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"value": "160524000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-157": {
"value": "223090000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-158": {
"value": "48866000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2020-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-159": {
"value": "-54125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-160": {
"value": "160524000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-161": {
"value": "-5787000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-162": {
"value": "13700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-163": {
"value": "163178000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-164": {
"value": "223090000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-165": {
"value": "Oakley Capital Investments Limited",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-177": {
"value": "Oakley Capital Investments Limited",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-178": {
"value": "Oakley Capital Investments Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-4": {
"value": "Limited ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-5": {
"value": "Bermuda ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-166": {
"value": "Bermuda ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-9": {
"value": "The Consolidated Financial Statements of the Company have been prepared on a
going concern basis and under the historical cost convention, except for financial
instruments at fair value through profit and loss, which are measured at fair value.
COVID-19 continues to cause disruption to economies around the world, however
the roll-out of the vaccination programme and adjustment to new ways of
working has meant that uncertainty is gradually decreasing. As a result, private
equity activity rebounded strongly during 2021 and consequently valuations
have increased, particularly in the sectors that have remained resilient, such as
technology and business software.
The Board of Directors has assessed if it is appropriate to adopt the going concern
basis of accounting in preparing these Consolidated Financial Statements. As
part of this assessment, the Board of Directors has considered a wide range
of information relating to the present and future conditions, including the continued
impact of COVID-19 on some of the portfolio companies of the Funds, as well as
the impact on investment and sale expectations for each of the Funds, cash flow
projections and the longer-term strategy of the Company.
As part of the assessment, the Board of Directors:
\u2022 assessed liquidity, solvency and capital management. The Company considered
liquidity risk as the risk that the Company may encounter difficulty in meeting
obligations arising from its financial liabilities that are settled by delivering cash
or another financial asset, or that such obligations would have to be settled in
a manner disadvantageous to the Company. Unfunded commitments to the
Funds are irrevocable and can exceed cash and cash equivalents available to the
Company. Based on current cash flow projections and barring unforeseen events,
the Company expects to be able to meet its obligations as they fall due.
As at 31 December 2021, cash and cash equivalents of the Company amount
to \u00a3163,177,622. The Company has total unfunded capital and unquoted debt
security commitments of \u00a3405,551,000 relating to the Funds, which are expected
to be called over the next four to five years. Under the Company\u2019s bye-laws, the
Company is permitted to borrow up to 25% of total shareholders\u2019 equity, which
would amount to approximately \u00a3240,362,826 for the year ended 31 December
2021. As at 31 December 2021, the Company has had no debt facilities. The
Directors consider the Company to have sufficient resources and liquidity and can
continue to operate for a period of at least 12 months;
\u2022 considered the estimates inherent to the valuations of the Funds and the
unquoted debt securities. The Company\u2019s approach to valuations was consistent
with the prior period\u2019s approach. In addition, key assumptions and estimates
relating to the valuation of the unquoted debt instruments were considered.
This included assessment of counterparty risk, interest rates and future cash
flow projections; and
\u2022 assessed the operational resilience of the Company\u2019s critical functions, which
includes monitoring the performance of the Company\u2019s key service providers.
The Board of Directors considers it appropriate to prepare the Consolidated
Financial Statements of the Company on the going concern basis, having
considered the impact of COVID-19 on its operations and those of the portfolio
companies of the Funds.
The judgements, assumptions and estimates involved in the Company\u2019s accounting
policies that are considered by the Board of Directors to be the most important
to the Company\u2019s results and financial condition are the fair valuation of its
investments and the assessment that the Company meets the definition of an
investment entity and are detailed further in Notes 3.2 and 4.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-6": {
"value": "The Consolidated Financial Statements of the Company have been prepared in
accordance with International Financial Reporting Standards (\u2018IFRS\u2019).
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-7": {
"value": "The Consolidated Financial Statements are presented in British pounds (\u2018Pounds\u2019),
which is the Company\u2019s functional currency.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-8": {
"value": "(a) New and amended standards adopted by the Company
Several amendments and interpretations apply for the first time effective 1 January
2021 but do not have a material effect on the Company\u2019s Consolidated Financial
Statements and did not require retrospective adjustments.
(b) New standards, amendments and interpretations that are not yet effective
and might be relevant for the Company.
A number of new amendments and interpretations are effective for annual periods
beginning after 1 January 2021 and early application is admitted, however the
Company has not early adopted the new or amended standards in preparing these
Consolidated Financial Statements. These amendments and interpretations are not
expected to have a material impact on the OCI Consolidated Financial Statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-10": {
"value": "The Consolidated Financial Statements have been prepared using uniform
accounting policies for like transactions and other events in similar circumstances.
The Consolidated Financial Statements include the financial statements of the
Company and its wholly owned subsidiary, after the elimination of all significant
intercompany balances and transactions.
IFRS 10 exempts investment entities from consolidating controlled investees.
The Company meets the definition of an investment entity, as the following
conditions are met:
\u2022 The Company obtains funds from investors and provides investment
management services.
\u2022 The business purpose of the Company is to invest into private equity funds and
to purchase, hold and dispose of investments directly in portfolio companies with
the goal of achieving returns from capital appreciation and investment income.
The Company also has further typical characteristics of an investment entity as
defined by IFRS:
\u2022 The performance of these investments is measured and evaluated on a fair
value basis.
\u2022 The Company holds multiple investments and has multiple investors.
\u2022 It has investors that are not related parties of the Company.
\u2022 It has ownership interests in the form of equity or similar interests.
An investment entity is still required to consolidate a subsidiary where that
subsidiary provides services that relate to the investment entity\u2019s investment
activities. The Funds do not provide services that relate to the Company\u2019s
investment activities.
The Company therefore measures its investments at fair value through profit and
loss in accordance with the investment entity exemption. The Company does not
consolidate any of its investments in the Funds.
As at 31 December 2021, the Company\u2019s Limited Partner ownership in the
Funds was:
\u2022 Fund I ownership of 70.4% (2020: 70.4%)
\u2022 Fund II ownership of 36.2% (2020: 36.2%)
\u2022 Fund III ownership of 40.7% (2020: 40.7% )
\u2022 Fund IV ownership of 27.4% (2020: 27.4%)
\u2022 Origin Fund ownership of 28.2% (2020: 27.0%)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-11": {
"value": "(a) Classification
The Company classifies its investments based on both the Company\u2019s business
model for managing those financial assets and the contractual cash flow
characteristics, if any, of the financial assets. The portfolio of financial assets is
managed and performance is evaluated on a fair value basis. The Company is
primarily focused on fair value information and uses that information to assess
the assets\u2019 performance and to make decisions. The Company has not taken the
option to irrevocably designate any equity securities as fair value through other
comprehensive income.
The contractual cash flows of the Company\u2019s debt securities are solely principal
and interest, however these securities are neither held for the purpose of collecting
contractual cash flows nor held both for collecting contractual cash flows and for
sale. The collection of contractual cash flows is only incidental to achieving the
Company\u2019s business model\u2019s objective. Consequently, the Company classifies its
investments in private equity funds, direct equity investments and loans as financial
assets held at fair value through profit and loss at inception.
(b) Recognition and measurement
Financial assets held at fair value through profit and loss are recognised initially
on the trade date which is the date on which the Company becomes a party to
the contractual provisions of the instrument. Financial assets held at fair value
through profit and loss are recognised initially at fair value, with transaction costs
recognised in profit or loss.
Net gains and losses from financial assets held at fair value through profit and
loss include all realised and unrealised fair value changes and foreign exchange
differences and are included in the consolidated statement of comprehensive
income in the period in which they arise.
Quoted investments are subsequently carried at fair value. Fair value is measured
using the last reported sales price, where the last reported sales price falls
within the bid-ask spread. In circumstances where the last reported sales price
is not within the bid-ask spread, the Board of Directors, in consultation with the
Investment Advisor, will determine the point within the bid-ask spread that is most
representative of fair value.
Unquoted investments, including both equities and loans, are subsequently
carried in the consolidated balance sheet at fair value. Fair value is determined in
accordance with the Company\u2019s investment valuation policy, which is compliant
with the fair value guidelines under IFRS 13 and the International Private Equity
and Venture Capital (IPEV) Valuation Guidelines.
(c) Derecognition
The Company derecognises a financial asset when the contractual rights to the
cash flows from the asset expire, or it 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 or in which the Company neither
transfers nor retains substantially all the risks and rewards of ownership and does
not retain control of the financial asset. Any interest on such transferred financial
assets that is created or retained by the Company is recognised as a separate asset
or liability.
On derecognition of a financial asset, the difference between the carrying
amount of the asset (or the carrying amount allocated to the portion of the asset
derecognised) and consideration received (including any new asset obtained less
any new liability assumed) is recognised in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-19": {
"value": "Cash and cash equivalents include deposits held on call with banks and other
short-term deposits. The Company considers all short-term deposits with an
original maturity of 90 days or less as equivalent to cash.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-12": {
"value": "Trade receivables are recognised initially at fair value and subsequently measured
at amortised cost, less any allowance for impairment, using the effective
interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-13": {
"value": "Trade payables are obligations to pay for goods or services that have been
acquired or received in the ordinary course of business from suppliers. Accounts
payable are classified as current liabilities if payment is due within one year or
less (or in the normal operating cycle of the business if longer). If not, they are
presented as non-current liabilities. Trade payables are recognised initially at
fair value and subsequently measured at amortised cost using the effective
interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-17": {
"value": "Interest on unquoted debt securities held at fair value through profit and loss is
accrued on a time-proportionate basis, by reference to the principal outstanding
and the effective interest rate applicable, which is the rate that discounts estimated
future cash receipts over the expected life of the debt security to its net carrying
amount on initial recognition. Interest income is recognised gross of withholding
tax, if any. Interest income on unquoted debt securities is recognised as a separate
line item in the consolidated statement of comprehensive income and classified
within operating activities in the consolidated statement of cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-18": {
"value": "Expenses are recognised on the accruals basis. Negative interest income is
included in expenses in the consolidated statement of comprehensive income and
classified within operating activities in the consolidated statement of cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-14": {
"value": "The functional currency of the Company is Pounds. Transactions in currencies
other than Pounds are recorded at the rates of exchange prevailing on the dates
of the transactions.
At each reporting date, investments and other monetary assets and liabilities that
are denominated in foreign currencies are translated at the rates prevailing on the
reporting date. Capital drawdowns and proceeds of distributions from the Funds
and foreign currencies and income and expense items denominated in foreign
currencies are translated into Pounds at the exchange rate on the respective dates
of such transactions.
Foreign exchange gains and losses on other monetary assets and liabilities are
recognised in net foreign currency gains and losses in the consolidated statement
of comprehensive income.
The Company does not isolate unrealised or realised foreign exchange gains
and losses arising from changes in the fair value of investments. All such foreign
exchange gains and losses are included with the net realised and unrealised gains
or losses on investments in the consolidated statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-15": {
"value": "Ordinary shares issued by the Company are recognised based on the proceeds or
fair value received or receivable, with the excess of the amount received over their
nominal value being credited to the share premium account. Direct issue costs are
deducted from equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-16": {
"value": "The Company presents basic and diluted earnings per share data for its ordinary
shares. Basic earnings per share are calculated by dividing the profit or loss
attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares outstanding during the period. Diluted earnings per
share are determined by adjusting the profit or loss attributable to ordinary
shareholders and the weighted average number of ordinary shares outstanding
for the effects of all potentially dilutive ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-20": {
"value": "The reported results of the Company are sensitive to the accounting policies,
assumptions and estimates that underly the preparation of its Consolidated
Financial Statements. IFRS require the Board of Directors, in preparing the
Company\u2019s Consolidated Financial Statements, to select suitable accounting
policies, apply them consistently and make judgements and estimates that are
reasonable and prudent. The Company\u2019s estimates and assumptions are based on
historical experience and the Board of Directors\u2019 expectation of future events and
are reviewed periodically. The actual outcome may be materially different from
that anticipated. Revisions to accounting estimates are recognised in the period in
which the estimates are revised and in any future periods affected.
The judgements, assumptions and estimates involved in the Company\u2019s accounting
policies that are considered by the Board of Directors to be the most important to
Company\u2019s results and financial condition are the fair valuation of the investments
and the assessment that the Company meets the definition of an investment entity.
(a) Fair valuation of investments
The fair values assigned to investments held at fair value through profit and loss
are based upon available information at the time and do not necessarily represent
amounts which might ultimately be realised. Because of the inherent uncertainty of
valuation, these estimated fair values may differ significantly from the values that
would have been used had a ready market for the investments existed, and those
differences could be material.
Investments held at fair value through profit and loss are valued by the Company
in accordance with relevant IFRS requirements. Judgement is required in order
to determine the appropriate valuation methodology under these standards.
Subsequently, judgement is required in assessing the Net Asset Value of the Funds
and determining the inputs into the valuation models used for the unquoted debt
securities. Inputs include making assessments of the estimated future cash flows
and determining appropriate discount rates.
There remain many unknown factors over the short, medium and long term.
The impact of COVID-19 on economic uncertainty has lessened in 2021 due
in part to effective vaccination programmes, however a degree of additional
uncertainty remains, particularly in relation to potential new variants such as the
impact associated with Omicron. There is also added uncertainty over recent
increases in inflation within economies the Funds invest in that have led to a higher
likelihood of increases in interest rates which may in turn impact Fund valuations.
The Investment Adviser has considered the impact of COVID-19 in determining
inputs in the valuation models used for the valuations of each of the Funds.
Additionally the impact of COVID-19 has been considered in the valuation of the
unquoted debt securities.
(b) Assessment as an investment entity
Entities that meet the definition of an investment entity within IFRS 10 are
required to account for investments in controlled entities, as well as investments
in associates and joint ventures, at fair value through profit and loss.
The Board of Directors has concluded that the Company meets the definition of an
investment entity as its strategic objective is to invest in the Funds on behalf of its
investors for the purpose of generating returns in the form of investment income
and capital appreciation. This conclusion is further detailed in Note 3.2.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-21": {
"value": "The Board of Directors, the Company\u2019s Risk Committee and the Investment Adviser
attribute great importance to professional risk management, proper understanding
and negotiation of appropriate terms and conditions and active monitoring,
including a thorough analysis of reports and financial statements and ongoing
review of investments made. The Company has investment guidelines that set out
its overall business strategies, its tolerance for risk and its general risk management
philosophy and has established processes to monitor and control the economic
impact of these risks. The Investment Adviser provides the Board of Directors with
recommendations as to the Company\u2019s asset allocation and annual investment
levels that are consistent with the Company\u2019s objectives. The Risk Committee
reviews and agrees policies for managing the risks.
The Company has exposures to the following risks from financial instruments:
credit risk, liquidity risk and market risk (including interest rate risk, currency risk
and price risk). The Company\u2019s overall risk management process focuses on the
unpredictability of financial markets and seeks to minimise potential adverse
effects on the Company\u2019s financial performance.
During the period under review, the Risk Committee has continued to identify,
assess, monitor and manage risks within the Company, including those that would
impact its future performance, solvency, liquidity or reputation. This review includes
the monitoring of risk exposure compared with the risk appetite established by the
Board.
Key risks and uncertainties of the Company are assessed on a scale, considering
their impact and likelihood. The Committee monitors detailed and, wherever
possible, quantifiable indicators of the Company\u2019s exposure to risk, segmented
into five core categories, summarised on pages 71-75. During 2021, regular
consideration was given to the impact COVID-19 had in each of the five categories
of risk.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-23": {
"value": "The Company is subject to credit risk on its unquoted investments and cash.
The majority of the Company\u2019s cash balances were held with Barclays and
Butterfield Bank, with a minority also held with HSBC. Barclays and HSBC are
rated A1 and Butterfield Bank is rated at A3 by Moody\u2019s (2020: Barclays and HSBC
A1 and Butterfield A3).
In accordance with the Company\u2019s policy, the Investment Adviser monitors the
Company\u2019s exposure to credit risk on cash on a quarterly basis and the Risk
Committee regularly reviews the Company\u2019s exposure to credit risk. The credit
quality of the investments in the Funds and debt securities, which are held at fair
value and include debt and equity elements, are not rated. As at 31 December 2021,
no debt securities held were overdue or impaired.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-22": {
"value": "Liquidity risk is the risk that the Company will encounter difficulty in meeting
obligations arising from its financial liabilities that are settled by delivering cash or
another financial asset, or that such obligations will have to be settled in a manner
disadvantageous to the Company. The Company, with advice from the Investment
Adviser, manages liquidity through reviews of detailed cash flow projections which
estimate the timing and quantums of outflows, including capital calls, and inflows
from disposals of portfolio companies held within the Funds which aim to avoid
undue risk of illiquidity.
The unfunded commitments to the Funds are irrevocable and can exceed cash and
cash equivalents available to the Company. Based on current cash flow projections
and barring unforeseen events, the Company expects to be able to honour all
capital calls by the Funds. The Board of Directors\u2019 assessment of liquidity risk is
further detailed in Note 2.
The majority of the investments held by the Company are in Funds which are
unquoted and subject to specific restrictions on transferability and disposal.
Consequently, the risk exists that the Company might not be able to readily
dispose of its holdings at the time of its choosing and also that the price attained
on a disposal may be below the amount at which such investments were included
in the Company\u2019s consolidated balance sheet.
The Company\u2019s consolidated financial liabilities are all repayable within three
months after the balance sheet date and approximate fair value. Financial liabilities
exclude outstanding capital commitments at year-end.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-24": {
"value": "Market risk is the risk that changes in market prices, such as equity prices, foreign
exchange rates and interest rates, will affect the Company\u2019s income or the value of
its holdings of financial instruments. The Company\u2019s sensitivity to these items is set
out below.
The Company\u2019s financial assets that are subject to currency and interest rate risk
are analysed below (presented in Pounds and translated at the year-end foreign
exchange rate):
2021 2020
Pound
\u00a3\u2019000
Euro
\u00a3\u2019000
Dollar
\u00a3\u2019000
Total
\u00a3\u2019000
Pound
\u00a3\u2019000
Euro
\u00a3\u2019000
Total
\u00a3\u2019000
Fixed and
floating rate
debt and cash 205,348 88,476 21 293,845 201,566 147,990 349,556
Non-interest-
bearing Fund
and equity
investments 39,450 628,541 \u2013 667,991 23,940 354,718 378,658
Total 244,798 717,017 21 961,836 225,506 502,708 728,214
(a) Interest rate risk
Interest rate risk arises principally from changes in interest receivable on cash and
deposits and unquoted debt securities at fair value.
The Company\u2019s unquoted debt securities carry fixed rates of interest ranging
from 6.5% to 10% (2020: 5% to 12%). These loans are subject to interest rate risk
as increases and decreases in interest rates will have an impact on their fair value.
A 100 basis point increase in interest rates would result in a decrease in the fair
value of those loans of \u00a31,646,952 and a corresponding decrease of 100 basis
points in interest rates would result in an increase in their fair value by the same
amount (2020: \u00a31,155,534).
The impact of an increase in interest rates of 100 basis points on cash and deposits,
based on the closing consolidated balance sheet position over a 12-month period,
would have been \u00a31,757,137 on the profit and loss in the consolidated statement
of comprehensive income (2020: \u00a32,053,734). A decrease in interest rates of
100 basis points on cash and deposits would have an equal and opposite effect.
In addition, the Company has indirect exposure to interest rate fluctuations through
changes to the financial performance and valuation in equity investments in the
Funds as certain portfolio companies have issued debt. Short-term receivables
and payables are excluded as, due to their short-term nature, the risks due to
fluctuation in the prevailing levels of market interest rates associated with these
instruments are not significant.
(b) Currency risk
The Company holds significant assets and liabilities denominated in currencies
other than its functional currency, which expose the Company to the risk that the
exchange rates of those currencies against the Pound will change in a manner
which adversely impacts the Company\u2019s net profit and net assets attributable
to shareholders. The following sensitivity analysis shows the sensitivity of the
Company\u2019s net assets to movements in foreign currency exchange rates assuming
a 10% increase in exchange rates against the Pound. A 10% decrease in exchange
rates against the Pound would have an equal and opposite effect. This sensitivity
analysis below is representative of the year as a whole, since the level of exposure
changes as the Company\u2019s holdings change through the purchase and realisation
of investments.
2021
Euro
\u00a3\u2019000
2020
Euro
\u00a3\u2019000
Assets:
Financial assets at fair value through profit and loss 62,854 35,472
Cash and cash equivalents 7,436 14,799
Total assets 70,290 50,271
Impact on profit (loss) 70,290 50,271
The Investment Adviser monitors the Company\u2019s currency position on a regular
basis and reports the impact of currency movements on the performance of the
investment portfolio to the Risk Committee quarterly. In accordance with the
Company\u2019s investment policy, all direct investments in quoted equity securities
and debt securities are denominated in Pounds, placing currency risk on the
counterparty. The investments in the Funds are denominated in euros.
(c) Price risk \u2013 market fluctuations
For quoted equity securities, the market risk variable is deemed to be the
market price itself. A 15% change in the price of those investments would have
a \u00a35,917,543 (2020: \u00a33,590,988) direct impact on the profit and loss in the
consolidated statement of comprehensive income and the net assets attributable
to shareholders in the consolidated balance sheet. The impact on net assets per
ordinary share is \u00a30.03 (2020: \u00a30.02).
For the investment in the Funds, the market risk is deemed to be the change
in fair value. A 15% change in the fair value of those investments would have
a \u00a394,281,218 (2020: \u00a353,207,700) direct impact on the profit and loss in the
consolidated statement of comprehensive income and the net assets attributable
to shareholders in the consolidated balance sheet. The impact on net assets per
ordinary share is \u00a30.53 (2020: \u00a30.29).
The Company is exposed to a variety of market risk factors which may change
significantly over time. As a result, measurement of such exposure at any given
point in time may be difficult given the complexity and diversity of the investments
held by the Funds.
Limitations of sensitivity analysis
The sensitivity information included in Notes 5 and 8 demonstrates the estimated
impact of a change in a major input assumption while other assumptions remain
unchanged. In reality, there are normally significant levels of correlation between
the assumptions and other factors.
It should also be noted that these sensitivities are non-linear and larger or
smaller impacts should not be interpolated or extrapolated from these results.
Furthermore, estimates of sensitivity may become less reliable in unusual market
conditions, such as instances when risk-free interest rates fall towards zero.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-25": {
"value": "The Company\u2019s capital comprises ordinary shares with \u00a30.01 par value and carrying
one vote each. The holders of the shares are entitled to dividends when declared.
The Company has no additional restrictions or specific capital requirements on the
issuance and re-purchase of ordinary shares. The movements of capital are shown
in the consolidated statement of changes in equity.
The Company\u2019s objectives when managing capital are to safeguard the Company\u2019s
assets to achieve positive returns. In order to maintain or adjust the capital
structure, the Company may issue shares or may return capital to shareholders
through the repurchase of shares or by paying dividends. The effects of the issue,
the repurchase and resale of shares are described in Note 20.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-26": {
"value": "Investments as at 31 December 2021:
2020
Fair value
\u00a3\u2019000
Purchases/
capital calls
\u00a3\u2019000
Total sales/
distributions*
\u00a3\u2019000
Realised gains
(losses)**
\u00a3\u2019000
Interest
and other
\u00a3\u2019000
Net change in
unrealised gains
(losses)***
\u00a3\u2019000
2021
Fair value
\u00a3\u2019000
Oakley Funds
Fund I 16,149 \u2013 \u2013 (784) \u2013 13,532 28,897
Fund II 53,210 \u2013 \u2013 (76) \u2013 (7,130) 46,004
Fund III 217,866 15,948 (56,295) 65,851 \u2013 80,701 324,071
Fund IV 66,360 76,076 (3,845) (5,306) \u2013 82,711 215,996
Origin Fund 1,133 9,521 \u2013 (3,092) \u2013 6,011 13,573
Total Oakley Funds 354,718 101,545 (60,140) 56,593 \u2013 175,825 628,541
Quoted equity securities
Time Out Group plc 23,940 \u2013 \u2013 \u2013 \u2013 15,510 39,450
Total quoted equity securities 23,940 \u2013 \u2013 \u2013 \u2013 15,510 39,450
Unquoted debt securities
Ellisfield (Bermuda) Limited 17,264 \u2013 (17,545) \u2013 281 \u2013 \u2013
Fund I 6,645 6,862 (6,891) \u2013 473 \u2013 7,089
NSG Apparel BV 38,709 11,820 \u2013 \u2013 3,734 \u2013 54,263
Oakley NS (Bermuda) LP 63,848 \u2013 \u2013 \u2013 5,467 \u2013 69,315
Total unquoted debt securities 126,466 18,682 (24,436) \u2013 9,955 \u2013 130,667
Total investments 505,124 120,227 (84,576) 56,593 9,955 191,335 798,658
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers.
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.
*** Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Fund\u2019s reporting currency (euros) to Pounds, plus inception to date unrealised gains/(losses) on the Fund\u2019s portfolio investments and any
change in OCI\u2019s share of fund holdings. Changes in Provisional Profit Allocation (\u2018carry\u2019) are apportioned across the realised and unrealised gains.\u201d
Investments as at 31 December 2020:
2019
Fair value
\u00a3\u2019000
Purchases/
capital calls
\u00a3\u2019000
Total sales/
distributions*
\u00a3\u2019000
Realised
gains/(losses)**
\u00a3\u2019000
Interest
and other
\u00a3\u2019000
Net change
in unrealised
gains/(losses)***
\u00a3\u2019000
2020
Fair value
\u00a3\u2019000
Oakley Funds
Fund I 33,358 10,906 \u2013 \u2013 \u2013 (28,115) 16,149
Fund II 57,182 8,689 (16,993) 10,455 \u2013 (6,123) 53,210
Fund III 310,068 \u2013 (186,493) 123,345 \u2013 (29,054) 217,866
Fund IV 19,708 32,018 \u2013 \u2013 \u2013 14,634 66,360
Origin Fund \u2013 2,856 \u2013 \u2013 \u2013 (1,723) 1,133
Total Oakley Funds 420,316 54,469 (203,486) 133,800 \u2013 (50,381) 354,718
Direct investment funds
OCPE Education (Feeder) LP 74,984 \u2013 (94,210) 74,736 \u2013 (55,510) \u2013
Total direct investment funds 74,984 \u2013 (94,210) 74,736 \u2013 (55,510) \u2013
Total funds 495,300 54,469 (297,696) 208,536 \u2013 (105,891) 354,718
Quoted equity securities
Time Out Group plc 38,510 12,625 \u2013 \u2013 \u2013 (27,195) 23,940
Total quoted equity securities 38,510 12,625 \u2013 \u2013 \u2013 (27,195) 23,940
Unquoted debt securities
Ellisfield (Bermuda) Limited 15,796 \u2013 \u2013 \u2013 1,468 \u2013 17,264
Fund I 9,435 1,000 (4,432) \u2013 642 \u2013 6,645
Fund II 4,398 3,333 (7,985) \u2013 254 \u2013 \u2013
NSG Apparel BV 29,992 6,990 \u2013 \u2013 1,727 \u2013 38,709
Oakley Capital III Limited 731 \u2013 (732) \u2013 1 \u2013 \u2013
Oakley NS (Bermuda) LP 43,490 15,066 \u2013 \u2013 5,292 \u2013 63,848
Time Out Group Plc 23,314 2,500 (27,071) \u2013 1,257 \u2013 \u2013
Total unquoted debt securities 127,156 28,889 (40,220) \u2013 10,641 \u2013 126,466
Total investments 660,966 95,983 (337,916) 208,536 10,641 (133,086) 505,124
* Total sales include redemptions, loan repayments (including accrued interest and arrangement fees) and transfers
** Realised gains/(losses) include realised gains/(losses) on underlying fund portfolio investments sold in the period, and income and expenses of the underlying fund during the period.
*** Unrealised gains/(losses) include FX on the conversion of period end fund holdings from the Fund\u2019s reporting currency (euros) to Pounds, plus inception to date unrealised gains/(losses) on the Fund\u2019s portfolio investments and any
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-28": {
"value": "2021
\u00a3\u2019000
2020
\u00a3\u2019000
Net change in unrealised gains (losses) on investments
at fair value through profit and loss:
Funds 175,825 (105,891)
Quoted equity securities 15,510 (27,195)
Total net change in unrealised gains (losses) on
investments at fair value through profit and loss 191,335 (133,086)
Net realised gains (losses) on investments at fair value
through profit and loss:
Funds 56,593 208,536
Total net realised gains (losses) on investments at fair
value through profit and loss 56,593 208,536
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-27": {
"value": "The Company has adopted IFRS 13 in respect of disclosures about the degree
of reliability of fair value measurements. These fair value measurements are
categorised into different levels in the fair value hierarchy based on the inputs to
valuation techniques used. The Company classifies financial instruments measured
at fair value in the investment portfolio according to the following hierarchy:
\u2022 Level I: Quoted prices (unadjusted) in active markets for identical instruments
that the Company can access at the measurement date. Level I
investments include quoted equity instruments.
\u2022 Level II: Inputs other than quoted prices included within Level I that are
observable for the instrument, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
\u2022 Level III: Inputs that are not based on observable market data. Level III
investments include private equity funds and unquoted debt securities.
The level in the fair value hierarchy within which the fair value measurement is
categorised is determined on the basis of the lowest level input that is significant to
the fair value measurement in its entirety. Assessing the significance of a particular
input to the fair value measurement in its entirety requires judgement, considering
factors specific to the instrument. The determination of what constitutes
\u2018observable\u2019 requires significant judgement by the Company.
The Company considers observable data to be market data that is readily available,
regularly distributed or updated, reliable and verifiable, not proprietary, and
provided by independent sources that are actively involved in the relevant market.
The following table analyses the Company\u2019s investments measured at fair value as
of 31 December 2021 by the level in the fair value hierarchy into which the fair value
measurement is categorised:
Level I
\u00a3\u2019000
Level III
\u00a3\u2019000
Total
\u00a3\u2019000
Funds \u2013 628,541 628,541
Quoted equity securities 39,450 \u2013 39,450
Unquoted debt securities \u2013 130,667 130,667
Total investments measured at fair value 39,450 759,208 798,658
The following table analyses the Company\u2019s investments measured at fair value as
of 31 December 2020 by the level in the fair value hierarchy into which the fair value
measurement is categorised:
Level I
\u00a3\u2019000
Level III
\u00a3\u2019000
Total
\u00a3\u2019000
Funds \u2013 354,718 354,718
Quoted equity securities 23,940 \u2013 23,940
Unquoted debt securities \u2013 126,466 126,466
Total investments measured at fair value 23,940 481,184 505,124
Level I
Quoted equity investment values are based on quoted market prices in active
markets, and are therefore classified within Level I investments. The Company does
not adjust the quoted price for these investments.
Level II
The Company did not hold any Level II investments as of 31 December 2021 or
31 December 2020.
Level IIIThe Company has determined that Funds and unquoted debt securities fall into Level III. Funds and unquoted debt securities are measured in accordance with the IPEV Valuation Guidelines with reference to the most appropriate information available at the time of measurement. The Consolidated Financial Statements as of 31 December 2021 include Level III investments in the amount of \u00a3759,208,400, representing approximately 78.96% of shareholders\u2019 equity (2020: \u00a3481,183,852; 66.10%).FundsThe Company primarily invests in portfolio companies via the Funds as a Limited Partner. The Funds are unquoted equity securities. The Company\u2019s investments in unquoted equity securities are recognised in the consolidated balance sheet at fair value, in accordance with IPEV Valuation Guidelines and IFRS 13 and are considered Level III investments.The valuation of unquoted fund investments is based on the latest available Net Asset Value (\u2018NAV\u2019) of the Fund as reported by the corresponding general partner or administrator, provided that the NAV has been appropriately determined using fair value principles in accordance with IFRS 13.The NAV of a Fund is calculated after determining the fair value of that Fund\u2019s investment in any portfolio company. The fair value is determined by the Investment Adviser by calculating the Enterprise Value (\u2018EV\u2019) of the portfolio company and then adding excess cash and deducting financial instruments, such as external debt, ranking ahead of the Fund\u2019s highest ranking instrument in the portfolio company.A common method of determining the EV is to apply a market-based multiple (e.g. an average multiple based on a selection of comparable quoted companies) to the \u2018maintainable\u2019 earnings or revenues of the portfolio company. This market-based approach presumes that the comparable companies are correctly valued by the market. A discount is sometimes applied to market-based multiples to adjust for points of difference between the comparables and the company being valued.As at 31 December 2021, the value of the Funds\u2019 investments, other assets and liabilities attributable to the Company based on its respective percentage interest in each Fund was as follows:Fund I \u20ac\u2019000Fund II \u20ac\u2019000Fund III \u20ac\u2019000Fund IV \u20ac\u2019000Origin Fund \u20ac\u2019000Investments 39,367 51,125 486,070 381,603 40,541Loans \u2013 \u2013 (39,645) (26,394) (482)Estimated performance fee payable \u2013 \u2013 (69,333) (104,340) (33,136)Other net assets (4,986) 3,612 8,488 6,122 9,227Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573As at 31 December 2020, the value of the Funds\u2019 investments, other assets and liabilities attributable to the Company based on its respective percentage interest in each Fund was as follows:Fund I \u20ac\u2019000Fund II \u20ac\u2019000Fund III \u20ac\u2019000Fund IV \u20ac\u2019000Origin Fund \u20ac\u2019000Investments 21,600 58,723 334,940 168,957 11,530Loans (5,199) (3,684) (53,907) (98,373) (11,756Estimated performance fee payable \u2013 \u2013 (41,135) (2,041) \u2013Other net assets 1,645 4,420 3,555 5,610 1,493Total value of the Fund attributable to the Company (\u20ac\u2019000) 18,046 59,459 243,453 74,153 1,267Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,149 53,210 217,866 66,360 1,1338. Disclosure about fair value of financial instruments continuedThe Company records its investments in the Funds at the NAV reported by the
Funds which it considers to be fair value. The NAV as reported by the Funds\u2019
general partner or administrator is considered to be the key unobservable input.
The Company has the following control procedures in place to evaluate whether
the NAV of the underlying Fund investments represents a reliable estimate of fair
value and calculated in a manner consistent with IFRS 13:
\u2022 Thorough initial due diligence processes and the Board of Directors
performing ongoing monitoring procedures, primarily discussions with
the Investment Adviser.
\u2022 Comparison of historical realisations to last reported fair values.
\u2022 Review of the quarterly financial statements and the annual audited NAV
of the respective Fund.
Unquoted debt securities
The fair values of the Company\u2019s investments in unquoted debt securities are
derived from a discounted cash flow calculation based on expected future cash
flows to be received, discounted at an appropriate rate. Expected future cash flows
include interest received and principal repayment at maturity.
Unobservable inputs for Level III investments
Funds
In arriving at the fair value of the unquoted Fund investments, the key input used
by the Company is the NAV as provided by the general partner or administrator of
the relevant Fund. The Company recognises that the NAVs of the Funds are highly
sensitive to movements in the fair values of the underlying portfolio companies.
The underlying portfolio companies owned by the Funds may include both quoted
and unquoted companies. Quoted portfolio companies are valued based on market
prices and no unobservable inputs are used. Unquoted portfolio companies are
valued by the Investment Adviser based on a market approach for which significant
judgement is applied. Consideration has also been given by the Investment Adviser
to the impact of COVID-19 for the valuation at 31 December 2021.
For the purposes of sensitivity analysis, the Company considers a 10% adjustment
to the fair value of the unquoted portfolio companies of the Funds as reasonable.
For the year ended 31 December 2021, a 10% increase to the fair value of the
unquoted portfolio companies held by the Funds would result in a 8.4% movement
in net assets attributable to shareholders (2020: 6.1%). A 10% decrease to the fair
value of the unquoted portfolio companies held by the Funds would have an equal
and opposite effect.
Unquoted debt securities
In arriving at the fair value of the unquoted debt securities, the key inputs used by
the Company are future cash flows expected to be received until maturity of the
debt securities and the discount factor applied. The discount factor applied is an
unobservable input and ranges between 6.5% and 10% considering contractual
interest rates charged on debt, risk-free rate and assessment of credit risk.
For the purposes of sensitivity analysis, the Company considers a 1% adjustment to
the discount factor applied as reasonable. For the year ended 31 December 2021,
a 1% increase to the discount factor would result in a 0.2% movement in net assets
attributable to shareholders (2020: 0.2%). A 1% decrease to the discount factor
would have an equal and opposite effect. Refer to Note 5.4(a).
Transfers between levels
There were no transfers between the Levels during the year ended 31 December
2021 (2020: none).
Level I and Level III reconciliation
The changes in investments measured at fair value, for which the Company has
used Level I and Level III inputs to determine fair value as of 31 December 2021 and
2020, are as follows:
Level I investments:
Quoted equity securities
2021
\u00a3\u2019000
2020
\u00a3\u2019000
Fair value at beginning of year 23,940 38,510
Purchases \u2013 12,625
Net change in unrealised gains (losses) on investments 15,510 (27,195)
Fair value of Level I investments at end of year 39,450 23,940
8. Disclosure about fair value of financial instruments continued
Level III investments:
Funds
\u00a3\u2019000
Unquoted debt
securities
\u00a3\u2019000
Total
\u00a3\u2019000
2021
Fair value at beginning of year 354,718 126,466 481,184
Purchases 101,545 18,682 120,227
Proceeds on disposals (including interest) (60,140) (24,436) (84,576)
Realised gain on sale 56,593 \u2013 56,593
Interest income and other fee income \u2013 9,955 9,955
Net change in unrealised gains (losses)
on investments 175,825 \u2013 175,825
Fair value at end of year 628,541 130,667 759,208
Level III investments:
Funds
\u00a3\u2019000
Unquoted debt
securities
\u00a3\u2019000
Total
\u00a3\u2019000
2020
Fair value at beginning of year 495,300 127,156 622,456
Purchases 54,469 28,889 83,358
Proceeds on disposals (including interest) (297,696) (40,220) (337,916)
Realised gain on sale 208,536 \u2013 208,536
Interest income and other fee income \u2013 10,641 10,641
Net change in unrealised gains (losses)
on investments (105,891) \u2013 (105,891)
Fair value at end of year 354,718 126,466 481,184
Other financial instruments
Financial instruments, other than financial instruments at fair value through profit
and loss, where carrying values reasonably approximate fair value:
2021
\u00a3\u2019000
2020
\u00a3\u2019000
Cash and cash equivalents 163,178 223,090
Trade and other receivables 123 33
Trade and other payables 508 297
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-29": {
"value": "The Company has two reportable segments, as described below. For each of them,
the Board of Directors receives detailed reports on at least a quarterly basis. The
following summary describes the operations in each of the Company\u2019s reportable
segments:
\u2022 Fund investments
\u2022 Direct investments
Balance sheet and income and expense items which cannot be clearly allocated to
one of the segments are shown in the column \u2018Corporate\u2019 in the following tables.
The reportable operating segments derive their revenue primarily by seeking
investments to achieve an attractive return in relation to the risk being taken.
The return consists of interest, dividends and/or unrealised and realised
capital gains.
The financial information provided to the Board of Directors with respect to total
assets and liabilities is presented in a manner consistent with the Consolidated
Financial Statements. The assessment of the performance of the operating
segments is based on measurements consistent with IFRS. With the exception
of capital calls payable, liabilities are not considered to be segment liabilities
but rather managed at the corporate level.
There have been no transactions between the reportable segments during the
financial year 2021 (2020: none).
The segment information for the year ended 31 December 2021 is as follows:
Funds
investments
\u00a3\u2019000
Direct
investments
and loans
\u00a3\u2019000
Total
operating
segments
\u00a3\u2019000
Corporate
\u00a3\u2019000
Total
\u00a3\u2019000
Net realised gains on financial
assets at fair value through
profit and loss 56,593 \u2013 56,593 \u2013 56,593
Net change in unrealised gains
(losses) on financial assets
at fair value through profit
and loss 175,825 15,510 191,335 \u2013 191,335
Interest income \u2013 9,684 9,684 389 10,073
Net foreign currency gains
(losses) \u2013 \u2013 \u2013 (5,787) (5,787)
Other income \u2013 271 271 \u2013 271
Expenses \u2013 \u2013 \u2013 (3,751) (3,751)
Profit (loss) for the year 232,418 25,465 257,883 (9,149) 248,734
Total assets 628,541 170,117 798,658 163,301 961,959
Total liabilities \u2013 \u2013 \u2013 (508) (508)
Net assets 628,541 170,117 798,658 162,793 961,451
Total assets include:
Financial assets at fair value
through profit and loss 628,541 170,117 798,658 \u2013 798,658
Cash and others \u2013 \u2013 \u2013 163,301 163,301
The segment information for the year ended 31 December 2020 is as follows:
Funds
investments
\u00a3\u2019000
Direct
investments
and loans
\u00a3\u2019000
Total
operating
segments
\u00a3\u2019000
Corporate
\u00a3\u2019000
Total
\u00a3\u2019000
Net realised gains on financial
assets at fair value through
profit and loss 208,536 \u2013 208,536 \u2013 208,536
Net change in unrealised gains
(losses) on financial assets at
fair value through profit and
loss (105,891) (27,195) (133,086) \u2013 (133,086)
Interest income \u2013 10,251 10,251 215 10,466
Net foreign currency gains
(losses) \u2013 \u2013 \u2013 13,700 13,700
Other income \u2013 390 390 \u2013 390
Expenses (4,044) (220) (4,266) (3,354) (7,620)
Profit (loss) for the year 98,601 (16,774) 81,825 10,561 92,386
Total assets 354,718 150,406 505,124 223,123 728,247
Total liabilities \u2013 \u2013 \u2013 (297) (297)
Net assets 354,718 150,406 505,124 222,826 727,950
Total assets include:
Financial assets at fair value
through profit and loss 354,718 150,406 505,124 \u2013 505,124
Cash and others \u2013 \u2013 \u2013 223,123 223,123
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-30": {
"value": "2021
\u00a3\u2019000
2020
\u00a3\u2019000
Cash and demand balances at banks 117,622 172,892
Short-term deposits 45,556 50,198
163,178 223,090
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-33": {
"value": "2021
\u00a3\u2019000
2020
\u00a3\u2019000
Prepayments 123 33
123 33
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-32": {
"value": "2021
\u00a3\u2019000
2020
\u00a3\u2019000
Trade payables 165 87
Amounts due to related parties 240 150
Other payables 103 60
508 297
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-31": {
"value": "2021
\u00a3\u2019000
2020
\u00a3\u2019000
Interest income on investments carried at amortised
cost:
Cash and cash equivalents 389 215
Interest income on investments designated as at fair
value through profit and loss:
Debt securities 9,684 10,251
10,073 10,466
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-34": {
"value": "Notes
2021
\u00a3\u2019000
2020
\u00a3\u2019000
Investment related fees 15 \u2013 4,266
Operating expenses 16 3,751 3,354
3,751 7,620
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-35": {
"value": "Included in Investment related fees are operational and performance fees paid to
Oakley Capital Manager Limited (the \u2018Administrative Agent\u2019). The Administrative
Agent provides operational assistance and services to the Board with respect to
the Company\u2019s direct investments and its general administration as defined in the
Operational Services Agreement. Following the year-end, Oakley Capital Limited
was appointed as the Administrative Agent from 1 January 2022.
(a) Operational fees
For the period of 1 January 2020 to 30 June 2020, the Administrative Agent
received an operational service fee of 2% per annum of the NAV of the Company\u2019s
direct equity investments. Effective 1 July 2020, no further operational fees are
payable.
No operational services fees were incurred during the year ended 31 December
2021 (2020: \u00a3620,874). There are no amounts outstanding as at 31 December 2021
(2020: none).
(b) Performance fees
For the period of 1 January 2020 to 30 June 2020, the Administrative Agent
received a performance fee of 20% of profits (after expenses) from the full or
partial realisation on disposal of any direct equity investments subject to an 8%
preferred return. With effect from 1 July 2020, no performance fees are payable.
There were no performance fees for the year ended 31 December 2021
(2020: \u00a33,644,444). There are no amounts outstanding as at 31 December 2021
(2020: none).
(c) Advisory fees
No investment advisory fees were paid in either 2021 and 2020. The Administrative
Agent may receive an advisory fee of up to a maximum of 2% on any transactions
placed on behalf of the Company for any direct equity investment. Any advisory
fee would be negotiated on a case-by-case basis between the Company and
Administrative Agent and no such fees were negotiated in 2021 or 2020.
",
"dimensions": {
"concept": "oci:DisclosureOfInvestmentRelatedFees",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-36": {
"value": "The following expenses are included in operating expenses:
(a) Administration Fees
Mayflower Management Services (Bermuda) Limited (\u2018Mayflower\u2019) provided
administration services until 30 June 2021. Oakley Capital Limited (\u2018the
Administrator\u2019) was appointed by the Company to provide administration
services at prevailing commercial rates from 1 July 2021.
Administration fees for the year ended 31 December 2021 totalled \u00a3306,000
(2020: \u00a3344,584). There were no administration fees payable to the Administrator
as at 31 December 2021 (2020: \u00a3nil).
(b) Directors\u2019 fees
For the year ended 31 December 2021, the Company paid Directors\u2019 fees of
\u00a3100,000 (2020: \u00a3100,000) to the Chair of the Board and \u00a3270,000 (2020:
\u00a3275,000) to other Board members. No fees were payable as at 31 December 2021
(2020: none).
The members of the Board of Directors are considered to be Key Management
Personnel. No pension contributions were made in respect of any of the Directors
and none of the Directors receive any pension from any portfolio company held by
the Funds. During the year, one of the Directors waived remuneration (2020: one).
No other fees were paid to the Directors (2020: \u00a3nil).
For the years ended 31 December 2021 and 2020, members of the Board
of Directors held shares in the Company and were entitled to dividends
as detailed below:
2021
2020
Shares at the beginning of the year 18,363 18,018
Shares acquired during the year 48 745
Shares held by a Director who resigned during the year \u2013 (400)
Shares at the end of the year 18,411 18,363
Dividends paid to Directors (\u00a3\u2019000) 827 818
(c) Auditor\u2019s remuneration
The Company\u2019s auditor is KPMG Audit Limited (\u2018KPMG\u2019). During the year ended 31
December 2021, the Company paid KPMG audit fees of \u00a3142,958 (2020: \u00a3144,009)
and other advisory services fees of \u00a38,554 (2020: \u00a36,666).
(d) Other expenses
The Company is recharged by the Administrative Agent (for the period 1 January
2021 to 30 June 2021) and by the Administrator (for the period 1 July 2021 to 31
December 2021) for certain services such as compliance, accounting and investor
relations. These services are provided by the Administrative Agent\u2019s contracted
advisers (which include the Investment Adviser) and the Administrator.
For the year ended 31 December 2021, the Administrative Agent and
Administrator recharged \u00a31,556,000 (2020: \u00a3947,000). The amount outstanding
as at 31 December 2021 was \u00a3213,000 (2020: \u00a390,000) and is included in \u2018Trade
and other payables\u2019 in the consolidated balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-37": {
"value": "Under current Bermuda law, the Company and its subsidiary is not required to pay
tax in Bermuda on either income or capital gains. The Company and its subsidiary
has received an undertaking from the Minister of Finance in Bermuda that, in the
event of such taxes being imposed, the Company and its subsidiary is exempt from
such taxation at least until 31 March 2035.
The Company may, however, be subject to foreign withholding taxes in respect of
income derived from its investments in other jurisdictions. For the year ended 31
December 2021, the Company was not subject to foreign withholding taxes (2020:
nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-38": {
"value": "The earnings per share calculation uses the weighted average number of shares in
issue during the year.
2021 2020
Basic and diluted earnings per share \u00a31.38 \u00a30.48
Profit for the year (\u2018000) 248,734 \u00a392,386
Weighted average number of shares in issue (\u2018000) 179,745 192,707
The Company\u2019s diluted earnings per share equals the basic earnings per share.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-40": {
"value": "The NAV per share calculation uses the number of shares in issue at the end of the
year.
2021 2020
Basic and diluted net asset value per share \u00a35.38 \u00a34.03
Net assets attributable to shareholders (\u2018000) \u00a3961,451 \u00a3727,950
Number of shares in issue at year end (\u2018000) 178,600 180,600
",
"dimensions": {
"concept": "oci:DisclosureOfNetAssetValuePerShare",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-39": {
"value": "(a) Authorised and issued capital
The authorised share capital of the Company is 280,000,000 ordinary shares at
a par value of \u00a30.01 each. Ordinary shares are listed and traded on the SFS of the
LSE Main Market. Each share confers the right to one vote and shareholders have
the right to receive dividends.
During the year ended 31 December 2021, the Company purchased the following
ordinary shares:
Number of
ordinary
shares
Purchase
price
(\u00a3\u2019000)
29 July 2021 2,000,000 7,151
During the year ended 31 December 2020, the Company purchased the following
ordinary shares:
Number of
ordinary
shares
Purchase
price
(\u00a3\u2019000)
3 December 2020 6,947,000 18,068
2 October 2020 3,053,000 7,786
29 July 2020 3,660,000 8,318
18 June 2020 1,340,000 2,775
18 March 2020 3,000,000 4,817
The ordinary shares purchased by the Company were cancelled and are available
for re-issue.
As at 31 December 2021, the Company\u2019s issued and fully paid share capital was
178,599,936 ordinary shares (2020: 180,599,936).
2021
\u00a3\u2019000
2020
\u00a3\u2019000
Ordinary shares outstanding at the beginning of the year 180,600 198,600
Ordinary shares purchased (2,000) (18,000)
Ordinary shares outstanding at the end of the year 178,600 180,600
(b) Share premium
Share premium represents the amount received in excess of the nominal value
of ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-41": {
"value": "On 11 March 2021, the Board of Directors declared a final dividend for 2020 of
2.25 pence per ordinary share resulting in a dividend of \u00a34,063,499 paid on 15 April
2021 (2020: On 11 March 2020, the Board of Directors declared a final dividend for
2019 of 2.25 pence per ordinary share resulting in a dividend of \u00a34,391,999 paid on
23 April 2020).
On 9 September 2021, the Board of Directors declared an interim dividend of
2.25 pence per ordinary share resulting in a dividend of \u00a34,018,499 paid on
14 October 2021 (2020: On 10 September 2020, the Board of Directors declared
an interim dividend of 2.25 pence per ordinary share resulting in a dividend of
\u00a34,288,499 paid on 22 October 2020).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-42": {
"value": "The Company had the following outstanding capital commitments in euros as at
period end:
Original
commitment
\u20ac\u2019000
2021
\u20ac\u2019000
2020
\u20ac\u2019000
Fund I 202,398 2,834 2,834
Fund II 190,000 13,300 13,300
Fund III 325,780 101,806 120,539
Fund IV 400,000 248,000 334,000
Origin Fund 129,300 115,077 101,850
Total outstanding commitments (\u20ac\u2019000) 1,247,478 481,017 572,523
Total outstanding commitments (\u00a3\u2019000) 1,048,505 404,295 512,351
The Company had the following outstanding unquoted debt security commitments
at period end:
Original
commitment
\u00a3\u2019000
2021
\u00a3\u2019000
2020
\u00a3\u2019000
Fund I 8,000 1,138 5,000
Oakley NS (Bermuda) LP* 54,700 118 128
Total outstanding commitments (\u00a3\u2019000) 62,700 1,256 5,128
* As at 31 December 2020, the original commitment to Oakley NS (Bermuda) LP was \u00a354,710,000.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-43": {
"value": "Related parties transactions not disclosed elsewhere in the Consolidated Financial
Statement are as follows:
One Director of the Company, Peter Dubens, is also a director of the Investment
Adviser and Administrator, an entity which provides services to, and receives
compensation from, the Company and is also the sole shareholder of the
Administrative Agent, which is considered a related party to the Company given
the direct control this Director has over this entity. The agreements between the
Company and these service providers are based on normal commercial terms and
are disclosed in Note 15.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-44": {
"value": "At the time of writing, the conflict in Ukraine has the potential to impact global
supply chains and short-term growth prospects for some economies. While these
concerns have had minimal effect on the Company to date, they have led to some
volatility to markets in the current quarter and the future impact on the company
of disruption to the global economy arising from the conflict remains uncertain and
not practicable to determine at this time.
The Board of Directors has evaluated subsequent events from the year-end
through 9 March 2022, which is the date the Consolidated Financial Statements
were available for issue. The following events have been identified for disclosure:
Dividends \u2013 on 9 March 2022, the Board of Directors approved a final dividend of
2.25 pence per share in respect of the financial year ended 31 December 2021. This
is due to be paid on 14 April 2022 to shareholders registered on or before 25 March
2022. The ex-dividend date is 24 March 2022.
Commitment \u2013 on 26 January 2022, OCI announced an initial commitment of
\u20ac400 million (\u00a3336 million) to Oakley Capital\u2019s Fund V, with the initial fund close
being on 11 February 2022.
Full realisation \u2013 on 2 February 2022, Oakley Fund III exited its investment in
TechInsights. OCI\u2019s look-through share of proceeds was \u00a359.5 million.
Acquisition \u2013 on 2 February 2022, Oakley Fund IV acquired the exited Fund III
portfolio company, TechInsights, alongside a co-investor. OCI\u2019s share of the look-
through investment was \u00a334.5 million. Fund IV funded the acquisition with a capital
call from investors, of which OCI\u2019s share was \u00a336.6 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800KW6MZUK12CQ815",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
}
}
}