, the Group remeasured the expected liability at that point, which equated to \u00a316.7m (2021: \u00a330.3m), through the Consolidated Statement of Profit or Loss. Further details of the corresponding income relating to the re-measurement are included in note 8 (c). Were the total fundraising raised within the relevant definitions for both funds to increase by 45%, the maximum deferred consideration would be met. At 31 December 2022, the deferred contingent consideration payable is classified as a current liability as it is expected to be settled during 2023 (2021: non-current liability). ii) Management incentive scheme In April 2021, a subsidiary company, Bridgepoint Credit Holdings Limited, issued shares to certain employees of the Group as part of a management incentive scheme. The shares are subject to a put and call option, whereby the participating employees have the option to sell and the Group has the option to buy back the shares in the future based upon a pre-determined formula which considers the amount of funds raised and the resulting management fees over a five-year period. The scheme has been accounted for as an other long-term employment benefit under IAS 19 \u201cEmployment Benefits\u201d as it is not linked to the value of the equity of Bridgepoint Credit Holdings Limited or equity instruments of other Group members, but is based on the revenue generated by major funds managed by the Group. As at 31 December 2022, the expense and corresponding liability has been based upon funds raised and expected management fees which exceed the targets at that date. iii) Accruals and deferred income Accruals and deferred income include amounts that have been incurred, but not yet invoiced, employee bonuses and amounts that have been received in relation to fund management activity for services that have not been provided, but are owed to the Bridgepoint funds. iv) Other payables Other payables include tax and other provisions. There are no material differences between the above amounts for trade and other payables and their fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-425": {
"value": "iii) Accruals and deferred income Accruals and deferred income include amounts that have been incurred, but not yet invoiced, employee bonuses and amounts that have been received in relation to fund management activity for services that have not been provided, but are owed to the Bridgepoint funds. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "(c) Borrowings On 19 October 2020, Bridgepoint Advisers Holdings, entered into a Revolving Facility Agreement for \u00a3125m for a period of three years. At 31 December 2022 there were no drawn amounts on the facility (2021: nil drawn). Loan arrangement fees of \u00a31.25m have been capitalised and are being amortised over the life of the facility. At 31 December 2022 the unamortised fees are \u00a30.4m (2021: \u00a30.7m). There are no material differences between the above amounts for borrowings held at amortised cost and their fair value. The Company has no borrowings at 31 December 2022 (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "(h) Commitments The Group\u2019s undrawn capital commitments to the Bridgepoint funds at each period end are shown in the table below. Capital commitments are called over time, typically between one to five years following the subscription of the commitment. Capital commitments are not a financial liability, and the Group does not have an obligation to pay cash until the capital is called. Commitments may increase where distributions made by the fund are recallable. Group 2022 \u00a3 m 2021 \u00a3 m Private equity funds 255.3 113.7 Credit funds 34.4 28.5 Total commitments 289.7 142.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "18 Lease liabilities Group 2022 \u00a3 m 2021 \u00a3 m Lease liabilities Current 6.1 4.0 Non-current 77.1 80.8 Total 83.2 84.8 The lease liabilities relate to rental payments in respect of the Group\u2019s rented offices. The lease contracts range from 5 to 10 years. The lease liability is initially measured at the net present value of future lease payments that are not paid at the commencement date discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s IBR. Generally, the Group uses its IBR as the discount rate as the implicit rate is not readily determinable for the rented office premises. The lease contracts include either inflationary increases to the rent payable or periodic review of the rent payable. The liability has been determined at each period end, based upon expected changes in the contractual rent payable, as well as any planned exercise of any break or early exit. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will be exercised. A number of leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. The potential future cash outflows relating to extension options not included in the measurement of lease liabilities approximate \u00a31.6m (2021: \u00a31.6m). The lease liability is therefore sensitive to assumptions relating to the selection and application of the IBR and those relating to the exercise or non-exercise of lease break clauses. The Group periodically reassesses the lease term and this assessment is based on all relevant facts and circumstances. Should a change occur, the Group modifies the lease liability and associated right of use asset to reflect the remaining expected cash flows. The IBR has been determined by combining the relevant reference risk free rate for each currency, consideration of adjustments for country specific risks and applying a financing spread observable to comparable companies. In order to validate the reasonableness of the IBR, it has been compared to the margin payable on the Group\u2019s Revolving Credit Facility, and found to be comparable. If the IBR had been 1% higher or lower, the impact on the lease liability would be: Group 2022 \u00a3 m 2021 \u00a3 m Increase of 1% (3.0) (3.5) Decrease of 1% 3.2 3.8 All lease liabilities have been modelled to the end of their non-cancellable lease term, or where expected to be exercised to the break date. Therefore, the lease exposure stated is the maximum exposure, ignoring any extension options. The lease payments are allocated between principal and finance expense. The finance expense is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. The Consolidated Statement of Profit or Loss includes the following amounts relating to the lease liabilities: Group 2022 \u00a3 m 2021 \u00a3 m Interest on lease liability 3.4 2.8 The Company has no lease liabilities (2021: nil). ",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "19 Financial risk management In its activities, the Group is exposed to various financial risks: price/valuation risk, market risk (including exposure to interest rates and foreign currencies), liquidity risk and credit risk arising from financial instruments. The Group\u2019s senior management is responsible for the creation and control of an overall risk management policy in the Group. The Group Consolidated Statement of Financial Position is made up predominately of investments into private equity and credit funds, consolidated CLO assets and liabilities, term deposits with original maturities of more than three months, cash and cash equivalents, lease liabilities, CLO purchase awaiting settlement and other financial liabilities. The assets of a private equity fund are controlling or minority stakes, typically in private companies, and their debt. The assets of credit funds and the consolidated CLO vehicles are loans to private companies. The financial risks relating to such investments are inherently different, due to the nature of the investments as equity or debt and recovery and returns from capital invested will depend upon the financial health and prospects of each underlying investee entity. As part of their construction, each fund is constructed as a diversified portfolio of assets, diversified by the number of assets, their industry and geography. Risk management policies are established to identify and analyse the risks faced by the Group and to set appropriate risk limits and controls. Policies are reviewed on a regular basis to reflect changes in the market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Company Statement of Financial Position is made up predominantly of investments in subsidiaries, cash and cash equivalents, and term deposits with original maturities of more than three months. (a) Price and valuation risk Price and valuation risk is the uncertainty about the difference between the reported value and the price that could be obtained on exit or maturity of an asset or liability. This principally relates to investments in funds, which hold portfolios of private equity and debt investments, the investments held by consolidated CLOs, and the notes issued by consolidated CLOs. This uncertainty arises due to the use of unobservable inputs, such as EBITDA, in the calculation of fair value, the performance and financial health of portfolio companies, and ultimately \u2013 as it relates to investments in private equity \u2013 what a third party may be willing to pay for the business. There is less uncertainty for investments in debt as the upside is capped to the maximum of the principal and interest receipts, whereas private equity investments have greater potential for larger changes in their valuation as the upside is not capped. The Group monitors the performance of each investment closely. Portfolio monitoring is embedded and maintains focus throughout the investment life of each company. All investments are formally reviewed through dedicated Portfolio Monitoring Committees. The review process involves a rigorous assessment of the company\u2019s financial performance, financial health (including covenant coverage) and exit prospects. The Group values all investments in line with the IPEV Guidelines at least twice a year, and in most cases quarterly. Each investment undergoes the same detailed valuation process, in accordance with the Group\u2019s valuation policies. Completed valuations are presented and discussed at the relevant Bridgepoint valuation committee for approval. The number of unique investments that the Group indirectly invests into through its investments in private equity and credit funds is numerous and it is not practical to provide a summary of the principal inputs into each investment. The table below summarises the valuation methodologies used to fair value investments in private equity and credit funds which are classified as level 3 financial assets. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment in a fund, fund investments at fair value are classified as level 3. Whilst some assets held by the funds may be classified as level 2 instruments, the Group does not consolidate the funds and treats the unit of account as the fund rather than the individual asset. Nature of asset/ liability Fair value at 31 December 2022 (\u00a3 m) Fair value at 31 December 2021 (\u00a3 m) Number of unique investments Valuation methodology Description Inputs Private equity fund investments 241.3 217.9 68 Earnings Where a portfolio company is profitable and for which a set of listed companies and precedent transactions are available. This is the most commonly used private equity valuation methodology. Earnings multiples are applied to the earnings of each portfolio company to determine the enterprise value. The most common measure of earnings is EBITDA. Earnings are adjusted for non-recurring items and run-rate adjustments to arrive at maintainable earnings. Earnings are usually obtained from portfolio company management accounts or forecast/ budgeted earnings, as considered appropriate. When selecting earning multiples consideration is given to: \u2212 The original transaction price/entry multiple; \u2212 Recent transactions in the same or similar instruments; \u2212 Relevant comparable listed company multiples; \u2212 Exit expectations and other company specific factors. The resulting enterprise value is then adjusted to take into account the capital structure of the portfolio company, including any assets or liabilities such as cash or debt that should be included. The fund\u2019s share of the value is calculated by calculating its holding. At 31 December 2022, 97% (2021: 97%) of private equity fund investments were valued using the earnings multiple approach. Listed price Where a portfolio company has instruments traded on a recognised exchange the traded price is used to value the investment. The traded price is applied to the number of shares held by the fund in the portfolio company. The value is then adjusted to take into account any assets or liabilities in holding entities outside of the listed company. As at 31 December 2022, there were two listed portfolio companies (3%) (2021: 3%) which were priced using the prevailing share price. Nature of asset/ liability Fair value at 31 December 2022 (\u00a3 m) Fair value at 31 December 2021 (\u00a3 m) Number of unique investments Valuation methodology Description Inputs Credit funds 76.9 108.1 126 Market price Where a loan is traded in the market, market prices can be obtained for use in pricing. Market prices can be obtained from third-party market price aggregation services or broker quotes where there is an active market. The extent to how active the market is depends upon the \u2018depth\u2019 of the pricing, (being the number of distinct price quotations available from different sources). Before the use of market pricing, consideration is given to identify anomalies or other inaccuracies in market pricing or whether there are other factors that should be considered, for example, recent transactions. As at 31 December 2022, 8% (2021: 8%) of the Credit fund assets were priced using market prices. Earnings Where a loan may be impaired an earnings basis is typically used to determine the enterprise value of the borrower, following which a waterfall approach is used to determine the value of the loan. Where there are circumstances which indicate there is risk of non-performance of the borrower, the enterprise value of the borrower will typically be determined in accordance with an earnings methodology (as described above), following which a waterfall approach is used to determine the value of the loan. As at 31 December 2022, 4% (2021: 4%) of the Credit fund assets were priced using earnings basis. Amortising to par method Where a performing loan that has been originated is valued based upon its amortised cost. Provided that there are no circumstances which indicate a material underperformance or inability of the borrower to pay interest or repay the principal, the valuation of loans that have been originated is determined by apportioning any arrangement fees, similar fees or discount on a linear basis over the anticipated holding period (which is typically three years). As at 31 December 2022, 80% (2021: 82%) of the Credit fund assets were priced using the amortising to par method. Discounted cash flows Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the valuation. Inputs used in the discounted cash flow analysis include discount rates and those used to project the expected cash flows relating to the CLO\u2019s underlying asset portfolio including annual loan default rates and associated recovery rates, prepayment rates, reinvestment rates and spreads. As at 31 December 2022, 100% (2021: none) of the investments in CLO notes were priced using discounted cash flow method. Other Other valuation techniques may be utilised where the above methodologies are not deemed appropriate. Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for other valuation techniques to be utilised in certain cases. As at 31 December 2022, 8% (2021: 6%) of the Credit fund assets were priced using other valuation techniques. Nature of asset/ liability Fair value at 31 December 2022 (\u00a3 m) Fair value at 31 December 2021 (\u00a3 m) Number of unique investments Valuation methodology Description Inputs Consolidated CLO assets 681.1 274.5 152 Market price Where a loan is traded in the market, market prices can be obtained for use in pricing. Market price aggregation services or broker quotes where there is an active market. The extent to how active the market is depends upon the \u2018depth\u2019 of the pricing, (being the number of distinct price quotations available from different sources). Before the use of market pricing, consideration is given to identify anomalies or other inaccuracies in market pricing or whether there are other factors that should be considered, for example, recent transactions. As at 31 December 2022, 100% (2021: 99%) of the CLO fund assets were priced using market prices. Total assets 999.3 600.5 Non- investment grade and subordinated debt liabilities of the consolidated CLOs 597.5 241.4 17 Net asset value Where the Group is required to consolidate the liabilities of a CLO, a net asset approach is used where the value of the liabilities is driven by the value of the consolidated loan asset portfolio and any residual cash, accrued interest and expenses contained within the vehicle. The inputs to the valuation are the quotes obtained from Markit and Bloomberg of the CLO assets. The cash, accrued interest and expenses are at their book value. Deferred contingent consid- eration 16.7 30.3 N/A Discounted cash flows Future consideration to be paid to EQT AB in relation to the acquisition of EQT Credit business and relates to the outcome of fundraising for certain funds. Inputs used in the calculation of the deferred consideration calculation include estimated outcome of certain fundraising, minimum and maximum thresholds and payout ratio set out in the sales and purchase agreement and discount rate. CLO repurchase agreements 28.1 28.1 N/A Discounted cash flows Where the Group is subject to a sale and repurchase agreement relating to CLOs, a discounted cash flow analysis is used to determine the valuation Inputs used in the discounted cash flow analysis include discount rates and forecast cash flows relating to the CLO\u2019s underlying asset portfolio including assumptions for annual loan default rates and associated recovery rates, prepayment rates, reinvestment rates and spreads. Other financial liabilities 21.4 18.8 N/A Other Where the Group enters a limited partnership agreement with related party investors to contractually share profits from those partnerships, other valuation techniques may be utilised where the above methodologies are not deemed appropriate. N/A Total liabilities 663.7 318.6 A reasonably possible change in the values of investments at fair value through profit or loss is shown in the table below. This is modelled as 10% of private equity fund investments and 1% of credit fund investments. As above, investments in private equity inherently have greater potential for larger changes in their valuation as the upside is not capped. The downside is limited to the amount invested in the funds. For credit investments, the upside is capped to the maximum of the principal and interest receipts, the downside is limited to the amount invested in the funds, but due to the investment strategy of the fund, losses are expected to be very small. The sensitivity analysis considers only the net impact on the Group from changes in the consolidated CLO portfolio, as the Group\u2019s exposure to price risk is limited to only its interest within the CLO and not the gross assets and liabilities. Group 2022 \u00a3 m (+/-) 2021 \u00a3 m (+/-) Fair value sensitivity: 10% private equity fund investments 24.1 20.9 1% credit fund investments 0.8 1.1 The Company has no significant exposure to price/valuation risk. (b) Foreign currency risk Foreign currency (\u201cFX\u201d) risk is the risk of losses or other adverse effects resulting from a change in a foreign exchange rate, or from other unfavourable changes in relation to a foreign currency. The Group is primarily exposed to two types of FX risk: \u2212 Transaction risk: the adverse effect that foreign exchange rate fluctuations can have on a completed transaction prior to settlement. It is the exchange rate, or currency, risk associated specifically with the time delay between entering into a trade or contract and then settling it. As the majority of the Group\u2019s income is denominated in euro, this means that its income when recognised in sterling is subject to exposure to foreign exchange rate movements over time. \u2212 Translation risk: the risk of adverse changes in the rates at which assets, liabilities, income or costs in foreign currencies are translated into the reporting currency. The Group holds assets denominated in currencies other than sterling, the presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of investments denominated in other currencies will fluctuate due to change in exchange rate. Hedging of EUR management fees In order to hedge EUR denominated management fee income, the Group has entered into a series of forward trades and swap agreements to sell EUR and buy GBP at various dates in the future to reduce the currency exposure of EUR denominated income to future spot rate volatility. The level of hedging is determined with reference to the amount of sterling denominated costs and dividends. The level of hedging provides for almost full coverage in 2023, and reducing in 2024 and 2025, which will be increased and extended as part of the ongoing hedging strategy over time. The nominal value of open trades at the year end date to match certain expected future cash flows is shown in the table below, along with the aggregate mark-to-market of the year end date. Group 2022 \u00a3 m 2021 \u00a3 m Nominal value of forward trades in GBP 294.2 266.4 Mark-to-market value at year end (9.6) 6.8 These hedges are in place to match known future cash flows, and the Group has decided to use cash flow hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The effective portion of the gain or loss on these hedging instruments is recognised in the other comprehensive income in cash flow hedge reserves while any ineffective portion is recognised immediately in the Consolidated Statement of Profit or Loss as gain or loss on cash flow hedges within operating expenses. When the hedge is settled all gains or losses relating to the hedge are transferred to the Consolidated Statement of Profit or Loss. The change in value that has been recognised as ineffective in the Consolidated Statement of Profit or Loss, the amount of the effective portion recognised within the cash flow hedge reserve and amounts released to the Consolidated Statement of Profit or Loss during the year are shown in the table below. There was no hedge ineffectiveness. Group 2022 \u00a3 m 2021 \u00a3 m Ineffective portion recognised in the Consolidated Statement of Profit or Loss \u2013 \u2013 Effective portion recognised in other comprehensive income (10.5) 12.8 Reclassified to the Consolidated Statement of Profit or Loss upon settlement of hedges (5.9) (1.6) Hedge ineffectiveness could occur if the amount of hedging is more than the amount of the EUR denominated income and timing differences between receipt of the income and settlement of the hedge. Hedging of investments in EUR The Group\u2019s primary exposure to assets and liabilities in foreign currencies is to investments in funds and carried interest receivable, which are predominantly held in EUR. In order to remove the risk of volatility in the Group\u2019s earnings on the translation of assets at each year end, the Group has entered into a series of forward trades and swap agreements to sell EUR and buy GBP at various dates in the future that match the expected date of receipts from the underlying funds. These hedges are in place to match expected future cash flows, and the Group has decided to use hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The hedged items fair value movement is recognised in full in the consolidated statement of profit or loss, hence all gains and losses on hedging instruments are recognised in the Consolidated Statement of Profit or Loss directly. No hedging instrument gains or losses are taken directly to equity for investment hedges. The hedge ratio is tracked by comparing the nominal value of outstanding trades to the Group\u2019s total exposure to fund investments and loans denominated in a foreign currency. The Group\u2019s exposure to EUR investments and borrowings at each year end is summarised below, along with a sensitivity of the impact of a 5% change in the FX rate. This analysis excludes the CLO assets, which are attributable to third-party investors. Group 2022 \u00a3 m 2021 \u00a3 m EUR denominated investments (EUR) 330.7 347.7 Borrowings (EUR) \u2013 \u2013 Investment hedges (EUR) (176.7) (180.0) EUR denominated investments, net (EUR) 154.0 167.7 +/- 5% sensitivity (GBP) impact on profit and net assets 6.8 7.0 The nominal value of open trades at the year end date is shown in the table below, along with the aggregate mark-to-market. Group 2022 \u00a3 m 2021 \u00a3 m Nominal value of forward trades in GBP 156.7 159.7 Mark-to-market value at year end (2.6) 3.1 The profit or loss on the revaluation of the hedging instrument is recognised together with the investment returns in the Consolidated Statement of Profit or Loss. A change to FX rates will impact the fair value of derivative contracts, however an opposing movement will be seen in the hedged item. The Company has no significant exposure to foreign currency risk. (c) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The amounts drawn under the Group\u2019s revolving credit agreements, however, bear interest at a floating rate that could rise and increase the Group\u2019s interest cost and debt, although at 31 December 2022 the Group had no outstanding borrowings (2021: nil). If interest rates were to change by 1%, the Group\u2019s finance expense applied on the borrowings at year end would have increased or (decreased) by the amounts set out in the table below. Group 2022 \u00a3 m (+/-) 2021 \u00a3 m (+/-) Increase or decrease of 1% \u2013 \u2013 (d) Credit risk Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full, when due. Potential areas of credit risk consist of cash and cash equivalents, including deposits with banks and financial institutions, short-term receivables, investments in the CLOs and derivative financial instruments. The Company and the Group have not experienced any significant defaults in prior periods. Group exposure The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. Expected credit losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The Group\u2019s expected credit losses are calculated using a three-stage model, which requires financial assets to be assessed as: \u2212 Performing (stage 1) \u2013 Financial assets where there has been no significant increase in credit risk since original recognition \u2212 Under-performing (stage 2) \u2013 Financial assets where there has been a significant increase in credit risk since initial recognition, but no default \u2212 Non-performing (stage 3) \u2013 Financial assets that are in default The maximum exposure to credit risk at the reporting date of these financial assets is their carrying amount. Expected credit losses are not expected to be material and there are no financial assets that are impaired. Cash and cash equivalents The Group limits its exposure in relation to cash balances and derivative financial instruments by only dealing with well-established financial institutions of high-quality credit standing. At each period end, the Group\u2019s cash and cash equivalents were held with banks that were investment grade credit quality (BBB or higher). Term deposits with original maturities of more than three months The Group\u2019s term deposits represent fixed term (more than three months) deposits placed with banks and financial institutions of high-quality credit rating. At each period end, the Group\u2019s term deposits were held with banks that were investment grade credit quality (BBB or higher). Investments in CLOs At 31 December 2022, the Group fully consolidated CLOs 1, 3 and 4 (2021: CLO 1). The Group\u2019s interests in CLOs 1 and 3 comprise interests in subordinated notes which incur the first loss if there is any default within the portfolio of assets by an individual borrower. The construction of CLO 4 commenced during the year and remained in warehousing as at 31 December 2022. As the Group held a majority interest in the warehouse equity, the Group fully consolidates CLO 4. Whilst the Group has entered into sale and repurchase agreements for CLO 2 and CLO 3, it remains contractually exposed to the performance of CLO, however as the interest is held vertically across all notes of the CLO, the holdings are more diversified than the Group\u2019s interest in CLOs 1, 3 and 4. Under the sale and repurchase agreements, the Group is subject to credit risk with the counterparty to \u00a329.7m (2021: \u00a328.5m), however is holding cash collateral of \u00a329.7m (2021: \u00a328.4m), reducing the risk. The Group is required to hold a 5% interest in such vehicles after they are launched under risk retention rules. Each CLO portfolio typically invests in 70-100 individual loans issued by private equity borrowers. The portfolios are highly diversified by geography, industry and sponsor. The Group\u2019s maximum exposure to loss associated with its interest in the CLOs is limited to the carrying amounts of the notes held by the Group, which at 31 December 2022 was \u00a360.3m (2021: \u00a350.3m). Investments in private equity and credit funds The Group\u2019s investments in private equity and credit funds indirectly expose it to credit risk via loans to investee entities. The maximum exposure to loss associated to funds is limited to the carrying value at 31 December 2022 which was \u00a3257.9m (2021: \u00a3266.4m). Trade and other receivables The Group applies the simplified approach to calculate expected credit losses for trade and other receivables. Under this approach, instruments are not categorised into three stages and expected credit losses are calculated based on the life of the instrument. Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies, which are collected by the Group, for the benefit of the fund. The funds are managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables with the funds are collateralised against unfunded investor commitments. These commitments can be drawn at any time. The Group therefore considers the probability of default to be remote. As a lessor the Group has exposure to payments by lessees. The Group considers there to be a low risk of default due to the quality of the counterparty. Carried interest receivable The Group\u2019s carried interest receivable represents income expected from CIPs. The Group considers there to be no risk of default on these receivables on the basis that these amounts are due from the funds for reasons set out above (e.g. investor commitments). Company exposure Potential areas of credit risk for the Company consist of cash and cash equivalents, including deposits with banks and financial institutions and short-term receivables. The maximum exposure to credit risk at the year end of these financial assets is their carrying value. The Company seeks to reduce the credit risk relating to cash balances by only dealing with well-established financial institutions of high quality standing. (e) Liquidity risk Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Liquidity outlook is monitored at least monthly by management and regularly reviewed by the board of directors. The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing, amount and profits from the Group\u2019s investments into and divestments from the funds are inherently less predictable, however a reasonable period of notice is given to all investors, including the Group, ahead of drawing of funds. The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents to meet its commitments at a given date. The Group has the use of a Revolving Credit Facility to assist in managing liquidity. Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturity of its debt instruments is matched to free cash generated from the business. The Company has sufficient cash reserves to assist in managing liquidity. The risk is not considered to be material as the majority of the balances are held with the Group companies. The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled, undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income). As at 31 December 2022 Group Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Other financial liabilities 21.4 \u2013 \u2013 29.7 51.1 Derivative financial liabilities 5.2 4.8 3.2 \u2013 13.2 Trade and other payables 51.8 \u2013 \u2013 \u2013 51.8 Deferred contingent consideration 16.7 \u2013 \u2013 \u2013 16.7 Lease liabilities 9.4 13.6 39.7 34.9 97.6 Consolidated CLO liabilities 84.5 48.3 397.2 249.5 779.5 Consolidated CLO purchases awaiting settlement 120.6 \u2013 \u2013 \u2013 120.6 309.6 66.7 440.1 314.1 1,130.5 As at 31 December 2021 Group Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Other financial liabilities 18.8 \u2013 \u2013 28.1 46.9 Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 Trade and other payables 39.0 \u2013 \u2013 \u2013 39.0 Deferred contingent consideration \u2013 33.2 \u2013 \u2013 33.2 Lease liabilities 7.2 8.9 38.8 47.1 102.0 Consolidated CLO liabilities 1.5 \u2013 \u2013 241.4 242.9 Consolidated CLO purchases awaiting settlement 35.8 \u2013 \u2013 \u2013 35.8 102.3 42.1 38.8 316.6 499.8 As at 31 December 2022 Company Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Trade and other payables 1.1 \u2013 \u2013 \u2013 1.1 1.1 \u2013 \u2013 \u2013 1.1 As at 31 December 2021 Company Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Trade and other payables 23.1 \u2013 \u2013 \u2013 23.1 23.1 \u2013 \u2013 \u2013 23.1 (f) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access to at that date. The fair value of a liability reflects its non-performance risk. The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u2212 Quoted prices (unadjusted) in active markets (level 1); \u2212 Inputs \u2013 other than quoted prices included within level 1 \u2013 that are observable for assets or liabilities, either directly (as prices) or indirectly (derived from prices) (level 2); and \u2212 Inputs for assets or liabilities that are not based on observable market data (level 3). Financial assets presented in the Consolidated Statement of Financial Position as investments in funds through profit or loss use inputs based on unobservable market data and therefore classified as level 3 in the fair value hierarchy. Further details of the approach to the valuation of investments are set out within note 3. There have not been any transfers between levels in the fair value hierarchy during the year. The assets of the CLO vehicles, which are fully consolidated by the Group, are classified as level 2 fair values as they are priced using independent loan pricing sources. These sources consolidate broker quotes where depth represents the number of quotes supporting the price provided. Derivatives used for hedging, which are fair valued, are classified as level 2 fair values as the inputs are observable. Group 2022 \u00a3 m 2021 \u00a3 m Financial assets at fair value through profit or loss: Level 1 \u2013 \u2013 Level 2 727.3 296.7 Level 3 273.0 313.7 Total 1,000.3 610.4 A reconciliation of level 3 fair values for financial assets which represent the Group\u2019s interest in private equity and credit funds, including the Group\u2019s investment in CLOs which are not consolidated, is set out in the table below: Group 2022 \u00a3 m 2021 \u00a3 m Level 3 financial assets at fair value through profit or loss: Opening balance 313.7 235.9 Additions 38.5 92.7 Change in fair value 32.9 65.7 Foreign exchange movements recognised in the Consolidated Statement of Profit or Loss 5.8 (8.6) Foreign exchange movements recognised in other comprehensive income 8.2 (6.1) Disposals (126.1) (65.9) Transfers (to)/from level 1 or 2 \u2013 \u2013 Closing balance 273.0 313.7 The underlying assets in each fund consist of portfolios of investments in controlling or minority stakes, typically in private companies, and their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13 \u201cFair Value Measurement\u201d. A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 19 (a). Group 2022 \u00a3 m 2021 \u00a3 m Financial liabilities at fair value through profit or loss: Level 1 \u2013 \u2013 Level 2 13.2 213.2 Level 3 663.7 78.8 Total 676.9 292.0 The valuation methodology for valuing debt liabilities and subordinated debt liabilities of the Group\u2019s holdings in is based upon internal discounted cash flow models with unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates, recovery rates and discount rates and they are therefore considered level 3 financial liabilities. At 31 December 2021, the approach had been to use broker pricing for the liabilities of the consolidated CLOs which were therefore classified as level 2 financial liabilities. Due to the change in valuation methodology for the consolidated CLO liabilities, \u00a3211.9m of financial liabilities have been transferred from level 2 to level 3 in the fair value hierarchy during the period (2021: nil). Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, liabilities of CLOs consolidated by the Group and other financial liabilities, which represent CLO repurchase agreements, and payables to related party investors in Opal Investments LP and other intermediate fund holding entities. The valuation of these liabilities is based on unobservable market data and they are therefore classified as level 3. Group 2022 \u00a3 m 2021 \u00a3 m Level 3 financial liabilities at fair value through profit or loss: Deferred contingent consideration 16.7 30.3 Consolidated CLO liabilities 597.5 29.7 Other financial liabilities 49.5 18.8 Total 663.7 78.8 A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below. A reconciliation is not provided for the deferred contingent consideration on the basis that the movement between 31 December 2022 and 31 December 2021 relates to the remeasurement and revaluation of the payable and for other financial liabilities refer to note 17 (d). Group 2022 \u00a3 m 2021 \u00a3 m Movement in CLO liabilities at fair value through profit or loss which are level 3: Opening balance 29.7 37.8 On acquisition 287.9 \u2013 Repayment \u2013 (5.5) Drawn 52.8 \u2013 Foreign exchange movements 24.2 (2.2) Change in fair value (9.0) (0.4) Transfers from level 1 or 2 211.9 \u2013 Closing balance 597.5 29.7 A change in the value of the CLO liabilities is included in the table below. A sensitivity analysis for the deferred contingent consideration is included within note 17 (b). Group 2022 \u00a3 m 2021 \u00a3 m Increase or decrease of 1% 6.0 0.3 The Company does not hold any liabilities at fair value at 31 December 2022 (2021: nil). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "(d) Credit risk Credit risk is the risk that a counterparty is unable to meet their contractual obligations in full, when due. Potential areas of credit risk consist of cash and cash equivalents, including deposits with banks and financial institutions, short-term receivables, investments in the CLOs and derivative financial instruments. The Company and the Group have not experienced any significant defaults in prior periods. Group exposure The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. Expected credit losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. The Group\u2019s expected credit losses are calculated using a three-stage model, which requires financial assets to be assessed as: \u2212 Performing (stage 1) \u2013 Financial assets where there has been no significant increase in credit risk since original recognition \u2212 Under-performing (stage 2) \u2013 Financial assets where there has been a significant increase in credit risk since initial recognition, but no default \u2212 Non-performing (stage 3) \u2013 Financial assets that are in default The maximum exposure to credit risk at the reporting date of these financial assets is their carrying amount. Expected credit losses are not expected to be material and there are no financial assets that are impaired. Cash and cash equivalents The Group limits its exposure in relation to cash balances and derivative financial instruments by only dealing with well-established financial institutions of high-quality credit standing. At each period end, the Group\u2019s cash and cash equivalents were held with banks that were investment grade credit quality (BBB or higher). Term deposits with original maturities of more than three months The Group\u2019s term deposits represent fixed term (more than three months) deposits placed with banks and financial institutions of high-quality credit rating. At each period end, the Group\u2019s term deposits were held with banks that were investment grade credit quality (BBB or higher). Investments in CLOs At 31 December 2022, the Group fully consolidated CLOs 1, 3 and 4 (2021: CLO 1). The Group\u2019s interests in CLOs 1 and 3 comprise interests in subordinated notes which incur the first loss if there is any default within the portfolio of assets by an individual borrower. The construction of CLO 4 commenced during the year and remained in warehousing as at 31 December 2022. As the Group held a majority interest in the warehouse equity, the Group fully consolidates CLO 4. Whilst the Group has entered into sale and repurchase agreements for CLO 2 and CLO 3, it remains contractually exposed to the performance of CLO, however as the interest is held vertically across all notes of the CLO, the holdings are more diversified than the Group\u2019s interest in CLOs 1, 3 and 4. Under the sale and repurchase agreements, the Group is subject to credit risk with the counterparty to \u00a329.7m (2021: \u00a328.5m), however is holding cash collateral of \u00a329.7m (2021: \u00a328.4m), reducing the risk. The Group is required to hold a 5% interest in such vehicles after they are launched under risk retention rules. Each CLO portfolio typically invests in 70-100 individual loans issued by private equity borrowers. The portfolios are highly diversified by geography, industry and sponsor. The Group\u2019s maximum exposure to loss associated with its interest in the CLOs is limited to the carrying amounts of the notes held by the Group, which at 31 December 2022 was \u00a360.3m (2021: \u00a350.3m). Investments in private equity and credit funds The Group\u2019s investments in private equity and credit funds indirectly expose it to credit risk via loans to investee entities. The maximum exposure to loss associated to funds is limited to the carrying value at 31 December 2022 which was \u00a3257.9m (2021: \u00a3266.4m). Trade and other receivables The Group applies the simplified approach to calculate expected credit losses for trade and other receivables. Under this approach, instruments are not categorised into three stages and expected credit losses are calculated based on the life of the instrument. Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies, which are collected by the Group, for the benefit of the fund. The funds are managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables with the funds are collateralised against unfunded investor commitments. These commitments can be drawn at any time. The Group therefore considers the probability of default to be remote. As a lessor the Group has exposure to payments by lessees. The Group considers there to be a low risk of default due to the quality of the counterparty. Carried interest receivable The Group\u2019s carried interest receivable represents income expected from CIPs. The Group considers there to be no risk of default on these receivables on the basis that these amounts are due from the funds for reasons set out above (e.g. investor commitments). Company exposure Potential areas of credit risk for the Company consist of cash and cash equivalents, including deposits with banks and financial institutions and short-term receivables. The maximum exposure to credit risk at the year end of these financial assets is their carrying value. The Company seeks to reduce the credit risk relating to cash balances by only dealing with well-established financial institutions of high quality standing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "(e) Liquidity risk Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Liquidity outlook is monitored at least monthly by management and regularly reviewed by the board of directors. The timing of the Group\u2019s management fee receipts and operating expenditure are predictable. The timing, amount and profits from the Group\u2019s investments into and divestments from the funds are inherently less predictable, however a reasonable period of notice is given to all investors, including the Group, ahead of drawing of funds. The Group\u2019s policy is to maintain sufficient amounts of cash and cash equivalents to meet its commitments at a given date. The Group has the use of a Revolving Credit Facility to assist in managing liquidity. Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturity of its debt instruments is matched to free cash generated from the business. The Company has sufficient cash reserves to assist in managing liquidity. The risk is not considered to be material as the majority of the balances are held with the Group companies. The tables below summarise the Group and Company\u2019s financial liabilities by the time frame they are contractually due to be settled, undiscounted and including interest payable. This also excludes liabilities which are not financial liabilities (for example, deferred income). As at 31 December 2022 Group Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Other financial liabilities 21.4 \u2013 \u2013 29.7 51.1 Derivative financial liabilities 5.2 4.8 3.2 \u2013 13.2 Trade and other payables 51.8 \u2013 \u2013 \u2013 51.8 Deferred contingent consideration 16.7 \u2013 \u2013 \u2013 16.7 Lease liabilities 9.4 13.6 39.7 34.9 97.6 Consolidated CLO liabilities 84.5 48.3 397.2 249.5 779.5 Consolidated CLO purchases awaiting settlement 120.6 \u2013 \u2013 \u2013 120.6 309.6 66.7 440.1 314.1 1,130.5 Group Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Other financial liabilities 18.8 \u2013 \u2013 28.1 46.9 Derivative financial liabilities \u2013 \u2013 \u2013 \u2013 \u2013 Trade and other payables 39.0 \u2013 \u2013 \u2013 39.0 Deferred contingent consideration \u2013 33.2 \u2013 \u2013 33.2 Lease liabilities 7.2 8.9 38.8 47.1 102.0 Consolidated CLO liabilities 1.5 \u2013 \u2013 241.4 242.9 Consolidated CLO purchases awaiting settlement 35.8 \u2013 \u2013 \u2013 35.8 102.3 42.1 38.8 316.6 499.8 As at 31 December 2022 Company Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Trade and other payables 1.1 \u2013 \u2013 \u2013 1.1 1.1 \u2013 \u2013 \u2013 1.1 As at 31 December 2021 Company Due within 1 year \u00a3 m Due between 1 and 2 years \u00a3 m Due within 2 and 5 years \u00a3 m Due more than 5 years \u00a3 m Total \u00a3 m Trade and other payables 23.1 \u2013 \u2013 \u2013 23.1 23.1 \u2013 \u2013 \u2013 23.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-432": {
"value": "(f) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Group has access to at that date. The fair value of a liability reflects its non-performance risk. The Group discloses fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: \u2212 Quoted prices (unadjusted) in active markets (level 1); \u2212 Inputs \u2013 other than quoted prices included within level 1 \u2013 that are observable for assets or liabilities, either directly (as prices) or indirectly (derived from prices) (level 2); and \u2212 Inputs for assets or liabilities that are not based on observable market data (level 3). Financial assets presented in the Consolidated Statement of Financial Position as investments in funds through profit or loss use inputs based on unobservable market data and therefore classified as level 3 in the fair value hierarchy. Further details of the approach to the valuation of investments are set out within note 3. There have not been any transfers between levels in the fair value hierarchy during the year. The assets of the CLO vehicles, which are fully consolidated by the Group, are classified as level 2 fair values as they are priced using independent loan pricing sources. These sources consolidate broker quotes where depth represents the number of quotes supporting the price provided. Derivatives used for hedging, which are fair valued, are classified as level 2 fair values as the inputs are observable. Group 2022 \u00a3 m 2021 \u00a3 m Financial assets at fair value through profit or loss: Level 1 \u2013 \u2013 Level 2 727.3 296.7 Level 3 273.0 313.7 Total 1,000.3 610.4 A reconciliation of level 3 fair values for financial assets which represent the Group\u2019s interest in private equity and credit funds, including the Group\u2019s investment in CLOs which are not consolidated, is set out in the table below: Group 2022 \u00a3 m 2021 \u00a3 m Level 3 financial assets at fair value through profit or loss: Opening balance 313.7 235.9 Additions 38.5 92.7 Change in fair value 32.9 65.7 Foreign exchange movements recognised in the Consolidated Statement of Profit or Loss 5.8 (8.6) Foreign exchange movements recognised in other comprehensive income 8.2 (6.1) Disposals (126.1) (65.9) Transfers (to)/from level 1 or 2 \u2013 \u2013 Closing balance 273.0 313.7 The underlying assets in each fund consist of portfolios of investments in controlling or minority stakes, typically in private companies, and their debt. Due to the level of unobservable inputs within the determination of the valuation of individual assets within each fund, and no observable price for each investment, such investments are classified as level 3 financial assets under IFRS 13 \u201cFair Value Measurement\u201d. A sensitivity analysis of a change in the value of investments at fair value through profit or loss is set out in note 19 (a). Group 2022 \u00a3 m 2021 \u00a3 m Financial liabilities at fair value through profit or loss: Level 1 \u2013 \u2013 Level 2 13.2 213.2 Level 3 663.7 78.8 Total 676.9 292.0 The valuation methodology for valuing debt liabilities and subordinated debt liabilities of the Group\u2019s holdings in is based upon internal discounted cash flow models with unobservable market data inputs, such as asset coupons, constant annual default rates, prepayment rates, reinvestment rates, recovery rates and discount rates and they are therefore considered level 3 financial liabilities. At 31 December 2021, the approach had been to use broker pricing for the liabilities of the consolidated CLOs which were therefore classified as level 2 financial liabilities. Due to the change in valuation methodology for the consolidated CLO liabilities, \u00a3211.9m of financial liabilities have been transferred from level 2 to level 3 in the fair value hierarchy during the period (2021: nil). Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, liabilities of CLOs consolidated by the Group and other financial liabilities, which represent CLO repurchase agreements, and payables to related party investors in Opal Investments LP and other intermediate fund holding entities. The valuation of these liabilities is based on unobservable market data and they are therefore classified as level 3. Group 2022 \u00a3 m 2021 \u00a3 m Level 3 financial liabilities at fair value through profit or loss: Deferred contingent consideration 16.7 30.3 Consolidated CLO liabilities 597.5 29.7 Other financial liabilities 49.5 18.8 Total 663.7 78.8 A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below. A reconciliation is not provided for the deferred contingent consideration on the basis that the movement between 31 December 2022 and 31 December 2021 relates to the remeasurement and revaluation of the payable and for other financial liabilities refer to note 17 (d). Group 2022 \u00a3 m 2021 \u00a3 m Movement in CLO liabilities at fair value through profit or loss which are level 3: Opening balance 29.7 37.8 On acquisition 287.9 \u2013 Repayment \u2013 (5.5) Drawn 52.8 \u2013 Foreign exchange movements 24.2 (2.2) Change in fair value (9.0) (0.4) Transfers from level 1 or 2 211.9 \u2013 Closing balance 597.5 29.7 A change in the value of the CLO liabilities is included in the table below. A sensitivity analysis for the deferred contingent consideration is included within note 17 (b). Group 2022 \u00a3 m 2021 \u00a3 m Increase or decrease of 1% 6.0 0.3 The Company does not hold any liabilities at fair value at 31 December 2022 (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
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"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "20 Capital management The primary objective of the Group\u2019s capital management is to ensure that the Company and its subsidiaries have sufficient capital both now and in the future, having considered risks in the business and mitigants to those risks, while managing returns to the Group\u2019s shareholders. The Group also manages its capital position to ensure compliance with capital requirements imposed by the Financial Conduct Authority (\u201cFCA\u201d) and other regulatory authorities on individual regulated entities. The Investment Firms Prudential Regime (\u201cIFPR\u201d) for the Markets in Financial Instruments Directive (\u201cMiFID\u201d) investment firms came into effect from 1 January 2022. This regime applies to MiFID investment firms, collective portfolio management investment firms and regulated and unregulated holding companies of groups that contain one or more of the aforementioned firms. During the year, the Group and certain regulated subsidiaries have reported to the FCA on own funds, the own funds requirement and a basic liquid asset requirement. The capital structure comprises cash and cash equivalents, borrowings and the capital and reserves of the Company, comprising share capital, share premium, capital contributions, other reserves and retained earnings as set out below. 2022 \u00a3 m 2021 \u00a3 m Cash and cash equivalents (for use within the Group) 196.0 323.1 Term deposits with original maturities of more than three months 100.0 \u2013 Net cash 296.0 323.1 Share capital 0.1 0.1 Share premium 289.8 289.8 Share-based payment reserve 3.6 3.2 Cash flow hedge reserve (8.9) 7.5 Net exchange differences reserve 14.4 3.1 Retained earnings 473.7 412.6 Equity attributable to equity holders 772.7 716.3 The Group\u2019s banking facilities are subject to financial covenants. Bridgepoint Advisers Holdings\u2019 Revolving Credit Agreement is subject to a ratio of adjusted EBITDA to net finance charges and ratio of total net debt to adjusted EBITDA on a rolling annual period. During the year the Group was fully compliant with regulatory capital requirements and banking covenants. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "21 Deferred tax Group 2022 \u00a3 m 2021 \u00a3 m Gross deferred tax assets 57.9 47.8 Gross deferred tax liabilities (77.3) (67.5) Total (19.4) (19.7) Gross deferred tax assets Other timing differences Management fees hedges Losses carried forward Total As at 1 January 2021 9.1 0.8 16.1 26.0 (Charge) to other comprehensive income \u2013 (0.8) \u2013 (0.8) Credit to the Consolidated Statement of Profit or Loss 13.7 \u2013 8.9 22.6 As at 31 December 2021 22.8 \u2013 25.0 47.8 Credit to other comprehensive income \u2013 2.0 \u2013 2.0 (Charge)/credit to the Consolidated Statement of Profit or Loss (0.3) \u2013 8.4 8.1 As at 31 December 2022 22.5 2.0 33.4 57.9 Gross deferred tax liabilities Other timing differences Management fees hedges Management fees income and investments Capital allowance Total As at 1 January 2021 (10.6) \u2013 (31.3) \u2013 (41.9) (Charge) to other comprehensive income \u2013 (1.3) \u2013 \u2013 (1.3) (Charge) to the Consolidated Statement of Profit or Loss (10.3) \u2013 (11.5) (2.5) (24.3) As at 31 December 2021 (20.9) (1.3) (42.8) (2.5) (67.5) Credit to other comprehensive income \u2013 1.3 \u2013 \u2013 1.3 Credit/(charge) to the Consolidated Statement of Profit or Loss 1.9 \u2013 (10.8) (2.2) (11.1 ) As at 31 December 2022 (19.0) \u2013 (53.6) (4.7) (77.3 ) Deferred tax liabilities primarily represent a future tax on the Group\u2019s management fees income and a timing difference arising on the remeasurement of the fair value of investments. They unwind as management fees become taxable and investments are realised. Deferred tax assets primarily relate to tax losses carried forward, to the extent that they can be utilised under relevant tax legislation. Other timing differences primarily relate to a deferred tax asset on lease liabilities of \u00a320.8m (2021: \u00a321.9m) and a deferred tax liability on right-of-use assets amounting to \u00a313.9m (2021: \u00a316.3m), these will unwind over the period of the lease. The Company had a deferred tax asset of \u00a30.4m (2021: \u00a31.1m) which relates to tax losses carried forward. The deferred tax has been measured using the applicable tax rate expected at the point at which the income or cost will become taxable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "22 Equity (a) Share capital and premium Allotted, called up and fully paid shares Company 2022 2021 No. \u00a3 No. \u00a3 Ordinary of \u00a30.00005 each 823,268,774 41,163 823,268,774 41,163 Deferred of \u00a381 each 500 40,500 500 40,500 Deferred of \u00a31 each 1 1 1 1 Deferred of \u00a30.01 each 1 0.01 1 0.01 Total 823,269,276 81,664 823,269,276 81,664 Share capital represents the number of ordinary shares issued in Bridgepoint Group plc multiplied by their nominal value of \u00a30.00005 each. Share premium substantially represents the aggregate of all amounts that have ever been paid above nominal value to Bridgepoint Group plc when it has issued ordinary shares. The holders of the ordinary shares have the right to receive notice of and to attend and vote at any general meeting of the Company. The shares have one vote per share on a resolution. Each ordinary share is eligible for ordinary course dividends and distributions on a liquidation, and is generally entitled to participate in a return of capital, in each case subject to the provisions set out in the Articles of the Company. Deferred shares have no rights other than the right to receive their nominal value in a liquidation after all other shares have received \u00a31.0m per share. (b) Own shares Own shares are recorded by the Group when ordinary shares are acquired by the Company and they are deducted from shareholders\u2019 equity. The Company held 886,484 ordinary shares and 501 deferred shares (2021: 853,624 ordinary shares; 501 deferred shares) within retained earnings as at 31 December 2022 at a cost of nil (2021: nil). (c) Cash flow hedge reserve Hedge reserves consist of the cash flow hedge reserve and the costs of hedging reserve, such as the change in fair value related to forward points basis adjustment. The cash flow hedge reserve is used to recognise the effective portion of gains or losses on foreign exchange forward contracts that are designated and qualify as cash flow hedges, as described in note 19 (b). Amounts are subsequently either transferred to deferred income or reclassified to the Consolidated Statement of Profit or Loss as appropriate. (d) Net exchange differences reserve Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gain/(loss) on the translation of foreign operations. (e) Share-based payment reserve The share-based payment reserve relates to the accumulated expense from the recognition of equity-settled share-based payments to employees. (f) Merger reserve The merger reserve relates to the fair value of shares issued by the Company as part of the restructuring ahead of the Company\u2019s IPO in 2021 at fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "(a) Share capital and premium Allotted, called up and fully paid shares Company 2022 2021 No. \u00a3 No. \u00a3 Ordinary of \u00a30.00005 each 823,268,774 41,163 823,268,774 41,163 Deferred of \u00a381 each 500 40,500 500 40,500 Deferred of \u00a31 each 1 1 1 1 Deferred of \u00a30.01 each 1 0.01 1 0.01 Total 823,269,276 81,664 823,269,276 81,664 Share capital represents the number of ordinary shares issued in Bridgepoint Group plc multiplied by their nominal value of \u00a30.00005 each. Share premium substantially represents the aggregate of all amounts that have ever been paid above nominal value to Bridgepoint Group plc when it has issued ordinary shares. The holders of the ordinary shares have the right to receive notice of and to attend and vote at any general meeting of the Company. The shares have one vote per share on a resolution. Each ordinary share is eligible for ordinary course dividends and distributions on a liquidation, and is generally entitled to participate in a return of capital, in each case subject to the provisions set out in the Articles of the Company. Deferred shares have no rights other than the right to receive their nominal value in a liquidation after all other shares have received \u00a31.0m per share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "(b) Own shares Own shares are recorded by the Group when ordinary shares are acquired by the Company and they are deducted from shareholders\u2019 equity. The Company held 886,484 ordinary shares and 501 deferred shares (2021: 853,624 ordinary shares; 501 deferred shares) within retained earnings as at 31 December 2022 at a cost of nil (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "(c) Cash flow hedge reserve Hedge reserves consist of the cash flow hedge reserve and the costs of hedging reserve, such as the change in fair value related to forward points basis adjustment. The cash flow hedge reserve is used to recognise the effective portion of gains or losses on foreign exchange forward contracts that are designated and qualify as cash flow hedges, as described in note 19 (b). Amounts are subsequently either transferred to deferred income or reclassified to the Consolidated Statement of Profit or Loss as appropriate. (d) Net exchange differences reserve Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gain/(loss) on the translation of foreign operations. (e) Share-based payment reserve The share-based payment reserve relates to the accumulated expense from the recognition of equity-settled share-based payments to employees. (f) Merger reserve The merger reserve relates to the fair value of shares issued by the Company as part of the restructuring ahead of the Company\u2019s IPO in 2021 at fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "23 Dividends The Company paid a final dividend of \u00a330.0m in May 2022 to qualifying shareholders, in respect of the second half of 2021, which equates to 3.6 pence per share. In 2021, a dividend of \u00a330.0m was paid to eligible A1 and A2 ordinary shareholders on the day immediately before IPO, which equates to \u00a39.61 per share. An interim dividend of \u00a332.8 million was paid to shareholders in September 2022, which equates to 4.0 pence per share. The directors have announced a final dividend of 4.0 pence per share, to be paid in May 2023 to shareholders on the register as at 28 April 2023. This equates to \u00a333.0 million, subject to the share buyback programme (the \u201cShare Buyback Programme\u201d). 2022 2021 Ordinary dividends paid: \u00a3 m Pence per share \u00a3 m Pence per share Interim 32.8 4.0 30.0 961.0 Proposed final dividend 33.0 4.0 30.0 3.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "24 Cash flow information (a) Cash generated from operations Group Company 2022 \u00a3 m (Restated) 2021 \u00a3 m 2022 \u00a3 m (Restated) 2021 \u00a3 m Profit/(loss) before tax 127.4 62.6 2.9 (25.8 ) Adjustments for: Exceptional expenses 3.2 3.2 0.1 3.2 Share-based payments 0.4 2.9 \u2013 \u2013 Profit on disposal of right-of-use asset 0.4 (0.6) \u2013 \u2013 Depreciation and amortisation expense 18.3 15.0 \u2013 \u2013 Net other (income)/expense (8.6) 7.7 (1.7) \u2013 Carried interest (24.2) (14.3) \u2013 \u2013 Fair value remeasurement of investments (40.7) (56.9) \u2013 \u2013 Net exchange (gains)/losses (1.1) (1.1) 0.1 \u2013 (Increase)/decrease in trade and other receivables (46.4) (10.3) 86.9 (108.5) Increase/(decrease) in trade and other payables 6.9 (2.1) (22.0) 23.6 Cash generated from operations 35.6 6.1 66.3 (107.5) (b) Cash outflows from leases Group 2022 \u00a3 m 2021 \u00a3 m Financing 7.6 9.6 Operating 0.3 0.2 Cash generated from leases 7.9 9.8 The Company has no leases (2021: nil). (c) Reconciliation of liabilities arising from financial activities Group 1 January 2022 \u00a3 m Cash flows \u00a3 m Net additions/ (disposals) \u00a3 m Fair value movements \u00a3 m Foreign exchange movements \u00a3 m 31 December 2022 \u00a3 m Borrowings \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Fair value of consolidated CLO liabilities 241.4 \u2013 340.7 (8.9) 24.3 597.5 Lease liabilities 84.8 (7.6) 6.0 \u2013 \u2013 83.2 Total 326.2 (7.6) 346.7 (8.9) 24.3 680.7 Group 1 January 2021 \u00a3 m Cash flows \u00a3 m Net additions/ (disposals) \u00a3 m Fair value movements \u00a3 m Foreign exchange movements \u00a3 m 31 December 2021 \u00a3 m Borrowings 99.7 (97.7) \u2013 \u2013 (2.0) \u2013 Fair value of consolidated CLO liabilities 256.6 \u2013 \u2013 0.4 (15.6) 241.4 Lease liabilities 42.0 (9.6) 52.4 \u2013 \u2013 84.8 Total 398.3 (107.3) 52.4 0.4 (17.6) 326.2 The Company has no borrowings or lease liabilities (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "25 Related party transactions (a) Key management compensation The Executive Directors are considered to represent the key management of the Group. The compensation paid or payable to the key management is set out in the table below. Group 2022 \u00a3 m 2021 \u00a3 m Salary, bonus and other benefits 1.6 5.0 Total 1.6 5.0 Further information on the remuneration of the directors can be found in the Remuneration Report on page 112. (b) Directors\u2019 emoluments The directors of the Company since their appointment or the point of their resignation were remunerated by the Group as set out below. The aggregate value of remuneration expenses in relation to pensions and share based payments are less than \u00a30.1m. Group 2022 \u00a3 m 2021 \u00a3 m Salary, bonus and other benefits 2.1 6.6 Total 2.1 6.6 (c) Transactions with directors On 31 March 2022, Adam Jones was granted a conditional share award of 71,428 shares at a value of \u00a33.50 per share, with total value \u00a3250,000, vesting on 31 March 2025. In 2021, on the Company\u2019s listing to the London Stock Exchange, 275,000 shares were issued to Archie Norman, 94,286 shares to Angeles Garcia-Poveda, and 75,714 shares to each of Carolyn McCall and Tim Score for consideration of \u00a33.50 per share. On 7 June 2021, Adam Jones and William Jackson were granted 10,000 and 25,000 A3 shares respectively in the capital of the Company for consideration of \u00a31.50 per share. (d) Carried interest Fund investors expect certain members of the Group\u2019s senior executive management to invest in carried interest and co-investment in the Group\u2019s third-party funds to demonstrate alignment of interest, and as such the directors of the Company have made significant personal commitments from their own resources to some of these third-party funds. The funds and CIPs (which are entitled to the carry) are not consolidated by the Group but are related parties. The returns (in the form of investment income and capital appreciation) are fully dependent on the performance of the relevant fund and its underlying investments. The directors of the Company at 31 December 2022 have committed amounts from their personal resources across multiple funds totalling \u00a315.6m (the directors at 31 December 2021: \u00a311.8m). (e) Transactions with funds The Bridgepoint funds are related parties of the Group. Amounts received as fees from and reimbursement of expenses paid on behalf of the funds during the year are shown in the table below, along with the amounts receivable at year end. Group 2022 \u00a3 m 2021 \u00a3 m Amounts received from funds 264.3 216.0 Amounts receivable from funds 49.7 39.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "26 Parent and ultimate controlling party The Company is owned by a number of individual shareholders and companies, none of whom own more than 20% of the issued share capital of the Company. Accordingly, there is no parent entity nor ultimate controlling party. ",
"dimensions": {
"concept": "bridgepointgroupplc:DisclosureOfParentAndUltimateControllingParty",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "27 Subsidiaries The Group consists of the Company and entities controlled by the Company. This note sets out those subsidiary entities owned by the Company and that are consolidated, those which are not, and those structured entities which are consolidated in the financial statements. Company 2022 \u00a3 m (Restated) 2021 \u00a3 m Balance as at 1 January 1,022.6 448.0 Increase in investment in subsidiary 0.4 574.6 At 31 December 1,023.0 1,022.6 The Group holds a direct interest in Bridgepoint Group Holdings Limited as at 31 December 2022 representing 100% (2021: 100%). Its registered office is referenced in the table below the list of subsidiaries. (a) List of subsidiaries Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Group Holdings Limited 1 UK Holding company Ordinary shares 100% The table below shows details of subsidiaries owned directly or indirectly by Bridgepoint Group Holdings Limited as at 31 December 2022 and its ownership interest in each entity. The registered office of each subsidiary is referenced to a table below the list of subsidiaries. All subsidiaries operate in the countries where they are registered or incorporated and are stated at cost less, where appropriate, provision for impairment. Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest 101 Investments (GP) Limited 1 UK General Partner Ordinary shares 100% Atlantic GP 1 Limited 1 UK General Partner Ordinary shares 100% Atlantic GP 2 Limited 1 UK General Partner Ordinary shares 100% Atlantic GP LLP 2 UK General Partner N/A \u2013 BBTPS GP Limited 1 UK General Partner Ordinary shares 100% BBTPS FP GP Limited 2 UK General Partner Ordinary shares 100% BBTPS Nominees Limited 1 UK Nominee company Ordinary shares 100% BC II FP Limited 1 UK Dormant entity Ordinary shares 100% BC II FP SGP Limited 2 UK Dormant entity Ordinary shares 100% BC GP 1 Limited 1 UK General Partner Ordinary shares 100% BC GP 2 Limited 1 UK General Partner Ordinary shares 100% BC II GP LLP 2 UK General Partner N/A \u2013 BC II GP LP 2 UK General Partner N/A \u2013 BC II MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BC MLP UK Limited 1 UK Managing Limited Partner Ordinary shares 100% BC SMA Carry GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% BC SMA II Carry GP LLP 2 UK General Partner N/A \u2013 BC SMA II FP Limited 1 UK Founder Partner Ordinary shares 100% BCLO Credit Investments I S.\u00e0 r.l. 3 Luxembourg CLO management company Ordinary shares 100% BCO II Carry GP LLP 2 UK General Partner N/A \u2013 BCO III Carry GP LLP 2 UK General Partner N/A \u2013 BCO IV Carry GP LLP 2 UK General Partner N/A \u2013 BCO IV FP Limited 1 UK Founder Partner Ordinary shares 100% BCO IV LORAC Limited 1 UK Investment holding company Ordinary shares 100% BCO IV SFP LP 2 UK General Partner N/A \u2013 BDC GP LP 2 UK General Partner N/A \u2013 BDC II (SGP) Limited 2 UK General Partner Ordinary shares 100% BDC II FP GP Limited 2 UK General Partner Ordinary shares 100% BDC II GP LP 2 UK General Partner N/A \u2013 BDC II Limited 1 UK Limited Partner Ordinary shares 100% BDC II Nominees Limited 1 UK Nominee company Ordinary shares 100% BDC III GP 1 Limited 1 UK General Partner Ordinary shares 100% BDC III GP 2 Limited 1 UK General Partner Ordinary shares 100% BDC III GP LLP 1 UK General Partner N/A \u2013 BDC III Limited 1 UK Dormant entity Ordinary shares 100% BDC III Nominees Limited 1 UK Nominee company Ordinary shares 100% BDC III SFP GP Limited 2 UK General Partner Ordinary shares 100% BDC IV Nominees Limited 1 UK Nominee company Ordinary shares 100% BDC IV Limited 1 UK Dormant entity Ordinary shares 100% BDC IV GP 1 Limited 1 UK General Partner Ordinary shares 100% BDC IV GP 2 Limited 1 UK General Partner Ordinary shares 100% BDC IV MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BDC IV GP LLP 2 UK General Partner N/A \u2013 BDC IV GP LP 2 UK General Partner N/A \u2013 BDC IV SFP GP Limited 2 UK General Partner Ordinary shares 100% Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest BDC Special 1 Limited 2 UK General Partner Ordinary shares 100% BDC Special 2 Limited 2 UK General Partner Ordinary shares 100% BDC Special GP LLP 2 UK General Partner N/A \u2013 BDCP II (Nominees) Limited 1 UK Nominee company Ordinary shares 100% BDCP II GP 1 Limited 1 UK General Partner Ordinary shares 100% BDCP II GP 2 Limited 1 UK General Partner Ordinary shares 100% BDCP II GP LLP 2 UK General Partner N/A \u2013 BDCP II GP LP 2 UK General Partner N/A \u2013 BDCP II Limited 1 UK Investment holding company Ordinary shares 100% BDCP II MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BDCP II SFP GP Limited 2 UK General Partner Ordinary shares 100% BDL I Carry GP LLP 2 UK General Partner N/A \u2013 BDL II Carry GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% BDL III Carry GP LLP 2 UK General Partner N/A \u2013 BDL III FP Limited 1 UK Founder Partner Ordinary shares 100% BDL III LORAC Limited 1 UK Investment holding company Ordinary shares 100% BEP IV (Nominees) Limited 1 UK Nominee company Ordinary shares 100% BEP IV FP Limited 1 UK Founder Partner Ordinary shares 100% BEP IV FP SGP Limited 2 UK General Partner Ordinary shares 100% BEP IV GP 2 Limited 1 UK General Partner Ordinary shares 100% BEP IV GP LLP 2 UK General Partner N/A \u2013 BEP IV GP LP 2 UK General Partner N/A \u2013 BEP IV MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BEV Germany GP Co Limited 4 Guernsey General Partner Ordinary shares 100% BEV FP Limited 1 UK Founder Partner Ordinary shares 100% BEV GP LLP 1 UK General Partner N/A \u2013 BEV FP SGP Limited 2 UK General Partner Ordinary shares 100% BEV GP 2 Limited 1 UK General Partner Ordinary shares 100% BEV GPC Limited 1 UK General Partner Ordinary shares 100% BEV MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BEV Nominees Limited 1 UK Nominee company Ordinary shares 100% BEV Nominees II Limited 1 UK Nominee company Ordinary shares 100% BE VI FP Limited 1 UK Dormant entity Ordinary shares 100% BE VI FP SGP Limited 2 UK General Partner Ordinary shares 100% BE VI GP 2 Limited 1 UK General Partner Ordinary shares 100% BE VI GP LLP 2 UK General Partner N/A \u2013 BE VI GP LP 2 UK General Partner N/A \u2013 BE VI Limited 4 Guernsey Dormant entity Ordinary shares 100% BE VI MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% BE VI Nominees Limited 1 UK Nominee company Ordinary shares 100% BE VII GP SCSp 3 Luxembourg General Partner N/A \u2013 BG II GP LLP 1 UK General Partner N/A \u2013 BG II Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint AB 5 Sweden Private equity advisory company Ordinary shares 100% Bridgepoint Advantage Limited 1 UK Dormant entity Ordinary shares 100% Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Advantage MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% Bridgepoint Advantage FP Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Advantage FP SGP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Advantage GP 2 Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Advantage GP LLP 2 UK General Partner N/A \u2013 Bridgepoint Advantage GP LP 2 UK General Partner N/A \u2013 Bridgepoint Advantage Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Advisers Europe Limited 1 UK Private equity advisory company Ordinary shares 100% Bridgepoint Advisers Group Limited 1 UK Investment holding company Ordinary shares 100% Bridgepoint Advisers Holdings 1 UK Investment holding company Ordinary shares 100% Bridgepoint Advisers II Limited 1 UK Private equity management company Ordinary shares 100% Bridgepoint Advisers Limited 1 UK Private equity management company Ordinary shares 100% Bridgepoint Advisers UK Limited 1 UK Private equity management company Ordinary shares 100% Bridgepoint Capital (Doolittle) Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Capital (GP) Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Capital (Nominees) Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Capital Directorships Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Capital General Partner LP 2 UK General Partner N/A \u2013 Bridgepoint Capital Group Limited Employee Benefit Trust 1 UK Employee Benefit Trust N/A \u2013 Bridgepoint Capital Scottish GP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Capital Scottish GP II Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Capital Partners Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Capital Verwaltungs GmbH 6 Germany General Partner Ordinary shares 100% Bridgepoint Charitable Trust 1 UK Charitable Trust N/A \u2013 Bridgepoint Credit AD GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Advisers Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Credit Advisers UK Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Credit BOCPIF GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Carry LP 2 UK Investment holding company N/A \u2013 Bridgepoint Credit Carry GP LLP 2 UK General Partner N/A \u2013 Bridgepoint Credit Co-Invest GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Empire GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Europe Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Credit France SAS 12 France Credit fund management company Ordinary shares 100% Bridgepoint Credit GP Verwaltungs GmbH 13 Germany General Partner Ordinary shares 100% Bridgepoint Credit Holdings Limited 1 UK Investment holding company Ordinary shares 100% Bridgepoint Credit Limited 1 UK Credit fund management company Ordinary shares 100% Bridgepoint Credit Management Limited* 1 UK Credit fund management company Ordinary shares 49% Bridgepoint Credit MSPD GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit MPD GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Nominees Limited 1 UK Nominee company Ordinary shares 100% Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Credit Opportunities II GP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Credit Opportunities II GP LP 2 UK General Partner N/A \u2013 Bridgepoint Credit Opportunities III GP Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Credit Opportunities III GP LP 2 UK General Partner N/A \u2013 Bridgepoint Credit Opportunities IV GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Opportunities SICAV GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Partners Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Credit PPF GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Credit Services S.\u00e0 r.l. 3 Luxembourg Credit fund advisory company Ordinary shares 100% Bridgepoint Credit UK Limited 1 UK Credit fund advisory company Ordinary shares 100% Bridgepoint Debt Funding Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Debt Management Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Debt Managers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Development Capital Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Direct Lending II GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Direct Lending III GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Europe (SGP) Ltd 2 UK General Partner Ordinary shares 100% Bridgepoint Europe III FP (GP) Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Europe III (GP) Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Europe III GP LP 2 UK General Partner N/A \u2013 Bridgepoint Europe IV (Nominees) 1 Limited 1 UK Nominee entity Ordinary shares 100% Bridgepoint Europe IV (Nominees) Limited 1 UK Nominee entity Ordinary shares 100% Bridgepoint Europe IV FP (GP) Limited 2 UK General Partner Ordinary shares 100% Bridgepoint Europe IV General Partner L.P. 2 UK General Partner N/A \u2013 Bridgepoint Europe IV General Partner \u2018F\u2019 L.P. 2 UK General Partner N/A \u2013 Bridgepoint Europe Limited 1 UK Limited Partner Ordinary shares 100% Bridgepoint Europe Managerial LLP 1 UK Limited Partner N/A \u2013 Bridgepoint Europe V Finance 1 Limited 1 UK Dormant entity Ordinary Shares 100% Bridgepoint Europe VII (GP) S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Europe VII FP Limited 1 UK Founder Partner Ordinary shares 100% Bridgepoint Europe VII FP SGP Limited 2 UK Bridgepoint Europe VII GP 2 Limited 1 UK General Partner Ordinary shares 100% Bridgepoint Europe VII GP LLP 1 UK General Partner N/A \u2013 Bridgepoint Europe VII Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Europe VII MLP Limited 1 UK Managing Limited Partner Ordinary shares 100% Bridgepoint Finance Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Fund Management S.\u00e0 r.l. 3 Luxembourg Private equity management company Ordinary Shares 100% Bridgepoint GmbH 6 Germany Private equity advisory company Ordinary shares 100% Bridgepoint GP2 LLP 2 UK General Partner N/A \u2013 Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interest Bridgepoint Growth I GP LLP 1 UK General Partner N/A \u2013 Bridgepoint Growth Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Growth Nominees Limited 1 UK Nominee company Ordinary shares 100% Bridgepoint Holdco 1 Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Holdings Group Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Holdings Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Infrastructure Advisers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Infrastructure Development Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Infrastructure Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint International Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Investment Consultants (Shanghai) Co Ltd 8 China Private equity advisory company Ordinary shares 100% Bridgepoint Loan Fund GP S.\u00e0.r.l. 3 Luxembourg General Partner Ordinary shares 100% Bridgepoint Netherlands B.V. 9 Netherlands Private equity advisory company Ordinary shares 100% Bridgepoint Partners Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint SAS 7 France Private equity advisory company Ordinary shares 100% Bridgepoint Private Equity Group Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Private Equity Growth Fund Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Private Equity Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Property Advisers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Property Development Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Estate Advisers Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Estate Development Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Estate Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Real Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint SA 10 Spain Private equity advisory company Ordinary shares 100% Bridgepoint Services S\u00e0rl 3 Luxembourg Private equity advisory company Ordinary shares 100% Bridgepoint Sp Zoo 11 Poland Private equity advisory company Ordinary shares 100% Bridgepoint Sp Zoo sp.k 11 Poland Private equity advisory company N/A \u2013 Bridgepoint Structured Credit Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint US Holdco Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint Ventures Limited 1 UK Dormant entity Ordinary shares 100% Bridgepoint, LLC 14 United States Private equity advisory company Ordinary shares 100% Burgundy GP LLP 1 UK General Partner Ordinary shares 100% Burgundy GP 2 Limited 1 UK General Partner Ordinary shares 100% GeorgeTown (Nominees) Limited 1 UK Dormant entity Ordinary shares 100% Horninghaven Limited 1 UK Dormant entity Ordinary shares 100% Horningway Limited 1 UK General Partner Ordinary shares 100% HPE II GP LP 2 UK General Partner N/A \u2013 HPE SGP Limited 2 UK General Partner Ordinary shares 100% LORAC 5 Limited 1 UK Investment holding company Ordinary shares 100% LORAC 6 Limited 1 UK Investment holding company Ordinary shares 100% Ref Registered office 1 5 Marble Arch, London, W1H 7EJ, United Kingdom 2 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, Scotland, United Kingdom 3 6B Rue du Fort Niedergr\u00fcnewald, Luxembourg, L-2226, Luxembourg 4 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, GY1 2HL, Guernsey 5 M\u00e4ster Samuelsgatan 1, S-111 44 Stockholm , Sweden 6 Neue Mainzer Strasse 28, 60311 Frankfurt, Germany 7 21 Avenue Kleber, 75116, Paris, France 8 Unit 2103-05, ONE ICC, No 999 Middle Huaihai Road, Shanghai, Xuhui District, China 9 Amstelveenseweg 760, 1081JK, Amsterdam, Netherlands 10 Calle Rafael Calvo, 39A-4\u00b0 - 28010 Madrid , Spain 11 ul. Rondo ONZ 1, 00-124, Warsaw, Poland 12 21 rue La P\u00e9rouse, 75116, Paris, France 13 C/O Steigmaier Steuerberatungsgesellschaft mbH, Schleissheimer Str. 12, 85221, Dachau, Germany 14 Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington Newcastle DE 19808, United States 15 21 rue La P\u00e9rouse, 75017, Paris, France Name of subsidiary Ref Country of incorporation Principal activity Share class Company\u2019s proportion of ownership interes t LORAC BC Co-Investment Limited 1 UK Investment holding company Ordinary shares 100% LORAC BC II Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDC III Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDC IV Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDC Limited 1 UK Investment holding company Ordinary shares 100% LORAC BDCP II Limited 1 UK Investment holding company Ordinary shares 100% LORAC BEP IV Limited 1 UK Investment holding company Ordinary shares 100% LORAC BE VI Co-investment Limited 1 UK Investment holding company Ordinary shares 100% LORAC BG I Limited 1 UK Investment holding company Ordinary shares 100% LORAC Carry BC SMA II Limited 1 UK Investment holding company Ordinary Shares 100% LORAC Carry BCO IV Limited 1 UK Investment holding company Ordinary Shares 100% LORAC Carry BDL III Limited 1 UK Investment holding company Ordinary Shares 100% LORAC Eagle Limited 1 UK Investment holding company Ordinary shares 100% LORAC KITE Limited 1 UK Investment holding company Ordinary shares 100% New HPE II GP LP 2 UK General Partner N/A \u2013 Opal Investments LP 2 UK Investment holding partnership N/A \u2013 PEPCO Services LLP 1 UK Collective purchasing negotiator N/A \u2013 Ruby Germany GP Limited 4 Guernsey General Partner Ordinary shares 100% Ruby Investments (UK) Limited 1 UK Investment holding company Ordinary shares 100% Sapphire Investments (Guernsey) Limited 4 Guernsey Investment holding company Ordinary shares 100% Throttle Nominees Limited 1 UK Nominee company Ordinary shares 100% Vigny Advisory 15 France Dormant entity Ordinary shares 100% Vigny Participation 15 France Dormant entity Ordinary shares 100% Vigny Holding 15 France Dormant entity Ordinary shares 100% * The Group holds 49% of A Shares and 100% of B shares. As the Group has the power to force a compulsory purchase of the A shares and all the B shares have been bought by the Group and all profits and residuals accumulate to the B shares, the Group has deemed to control and are consolidated within the financial statements. (b) Entities not consolidated The table below shows entities that are indirect subsidiaries of the Company, but the Group does not have the power to direct activities or rights to variable returns from the entity and they are therefore not consolidated in the financial information. Name of subsidiary: Ref Country of incorporation Principal activity Share class Proportion of ownership interest Bridgepoint PE CI Limited 1 UK Investment holding company Ordinary shares 49.1% Sapphire Fund II South Limited 4 Guernsey Investment holding company Ordinary shares 25% Sapphire Sub II A Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub II B Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub III A Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub III B Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub III C Limited 4 Guernsey Investment holding company Ordinary shares 100% Sapphire Sub South Limited 4 Guernsey Investment holding company Ordinary shares 25% The profit or loss for the above entities for the years ended 31 December 2021 and 2022 are not material. (c) Consolidated structured entities The table below shows details of structured entities that the Group has deemed to control and are consolidated within the financial statements for the periods referenced. Country of incorporation Group\u2019s proportion of ownership interest Nature of interest Periods consolidated Name of structured entities: BE VI (French) Co-Invest LP United Kingdom 86.2% Limited partner All periods BDC IV (French) Co-Investment LP United Kingdom 51.9% Limited partner Year ended 31 December 2022 Bridgepoint CLO 1 DAC Ireland 55% Subordinated note in the residual class All periods Bridgepoint CLO 3 DAC Ireland 51% Subordinated note in the residual class Year ended 31 December 2022 Bridgepoint CLO 4 DAC Ireland 50% Warehouse equity Year ended 31 December 2022 Opal Investments LP United Kingdom 85.0% Limited partner All periods Maple Tree VII LP United Kingdom 21.7%* Limited partner Year ended 31 December 2022 * A control assessment of Maple Tree VII LP has been performed in accordance with its accounting policies and concluded that the Group has power and exposure to variable returns in profit sharing. As a result, the Group consolidates the vehicle. Under the limited partnership agreement, third-party investors have the right to receive the higher of a preferred return and multiple of drawn commitments, along with a share of residual profits from the partnership. As at 31 December 2022, no commitment had been drawn from the third-party investors. (d) Associates Where the Group hold investments in funds or CIPs that give the Group significant influence, but not control, through participation in the financial and operating policy decisions, the Group measures investments in associates at fair value through profit or loss. Information about the Group\u2019s associates measured at fair value is shown below. The investments are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position. BDC III SFP LP The Group has an interest in a CIP which has a share of 26% of the rights to the carried interest from the BDC III fund partnerships and is therefore considered to have significant influence. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, the BDC III carry scheme is considered an associate of the Group. Key financial information is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Carried interest receivable 136.4 136.3 Carried interest payable (136.2) (136.3) Net assets (0.2) \u2013 Result for the year \u2013 \u2013 Country of domicile UK UK Group\u2019s interest in the associate 25.9% 25.9% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BEP IV SFP LP Within investments in funds, the Group has an investment that has an entitlement of 49.7% of the limited partner commitments of BEP IV SFP LP, a partnership that is a co-investor into the BEP IV fund partnerships. The Group also has a 31.8% of the entitlement to the founder partner commitments of the entity, which currently has no value. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, BEP IV SFP LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Investments at fair value 39.5 46.6 Other assets 3.2 1.7 Total liabilities (2.1) (0.5) Net assets 40.6 47.8 Profit for the year 0.7 5.8 Country of domicile UK UK Group\u2019s interest in the associate 49.7% 49.7% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BE VI Co-Investment (Feeder) Partnership LP The Group has an investment that has an entitlement of 45.6% of the limited partner commitments of BE VI Co-Investment (Feeder) Partnership LP. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, BE VI Co-Investment (Feeder) Partnership LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Investments at fair value 12.4 7.4 Other assets 1.5 2.0 Total liabilities (0.1) (0.1) Net assets 13.8 9.3 Profit for the year 2.8 1.9 Country of domicile UK UK Group\u2019s interest in the associate 45.6% 52.6% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. Other associates In addition to the associates listed above, there are four other entities where the Group considers itself to have significant influence with ownership above 20%. These are immaterial individually and in aggregate and have no balances or transactions associated with them for the years presented. (e) Subsidiaries not audited For the year ended 31 December 2022 the following UK subsidiaries were expected to be entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies: 101 Investments (GP) Limited BDC III GP 2 Limited BDCP II GP 2 Limited BEP IV GP 2 Limited Atlantic GP 1 Limited BDC III Limited BDCP II MLP Limited BEP IV MLP Limited Atlantic GP LLP BDC III SFP GP Limited BDCP II SFP GP Limited BEV FP SGP Limited BBTPS FP GP Limited BDC IV GP 2 Limited BE VI FP SGP Limited Bridgepoint Europe III FP (GP) Limited BC GP 2 Limited BDC IV MLP Limited BE VI GP 2 Limited Bridgepoint Europe IV FP (GP) Limited BC II FP SGP Limited BDC IV SFP GP Limited BE VII FP Limited Bridgepoint Europe Managerial LLP BC II MLP Limited BDC Special 1 Limited BE VII FP SGP Limited Bridgepoint Growth I GP LLP BDC II FP GP Limited BDC Special 2 Limited BE VI MLP Limited Burgundy GP LLP BDC II Limited BDC Special GP LLP BEP IV FP SGP Limited ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "(d) Associates Where the Group hold investments in funds or CIPs that give the Group significant influence, but not control, through participation in the financial and operating policy decisions, the Group measures investments in associates at fair value through profit or loss. Information about the Group\u2019s associates measured at fair value is shown below. The investments are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position. BDC III SFP LP The Group has an interest in a CIP which has a share of 26% of the rights to the carried interest from the BDC III fund partnerships and is therefore considered to have significant influence. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, the BDC III carry scheme is considered an associate of the Group. Key financial information is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Carried interest receivable 136.4 136.3 Carried interest payable (136.2) (136.3) Net assets (0.2) \u2013 Result for the year \u2013 \u2013 Country of domicile UK UK Group\u2019s interest in the associate 25.9% 25.9% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BEP IV SFP LP Within investments in funds, the Group has an investment that has an entitlement of 49.7% of the limited partner commitments of BEP IV SFP LP, a partnership that is a co-investor into the BEP IV fund partnerships. The Group also has a 31.8% of the entitlement to the founder partner commitments of the entity, which currently has no value. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, BEP IV SFP LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Investments at fair value 39.5 46.6 Other assets 3.2 1.7 Total liabilities (2.1) (0.5) Net assets 40.6 47.8 Profit for the year 0.7 5.8 Country of domicile UK UK Group\u2019s interest in the associate 49.7% 49.7% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BE VI Co-Investment (Feeder) Partnership LP The Group has an investment that has an entitlement of 45.6% of the limited partner commitments of BE VI Co-Investment (Feeder) Partnership LP. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. Accordingly, BE VI Co-Investment (Feeder) Partnership LP is considered to be an associate of the Group. Key financial information about the fund is set out in the table below. 31 December 2022 \u00a3 m 2021 \u00a3 m Investments at fair value 12.4 7.4 Other assets 1.5 2.0 Total liabilities (0.1) (0.1) Net assets 13.8 9.3 Profit for the year 2.8 1.9 Country of domicile UK UK Group\u2019s interest in the associate 45.6% 52.6% The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. Other associates In addition to the associates listed above, there are four other entities where the Group considers itself to have significant influence with ownership above 20%. These are immaterial individually and in aggregate and have no balances or transactions associated with them for the years presented. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "28 Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of
contractual arrangements.
The Group has determined that where the Group holds an investment, loan, fee receivable, commitment with an investment fund or CIP
with a right to carried interest, this represents an interest in a structured entity. Where the Group does not hold an investment in the
structured entity, the Group has determined that the characteristics of control are not met. As set out in note 3 (a), CIPs that currently
have value are those where the Group is exposed to variable returns in the range of 5-25.9% with the main beneficiaries of the CIP being
the other participants.
The disclosure below includes CLO 2 for the year ended 31 December 2022, which is not consolidated, as explained in note 3 (a) (2021:
CLO 2 and CLO 3 were not consolidated).
The Group acts in accordance with pre-determined parameters set out in various agreements and the decision-making authority is
well defined, including third-party rights in respect of the investment manager. The agreements include management fees that are
commensurate with the services provided and performance fee arrangements that are industry standard. As such the Group is acting
as agent on behalf of these investors and therefore these entities are not consolidated into the Group\u2019s financial statements.
The Group\u2019s interest in and exposure to unconsolidated structured entities including outstanding management fees is detailed in the table below and recognised within trade and other receivables in the Consolidated Statement of Financial Position. The carried interest receivable is included within the Consolidated Statement of Financial Position. Value of the Group\u2019s co- investments at year end \u00a3 m Typical Group commitment to the fund as % Total investor commitments \u00a3 bn Net asset value of the funds at year end \u00a3 bn Management fees received by the Group \u00a3 m Typical management fee range % Carried interest rate % Group share of carried interest % Group accrued carried interest receivable at year end \u00a3 m Group maximum exposure to loss at year end \u00a3 m 31 December 2022 Private equity funds 241.3 <2% 28.2 15.5 179.5 0.75 to 2.00% Generally up to 20% of profits over threshold Up to 35% 39.4 280.7 Credit funds 76.9 <2% 4.9 2.8 50.8 1.00 to 1.75% Generally up to 20% of profits over threshold Up to 35% 2.6 79.5 318.2 33.1 18.3 230.3 42.0 360.2 31 December 2021 Private equity funds 217.9 <2% 23.0 13.8 157.3 0.75 to 2.00% Generally up to 20% of profits over threshold Up to 35% 36.4 254.3 Credit funds 108.1 <2% 5.9 3.8 37.9 1.00 to 1.75% Generally up to 20% of profits over threshold Up to 35% 2.5 110.6 326.0 28.9 17.6 195.2 38.9 364.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "29 Events after the reporting period On 24 January 2023, the Company announced an on-market Share Buyback Programme of up to \u00a350.0m. The sole purpose of the Share Buyback Programme is to reduce the Company\u2019s share capital. The Share Buyback Programme commenced on 24 January 2023 and is expected to be completed on or before 30 September 2023. As at the date of the approval of the financial statements, in aggregate 3,270,273 ordinary shares have been acquired by the Company pursuant to the Share Buyback Programme and cancelled. There have been no other material subsequent events since 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800KFNMVI8PDZX472",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}