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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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "Bridgepoint Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "5 Marble Arch, London, W1H 7EJ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "5 Marble Arch, London, W1H 7EJ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "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": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "Basis of preparation The consolidated financial statements for the year ended 31 December 2023 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": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "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.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "
Adoption of new and amended standards and interpretations
Standards, interpretations and amendments to published standards effective for the year ended 31 December 2023
The following new and amended standards do not have a material impact on the Group or Company\u2019s financial statements:
International accounting standards and interpretations
Effective date
Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d and IFRS Practice Statement 2 \u201cDisclosure of
Accounting Policies\u201d
1 January 2023
Amendments to IAS 8 \u201cDefinition of Accounting Estimates\u201d
1 January 2023
IFRS 17 \u201cInsurance Contracts\u201d
1 January 2023
Amendments to IAS 12 \u201cDeferred Tax Related to Assets and Liabilities Arising from a Single Transaction\u201d
1 January 2023
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12
23 May 2023
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "Adoption of new and amended standards and interpretations Standards, interpretations and amendments to published standards effective for the year ended 31 December 2023 The following new and amended standards do not have a material impact on the Group or Company\u2019s financial statements:
International accounting standards and interpretations
Effective date
Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d and IFRS Practice Statement 2 \u201cDisclosure of
Accounting Policies\u201d
1 January 2023
Amendments to IAS 8 \u201cDefinition of Accounting Estimates\u201d
1 January 2023
IFRS 17 \u201cInsurance Contracts\u201d
1 January 2023
Amendments to IAS 12 \u201cDeferred Tax Related to Assets and Liabilities Arising from a Single Transaction\u201d
1 January 2023
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12
23 May 2023
Standards, interpretations and amendments to published standards which are not yet effective New and amended standards that have been issued, but are not yet effective, up to the date of the Group\u2019s financial statements are disclosed below. The Group plans to adopt these, if applicable, when they become effective. The following do not have a material impact on the Group or Company\u2019s financial statements:
International accounting standards and interpretations
Effective date
Amendments to IFRS 16 \u201cLeases\u201d: lease liability in a sale and leaseback
1 January 2024
Amendments to IAS 1: non-current liabilities with covenants and classification of liabilities as current or
non-current
1 January 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "
Standards, interpretations and amendments to published standards which are not yet effective
New and amended standards that have been issued, but are not yet effective, up to the date of the Group\u2019s financial statements are
disclosed below. The Group plans to adopt these, if applicable, when they become effective. The following do not have a material impact
on the Group or Company\u2019s financial statements:
International accounting standards and interpretations
Effective date
Amendments to IFRS 16 \u201cLeases\u201d: lease liability in a sale and leaseback
1 January 2024
Amendments to IAS 1: non-current liabilities with covenants and classification of liabilities as current or
non-current
1 January 2024
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "
Changes to comparative period financial information
The presentation of foreign exchange gains and losses has been changed in the Consolidated Statement of Profit or Loss as it primarily
relates to non-operating activities. As a result, the comparative information for the affected line items for the year ended 31 December
2022 has been restated to reclassify foreign exchange gains of \u00a31.1m into finance and other income. The restatement also impacts the
comparative period EBITDA and FRE metrics throughout the annual report. There is no impact on net profit in either year.
", "dimensions": { "concept": "bridgepointgroupplc:DescriptionOfAccountingPolicyForChangesToComparatives", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "Going concern The consolidated financial statements have been prepared on a going concern basis. 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. In forming this conclusion the Directors have 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 65 to 67. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "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
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.
(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 income 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.
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.
It also includes income earned from other investments including, but not limited to, loans made to fund portfolio companies. Interest
income is accrued on the principal amount of the loans based on the contractual interest rate.
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 current or 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 aligned to the investment period of the fund which is between
three and five years for private equity funds.
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 (f).
(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
The Group enters into both equity-settled and cash-settled share-based payment arrangements with certain employees as compensation
for the provision of their services.
1) Equity-settled share-based payments
The cost of equity-settled share-based payments with employees is measured by reference to the fair value at the date at which the
awards are granted and is recognised as an expense 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.
In valuing equity-settled transactions, no account is taken of any non-market based vesting conditions and no expense or investment
is recognised for awards that do not ultimately vest as a result of a failure to satisfy a non-market based vesting condition.
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.
Upon vesting of an equity instrument, the cumulative cost in the share-based payments reserve is reclassified to retained earnings in equity.
2) Cash-settled share-based payments
The cost of cash-settled transactions is measured at fair value. Fair value is estimated initially at the grant date and at each balance sheet
date thereafter until the awards are settled. Market based performance conditions are taken into account when determining fair value.
At each balance sheet date, the liability recognised is based on the fair value of outstanding awards (ignoring non-market based vesting
conditions), along with any employment tax to be incurred by the Group, at the balance sheet date, the period that fell prior to the
balance sheet date and management\u2019s estimate of the likelihood and extent of non-market based vesting conditions being achieved.
Changes in the carrying amount of the liability are recognised in the Consolidated Statement of Profit or Loss for the period.
(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 from within EBITDA exceptional items and employee
share-based payments granted to a targeted group of employees to increase employee ownership in the Group post-IPO.
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) Leases
Group as lessee
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 Group\u2019s incremental borrowing rate (\u201cIBR\u201d) as the discount rate as the implicit rate is not readily determinable for
the rented office premises. The IBR reflects the rate that the Group 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.
The lease liability is subsequently measured at amortised cost using the effective interest method. Lease payments due within the next
12 months are recognised within current liabilities. Payments due after 12 months are recognised within non-current liabilities.
Right-of-use 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. 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.
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.
(h) Finance and other income and expense
Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts
receivable from related party investors, foreign exchange gains and the impact of the remeasurement of the deferred contingent
consideration.
Finance and other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities, foreign exchange losses
and amounts due to related party investors.
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.
(i) 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 Consolidated and Company 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.
(j) 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 in other comprehensive income or 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.
(k) 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 to a residual value 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 estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of
any changes in estimate accounted for on a prospective basis.
(l) Intangible assets
Customer relationship intangible assets
Customer relationship intangible assets acquired from a business combination are initially recognised at cost. The cost of intangible assets
acquired in a business combination is their fair value at the date of acquisition. Following the initial recognition, intangible assets are
carried 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 up to 7 years. The amortisation is included within \u201cDepreciation and amortisation expense\u201d in the Consolidated
Statement of Profit or Loss.
Computer software
Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software.
Software recognised as an asset is carried at cost less accumulated amortisation and impairment losses.
Software-as-a-Service (\"SaaS\") contracts are only classified as intangible assets when the recognition criteria are fulfilled; otherwise they
are classified as service contracts, for which costs are expensed as incurred.
Capitalised computer software is amortised over its estimated useful economic lives up to 5 years.
(m) Business combinations and goodwill
Business combinations 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.
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 Consolidated 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 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 remaining 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.
(n) Financial instruments
Financial assets
The Group\u2019s financial assets consist of fund investments, investments made by Collateralised Loan Obligations (\u201cCLOs\u201d) consolidated by
the Group, derivative financial instruments, other investments, accounts receivable and other receivables, and cash and cash equivalents.
The Company\u2019s financial assets consist of accounts receivable and other receivables, derivative financial instruments, cash and cash
equivalents.
1) Recognition and measurement
A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is
generally on trade date.
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.
2) Fair value through profit or loss
The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as such
assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value remeasurement
of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated CLO assets.
Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with counterparties.
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. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and hedge accounting
section below. 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.
3) Amortised cost
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. Receivables due in more 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.
Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point
at which the CLO has a contractual right to exchange cash.
The Group accounts for regular way amortised cost financial instruments using trade date accounting.
Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost.
4) 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 (including lease receivables) the Group and Company apply the simplified
approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. The allowance is based on historic experience of
collection rates over the expected life of trade receivables, adjusted for forward looking factors specific to each counterparty and the
economic environment at large, to create an expected loss matrix.
5) 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.
Financial liabilities
1) Fair value through profit or loss
Derivative financial liabilities are initially recognised and subsequently measured at fair value at each reporting date.
The majority of 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 remeasurement 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 the consolidated CLOs is not recognised in other comprehensive income as the effect
would create an accounting mismatch in profit or loss.
Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss with gains or
losses from fair value remeasurement recognised in finance and other income.
CLO repurchase agreements and 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.
2) Amortised cost
Borrowings are initially recognised as the amount of cash received from the lender, less separately incurred transaction costs. They are
subsequently measured at amortised cost using the effective interest rate method.
Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the
point at which the CLO has a contractual obligation to exchange cash.
3) Derecognition
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
For derivatives designated as a hedging instrument in cash flow hedges, during the hedging relationship the effective portion of the fair
value movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any
ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the hedged
item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are reclassified to
profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the recognition of a
non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated directly as a basis
adjustment to the carrying amount.
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.
(o) 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 for the Group.
(p) Investments in associates
Associates are entities such as funds or carried interest partnerships 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.
The investments in associates are designated at fair value through profit or loss. The investments are recorded at fair value of fund
investment or carried interest receivable within the Group Consolidated Statement of Financial Position. Any gains or losses are
recognised within fair value remeasurement of investments in the Consolidated Statement of Profit or Loss.
(q) Cash and cash equivalents
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 with original maturities of three months are not included in cash equivalents and are presented separately on the Consolidated
and Company Statement of Financial Position.
(r) 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, if relevant, approved by the shareholders. These amounts are recognised in the Statement of Changes in
Equity.
(s) 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 shares of the Company from employees who have left the employment of the Group or for other reasons. 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 Group 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
from retained earnings.
When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "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 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "(c) Operating income Operating income primarily comprises management and other fees, carried interest income and investment income 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. 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. It also includes income earned from other investments including, but not limited to, loans made to fund portfolio companies. Interest income is accrued on the principal amount of the loans based on the contractual interest rate. Amounts are recognised in the Consolidated Statement of Profit or Loss on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "(c) Operating income Operating income primarily comprises management and other fees, carried interest income and investment income 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. 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. It also includes income earned from other investments including, but not limited to, loans made to fund portfolio companies. Interest income is accrued on the principal amount of the loans based on the contractual interest rate. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "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 current or 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 aligned to the investment period of the fund which is between three and five years for private equity funds. 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 (f). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "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 The Group enters into both equity-settled and cash-settled share-based payment arrangements with certain employees as compensation for the provision of their services. 1) Equity-settled share-based payments The cost of equity-settled share-based payments with employees is measured by reference to the fair value at the date at which the awards are granted and is recognised as an expense 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. In valuing equity-settled transactions, no account is taken of any non-market based vesting conditions and no expense or investment is recognised for awards that do not ultimately vest as a result of a failure to satisfy a non-market based vesting condition. 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. Upon vesting of an equity instrument, the cumulative cost in the share-based payments reserve is reclassified to retained earnings in equity. 2) Cash-settled share-based payments The cost of cash-settled transactions is measured at fair value. Fair value is estimated initially at the grant date and at each balance sheet date thereafter until the awards are settled. Market based performance conditions are taken into account when determining fair value. At each balance sheet date, the liability recognised is based on the fair value of outstanding awards (ignoring non-market based vesting conditions), along with any employment tax to be incurred by the Group, at the balance sheet date, the period that fell prior to the balance sheet date and management\u2019s estimate of the likelihood and extent of non-market based vesting conditions being achieved. Changes in the carrying amount of the liability are recognised in the Consolidated Statement of Profit or Loss for the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "Share-based payments The Group enters into both equity-settled and cash-settled share-based payment arrangements with certain employees as compensation for the provision of their services. 1) Equity-settled share-based payments The cost of equity-settled share-based payments with employees is measured by reference to the fair value at the date at which the awards are granted and is recognised as an expense 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. In valuing equity-settled transactions, no account is taken of any non-market based vesting conditions and no expense or investment is recognised for awards that do not ultimately vest as a result of a failure to satisfy a non-market based vesting condition. 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. Upon vesting of an equity instrument, the cumulative cost in the share-based payments reserve is reclassified to retained earnings in equity. 2) Cash-settled share-based payments The cost of cash-settled transactions is measured at fair value. Fair value is estimated initially at the grant date and at each balance sheet date thereafter until the awards are settled. Market based performance conditions are taken into account when determining fair value. At each balance sheet date, the liability recognised is based on the fair value of outstanding awards (ignoring non-market based vesting conditions), along with any employment tax to be incurred by the Group, at the balance sheet date, the period that fell prior to the balance sheet date and management\u2019s estimate of the likelihood and extent of non-market based vesting conditions being achieved. Changes in the carrying amount of the liability are recognised in the Consolidated Statement of Profit or Loss for the period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "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 from within EBITDA exceptional items and employee share-based payments granted to a targeted group of employees to increase employee ownership in the Group post-IPO. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "(g) Leases Group as lessee 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 Group\u2019s incremental borrowing rate (\u201cIBR\u201d) as the discount rate as the implicit rate is not readily determinable for the rented office premises. The IBR reflects the rate that the Group 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. The lease liability is subsequently measured at amortised cost using the effective interest method. Lease payments due within the next 12 months are recognised within current liabilities. Payments due after 12 months are recognised within non-current liabilities. Right-of-use 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. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "(h) Finance and other income and expense Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts receivable from related party investors, foreign exchange gains and the impact of the remeasurement of the deferred contingent consideration. Finance and other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities, foreign exchange losses and amounts due to related party investors. 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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "(h) Finance and other income and expense Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts receivable from related party investors, foreign exchange gains and the impact of the remeasurement of the deferred contingent consideration. Finance and other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities, foreign exchange losses and amounts due to related party investors. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "(h) Finance and other income and expense Finance and other income comprises interest earned on cash and term deposits, finance income on sublease agreements and amounts receivable from related party investors, foreign exchange gains and the impact of the remeasurement of the deferred contingent consideration. Finance and other expenses comprise interest on interest-bearing liabilities, finance expenses on lease liabilities, foreign exchange losses and amounts due to related party investors. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "(i) 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 Consolidated and Company 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "(j) 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 in other comprehensive income or 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "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 in other comprehensive income or 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "(k) 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 to a residual value 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 estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "(k) 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 to a residual value 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 estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "(k) 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 to a residual value 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 estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "(l) Intangible assets Customer relationship intangible assets Customer relationship intangible assets acquired from a business combination are initially recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following the initial recognition, intangible assets are carried 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 up to 7 years. The amortisation is included within \u201cDepreciation and amortisation expense\u201d in the Consolidated Statement of Profit or Loss. Computer software Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Software recognised as an asset is carried at cost less accumulated amortisation and impairment losses. Software-as-a-Service (\"SaaS\") contracts are only classified as intangible assets when the recognition criteria are fulfilled; otherwise they are classified as service contracts, for which costs are expensed as incurred. Capitalised computer software is amortised over its estimated useful economic lives up to 5 years. (m) Business combinations and goodwill Business combinations 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. 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 Consolidated 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 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 remaining 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "(l) Intangible assets Customer relationship intangible assets Customer relationship intangible assets acquired from a business combination are initially recognised at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following the initial recognition, intangible assets are carried 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 up to 7 years. The amortisation is included within \u201cDepreciation and amortisation expense\u201d in the Consolidated Statement of Profit or Loss. Computer software Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Software recognised as an asset is carried at cost less accumulated amortisation and impairment losses. Software-as-a-Service (\"SaaS\") contracts are only classified as intangible assets when the recognition criteria are fulfilled; otherwise they are classified as service contracts, for which costs are expensed as incurred. Capitalised computer software is amortised over its estimated useful economic lives up to 5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "(m) Business combinations and goodwill Business combinations 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. 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 Consolidated 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 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 remaining 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:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "(m) Business combinations and goodwill Business combinations 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. 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 Consolidated 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 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 remaining 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:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "(m) Business combinations and goodwill Business combinations 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. 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 Consolidated 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 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 remaining 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "(n) Financial instruments Financial assets The Group\u2019s financial assets consist of fund investments, investments made by Collateralised Loan Obligations (\u201cCLOs\u201d) consolidated by the Group, derivative financial instruments, other investments, accounts receivable and other receivables, and cash and cash equivalents. The Company\u2019s financial assets consist of accounts receivable and other receivables, derivative financial instruments, cash and cash equivalents. 1) Recognition and measurement A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is generally on trade date. 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. 2) Fair value through profit or loss The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with counterparties. 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. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and hedge accounting section below. 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. 3) Amortised cost 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. Receivables due in more 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. Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual right to exchange cash. The Group accounts for regular way amortised cost financial instruments using trade date accounting. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. 4) 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 (including lease receivables) the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. The allowance is based on historic experience of collection rates over the expected life of trade receivables, adjusted for forward looking factors specific to each counterparty and the economic environment at large, to create an expected loss matrix. 5) 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. Financial liabilities 1) Fair value through profit or loss Derivative financial liabilities are initially recognised and subsequently measured at fair value at each reporting date. The majority of 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 remeasurement 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 the consolidated CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss with gains or losses from fair value remeasurement recognised in finance and other income. CLO repurchase agreements and 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. 2) Amortised cost Borrowings are initially recognised as the amount of cash received from the lender, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual obligation to exchange cash. 3) Derecognition 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 For derivatives designated as a hedging instrument in cash flow hedges, during the hedging relationship the effective portion of the fair value movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated directly as a basis adjustment to the carrying amount. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "Financial assets The Group\u2019s financial assets consist of fund investments, investments made by Collateralised Loan Obligations (\u201cCLOs\u201d) consolidated by the Group, derivative financial instruments, other investments, accounts receivable and other receivables, and cash and cash equivalents. The Company\u2019s financial assets consist of accounts receivable and other receivables, derivative financial instruments, cash and cash equivalents. 1) Recognition and measurement A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is generally on trade date. 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. 2) Fair value through profit or loss The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with counterparties. 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. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and hedge accounting section below. 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. 3) Amortised cost 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. Receivables due in more 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. Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual right to exchange cash. The Group accounts for regular way amortised cost financial instruments using trade date accounting. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. 4) 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 (including lease receivables) the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. The allowance is based on historic experience of collection rates over the expected life of trade receivables, adjusted for forward looking factors specific to each counterparty and the economic environment at large, to create an expected loss matrix. 5) 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "1) Recognition and measurement A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is generally on trade date. 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. 2) Fair value through profit or loss The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with counterparties. 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. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and hedge accounting section below. 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. 3) Amortised cost 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. Receivables due in more 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. Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual right to exchange cash. The Group accounts for regular way amortised cost financial instruments using trade date accounting. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. 1) Fair value through profit or loss Derivative financial liabilities are initially recognised and subsequently measured at fair value at each reporting date. The majority of 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 remeasurement 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 the consolidated CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss with gains or losses from fair value remeasurement recognised in finance and other income. CLO repurchase agreements and 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. 2) Amortised cost Borrowings are initially recognised as the amount of cash received from the lender, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual obligation to exchange cash. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "1) Recognition and measurement A financial asset is recognised when the Group or Company becomes party to the contractual provisions of the instrument, which is generally on trade date. 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. 2) Fair value through profit or loss The Group\u2019s fund investments and the majority of the consolidated CLO assets are measured at fair value through profit or loss as such assets are held for investment returns. Gains or losses arising from changes in fair value are recognised through fair value remeasurement of investments within the Consolidated Statement of Profit or Loss along with interest received on the consolidated CLO assets. Financial assets at fair value through profit or loss are recognised when the Group enters into contracts with counterparties. 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. The accounting policy for derivative financial instruments is further discussed in the derivative instruments and hedge accounting section below. 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. 3) Amortised cost 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. Receivables due in more 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. Amounts receivable for sales of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual right to exchange cash. The Group accounts for regular way amortised cost financial instruments using trade date accounting. Cash and cash equivalents and term deposits with original maturities of more than three months are measured at amortised cost. 1) Fair value through profit or loss Derivative financial liabilities are initially recognised and subsequently measured at fair value at each reporting date. The majority of 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 remeasurement 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 the consolidated CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss with gains or losses from fair value remeasurement recognised in finance and other income. CLO repurchase agreements and 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. 2) Amortised cost Borrowings are initially recognised as the amount of cash received from the lender, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual obligation to exchange cash. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "4) 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 (including lease receivables) the Group and Company apply the simplified approach and the practical expedient permitted by IFRS 9 \u201cFinancial Instruments\u201d. The allowance is based on historic experience of collection rates over the expected life of trade receivables, adjusted for forward looking factors specific to each counterparty and the economic environment at large, to create an expected loss matrix. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "5) 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. 3) Derecognition 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:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "Financial liabilities 1) Fair value through profit or loss Derivative financial liabilities are initially recognised and subsequently measured at fair value at each reporting date. The majority of 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 remeasurement 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 the consolidated CLOs is not recognised in other comprehensive income as the effect would create an accounting mismatch in profit or loss. Deferred contingent consideration payable relating to business combinations is measured at fair value through profit or loss with gains or losses from fair value remeasurement recognised in finance and other income. CLO repurchase agreements and 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. 2) Amortised cost Borrowings are initially recognised as the amount of cash received from the lender, less separately incurred transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Amounts payable for purchases of consolidated CLO assets awaiting settlement are measured at amortised cost and recognised at the point at which the CLO has a contractual obligation to exchange cash. 3) Derecognition 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "Derivative instruments and hedge accounting For derivatives designated as a hedging instrument in cash flow hedges, during the hedging relationship the effective portion of the fair value movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated directly as a basis adjustment to the carrying amount. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Derivative instruments and hedge accounting For derivatives designated as a hedging instrument in cash flow hedges, during the hedging relationship the effective portion of the fair value movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated directly as a basis adjustment to the carrying amount. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "Derivative instruments and hedge accounting For derivatives designated as a hedging instrument in cash flow hedges, during the hedging relationship the effective portion of the fair value movements on the hedging instrument is recognised in other comprehensive income and within other reserves within equity. Any ineffective portion is recognised immediately in profit or loss as a gain or loss within finance and other income or expenses. If the hedged item does not lead to the recognition of a non-financial asset or liability, accumulated amounts recognised in equity are reclassified to profit or loss when the hedged future cash flows affect profit or loss. If the hedged item subsequently results in the recognition of a non-financial asset or liability, the accumulated amounts in equity are removed from equity and incorporated directly as a basis adjustment to the carrying amount. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "(o) 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 for the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "(p) Investments in associates Associates are entities such as funds or carried interest partnerships 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. The investments in associates are designated at fair value through profit or loss. The investments are recorded at fair value of fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. Any gains or losses are recognised within fair value remeasurement of investments in the Consolidated Statement of Profit or Loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "(p) Investments in associates Associates are entities such as funds or carried interest partnerships 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. The investments in associates are designated at fair value through profit or loss. The investments are recorded at fair value of fund investment or carried interest receivable within the Group Consolidated Statement of Financial Position. Any gains or losses are recognised within fair value remeasurement of investments in the Consolidated Statement of Profit or Loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "(q) Cash and cash equivalents 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 with original maturities of three months are not included in cash equivalents and are presented separately on the Consolidated and Company Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "(r) 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, if relevant, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "(s) 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 shares of the Company from employees who have left the employment of the Group or for other reasons. 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 Group 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 from retained earnings. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "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 that 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.
Bridgepoint funds are not consolidated into the results of the Group.
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 that 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 the equity tranches.
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 results in 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 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 194 and 195 respectively.
Bridgepoint interest in Bridgepoint share
Name of CLOs the subordinated notes
of CLO
Consolidation treatment at YE23
Nature of the entity
Bridgepoint CLO 1 DAC
55.2%
5.0%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO 2 DAC
5.0%
5.0%
Not consolidated
Subordinated notes in the residual class
Bridgepoint CLO 3 DAC
51.0%
8.9%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO IV DAC
61.0%
7.0%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO V DAC
51.8%
5.1%
Consolidated
Subordinated notes in the residual class
Bridgepoint CLO VI DAC
50.0%
50.0%
Consolidated
Warehouse entity
The Group consolidates Bridgepoint CLO 1 DAC (\u201cCLO 1\u201d), Bridgepoint CLO 3 DAC (\u201cCLO 3\u201d), Bridgepoint CLO IV DAC (\u201cCLO 4\u201d)
and Bridgepoint CLO V DAC (\u201cCLO 5\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, CLO 3, CLO 4 and CLO 5 and the Directors have therefore concluded
that the Group acts as principal and should consolidate. The construction of Bridgepoint CLO VI DAC (\u201cCLO 6\u201d) commenced during
the year and remained in warehousing as at 31 December 2023. As the Group held a majority interest in the warehouse equity, the
Group also fully consolidates CLO 6.
Bridgepoint CLO 2 DAC (\u201cCLO 2\u201d) is not consolidated in the financial statements of the Group at 31 December 2023 as the Group\u2019s
exposure to variable returns is only 5% of the subordinated notes.
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 (\u201cCIP\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 contractual nature of the relationships between the relevant fund, the CIP and the CIP participants.
The purpose and design of the CIP and the carry rights in the fund are generally determined at the outset by the fund\u2019s limited
partnership agreement (\u201cLPA\u201d) which requires investor agreement and incentivises individuals to enhance performance of the
underlying fund in line with investor expectations.
The Group has limited power over the Adjudication Committees of the CIP, which makes decisions about allocation of the carried
interest, but these powers do not give the Group control.
In addition, the Directors have also considered the variability of returns of the CIPs. The variable returns are shared between the carried
interest participants and the Group is exposed to limited variable returns of below 50%.
The Directors concluded that the Group does not control the CIP because of the predetermined contractual nature of the CIP, the
Group\u2019s limited powers over the Adjudication Committees and limited exposure to the variable returns of the CIP. However, when the
Group has a share of 20% or more of the rights to the carried interest, the Group is considered to have significant influence and in this
case the CIP is accounted for as an associate. Details of the associates are set out within note 28 (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, comprising the Company\u2019s shares. 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 allocation
to current and future partners in the business, as a means of allowing them to build a meaningful long-term shareholding in Bridgepoint
and reflect the opportunities that previous partners were offered.
The existing employee shareholders prior to listing, and certain 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. As such, the Group does not have power over the allocation of the points and to affect those returns through
its power.
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 have power over the Burgundy Partnership and no exposure to variable
returns from its involvement with the Burgundy partnership, the Directors 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 constraints on estimating the revenue are incorporated through the application of discounts of 15% to 40%
(2022: 30% to 50%) to the unrealised fair values of investments where the cumulative value of the distributions to investors and
unrealised fair value of investments of a fund exceeds the relevant carried interest hurdle (being the contractual minimum return for
fund investors).
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 stage and maturity profile of each fund, and therefore recognises the de-risking of the
income over time, 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. Reasons for a higher discount may
include where the fund has not yet completed its construction, has not yet returned its original capital commitments and there is the
potential for the hurdle to grow further, or there is a higher level of perceived risk (fund specific or macro-economic). Reasons for a lower
discount include where a fund has returned its capital commitments and the hurdle has stopped or where the fund has already started to
pay carry. The levels of discounts applied are reassessed annually.
The weighted average discount at 31 December 2023 to the notional carried interest due to the Group based on unrealised fair value of
investments in relevant funds is 51% (2022: 62%) resulting in a carried interest receivable of \u00a367.3m (2022: \u00a342.0m). If the same
weighted average discount of 62% from 2022 had been applied to the notional carried interest receivable at 31 December 2023, the
carried interest receivable asset would be \u00a353.0m.
If the average discount was to increase by 10% this would reduce carried interest income by \u00a313.2m. If the average discount was to
decrease by 10% this would increase carried interest income by \u00a313.2m.
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 the 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 held by the funds. This comprises valuation techniques such as
market comparable companies and multiples. 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 multiples 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 multiples 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 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
fund 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. Further
narrative on how ESG impacts our investment process can be found in the Strategic Report on pages 42 to 47.
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 (d) and (e).
Valuation of CLO assets and liabilities
The consolidated CLO assets consisting of loans 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.
The consolidated CLO liabilities consisting of the notes issued to third-party investors 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 are adjusted in order to match the value of the asset portfolio, with any
adjustment applied to the note liabilities in order of ascending seniority.
The Group's investments in CLO notes of consolidated CLO vehicles are eliminated based on the valuation of the investments as
determined by the discounted cash flow models as described above. A sensitivity analysis has been included within note 19 (e).
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 being 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 2024 to 2028 (2022: 2023 to 2027), including new fundraising, and a pre-tax
discount rate of 16.1% (2022: 15.0%), which was calculated by using comparable company information.
A sensitivity analysis of goodwill and the intangible asset has been included within note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "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 Private 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 Private Credit. The operations of both business
segments consist of providing investment management services to the relevant 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.
Segmental income and profit before tax analysis
The Executive Directors assess the operating segments based on the line items below, primarily on operating income and underlying
EBITDA. The EBITDA for each segment, together with depreciation and amortisation and net finance and other income or expenses,
forms profit before tax. Depreciation, finance and other income, finance and other expenses, exceptional items and the share-based
payment expenses excluded from underlying EBITDA are not allocated to operating segments and are included in the Group total.
Group
Private Equity Private Credit Central Total Core Total Other Total Group
Year ended 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Management and other fees
205.0
56.5
3.8
265.3
\u2013
265.3
Carried interest
30.0
\u2013
\u2013
30.0
\u2013
30.0
Fair value remeasurement of investments
17.3
8.0
\u2013
25.3
\u2013
25.3
Other operating income
0.2
\u2013
\u2013
0.2
0.8
1.0
Total operating income
252.5
64.5
3.8
320.8
0.8
321.6
Personnel expenses
(69.3)
(21.3)
(36.0)
(126.6)
(1.0)
(127.6)
Other operating expenses
(18.3)
(8.8)
(18.0)
(45.1)
(0.1)
(45.2)
Underlying EBITDA (excluding exceptional expenses
and certain share-based payment expenses)
164.9
34.4
(50.2)
149.1
(0.3)
148.8
Exceptional expenses
(47.7)
Certain excluded share-based payment expenses
(4.0)
EBITDA
97.1
Depreciation and amortisation
(18.7)
Finance and other income and expenses
7.6
Profit before tax
86.0
Group
(Restated) (Restated) (Restated)
Private Equity Private Credit Central Total Core Total Other Total Group
Year ended 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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)
Underlying EBITDA* (excluding exceptional
expenses)
160.5
29.8
(50.6)
139.7
(0.5)
139.2
Exceptional expenses
(3.2)
EBITDA*
136.0
Depreciation and amortisation
(18.3)
Finance and other income and expenses*
9.7
Profit before tax
127.4
* 2022 finance and other income and expenses, EBITDA and Underlying EBITDA have been restated to include or exclude non-operating foreign exchange gains and losses.
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 in identifying and supporting portfolio companies which are 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, carried interest receivable and other investments, which can be split
between Private Equity and Private Credit (further split between investments attributable to the Group and to third party investors).
Group
2023 2022
\u00a3 m \u00a3 m
Investments:
Private Equity
260.9
241.3
Private Equity - other investments
7.5
\u2013
Private Credit (assets attributable to the Group)
121.6
76.9
Private Credit (CLO assets attributable to third-party investors)
1,267.7
696.1
Total investments
1,657.7
1,014.3
Carried interest receivable:
Private Equity
64.7
39.4
Private Credit
2.6
2.6
Total carried interest receivable
67.3
42.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "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 in identifying and supporting portfolio companies which are 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "No single fund investor constitutes more than 10% of assets under management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "
5 Operating income
Operating income primarily comprises management and other fees, carried interest income and investment income 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
2023 2022
\u00a3 m \u00a3 m
Management and other fees before settlement of foreign exchange hedges
264.2
239.1
Settlement of foreign exchange hedges
1.1
2.4
Total management and other fees
265.3
241.5
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 investments 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 15% to 50% to the fair value of the fund
investments and the later recognition of carried interest relating to credit funds.
A sensitivity analysis of the average discount rate on the carried interest income is included in note 3 (b).
Note 19 (e) 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
2023 2022
\u00a3 m \u00a3 m
Fair value remeasurement of investments before remeasurement of foreign exchange hedges
23.8
47.0
Remeasurement of foreign exchange hedges
1.5
(6.3)
Fair value remeasurement of investments
25.3
40.7
Fair value remeasurement of investments 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
2023 2022
\u00a3 m \u00a3 m
CLO investment income
66.7
14.9
CLO investment expense
(58.5)
(13.0)
CLO investment income, net
8.2
1.9
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).
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.
Group
2023 2022
\u00a3 m \u00a3 m
Opening balance
42.0
38.9
Income recognised in the year
29.8
23.1
Foreign exchange movements recognised as profit or loss
(0.4)
1.1
Foreign exchange movements recognised as other comprehensive income
(0.1)
0.1
Receipts of carried interest
(4.0)
(21.2)
Closing balance
67.3
42.0
The Company has no carried interest receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "5 Operating income Operating income primarily comprises management and other fees, carried interest income and investment income 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
2023 2022
\u00a3 m \u00a3 m
Management and other fees before settlement of foreign exchange hedges
264.2
239.1
Settlement of foreign exchange hedges
1.1
2.4
Total management and other fees
265.3
241.5
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 investments 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 15% to 50% to the fair value of the fund investments and the later recognition of carried interest relating to credit funds. A sensitivity analysis of the average discount rate on the carried interest income is included in note 3 (b). Note 19 (e) includes a sensitivity analysis for co-investment valuations and the impact on profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "5 Operating income Operating income primarily comprises management and other fees, carried interest income and investment income 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
2023 2022
\u00a3 m \u00a3 m
Management and other fees before settlement of foreign exchange hedges
264.2
239.1
Settlement of foreign exchange hedges
1.1
2.4
Total management and other fees
265.3
241.5
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 investments 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 15% to 50% to the fair value of the fund investments and the later recognition of carried interest relating to credit funds. A sensitivity analysis of the average discount rate on the carried interest income is included in note 3 (b). Note 19 (e) 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
2023 2022
\u00a3 m \u00a3 m
Fair value remeasurement of investments before remeasurement of foreign exchange hedges
23.8
47.0
Remeasurement of foreign exchange hedges
1.5
(6.3)
Fair value remeasurement of investments
25.3
40.7
Fair value remeasurement of investments 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
2023 2022
\u00a3 m \u00a3 m
CLO investment income
66.7
14.9
CLO investment expense
(58.5)
(13.0)
CLO investment income, net
8.2
1.9
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). 7 Other operating expenses Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses also include fees paid to the auditors for the audit of the Group and relevant subsidiary financial statements and other fees for other services. In 2023, exceptional expenses of \u00a346.8m are included in the Group\u2019s other operating expenses. Further details provided in note 8 (b). Expenditure relating to low-value asset leases is required to be disclosed separately and is 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. The table below sets out fees earned by Mazars LLP in relation to the year ended 31 December 2023.
Group
2023 2022
\u00a3 m \u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.5
0.5
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
0.9
0.9
Total audit fees
1.4
1.4
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
0.3
\u2013
Total non-audit fees
0.5
0.2
Total auditor\u2019s remuneration
1.9
1.6
b) Low-value asset leases
Group
2023 2022
\u00a3 m \u00a3 m
Expense relating to low-value asset leases
Low-value asset leases
0.4
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "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
2023 2022
\u00a3 m \u00a3 m
Management and other fees before settlement of foreign exchange hedges
264.2
239.1
Settlement of foreign exchange hedges
1.1
2.4
Total management and other fees
265.3
241.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "
6 Personnel expenses
Aggregate personnel expenses (including Directors\u2019 remuneration) in each year were as follows:
Group
2023 2022
\u00a3 m \u00a3 m
Wages and bonuses
95.7
97.6
Social security
19.2
16.1
Pensions
1.9
2.0
Share-based payments
4.5
0.4
Other employee expenses
11.2
10.8
Total personnel expenses
132.5
126.9
Total personnel expenses include \u00a30.9m (2022: \u00a31.1m) of exceptional expenses, and accordingly are excluded from the calculation of
underlying profitability measures. See note 8 for further details.
a) Share-based payments
The total charge to the Consolidated Statement of Profit or Loss for the year was \u00a34.5m (2022: \u00a30.4m) and this was credited to the
share-based payments reserve in equity for an equity-settled award or recognised as a liability for a cash-settled award. \u00a34.0m of the total
share-based payment expenses are excluded from underlying metrics for the reasons explained in the APMs definitions on page 51.
A3 share award
In June 2021, the Company issued A3 ordinary shares of \u00a30.01 nominal value to certain employees for consideration of \u00a31.50 per
share. The A3 shares would vest on the fifth anniversary of their issue provided that the shareholder remained an employee throughout
this period. As part of the Company\u2019s share reorganisation, the A3 shares were converted into ordinary shares. The fair value of the share
issued was calculated as \u00a33.96 per share as was determined by a third-party valuation. The expenses relating to the A3 shares are
included in underlying profitability measures.
A3 Share Award
A3 Share Award (\u00a3 per share)
Group and Company
2023
2022
2023
2022
Opening
528,975
602,000
3.96
3.96
Vested
(56,550)
(60,200)
3.96
3.96
Forfeited
(32,025)
(12,825)
3.96
3.96
Outstanding at year end
440,400
528,975
3.96
3.96
Long-term incentive plans
Awards under new long-term incentive plan (\u201cLTIP\u201d) were granted to qualifying employees on 31 March 2023. The total fair value of
the awards on the grant date was estimated at \u00a35.6m. The Group will settle the awards, vesting over the period 30 June 2023 to
31 March 2025, either in the Company\u2019s shares or with an equivalent cash payment where local laws restrict the grant of shares in
foreign corporations, with no consideration paid by the participants. As the LTIP awards vest subject to the achievement of certain
service conditions, namely continued employment in the Group, they are accounted for as either equity-settled or cash-settled share-
based payment transactions under the Group\u2019s accounting policy in line with IFRS 2 \u201cShare-based Payment\u201d. The scheme was
implemented to increase employee ownership in the Group for a targeted group of employees post-IPO. The awards are not considered
an alternative to cash-based compensation, are not included in the cost-base when considering operating segment performance and will
cease to be a reconciling item once the awards issued as part of the strategy are fully vested.
Weighted average fair value
Number of shares per share granted (\u00a3)
Group and Company
2023
2022
2023
2022
Rights outstanding at beginning of the period
\u2013
\u2013
N/A
N/A
Granted
2,619,773
\u2013
2.15
\u2013
Granted - dividend equivalents
75,571
\u2013
2.17
\u2013
Forfeited
(91,298)
\u2013
2.17
\u2013
Forfeited - dividend equivalents
(1,225)
\u2013
2.17
\u2013
Vested
(730,302)
\u2013
2.17
\u2013
Vested - dividend equivalents
(13,171)
\u2013
2.17
\u2013
Rights outstanding (unvested) at the end of the period
1,859,348
\u2013
2.14
\u2013
Restricted Share Plan
On 31 March 2023, a Director of the Company was granted a conditional share award of 114,953 shares at a value of \u00a32.17 per share,
with total value \u00a3250,000, vesting on 31 March 2026. This was in addition to an award of the same value made on 31 March 2022.
The restricted share plan is a constituent part of the total compensation for directors of the Company and so is considered an alternative
to cash-based compensation. As such, the cost for the year of \u00a30.2m is included in underlying profitability measures.
b) 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
2023 2022
No. No.
UK
226
221
Other
152
145
Total
378
366
The Company has five employees (2022: four).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "a) Share-based payments The total charge to the Consolidated Statement of Profit or Loss for the year was \u00a34.5m (2022: \u00a30.4m) and this was credited to the share-based payments reserve in equity for an equity-settled award or recognised as a liability for a cash-settled award. \u00a34.0m of the total share-based payment expenses are excluded from underlying metrics for the reasons explained in the APMs definitions on page 51. A3 share award In June 2021, the Company issued A3 ordinary shares of \u00a30.01 nominal value to certain employees for consideration of \u00a31.50 per share. The A3 shares would vest on the fifth anniversary of their issue provided that the shareholder remained an employee throughout this period. As part of the Company\u2019s share reorganisation, the A3 shares were converted into ordinary shares. The fair value of the share issued was calculated as \u00a33.96 per share as was determined by a third-party valuation. The expenses relating to the A3 shares are included in underlying profitability measures.
A3 Share Award
A3 Share Award (\u00a3 per share)
Group and Company
2023
2022
2023
2022
Opening
528,975
602,000
3.96
3.96
Vested
(56,550)
(60,200)
3.96
3.96
Forfeited
(32,025)
(12,825)
3.96
3.96
Outstanding at year end
440,400
528,975
3.96
3.96
Long-term incentive plans Awards under new long-term incentive plan (\u201cLTIP\u201d) were granted to qualifying employees on 31 March 2023. The total fair value of the awards on the grant date was estimated at \u00a35.6m. The Group will settle the awards, vesting over the period 30 June 2023 to 31 March 2025, either in the Company\u2019s shares or with an equivalent cash payment where local laws restrict the grant of shares in foreign corporations, with no consideration paid by the participants. As the LTIP awards vest subject to the achievement of certain service conditions, namely continued employment in the Group, they are accounted for as either equity-settled or cash-settled share- based payment transactions under the Group\u2019s accounting policy in line with IFRS 2 \u201cShare-based Payment\u201d. The scheme was implemented to increase employee ownership in the Group for a targeted group of employees post-IPO. The awards are not considered an alternative to cash-based compensation, are not included in the cost-base when considering operating segment performance and will cease to be a reconciling item once the awards issued as part of the strategy are fully vested.
Weighted average fair value
Number of shares per share granted (\u00a3)
Group and Company
2023
2022
2023
2022
Rights outstanding at beginning of the period
\u2013
\u2013
N/A
N/A
Granted
2,619,773
\u2013
2.15
\u2013
Granted - dividend equivalents
75,571
\u2013
2.17
\u2013
Forfeited
(91,298)
\u2013
2.17
\u2013
Forfeited - dividend equivalents
(1,225)
\u2013
2.17
\u2013
Vested
(730,302)
\u2013
2.17
\u2013
Vested - dividend equivalents
(13,171)
\u2013
2.17
\u2013
Rights outstanding (unvested) at the end of the period
1,859,348
\u2013
2.14
\u2013
Restricted Share Plan On 31 March 2023, a Director of the Company was granted a conditional share award of 114,953 shares at a value of \u00a32.17 per share, with total value \u00a3250,000, vesting on 31 March 2026. This was in addition to an award of the same value made on 31 March 2022. The restricted share plan is a constituent part of the total compensation for directors of the Company and so is considered an alternative to cash-based compensation. As such, the cost for the year of \u00a30.2m is included in underlying profitability measures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "
7 Other operating expenses
Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses also include fees
paid to the auditors for the audit of the Group and relevant subsidiary financial statements and other fees for other services.
In 2023, exceptional expenses of \u00a346.8m are included in the Group\u2019s other operating expenses. Further details provided in note 8 (b).
Expenditure relating to low-value asset leases is required to be disclosed separately and is 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. The table below sets
out fees earned by Mazars LLP in relation to the year ended 31 December 2023.
Group
2023 2022
\u00a3 m \u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.5
0.5
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
0.9
0.9
Total audit fees
1.4
1.4
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
0.3
\u2013
Total non-audit fees
0.5
0.2
Total auditor\u2019s remuneration
1.9
1.6
b) Low-value asset leases
Group
2023 2022
\u00a3 m \u00a3 m
Expense relating to low-value asset leases
Low-value asset leases
0.4
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "7 Other operating expenses Other operating expenses include expenditure on IT, travel and legal and professional fees. Other operating expenses also include fees paid to the auditors for the audit of the Group and relevant subsidiary financial statements and other fees for other services. In 2023, exceptional expenses of \u00a346.8m are included in the Group\u2019s other operating expenses. Further details provided in note 8 (b). Expenditure relating to low-value asset leases is required to be disclosed separately and is 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. The table below sets out fees earned by Mazars LLP in relation to the year ended 31 December 2023.
Group
2023 2022
\u00a3 m \u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.5
0.5
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
0.9
0.9
Total audit fees
1.4
1.4
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
0.3
\u2013
Total non-audit fees
0.5
0.2
Total auditor\u2019s remuneration
1.9
1.6
b) Low-value asset leases
Group
2023 2022
\u00a3 m \u00a3 m
Expense relating to low-value asset leases
Low-value asset leases
0.4
0.3
9 Depreciation and amortisation The following table summarises the depreciation and amortisation charge during the year.
Group
2023 2022
\u00a3 m \u00a3 m
Depreciation on property, plant and equipment
14.9
15.3
Amortisation of intangible assets
3.8
3.0
Total depreciation and amortisation expense
18.7
18.3
The charge of \u00a33.8m includes \u00a33.0m amortisation of customer relationship intangible assets acquired from the acquisition of EQT Credit and \u00a30.8m amortisation of computer software (2022: \u00a33.0m only includes amortisation of customer relationship). The amortisation of customer relationship intangible assets is excluded from the calculation of underlying profitability measures in order to distinguish from underlying performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "a) Auditor\u2019s remuneration During the year, the Company and the Group received the following services from its external auditor, Mazars LLP. The table below sets out fees earned by Mazars LLP in relation to the year ended 31 December 2023.
Group
2023 2022
\u00a3 m \u00a3 m
Audit fees
Fees payable to the external auditor for the audit of the Company and the consolidated financial statements
0.5
0.5
Fees payable to the external auditor for the audit of the accounts of the Company\u2019s consolidated subsidiaries
0.9
0.9
Total audit fees
1.4
1.4
Non-audit fees
Audit-related assurance services
0.2
0.2
Other non-audit services
0.3
\u2013
Total non-audit fees
0.5
0.2
Total auditor\u2019s remuneration
1.9
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "
8 Exceptional items
Exceptional items in the year ended 31 December 2023 principally relate to costs associated with the Group\u2019s acquisition of EQT Credit
and costs incurred in relation to the acquisition of Energy Capital Partners Holdings LP and affiliated entities (\u201cECP\u201d). Exceptional other
income relates to the remeasurement and revaluation of the EQT deferred consideration payable.
Group
2023 2022
\u00a3 m \u00a3 m
Personnel expenses
(0.9)
(1.1)
Other operating expenses
(46.8)
(2.1)
Total exceptional expenses within EBITDA
(47.7)
(3.2)
Finance and other expenses
\u2013
\u2013
Total exceptional expenses
(47.7)
(3.2)
Group
2023 2022
\u00a3 m \u00a3 m
Finance and other income
6.9
13.6
Total exceptional income
6.9
13.6
a) Exceptional personnel expenses
In 2023 and 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 such awards were only granted once. The awards incentivise employees to align their goals with those of the business through being
awarded over multiple periods, hence such expenses will continue to be recognised until 2025.
b) Exceptional other operating expenses
In 2023, exceptional other operating expenses include costs incurred in relation to the acquisition of ECP. Costs include completion fees
for the sponsoring banks on the transaction, structuring and other accounting and tax advisory costs, documentation costs and costs
associated with the preparation of the shareholder circular in respect of the ECP transaction and audit of the associated workstreams.
Such costs would have not been incurred if no transaction had taken place and therefore have been classified as exceptional. See note 30
(a) for further details of the ECP transaction.
2022 exceptional other operating expenses relate to costs incurred in relation to other potential acquisitions.
c) Exceptional other income
Exceptional other income of \u00a36.9m (2022: \u00a313.6m) relates to the remeasurement and revaluation of the deferred contingent
consideration payable and unwind of discount of the associated liability to EQT AB in relation to the acquisition of EQT Credit in 2020.
The deferred consideration was settled on 13 September 2023 for an amount of \u00a39.4m or \u20ac11.0m and was based on the outcome of
certain fundraisings.
The deferred consideration payable was recognised upon acquisition and is considered exceptional as there are no similar contractual
liabilities to EQT AB. Due to the contractual arrangement underlying the deferred consideration, there have been exceptional items
related to the valuation in multiple periods.
", "dimensions": { "concept": "bridgepointgroupplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "
9 Depreciation and amortisation
The following table summarises the depreciation and amortisation charge during the year.
Group
2023 2022
\u00a3 m \u00a3 m
Depreciation on property, plant and equipment
14.9
15.3
Amortisation of intangible assets
3.8
3.0
Total depreciation and amortisation expense
18.7
18.3
The charge of \u00a33.8m includes \u00a33.0m amortisation of customer relationship intangible assets acquired from the acquisition of EQT Credit
and \u00a30.8m amortisation of computer software (2022: \u00a33.0m only includes amortisation of customer relationship).
The amortisation of customer relationship 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "
10 Net finance and other income or expenses
Group
(Restated)
2023 2022
\u00a3 m \u00a3 m
Interest income on term deposits
9.0
2.3
Finance income on subleases
0.7
0.6
Net foreign exchange gains \u2013 1.1
Finance income on amounts receivable from related party investors 0.1 \u2013
Other income
6.9
13.6
Total finance and other income
16.7
17.6
Interest expense on bank overdrafts and borrowings
(1.8)
(1.3)
Interest expense on lease liabilities
(3.5)
(3.4)
Net foreign exchange losses
(2.4)
\u2013
Finance expense on amounts payable to related party investors
(0.4)
(2.3)
Other expenses
(1.0)
(0.9)
Total finance and other expenses
(9.1)
(7.9)
Net finance and other income, including exceptional items
7.6
9.7
a) Other income
Other income in 2023 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and
associated unwind of discount to EQT AB of \u00a36.9m (2022: \u00a313.6m). Further detail is included in note 8 (c).
This income is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures.
b) Other expenses
In 2023, other expenses of \u00a31.0m include borrowing facility fees for a new revolving credit facility which are being amortised over the
three-year term and fees for an additional borrowing facility in connection with the ECP transaction which are being amortised for a
year. It also includes the accelerated amortisation of a previously capitalised borrowing facility fee, which related to a pre-existing facility,
and was terminated on the commencement of the new facility. Further detail is included in note 17 (c).
Other expenses of \u00a30.9m in 2022 relate to the amortisation of a previously capitalised borrowing facility fee.
c) Finance income and expenses on amounts payable to related party investors
Finance income and expenses represent amounts due to or from related party investors in Opal Investments LP, BE VI (French) Co-
Invest LP, Maple Tree VII LP and BDC IV (French) Co-Investment LP (2022: Opal Investments LP and BE VI (French) Co-Invest LP)
under the relevant limited partnership agreement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "10 Net finance and other income or expenses
Group
(Restated)
2023 2022
\u00a3 m \u00a3 m
Interest income on term deposits
9.0
2.3
Finance income on subleases
0.7
0.6
Net foreign exchange gains \u2013 1.1
Finance income on amounts receivable from related party investors 0.1 \u2013
Other income
6.9
13.6
Total finance and other income
16.7
17.6
Interest expense on bank overdrafts and borrowings
(1.8)
(1.3)
Interest expense on lease liabilities
(3.5)
(3.4)
Net foreign exchange losses
(2.4)
\u2013
Finance expense on amounts payable to related party investors
(0.4)
(2.3)
Other expenses
(1.0)
(0.9)
Total finance and other expenses
(9.1)
(7.9)
Net finance and other income, including exceptional items
7.6
9.7
a) Other income Other income in 2023 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a36.9m (2022: \u00a313.6m). Further detail is included in note 8 (c). This income is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. b) Other expenses In 2023, other expenses of \u00a31.0m include borrowing facility fees for a new revolving credit facility which are being amortised over the three-year term and fees for an additional borrowing facility in connection with the ECP transaction which are being amortised for a year. It also includes the accelerated amortisation of a previously capitalised borrowing facility fee, which related to a pre-existing facility, and was terminated on the commencement of the new facility. Further detail is included in note 17 (c). Other expenses of \u00a30.9m in 2022 relate to the amortisation of a previously capitalised borrowing facility fee. c) Finance income and expenses on amounts payable to related party investors Finance income and expenses represent amounts due to or from related party investors in Opal Investments LP, BE VI (French) Co- Invest LP, Maple Tree VII LP and BDC IV (French) Co-Investment LP (2022: Opal Investments LP and BE VI (French) Co-Invest LP) under the relevant limited partnership agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "10 Net finance and other income or expenses
Group
(Restated)
2023 2022
\u00a3 m \u00a3 m
Interest income on term deposits
9.0
2.3
Finance income on subleases
0.7
0.6
Net foreign exchange gains \u2013 1.1
Finance income on amounts receivable from related party investors 0.1 \u2013
Other income
6.9
13.6
Total finance and other income
16.7
17.6
Interest expense on bank overdrafts and borrowings
(1.8)
(1.3)
Interest expense on lease liabilities
(3.5)
(3.4)
Net foreign exchange losses
(2.4)
\u2013
Finance expense on amounts payable to related party investors
(0.4)
(2.3)
Other expenses
(1.0)
(0.9)
Total finance and other expenses
(9.1)
(7.9)
Net finance and other income, including exceptional items
7.6
9.7
a) Other income Other income in 2023 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a36.9m (2022: \u00a313.6m). Further detail is included in note 8 (c). This income is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. b) Other expenses In 2023, other expenses of \u00a31.0m include borrowing facility fees for a new revolving credit facility which are being amortised over the three-year term and fees for an additional borrowing facility in connection with the ECP transaction which are being amortised for a year. It also includes the accelerated amortisation of a previously capitalised borrowing facility fee, which related to a pre-existing facility, and was terminated on the commencement of the new facility. Further detail is included in note 17 (c). Other expenses of \u00a30.9m in 2022 relate to the amortisation of a previously capitalised borrowing facility fee. c) Finance income and expenses on amounts payable to related party investors Finance income and expenses represent amounts due to or from related party investors in Opal Investments LP, BE VI (French) Co- Invest LP, Maple Tree VII LP and BDC IV (French) Co-Investment LP (2022: Opal Investments LP and BE VI (French) Co-Invest LP) under the relevant limited partnership agreement. 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.
Group
2023 2022
\u00a3 m \u00a3 m
Opening balance
42.0
38.9
Income recognised in the year
29.8
23.1
Foreign exchange movements recognised as profit or loss
(0.4)
1.1
Foreign exchange movements recognised as other comprehensive income
(0.1)
0.1
Receipts of carried interest
(4.0)
(21.2)
Closing balance
67.3
42.0
The Company has no carried interest receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "10 Net finance and other income or expenses
Group
(Restated)
2023 2022
\u00a3 m \u00a3 m
Interest income on term deposits
9.0
2.3
Finance income on subleases
0.7
0.6
Net foreign exchange gains \u2013 1.1
Finance income on amounts receivable from related party investors 0.1 \u2013
Other income
6.9
13.6
Total finance and other income
16.7
17.6
Interest expense on bank overdrafts and borrowings
(1.8)
(1.3)
Interest expense on lease liabilities
(3.5)
(3.4)
Net foreign exchange losses
(2.4)
\u2013
Finance expense on amounts payable to related party investors
(0.4)
(2.3)
Other expenses
(1.0)
(0.9)
Total finance and other expenses
(9.1)
(7.9)
Net finance and other income, including exceptional items
7.6
9.7
a) Other income Other income in 2023 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a36.9m (2022: \u00a313.6m). Further detail is included in note 8 (c). This income is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. b) Other expenses In 2023, other expenses of \u00a31.0m include borrowing facility fees for a new revolving credit facility which are being amortised over the three-year term and fees for an additional borrowing facility in connection with the ECP transaction which are being amortised for a year. It also includes the accelerated amortisation of a previously capitalised borrowing facility fee, which related to a pre-existing facility, and was terminated on the commencement of the new facility. Further detail is included in note 17 (c). Other expenses of \u00a30.9m in 2022 relate to the amortisation of a previously capitalised borrowing facility fee. c) Finance income and expenses on amounts payable to related party investors Finance income and expenses represent amounts due to or from related party investors in Opal Investments LP, BE VI (French) Co- Invest LP, Maple Tree VII LP and BDC IV (French) Co-Investment LP (2022: Opal Investments LP and BE VI (French) Co-Invest LP) under the relevant limited partnership agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "10 Net finance and other income or expenses
Group
(Restated)
2023 2022
\u00a3 m \u00a3 m
Interest income on term deposits
9.0
2.3
Finance income on subleases
0.7
0.6
Net foreign exchange gains \u2013 1.1
Finance income on amounts receivable from related party investors 0.1 \u2013
Other income
6.9
13.6
Total finance and other income
16.7
17.6
Interest expense on bank overdrafts and borrowings
(1.8)
(1.3)
Interest expense on lease liabilities
(3.5)
(3.4)
Net foreign exchange losses
(2.4)
\u2013
Finance expense on amounts payable to related party investors
(0.4)
(2.3)
Other expenses
(1.0)
(0.9)
Total finance and other expenses
(9.1)
(7.9)
Net finance and other income, including exceptional items
7.6
9.7
a) Other income Other income in 2023 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a36.9m (2022: \u00a313.6m). Further detail is included in note 8 (c). This income is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. b) Other expenses In 2023, other expenses of \u00a31.0m include borrowing facility fees for a new revolving credit facility which are being amortised over the three-year term and fees for an additional borrowing facility in connection with the ECP transaction which are being amortised for a year. It also includes the accelerated amortisation of a previously capitalised borrowing facility fee, which related to a pre-existing facility, and was terminated on the commencement of the new facility. Further detail is included in note 17 (c). Other expenses of \u00a30.9m in 2022 relate to the amortisation of a previously capitalised borrowing facility fee. c) Finance income and expenses on amounts payable to related party investors Finance income and expenses represent amounts due to or from related party investors in Opal Investments LP, BE VI (French) Co- Invest LP, Maple Tree VII LP and BDC IV (French) Co-Investment LP (2022: Opal Investments LP and BE VI (French) Co-Invest LP) under the relevant limited partnership agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "10 Net finance and other income or expenses
Group
(Restated)
2023 2022
\u00a3 m \u00a3 m
Interest income on term deposits
9.0
2.3
Finance income on subleases
0.7
0.6
Net foreign exchange gains \u2013 1.1
Finance income on amounts receivable from related party investors 0.1 \u2013
Other income
6.9
13.6
Total finance and other income
16.7
17.6
Interest expense on bank overdrafts and borrowings
(1.8)
(1.3)
Interest expense on lease liabilities
(3.5)
(3.4)
Net foreign exchange losses
(2.4)
\u2013
Finance expense on amounts payable to related party investors
(0.4)
(2.3)
Other expenses
(1.0)
(0.9)
Total finance and other expenses
(9.1)
(7.9)
Net finance and other income, including exceptional items
7.6
9.7
a) Other income Other income in 2023 primarily relates to the remeasurement and revaluation of the deferred contingent consideration payable and associated unwind of discount to EQT AB of \u00a36.9m (2022: \u00a313.6m). Further detail is included in note 8 (c). This income is considered exceptional income, and accordingly is excluded from the calculation of underlying profitability measures. b) Other expenses In 2023, other expenses of \u00a31.0m include borrowing facility fees for a new revolving credit facility which are being amortised over the three-year term and fees for an additional borrowing facility in connection with the ECP transaction which are being amortised for a year. It also includes the accelerated amortisation of a previously capitalised borrowing facility fee, which related to a pre-existing facility, and was terminated on the commencement of the new facility. Further detail is included in note 17 (c). Other expenses of \u00a30.9m in 2022 relate to the amortisation of a previously capitalised borrowing facility fee. c) Finance income and expenses on amounts payable to related party investors Finance income and expenses represent amounts due to or from related party investors in Opal Investments LP, BE VI (French) Co- Invest LP, Maple Tree VII LP and BDC IV (French) Co-Investment LP (2022: Opal Investments LP and BE VI (French) Co-Invest LP) under the relevant limited partnership agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "b) Other expenses In 2023, other expenses of \u00a31.0m include borrowing facility fees for a new revolving credit facility which are being amortised over the three-year term and fees for an additional borrowing facility in connection with the ECP transaction which are being amortised for a year. It also includes the accelerated amortisation of a previously capitalised borrowing facility fee, which related to a pre-existing facility, and was terminated on the commencement of the new facility. Further detail is included in note 17 (c). Other expenses of \u00a30.9m in 2022 relate to the amortisation of a previously capitalised borrowing facility fee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "
11 Tax expense
(a) Tax expense
Tax charged in the Consolidated Statement of Profit or Loss:
Group
2023 2022
\u00a3 m \u00a3 m
Current taxation
Current tax \u2013 current year
3.2
3.4
Current tax \u2013 prior year
(0.2)
0.4
Total current tax expense
3.0
3.8
Deferred tax
Deferred tax \u2013 current year
14.9
4.7
Deferred tax \u2013 prior year
(2.6)
(1.7)
Total deferred tax expense
12.3
3.0
Total tax expense for the year
15.3
6.8
(b) Reconciliation of tax expense
The effective tax rate for the year ended 31 December 2023 is 17.8% (2022: 5.4%). The tax on profit before tax is different to the
standard rate of corporation tax in the UK of 23.5% (2022: 19.0%) primarily due to timing differences on taxation of management fee
income and tax losses carried forward in the UK due to certain forms of income that are not subject to UK corporation tax.
Group
2023 2022
\u00a3 m \u00a3 m
Profit before tax
86.0
127.4
Tax on profit before taxation at the standard rate of corporation tax in the UK of 23.5% (2022: 19.0%)
20.2
24.2
Non-taxable and non-deductible items
11.4
(23.7)
Adjustments regarding management fee income and investments
(16.2)
2.5
Effect of foreign tax rates
(1.1)
0.2
Deferred tax not recognised
3.8
5.0
Prior year adjustment
(2.8)
(1.4)
Total tax expense for the year
15.3
6.8
(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.
Group
2023 2022
\u00a3m \u00a3m
Tax on amounts recognised in other comprehensive income
(2.2)
3.3
(d) Tax losses not recognised
The Group has carried forward losses of \u00a3487.5m (2022: \u00a3498.8m) as at 31 December 2023 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 \u00a350.0m (2022: \u00a333.4m) and the Company an asset of \u00a3nil (2022: \u00a30.4m) that have been recognised where
there is an expectation that the tax losses can be utilised against future profits. See note 22 for further detail on deferred tax assets recognised.
22 Deferred tax
Group
2023 2022
\u00a3 m \u00a3 m
Deferred tax assets
74.6
57.9
Deferred tax liabilities
(108.5)
(77.3)
Net deferred tax liability
(33.9)
(19.4)
Other timing Management Losses carried
Deferred tax assets differences fee hedges
forward
Total
As at 1 January 2022
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
(Charge) to other comprehensive income
\u2013
(2.0)
\u2013
(2.0)
Credit to the Consolidated Statement of Profit or Loss
2.1
\u2013
16.6
18.7
As at 31 December 2023
24.6
\u2013
50.0
74.6
Management
Other timing Management fee income and Capital
Deferred tax liabilities differences fee hedges investments
allowance
Total
As at 1 January 2022
(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)
(Charge) to other comprehensive income
\u2013
(0.2)
\u2013
\u2013
(0.2)
Credit/(charge) to the Consolidated Statement of Profit or Loss
4.7
\u2013
(37.4)
1.7
(31.0)
As at 31 December 2023
(14.3)
(0.2)
(91.0)
(3.0)
(108.5)
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 \u00a320.4m (2022: \u00a320.8m) and a deferred tax liability
on right-of-use assets amounting to \u00a311.5m (2022: \u00a313.9m). These will unwind over the period of the lease.
The Company has no deferred tax assets or liabilities (2022: deferred tax assets of \u00a30.4m).
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:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "
12 Earnings per share
Group
2023
2022
Profit attributable to equity holders of the Company (\u00a3 m)
70.7
120.6
Weighted average number of ordinary shares for purposes of basic and diluted EPS (m)
808.5
823.3
Basic and diluted earnings per share (\u00a3)
0.09
0.15
The adjusted earnings per share on underlying profit after tax of \u00a3118.5m (2022: \u00a3113.2m) based on the number of shares in issue at
31 December 2023 is \u00a30.15 (2022: \u00a30.14 on underlying profit after tax of \u00a3113.2m based on the number of shares in issue at
31 December 2022).
The underlying profit after tax is calculated by excluding exceptional items and the amortisation of intangible assets from within profit
after tax.
The number of ordinary shares included in the calculation of earnings per share excludes shares held by the Group itself and those
subject to the ongoing share buyback programme. Further detail is included in note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
13 Property, plant and equipment
Group
Computers,
Right-of-use Leasehold furniture and
assets improvements other Total
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Cost
Balance at 1 January 2023
73.1
29.8
10.5
113.4
Foreign exchange
\u2013
(0.2)
(0.1)
(0.3)
Additions
5.0
0.9
2.3
8.2
Disposals
(6.2)
(0.3)
(0.7)
(7.2)
Balance at 31 December 2023
71.9
30.2
12.0
114.1
Accumulated depreciation
Balance at 1 January 2023
(17.6)
(4.2)
(6.1)
(27.9)
Foreign exchange
\u2013
0.1
0.1
0.2
Depreciation
(9.6)
(3.4)
(1.9)
(14.9)
Disposals
1.2
0.3
0.7
2.2
Balance at 31 December 2023
(26.0)
(7.2)
(7.2)
(40.4)
Carrying value at 31 December 2023
45.9
23.0
4.8
73.7
Group
Computers,
Right-of-use Leasehold furniture and
assets improvements other Total
\u00a3 m \u00a3 m \u00a3 m \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
The Company has no plant, property or equipment at 31 December 2023 (2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
14 Goodwill and intangible assets
Group
Customer
Goodwill relationship asset Total
\u00a3 m \u00a3 m \u00a3 m
Cost
Balance at 1 January 2023
105.1
21.2
126.3
Balance at 31 December 2023
105.1
21.2
126.3
Accumulated amortisation and impairment
Balance at 1 January 2023
\u2013
(6.7)
(6.7)
Amortisation
\u2013
(3.0)
(3.0)
Balance at 31 December 2023
\u2013
(9.7)
(9.7)
Carrying value
Balance at 1 January 2023
105.1
14.5
119.6
Balance at 31 December 2023
105.1
11.5
116.6
Group
Customer
Goodwill relationship asset Total
\u00a3 m \u00a3 m \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
(a) Impairment of goodwill
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 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 2024 to 2028. 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 16.1% (2022: 15.0%), 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 1.4% (2022: 4.1%), 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 2023 significant headroom is noted, and therefore no impairment is identified (2022: nil). The Credit business
would need to fall short of its projected profit margins by over 50.8% (2022: 58.5%) over the period 2024 to 2028 (2022: 2023 to
2027) for the goodwill to be impaired.
(b) Impairment of intangible assets
Intangible assets that have a finite useful life are reviewed for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recovered. Intangible assets are also reviewed annually for indicators of impairment at each balance sheet
date.
The customer relationship that is included as an intangible asset arose as part of the acquisition of EQT Credit. In assessing indication of
impairment, management uses indicators such as Credit business profit margins, size of funds, level of reinvestment and attrition in new
funds and the discount rate applied to the projections.
No indicators of impairment were identified in 2023.
The Company has no goodwill or intangibles assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "14 Goodwill and intangible assets
Group
Customer
Goodwill relationship asset Total
\u00a3 m \u00a3 m \u00a3 m
Cost
Balance at 1 January 2023
105.1
21.2
126.3
Balance at 31 December 2023
105.1
21.2
126.3
Accumulated amortisation and impairment
Balance at 1 January 2023
\u2013
(6.7)
(6.7)
Amortisation
\u2013
(3.0)
(3.0)
Balance at 31 December 2023
\u2013
(9.7)
(9.7)
Carrying value
Balance at 1 January 2023
105.1
14.5
119.6
Balance at 31 December 2023
105.1
11.5
116.6
Group
Customer
Goodwill relationship asset Total
\u00a3 m \u00a3 m \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
(a) Impairment of goodwill 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 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 2024 to 2028. 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 16.1% (2022: 15.0%), 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 1.4% (2022: 4.1%), 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 2023 significant headroom is noted, and therefore no impairment is identified (2022: nil). The Credit business would need to fall short of its projected profit margins by over 50.8% (2022: 58.5%) over the period 2024 to 2028 (2022: 2023 to 2027) for the goodwill to be impaired. (b) Impairment of intangible assets Intangible assets that have a finite useful life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recovered. Intangible assets are also reviewed annually for indicators of impairment at each balance sheet date. The customer relationship that is included as an intangible asset arose as part of the acquisition of EQT Credit. In assessing indication of impairment, management uses indicators such as Credit business profit margins, size of funds, level of reinvestment and attrition in new funds and the discount rate applied to the projections. No indicators of impairment were identified in 2023. The Company has no goodwill or intangibles assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "14 Goodwill and intangible assets
Group
Customer
Goodwill relationship asset Total
\u00a3 m \u00a3 m \u00a3 m
Cost
Balance at 1 January 2023
105.1
21.2
126.3
Balance at 31 December 2023
105.1
21.2
126.3
Accumulated amortisation and impairment
Balance at 1 January 2023
\u2013
(6.7)
(6.7)
Amortisation
\u2013
(3.0)
(3.0)
Balance at 31 December 2023
\u2013
(9.7)
(9.7)
Carrying value
Balance at 1 January 2023
105.1
14.5
119.6
Balance at 31 December 2023
105.1
11.5
116.6
Group
Customer
Goodwill relationship asset Total
\u00a3 m \u00a3 m \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
(a) Impairment of goodwill 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 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 2024 to 2028. 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 16.1% (2022: 15.0%), 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 1.4% (2022: 4.1%), 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 2023 significant headroom is noted, and therefore no impairment is identified (2022: nil). The Credit business would need to fall short of its projected profit margins by over 50.8% (2022: 58.5%) over the period 2024 to 2028 (2022: 2023 to 2027) for the goodwill to be impaired. (b) Impairment of intangible assets Intangible assets that have a finite useful life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recovered. Intangible assets are also reviewed annually for indicators of impairment at each balance sheet date. The customer relationship that is included as an intangible asset arose as part of the acquisition of EQT Credit. In assessing indication of impairment, management uses indicators such as Credit business profit margins, size of funds, level of reinvestment and attrition in new funds and the discount rate applied to the projections. No indicators of impairment were identified in 2023. The Company has no goodwill or intangibles assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "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.
Group
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Fair value of fund investments
301.4
\u2013
\u2013
\u2013
301.4
Consolidated CLO assets
1,313.0
\u2013
35.8
\u2013
1,348.8
Trade and other receivables
\u2013
\u2013
124.4
17.0
141.4
Derivative financial instruments
\u2013
6.2
\u2013
\u2013
6.2
Other investment
\u2013
\u2013
7.5
\u2013
7.5
Cash and cash equivalents
\u2013
\u2013
238.8
\u2013
238.8
Consolidated CLO cash
\u2013
\u2013
76.0
\u2013
76.0
Total
1,614.4
6.2
482.5
17.0
2,120.1
Group
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
Company
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other receivables
\u2013
\u2013
8.0
0.4
8.4
Cash and cash equivalents
\u2013
\u2013
139.7
\u2013
139.7
Derivative financial instruments
\u2013
3.9
\u2013
\u2013
3.9
Total
\u2013
3.9
147.7
0.4
152.0
Company
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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
(b) Fair value of fund investments
The investments primarily consist of loans or commitments made in relation to Bridgepoint Europe VII, VI and V, Bridgepoint Europe
Portfolio IV, Bridgepoint Development Capital IV and III, and the Bridgepoint Credit Opportunities IV fund.
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
2023 2022
\u00a3 m \u00a3 m
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised in profit or loss
(1.3)
5.8
Foreign exchange movements recognised in other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Closing balance
301.4
273.0
The Company has no investment in funds at 31 December 2023 (2022: nil).
(c) Other investments
Other investments include, but are not limited to, loans made to fund portfolio companies. Other investments (with the exception of
certain other investments designated as fair value through profit or loss) that are held to collect contractual cash flows and which contain
contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at
amortised cost.
The Company has no other investments at 31 December 2023 (2022: nil).
(d) CLO assets
The balance shown includes the gross value of the assets held by CLO 1, CLO 3, CLO 4, CLO 5 and CLO 6 (2022: CLO 1, CLO 3 and
CLO 4), 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
2023 2022
\u00a3 m \u00a3 m
Consolidated CLO assets held by the Group
1,424.8
765.9
Consolidated CLO assets attributable to third-party investors
(1,343.7)
(720.7)
Group\u2019s exposure to consolidated CLO assets
81.1
45.2
The Company has no investments in CLO assets at 31 December 2023 (2022: nil).
(e) Derivative financial assets
Group
2023 2022
\u00a3 m \u00a3 m
Derivative financial assets
Forward contracts
2.3
1.0
Foreign currency options
3.9
\u2013
Total derivative financial assets
6.2
1.0
The derivative financial instruments relate to forward contracts and foreign exchange options that are used to hedge foreign exchange
risk. Further detail on the hedging programme is set out in note 20 (b).
The Company has foreign exchange options of \u00a33.9m at 31 December 2023 (2022: nil).
(f) Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Non-current
Prepayments
1.7
1.6
\u2013
\u2013
Trade and other receivables
21.5
18.3
\u2013
\u2013
23.2
19.9
\u2013
\u2013
Current
Trade receivables
17.5
12.2
4.7
\u2013
Accrued income
20.6
19.0
\u2013
\u2013
Prepayments
11.4
6.2
\u2013
\u2013
Deferred investment receipts
\u2013
52.8
\u2013
\u2013
Other receivables
68.7
94.7
3.7
20.3
118.2
184.9
8.4
20.3
Total trade and other receivables
141.4
204.8
8.4
20.3
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not contain
any significant financing components.
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
\u00a341.2m (2022: \u00a349.7m). Amounts receivable from portfolio companies of the funds at the end of the year were \u00a33.8m (2022: \u00a32.7m).
ii) Cost of acquisition
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
2023 2022
\u00a3 m \u00a3 m
Opening balance
2.8
0.1
Additions
4.0
3.6
Amortisation
(1.9)
(0.9)
Closing balance
4.9
2.8
iii) 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 2023 were \u00a32.5m (2022: \u00a31.4m). The
finance income earned on the subleases during the year ended 31 December 2023 was \u00a30.7m (2022: \u00a30.6m).
The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the
reporting date.
Group
2023 2022
Lease receivables \u00a3 m \u00a3 m
Due within 1 year
3.1
2.5
Due between 1 and 2 years
3.6
2.5
Due between 2 and 3 years
3.6
2.5
Due between 3 and 4 years
3.6
2.5
Due between 4 and 5 years
2.0
2.5
Due after more than 5 years
6.0
5.2
Total undiscounted lease payments receivables
21.9
17.7
Unearned finance income
(3.4)
(2.3)
Net investment in leases
18.5
15.4
Current
2.2
2.0
Non-current
16.3
13.4
18.5
15.4
The Company has no lease receivables at 31 December 2023 (2022: nil).
(g) Cash and term deposits
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Cash at bank and in hand
67.0
78.3
4.7
1.4
Money market funds
170.9
17.7
135.0
12.6
Term deposits with original maturities of less than three months
0.9
100.0
\u2013
100.0
Total cash and cash equivalents
238.8
196.0
139.7
114.0
Term deposits with original maturities of more than three months
\u2013
100.0
\u2013
50.0
Consolidated CLO cash
76.0
24.6
\u2013
\u2013
Total cash and term deposits
314.8
320.6
139.7
164.0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "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.
Group
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Fair value of fund investments
301.4
\u2013
\u2013
\u2013
301.4
Consolidated CLO assets
1,313.0
\u2013
35.8
\u2013
1,348.8
Trade and other receivables
\u2013
\u2013
124.4
17.0
141.4
Derivative financial instruments
\u2013
6.2
\u2013
\u2013
6.2
Other investment
\u2013
\u2013
7.5
\u2013
7.5
Cash and cash equivalents
\u2013
\u2013
238.8
\u2013
238.8
Consolidated CLO cash
\u2013
\u2013
76.0
\u2013
76.0
Total
1,614.4
6.2
482.5
17.0
2,120.1
Group
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
Company
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other receivables
\u2013
\u2013
8.0
0.4
8.4
Cash and cash equivalents
\u2013
\u2013
139.7
\u2013
139.7
Derivative financial instruments
\u2013
3.9
\u2013
\u2013
3.9
Total
\u2013
3.9
147.7
0.4
152.0
Company
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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
(b) Fair value of fund investments The investments primarily consist of loans or commitments made in relation to Bridgepoint Europe VII, VI and V, Bridgepoint Europe Portfolio IV, Bridgepoint Development Capital IV and III, and the Bridgepoint Credit Opportunities IV fund. 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
2023 2022
\u00a3 m \u00a3 m
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised in profit or loss
(1.3)
5.8
Foreign exchange movements recognised in other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Closing balance
301.4
273.0
The Company has no investment in funds at 31 December 2023 (2022: nil). (c) Other investments Other investments include, but are not limited to, loans made to fund portfolio companies. Other investments (with the exception of certain other investments designated as fair value through profit or loss) that are held to collect contractual cash flows and which contain contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at amortised cost. The Company has no other investments at 31 December 2023 (2022: nil). (d) CLO assets The balance shown includes the gross value of the assets held by CLO 1, CLO 3, CLO 4, CLO 5 and CLO 6 (2022: CLO 1, CLO 3 and CLO 4), 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
2023 2022
\u00a3 m \u00a3 m
Consolidated CLO assets held by the Group
1,424.8
765.9
Consolidated CLO assets attributable to third-party investors
(1,343.7)
(720.7)
Group\u2019s exposure to consolidated CLO assets
81.1
45.2
The Company has no investments in CLO assets at 31 December 2023 (2022: nil). (e) Derivative financial assets
Group
2023 2022
\u00a3 m \u00a3 m
Derivative financial assets
Forward contracts
2.3
1.0
Foreign currency options
3.9
\u2013
Total derivative financial assets
6.2
1.0
The derivative financial instruments relate to forward contracts and foreign exchange options that are used to hedge foreign exchange risk. Further detail on the hedging programme is set out in note 20 (b). The Company has foreign exchange options of \u00a33.9m at 31 December 2023 (2022: nil). (f) Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Non-current
Prepayments
1.7
1.6
\u2013
\u2013
Trade and other receivables
21.5
18.3
\u2013
\u2013
23.2
19.9
\u2013
\u2013
Current
Trade receivables
17.5
12.2
4.7
\u2013
Accrued income
20.6
19.0
\u2013
\u2013
Prepayments
11.4
6.2
\u2013
\u2013
Deferred investment receipts
\u2013
52.8
\u2013
\u2013
Other receivables
68.7
94.7
3.7
20.3
118.2
184.9
8.4
20.3
Total trade and other receivables
141.4
204.8
8.4
20.3
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not contain any significant financing components. 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 \u00a341.2m (2022: \u00a349.7m). Amounts receivable from portfolio companies of the funds at the end of the year were \u00a33.8m (2022: \u00a32.7m). ii) Cost of acquisition 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
2023 2022
\u00a3 m \u00a3 m
Opening balance
2.8
0.1
Additions
4.0
3.6
Amortisation
(1.9)
(0.9)
Closing balance
4.9
2.8
iii) 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 2023 were \u00a32.5m (2022: \u00a31.4m). The finance income earned on the subleases during the year ended 31 December 2023 was \u00a30.7m (2022: \u00a30.6m). The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the reporting date.
Group
2023 2022
Lease receivables \u00a3 m \u00a3 m
Due within 1 year
3.1
2.5
Due between 1 and 2 years
3.6
2.5
Due between 2 and 3 years
3.6
2.5
Due between 3 and 4 years
3.6
2.5
Due between 4 and 5 years
2.0
2.5
Due after more than 5 years
6.0
5.2
Total undiscounted lease payments receivables
21.9
17.7
Unearned finance income
(3.4)
(2.3)
Net investment in leases
18.5
15.4
Current
2.2
2.0
Non-current
16.3
13.4
18.5
15.4
The Company has no lease receivables at 31 December 2023 (2022: nil). (g) Cash and term deposits
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Cash at bank and in hand
67.0
78.3
4.7
1.4
Money market funds
170.9
17.7
135.0
12.6
Term deposits with original maturities of less than three months
0.9
100.0
\u2013
100.0
Total cash and cash equivalents
238.8
196.0
139.7
114.0
Term deposits with original maturities of more than three months
\u2013
100.0
\u2013
50.0
Consolidated CLO cash
76.0
24.6
\u2013
\u2013
Total cash and term deposits
314.8
320.6
139.7
164.0
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.
Group
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
47.6
98.0
145.6
Other financial liabilities
50.1
\u2013
\u2013
\u2013
50.1
Lease liabilities
\u2013
\u2013
81.6
\u2013
81.6
Derivative financial instruments
\u2013
1.6
\u2013
\u2013
1.6
Consolidated CLO liabilities
1,152.0
\u2013
14.9
\u2013
1,166.9
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
176.8
\u2013
176.8
Total
1,202.1
1.6
320.9
98.0
1,622.6
Group
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
663.7
13.2
258.2
60.6
995.7
Company
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
112.2
19.5
131.7
Total financial liabilities
\u2013
\u2013
112.2
19.5
131.7
Company
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
1.1
\u2013
1.1
Total financial liabilities
\u2013
\u2013
1.1
\u2013
1.1
(b) Trade and other payables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Amounts due in more than one year:
Management incentive scheme
12.6
12.9
\u2013
\u2013
Accrued expenses
0.5
0.7
\u2013
\u2013
13.1
13.6
\u2013
\u2013
Amounts due within one year:
Trade payables
9.1
1.3
\u2013
\u2013
Deferred contingent consideration payable
\u2013
16.7
\u2013
\u2013
Accrued expenses
110.9
77.7
25.5
1.1
Amounts due to related parties
\u2013
1.3
106.0
\u2013
Social security and other taxes
2.9
2.8
\u2013
\u2013
Other payables
9.6
15.7
0.2
\u2013
132.5
115.5
131.7
1.1
Total trade and other payables
145.6
129.1
131.7
1.1
There are no material differences between the above amounts for trade and other payables and their fair value as these do not contain
any significant financing components.
i) Deferred contingent consideration
The deferred contingent consideration was payable to EQT AB and relates to the outcome of certain fundraisings that were completed
during 2023. On 13 September 2023, the Group remeasured the final liability at that point, which equated to a release of \u00a36.9m,
through the Consolidated Statement of Profit or Loss and made a final payment of \u00a39.4m to EQT AB. Further details of the
corresponding income relating to the re-measurement are included in note 8 (c).
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 2023, the expense and corresponding liability has been based upon funds raised and expected management fees
which exceed the targets at that date.
iii) Accrued expenses and deferred income
Accrued expenses 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.
The accrued expenses at 31 December 2023 mainly relate to the transaction costs related to the acquisition of ECP.
iv) Other payables
Other payables include tax and other provisions.
(c) Borrowings On 1 June 2023, the Company entered into a new borrowing facility agreement for \u00a3200m for a period of three years. On 29 December 2023, the Company exercised an option to increase the facility by a further \u00a350m to a total of \u00a3250m. At 31 December 2023, there were no drawn amounts on this facility (2022: nil). On 22 September 2023, in connection with the ECP transaction, the Company entered into an additional borrowing facility agreement for \u00a375m for one year, with the opportunity to extend by two further six-month periods. On 21 February 2024, the facility was expanded by a further \u00a350m to a total of \u00a3125m. At 31 December 2023, there were no drawn amounts on the facility (2022: nil). The Company has no drawn borrowings at 31 December 2023 (2022: nil). (d) Other financial liabilities
Group
2023 2022
\u00a3 m \u00a3 m
Liabilities held at fair value through profit and loss:
CLO repurchase agreements
28.5
28.1
Amount payable to related party investors in Opal Investments LP
8.4
10.0
Amount payable to related party investors in intermediate fund holding entities
13.2
11.4
Total
50.1
49.5
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 \u00a312.6m (\u20ac14.6m) 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 \u00a315.9m (\u20ac18.3m) 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 relevant limited partnership agreement, related party investors have the right to receive 15% of the residual profits, which 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 2023 (2022: nil). (e) Consolidated CLO liabilities
Group
2023 2022
\u00a3 m \u00a3 m
Liabilities of CLOs consolidated by the Group (non-current)
1,152.0
597.5
Liabilities of CLOs consolidated by the Group (current)
14.9
2.6
Total
1,166.9
600.1
Non-current CLO liabilities are designated as financial liabilities at fair value through profit and loss. Consolidated CLO liabilities represent notes issued by CLOs which are consolidated by and have been originated by the Group. (f) Consolidated CLO purchases awaiting settlement
Group
2023 2022
\u00a3 m \u00a3 m
Consolidated CLO purchases awaiting settlement
176.8
120.6
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
2023 2022
\u00a3 m \u00a3 m
Derivative financial liabilities:
Forward contracts
1.6
13.2
The derivative financial instruments 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 20 (b). (h) Commitments The Group\u2019s undrawn capital commitments to the Bridgepoint funds at period end are shown in the table below. Capital commitments are called over time, typically between one to five years following the entry into 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
2023 2022
\u00a3 m \u00a3 m
Private equity funds
257.0
255.3
Credit funds
30.3
34.4
Total commitments
287.3
289.7
19 Fair value measurement (a) Fair value hierarchy 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 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2212 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2212 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs). The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund
investments
\u2013
\u2013
301.4
301.4
\u2013
\u2013
273.0
273.0
Consolidated CLO assets
\u2013
1,313.0
\u2013
1,313.0
\u2013
726.3
\u2013
726.3
Derivative financial assets
\u2013
6.2
\u2013
6.2
\u2013
1.0
\u2013
1.0
Total
\u2013
1,319.2
301.4
1,620.6
\u2013
727.3
273.0
1,000.3
Financial Liabilities
Deferred contingent
consideration payable
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
16.7
16.7
Other financial liabilities
\u2013
\u2013
50.1
50.1
\u2013
\u2013
49.5
49.5
Consolidated CLO liabilities
\u2013
\u2013
1,152.0
1,152.0
\u2013
\u2013
597.5
597.5
Derivative financial liabilities
\u2013
1.6
\u2013
1.6
\u2013
13.2
\u2013
13.2
Total
\u2013
1.6
1,202.1
1,203.7
\u2013
13.2
663.7
676.9
There have not been any transfers between levels in the fair value hierarchy during the year. The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Company
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Derivative financial assets
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Total
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Financial Liabilities
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(b) Reconciliation of level 3 fair value measurements of financial assets 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
2023 2022
Group \u00a3m \u00a3m
Level 3 financial assets at fair value through profit or loss:
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised as profit or loss
(1.3)
5.8
Foreign exchange movements recognised as other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
301.4
273.0
The underlying assets in each fund consist of portfolios of controlling or minority stakes, typically in private companies, and investments in 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 (e). (c) Reconciliation of level 3 fair value measurements of financial liabilities The valuation methodology for valuing the consolidated CLO liabilities 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 are therefore considered level 3 financial liabilities. Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore classified as level 3. A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2023 2022
\u00a3 m \u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
597.5
29.7
On acquisition
\u2013
287.9
Repayment
(52.6)
\u2013
Drawn
582.5
52.8
Foreign exchange movements
(14.0)
24.2
Change in fair value
38.6
(9.0)
Transfers (to)/from level 1 or 2
\u2013
211.9
Closing balance
1,152.0
597.5
The Company does not hold any liabilities at fair value at 31 December 2023 (2022: nil).
2023
2022
Movement in other financial liabilities at fair value through profit or loss which are level 3
Opening balance
21.4
9.1
Additions
1.3
11.1
Change in fair value
0.5
0.3
Foreign exchange movements
(0.7)
0.9
Disposals
(0.9)
\u2013
Transfers (to)/from level 1 or 2
\u2013
\u2013
Closing
21.6
21.4
A reconciliation is not provided for CLO repurchase agreements on the basis that the movements between 31 December 2022 and 31 December 2023 relate to remeasurement and revaluation. A sensitivity analysis of a change in the value of CLO liabilities at fair value through profit or loss is set out in note 19 (e). (d) Valuations (i) Private equity fund investments: Different valuation methodologies are used when valuing private equity fund investments:
Valuation Approach
Earnings
The Group primarily uses an earnings approach where a set of relevant listed companies and precedent transactions are
available.
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; and
\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.
(ii) Private credit fund investments: Different valuation methodologies are used when valuing private credit fund investments.
Valuation Approach
Amortising to Where a performing loan has been originated is valued based upon its amortised cost. Provided that there are no
par method circumstances which indicate 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).
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 which a market is active will depend on 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 anomalies
or other inaccuracies in market pricing and whether there are other factors that should be considered (for example,
recent transactions).
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.
Discounted cash Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the
flows 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.
Other Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for
approaches other valuation techniques to be utilised in certain cases.
(iii) Consolidated CLO assets The consolidated CLO assets are priced using market price where a loan is traded in the market and market prices can be obtained for use in pricing. The inputs include market price aggregation services or broker quotes where there is an active market. The extent to which a market is active 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 and whether there are other factors that should be considered (for example, recent transactions). As at 31 December 2023, 100% (2022: 100%) of the CLO fund assets were priced using market prices and classified as Level 2. (iv) Consolidated CLO liabilities 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 Group deemed this financial liability to be Level 3. (v) Deferred contingent considerations The Group uses discounted cash flows to determine fair value of the deferred contingent consideration which was paid to EQT AB in relation to the acquisition of EQT Credit business. Inputs used in the calculation of the deferred consideration include estimated outcomes of certain fundraisings, minimum and maximum thresholds and payout ratio set out in the relevant sale and purchase agreement and discount rate. The Group deemed this financial liability to be Level 3. (vi) CLO repurchase agreements The Group is party to a sale and repurchase agreement relating to CLOs; a discounted cash flow analysis is used to determine the valuation. Unobservable inputs used in the discounted cash flow approach 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. The Group deemed this financial liability to be Level 3. (vii) Other financial liabilities The Group enters a limited partnership agreement with related party investors to contractually share profits from those partnerships. The liabilities are calculated using a percentage outlined within the agreement multiplied by the profit from the partnerships. The valuation is derived from underlying value of the partnerships, which is based on the unobservable market data and therefore they are therefore classified as Level 3. Derivatives used for hedging, which are fair valued, are classified as Level 2 fair values as the inputs are observable. Further details on estimation uncertainty in the valuation of investments is set out in note 3 (b). (e) Valuation inputs and sensitivity analysis The number of unique investments represents the investments that the Group indirectly invests into through its investments in private equity and credit funds. The table below sets out information about significant unobservable inputs used at 31 December 2023 in measuring financial instruments categorised as level 3 in the fair value hierarchy.
Effect on fair
Fair value at Fair value at Number value at
31 December 31 December of unique Valuation Significant 31 December
Description 2023 (\u00a3m) 2022 (\u00a3m) investments technique
unobservable inputs
Range
Sensitivity
2023 (\u00a3m)
Private
260.9
241.3
69
Market
Earnings multiple
3.7x \u201319.5x
+10% Earnings multiple
32.1
equity fund Approach
Revenue multiple
3.1x \u2013 8.8x
\u201310% Earnings multiple
(32.7)
investments
Other private
20
Market
Earnings multiple
6.0x \u2013 26.4x
+10% Earnings multiple
0.2
credit fund
25.3
16.6
Approach
Revenue multiple
4.0x \u2013 12.6x
\u201310% Earnings multiple
(0.2)
investments
410
Other
n/a
n/a
n/a
n/a
Group's
15.2
15.1
7
Discounted
Discount rate
1.8% \u201318.0%
investments Cash Flow
Default rate
2.0%
Upside case**
0.9
in CLOs
Recovery rate
35.0% \u2013 65.0%
that are not
consolidated*
Prepayment rate
10.0% \u2013 20.0%
Reinvestment price
99.0%
Downside case**
(0.7)
Spread
4.5%
Total assets
301.4
273.0
Consolidated
1,152.0
597.5
30
Discounted
Discount rate
1.8% \u201318.0%
CLO liabilities* Cash Flow
Default rate
2.0%
Upside case**
23.0
Recovery rate
35.0% \u2013 65.0%
Prepayment rate
10.0% \u2013 20.0%
Reinvestment price
99.0%
Downside case**
(18.5)
Spread
4.5%
Deferred
\u2013
16.7
n/a
Discounted
Payout ratio
n/a
contingent Cash Flow
Discount rate
n/a
n/a
n/a
consideration
CLO repurchase
28.5
28.1
10
Discounted
Discount rate
1.75% \u2013 11.0%
+10% discount rate
0.3
agreements Cash Flow
\u201310% discount rate
(0.2)
Other financial
21.6
21.4
n/a
Other
Net asset value
n/a
+10% of NAV
2.5
liabilities (NAV)
\u201310% of NAV
(2.5)
Total liabilities 1,202.1 663.7 * The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that the Group has invested in, including \u00a315.2m of investments in CLOs that are not consolidated (2022: \u00a315.1m) and \u00a381.1m of investments in CLOs that are consolidated (2022: \u00a345.3m). The sensitivity analysis for the investments in the notes of CLOs that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the table. ** The upside case is based on the key inputs used in the valuation model disclosed above, being favourably adjusted from their base value by a factor of 10%. The downside case adjusts these key inputs by a factor of 10% in the opposite direction. 20 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 management 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, cash and cash equivalents, lease liabilities, CLO purchases awaiting settlement and other financial liabilities. The assets of a private equity fund are controlling or minority stakes, typically in private companies, and debt in such companies. The assets of credit funds and the consolidated CLO vehicles are loans to private companies. The financial risks relating to such investments inherently vary, based on the nature of the investments (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 number of assets, industries and geographies. 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 derivative financial instruments. (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, investments held by consolidated CLOs, and notes issued by consolidated CLOs. This uncertainty arises due to the use of unobservable inputs in the calculation of fair value, the performance and financial health of portfolio companies and, ultimately \u2013 in relation to investments in private equity \u2013 what a third party may be willing to pay for the relevant 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. Valuation methodologies together with the significant unobservable inputs applied for the Group\u2019s financial assets and liabilities are included in note 19. The Company has no significant exposure to price/valuation risk. (b) Foreign exchange risk Foreign exchange 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 foreign exchange 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 pound 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 financial assets and liabilities denominated in currencies other than pound sterling, the presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of financial assets and liabilities denominated in other currencies will fluctuate due to change in exchange rate. Hedging of euro management fees In order to hedge euro denominated management fee income, the Group has entered into a series of forward trades and swap agreements to sell euro and buy pounds sterling at various dates in the future to reduce the currency exposure of euro denominated income to future spot rate volatility. The level of hedging is determined with reference to the amount of pound sterling denominated costs and dividends. The level of hedging provides for almost full coverage in 2024, and reducing in 2025 and 2026, 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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
362.7
294.2
Mark-to-market value at year end
0.2
(9.6)
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 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
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as other comprehensive income
8.6
(10.5)
Reclassified to profit or loss upon settlement of hedges
1.3
(5.9)
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 euro investments 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 euro . 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 euro and buy pound sterling 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 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 euro investments and borrowings at each year end is summarised below, along with a sensitivity of the impact of a 5% change in the foreign exchange rate. This analysis excludes the consolidated CLO assets, which are attributable to third-party investors.
Group
2023
2022
Euro denominated investments (\u20acm)
400.7
330.7
Borrowings (\u20acm)
\u2013
\u2013
Investment hedges (\u20acm)
(83.3)
(176.7)
EUR denominated investments, net (\u20acm)
317.4
154.0
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
13.7
6.8
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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
74.7
156.7
Mark-to-market value at year end
0.6
(2.6)
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 foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen in the hedged item. Hedging of dollar cash consideration On 6 September 2023, the Group announced a transaction to add ECP to the Group. As part of the transaction terms, the Group will deliver a $293m up-front cash payment to the sellers. The cash consideration is funded partly by the Group\u2019s cash resources in pound sterling and therefore the Company is exposed to foreign exchange risk until completion. In mitigation the Company is holding a certain amount of cash in dollars and has purchased foreign exchange options for the residual exposure, which give the Company, the right, but not the obligation, to sell pound sterling and purchase dollars at an agreed exchange rate on the expiry date. The foreign exchange options have been designated as hedging instruments under IFRS 9 \u201cFinancial Instruments\u201d and accordingly the Group uses cash flow hedge accounting. The nominal value of the 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 and the Company
2023 2022
\u00a3 m \u00a3 m
Nominal value of foreign exchange options in pound sterling
103.3
\u2013
Mark-to-market value at year end
3.9
\u2013
These foreign exchange options are in place to hedge foreign exchange risk to maintain the upside potential while protecting against adverse changes, and the Group uses cash flow hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The Group designates only changes in the cash flows or fair value of the cash consideration below a specified rate (a \u2018one-sided risk\u2019). Only the intrinsic value of the foreign exchange options is designated in the hedging relationship and the time value of the foreign exchange options is excluded from the hedging relationship. The change in intrinsic value of the foreign exchange options, to the extent that is effective, is recognised in other comprehensive income (OCI). As the time value is considered \u201caligned\u201d time value, changes in time value of the foreign exchange options is also recognised in OCI time value. Subsequently the accumulated OCI time value and the amount deferred in the cash flow hedge reserve are moved directly as a basis adjustment in the purchase price allocation of ECP. 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 OCI time value, and amounts moved to the initial cost as a basis adjustment during the year are shown in the table below. There was no material hedge ineffectiveness noted during the year.
Group
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as cash flow hedge reserve in other comprehensive income
\u2013
\u2013
Effective portion recognised as time value in other comprehensive income
0.1
\u2013
Reclassified as a basis adjustment
\u2013
\u2013
Hedge ineffectiveness could occur if there are changes in timing of payment of the hedged item, a reduction in the total amount or prices of the hedged item or a change in the credit risk of the Company or the bank counterparties to the purchased options. The Company has no other 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 2023 the Group had no outstanding borrowings (2022: 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
2023 2022
\u00a3 m \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, term deposits, including deposits with banks and financial institutions, short-term receivables, lease 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. Expected credit losses are not expected to be material and there are no financial assets that are materially impaired. Cash and cash equivalents The Group limits its exposure in relation to cash and cash equivalents 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). Investments in CLOs 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 2023 was \u00a396.3m (2022: \u00a360.3m). At 31 December 2023, the Group fully consolidated CLOs 1, 3, 4, 5 and 6 (2022: CLO 1, 3 and 4). The Group\u2019s interests in CLOs 1, 3, 4 and 5 comprise interests in subordinated notes which incur the first loss if there is any default within the portfolio of assets by an individual borrower. Whilst the Group has entered into sale and repurchase agreements for CLO 2 and CLO 3, it remains contractually exposed to the performance of the 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, 4 and 5. Under the sale and repurchase agreements, the Group is subject to credit risk with the counterparty of \u00a329.0m (2022: \u00a329.7m), however it is holding cash collateral of \u00a329.0m (2022: \u00a329.7m), reducing the risk. Investments in private equity and credit funds, including other investments 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 with funds is limited to the carrying value at 31 December 2023 which was \u00a3286.4m (2022: \u00a3257.9m). Trade and other receivables (including lease receivables) Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies. The funds are managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables from 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 such, the Directors consider the Group\u2019s credit exposure to trade and other receivables to be low. 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 credit quality of the counterparties. Carried interest receivable The Group\u2019s carried interest receivable represents income expected from CIPs. The Group considers there to be a remote 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, derivative instruments, term deposits 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. The liquidity outlook is monitored at least monthly by management and regularly reviewed by the Board. 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, including for acquisitions and for refinancing maturing debt. At 31 December 2023, the Group has the use of \u00a3250.0m of undrawn revolving credit facility which it uses to manage liquidity. Subsequent to the year-end, the Group priced $430.0m of US private placement notes, subject to the closing of the ECP transaction and customary conditions. The proceeds will be used to provide additional resources to deliver the Group\u2019s strategic growth plans and in part will be used to refinance certain ECP debt following the ECP transaction, which is subject to a change of control process. Further detail is included in note 30 (c). In addition, at 31 December 2023, the Group had the use of \u00a375.0m of undrawn bridge facility which was put in place in connection with the acquisition of ECP, which was increased to \u00a3125.0m subsequent to the year-end, which is available until the closing of the new US private placement notes. 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 Group\u2019s financing arrangements are subject to financial covenants. Further detail is included in note 21. 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 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).
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.6
\u2013
29.0
50.6
Derivative financial liabilities
1.2
0.4
\u2013
\u2013
1.6
Trade and other payables
47.6
\u2013
\u2013
\u2013
47.6
Lease liabilities
15.0
14.1
38.7
25.7
93.5
Consolidated CLO liabilities
96.4
63.6
1,271.5
\u2013
1,431.5
Consolidated CLO purchases awaiting settlement
176.8
\u2013
\u2013
\u2013
176.8
337.0
99.7
1,310.2
54.7
1,801.6
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.4
\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
288.2
88.1
440.1
314.1
1,130.5
As at 31 December 2023
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
131.7
\u2013
\u2013
\u2013
131.7
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
1.1
\u2013
\u2013
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "(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.
Group
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Fair value of fund investments
301.4
\u2013
\u2013
\u2013
301.4
Consolidated CLO assets
1,313.0
\u2013
35.8
\u2013
1,348.8
Trade and other receivables
\u2013
\u2013
124.4
17.0
141.4
Derivative financial instruments
\u2013
6.2
\u2013
\u2013
6.2
Other investment
\u2013
\u2013
7.5
\u2013
7.5
Cash and cash equivalents
\u2013
\u2013
238.8
\u2013
238.8
Consolidated CLO cash
\u2013
\u2013
76.0
\u2013
76.0
Total
1,614.4
6.2
482.5
17.0
2,120.1
Group
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
Company
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other receivables
\u2013
\u2013
8.0
0.4
8.4
Cash and cash equivalents
\u2013
\u2013
139.7
\u2013
139.7
Derivative financial instruments
\u2013
3.9
\u2013
\u2013
3.9
Total
\u2013
3.9
147.7
0.4
152.0
Company
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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
(b) Fair value of fund investments The investments primarily consist of loans or commitments made in relation to Bridgepoint Europe VII, VI and V, Bridgepoint Europe Portfolio IV, Bridgepoint Development Capital IV and III, and the Bridgepoint Credit Opportunities IV fund. 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
2023 2022
\u00a3 m \u00a3 m
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised in profit or loss
(1.3)
5.8
Foreign exchange movements recognised in other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Closing balance
301.4
273.0
The Company has no investment in funds at 31 December 2023 (2022: nil). (c) Other investments Other investments include, but are not limited to, loans made to fund portfolio companies. Other investments (with the exception of certain other investments designated as fair value through profit or loss) that are held to collect contractual cash flows and which contain contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at amortised cost. The Company has no other investments at 31 December 2023 (2022: nil). (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.
Group
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
47.6
98.0
145.6
Other financial liabilities
50.1
\u2013
\u2013
\u2013
50.1
Lease liabilities
\u2013
\u2013
81.6
\u2013
81.6
Derivative financial instruments
\u2013
1.6
\u2013
\u2013
1.6
Consolidated CLO liabilities
1,152.0
\u2013
14.9
\u2013
1,166.9
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
176.8
\u2013
176.8
Total
1,202.1
1.6
320.9
98.0
1,622.6
Group
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
663.7
13.2
258.2
60.6
995.7
Company
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
112.2
19.5
131.7
Total financial liabilities
\u2013
\u2013
112.2
19.5
131.7
Company
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
1.1
\u2013
1.1
Total financial liabilities
\u2013
\u2013
1.1
\u2013
1.1
Group
2023 2022
\u00a3 m \u00a3 m
Liabilities held at fair value through profit and loss:
CLO repurchase agreements
28.5
28.1
Amount payable to related party investors in Opal Investments LP
8.4
10.0
Amount payable to related party investors in intermediate fund holding entities
13.2
11.4
Total
50.1
49.5
19 Fair value measurement (a) Fair value hierarchy 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 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2212 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2212 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs). The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund
investments
\u2013
\u2013
301.4
301.4
\u2013
\u2013
273.0
273.0
Consolidated CLO assets
\u2013
1,313.0
\u2013
1,313.0
\u2013
726.3
\u2013
726.3
Derivative financial assets
\u2013
6.2
\u2013
6.2
\u2013
1.0
\u2013
1.0
Total
\u2013
1,319.2
301.4
1,620.6
\u2013
727.3
273.0
1,000.3
Financial Liabilities
Deferred contingent
consideration payable
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
16.7
16.7
Other financial liabilities
\u2013
\u2013
50.1
50.1
\u2013
\u2013
49.5
49.5
Consolidated CLO liabilities
\u2013
\u2013
1,152.0
1,152.0
\u2013
\u2013
597.5
597.5
Derivative financial liabilities
\u2013
1.6
\u2013
1.6
\u2013
13.2
\u2013
13.2
Total
\u2013
1.6
1,202.1
1,203.7
\u2013
13.2
663.7
676.9
There have not been any transfers between levels in the fair value hierarchy during the year. The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Company
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Derivative financial assets
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Total
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Financial Liabilities
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(b) Reconciliation of level 3 fair value measurements of financial assets 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
2023 2022
Group \u00a3m \u00a3m
Level 3 financial assets at fair value through profit or loss:
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised as profit or loss
(1.3)
5.8
Foreign exchange movements recognised as other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
301.4
273.0
The underlying assets in each fund consist of portfolios of controlling or minority stakes, typically in private companies, and investments in 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 (e). (c) Reconciliation of level 3 fair value measurements of financial liabilities The valuation methodology for valuing the consolidated CLO liabilities 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 are therefore considered level 3 financial liabilities. Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore classified as level 3. A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2023 2022
\u00a3 m \u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
597.5
29.7
On acquisition
\u2013
287.9
Repayment
(52.6)
\u2013
Drawn
582.5
52.8
Foreign exchange movements
(14.0)
24.2
Change in fair value
38.6
(9.0)
Transfers (to)/from level 1 or 2
\u2013
211.9
Closing balance
1,152.0
597.5
The Company does not hold any liabilities at fair value at 31 December 2023 (2022: nil).
2023
2022
Movement in other financial liabilities at fair value through profit or loss which are level 3
Opening balance
21.4
9.1
Additions
1.3
11.1
Change in fair value
0.5
0.3
Foreign exchange movements
(0.7)
0.9
Disposals
(0.9)
\u2013
Transfers (to)/from level 1 or 2
\u2013
\u2013
Closing
21.6
21.4
A reconciliation is not provided for CLO repurchase agreements on the basis that the movements between 31 December 2022 and 31 December 2023 relate to remeasurement and revaluation. A sensitivity analysis of a change in the value of CLO liabilities at fair value through profit or loss is set out in note 19 (e). (d) Valuations (i) Private equity fund investments: Different valuation methodologies are used when valuing private equity fund investments:
Valuation Approach
Earnings
The Group primarily uses an earnings approach where a set of relevant listed companies and precedent transactions are
available.
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; and
\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.
(ii) Private credit fund investments: Different valuation methodologies are used when valuing private credit fund investments.
Valuation Approach
Amortising to Where a performing loan has been originated is valued based upon its amortised cost. Provided that there are no
par method circumstances which indicate 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).
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 which a market is active will depend on 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 anomalies
or other inaccuracies in market pricing and whether there are other factors that should be considered (for example,
recent transactions).
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.
Discounted cash Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the
flows 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.
Other Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for
approaches other valuation techniques to be utilised in certain cases.
(iii) Consolidated CLO assets The consolidated CLO assets are priced using market price where a loan is traded in the market and market prices can be obtained for use in pricing. The inputs include market price aggregation services or broker quotes where there is an active market. The extent to which a market is active 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 and whether there are other factors that should be considered (for example, recent transactions). As at 31 December 2023, 100% (2022: 100%) of the CLO fund assets were priced using market prices and classified as Level 2. (iv) Consolidated CLO liabilities 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 Group deemed this financial liability to be Level 3. (v) Deferred contingent considerations The Group uses discounted cash flows to determine fair value of the deferred contingent consideration which was paid to EQT AB in relation to the acquisition of EQT Credit business. Inputs used in the calculation of the deferred consideration include estimated outcomes of certain fundraisings, minimum and maximum thresholds and payout ratio set out in the relevant sale and purchase agreement and discount rate. The Group deemed this financial liability to be Level 3. (vi) CLO repurchase agreements The Group is party to a sale and repurchase agreement relating to CLOs; a discounted cash flow analysis is used to determine the valuation. Unobservable inputs used in the discounted cash flow approach 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. The Group deemed this financial liability to be Level 3.
(vii) Other financial liabilities
The Group enters a limited partnership agreement with related party investors to contractually share profits from those partnerships.
The liabilities are calculated using a percentage outlined within the agreement multiplied by the profit from the partnerships.
The valuation is derived from underlying value of the partnerships, which is based on the unobservable market data and therefore they
are therefore classified as Level 3.
Derivatives used for hedging, which are fair valued, are classified as Level 2 fair values as the inputs are observable.
Further details on estimation uncertainty in the valuation of investments is set out in note 3 (b).
(e) Valuation inputs and sensitivity analysis
The number of unique investments represents the investments that the Group indirectly invests into through its investments in private
equity and credit funds. The table below sets out information about significant unobservable inputs used at 31 December 2023 in
measuring financial instruments categorised as level 3 in the fair value hierarchy.
Effect on fair
Fair value at Fair value at Number value at
31 December 31 December of unique Valuation Significant 31 December
Description 2023 (\u00a3m) 2022 (\u00a3m) investments technique
unobservable inputs
Range
Sensitivity
2023 (\u00a3m)
Private
260.9
241.3
69
Market
Earnings multiple
3.7x \u201319.5x
+10% Earnings multiple
32.1
equity fund Approach
Revenue multiple
3.1x \u2013 8.8x
\u201310% Earnings multiple
(32.7)
investments
Other private
20
Market
Earnings multiple
6.0x \u2013 26.4x
+10% Earnings multiple
0.2
credit fund
25.3
16.6
Approach
Revenue multiple
4.0x \u2013 12.6x
\u201310% Earnings multiple
(0.2)
investments
410
Other
n/a
n/a
n/a
n/a
Group's
15.2
15.1
7
Discounted
Discount rate
1.8% \u201318.0%
investments Cash Flow
Default rate
2.0%
Upside case**
0.9
in CLOs
Recovery rate
35.0% \u2013 65.0%
that are not
consolidated*
Prepayment rate
10.0% \u2013 20.0%
Reinvestment price
99.0%
Downside case**
(0.7)
Spread
4.5%
Total assets
301.4
273.0
Consolidated
1,152.0
597.5
30
Discounted
Discount rate
1.8% \u201318.0%
CLO liabilities* Cash Flow
Default rate
2.0%
Upside case**
23.0
Recovery rate
35.0% \u2013 65.0%
Prepayment rate
10.0% \u2013 20.0%
Reinvestment price
99.0%
Downside case**
(18.5)
Spread
4.5%
Deferred
\u2013
16.7
n/a
Discounted
Payout ratio
n/a
contingent Cash Flow
Discount rate
n/a
n/a
n/a
consideration
CLO repurchase
28.5
28.1
10
Discounted
Discount rate
1.75% \u2013 11.0%
+10% discount rate
0.3
agreements Cash Flow
\u201310% discount rate
(0.2)
Other financial
21.6
21.4
n/a
Other
Net asset value
n/a
+10% of NAV
2.5
liabilities (NAV)
\u201310% of NAV
(2.5)
Total liabilities 1,202.1 663.7
* The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that the Group has invested in, including \u00a315.2m of investments in CLOs that are not consolidated
(2022: \u00a315.1m) and \u00a381.1m of investments in CLOs that are consolidated (2022: \u00a345.3m). The sensitivity analysis for the investments in the notes of CLOs that are consolidated
impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the table.
** The upside case is based on the key inputs used in the valuation model disclosed above, being favourably adjusted from their base value by a factor of 10%. The downside case adjusts
these key inputs by a factor of 10% in the opposite direction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "(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.
Group
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Fair value of fund investments
301.4
\u2013
\u2013
\u2013
301.4
Consolidated CLO assets
1,313.0
\u2013
35.8
\u2013
1,348.8
Trade and other receivables
\u2013
\u2013
124.4
17.0
141.4
Derivative financial instruments
\u2013
6.2
\u2013
\u2013
6.2
Other investment
\u2013
\u2013
7.5
\u2013
7.5
Cash and cash equivalents
\u2013
\u2013
238.8
\u2013
238.8
Consolidated CLO cash
\u2013
\u2013
76.0
\u2013
76.0
Total
1,614.4
6.2
482.5
17.0
2,120.1
Group
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
Company
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other receivables
\u2013
\u2013
8.0
0.4
8.4
Cash and cash equivalents
\u2013
\u2013
139.7
\u2013
139.7
Derivative financial instruments
\u2013
3.9
\u2013
\u2013
3.9
Total
\u2013
3.9
147.7
0.4
152.0
Company
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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
(b) Fair value of fund investments The investments primarily consist of loans or commitments made in relation to Bridgepoint Europe VII, VI and V, Bridgepoint Europe Portfolio IV, Bridgepoint Development Capital IV and III, and the Bridgepoint Credit Opportunities IV fund. 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
2023 2022
\u00a3 m \u00a3 m
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised in profit or loss
(1.3)
5.8
Foreign exchange movements recognised in other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Closing balance
301.4
273.0
The Company has no investment in funds at 31 December 2023 (2022: nil). (c) Other investments Other investments include, but are not limited to, loans made to fund portfolio companies. Other investments (with the exception of certain other investments designated as fair value through profit or loss) that are held to collect contractual cash flows and which contain contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at amortised cost. The Company has no other investments at 31 December 2023 (2022: nil). (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.
Group
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
47.6
98.0
145.6
Other financial liabilities
50.1
\u2013
\u2013
\u2013
50.1
Lease liabilities
\u2013
\u2013
81.6
\u2013
81.6
Derivative financial instruments
\u2013
1.6
\u2013
\u2013
1.6
Consolidated CLO liabilities
1,152.0
\u2013
14.9
\u2013
1,166.9
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
176.8
\u2013
176.8
Total
1,202.1
1.6
320.9
98.0
1,622.6
Group
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
663.7
13.2
258.2
60.6
995.7
Company
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
112.2
19.5
131.7
Total financial liabilities
\u2013
\u2013
112.2
19.5
131.7
Company
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
1.1
\u2013
1.1
Total financial liabilities
\u2013
\u2013
1.1
\u2013
1.1
Group
2023 2022
\u00a3 m \u00a3 m
Liabilities held at fair value through profit and loss:
CLO repurchase agreements
28.5
28.1
Amount payable to related party investors in Opal Investments LP
8.4
10.0
Amount payable to related party investors in intermediate fund holding entities
13.2
11.4
Total
50.1
49.5
19 Fair value measurement
(a) Fair value hierarchy
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 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2212 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as prices)
or indirectly (i.e. derived from prices); and
\u2212 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs).
The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund
investments
\u2013
\u2013
301.4
301.4
\u2013
\u2013
273.0
273.0
Consolidated CLO assets
\u2013
1,313.0
\u2013
1,313.0
\u2013
726.3
\u2013
726.3
Derivative financial assets
\u2013
6.2
\u2013
6.2
\u2013
1.0
\u2013
1.0
Total
\u2013
1,319.2
301.4
1,620.6
\u2013
727.3
273.0
1,000.3
Financial Liabilities
Deferred contingent
consideration payable
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
16.7
16.7
Other financial liabilities
\u2013
\u2013
50.1
50.1
\u2013
\u2013
49.5
49.5
Consolidated CLO liabilities
\u2013
\u2013
1,152.0
1,152.0
\u2013
\u2013
597.5
597.5
Derivative financial liabilities
\u2013
1.6
\u2013
1.6
\u2013
13.2
\u2013
13.2
Total
\u2013
1.6
1,202.1
1,203.7
\u2013
13.2
663.7
676.9
There have not been any transfers between levels in the fair value hierarchy during the year.
The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Company
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Derivative financial assets
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Total
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Financial Liabilities
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(b) Reconciliation of level 3 fair value measurements of financial assets
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
2023 2022
Group \u00a3m \u00a3m
Level 3 financial assets at fair value through profit or loss:
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised as profit or loss
(1.3)
5.8
Foreign exchange movements recognised as other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
301.4
273.0
The underlying assets in each fund consist of portfolios of controlling or minority stakes, typically in private companies, and investments
in 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 (e).
(c) Reconciliation of level 3 fair value measurements of financial liabilities
The valuation methodology for valuing the consolidated CLO liabilities 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 are therefore considered level 3 financial liabilities.
Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated CLO
liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore classified as
level 3.
A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2023 2022
\u00a3 m \u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
597.5
29.7
On acquisition
\u2013
287.9
Repayment
(52.6)
\u2013
Drawn
582.5
52.8
Foreign exchange movements
(14.0)
24.2
Change in fair value
38.6
(9.0)
Transfers (to)/from level 1 or 2
\u2013
211.9
Closing balance
1,152.0
597.5
The Company does not hold any liabilities at fair value at 31 December 2023 (2022: nil).
2023
2022
Movement in other financial liabilities at fair value through profit or loss which are level 3
Opening balance
21.4
9.1
Additions
1.3
11.1
Change in fair value
0.5
0.3
Foreign exchange movements
(0.7)
0.9
Disposals
(0.9)
\u2013
Transfers (to)/from level 1 or 2
\u2013
\u2013
Closing
21.6
21.4
A reconciliation is not provided for CLO repurchase agreements on the basis that the movements between 31 December 2022 and
31 December 2023 relate to remeasurement and revaluation.
A sensitivity analysis of a change in the value of CLO liabilities at fair value through profit or loss is set out in note 19 (e).
(d) Valuations
(i) Private equity fund investments:
Different valuation methodologies are used when valuing private equity fund investments:
Valuation Approach
Earnings
The Group primarily uses an earnings approach where a set of relevant listed companies and precedent transactions are
available.
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; and
\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.
(ii) Private credit fund investments:
Different valuation methodologies are used when valuing private credit fund investments.
Valuation Approach
Amortising to Where a performing loan has been originated is valued based upon its amortised cost. Provided that there are no
par method circumstances which indicate 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).
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 which a market is active will depend on 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 anomalies
or other inaccuracies in market pricing and whether there are other factors that should be considered (for example,
recent transactions).
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.
Discounted cash Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the
flows 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.
Other Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for
approaches other valuation techniques to be utilised in certain cases.
(iii) Consolidated CLO assets
The consolidated CLO assets are priced using market price where a loan is traded in the market and market prices can be obtained for
use in pricing. The inputs include market price aggregation services or broker quotes where there is an active market. The extent to
which a market is active 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 and
whether there are other factors that should be considered (for example, recent transactions). As at 31 December 2023, 100%
(2022: 100%) of the CLO fund assets were priced using market prices and classified as Level 2.
(iv) Consolidated CLO liabilities
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 Group deemed this financial liability to be Level 3.
(v) Deferred contingent considerations
The Group uses discounted cash flows to determine fair value of the deferred contingent consideration which was paid to EQT AB
in relation to the acquisition of EQT Credit business. Inputs used in the calculation of the deferred consideration include estimated
outcomes of certain fundraisings, minimum and maximum thresholds and payout ratio set out in the relevant sale and purchase
agreement and discount rate. The Group deemed this financial liability to be Level 3.
(vi) CLO repurchase agreements
The Group is party to a sale and repurchase agreement relating to CLOs; a discounted cash flow analysis is used to determine the
valuation. Unobservable inputs used in the discounted cash flow approach 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. The Group deemed this financial liability to be Level 3.
(vii) Other financial liabilities The Group enters a limited partnership agreement with related party investors to contractually share profits from those partnerships. The liabilities are calculated using a percentage outlined within the agreement multiplied by the profit from the partnerships. The valuation is derived from underlying value of the partnerships, which is based on the unobservable market data and therefore they are therefore classified as Level 3. Derivatives used for hedging, which are fair valued, are classified as Level 2 fair values as the inputs are observable. Further details on estimation uncertainty in the valuation of investments is set out in note 3 (b). (e) Valuation inputs and sensitivity analysis The number of unique investments represents the investments that the Group indirectly invests into through its investments in private equity and credit funds. The table below sets out information about significant unobservable inputs used at 31 December 2023 in measuring financial instruments categorised as level 3 in the fair value hierarchy. Effect on fair Fair value at Fair value at Number value at 31 December 31 December of unique Valuation Significant 31 December Description 2023 (\u00a3m) 2022 (\u00a3m) investments technique unobservable inputs Range Sensitivity 2023 (\u00a3m) Private 260.9 241.3 69 Market Earnings multiple 3.7x \u201319.5x +10% Earnings multiple 32.1 equity fund Approach Revenue multiple 3.1x \u2013 8.8x \u201310% Earnings multiple (32.7) investments Other private 20 Market Earnings multiple 6.0x \u2013 26.4x +10% Earnings multiple 0.2 credit fund 25.3 16.6 Approach Revenue multiple 4.0x \u2013 12.6x \u201310% Earnings multiple (0.2) investments 410 Other n/a n/a n/a n/a Group's 15.2 15.1 7 Discounted Discount rate 1.8% \u201318.0% investments Cash Flow Default rate 2.0% in CLOs Recovery rate 35.0% \u2013 65.0% that are not consolidated* Prepayment rate 10.0% \u2013 20.0% Reinvestment price 99.0% Spread 4.5% Total assets 301.4 273.0 Consolidated 1,152.0 597.5 30 Discounted Discount rate 1.8% \u201318.0% CLO liabilities* Cash Flow Default rate 2.0% Recovery rate 35.0% \u2013 65.0% Prepayment rate 10.0% \u2013 20.0% Reinvestment price 99.0% Spread 4.5% Deferred \u2013 16.7 n/a Discounted Payout ratio n/a contingent Cash Flow Discount rate n/a n/a n/a consideration CLO repurchase 28.5 28.1 10 Discounted Discount rate 1.75% \u2013 11.0% +10% discount rate 0.3 agreements Cash Flow \u201310% discount rate (0.2) Other financial 21.6 21.4 n/a Other Net asset value n/a +10% of NAV 2.5 liabilities (NAV) \u201310% of NAV (2.5) Total liabilities 1,202.1 663.7 * The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that the Group has invested in, including \u00a315.2m of investments in CLOs that are not consolidated (2022: \u00a315.1m) and \u00a381.1m of investments in CLOs that are consolidated (2022: \u00a345.3m). The sensitivity analysis for the investments in the notes of CLOs that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the table. ** The upside case is based on the key inputs used in the valuation model disclosed above, being favourably adjusted from their base value by a factor of 10%. The downside case adjusts these key inputs by a factor of 10% in the opposite direction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "
Group
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Fair value of fund investments
301.4
\u2013
\u2013
\u2013
301.4
Consolidated CLO assets
1,313.0
\u2013
35.8
\u2013
1,348.8
Trade and other receivables
\u2013
\u2013
124.4
17.0
141.4
Derivative financial instruments
\u2013
6.2
\u2013
\u2013
6.2
Other investment
\u2013
\u2013
7.5
\u2013
7.5
Cash and cash equivalents
\u2013
\u2013
238.8
\u2013
238.8
Consolidated CLO cash
\u2013
\u2013
76.0
\u2013
76.0
Total
1,614.4
6.2
482.5
17.0
2,120.1
Group
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
Company
Fair value Financial assets Assets which
through profit Hedging at amortised are not financial
or loss derivatives cost assets Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other receivables
\u2013
\u2013
8.0
0.4
8.4
Cash and cash equivalents
\u2013
\u2013
139.7
\u2013
139.7
Derivative financial instruments
\u2013
3.9
\u2013
\u2013
3.9
Total
\u2013
3.9
147.7
0.4
152.0
Company
Fair value Financial assets Assets which are
through profit Hedging at amortised not financial
or loss derivatives cost assets Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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
Group
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
47.6
98.0
145.6
Other financial liabilities
50.1
\u2013
\u2013
\u2013
50.1
Lease liabilities
\u2013
\u2013
81.6
\u2013
81.6
Derivative financial instruments
\u2013
1.6
\u2013
\u2013
1.6
Consolidated CLO liabilities
1,152.0
\u2013
14.9
\u2013
1,166.9
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
176.8
\u2013
176.8
Total
1,202.1
1.6
320.9
98.0
1,622.6
Group
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
663.7
13.2
258.2
60.6
995.7
Company
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
112.2
19.5
131.7
Total financial liabilities
\u2013
\u2013
112.2
19.5
131.7
Company
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
1.1
\u2013
1.1
Total financial liabilities
\u2013
\u2013
1.1
\u2013
1.1
19 Fair value measurement (a) Fair value hierarchy 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 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2212 Level 2: Inputs other than quoted prices included within level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2212 Level 3: Inputs for assets or liabilities that are not based on observable market data (i.e. unobservable inputs). The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Group
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Fair value of fund
investments
\u2013
\u2013
301.4
301.4
\u2013
\u2013
273.0
273.0
Consolidated CLO assets
\u2013
1,313.0
\u2013
1,313.0
\u2013
726.3
\u2013
726.3
Derivative financial assets
\u2013
6.2
\u2013
6.2
\u2013
1.0
\u2013
1.0
Total
\u2013
1,319.2
301.4
1,620.6
\u2013
727.3
273.0
1,000.3
Financial Liabilities
Deferred contingent
consideration payable
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
16.7
16.7
Other financial liabilities
\u2013
\u2013
50.1
50.1
\u2013
\u2013
49.5
49.5
Consolidated CLO liabilities
\u2013
\u2013
1,152.0
1,152.0
\u2013
\u2013
597.5
597.5
Derivative financial liabilities
\u2013
1.6
\u2013
1.6
\u2013
13.2
\u2013
13.2
Total
\u2013
1.6
1,202.1
1,203.7
\u2013
13.2
663.7
676.9
There have not been any transfers between levels in the fair value hierarchy during the year. The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy:
2023
2022
Company
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
Derivative financial assets
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Total
\u2013
3.9
\u2013
3.9
\u2013
\u2013
\u2013
\u2013
Financial Liabilities
Derivative financial liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(b) Reconciliation of level 3 fair value measurements of financial assets 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
2023 2022
Group \u00a3m \u00a3m
Level 3 financial assets at fair value through profit or loss:
Opening balance
273.0
313.7
Additions
36.3
38.5
Change in fair value
18.5
32.9
Foreign exchange movements recognised as profit or loss
(1.3)
5.8
Foreign exchange movements recognised as other comprehensive income
(5.1)
8.2
Disposals
(20.0)
(126.1)
Transfer (to)/from level 1 or 2
\u2013
\u2013
Closing balance
301.4
273.0
The underlying assets in each fund consist of portfolios of controlling or minority stakes, typically in private companies, and investments in 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 (e). (c) Reconciliation of level 3 fair value measurements of financial liabilities The valuation methodology for valuing the consolidated CLO liabilities 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 are therefore considered level 3 financial liabilities. Financial liabilities classified as level 3 under the fair value hierarchy consist of the deferred contingent consideration, consolidated CLO liabilities and other financial liabilities. The valuation of these liabilities is based on unobservable market data and therefore classified as level 3. A reconciliation of level 3 fair values for CLO liabilities at fair value through profit or loss is set out in the table below.
Group
2023 2022
\u00a3 m \u00a3 m
Movement in CLO liabilities at fair value through profit or loss which are level 3:
Opening balance
597.5
29.7
On acquisition
\u2013
287.9
Repayment
(52.6)
\u2013
Drawn
582.5
52.8
Foreign exchange movements
(14.0)
24.2
Change in fair value
38.6
(9.0)
Transfers (to)/from level 1 or 2
\u2013
211.9
Closing balance
1,152.0
597.5
The Company does not hold any liabilities at fair value at 31 December 2023 (2022: nil).
2023
2022
Movement in other financial liabilities at fair value through profit or loss which are level 3
Opening balance
21.4
9.1
Additions
1.3
11.1
Change in fair value
0.5
0.3
Foreign exchange movements
(0.7)
0.9
Disposals
(0.9)
\u2013
Transfers (to)/from level 1 or 2
\u2013
\u2013
Closing
21.6
21.4
A reconciliation is not provided for CLO repurchase agreements on the basis that the movements between 31 December 2022 and 31 December 2023 relate to remeasurement and revaluation. A sensitivity analysis of a change in the value of CLO liabilities at fair value through profit or loss is set out in note 19 (e). (d) Valuations (i) Private equity fund investments: Different valuation methodologies are used when valuing private equity fund investments:
Valuation Approach
Earnings
The Group primarily uses an earnings approach where a set of relevant listed companies and precedent transactions are
available.
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; and
\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.
(ii) Private credit fund investments: Different valuation methodologies are used when valuing private credit fund investments.
Valuation Approach
Amortising to Where a performing loan has been originated is valued based upon its amortised cost. Provided that there are no
par method circumstances which indicate 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).
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 which a market is active will depend on 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 anomalies
or other inaccuracies in market pricing and whether there are other factors that should be considered (for example,
recent transactions).
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.
Discounted cash Where the Group holds an interest in the note of a CLO, a discounted cash flow analysis is used to determine the
flows 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.
Other Considering the broad array of debt instruments that may be held by the funds, it may be deemed appropriate for
approaches other valuation techniques to be utilised in certain cases.
(iii) Consolidated CLO assets The consolidated CLO assets are priced using market price where a loan is traded in the market and market prices can be obtained for use in pricing. The inputs include market price aggregation services or broker quotes where there is an active market. The extent to which a market is active 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 and whether there are other factors that should be considered (for example, recent transactions). As at 31 December 2023, 100% (2022: 100%) of the CLO fund assets were priced using market prices and classified as Level 2. (iv) Consolidated CLO liabilities 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 Group deemed this financial liability to be Level 3. (v) Deferred contingent considerations The Group uses discounted cash flows to determine fair value of the deferred contingent consideration which was paid to EQT AB in relation to the acquisition of EQT Credit business. Inputs used in the calculation of the deferred consideration include estimated outcomes of certain fundraisings, minimum and maximum thresholds and payout ratio set out in the relevant sale and purchase agreement and discount rate. The Group deemed this financial liability to be Level 3. (vi) CLO repurchase agreements The Group is party to a sale and repurchase agreement relating to CLOs; a discounted cash flow analysis is used to determine the valuation. Unobservable inputs used in the discounted cash flow approach 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. The Group deemed this financial liability to be Level 3. (vii) Other financial liabilities The Group enters a limited partnership agreement with related party investors to contractually share profits from those partnerships. The liabilities are calculated using a percentage outlined within the agreement multiplied by the profit from the partnerships. The valuation is derived from underlying value of the partnerships, which is based on the unobservable market data and therefore they are therefore classified as Level 3. Derivatives used for hedging, which are fair valued, are classified as Level 2 fair values as the inputs are observable. Further details on estimation uncertainty in the valuation of investments is set out in note 3 (b). (e) Valuation inputs and sensitivity analysis The number of unique investments represents the investments that the Group indirectly invests into through its investments in private equity and credit funds. The table below sets out information about significant unobservable inputs used at 31 December 2023 in measuring financial instruments categorised as level 3 in the fair value hierarchy.
Effect on fair
Fair value at Fair value at Number value at
31 December 31 December of unique Valuation Significant 31 December
Description 2023 (\u00a3m) 2022 (\u00a3m) investments technique
unobservable inputs
Range
Sensitivity
2023 (\u00a3m)
Private
260.9
241.3
69
Market
Earnings multiple
3.7x \u201319.5x
+10% Earnings multiple
32.1
equity fund Approach
Revenue multiple
3.1x \u2013 8.8x
\u201310% Earnings multiple
(32.7)
investments
Other private
20
Market
Earnings multiple
6.0x \u2013 26.4x
+10% Earnings multiple
0.2
credit fund
25.3
16.6
Approach
Revenue multiple
4.0x \u2013 12.6x
\u201310% Earnings multiple
(0.2)
investments
410
Other
n/a
n/a
n/a
n/a
Group's
15.2
15.1
7
Discounted
Discount rate
1.8% \u201318.0%
investments Cash Flow
Default rate
2.0%
Upside case**
0.9
in CLOs
Recovery rate
35.0% \u2013 65.0%
that are not
consolidated*
Prepayment rate
10.0% \u2013 20.0%
Reinvestment price
99.0%
Downside case**
(0.7)
Spread
4.5%
Total assets
301.4
273.0
Consolidated
1,152.0
597.5
30
Discounted
Discount rate
1.8% \u201318.0%
CLO liabilities* Cash Flow
Default rate
2.0%
Upside case**
23.0
Recovery rate
35.0% \u2013 65.0%
Prepayment rate
10.0% \u2013 20.0%
Reinvestment price
99.0%
Downside case**
(18.5)
Spread
4.5%
Deferred
\u2013
16.7
n/a
Discounted
Payout ratio
n/a
contingent Cash Flow
Discount rate
n/a
n/a
n/a
consideration
CLO repurchase
28.5
28.1
10
Discounted
Discount rate
1.75% \u2013 11.0%
+10% discount rate
0.3
agreements Cash Flow
\u201310% discount rate
(0.2)
Other financial
21.6
21.4
n/a
Other
Net asset value
n/a
+10% of NAV
2.5
liabilities (NAV)
\u201310% of NAV
(2.5)
Total liabilities 1,202.1 663.7 * The sensitivity analysis is performed on the portfolio of notes of CLO vehicles that the Group has invested in, including \u00a315.2m of investments in CLOs that are not consolidated (2022: \u00a315.1m) and \u00a381.1m of investments in CLOs that are consolidated (2022: \u00a345.3m). The sensitivity analysis for the investments in the notes of CLOs that are consolidated impacts the value of the consolidated CLO liabilities (as these are eliminated from the overall balance) and are accordingly disclosed in this section of the table. ** The upside case is based on the key inputs used in the valuation model disclosed above, being favourably adjusted from their base value by a factor of 10%. The downside case adjusts these key inputs by a factor of 10% in the opposite direction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "(e) Derivative financial assets
Group
2023 2022
\u00a3 m \u00a3 m
Derivative financial assets
Forward contracts
2.3
1.0
Foreign currency options
3.9
\u2013
Total derivative financial assets
6.2
1.0
The derivative financial instruments relate to forward contracts and foreign exchange options that are used to hedge foreign exchange risk. Further detail on the hedging programme is set out in note 20 (b). The Company has foreign exchange options of \u00a33.9m at 31 December 2023 (2022: nil). (g) Derivative financial liabilities
Group
2023 2022
\u00a3 m \u00a3 m
Derivative financial liabilities:
Forward contracts
1.6
13.2
The derivative financial instruments 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 20 (b). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "(f) Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Non-current
Prepayments
1.7
1.6
\u2013
\u2013
Trade and other receivables
21.5
18.3
\u2013
\u2013
23.2
19.9
\u2013
\u2013
Current
Trade receivables
17.5
12.2
4.7
\u2013
Accrued income
20.6
19.0
\u2013
\u2013
Prepayments
11.4
6.2
\u2013
\u2013
Deferred investment receipts
\u2013
52.8
\u2013
\u2013
Other receivables
68.7
94.7
3.7
20.3
118.2
184.9
8.4
20.3
Total trade and other receivables
141.4
204.8
8.4
20.3
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not contain any significant financing components. 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 \u00a341.2m (2022: \u00a349.7m). Amounts receivable from portfolio companies of the funds at the end of the year were \u00a33.8m (2022: \u00a32.7m). ii) Cost of acquisition 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
2023 2022
\u00a3 m \u00a3 m
Opening balance
2.8
0.1
Additions
4.0
3.6
Amortisation
(1.9)
(0.9)
Closing balance
4.9
2.8
22 Deferred tax
Group
2023 2022
\u00a3 m \u00a3 m
Deferred tax assets
74.6
57.9
Deferred tax liabilities
(108.5)
(77.3)
Net deferred tax liability
(33.9)
(19.4)
Other timing Management Losses carried
Deferred tax assets differences fee hedges
forward
Total
As at 1 January 2022
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
(Charge) to other comprehensive income
\u2013
(2.0)
\u2013
(2.0)
Credit to the Consolidated Statement of Profit or Loss
2.1
\u2013
16.6
18.7
As at 31 December 2023
24.6
\u2013
50.0
74.6
Management
Other timing Management fee income and Capital
Deferred tax liabilities differences fee hedges investments
allowance
Total
As at 1 January 2022
(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)
(Charge) to other comprehensive income
\u2013
(0.2)
\u2013
\u2013
(0.2)
Credit/(charge) to the Consolidated Statement of Profit or Loss
4.7
\u2013
(37.4)
1.7
(31.0)
As at 31 December 2023
(14.3)
(0.2)
(91.0)
(3.0)
(108.5)
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 \u00a320.4m (2022: \u00a320.8m) and a deferred tax liability on right-of-use assets amounting to \u00a311.5m (2022: \u00a313.9m). These will unwind over the period of the lease. The Company has no deferred tax assets or liabilities (2022: deferred tax assets of \u00a30.4m). 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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "(f) Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Non-current
Prepayments
1.7
1.6
\u2013
\u2013
Trade and other receivables
21.5
18.3
\u2013
\u2013
23.2
19.9
\u2013
\u2013
Current
Trade receivables
17.5
12.2
4.7
\u2013
Accrued income
20.6
19.0
\u2013
\u2013
Prepayments
11.4
6.2
\u2013
\u2013
Deferred investment receipts
\u2013
52.8
\u2013
\u2013
Other receivables
68.7
94.7
3.7
20.3
118.2
184.9
8.4
20.3
Total trade and other receivables
141.4
204.8
8.4
20.3
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not contain any significant financing components. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "(f) Trade and other receivables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Non-current
Prepayments
1.7
1.6
\u2013
\u2013
Trade and other receivables
21.5
18.3
\u2013
\u2013
23.2
19.9
\u2013
\u2013
Current
Trade receivables
17.5
12.2
4.7
\u2013
Accrued income
20.6
19.0
\u2013
\u2013
Prepayments
11.4
6.2
\u2013
\u2013
Deferred investment receipts
\u2013
52.8
\u2013
\u2013
Other receivables
68.7
94.7
3.7
20.3
118.2
184.9
8.4
20.3
Total trade and other receivables
141.4
204.8
8.4
20.3
There are no material differences between the above amounts for trade and other receivables and their fair value as these do not contain any significant financing components. 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 \u00a341.2m (2022: \u00a349.7m). Amounts receivable from portfolio companies of the funds at the end of the year were \u00a33.8m (2022: \u00a32.7m). ii) Cost of acquisition 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
2023 2022
\u00a3 m \u00a3 m
Opening balance
2.8
0.1
Additions
4.0
3.6
Amortisation
(1.9)
(0.9)
Closing balance
4.9
2.8
iii) 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 2023 were \u00a32.5m (2022: \u00a31.4m). The finance income earned on the subleases during the year ended 31 December 2023 was \u00a30.7m (2022: \u00a30.6m). The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the reporting date.
Group
2023 2022
Lease receivables \u00a3 m \u00a3 m
Due within 1 year
3.1
2.5
Due between 1 and 2 years
3.6
2.5
Due between 2 and 3 years
3.6
2.5
Due between 3 and 4 years
3.6
2.5
Due between 4 and 5 years
2.0
2.5
Due after more than 5 years
6.0
5.2
Total undiscounted lease payments receivables
21.9
17.7
Unearned finance income
(3.4)
(2.3)
Net investment in leases
18.5
15.4
Current
2.2
2.0
Non-current
16.3
13.4
18.5
15.4
The Company has no lease receivables at 31 December 2023 (2022: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Non-current
Prepayments
1.7
1.6
\u2013
\u2013
Trade and other receivables
21.5
18.3
\u2013
\u2013
23.2
19.9
\u2013
\u2013
Current
Trade receivables
17.5
12.2
4.7
\u2013
Accrued income
20.6
19.0
\u2013
\u2013
Prepayments
11.4
6.2
\u2013
\u2013
Deferred investment receipts
\u2013
52.8
\u2013
\u2013
Other receivables
68.7
94.7
3.7
20.3
118.2
184.9
8.4
20.3
Total trade and other receivables
141.4
204.8
8.4
20.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Non-current
Prepayments
1.7
1.6
\u2013
\u2013
Trade and other receivables
21.5
18.3
\u2013
\u2013
23.2
19.9
\u2013
\u2013
Current
Trade receivables
17.5
12.2
4.7
\u2013
Accrued income
20.6
19.0
\u2013
\u2013
Prepayments
11.4
6.2
\u2013
\u2013
Deferred investment receipts
\u2013
52.8
\u2013
\u2013
Other receivables
68.7
94.7
3.7
20.3
118.2
184.9
8.4
20.3
Total trade and other receivables
141.4
204.8
8.4
20.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "ii) Cost of acquisition 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
2023 2022
\u00a3 m \u00a3 m
Opening balance
2.8
0.1
Additions
4.0
3.6
Amortisation
(1.9)
(0.9)
Closing balance
4.9
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "iii) 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 2023 were \u00a32.5m (2022: \u00a31.4m). The finance income earned on the subleases during the year ended 31 December 2023 was \u00a30.7m (2022: \u00a30.6m). The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the reporting date.
Group
2023 2022
Lease receivables \u00a3 m \u00a3 m
Due within 1 year
3.1
2.5
Due between 1 and 2 years
3.6
2.5
Due between 2 and 3 years
3.6
2.5
Due between 3 and 4 years
3.6
2.5
Due between 4 and 5 years
2.0
2.5
Due after more than 5 years
6.0
5.2
Total undiscounted lease payments receivables
21.9
17.7
Unearned finance income
(3.4)
(2.3)
Net investment in leases
18.5
15.4
Current
2.2
2.0
Non-current
16.3
13.4
18.5
15.4
The Company has no lease receivables at 31 December 2023 (2022: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "The following table sets out the maturity analysis of lease receivables, showing undiscounted lease payments to be received after the reporting date.
Group
2023 2022
Lease receivables \u00a3 m \u00a3 m
Due within 1 year
3.1
2.5
Due between 1 and 2 years
3.6
2.5
Due between 2 and 3 years
3.6
2.5
Due between 3 and 4 years
3.6
2.5
Due between 4 and 5 years
2.0
2.5
Due after more than 5 years
6.0
5.2
Total undiscounted lease payments receivables
21.9
17.7
Unearned finance income
(3.4)
(2.3)
Net investment in leases
18.5
15.4
Current
2.2
2.0
Non-current
16.3
13.4
18.5
15.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "(g) Cash and term deposits
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Cash at bank and in hand
67.0
78.3
4.7
1.4
Money market funds
170.9
17.7
135.0
12.6
Term deposits with original maturities of less than three months
0.9
100.0
\u2013
100.0
Total cash and cash equivalents
238.8
196.0
139.7
114.0
Term deposits with original maturities of more than three months
\u2013
100.0
\u2013
50.0
Consolidated CLO cash
76.0
24.6
\u2013
\u2013
Total cash and term deposits
314.8
320.6
139.7
164.0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Cash at bank and in hand
67.0
78.3
4.7
1.4
Money market funds
170.9
17.7
135.0
12.6
Term deposits with original maturities of less than three months
0.9
100.0
\u2013
100.0
Total cash and cash equivalents
238.8
196.0
139.7
114.0
Term deposits with original maturities of more than three months
\u2013
100.0
\u2013
50.0
Consolidated CLO cash
76.0
24.6
\u2013
\u2013
Total cash and term deposits
314.8
320.6
139.7
164.0
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:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "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.
Group
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
47.6
98.0
145.6
Other financial liabilities
50.1
\u2013
\u2013
\u2013
50.1
Lease liabilities
\u2013
\u2013
81.6
\u2013
81.6
Derivative financial instruments
\u2013
1.6
\u2013
\u2013
1.6
Consolidated CLO liabilities
1,152.0
\u2013
14.9
\u2013
1,166.9
Consolidated CLO purchases awaiting settlement
\u2013
\u2013
176.8
\u2013
176.8
Total
1,202.1
1.6
320.9
98.0
1,622.6
Group
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \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 instruments
\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
663.7
13.2
258.2
60.6
995.7
Company
Liabilities
Fair value Financial which are not
through profit Hedging liabilities at financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
112.2
19.5
131.7
Total financial liabilities
\u2013
\u2013
112.2
19.5
131.7
Company
Fair value Financial Liabilities which
through profit Hedging liabilities at are not financial
or loss derivatives amortised cost liabilities Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
\u2013
\u2013
1.1
\u2013
1.1
Total financial liabilities
\u2013
\u2013
1.1
\u2013
1.1
(b) Trade and other payables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Amounts due in more than one year:
Management incentive scheme
12.6
12.9
\u2013
\u2013
Accrued expenses
0.5
0.7
\u2013
\u2013
13.1
13.6
\u2013
\u2013
Amounts due within one year:
Trade payables
9.1
1.3
\u2013
\u2013
Deferred contingent consideration payable
\u2013
16.7
\u2013
\u2013
Accrued expenses
110.9
77.7
25.5
1.1
Amounts due to related parties
\u2013
1.3
106.0
\u2013
Social security and other taxes
2.9
2.8
\u2013
\u2013
Other payables
9.6
15.7
0.2
\u2013
132.5
115.5
131.7
1.1
Total trade and other payables
145.6
129.1
131.7
1.1
There are no material differences between the above amounts for trade and other payables and their fair value as these do not contain any significant financing components. i) Deferred contingent consideration The deferred contingent consideration was payable to EQT AB and relates to the outcome of certain fundraisings that were completed during 2023. On 13 September 2023, the Group remeasured the final liability at that point, which equated to a release of \u00a36.9m, through the Consolidated Statement of Profit or Loss and made a final payment of \u00a39.4m to EQT AB. Further details of the corresponding income relating to the re-measurement are included in note 8 (c). 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 2023, the expense and corresponding liability has been based upon funds raised and expected management fees which exceed the targets at that date. iii) Accrued expenses and deferred income Accrued expenses 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. The accrued expenses at 31 December 2023 mainly relate to the transaction costs related to the acquisition of ECP. iv) Other payables Other payables include tax and other provisions. (c) Borrowings On 1 June 2023, the Company entered into a new borrowing facility agreement for \u00a3200m for a period of three years. On 29 December 2023, the Company exercised an option to increase the facility by a further \u00a350m to a total of \u00a3250m. At 31 December 2023, there were no drawn amounts on this facility (2022: nil). On 22 September 2023, in connection with the ECP transaction, the Company entered into an additional borrowing facility agreement for \u00a375m for one year, with the opportunity to extend by two further six-month periods. On 21 February 2024, the facility was expanded by a further \u00a350m to a total of \u00a3125m. At 31 December 2023, there were no drawn amounts on the facility (2022: nil). The Company has no drawn borrowings at 31 December 2023 (2022: nil). (d) Other financial liabilities
Group
2023 2022
\u00a3 m \u00a3 m
Liabilities held at fair value through profit and loss:
CLO repurchase agreements
28.5
28.1
Amount payable to related party investors in Opal Investments LP
8.4
10.0
Amount payable to related party investors in intermediate fund holding entities
13.2
11.4
Total
50.1
49.5
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 \u00a312.6m (\u20ac14.6m) 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 \u00a315.9m (\u20ac18.3m) 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 relevant limited partnership agreement, related party investors have the right to receive 15% of the residual profits, which 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 2023 (2022: nil). (e) Consolidated CLO liabilities
Group
2023 2022
\u00a3 m \u00a3 m
Liabilities of CLOs consolidated by the Group (non-current)
1,152.0
597.5
Liabilities of CLOs consolidated by the Group (current)
14.9
2.6
Total
1,166.9
600.1
Non-current CLO liabilities are designated as financial liabilities at fair value through profit and loss. Consolidated CLO liabilities represent notes issued by CLOs which are consolidated by and have been originated by the Group. (f) Consolidated CLO purchases awaiting settlement
Group
2023 2022
\u00a3 m \u00a3 m
Consolidated CLO purchases awaiting settlement
176.8
120.6
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
2023 2022
\u00a3 m \u00a3 m
Derivative financial liabilities:
Forward contracts
1.6
13.2
The derivative financial instruments 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 20 (b). (h) Commitments The Group\u2019s undrawn capital commitments to the Bridgepoint funds at period end are shown in the table below. Capital commitments are called over time, typically between one to five years following the entry into 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
2023 2022
\u00a3 m \u00a3 m
Private equity funds
257.0
255.3
Credit funds
30.3
34.4
Total commitments
287.3
289.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "
(b) Trade and other payables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Amounts due in more than one year:
Management incentive scheme
12.6
12.9
\u2013
\u2013
Accrued expenses
0.5
0.7
\u2013
\u2013
13.1
13.6
\u2013
\u2013
Amounts due within one year:
Trade payables
9.1
1.3
\u2013
\u2013
Deferred contingent consideration payable
\u2013
16.7
\u2013
\u2013
Accrued expenses
110.9
77.7
25.5
1.1
Amounts due to related parties
\u2013
1.3
106.0
\u2013
Social security and other taxes
2.9
2.8
\u2013
\u2013
Other payables
9.6
15.7
0.2
\u2013
132.5
115.5
131.7
1.1
Total trade and other payables
145.6
129.1
131.7
1.1
There are no material differences between the above amounts for trade and other payables and their fair value as these do not contain any significant financing components. i) Deferred contingent consideration The deferred contingent consideration was payable to EQT AB and relates to the outcome of certain fundraisings that were completed during 2023. On 13 September 2023, the Group remeasured the final liability at that point, which equated to a release of \u00a36.9m, through the Consolidated Statement of Profit or Loss and made a final payment of \u00a39.4m to EQT AB. Further details of the corresponding income relating to the re-measurement are included in note 8 (c). 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 2023, the expense and corresponding liability has been based upon funds raised and expected management fees which exceed the targets at that date. iii) Accrued expenses and deferred income Accrued expenses 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. The accrued expenses at 31 December 2023 mainly relate to the transaction costs related to the acquisition of ECP. iv) Other payables Other payables include tax and other provisions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
(b) Trade and other payables
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Amounts due in more than one year:
Management incentive scheme
12.6
12.9
\u2013
\u2013
Accrued expenses
0.5
0.7
\u2013
\u2013
13.1
13.6
\u2013
\u2013
Amounts due within one year:
Trade payables
9.1
1.3
\u2013
\u2013
Deferred contingent consideration payable
\u2013
16.7
\u2013
\u2013
Accrued expenses
110.9
77.7
25.5
1.1
Amounts due to related parties
\u2013
1.3
106.0
\u2013
Social security and other taxes
2.9
2.8
\u2013
\u2013
Other payables
9.6
15.7
0.2
\u2013
132.5
115.5
131.7
1.1
Total trade and other payables
145.6
129.1
131.7
1.1
There are no material differences between the above amounts for trade and other payables and their fair value as these do not contain any significant financing components. i) Deferred contingent consideration The deferred contingent consideration was payable to EQT AB and relates to the outcome of certain fundraisings that were completed during 2023. On 13 September 2023, the Group remeasured the final liability at that point, which equated to a release of \u00a36.9m, through the Consolidated Statement of Profit or Loss and made a final payment of \u00a39.4m to EQT AB. Further details of the corresponding income relating to the re-measurement are included in note 8 (c). 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 2023, the expense and corresponding liability has been based upon funds raised and expected management fees which exceed the targets at that date. iii) Accrued expenses and deferred income Accrued expenses 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. The accrued expenses at 31 December 2023 mainly relate to the transaction costs related to the acquisition of ECP. iv) Other payables Other payables include tax and other provisions. 22 Deferred tax
Group
2023 2022
\u00a3 m \u00a3 m
Deferred tax assets
74.6
57.9
Deferred tax liabilities
(108.5)
(77.3)
Net deferred tax liability
(33.9)
(19.4)
Other timing Management Losses carried
Deferred tax assets differences fee hedges
forward
Total
As at 1 January 2022
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
(Charge) to other comprehensive income
\u2013
(2.0)
\u2013
(2.0)
Credit to the Consolidated Statement of Profit or Loss
2.1
\u2013
16.6
18.7
As at 31 December 2023
24.6
\u2013
50.0
74.6
Management
Other timing Management fee income and Capital
Deferred tax liabilities differences fee hedges investments
allowance
Total
As at 1 January 2022
(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)
(Charge) to other comprehensive income
\u2013
(0.2)
\u2013
\u2013
(0.2)
Credit/(charge) to the Consolidated Statement of Profit or Loss
4.7
\u2013
(37.4)
1.7
(31.0)
As at 31 December 2023
(14.3)
(0.2)
(91.0)
(3.0)
(108.5)
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 \u00a320.4m (2022: \u00a320.8m) and a deferred tax liability on right-of-use assets amounting to \u00a311.5m (2022: \u00a313.9m). These will unwind over the period of the lease. The Company has no deferred tax assets or liabilities (2022: deferred tax assets of \u00a30.4m). 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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "Group Company 2023 2022 2023 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m Amounts due in more than one year: Management incentive scheme 12.6 12.9 \u2013 \u2013 Accrued expenses 0.5 0.7 \u2013 \u2013 13.1 13.6 \u2013 \u2013 Amounts due within one year: Trade payables 9.1 1.3 \u2013 \u2013 Deferred contingent consideration payable \u2013 16.7 \u2013 \u2013 Accrued expenses 110.9 77.7 25.5 1.1 Amounts due to related parties \u2013 1.3 106.0 \u2013 Social security and other taxes 2.9 2.8 \u2013 \u2013 Other payables 9.6 15.7 0.2 \u2013 132.5 115.5 131.7 1.1 Total trade and other payables 145.6 129.1 131.7 1.1 iii) Accrued expenses and deferred income Accrued expenses 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. The accrued expenses at 31 December 2023 mainly relate to the transaction costs related to the acquisition of ECP. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "(c) Borrowings On 1 June 2023, the Company entered into a new borrowing facility agreement for \u00a3200m for a period of three years. On 29 December 2023, the Company exercised an option to increase the facility by a further \u00a350m to a total of \u00a3250m. At 31 December 2023, there were no drawn amounts on this facility (2022: nil). On 22 September 2023, in connection with the ECP transaction, the Company entered into an additional borrowing facility agreement for \u00a375m for one year, with the opportunity to extend by two further six-month periods. On 21 February 2024, the facility was expanded by a further \u00a350m to a total of \u00a3125m. At 31 December 2023, there were no drawn amounts on the facility (2022: nil). The Company has no drawn borrowings at 31 December 2023 (2022: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "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 \u00a312.6m (\u20ac14.6m) 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 \u00a315.9m (\u20ac18.3m) 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "
(h) Commitments
The Group\u2019s undrawn capital commitments to the Bridgepoint funds at period end are shown in the table below. Capital commitments
are called over time, typically between one to five years following the entry into 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
2023 2022
\u00a3 m \u00a3 m
Private equity funds
257.0
255.3
Credit funds
30.3
34.4
Total commitments
287.3
289.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "(h) Commitments The Group\u2019s undrawn capital commitments to the Bridgepoint funds at period end are shown in the table below. Capital commitments are called over time, typically between one to five years following the entry into 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
2023 2022
\u00a3 m \u00a3 m
Private equity funds
257.0
255.3
Credit funds
30.3
34.4
Total commitments
287.3
289.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
18 Lease liabilities
Group
2023 2022
\u00a3 m \u00a3 m
Lease liabilities
Current
11.9
6.1
Non-current
69.7
77.1
Total
81.6
83.2
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 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 lease liability is 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 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. 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.
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 are approximately \u00a33.3m (2022: \u00a31.6m).
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 was found to be comparable. If the IBR had
been 1% higher or lower, the impact on the lease liability would be:
Group
2023 2022
\u00a3 m \u00a3 m
Increase of 1%
(2.5)
(3.0)
Decrease of 1%
2.6
3.2
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
2023 2022
\u00a3 m \u00a3 m
Interest on lease liability
3.5
3.4
The Company has no lease liabilities (2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
20 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 management 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, cash and cash equivalents, lease liabilities, CLO purchases awaiting settlement and other financial
liabilities.
The assets of a private equity fund are controlling or minority stakes, typically in private companies, and debt in such companies. The
assets of credit funds and the consolidated CLO vehicles are loans to private companies. The financial risks relating to such investments
inherently vary, based on the nature of the investments (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 number of assets, industries and geographies.
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
derivative financial instruments.
(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, investments held by consolidated CLOs, and notes issued by consolidated CLOs.
This uncertainty arises due to the use of unobservable inputs in the calculation of fair value, the performance and financial health of
portfolio companies and, ultimately \u2013 in relation to investments in private equity \u2013 what a third party may be willing to pay for the
relevant 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. Valuation methodologies together with the
significant unobservable inputs applied for the Group\u2019s financial assets and liabilities are included in note 19.
The Company has no significant exposure to price/valuation risk.
(b) Foreign exchange risk
Foreign exchange 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 foreign exchange 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 pound 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 financial assets and liabilities denominated in currencies other than pound sterling, the
presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of financial assets and
liabilities denominated in other currencies will fluctuate due to change in exchange rate.
Hedging of euro management fees
In order to hedge euro denominated management fee income, the Group has entered into a series of forward trades and swap agreements
to sell euro and buy pounds sterling at various dates in the future to reduce the currency exposure of euro denominated income to future
spot rate volatility. The level of hedging is determined with reference to the amount of pound sterling denominated costs and dividends.
The level of hedging provides for almost full coverage in 2024, and reducing in 2025 and 2026, 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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
362.7
294.2
Mark-to-market value at year end
0.2
(9.6)
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 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
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as other comprehensive income
8.6
(10.5)
Reclassified to profit or loss upon settlement of hedges
1.3
(5.9)
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 euro investments
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 euro . 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 euro and buy pound sterling 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 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 euro investments and borrowings at each year end is summarised below, along with a sensitivity of the impact
of a 5% change in the foreign exchange rate. This analysis excludes the consolidated CLO assets, which are attributable to third-party
investors.
Group
2023
2022
Euro denominated investments (\u20acm)
400.7
330.7
Borrowings (\u20acm)
\u2013
\u2013
Investment hedges (\u20acm)
(83.3)
(176.7)
EUR denominated investments, net (\u20acm)
317.4
154.0
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
13.7
6.8
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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
74.7
156.7
Mark-to-market value at year end
0.6
(2.6)
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 foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen in the
hedged item.
Hedging of dollar cash consideration
On 6 September 2023, the Group announced a transaction to add ECP to the Group. As part of the transaction terms, the Group will
deliver a $293m up-front cash payment to the sellers. The cash consideration is funded partly by the Group\u2019s cash resources in pound
sterling and therefore the Company is exposed to foreign exchange risk until completion. In mitigation the Company is holding a certain
amount of cash in dollars and has purchased foreign exchange options for the residual exposure, which give the Company, the right, but
not the obligation, to sell pound sterling and purchase dollars at an agreed exchange rate on the expiry date.
The foreign exchange options have been designated as hedging instruments under IFRS 9 \u201cFinancial Instruments\u201d and accordingly the
Group uses cash flow hedge accounting.
The nominal value of the 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 and the Company
2023 2022
\u00a3 m \u00a3 m
Nominal value of foreign exchange options in pound sterling
103.3
\u2013
Mark-to-market value at year end
3.9
\u2013
These foreign exchange options are in place to hedge foreign exchange risk to maintain the upside potential while protecting against
adverse changes, and the Group uses cash flow hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The
Group designates only changes in the cash flows or fair value of the cash consideration below a specified rate (a \u2018one-sided risk\u2019). Only
the intrinsic value of the foreign exchange options is designated in the hedging relationship and the time value of the foreign exchange
options is excluded from the hedging relationship.
The change in intrinsic value of the foreign exchange options, to the extent that is effective, is recognised in other comprehensive income
(OCI). As the time value is considered \u201caligned\u201d time value, changes in time value of the foreign exchange options is also recognised in
OCI time value. Subsequently the accumulated OCI time value and the amount deferred in the cash flow hedge reserve are moved
directly as a basis adjustment in the purchase price allocation of ECP.
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 OCI time value, and amounts moved to the initial cost as a basis adjustment
during the year are shown in the table below.
There was no material hedge ineffectiveness noted during the year.
Group
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as cash flow hedge reserve in other comprehensive income
\u2013
\u2013
Effective portion recognised as time value in other comprehensive income
0.1
\u2013
Reclassified as a basis adjustment
\u2013
\u2013
Hedge ineffectiveness could occur if there are changes in timing of payment of the hedged item, a reduction in the total amount or prices
of the hedged item or a change in the credit risk of the Company or the bank counterparties to the purchased options.
The Company has no other 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 2023 the Group had no outstanding borrowings (2022: 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
2023 2022
\u00a3 m \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, term deposits, including deposits with banks and financial institutions, short-term receivables, lease
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.
Expected credit losses are not expected to be material and there are no financial assets that are materially impaired.
Cash and cash equivalents
The Group limits its exposure in relation to cash and cash equivalents 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).
Investments in CLOs
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 2023 was \u00a396.3m (2022: \u00a360.3m).
At 31 December 2023, the Group fully consolidated CLOs 1, 3, 4, 5 and 6 (2022: CLO 1, 3 and 4). The Group\u2019s interests in CLOs 1, 3,
4 and 5 comprise interests in subordinated notes which incur the first loss if there is any default within the portfolio of assets by an
individual borrower.
Whilst the Group has entered into sale and repurchase agreements for CLO 2 and CLO 3, it remains contractually exposed to the
performance of the 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, 4 and 5. Under the sale and repurchase agreements, the Group is subject to credit risk with the counterparty
of \u00a329.0m (2022: \u00a329.7m), however it is holding cash collateral of \u00a329.0m (2022: \u00a329.7m), reducing the risk.
Investments in private equity and credit funds, including other investments
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 with funds is limited to the carrying value at 31 December 2023 which was \u00a3286.4m (2022: \u00a3257.9m).
Trade and other receivables (including lease receivables)
Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies. The funds are managed by
the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables from 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 such, the Directors consider the Group\u2019s credit exposure to trade and other receivables to be low.
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 credit quality
of the counterparties.
Carried interest receivable
The Group\u2019s carried interest receivable represents income expected from CIPs. The Group considers there to be a remote 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, derivative instruments, term deposits 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.
The liquidity outlook is monitored at least monthly by management and regularly reviewed by the Board.
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, including for
acquisitions and for refinancing maturing debt.
At 31 December 2023, the Group has the use of \u00a3250.0m of undrawn revolving credit facility which it uses to manage liquidity.
Subsequent to the year-end, the Group priced $430.0m of US private placement notes, subject to the closing of the ECP transaction and
customary conditions. The proceeds will be used to provide additional resources to deliver the Group\u2019s strategic growth plans and in part
will be used to refinance certain ECP debt following the ECP transaction, which is subject to a change of control process. Further detail is
included in note 30 (c).
In addition, at 31 December 2023, the Group had the use of \u00a375.0m of undrawn bridge facility which was put in place in connection
with the acquisition of ECP, which was increased to \u00a3125.0m subsequent to the year-end, which is available until the closing of the new
US private placement notes.
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 Group\u2019s financing arrangements are subject to financial covenants. Further detail is included in note 21.
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 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).
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.6
\u2013
29.0
50.6
Derivative financial liabilities
1.2
0.4
\u2013
\u2013
1.6
Trade and other payables
47.6
\u2013
\u2013
\u2013
47.6
Lease liabilities
15.0
14.1
38.7
25.7
93.5
Consolidated CLO liabilities
96.4
63.6
1,271.5
\u2013
1,431.5
Consolidated CLO purchases awaiting settlement
176.8
\u2013
\u2013
\u2013
176.8
337.0
99.7
1,310.2
54.7
1,801.6
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.4
\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
288.2
88.1
440.1
314.1
1,130.5
As at 31 December 2023
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
131.7
\u2013
\u2013
\u2013
131.7
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
1.1
\u2013
\u2013
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "(b) Foreign exchange risk Foreign exchange 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 foreign exchange 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 pound 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 financial assets and liabilities denominated in currencies other than pound sterling, the presentational currency of the Group. Consequently, the Group is exposed to currency risk since the value of financial assets and liabilities denominated in other currencies will fluctuate due to change in exchange rate. Hedging of euro management fees In order to hedge euro denominated management fee income, the Group has entered into a series of forward trades and swap agreements to sell euro and buy pounds sterling at various dates in the future to reduce the currency exposure of euro denominated income to future spot rate volatility. The level of hedging is determined with reference to the amount of pound sterling denominated costs and dividends. The level of hedging provides for almost full coverage in 2024, and reducing in 2025 and 2026, 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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
362.7
294.2
Mark-to-market value at year end
0.2
(9.6)
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 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
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as other comprehensive income
8.6
(10.5)
Reclassified to profit or loss upon settlement of hedges
1.3
(5.9)
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 euro investments 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 euro . 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 euro and buy pound sterling 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 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 euro investments and borrowings at each year end is summarised below, along with a sensitivity of the impact of a 5% change in the foreign exchange rate. This analysis excludes the consolidated CLO assets, which are attributable to third-party investors.
Group
2023
2022
Euro denominated investments (\u20acm)
400.7
330.7
Borrowings (\u20acm)
\u2013
\u2013
Investment hedges (\u20acm)
(83.3)
(176.7)
EUR denominated investments, net (\u20acm)
317.4
154.0
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
13.7
6.8
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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
74.7
156.7
Mark-to-market value at year end
0.6
(2.6)
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 foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen in the hedged item. Hedging of dollar cash consideration On 6 September 2023, the Group announced a transaction to add ECP to the Group. As part of the transaction terms, the Group will deliver a $293m up-front cash payment to the sellers. The cash consideration is funded partly by the Group\u2019s cash resources in pound sterling and therefore the Company is exposed to foreign exchange risk until completion. In mitigation the Company is holding a certain amount of cash in dollars and has purchased foreign exchange options for the residual exposure, which give the Company, the right, but not the obligation, to sell pound sterling and purchase dollars at an agreed exchange rate on the expiry date. The foreign exchange options have been designated as hedging instruments under IFRS 9 \u201cFinancial Instruments\u201d and accordingly the Group uses cash flow hedge accounting. The nominal value of the 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 and the Company
2023 2022
\u00a3 m \u00a3 m
Nominal value of foreign exchange options in pound sterling
103.3
\u2013
Mark-to-market value at year end
3.9
\u2013
These foreign exchange options are in place to hedge foreign exchange risk to maintain the upside potential while protecting against adverse changes, and the Group uses cash flow hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The Group designates only changes in the cash flows or fair value of the cash consideration below a specified rate (a \u2018one-sided risk\u2019). Only the intrinsic value of the foreign exchange options is designated in the hedging relationship and the time value of the foreign exchange options is excluded from the hedging relationship. The change in intrinsic value of the foreign exchange options, to the extent that is effective, is recognised in other comprehensive income (OCI). As the time value is considered \u201caligned\u201d time value, changes in time value of the foreign exchange options is also recognised in OCI time value. Subsequently the accumulated OCI time value and the amount deferred in the cash flow hedge reserve are moved directly as a basis adjustment in the purchase price allocation of ECP. 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 OCI time value, and amounts moved to the initial cost as a basis adjustment during the year are shown in the table below. There was no material hedge ineffectiveness noted during the year.
Group
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as cash flow hedge reserve in other comprehensive income
\u2013
\u2013
Effective portion recognised as time value in other comprehensive income
0.1
\u2013
Reclassified as a basis adjustment
\u2013
\u2013
Hedge ineffectiveness could occur if there are changes in timing of payment of the hedged item, a reduction in the total amount or prices of the hedged item or a change in the credit risk of the Company or the bank counterparties to the purchased options. The Company has no other 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 2023 the Group had no outstanding borrowings (2022: 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
2023 2022
\u00a3 m \u00a3 m
(+/-) (+/-)
Increase or decrease of 1%
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "Hedging of euro management fees In order to hedge euro denominated management fee income, the Group has entered into a series of forward trades and swap agreements to sell euro and buy pounds sterling at various dates in the future to reduce the currency exposure of euro denominated income to future spot rate volatility. The level of hedging is determined with reference to the amount of pound sterling denominated costs and dividends. The level of hedging provides for almost full coverage in 2024, and reducing in 2025 and 2026, 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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
362.7
294.2
Mark-to-market value at year end
0.2
(9.6)
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 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
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as other comprehensive income
8.6
(10.5)
Reclassified to profit or loss upon settlement of hedges
1.3
(5.9)
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 euro investments 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 euro . 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 euro and buy pound sterling 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 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 euro investments and borrowings at each year end is summarised below, along with a sensitivity of the impact of a 5% change in the foreign exchange rate. This analysis excludes the consolidated CLO assets, which are attributable to third-party investors.
Group
2023
2022
Euro denominated investments (\u20acm)
400.7
330.7
Borrowings (\u20acm)
\u2013
\u2013
Investment hedges (\u20acm)
(83.3)
(176.7)
EUR denominated investments, net (\u20acm)
317.4
154.0
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
13.7
6.8
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
2023 2022
\u00a3 m \u00a3 m
Nominal value of forward trades and swap agreements in pound sterling
74.7
156.7
Mark-to-market value at year end
0.6
(2.6)
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 foreign exchange rates will impact the fair value of derivative contracts, however an opposing movement will be seen in the hedged item. Hedging of dollar cash consideration On 6 September 2023, the Group announced a transaction to add ECP to the Group. As part of the transaction terms, the Group will deliver a $293m up-front cash payment to the sellers. The cash consideration is funded partly by the Group\u2019s cash resources in pound sterling and therefore the Company is exposed to foreign exchange risk until completion. In mitigation the Company is holding a certain amount of cash in dollars and has purchased foreign exchange options for the residual exposure, which give the Company, the right, but not the obligation, to sell pound sterling and purchase dollars at an agreed exchange rate on the expiry date. The foreign exchange options have been designated as hedging instruments under IFRS 9 \u201cFinancial Instruments\u201d and accordingly the Group uses cash flow hedge accounting. The nominal value of the 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 and the Company
2023 2022
\u00a3 m \u00a3 m
Nominal value of foreign exchange options in pound sterling
103.3
\u2013
Mark-to-market value at year end
3.9
\u2013
These foreign exchange options are in place to hedge foreign exchange risk to maintain the upside potential while protecting against adverse changes, and the Group uses cash flow hedge accounting as allowed and determined under IFRS 9 \u201cFinancial Instruments\u201d. The Group designates only changes in the cash flows or fair value of the cash consideration below a specified rate (a \u2018one-sided risk\u2019). Only the intrinsic value of the foreign exchange options is designated in the hedging relationship and the time value of the foreign exchange options is excluded from the hedging relationship. The change in intrinsic value of the foreign exchange options, to the extent that is effective, is recognised in other comprehensive income (OCI). As the time value is considered \u201caligned\u201d time value, changes in time value of the foreign exchange options is also recognised in OCI time value. Subsequently the accumulated OCI time value and the amount deferred in the cash flow hedge reserve are moved directly as a basis adjustment in the purchase price allocation of ECP. 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 OCI time value, and amounts moved to the initial cost as a basis adjustment during the year are shown in the table below. There was no material hedge ineffectiveness noted during the year.
Group
2023 2022
\u00a3 m \u00a3 m
Ineffective portion recognised as profit or loss
\u2013
\u2013
Effective portion recognised as cash flow hedge reserve in other comprehensive income
\u2013
\u2013
Effective portion recognised as time value in other comprehensive income
0.1
\u2013
Reclassified as a basis adjustment
\u2013
\u2013
Hedge ineffectiveness could occur if there are changes in timing of payment of the hedged item, a reduction in the total amount or prices of the hedged item or a change in the credit risk of the Company or the bank counterparties to the purchased options. The Company has no other significant exposure to foreign currency risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "The Group\u2019s exposure to euro investments and borrowings at each year end is summarised below, along with a sensitivity of the impact of a 5% change in the foreign exchange rate. This analysis excludes the consolidated CLO assets, which are attributable to third-party investors.
Group
2023
2022
Euro denominated investments (\u20acm)
400.7
330.7
Borrowings (\u20acm)
\u2013
\u2013
Investment hedges (\u20acm)
(83.3)
(176.7)
EUR denominated investments, net (\u20acm)
317.4
154.0
+/- 5% sensitivity (\u00a3m) impact on profit and net assets
13.7
6.8
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
2023 2022
\u00a3 m \u00a3 m
(+/-) (+/-)
Increase or decrease of 1%
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "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, term deposits, including deposits with banks and financial institutions, short-term receivables, lease 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. Expected credit losses are not expected to be material and there are no financial assets that are materially impaired. Cash and cash equivalents The Group limits its exposure in relation to cash and cash equivalents 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). Investments in CLOs 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 2023 was \u00a396.3m (2022: \u00a360.3m). At 31 December 2023, the Group fully consolidated CLOs 1, 3, 4, 5 and 6 (2022: CLO 1, 3 and 4). The Group\u2019s interests in CLOs 1, 3, 4 and 5 comprise interests in subordinated notes which incur the first loss if there is any default within the portfolio of assets by an individual borrower. Whilst the Group has entered into sale and repurchase agreements for CLO 2 and CLO 3, it remains contractually exposed to the performance of the 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, 4 and 5. Under the sale and repurchase agreements, the Group is subject to credit risk with the counterparty of \u00a329.0m (2022: \u00a329.7m), however it is holding cash collateral of \u00a329.0m (2022: \u00a329.7m), reducing the risk. Investments in private equity and credit funds, including other investments 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 with funds is limited to the carrying value at 31 December 2023 which was \u00a3286.4m (2022: \u00a3257.9m). Trade and other receivables (including lease receivables) Trade and other receivables are primarily amounts due from funds or amounts due from portfolio companies. The funds are managed by the Group on behalf of investors, who have made commitments to the funds. Therefore, trade and other receivables from 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 such, the Directors consider the Group\u2019s credit exposure to trade and other receivables to be low. 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 credit quality of the counterparties. Carried interest receivable The Group\u2019s carried interest receivable represents income expected from CIPs. The Group considers there to be a remote 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, derivative instruments, term deposits 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "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. Expected credit losses are not expected to be material and there are no financial assets that are materially impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "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. The liquidity outlook is monitored at least monthly by management and regularly reviewed by the Board. 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, including for acquisitions and for refinancing maturing debt. At 31 December 2023, the Group has the use of \u00a3250.0m of undrawn revolving credit facility which it uses to manage liquidity. Subsequent to the year-end, the Group priced $430.0m of US private placement notes, subject to the closing of the ECP transaction and customary conditions. The proceeds will be used to provide additional resources to deliver the Group\u2019s strategic growth plans and in part will be used to refinance certain ECP debt following the ECP transaction, which is subject to a change of control process. Further detail is included in note 30 (c). In addition, at 31 December 2023, the Group had the use of \u00a375.0m of undrawn bridge facility which was put in place in connection with the acquisition of ECP, which was increased to \u00a3125.0m subsequent to the year-end, which is available until the closing of the new US private placement notes. 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 Group\u2019s financing arrangements are subject to financial covenants. Further detail is included in note 21. 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 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).
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.6
\u2013
29.0
50.6
Derivative financial liabilities
1.2
0.4
\u2013
\u2013
1.6
Trade and other payables
47.6
\u2013
\u2013
\u2013
47.6
Lease liabilities
15.0
14.1
38.7
25.7
93.5
Consolidated CLO liabilities
96.4
63.6
1,271.5
\u2013
1,431.5
Consolidated CLO purchases awaiting settlement
176.8
\u2013
\u2013
\u2013
176.8
337.0
99.7
1,310.2
54.7
1,801.6
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.4
\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
288.2
88.1
440.1
314.1
1,130.5
As at 31 December 2023
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
131.7
\u2013
\u2013
\u2013
131.7
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
1.1
\u2013
\u2013
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "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).
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.6
\u2013
29.0
50.6
Derivative financial liabilities
1.2
0.4
\u2013
\u2013
1.6
Trade and other payables
47.6
\u2013
\u2013
\u2013
47.6
Lease liabilities
15.0
14.1
38.7
25.7
93.5
Consolidated CLO liabilities
96.4
63.6
1,271.5
\u2013
1,431.5
Consolidated CLO purchases awaiting settlement
176.8
\u2013
\u2013
\u2013
176.8
337.0
99.7
1,310.2
54.7
1,801.6
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.4
\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
288.2
88.1
440.1
314.1
1,130.5
As at 31 December 2023
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
131.7
\u2013
\u2013
\u2013
131.7
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
1.1
\u2013
\u2013
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "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).
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2023 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.6
\u2013
29.0
50.6
Derivative financial liabilities
1.2
0.4
\u2013
\u2013
1.6
Trade and other payables
47.6
\u2013
\u2013
\u2013
47.6
Lease liabilities
15.0
14.1
38.7
25.7
93.5
Consolidated CLO liabilities
96.4
63.6
1,271.5
\u2013
1,431.5
Consolidated CLO purchases awaiting settlement
176.8
\u2013
\u2013
\u2013
176.8
337.0
99.7
1,310.2
54.7
1,801.6
Group
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Other financial liabilities
\u2013
21.4
\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
288.2
88.1
440.1
314.1
1,130.5
As at 31 December 2023
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
\u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
131.7
\u2013
\u2013
\u2013
131.7
Company
Due within Due between Due within Due more than
1 year 1 and 2 years 2 and 5 years 5 years Total
As at 31 December 2022 \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Trade and other payables
1.1
\u2013
\u2013
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
21 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) applies to Markets in Financial Instruments Directive (\u201cMiFID\u201d) investment firms,
collective portfolio management investment firms and regulated and unregulated holding companies of groups that contain one or more
of the aforementioned firms. The Group and certain regulated subsidiaries report 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. Capital and reserves
comprise share capital, share premium, capital contributions, other reserves and retained earnings. These as set out below.
Group
2023 2022
\u00a3 m \u00a3 m
Cash and cash equivalents (for use within the Group)
238.8
196.0
Term deposits with original maturities of more than three months
\u2013
100.0
Net cash
238.8
296.0
Share capital
0.1
0.1
Share premium
289.8
289.8
Capital redemption reserve
0.0
\u2013
Share-based payment reserve
3.0
3.6
Cash flow hedge reserve
0.9
(8.9)
Foreign exchange option time value reserve
0.1
\u2013
Net exchange differences reserve
8.6
14.4
Retained earnings
418.7
473.7
Equity attributable to equity holders
721.2
772.7
The Group\u2019s financing facilities are subject to financial covenants. The Group and the Company\u2019s borrowing facility agreements are
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 and the Company were fully compliant with regulatory capital requirements and banking covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "22 Deferred tax
Group
2023 2022
\u00a3 m \u00a3 m
Deferred tax assets
74.6
57.9
Deferred tax liabilities
(108.5)
(77.3)
Net deferred tax liability
(33.9)
(19.4)
Other timing Management Losses carried
Deferred tax assets differences fee hedges
forward
Total
As at 1 January 2022
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
(Charge) to other comprehensive income
\u2013
(2.0)
\u2013
(2.0)
Credit to the Consolidated Statement of Profit or Loss
2.1
\u2013
16.6
18.7
As at 31 December 2023
24.6
\u2013
50.0
74.6
Management
Other timing Management fee income and Capital
Deferred tax liabilities differences fee hedges investments
allowance
Total
As at 1 January 2022
(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)
(Charge) to other comprehensive income
\u2013
(0.2)
\u2013
\u2013
(0.2)
Credit/(charge) to the Consolidated Statement of Profit or Loss
4.7
\u2013
(37.4)
1.7
(31.0)
As at 31 December 2023
(14.3)
(0.2)
(91.0)
(3.0)
(108.5)
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 \u00a320.4m (2022: \u00a320.8m) and a deferred tax liability on right-of-use assets amounting to \u00a311.5m (2022: \u00a313.9m). These will unwind over the period of the lease. The Company has no deferred tax assets or liabilities (2022: deferred tax assets of \u00a30.4m). 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "22 Deferred tax
Group
2023 2022
\u00a3 m \u00a3 m
Deferred tax assets
74.6
57.9
Deferred tax liabilities
(108.5)
(77.3)
Net deferred tax liability
(33.9)
(19.4)
Other timing Management Losses carried
Deferred tax assets differences fee hedges
forward
Total
As at 1 January 2022
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
(Charge) to other comprehensive income
\u2013
(2.0)
\u2013
(2.0)
Credit to the Consolidated Statement of Profit or Loss
2.1
\u2013
16.6
18.7
As at 31 December 2023
24.6
\u2013
50.0
74.6
Management
Other timing Management fee income and Capital
Deferred tax liabilities differences fee hedges investments
allowance
Total
As at 1 January 2022
(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)
(Charge) to other comprehensive income
\u2013
(0.2)
\u2013
\u2013
(0.2)
Credit/(charge) to the Consolidated Statement of Profit or Loss
4.7
\u2013
(37.4)
1.7
(31.0)
As at 31 December 2023
(14.3)
(0.2)
(91.0)
(3.0)
(108.5)
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 \u00a320.4m (2022: \u00a320.8m) and a deferred tax liability on right-of-use assets amounting to \u00a311.5m (2022: \u00a313.9m). These will unwind over the period of the lease. The Company has no deferred tax assets or liabilities (2022: deferred tax assets of \u00a30.4m). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
23 Equity
(a) Share capital and premium
Allotted, called up and fully paid shares
Company
2023
2022
No.
\u00a3
No.
\u00a3
Ordinary of \u00a30.00005 each
794,637,730
39,732
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
1
1
0.01
Total
794,638,232
80,234
823,269,276
81,664
Share capital represents the number of ordinary shares issued in the capital of the Company 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
the Company 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 171,096 ordinary shares and 501 deferred shares (2022: 886,484 ordinary shares; 501 deferred shares)
within retained earnings as at 31 December 2023 at a cost of nil (2022: nil).
(c) Other reserves
The following table provides a breakdown of the reserves that are included in the Group and the Company\u2019s other reserves.
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Cash flow hedge reserve
0.9
(8.9)
\u2013
\u2013
Foreign exchange option time value reserve
0.1
\u2013
0.1
\u2013
Net exchange differences reserve
8.6
14.4
\u2013
\u2013
Share-based payment reserve
3.0
3.6
2.9
3.6
Merger reserve
\u2013
\u2013
571.4
571.4
Capital redemption reserve
0.0
\u2013
\u2013
\u2013
Total
12.6
9.1
574.4
575.0
(i) 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 20 (b).
(ii) Foreign exchange option time value reserve
Foreign exchange option time value reserve represents the time value of the foreign exchange options as only the intrinsic value of the
foreign exchange options is designated as the hedging instrument. Further detail is included in note 20 (b).
(iii) Net exchange differences reserve
Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gains and losses on
the translation of foreign operations.
(iv) 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.
During the year, a \u00a34.7m transfer was made between share-based payment reserve and retained earnings which related to the full vesting
of the IPO share award, A3 shares and LTIP awards.
(v) 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.
(vi) Capital redemption reserve
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
completed on 11 October 2023 with \u00a350.0m, or 23.6m ordinary shares bought back and cancelled.
On 2 October 2023, the Company announced a further buyback programme of up to \u00a350.0m that commenced on 12 October 2023. As
at 31 December 2023, in aggregate 5.0m ordinary shares within the second buyback programme have been bought back and cancelled
for \u00a310.2m pursuant to the second share buyback programme.
24 Dividends
The Company paid a final dividend of 4.0 pence per share, which equates to \u00a332.7m, in May 2023 in respect of the second half of
2022.
An interim dividend of 4.4 pence per share, which equates to \u00a335.3m was paid to shareholders in September 2023.
The directors have proposed a final dividend of 4.4 pence per share, to be paid in May 2024 to shareholders on the register as at
18 April 2024. This equates to \u00a334.9 million, subject to the share buyback programme.
Company
2023
2022
Ordinary dividends
\u00a3 m
Pence per share
\u00a3 m
Pence per share
Prior interim dividends paid
35.3
4.4
32.8
4.0
Proposed final dividends
34.9
4.4
33.0
4.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "(a) Share capital and premium Allotted, called up and fully paid shares
Company
2023
2022
No.
\u00a3
No.
\u00a3
Ordinary of \u00a30.00005 each
794,637,730
39,732
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
1
1
0.01
Total
794,638,232
80,234
823,269,276
81,664
Share capital represents the number of ordinary shares issued in the capital of the Company 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 the Company 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "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 171,096 ordinary shares and 501 deferred shares (2022: 886,484 ordinary shares; 501 deferred shares) within retained earnings as at 31 December 2023 at a cost of nil (2022: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "(c) Other reserves The following table provides a breakdown of the reserves that are included in the Group and the Company\u2019s other reserves.
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Cash flow hedge reserve
0.9
(8.9)
\u2013
\u2013
Foreign exchange option time value reserve
0.1
\u2013
0.1
\u2013
Net exchange differences reserve
8.6
14.4
\u2013
\u2013
Share-based payment reserve
3.0
3.6
2.9
3.6
Merger reserve
\u2013
\u2013
571.4
571.4
Capital redemption reserve
0.0
\u2013
\u2013
\u2013
Total
12.6
9.1
574.4
575.0
(i) 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 20 (b). (ii) Foreign exchange option time value reserve Foreign exchange option time value reserve represents the time value of the foreign exchange options as only the intrinsic value of the foreign exchange options is designated as the hedging instrument. Further detail is included in note 20 (b). (iii) Net exchange differences reserve Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange gains and losses on the translation of foreign operations. (iv) 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. During the year, a \u00a34.7m transfer was made between share-based payment reserve and retained earnings which related to the full vesting of the IPO share award, A3 shares and LTIP awards. (v) 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. (vi) Capital redemption reserve 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 completed on 11 October 2023 with \u00a350.0m, or 23.6m ordinary shares bought back and cancelled. On 2 October 2023, the Company announced a further buyback programme of up to \u00a350.0m that commenced on 12 October 2023. As at 31 December 2023, in aggregate 5.0m ordinary shares within the second buyback programme have been bought back and cancelled for \u00a310.2m pursuant to the second share buyback programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "24 Dividends The Company paid a final dividend of 4.0 pence per share, which equates to \u00a332.7m, in May 2023 in respect of the second half of 2022. An interim dividend of 4.4 pence per share, which equates to \u00a335.3m was paid to shareholders in September 2023. The directors have proposed a final dividend of 4.4 pence per share, to be paid in May 2024 to shareholders on the register as at 18 April 2024. This equates to \u00a334.9 million, subject to the share buyback programme.
Company
2023
2022
Ordinary dividends
\u00a3 m
Pence per share
\u00a3 m
Pence per share
Prior interim dividends paid
35.3
4.4
32.8
4.0
Proposed final dividends
34.9
4.4
33.0
4.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "0.044", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-390": { "value": "0.04", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-392": { "value": "0.044", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-391": { "value": "0.04", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-326": { "value": "
25 Cash flow information
(a) Cash generated from operations
Group
Company
2023 2022 2023 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m
Profit/(loss) before tax
86.0
127.4
(34.6)
2.9
Adjustments for:
Exceptional expenses
3.3
3.2
\u2013
0.1
Share-based payments
4.2
0.4
\u2013
\u2013
Loss on disposal of right-of-use asset
1.2
0.4
\u2013
\u2013
Depreciation and amortisation expense
17.5
18.3
\u2013
\u2013
Net other income
(10.0)
(8.6)
(2.7)
(1.7)
Carried interest
(30.0)
(24.2)
\u2013
\u2013
Fair value remeasurement of investments
(25.3)
(40.7)
\u2013
\u2013
Net exchange losses/(gains)
2.4
(1.1)
3.4
0.1
(Increase)/decrease in trade and other receivables
(5.6)
(46.4)
117.3
86.9
Increase/(decrease) in trade and other payables
56.0
6.9
23.8
(22.0)
Cash generated from operations
99.7
35.6
107.2
66.3
(b) Cash outflows from leases
Group
2023 2022
\u00a3 m \u00a3 m
Financing
10.1
7.6
Operating
0.3
0.3
Cash outflows from leases
10.4
7.9
The Company has no leases (2022: nil).
(c) Reconciliation of liabilities arising from financing activities
Group
Foreign
Net additions/ Fair value exchange 31 December
1 January 2023 Cash flows (disposals) movements movements 2023
\u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of consolidated CLO liabilities
597.5
\u2013
529.9
38.6
(14.0)
1,152.0
Lease liabilities
83.2
(10.1)
8.5
\u2013
\u2013
81.6
Total
680.7
(10.1)
538.4
38.6
(14.0)
1,233.6
Group
Foreign
Net additions/ Fair value exchange 31 December
1 January 2022 Cash flows (disposals) movements movements 2022
\u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m \u00a3 m
Borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Fair value of consolidated CLO liabilities
241.4
\u2013
340.7
(9.0)
24.2
597.5
Lease liabilities
84.8
(7.6)
6.0
\u2013
\u2013
83.2
Total
326.2
(7.6)
346.7
(9.0)
24.2
680.7
The Company has no borrowings or lease liabilities (2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "
26 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
2023 2022
\u00a3 m \u00a3 m
Salary, bonus and other benefits
1.9
1.6
Total
1.9
1.6
Further information on the remuneration of the directors can be found in the Remuneration Report on page 103.
(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 \u00a30.2m.
Group
2023 2022
\u00a3 m \u00a3 m
Salary, bonus and other benefits
2.4
2.1
Total
2.4
2.1
(c) Transactions with Directors
On 31 March 2023, Adam Jones was granted a conditional share award of 114,953 shares at a value of \u00a32.17 per share, with total value
\u00a3250,000, vesting on 31 March 2026.
(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 2023 have committed amounts from their personal resources across multiple funds
totalling \u00a321.4m (the Directors at 31 December 2022: \u00a315.6m).
(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
2023 2022
\u00a3 m \u00a3 m
Amounts received from funds
298.2
264.3
Amounts paid on behalf of the funds
28.4
19.0
Amounts receivable from funds
41.2
49.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "26 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
2023 2022
\u00a3 m \u00a3 m
Salary, bonus and other benefits
1.9
1.6
Total
1.9
1.6
Further information on the remuneration of the directors can be found in the Remuneration Report on page 103. (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 \u00a30.2m.
Group
2023 2022
\u00a3 m \u00a3 m
Salary, bonus and other benefits
2.4
2.1
Total
2.4
2.1
(c) Transactions with Directors On 31 March 2023, Adam Jones was granted a conditional share award of 114,953 shares at a value of \u00a32.17 per share, with total value \u00a3250,000, vesting on 31 March 2026. (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 2023 have committed amounts from their personal resources across multiple funds totalling \u00a321.4m (the Directors at 31 December 2022: \u00a315.6m). (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
2023 2022
\u00a3 m \u00a3 m
Amounts received from funds
298.2
264.3
Amounts paid on behalf of the funds
28.4
19.0
Amounts receivable from funds
41.2
49.7
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "(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
2023 2022
\u00a3 m \u00a3 m
Salary, bonus and other benefits
1.9
1.6
Total
1.9
1.6
Further information on the remuneration of the directors can be found in the Remuneration Report on page 103. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "
27 Parent and ultimate controlling party
The Company is owned by a number of natural persons and corporates, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "
28 Subsidiaries and interests in other entities
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
2023 2022
\u00a3 m \u00a3 m
Balance as at 1 January
1,023.0
1,022.6
Increase in investment in subsidiary and other Group affiliates
3.9
0.4
At 31 December
1,026.9
1,023.0
The Group holds a direct interest in Bridgepoint Group Holdings Limited as at 31 December 2023 representing 100% (2022: 100%).
Its registered office is referenced in the table below the list of subsidiaries.
(a) List of subsidiaries
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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
2023 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.
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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
1
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
General Partner
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
Limited 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
Limited Partner
Ordinary shares
100%
BCO IV LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
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
Limited Partner
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 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%
BDC V GP LLP 1 UK General Partner N/A \u2013
BDC V MLP Limited 1 UK Managing Limited Partner Ordinary shares 100%
BDC V GP SCSp 3 Luxembourg General Partner N/A \u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
BDC V GP 2 Limited 1 UK General Partner Ordinary shares 100%
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
Dormant entity
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
Limited Partner
Ordinary shares
100%
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
100%
BEP IV FP Limited
1
UK
Limited 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
Limited 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 MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
100%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
100%
BE VI Nominees II 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 Advisers Singapore Pte. Ltd 16 Singapore Private equity advisory 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%
Company\u2019s
proportion
Country of of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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 (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 Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint Capital Verwaltungs GmbH
6
Germany
General Partner
Ordinary shares
100%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
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 CLO GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100%
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 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
100%
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%
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 II GP GmbH & Co. KG
13
Germany
General Partner
N/A
\u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
Bridgepoint Credit Opportunities III 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 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 PS 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 Development Capital V GP S.a r.l. 3 Luxembourg General Partner 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 Direct Lending IV 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 V Finance GP LLP 1 UK General Partner N/A 100%
Bridgepoint Europe VII (GP) S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
100%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
100%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
100%
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
Bridgepoint Growth I GP LLP 1 UK General Partner N/A \u2013
BDC V Nominees Limited 1 UK Nominee entity Ordinary shares 100%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
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 GmbH & Co. KG 13 Germany General Partner N/A \u2013
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 OP GP Limited 1 UK General Partner Ordinary shares 100%
Bridgepoint OP LP 1 UK Investment holding partnership N/A \u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint SAS 7 France Private equity advisory company Ordinary shares 100%
Bridgepoint Services France SAS 12 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 (in liquidation)
11
Poland
Private equity advisory company
Ordinary shares
100%
Bridgepoint Sp Zoo sp.k (in liquidation)
11
Poland
General Partner
N/A
\u2013
Bridgepoint Structured Credit Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Holdco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Midco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdings Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdco Limited 14 United States Investment holding company Ordinary shares 100%
Bridgepoint US Holdco 2 Limited 14 United States Investment holding company 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
N/A
\u2013
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
Dormant entity
Ordinary shares
100%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BG I Limited
1
UK
Dormant entity
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
Dormant entity
Ordinary shares
100%
LORAC KITE Limited
1
UK
Dormant entity
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 Investments (UK) Limited
1
UK
Dormant entity
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%
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
Nextower, Thurn-und-Taxis-Platz 6, 60313 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
Paulus Potterstraat 22A, 1071 DA, 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
251
Little Falls Drive, City of Wilmington 19808, County of New Castle
15
21 rue La P\u00e9rouse, 75017, Paris, France
16
10 Anson Road, #22-02, International Plaza, Singapore (079903)
(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.
Country of Proportion of
Name of subsidiary:
Ref
incorporation
Principal activity
Share class
ownership interest
Bridgepoint PE CI Limited
1
UK
Investment holding company
Ordinary shares
49.1%
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%
* Entities are in liquidation
The profit or loss for the above entities for the years ended 31 December 2023 and 2022 are not material.
(c) Consolidated structured entities
The table below shows details of structured entities that the Group is deemed to control and are consolidated within the financial
statements for the periods referenced.
Group\u2019s
Country of proportion of
incorporation
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
All periods
Bridgepoint CLO 1 DAC
Ireland
55.2%
Subordinated note in the residual class
All periods
Bridgepoint CLO 3 DAC
Ireland
51.0%
Subordinated note in the residual class
All periods
Bridgepoint CLO IV DAC
Ireland
61.0%
Subordinated note in the residual class
All periods
Bridgepoint CLO V DAC
Ireland
51.8%
Subordinated note in the residual class
Year ended 31 December 2023
Bridgepoint CLO VI DAC
Ireland
50.0%
Warehouse entity
Year ended 31 December 2023
Opal Investments LP
United Kingdom
85.0%
Limited partner
All periods
Maple Tree VII LP
United Kingdom
21.7%*
Limited partner
All periods
* A control assessment of Maple Tree VII LP has been performed in accordance with the Group\u2019s 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 a minimum return on
drawn commitments, along with a share of residual profits from the partnership. As at 31 December 2023, no commitment had been drawn from the third-party investors.
(d) Associates
Where the Group holds investments in funds or CIPs that give the Group significant influence, but not control, through participation in
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. Where the Group holds an interest that is greater than 20% the
Group is considered to have significant influence, but not control. These investments are recorded as financial assets or carried interest
receivable within the Group Consolidated Statement of Financial Position.
Bridgepoint Growth I SFP LP
The Group has an interest in a CIP which has a share of 35.0% of the rights to the carried interest from the Bridgepoint Growth I fund
partnership and is therefore considered to have significant influence.
31 December
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
13.6
\u2013
Carried interest payable
(13.5)
\u2013
Net assets
0.1
\u2013
Result for the year
\u2013
\u2013
Group\u2019s interest in the associate
35.0%
35.0%
The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK.
BDC III SFP LP
The Group has an interest in a CIP which has a share of 25.9% of the rights to the carried interest from the BDC III fund partnerships
and is therefore considered to have significant influence. 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
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
228.1
136.4
Carried interest payable
(228.0)
(136.2)
Net assets
0.1
0.2
Result for the year
\u2013
\u2013
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 holds 31.8% of the entitlement to the
founder partner commitments of the entity, which currently has no value. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
35.7
39.5
Other assets
2.5
3.2
Total liabilities
(2.5)
(2.1)
Net assets
35.7
40.6
Profit for the year
1.9
0.7
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 45.2% of the limited partner commitments of BE VI Co-Investment (Feeder)
Partnership LP. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
14.5
12.4
Other assets
0.1
1.5
Total liabilities
(0.2)
(0.1)
Net assets
14.4
13.8
Profit for the year
0.9
2.8
Group\u2019s interest in the associate
45.2%
45.6%
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 2023 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 MLP Limited
Bridgepoint Europe III FP (GP) Limited
Atlantic GP 1 Limited
BDC III Limited
BDCP II SFP GP Limited
Bridgepoint Europe IV FP (GP) Limited
Atlantic GP LLP
BDC III SFP GP Limited
BE VI FP SGP Limited
Bridgepoint Europe Managerial LLP
BBTPS FP GP Limited
BDC IV MLP Limited
BE VI GP 2 Limited
Bridgepoint Europe VII FP Limited
BC GP 2 Limited
BDC IV SFP GP Limited
BE VI MLP Limited
Bridgepoint Europe VII FP SGP Limited
BC II FP SGP Limited
BDC Special 1 Limited
BEP IV FP SGP Limited
Bridgepoint Europe VII GP 2 Limited
BC II MLP Limited
BDC Special 2 Limited
BEP IV GP 2 Limited
Bridgepoint Europe VII MLP Limited
BDC II FP GP Limited
BDC Special GP LLP
BEP IV MLP Limited
Burgundy GP LLP
BDC II Limited
BDCP II GP 2 Limited
BEV FP SGP Limited
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "28 Subsidiaries and interests in other entities 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
2023 2022
\u00a3 m \u00a3 m
Balance as at 1 January
1,023.0
1,022.6
Increase in investment in subsidiary and other Group affiliates
3.9
0.4
At 31 December
1,026.9
1,023.0
The Group holds a direct interest in Bridgepoint Group Holdings Limited as at 31 December 2023 representing 100% (2022: 100%). Its registered office is referenced in the table below the list of subsidiaries. (a) List of subsidiaries
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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 2023 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.
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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
1
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
General Partner
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
Limited 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
Limited Partner
Ordinary shares
100%
BCO IV LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
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
Limited Partner
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 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%
BDC V GP LLP 1 UK General Partner N/A \u2013
BDC V MLP Limited 1 UK Managing Limited Partner Ordinary shares 100%
BDC V GP SCSp 3 Luxembourg General Partner N/A \u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
BDC V GP 2 Limited 1 UK General Partner Ordinary shares 100%
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
Dormant entity
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
Limited Partner
Ordinary shares
100%
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
100%
BEP IV FP Limited
1
UK
Limited 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
Limited 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 MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
100%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
100%
BE VI Nominees II 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 Advisers Singapore Pte. Ltd 16 Singapore Private equity advisory 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%
Company\u2019s
proportion
Country of of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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 (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 Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint Capital Verwaltungs GmbH
6
Germany
General Partner
Ordinary shares
100%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
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 CLO GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100%
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 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
100%
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%
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 II GP GmbH & Co. KG
13
Germany
General Partner
N/A
\u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
Bridgepoint Credit Opportunities III 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 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 PS 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 Development Capital V GP S.a r.l. 3 Luxembourg General Partner 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 Direct Lending IV 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 V Finance GP LLP 1 UK General Partner N/A 100%
Bridgepoint Europe VII (GP) S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
100%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
100%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
100%
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
Bridgepoint Growth I GP LLP 1 UK General Partner N/A \u2013
BDC V Nominees Limited 1 UK Nominee entity Ordinary shares 100%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
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 GmbH & Co. KG 13 Germany General Partner N/A \u2013
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 OP GP Limited 1 UK General Partner Ordinary shares 100%
Bridgepoint OP LP 1 UK Investment holding partnership N/A \u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint SAS 7 France Private equity advisory company Ordinary shares 100%
Bridgepoint Services France SAS 12 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 (in liquidation)
11
Poland
Private equity advisory company
Ordinary shares
100%
Bridgepoint Sp Zoo sp.k (in liquidation)
11
Poland
General Partner
N/A
\u2013
Bridgepoint Structured Credit Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Holdco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Midco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdings Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdco Limited 14 United States Investment holding company Ordinary shares 100%
Bridgepoint US Holdco 2 Limited 14 United States Investment holding company 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
N/A
\u2013
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
Dormant entity
Ordinary shares
100%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BG I Limited
1
UK
Dormant entity
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
Dormant entity
Ordinary shares
100%
LORAC KITE Limited
1
UK
Dormant entity
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 Investments (UK) Limited
1
UK
Dormant entity
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%
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
Nextower, Thurn-und-Taxis-Platz 6, 60313 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
Paulus Potterstraat 22A, 1071 DA, 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
251
Little Falls Drive, City of Wilmington 19808, County of New Castle
15
21 rue La P\u00e9rouse, 75017, Paris, France
16
10 Anson Road, #22-02, International Plaza, Singapore (079903)
(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.
Country of Proportion of
Name of subsidiary:
Ref
incorporation
Principal activity
Share class
ownership interest
Bridgepoint PE CI Limited
1
UK
Investment holding company
Ordinary shares
49.1%
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%
* Entities are in liquidation The profit or loss for the above entities for the years ended 31 December 2023 and 2022 are not material. (c) Consolidated structured entities The table below shows details of structured entities that the Group is deemed to control and are consolidated within the financial statements for the periods referenced.
Group\u2019s
Country of proportion of
incorporation
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
All periods
Bridgepoint CLO 1 DAC
Ireland
55.2%
Subordinated note in the residual class
All periods
Bridgepoint CLO 3 DAC
Ireland
51.0%
Subordinated note in the residual class
All periods
Bridgepoint CLO IV DAC
Ireland
61.0%
Subordinated note in the residual class
All periods
Bridgepoint CLO V DAC
Ireland
51.8%
Subordinated note in the residual class
Year ended 31 December 2023
Bridgepoint CLO VI DAC
Ireland
50.0%
Warehouse entity
Year ended 31 December 2023
Opal Investments LP
United Kingdom
85.0%
Limited partner
All periods
Maple Tree VII LP
United Kingdom
21.7%*
Limited partner
All periods
* A control assessment of Maple Tree VII LP has been performed in accordance with the Group\u2019s 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 a minimum return on drawn commitments, along with a share of residual profits from the partnership. As at 31 December 2023, no commitment had been drawn from the third-party investors. (d) Associates Where the Group holds investments in funds or CIPs that give the Group significant influence, but not control, through participation in 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. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. These investments are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position. Bridgepoint Growth I SFP LP The Group has an interest in a CIP which has a share of 35.0% of the rights to the carried interest from the Bridgepoint Growth I fund partnership and is therefore considered to have significant influence.
31 December
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
13.6
\u2013
Carried interest payable
(13.5)
\u2013
Net assets
0.1
\u2013
Result for the year
\u2013
\u2013
Group\u2019s interest in the associate
35.0%
35.0%
The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BDC III SFP LP The Group has an interest in a CIP which has a share of 25.9% of the rights to the carried interest from the BDC III fund partnerships and is therefore considered to have significant influence. 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
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
228.1
136.4
Carried interest payable
(228.0)
(136.2)
Net assets
0.1
0.2
Result for the year
\u2013
\u2013
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 holds 31.8% of the entitlement to the founder partner commitments of the entity, which currently has no value. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
35.7
39.5
Other assets
2.5
3.2
Total liabilities
(2.5)
(2.1)
Net assets
35.7
40.6
Profit for the year
1.9
0.7
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 45.2% of the limited partner commitments of BE VI Co-Investment (Feeder) Partnership LP. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
14.5
12.4
Other assets
0.1
1.5
Total liabilities
(0.2)
(0.1)
Net assets
14.4
13.8
Profit for the year
0.9
2.8
Group\u2019s interest in the associate
45.2%
45.6%
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 2023 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 MLP Limited
Bridgepoint Europe III FP (GP) Limited
Atlantic GP 1 Limited
BDC III Limited
BDCP II SFP GP Limited
Bridgepoint Europe IV FP (GP) Limited
Atlantic GP LLP
BDC III SFP GP Limited
BE VI FP SGP Limited
Bridgepoint Europe Managerial LLP
BBTPS FP GP Limited
BDC IV MLP Limited
BE VI GP 2 Limited
Bridgepoint Europe VII FP Limited
BC GP 2 Limited
BDC IV SFP GP Limited
BE VI MLP Limited
Bridgepoint Europe VII FP SGP Limited
BC II FP SGP Limited
BDC Special 1 Limited
BEP IV FP SGP Limited
Bridgepoint Europe VII GP 2 Limited
BC II MLP Limited
BDC Special 2 Limited
BEP IV GP 2 Limited
Bridgepoint Europe VII MLP Limited
BDC II FP GP Limited
BDC Special GP LLP
BEP IV MLP Limited
Burgundy GP LLP
BDC II Limited
BDCP II GP 2 Limited
BEV FP SGP Limited
29 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 of below 50% with the main beneficiaries of the CIP being the other participants. The disclosure below includes CLO 2 for the years ended 31 December 2022 and 31 December 2023, which is not consolidated in either year, as explained in note 3 (a). 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.
Group
Value of the accrued Group
Group\u2019s Typical Net asset Typical carried maximum
co- Group value of the Management Typical Group share interest exposure to
investments commitment Total investor funds at year fees received management Carried interest rate of carried receivable loss at
at year end to the fund as commitments end by the Group fee range % interest at year end year end
at 31 December \u00a3 m % \u00a3 bn \u00a3 bn \u00a3 m % (where applicable) % \u00a3 m \u00a3 m
2023 Generally up to
Private equity 0.75 to 20% of profits Up to
funds
260.9
<2%
28.9
16.7
205.0
2.00% over threshold
35%
64.7
325.6
Generally up to
0.50 to 20% of profits Up to
Credit funds
121.6
<9%
6.9
4.4
56.5
1.75% over threshold
35%
2.6
124.2
382.5
35.8
21.1
261.5
67.3
449.8
Group
Value of the accrued Group
Group\u2019s Typical Net asset Typical carried maximum
co- Group value of the Management Typical Group share interest exposure to
investments commitment Total investor funds at year fees received management Carried interest rate of carried receivable loss at
at year end to the fund as commitments end by the Group fee range % interest at year end year end
at 31 December \u00a3 m % \u00a3 bn \u00a3 bn \u00a3 m % (where applicable) % \u00a3 m \u00a3 m
2022 Generally up to
Private equity 0.75 to 20% of profits Up to
funds
241.3
<2%
28.2
15.5
179.5
2.00% over threshold
35%
39.4
280.7
Generally up to
0.50 to 20% of profits Up to
Credit funds
76.9
<9%
6.0
2.8
50.8
1.75% over threshold
35%
2.6
79.5
318.2
34.2
18.3
230.3
42.0
360.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "28 Subsidiaries and interests in other entities 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
2023 2022
\u00a3 m \u00a3 m
Balance as at 1 January
1,023.0
1,022.6
Increase in investment in subsidiary and other Group affiliates
3.9
0.4
At 31 December
1,026.9
1,023.0
The Group holds a direct interest in Bridgepoint Group Holdings Limited as at 31 December 2023 representing 100% (2022: 100%). Its registered office is referenced in the table below the list of subsidiaries. (a) List of subsidiaries
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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 2023 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.
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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
1
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
General Partner
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
Limited 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
Limited Partner
Ordinary shares
100%
BCO IV LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
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
Limited Partner
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 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%
BDC V GP LLP 1 UK General Partner N/A \u2013
BDC V MLP Limited 1 UK Managing Limited Partner Ordinary shares 100%
BDC V GP SCSp 3 Luxembourg General Partner N/A \u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
BDC V GP 2 Limited 1 UK General Partner Ordinary shares 100%
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
Dormant entity
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
Limited Partner
Ordinary shares
100%
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
100%
BEP IV FP Limited
1
UK
Limited 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
Limited 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 MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
100%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
100%
BE VI Nominees II 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 Advisers Singapore Pte. Ltd 16 Singapore Private equity advisory 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%
Company\u2019s
proportion
Country of of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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 (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 Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint Capital Verwaltungs GmbH
6
Germany
General Partner
Ordinary shares
100%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
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 CLO GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100%
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 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
100%
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%
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 II GP GmbH & Co. KG
13
Germany
General Partner
N/A
\u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
Bridgepoint Credit Opportunities III 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 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 PS 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 Development Capital V GP S.a r.l. 3 Luxembourg General Partner 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 Direct Lending IV 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 V Finance GP LLP 1 UK General Partner N/A 100%
Bridgepoint Europe VII (GP) S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
100%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
100%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
100%
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
Bridgepoint Growth I GP LLP 1 UK General Partner N/A \u2013
BDC V Nominees Limited 1 UK Nominee entity Ordinary shares 100%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
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 GmbH & Co. KG 13 Germany General Partner N/A \u2013
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 OP GP Limited 1 UK General Partner Ordinary shares 100%
Bridgepoint OP LP 1 UK Investment holding partnership N/A \u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint SAS 7 France Private equity advisory company Ordinary shares 100%
Bridgepoint Services France SAS 12 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 (in liquidation)
11
Poland
Private equity advisory company
Ordinary shares
100%
Bridgepoint Sp Zoo sp.k (in liquidation)
11
Poland
General Partner
N/A
\u2013
Bridgepoint Structured Credit Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Holdco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Midco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdings Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdco Limited 14 United States Investment holding company Ordinary shares 100%
Bridgepoint US Holdco 2 Limited 14 United States Investment holding company 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
N/A
\u2013
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
Dormant entity
Ordinary shares
100%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BG I Limited
1
UK
Dormant entity
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
Dormant entity
Ordinary shares
100%
LORAC KITE Limited
1
UK
Dormant entity
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 Investments (UK) Limited
1
UK
Dormant entity
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%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "28 Subsidiaries and interests in other entities 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
2023 2022
\u00a3 m \u00a3 m
Balance as at 1 January
1,023.0
1,022.6
Increase in investment in subsidiary and other Group affiliates
3.9
0.4
At 31 December
1,026.9
1,023.0
The Group holds a direct interest in Bridgepoint Group Holdings Limited as at 31 December 2023 representing 100% (2022: 100%). Its registered office is referenced in the table below the list of subsidiaries. (a) List of subsidiaries
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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 2023 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.
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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
1
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
General Partner
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
Limited 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
Limited Partner
Ordinary shares
100%
BCO IV LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
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
Limited Partner
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 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%
BDC V GP LLP 1 UK General Partner N/A \u2013
BDC V MLP Limited 1 UK Managing Limited Partner Ordinary shares 100%
BDC V GP SCSp 3 Luxembourg General Partner N/A \u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
BDC V GP 2 Limited 1 UK General Partner Ordinary shares 100%
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
Dormant entity
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
Limited Partner
Ordinary shares
100%
BDL III LORAC Limited
1
UK
Dormant entity
Ordinary shares
100%
BEP IV (Nominees) Limited
1
UK
Nominee company
Ordinary shares
100%
BEP IV FP Limited
1
UK
Limited 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
Limited 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 MLP Limited
1
UK
Managing Limited Partner
Ordinary shares
100%
BE VI Nominees Limited
1
UK
Nominee company
Ordinary shares
100%
BE VI Nominees II 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 Advisers Singapore Pte. Ltd 16 Singapore Private equity advisory 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%
Company\u2019s
proportion
Country of of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
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 (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 Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint Capital Verwaltungs GmbH
6
Germany
General Partner
Ordinary shares
100%
Bridgepoint Credit AD GP S.\u00e0 r.l.
3
Luxembourg
General Partner
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 CLO GP S.\u00e0 r.l. 3 Luxembourg General Partner Ordinary shares 100%
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 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
100%
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%
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 II GP GmbH & Co. KG
13
Germany
General Partner
N/A
\u2013
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
Bridgepoint Credit Opportunities III 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 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 PS 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 Development Capital V GP S.a r.l. 3 Luxembourg General Partner 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 Direct Lending IV 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 V Finance GP LLP 1 UK General Partner N/A 100%
Bridgepoint Europe VII (GP) S.\u00e0 r.l.
3
Luxembourg
General Partner
Ordinary shares
100%
Bridgepoint Europe VII FP Limited
1
UK
Limited Partner
Ordinary shares
100%
Bridgepoint Europe VII FP SGP Limited
2
UK
Dormant entity
Ordinary shares
100%
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
Bridgepoint Growth I GP LLP 1 UK General Partner N/A \u2013
BDC V Nominees Limited 1 UK Nominee entity Ordinary shares 100%
Bridgepoint Growth Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
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 GmbH & Co. KG 13 Germany General Partner N/A \u2013
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 OP GP Limited 1 UK General Partner Ordinary shares 100%
Bridgepoint OP LP 1 UK Investment holding partnership N/A \u2013
Bridgepoint Partners Limited
1
UK
Dormant entity
Ordinary shares
100%
Bridgepoint SAS 7 France Private equity advisory company Ordinary shares 100%
Bridgepoint Services France SAS 12 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 (in liquidation)
11
Poland
Private equity advisory company
Ordinary shares
100%
Bridgepoint Sp Zoo sp.k (in liquidation)
11
Poland
General Partner
N/A
\u2013
Bridgepoint Structured Credit Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Holdco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint UK Midco Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdings Limited 1 UK Dormant entity Ordinary shares 100%
Bridgepoint US Holdco Limited 14 United States Investment holding company Ordinary shares 100%
Bridgepoint US Holdco 2 Limited 14 United States Investment holding company 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
N/A
\u2013
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
Dormant entity
Ordinary shares
100%
LORAC 6 Limited
1
UK
Dormant entity
Ordinary shares
100%
Company\u2019s
proportion of
Country of ownership
Name of subsidiary
Ref
incorporation
Principal activity
Share class
interest
LORAC BC Co-Investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BC II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC III Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDC Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BDCP II Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BEP IV Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BE VI Co-investment Limited
1
UK
Dormant entity
Ordinary shares
100%
LORAC BG I Limited
1
UK
Dormant entity
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
Dormant entity
Ordinary shares
100%
LORAC KITE Limited
1
UK
Dormant entity
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 Investments (UK) Limited
1
UK
Dormant entity
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%
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
Nextower, Thurn-und-Taxis-Platz 6, 60313 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
Paulus Potterstraat 22A, 1071 DA, 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
251
Little Falls Drive, City of Wilmington 19808, County of New Castle
15
21 rue La P\u00e9rouse, 75017, Paris, France
16
10 Anson Road, #22-02, International Plaza, Singapore (079903)
(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.
Country of Proportion of
Name of subsidiary:
Ref
incorporation
Principal activity
Share class
ownership interest
Bridgepoint PE CI Limited
1
UK
Investment holding company
Ordinary shares
49.1%
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%
* Entities are in liquidation The profit or loss for the above entities for the years ended 31 December 2023 and 2022 are not material. (c) Consolidated structured entities The table below shows details of structured entities that the Group is deemed to control and are consolidated within the financial statements for the periods referenced.
Group\u2019s
Country of proportion of
incorporation
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
All periods
Bridgepoint CLO 1 DAC
Ireland
55.2%
Subordinated note in the residual class
All periods
Bridgepoint CLO 3 DAC
Ireland
51.0%
Subordinated note in the residual class
All periods
Bridgepoint CLO IV DAC
Ireland
61.0%
Subordinated note in the residual class
All periods
Bridgepoint CLO V DAC
Ireland
51.8%
Subordinated note in the residual class
Year ended 31 December 2023
Bridgepoint CLO VI DAC
Ireland
50.0%
Warehouse entity
Year ended 31 December 2023
Opal Investments LP
United Kingdom
85.0%
Limited partner
All periods
Maple Tree VII LP
United Kingdom
21.7%*
Limited partner
All periods
* A control assessment of Maple Tree VII LP has been performed in accordance with the Group\u2019s 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 a minimum return on drawn commitments, along with a share of residual profits from the partnership. As at 31 December 2023, no commitment had been drawn from the third-party investors. (d) Associates Where the Group holds investments in funds or CIPs that give the Group significant influence, but not control, through participation in 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. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. These investments are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position. Bridgepoint Growth I SFP LP The Group has an interest in a CIP which has a share of 35.0% of the rights to the carried interest from the Bridgepoint Growth I fund partnership and is therefore considered to have significant influence.
31 December
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
13.6
\u2013
Carried interest payable
(13.5)
\u2013
Net assets
0.1
\u2013
Result for the year
\u2013
\u2013
Group\u2019s interest in the associate
35.0%
35.0%
The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BDC III SFP LP The Group has an interest in a CIP which has a share of 25.9% of the rights to the carried interest from the BDC III fund partnerships and is therefore considered to have significant influence. 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
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
228.1
136.4
Carried interest payable
(228.0)
(136.2)
Net assets
0.1
0.2
Result for the year
\u2013
\u2013
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 holds 31.8% of the entitlement to the founder partner commitments of the entity, which currently has no value. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
35.7
39.5
Other assets
2.5
3.2
Total liabilities
(2.5)
(2.1)
Net assets
35.7
40.6
Profit for the year
1.9
0.7
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 45.2% of the limited partner commitments of BE VI Co-Investment (Feeder) Partnership LP. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
14.5
12.4
Other assets
0.1
1.5
Total liabilities
(0.2)
(0.1)
Net assets
14.4
13.8
Profit for the year
0.9
2.8
Group\u2019s interest in the associate
45.2%
45.6%
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 2023 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 MLP Limited
Bridgepoint Europe III FP (GP) Limited
Atlantic GP 1 Limited
BDC III Limited
BDCP II SFP GP Limited
Bridgepoint Europe IV FP (GP) Limited
Atlantic GP LLP
BDC III SFP GP Limited
BE VI FP SGP Limited
Bridgepoint Europe Managerial LLP
BBTPS FP GP Limited
BDC IV MLP Limited
BE VI GP 2 Limited
Bridgepoint Europe VII FP Limited
BC GP 2 Limited
BDC IV SFP GP Limited
BE VI MLP Limited
Bridgepoint Europe VII FP SGP Limited
BC II FP SGP Limited
BDC Special 1 Limited
BEP IV FP SGP Limited
Bridgepoint Europe VII GP 2 Limited
BC II MLP Limited
BDC Special 2 Limited
BEP IV GP 2 Limited
Bridgepoint Europe VII MLP Limited
BDC II FP GP Limited
BDC Special GP LLP
BEP IV MLP Limited
Burgundy GP LLP
BDC II Limited
BDCP II GP 2 Limited
BEV FP SGP Limited
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "(d) Associates Where the Group holds investments in funds or CIPs that give the Group significant influence, but not control, through participation in 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. Where the Group holds an interest that is greater than 20% the Group is considered to have significant influence, but not control. These investments are recorded as financial assets or carried interest receivable within the Group Consolidated Statement of Financial Position. Bridgepoint Growth I SFP LP The Group has an interest in a CIP which has a share of 35.0% of the rights to the carried interest from the Bridgepoint Growth I fund partnership and is therefore considered to have significant influence.
31 December
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
13.6
\u2013
Carried interest payable
(13.5)
\u2013
Net assets
0.1
\u2013
Result for the year
\u2013
\u2013
Group\u2019s interest in the associate
35.0%
35.0%
The partnership\u2019s registered address is 50 Lothian Road, Edinburgh, EH3 9WJ, UK. BDC III SFP LP The Group has an interest in a CIP which has a share of 25.9% of the rights to the carried interest from the BDC III fund partnerships and is therefore considered to have significant influence. 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
2023 2022
\u00a3 m \u00a3 m
Carried interest receivable
228.1
136.4
Carried interest payable
(228.0)
(136.2)
Net assets
0.1
0.2
Result for the year
\u2013
\u2013
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 holds 31.8% of the entitlement to the founder partner commitments of the entity, which currently has no value. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
35.7
39.5
Other assets
2.5
3.2
Total liabilities
(2.5)
(2.1)
Net assets
35.7
40.6
Profit for the year
1.9
0.7
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 45.2% of the limited partner commitments of BE VI Co-Investment (Feeder) Partnership LP. 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
2023 2022
\u00a3 m \u00a3 m
Investments at fair value
14.5
12.4
Other assets
0.1
1.5
Total liabilities
(0.2)
(0.1)
Net assets
14.4
13.8
Profit for the year
0.9
2.8
Group\u2019s interest in the associate
45.2%
45.6%
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "29 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 of below 50% with the main beneficiaries of the CIP being the other participants. The disclosure below includes CLO 2 for the years ended 31 December 2022 and 31 December 2023, which is not consolidated in either year, as explained in note 3 (a). 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.
Group
Value of the accrued Group
Group\u2019s Typical Net asset Typical carried maximum
co- Group value of the Management Typical Group share interest exposure to
investments commitment Total investor funds at year fees received management Carried interest rate of carried receivable loss at
at year end to the fund as commitments end by the Group fee range % interest at year end year end
at 31 December \u00a3 m % \u00a3 bn \u00a3 bn \u00a3 m % (where applicable) % \u00a3 m \u00a3 m
2023 Generally up to
Private equity 0.75 to 20% of profits Up to
funds
260.9
<2%
28.9
16.7
205.0
2.00% over threshold
35%
64.7
325.6
Generally up to
0.50 to 20% of profits Up to
Credit funds
121.6
<9%
6.9
4.4
56.5
1.75% over threshold
35%
2.6
124.2
382.5
35.8
21.1
261.5
67.3
449.8
Group
Value of the accrued Group
Group\u2019s Typical Net asset Typical carried maximum
co- Group value of the Management Typical Group share interest exposure to
investments commitment Total investor funds at year fees received management Carried interest rate of carried receivable loss at
at year end to the fund as commitments end by the Group fee range % interest at year end year end
at 31 December \u00a3 m % \u00a3 bn \u00a3 bn \u00a3 m % (where applicable) % \u00a3 m \u00a3 m
2022 Generally up to
Private equity 0.75 to 20% of profits Up to
funds
241.3
<2%
28.2
15.5
179.5
2.00% over threshold
35%
39.4
280.7
Generally up to
0.50 to 20% of profits Up to
Credit funds
76.9
<9%
6.0
2.8
50.8
1.75% over threshold
35%
2.6
79.5
318.2
34.2
18.3
230.3
42.0
360.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "
30 Events after the reporting period
(a) ECP transaction
On 6 September 2023, the Group announced a transaction to add ECP to the Group to accelerate Bridgepoint\u2019s strategic diversification.
The transaction establishes a third and complementary growth pillar for the Group. ECP is a leading North American infrastructure
investor with a market-leading position in the highly sought-after energy transition and sustainability focussed investing ecosystem.
Further details of the transaction were set out in the shareholder circular dated 2 October 2023, which can be found at our website:
www.bridgepoint.eu/shareholders.
The transaction was approved by the Company\u2019s shareholders on 19 October 2023 and it was announced on 20 October 2023 that
required investor consents to the transaction had been received in respect of ECP Fund III, IV and V. As announced on 4 March 2024,
the sole outstanding regulatory clearance in respect of the transaction is a clearance applied for by ECP ControlCo, LLC from the
Federal Energy Regulatory Commission, and closing of the transaction is expected to occur in Q2 2024.
As the transaction was not completed before 31 December 2023, the Group\u2019s Consolidated Statement of Profit or Loss for the year
ended 31 December 2023 does not include any revenue, profit or loss relating to the ECP business, other than transaction costs of
\u00a343.5m recognised by the Group during the year, which have been recognised as other operating expenses and personnel expenses.
Such transaction costs are classified as exceptional and so are excluded from underlying performance metrics. Further details on
exceptionals are included in note 8.
The Group will apply the acquisition method to account for the transaction in accordance with IFRS 3 \u201cBusiness Combinations\u201d. The
Group is required to determine what is part of the business combination transaction, to recognise and measure the identified net assets
acquired, and to determine the consideration transferred. As the transaction had not yet completed when the Annual Report was
authorised for issue, the Group is unable to reasonably estimate the fair value of net assets acquired, the fair value of consideration
transferred and the resulting goodwill and intangible assets.
(b) Share buyback programme
On 2 October 2023, the Company announced a second share buyback programme of up to \u00a350.0m. The share buyback programme
commenced on 12 October 2023 following completion of the previous programme, and is expected to complete on or before 31 July
2024. Between 31 December 2023 and 20 March 2024, being the latest practicable date before the publication of these financial
statements, a further 904,187 ordinary shares have been bought back in aggregate for \u00a32.4m pursuant to the share buyback programme.
Of these shares, in aggregate 904,187 have been cancelled as at 20 March 2024.
(c) US private placement notes
On 7 March 2024, the Group priced $430.0m of new US private placement notes. The proceeds from the new notes will be used to
provide additional resources to deliver the Group\u2019s strategic growth plans. The proceeds will also be used to refinance any portion of the
$225.0m private placement notes that will transfer to the Group as part of the ECP transaction perimeter. Under a change of control
process in these existing notes, note holders can opt for repayment from completion of the ECP transaction. The new notes will be
structured in four tranches with maturities of 3, 5, 7 and 10 years and an average coupon of 6.17 per cent. The receipt of funding for the
new notes is expected during Q2 2024, subject to the completion of the ECP transaction and customary conditions.
There have been no other material subsequent events since 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KFNMVI8PDZX472", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }