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Reporting entity Oakley Capital Investments Limited (the \u2018Company\u2019) is a closed-end investment company incorporated under the laws of Bermuda on 28 June 2007. The Company invests in the following private equity funds structures (the \u2018Funds\u2019): Fund group name Country of establishment Limited partnerships included Fund I Bermuda Oakley Capital Private Equity L.P. 1 Fund II Bermuda OCPE II Master L.P. Oakley Capital Private Equity II-A L.P. 1 Oakley Capital Private Equity II-B L.P. Oakley Capital Private Equity II-C L.P. Fund III Bermuda OCPE III Master L.P. Oakley Capital Private Equity III-A L.P. 1 Oakley Capital Private Equity III-B L.P. Oakley Capital Private Equity III-C L.P. Fund IV Luxembourg Oakley Capital IV Master SCSp Oakley Capital Private Equity IV-A SCSp 1 Oakley Capital Private Equity IV-B SCSp Oakley Capital Private Equity IV-C SCSp Origin Fund Luxembourg Oakley Capital Origin Master SCSp Oakley Capital Private Equity Origin A SCSp 1 Oakley Capital Private Equity Origin B SCSp Oakley Capital Private Equity Origin C SCSp Fund V Luxembourg Oakley Capital V Master SCSp Oakley Capital V-A SCSp 1 Oakley Capital V-B1 SCSp Oakley Capital V-B2 SCSp Oakley Capital PROfounders Fund III Luxembourg PROfounders III-A SCSp Oakley Capital PROfounders III SCSp 1 1 Denotes the limited partnership in which the Company has made a direct investment. The defined term \u2018Company\u2019 shall, where the context requires for the purposes of consolidation, include the Company\u2019s sole and wholly owned subsidiary, OCI Financing (Bermuda) Limited (\u2018OCI Financing\u2019). OCI Financing provides financing to NSG Apparel BV, an entity that forms part of the North Sails Group in which Fund II invests. The Company is listed on the Specialist Fund Segment (\u2018SFS\u2019) of the London Stock Exchange (\u2018LSE\u2019), with the ticker symbol \u2018OCI\u2019. ", "dimensions": { "concept": "oci:DisclosureOfReportingEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-142": { "value": "1. Reporting entity Oakley Capital Investments Limited (the \u2018Company\u2019) is a closed-end investment company incorporated under the laws of Bermuda on 28 June 2007. The Company invests in the following private equity funds structures (the \u2018Funds\u2019): Fund group name Country of establishment Limited partnerships included Fund I Bermuda Oakley Capital Private Equity L.P. 1 Fund II Bermuda OCPE II Master L.P. Oakley Capital Private Equity II-A L.P. 1 Oakley Capital Private Equity II-B L.P. Oakley Capital Private Equity II-C L.P. Fund III Bermuda OCPE III Master L.P. Oakley Capital Private Equity III-A L.P. 1 Oakley Capital Private Equity III-B L.P. Oakley Capital Private Equity III-C L.P. Fund IV Luxembourg Oakley Capital IV Master SCSp Oakley Capital Private Equity IV-A SCSp 1 Oakley Capital Private Equity IV-B SCSp Oakley Capital Private Equity IV-C SCSp Origin Fund Luxembourg Oakley Capital Origin Master SCSp Oakley Capital Private Equity Origin A SCSp 1 Oakley Capital Private Equity Origin B SCSp Oakley Capital Private Equity Origin C SCSp Fund V Luxembourg Oakley Capital V Master SCSp Oakley Capital V-A SCSp 1 Oakley Capital V-B1 SCSp Oakley Capital V-B2 SCSp Oakley Capital PROfounders Fund III Luxembourg PROfounders III-A SCSp Oakley Capital PROfounders III SCSp 1 1 Denotes the limited partnership in which the Company has made a direct investment. The defined term \u2018Company\u2019 shall, where the context requires for the purposes of consolidation, include the Company\u2019s sole and wholly owned subsidiary, OCI Financing (Bermuda) Limited (\u2018OCI Financing\u2019). OCI Financing provides financing to NSG Apparel BV, an entity that forms part of the North Sails Group in which Fund II invests. The Company is listed on the Specialist Fund Segment (\u2018SFS\u2019) of the London Stock Exchange (\u2018LSE\u2019), with the ticker symbol \u2018OCI\u2019. Notes to the Consolidated Financial Statements 2. Basis of preparation 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. The Directors are cautious of the state of the global economy and the local trading environments of its investments, but are confident the Company has sufficient cash reserves to meet all liabilities as they fall due for the foreseeable future. The Board of Directors have 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 have considered a wide range of information relating to the present and future conditions, 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 2022, cash and cash equivalents of the Company amounted to \u00a3109,848,000. The Company had total unfunded capital and unquoted debt security commitments of \u00a3931,919,000 relating to the Funds where a proportion of the commitments 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 t o approximately \u00a3291,872,250 for the year ending 31 December 2022. As at 31 December 2022, the Company had a \u00a3100 million revolving credit facility arranged in the year which was undrawn at 31 December 2022. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate fo r 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. \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. 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. 2.1 Basis for compliance The Consolidated Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019). 2.2 Functional and presentation currency The Consolidated Financial Statements are presented in British Pounds (\u2018Pounds\u2019), which is the Company\u2019s functional currency. 3. Significant accounting policies The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated. 3.1 Changes in accounting policies and disclosures (a) New and amended standards adopted by the Company Several amendments and interpretations apply for the first time effective 1 January 2022 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 2023 and early application is admitted, however the Company has not early adopted the new or amended standards and they are not expected to have a significant impact on th e Consolidated Financial Statements. 3.2 Basis for consolidation 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 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 2022 the Company\u2019s Limited Partner ownership in the Funds are: \u2022 Fund I ownership of 70.4% (2021: 70.4%) \u2022 Fund II ownership of 36.2% (2021: 36.2%) \u2022 Fund III ownership of 40.7% (2021: 40.7%) \u2022 Fund IV ownership of 27.4% (2021: 27.4%) \u2022 Origin Fund ownership of 28.2% (2021: 27.0%) \u2022 Fund V ownership of 29.2% (2021: nil) \u2022 Oakley Capital PROfounders Fund III ownership of 39.7% (2021: nil). 3.3 Investments (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 Adviser, 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 (\u2018IPEV\u2019) 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. 3.4 Cash and cash equivalents 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. 3.5 Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less any allowance for impairment, using the effective interest method. 3.6 Trade payables 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. 3.7 Interest income 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. 3.8 Expenses 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. 3.9 Foreign currency translation 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. 3.10 Share capital 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. 3.11 Earnings per share 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. 4. Critical accounting estimates, assumptions and judgement 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. (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. However, an investment entity is still required to consolidate a subsidiary which is itself not an investment entity where that subsidiary provides services that relate to the investment entity\u2019s investment activities. The Company controls no such subsidiary. 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 5. Financial risk management 5.1 Introduction and overview The Board of Directors, the Company\u2019s Risk Committee (the \u2018Risk Committee\u2019) and Oakley Capital Limited (the \u2018Investment Adviser\u2019) 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 seven core categories, summarised on pages 87-90. Consideration has been given to the risks posed by the ongoing risks posed by Russia\u2019s invasion of Ukraine and these risks have been considered not material to the Company\u2019s ongoing activities. 5.2 Credit risk 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 Moodys (2021: 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 unquoted direct debt investments for North Sails and Time Out, which are held at fair value, remained stable during the year. As at 31 December 2022, no direct debt investments held were overdue or impaired. 5.3 Liquidity risk 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. Furthermore, OCI agreed a \u00a3100 million revolving credit facility with major lenders, thereby increasing OCI\u2019s flexibility and liquidity. 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 are carried at fair value. Financial liabilities exclude outstanding capital commitments at year end. 5.4 Market risk 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): 2022 2021 Pound \u00a3\u2019000 Euro \u00a3\u2019000 Dollar \u00a3\u2019000 Total \u00a3\u2019000 Pound \u00a3\u2019000 Euro \u00a3\u2019000 Dollar \u00a3\u2019000 Total \u00a3\u2019000 Fixed and floating rate debt and cash 202,455 67,062 257 269,774 205,348 88,476 21 293,845 Non-interest-bearing Fund and equity investments 25,289 875,774 \u2013 901,063 39,450 628,541 \u2013 667,99 Total 227,744 942,836 257 1,170,837 244,798 717,017 21 961,83 (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% (2021: 6.5% to 10%). 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 \u00a31,476,354 and a corresponding decrease of 100 basis points in interest rates would result in an increase in their fair value by the same amount (2021: \u00a31,646,952). 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 \u00a31,133,037 on the profit and loss in the consolidated statement of comprehensive income (2021: \u00a31,757,137). 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 Company\u2019s holdings change through the purchase and realisation of investments. 2022 Euro \u00a3\u2019000 2021 Euro \u00a3\u2019000 Assets: Financial assets at fair value through profit and loss 87,577 62,854 Cash and cash equivalents 6,732 7,436 Total assets 94,309 70,290 Impact on profit (loss) 94,309 70,290 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 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 The Company\u2019s management of price risk, which arises primarily from quoted and unquoted equity instruments, is through the selection of financial assets within specified limits as advised by the Investment Adviser and approved by the Risk Committee. For quoted equity securities, the market risk variable is deemed to be the market price itself. A 10% change in the price of those investments would have a \u00a32,528,864 (2021: \u00a33,945,029) 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 \u00a30.01 (2021: \u00a30.02). For the investment in the Funds, the market risk is deemed to be the change in fair value. A 10% change in the fair value of those investments would have a \u00a387,577,400 (2021: \u00a362,854,146) 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 \u00a30.50 (2021: \u00a30.35). 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. 5.5 Capital management 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 18.6. Investments Investments as at 31 December 2022: 2021 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 2022 Fair value \u00a3\u2019000 Oakley Funds Fund I 28,897 \u2013 \u2013 112 \u2013 (12,014) 16,995 Fund II 46,004 \u2013 \u2013 (1,122) \u2013 843 45,725 Fund III 324,071 42,978 (102,951) 88,662 \u2013 79,835 432,595 Fund IV 215,996 57,206 (89,792) 60,329 \u2013 10,856 254,595 Origin Fund 13,573 21,825 (12,715) 3,368 \u2013 12,060 38,111 Fund V \u2013 99,608 \u2013 (11,344) \u2013 (2,913) 85,351 Oakley Capital PROfounders III \u2013 3,143^ \u2013 (708) \u2013 (33) 2,402 Total Oakley Funds 628,541 224,760 (205,458) 139,297 \u2013 88,634 875,774 Quoted equity securities Time Out Group plc 39,450 \u2013 \u2013 \u2013 \u2013 (14,161) 25,289 Total quoted equity securities 39,450 \u2013 \u2013 \u2013 \u2013 (14,161) 25,289 Unquoted debt securities Fund I 7,089 7,346 (7,346) \u2013 500 \u2013 7,589 NSG Apparel BV 54,263 10,016 (166) \u2013 5,120 \u2013 69,233 Oakley NS (Bermuda) LP 69,315 \u2013 \u2013 \u2013 8,590 \u2013 77,905 Time Out \u2013 5,000 (40) \u2013 239 \u2013 5,199 Total unquoted debt securities 130,667 22,362 (7,552) \u2013 14,449 \u2013 159,926 Total investments 798,658 247,122 (213,010) 139,297 14,449 74,472 1,060,989 * 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. ^ The sole capital call in the year for PROfounders III for \u20ac3,543,766 was called on 30 December 2022 and remained unpaid as at 31 December 2022. This capital call was paid shortly after 31 December 2022 within the required notice period. 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 Total 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. The Fund I unquoted debt security is a direct investment into Fund I and the Time Out Group Plc quoted equity security is a direct investment into a portfolio company of Fund I. The NSG Apparel BV and Oakley NS (Bermuda) LP unquoted debt securities are investments into or related to a portfolio company of Fund II. The Total Sales/Distributions on unquoted debt securities include accrued interest repayments of \u00a3447,247 (2021: \u00a33,627,000). 7. Net gains/(losses) from investments at fair value through profit and loss 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Net change in unrealised gains (losses) on investments at fair value through profit and loss: Funds 88,634 175,825 Quoted equity securities (14,161) 15,510 Total net change in unrealised gains (losses) on investments at fair value through profit and loss 74,473 191,335 Net realised gains (losses) on investments at fair value through profit and loss: Funds 139,297 56,593 Total net realised gains (losses) on investments at fair value through profit and loss 139,297 56,593 8. Disclosure about fair value of financial instruments 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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) 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 2022 (2021: none). The segment information for the year ended 31 December 2022 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 139,297 \u2013 139,297 \u2013 139,297 Net change in unrealised gains (losses) on financial assets at fair value through profit and loss 88,634 (14,161) 74,473 \u2013 74,473 Interest income \u2013 14,206 14,206 261 14,467 Net foreign currency gains (losses) \u2013 \u2013 \u2013 1,189 1,189 Other income \u2013 243 243 310 553 Expenses \u2013 (7,019) (7,019) Profit (loss) for the year 227,931 288 228,219 (5,259) 222,960 Total assets 875,774 185,215 1,060,989 110,577 1,171,566 Total liabilities \u2013 \u2013 \u2013 (4,076) (4,076) Net assets 875,774 185,215 1,060,989 106,501 1,167,490 Total assets include: Financial assets at fair value through profit and loss 875,774 185,215 1,060,989 \u2013 1,060,989 Cash and Other \u2013 \u2013 \u2013 110,577 110,577 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 Other \u2013 \u2013 \u2013 163,301 163,301 10. Cash and cash equivalents 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and demand balances at banks 109,848 117,62 2 Short-term deposits \u2013 45,556 109,848 163,178 11. Trade and other receivables 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Prepayments 419 12 3 Amounts due from related parties 310 \u2013 729 123 12. Trade and other payables 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade payables 37 165 Amounts due to related parties 3,768 240 Other payables 271 103 4,076 508 Amounts due to related parties includes \u20ac3,543,766 payable to PROfounders III\u2019s sole capital call which was called on 30 December 2022. This was paid shortly after 31 December 2022 within the required notice period. 13. Interest income 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income on investments carried at amortised cost: Cash and cash equivalents 261 389 Interest income on investments designated as at fair value through profit and loss: Debt securities 14,206 9,684 14,467 10,073 14. Expenses 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Operating expenses 7,019 3,751 7,019 3,751 The following expenses are included in operating expenses: The main drivers behind the movement in operating expenses were the additional costs incurred in relation to the revolving credit facility which added one-off fees and also recurring interest costs during the year. The increase in scope of services provided by Oakley, which included the independent valuations function, has also led to an increase in recharged expenses. (a) Administration Fees Oakley Capital Limited (\u2018the Administrator\u2019) were appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021. Administration fees for the year ended 31 December 2022 totalled \u00a3200,000 (2021: \u00a3306,000). There were no administration fees payable to the Administrator as at 31 December 2022 (2021: \u00a3nil). (b) Recharged expenses The Company is recharged by the Administrative Agent for certain services such as compliance, accounting and investor relations provided by the Administrative Agent\u2019s contracted advisors, (which include the Investment Adviser) on behalf of the Company. Such recharges are specifically agreed on an annual basis. For the year ended 31 December 2022, the Administrative Agent recharged \u00a32,808,000 (2021: \u00a31,556,000). The amount outstanding as at 31 December 2022 was \u00a3616,426 (2021: \u00a3213,000) and is included in \u2018Trade and other payables\u2019 in the consolidated balance sheet. (c) Directors\u2019 fees For the year ending 31 December 2022, the Company paid Directors\u2019 fees of \u00a3132,000 (2021: \u00a3100,000) to the Chair of the Board and \u00a3341,000 (2021: \u00a3270,000) to other Board members. No fees were payable as at 31 December 2022 (2021: 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 served without a fee (2021: one). No other fees were paid to the Directors (2021: \u00a3nil). For the years ended 31 December 2022 and 2021 members of the Board of Directors held shares in the Company and were entitled to dividends as detailed below: 2022 2021 Shares at the beginning of the year 18,411 18,363 Shares acquired during the year 238 48 Shares at the end of the year 18,649 18,411 Dividends paid to Directors (\u00a3\u2019000) 832 827 (d) Auditor\u2019s remuneration The Company\u2019s auditor is KPMG. During the year ending 31 December 2022, the Company paid KPMG audit fees of \u00a3160,000 (2021: \u00a3142,958) and other advisory services fees of \u00a320,590 (2021: \u00a38,554). (e) Other expenses For the year ended 31 December 2022, the Company incurred costs of \u00a31,360,000 in relation to entering into the \u00a3100 million multicurrency revolving credit facility as disclosed in Note 21. 15. Withholding tax Under current Bermuda law the Company and its subsidiary are not required to pay tax in Bermuda on either income or capital gains. The Company has received an undertaking from the Minister of Finance in Bermuda that in the event of such taxes being imposed, the Company 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 2022, the Company was not subjected to foreign withholding taxes (2021: nil). 16. Earnings per share The earnings per share calculation uses the weighted average number of shares in issue during the year. 2022 2021 Basic and diluted earnings per share \u00a31.26 \u00a31.38 Profit for the year (\u2018000) 222,960 248,734 Weighted average number of shares in issue (\u2018000) 177,518 179,745 The Company\u2019s diluted earnings per share equals the basic earnings per share. 17. Net asset value per share The net asset value per share calculation uses the number of shares in issue at the end of the year. 2022 2021 Basic and diluted net asset value per share \u00a36.62 \u00a35.38 Net assets attributable to shareholders (\u2018000) \u00a31,167,490 \u00a3961,45 1 Number of shares in issue at year end (\u2018000) 176,418 178,600 18. Share capital (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 ending 31 December 2022, the Company purchased the following ordinary shares: Number of ordinary shares Purchase price (\u00a3\u2019000) 25 March 2022 71,498 290 29 April 2022 35,000 152 29 April 2022 240,000 1,042 3 May 2022 100,000 434 3 May 2022 25,000 109 4 May 2022 25,000 109 6 May 2022 75,000 326 27 June 2022 200,000 761 28 June 2022 180,000 704 5 August 2022 1,230,000 5,006 During the year ending 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 The ordinary shares purchased by the Company were cancelled and are available for re-issue. As at 31 December 2022, the Company\u2019s issued and fully paid share capital was 176,418,438 ordinary shares (2021: 178,599,936). 2022 \u2018000\u2019 2021 \u2019000\u2019 Ordinary shares outstanding at the beginning of the year 178,600 180,600 Ordinary shares purchased (2,182) (2,000) Ordinary shares outstanding at the end of the year 176,418 178,600 (b) Share premium Share premium represents the amount received in excess of the nominal value of ordinary shares. 19. Dividends On 25 March 2022, the Board of Directors declared a final dividend for 2021 of 2.25 pence per ordinary share resulting in a dividend of \u00a34,018,499 paid on 14 April 2022 (2021: 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). On 23 September 2022, the Board of Directors declared an interim dividend of 2.25 pence per ordinary share resulting in a dividend of \u00a33,969,415 paid on 13 October 2022 (2021: 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). 20. Commitments The Company had the following outstanding capital commitments in euros as at period end: Original commitment \u20ac\u2019000 2022 \u20ac\u2019000 2021 \u20ac\u2019000 Fund I 202,398 2,834 2,834 Fund II 190,000 13,300 13,300 Fund III 325,780 50,496 101,806 Fund IV 400,000 180,000 248,000 Fund V 800,000 685,061 \u2013 Origin Fund 129,300 89,216 115,077 PROfounders Fund III 30,000 26,456 \u2013 Total outstanding commitments (\u20ac\u2019000) 2,077,478 1,047,363 481,017 Total outstanding commitments (\u00a3\u2019000) 1,842,307 928,802 404,295 The Company had the following outstanding unquoted debt security commitments at period end: Original commitment \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fund I* 7,346 \u2013 1,138 Time Out 8,000 3,000 \u2013 Oakley NS (Bermuda) LP 54,700 117 118 Total outstanding commitments (\u00a3\u2019000) 70,046 3,117 1,256 21. Debt facility On 24 June 2022 OCI entered a \u00a3100 million multicurrency revolving credit facility agreement with a consortium of lenders. The facility had a term of 12 months with the option for all parties to agree an extension for a further 12 months. As at 31 December 2022 the facility was undrawn. 22. Related parties Related parties transactions not disclosed elsewhere in the Consolidated Financial Statements are as follows: One director of the Company, Peter Dubens, is also a director of the Investment Adviser, 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 14. 23. Events after balance sheet date The Board of Directors has evaluated subsequent events from the year end through 8 March 2023, which is the date the Consolidated Financial Statements were available for issue. The following event has been identified for disclosure: Dividends \u2013 on 8 March 2023, the Board of Directors approved a final dividend of 2.25 pence per share in respect of the financial year ended 31 December 2022. This is due to be paid on 21 April 2023 to shareholders registerd on or before 17 March 2023. The ex-dividend date is 16 March 2023. Commitment \u2013 on 31 January 2023, Oakley Fund V had its final close with final commitments amounting to \u20ac2,851 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-126": { "value": "Oakley Capital Investments Limited (the \u2018Company\u2019) is a closed-end investment company incorporated under the laws of Bermuda on 28 June 2007. ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-125": { "value": "Oakley Capital Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-140": { "value": "Oakley Capital Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-141": { "value": "Oakley Capital Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-145": { "value": "2. Basis of preparation 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. The Directors are cautious of the state of the global economy and the local trading environments of its investments, but are confident the Company has sufficient cash reserves to meet all liabilities as they fall due for the foreseeable future. The Board of Directors have 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 have considered a wide range of information relating to the present and future conditions, 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 2022, cash and cash equivalents of the Company amounted to \u00a3109,848,000. The Company had total unfunded capital and unquoted debt security commitments of \u00a3931,919,000 relating to the Funds where a proportion of the commitments 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 t o approximately \u00a3291,872,250 for the year ending 31 December 2022. As at 31 December 2022, the Company had a \u00a3100 million revolving credit facility arranged in the year which was undrawn at 31 December 2022. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate fo r 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. \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. 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. 2.1 Basis for compliance The Consolidated Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019). 2.2 Functional and presentation currency The Consolidated Financial Statements are presented in British Pounds (\u2018Pounds\u2019), which is the Company\u2019s functional currency. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-175": { "value": "The Board of Directors have 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 have considered a wide range of information relating to the present and future conditions, 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 2022, cash and cash equivalents of the Company amounted to \u00a3109,848,000. The Company had total unfunded capital and unquoted debt security commitments of \u00a3931,919,000 relating to the Funds where a proportion of the commitments 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 t approximately \u00a3291,872,250 for the year ending 31 December 2022. As at 31 December 2022, the Company had a \u00a3100 million revolving credit facility arranged in the year which was undrawn at 31 December 2022. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate fo 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. \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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-197": { "value": "The Board of Directors have 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 have considered a wide range of information relating to the present and future conditions, 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 2022, cash and cash equivalents of the Company amounted to \u00a3109,848,000. The Company had total unfunded capital and unquoted debt security commitments of \u00a3931,919,000 relating to the Funds where a proportion of the commitments 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 t o approximately \u00a3291,872,250 for the year ending 31 December 2022. As at 31 December 2022, the Company had a \u00a3100 million revolving credit facility arranged in the year which was undrawn at 31 December 2022. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate fo r 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. \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. 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:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-176": { "value": "2.1 Basis for compliance 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-177": { "value": "2.2 Functional and presentation currency 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-143": { "value": "3. Significant accounting policies The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated. 3.1 Changes in accounting policies and disclosures (a) New and amended standards adopted by the Company Several amendments and interpretations apply for the first time effective 1 January 2022 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 2023 and early application is admitted, however the Company has not early adopted the new or amended standards and they are not expected to have a significant impact on th e Consolidated Financial Statements. 3.2 Basis for consolidation 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 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 2022 the Company\u2019s Limited Partner ownership in the Funds are: \u2022 Fund I ownership of 70.4% (2021: 70.4%) \u2022 Fund II ownership of 36.2% (2021: 36.2%) \u2022 Fund III ownership of 40.7% (2021: 40.7%) \u2022 Fund IV ownership of 27.4% (2021: 27.4%) \u2022 Origin Fund ownership of 28.2% (2021: 27.0%) \u2022 Fund V ownership of 29.2% (2021: nil) \u2022 Oakley Capital PROfounders Fund III ownership of 39.7% (2021: nil). 3.3 Investments (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 Adviser, 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 (\u2018IPEV\u2019) 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. 3.4 Cash and cash equivalents 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. 3.5 Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost, less any allowance for impairment, using the effective interest method. 3.6 Trade payables 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. 3.7 Interest income 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. 3.8 Expenses 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. 3.9 Foreign currency translation 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. 3.10 Share capital 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. 3.11 Earnings per share 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:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-146": { "value": "3.1 Changes in accounting policies and disclosures (a) New and amended standards adopted by the Company Several amendments and interpretations apply for the first time effective 1 January 2022 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 2023 and early application is admitted, however the Company has not early adopted the new or amended standards and they are not expected to have a significant impact on th e Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-178": { "value": "(a) New and amended standards adopted by the Company Several amendments and interpretations apply for the first time effective 1 January 2022 but do not have a material effect on the Company\u2019s Consolidated Financial Statements and did not require retrospective adjustments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-179": { "value": "(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 2023 and early application is admitted, however the Company has not early adopted the new or amended standards and they are not expected to have a significant impact on th Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-180": { "value": "3.2 Basis for consolidation 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 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 2022 the Company\u2019s Limited Partner ownership in the Funds are: \u2022 Fund I ownership of 70.4% (2021: 70.4%) \u2022 Fund II ownership of 36.2% (2021: 36.2%) \u2022 Fund III ownership of 40.7% (2021: 40.7%) \u2022 Fund IV ownership of 27.4% (2021: 27.4%) \u2022 Origin Fund ownership of 28.2% (2021: 27.0%) \u2022 Fund V ownership of 29.2% (2021: nil) \u2022 Oakley Capital PROfounders Fund III ownership of 39.7% (2021: nil). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-147": { "value": "3.2 Basis for consolidation 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 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 2022 the Company\u2019s Limited Partner ownership in the Funds are: \u2022 Fund I ownership of 70.4% (2021: 70.4%) \u2022 Fund II ownership of 36.2% (2021: 36.2%) \u2022 Fund III ownership of 40.7% (2021: 40.7%) \u2022 Fund IV ownership of 27.4% (2021: 27.4%) \u2022 Origin Fund ownership of 28.2% (2021: 27.0%) \u2022 Fund V ownership of 29.2% (2021: nil) \u2022 Oakley Capital PROfounders Fund III ownership of 39.7% (2021: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-198": { "value": "3.3 Investments (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 Adviser, 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 (\u2018IPEV\u2019) 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. 3.4 Cash and cash equivalents 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. 3.5 Trade receivables 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-181": { "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. ", "dimensions": { "concept": "oci:DescriptionOfAccountingPolicyForClassification", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-182": { "value": "(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 Adviser, 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 (\u2018IPEV\u2019) Valuation Guidelines. ", "dimensions": { "concept": "oci:DescriptionOfAccountingPolicyForRecognitionAndMeasurement", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-183": { "value": "(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:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-148": { "value": "3.4 Cash and cash equivalents 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-149": { "value": "3.5 Trade receivables 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-150": { "value": "3.6 Trade payables 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-151": { "value": "3.7 Interest income 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-152": { "value": "3.8 Expenses 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-153": { "value": "3.9 Foreign currency translation 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-154": { "value": "3.10 Share capital 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-155": { "value": "3.11 Earnings per share 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-156": { "value": "4. Critical accounting estimates, assumptions and judgement 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. (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. However, an investment entity is still required to consolidate a subsidiary which is itself not an investment entity where that subsidiary provides services that relate to the investment entity\u2019s investment activities. The Company controls no such subsidiary. 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-157": { "value": "5. Financial risk management 5.1 Introduction and overview The Board of Directors, the Company\u2019s Risk Committee (the \u2018Risk Committee\u2019) and Oakley Capital Limited (the \u2018Investment Adviser\u2019) 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 seven core categories, summarised on pages 87-90. Consideration has been given to the risks posed by the ongoing risks posed by Russia\u2019s invasion of Ukraine and these risks have been considered not material to the Company\u2019s ongoing activities. 5.2 Credit risk 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 Moodys (2021: 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 unquoted direct debt investments for North Sails and Time Out, which are held at fair value, remained stable during the year. As at 31 December 2022, no direct debt investments held were overdue or impaired. 5.3 Liquidity risk 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. Furthermore, OCI agreed a \u00a3100 million revolving credit facility with major lenders, thereby increasing OCI\u2019s flexibility and liquidity. 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 are carried at fair value. Financial liabilities exclude outstanding capital commitments at year end. 5.4 Market risk 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): 2022 2021 Pound \u00a3\u2019000 Euro \u00a3\u2019000 Dollar \u00a3\u2019000 Total \u00a3\u2019000 Pound \u00a3\u2019000 Euro \u00a3\u2019000 Dollar \u00a3\u2019000 Total \u00a3\u2019000 Fixed and floating rate debt and cash 202,455 67,062 257 269,774 205,348 88,476 21 293,845 Non-interest-bearing Fund and equity investments 25,289 875,774 \u2013 901,063 39,450 628,541 \u2013 667,99 1 Total 227,744 942,836 257 1,170,837 244,798 717,017 21 961,83 6 (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% (2021: 6.5% to 10%). 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 \u00a31,476,354 and a corresponding decrease of 100 basis points in interest rates would result in an increase in their fair value by the same amount (2021: \u00a31,646,952). 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 \u00a31,133,037 on the profit and loss in the consolidated statement of comprehensive income (2021: \u00a31,757,137). 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 Company\u2019s holdings change through the purchase and realisation of investments. 2022 Euro \u00a3\u2019000 2021 Euro \u00a3\u2019000 Assets: Financial assets at fair value through profit and loss 87,577 62,854 Cash and cash equivalents 6,732 7,436 Total assets 94,309 70,290 Impact on profit (loss) 94,309 70,290 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 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 The Company\u2019s management of price risk, which arises primarily from quoted and unquoted equity instruments, is through the selection of financial assets within specified limits as advised by the Investment Adviser and approved by the Risk Committee. For quoted equity securities, the market risk variable is deemed to be the market price itself. A 10% change in the price of those investments would have a \u00a32,528,864 (2021: \u00a33,945,029) 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 \u00a30.01 (2021: \u00a30.02). For the investment in the Funds, the market risk is deemed to be the change in fair value. A 10% change in the fair value of those investments would have a \u00a387,577,400 (2021: \u00a362,854,146) 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 \u00a30.50 (2021: \u00a30.35). 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. 5.5 Capital management 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 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-184": { "value": "5.1 Introduction and overview The Board of Directors, the Company\u2019s Risk Committee (the \u2018Risk Committee\u2019) and Oakley Capital Limited (the \u2018Investment Adviser\u2019) 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 seven core categories, summarised on pages 87-90. Consideration has been given to the risks posed by the ongoing risks posed by Russia\u2019s invasion of Ukraine and these risks have been considered not material to the Company\u2019s ongoing activities. ", "dimensions": { "concept": "oci:DisclosureOfIntroductionAndOverviewForFinancialRiskManagement", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-185": { "value": "5.2 Credit risk 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 Moodys (2021: 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 unquoted direct debt investments for North Sails and Time Out, which are held at fair value, remained stable during the year. As at 31 December 2022, no direct debt investments held were overdue or impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-186": { "value": "5.3 Liquidity risk 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. Furthermore, OCI agreed a \u00a3100 million revolving credit facility with major lenders, thereby increasing OCI\u2019s flexibility and liquidity. 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 are carried at fair value. Financial liabilities exclude outstanding capital commitments at year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-187": { "value": "5.4 Market risk 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): 2022 2021 Pound \u00a3\u2019000 Euro \u00a3\u2019000 Dollar \u00a3\u2019000 Total \u00a3\u2019000 Pound \u00a3\u2019000 Euro \u00a3\u2019000 Dollar \u00a3\u2019000 Total \u00a3\u2019000 Fixed and floating rate debt and cash 202,455 67,062 257 269,774 205,348 88,476 21 293,845 Non-interest-bearing Fund and equity investments 25,289 875,774 \u2013 901,063 39,450 628,541 \u2013 667,99 1 Total 227,744 942,836 257 1,170,837 244,798 717,017 21 961,83 6 (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% (2021: 6.5% to 10%). 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 \u00a31,476,354 and a corresponding decrease of 100 basis points in interest rates would result in an increase in their fair value by the same amount (2021: \u00a31,646,952). 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 \u00a31,133,037 on the profit and loss in the consolidated statement of comprehensive income (2021: \u00a31,757,137). 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 Company\u2019s holdings change through the purchase and realisation of investments. 2022 Euro \u00a3\u2019000 2021 Euro \u00a3\u2019000 Assets: Financial assets at fair value through profit and loss 87,577 62,854 Cash and cash equivalents 6,732 7,436 Total assets 94,309 70,290 Impact on profit (loss) 94,309 70,290 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 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 The Company\u2019s management of price risk, which arises primarily from quoted and unquoted equity instruments, is through the selection of financial assets within specified limits as advised by the Investment Adviser and approved by the Risk Committee. For quoted equity securities, the market risk variable is deemed to be the market price itself. A 10% change in the price of those investments would have a \u00a32,528,864 (2021: \u00a33,945,029) 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 \u00a30.01 (2021: \u00a30.02). For the investment in the Funds, the market risk is deemed to be the change in fair value. A 10% change in the fair value of those investments would have a \u00a387,577,400 (2021: \u00a362,854,146) 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 \u00a30.50 (2021: \u00a30.35). 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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-188": { "value": "5.5 Capital management 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 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-201": { "value": "6. Investments Investments as at 31 December 2022: 2021 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 2022 Fair value \u00a3\u2019000 Oakley Funds Fund I 28,897 \u2013 \u2013 112 \u2013 (12,014) 16,995 Fund II 46,004 \u2013 \u2013 (1,122) \u2013 843 45,725 Fund III 324,071 42,978 (102,951) 88,662 \u2013 79,835 432,595 Fund IV 215,996 57,206 (89,792) 60,329 \u2013 10,856 254,595 Origin Fund 13,573 21,825 (12,715) 3,368 \u2013 12,060 38,111 Fund V \u2013 99,608 \u2013 (11,344) \u2013 (2,913) 85,351 Oakley Capital PROfounders III \u2013 3,143^ \u2013 (708) \u2013 (33) 2,402 Total Oakley Funds 628,541 224,760 (205,458) 139,297 \u2013 88,634 875,774 Quoted equity securities Time Out Group plc 39,450 \u2013 \u2013 \u2013 \u2013 (14,161) 25,289 Total quoted equity securities 39,450 \u2013 \u2013 \u2013 \u2013 (14,161) 25,289 Unquoted debt securities Fund I 7,089 7,346 (7,346) \u2013 500 \u2013 7,589 NSG Apparel BV 54,263 10,016 (166) \u2013 5,120 \u2013 69,233 Oakley NS (Bermuda) LP 69,315 \u2013 \u2013 \u2013 8,590 \u2013 77,905 Time Out \u2013 5,000 (40) \u2013 239 \u2013 5,199 Total unquoted debt securities 130,667 22,362 (7,552) \u2013 14,449 \u2013 159,926 Total investments 798,658 247,122 (213,010) 139,297 14,449 74,472 1,060,989 * 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. ^ The sole capital call in the year for PROfounders III for \u20ac3,543,766 was called on 30 December 2022 and remained unpaid as at 31 December 2022. This capital call was paid shortly after 31 December 2022 within the required notice period. 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 Total 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. The Fund I unquoted debt security is a direct investment into Fund I and the Time Out Group Plc quoted equity security is a direct investment into a portfolio company of Fund I. The NSG Apparel BV and Oakley NS (Bermuda) LP unquoted debt securities are investments into or related to a portfolio company of Fund II. The Total Sales/Distributions on unquoted debt securities include accrued interest repayments of \u00a3447,247 (2021: \u00a33,627,000). 8. Disclosure about fair value of financial instruments 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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-189": { "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 Total 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. The Fund I unquoted debt security is a direct investment into Fund I and the Time Out Group Plc quoted equity security is a direct investment into a portfolio company of Fund I. The NSG Apparel BV and Oakley NS (Bermuda) LP unquoted debt securities are investments into or related to a portfolio company of Fund II. The Total Sales/Distributions on unquoted debt securities include accrued interest repayments of \u00a3447,247 (2021: \u00a33,627,000). 8. Disclosure about fair value of financial instruments 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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-158": { "value": "7. Net gains/(losses) from investments at fair value through profit and loss 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Net change in unrealised gains (losses) on investments at fair value through profit and loss: Funds 88,634 175,825 Quoted equity securities (14,161) 15,510 Total net change in unrealised gains (losses) on investments at fair value through profit and loss 74,473 191,335 Net realised gains (losses) on investments at fair value through profit and loss: Funds 139,297 56,593 Total net realised gains (losses) on investments at fair value through profit and loss 139,297 56,593 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-159": { "value": "8. Disclosure about fair value of financial instruments 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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-204": { "value": "8. Disclosure about fair value of financial instruments 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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-203": { "value": "8. Disclosure about fair value of financial instruments 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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 8. Disclosure about fair value of financial instruments continued 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-199": { "value": "8. Disclosure about fair value of financial instruments 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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-202": { "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 2022 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 875,774 875,774 Quoted equity securities 25,289 \u2013 25,289 Unquoted debt securities \u2013 159,926 159,926 Total investments measured at fair value 25,289 1,035,700 1,060,989 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 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 2022 or 31 December 2021. Level III The 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 2022 include Level III investments in the amount of \u00a31,035,700,000 representing approximately 88.71% of shareholders\u2019 equity (2021: \u00a3759,208,400; 78.96%). Funds The 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 2022, 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV \u20ac\u2019000 Origin Fund \u20ac\u2019000 Fund V \u20ac\u2019000 PROfounders Fund III \u20ac\u2019000 Investments 23,940 48,383 586,655 379,659 72,552 172,325 1,670 Loans \u2013 \u2013 (17,143) (75,998) (27,221) (92,011) \u2013 Accrued carried interest \u2013 \u2013 (86,334) (19,506) (3,463) \u2013 \u2013 Other net assets (4,776) 3,178 4,627 2,924 1,107 15,928 1,039 Total value of the Fund attributable to the Company (\u20ac\u2019000) 19,164 51,561 487,805 287,079 42,975 96,242 2,709 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 16,995 45,725 432,595 254,595 38,111 85,351 2,402 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\u2019000 Fund II \u20ac\u2019000 Fund III \u20ac\u2019000 Fund IV 1 \u20ac\u2019000 Origin Fund 1 \u20ac\u2019000 Investments 39,367 51,125 486,070 381,603 40,541 Loans \u2013 \u2013 (39,645) (104,340) (33,136) Accrued carried interest \u2013 \u2013 (69,333) (26,394) (482) Other net assets (4,986) 3,612 8,488 6,122 9,227 Total value of the Fund attributable to the Company (\u20ac\u2019000) 34,381 54,737 385,580 256,991 16,150 Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate 28,897 46,004 324,071 215,996 13,573 1 The Fund IV and Origin Fund loans and accrued carried interest balances as at 31 December 2021 have been revised. There is no net impact on the total value of the Fund attributable to the Company. The 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 Russia\u2019s invasion of Ukraine for the valuations at 31 December 2022. 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 ending 31 December 2022, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9.4% movement in net assets attributable to shareholders (2021: 8.4%). 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 ending 31 December 2022, a 1% increase to the discount factor would result in a 0.1% movement in net assets attributable to shareholders (2021: 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 2022 (2021: 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 2022 and 2021, are as follows: Level I investments: Quoted equity securities 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fair value at beginning of year 39,450 23,940 Purchases \u2013 \u2013 Net change in unrealised gains (losses) on investments (14,161) 15,510 Fair value of Level I investments at end of year 25,289 39,450 Level III investments: Funds \u00a3\u2019000 Unquoted debt securities \u00a3\u2019000 Total \u00a3\u2019000 2022 Fair value at beginning of year 628,541 130,667 759,208 Purchases 224,760 22,362 247,122 Proceeds on disposals (including interest) (205,458) (7,552) (213,010) Realised gain on sale 139,297 \u2013 139,297 Interest income and other fee income \u2013 14,449 14,449 Net change in unrealised gains (losses) on investments 88,634 \u2013 88,634 Fair value at end of year 875,774 159,926 1,035,700 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 Other financial instruments Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and cash equivalents 109,848 163,178 Trade and other receivables 729 123 Trade and other payables (4,076) (508) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-190": { "value": "9. Segment information 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 2022 (2021: none). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-160": { "value": "9. Segment information 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 2022 (2021: none). The segment information for the year ended 31 December 2022 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 139,297 \u2013 139,297 \u2013 139,297 Net change in unrealised gains (losses) on financial assets at fair value through profit and loss 88,634 (14,161) 74,473 \u2013 74,473 Interest income \u2013 14,206 14,206 261 14,467 Net foreign currency gains (losses) \u2013 \u2013 \u2013 1,189 1,189 Other income \u2013 243 243 310 553 Expenses \u2013 (7,019) (7,019) Profit (loss) for the year 227,931 288 228,219 (5,259) 222,960 Total assets 875,774 185,215 1,060,989 110,577 1,171,566 Total liabilities \u2013 \u2013 \u2013 (4,076) (4,076) Net assets 875,774 185,215 1,060,989 106,501 1,167,490 Total assets include: Financial assets at fair value through profit and loss 875,774 185,215 1,060,989 \u2013 1,060,989 Cash and Other \u2013 \u2013 \u2013 110,577 110,577 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 Other \u2013 \u2013 \u2013 163,301 163,301 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-191": { "value": "10. Cash and cash equivalents 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and demand balances at banks 109,848 117,62 2 Short-term deposits \u2013 45,556 109,848 163,178 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-161": { "value": "10. Cash and cash equivalents 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and demand balances at banks 109,848 117,62 Short-term deposits \u2013 45,556 109,848 163,178 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-162": { "value": "11. Trade and other receivables 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Prepayments 419 12 Amounts due from related parties 310 \u2013 729 123 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-163": { "value": "12. Trade and other payables 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade payables 37 165 Amounts due to related parties 3,768 240 Other payables 271 103 4,076 508 Amounts due to related parties includes \u20ac3,543,766 payable to PROfounders III\u2019s sole capital call which was called on 30 December 2022. This was paid shortly after 31 December 2022 within the required notice period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-165": { "value": "13. Interest income 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income on investments carried at amortised cost: Cash and cash equivalents 261 389 Interest income on investments designated as at fair value through profit and loss: Debt securities 14,206 9,684 14,467 10,073 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-200": { "value": "14. Expenses 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Operating expenses 7,019 3,751 7,019 3,751 The following expenses are included in operating expenses: The main drivers behind the movement in operating expenses were the additional costs incurred in relation to the revolving credit facility which added one-off fees and also recurring interest costs during the year. The increase in scope of services provided by Oakley, which included the independent valuations function, has also led to an increase in recharged expenses. (a) Administration Fees Oakley Capital Limited (\u2018the Administrator\u2019) were appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021. Administration fees for the year ended 31 December 2022 totalled \u00a3200,000 (2021: \u00a3306,000). There were no administration fees payable to the Administrator as at 31 December 2022 (2021: \u00a3nil). (b) Recharged expenses The Company is recharged by the Administrative Agent for certain services such as compliance, accounting and investor relations provided by the Administrative Agent\u2019s contracted advisors, (which include the Investment Adviser) on behalf of the Company. Such recharges are specifically agreed on an annual basis. For the year ended 31 December 2022, the Administrative Agent recharged \u00a32,808,000 (2021: \u00a31,556,000). The amount outstanding as at 31 December 2022 was \u00a3616,426 (2021: \u00a3213,000) and is included in \u2018Trade and other payables\u2019 in the consolidated balance sheet. (c) Directors\u2019 fees For the year ending 31 December 2022, the Company paid Directors\u2019 fees of \u00a3132,000 (2021: \u00a3100,000) to the Chair of the Board and \u00a3341,000 (2021: \u00a3270,000) to other Board members. No fees were payable as at 31 December 2022 (2021: 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 served without a fee (2021: one). No other fees were paid to the Directors (2021: \u00a3nil). For the years ended 31 December 2022 and 2021 members of the Board of Directors held shares in the Company and were entitled to dividends as detailed below: 2022 2021 Shares at the beginning of the year 18,411 18,363 Shares acquired during the year 238 48 Shares at the end of the year 18,649 18,411 Dividends paid to Directors (\u00a3\u2019000) 832 827 (d) Auditor\u2019s remuneration The Company\u2019s auditor is KPMG. During the year ending 31 December 2022, the Company paid KPMG audit fees of \u00a3160,000 (2021: \u00a3142,958) and other advisory services fees of \u00a320,590 (2021: \u00a38,554). (e) Other expenses For the year ended 31 December 2022, the Company incurred costs of \u00a31,360,000 in relation to entering into the \u00a3100 million multicurrency revolving credit facility as disclosed in Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-164": { "value": "14. Expenses 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Operating expenses 7,019 3,751 7,019 3,751 The following expenses are included in operating expenses: The main drivers behind the movement in operating expenses were the additional costs incurred in relation to the revolving credit facility which added one-off fees and also recurring interest costs during the year. The increase in scope of services provided by Oakley, which included the independent valuations function, has also led to an increase in recharged expenses. (a) Administration Fees Oakley Capital Limited (\u2018the Administrator\u2019) were appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021. Administration fees for the year ended 31 December 2022 totalled \u00a3200,000 (2021: \u00a3306,000). There were no administration fees payable to the Administrator as at 31 December 2022 (2021: \u00a3nil). (b) Recharged expenses The Company is recharged by the Administrative Agent for certain services such as compliance, accounting and investor relations provided by the Administrative Agent\u2019s contracted advisors, (which include the Investment Adviser) on behalf of the Company. Such recharges are specifically agreed on an annual basis. For the year ended 31 December 2022, the Administrative Agent recharged \u00a32,808,000 (2021: \u00a31,556,000). The amount outstanding as at 31 December 2022 was \u00a3616,426 (2021: \u00a3213,000) and is included in \u2018Trade and other payables\u2019 in the consolidated balance sheet. (c) Directors\u2019 fees For the year ending 31 December 2022, the Company paid Directors\u2019 fees of \u00a3132,000 (2021: \u00a3100,000) to the Chair of the Board and \u00a3341,000 (2021: \u00a3270,000) to other Board members. No fees were payable as at 31 December 2022 (2021: 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 served without a fee (2021: one). No other fees were paid to the Directors (2021: \u00a3nil). For the years ended 31 December 2022 and 2021 members of the Board of Directors held shares in the Company and were entitled to dividends as detailed below: 2022 2021 Shares at the beginning of the year 18,411 18,363 Shares acquired during the year 238 48 Shares at the end of the year 18,649 18,411 Dividends paid to Directors (\u00a3\u2019000) 832 827 (d) Auditor\u2019s remuneration The Company\u2019s auditor is KPMG. During the year ending 31 December 2022, the Company paid KPMG audit fees of \u00a3160,000 (2021: \u00a3142,958) and other advisory services fees of \u00a320,590 (2021: \u00a38,554). (e) Other expenses For the year ended 31 December 2022, the Company incurred costs of \u00a31,360,000 in relation to entering into the \u00a3100 million multicurrency revolving credit facility as disclosed in Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-192": { "value": "(a) Administration Fees Oakley Capital Limited (\u2018the Administrator\u2019) were appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021. Administration fees for the year ended 31 December 2022 totalled \u00a3200,000 (2021: \u00a3306,000). There were no administration fees payable to the Administrator as at 31 December 2022 (2021: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-193": { "value": "(c) Directors\u2019 fees For the year ending 31 December 2022, the Company paid Directors\u2019 fees of \u00a3132,000 (2021: \u00a3100,000) to the Chair of the Board and \u00a3341,000 (2021: \u00a3270,000) to other Board members. No fees were payable as at 31 December 2022 (2021: none) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-194": { "value": "(d) Auditor\u2019s remuneration The Company\u2019s auditor is KPMG. During the year ending 31 December 2022, the Company paid KPMG audit fees of \u00a3160,000 (2021: \u00a3142,958) and other advisory services fees of \u00a320,590 (2021: \u00a38,554). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-195": { "value": "(e) Other expenses For the year ended 31 December 2022, the Company incurred costs of \u00a31,360,000 in relation to entering into the \u00a3100 million multicurrency revolving credit facility as disclosed in Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-166": { "value": "15. Withholding tax Under current Bermuda law the Company and its subsidiary are not required to pay tax in Bermuda on either income or capital gains. The Company has received an undertaking from the Minister of Finance in Bermuda that in the event of such taxes being imposed, the Company 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 2022, the Company was not subjected to foreign withholding taxes (2021: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-167": { "value": "16. Earnings per share The earnings per share calculation uses the weighted average number of shares in issue during the year. 2022 2021 Basic and diluted earnings per share \u00a31.26 \u00a31.38 Profit for the year (\u2018000) 222,960 248,734 Weighted average number of shares in issue (\u2018000) 177,518 179,745 The Company\u2019s diluted earnings per share equals the basic earnings per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-168": { "value": "17. Net asset value per share The net asset value per share calculation uses the number of shares in issue at the end of the year. 2022 2021 Basic and diluted net asset value per share \u00a36.62 \u00a35.38 Net assets attributable to shareholders (\u2018000) \u00a31,167,490 \u00a3961,45 Number of shares in issue at year end (\u2018000) 176,418 178,600 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-170": { "value": "18. Share capital (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 ending 31 December 2022, the Company purchased the following ordinary shares: Number of ordinary shares Purchase price (\u00a3\u2019000) 25 March 2022 71,498 290 29 April 2022 35,000 152 29 April 2022 240,000 1,042 3 May 2022 100,000 434 3 May 2022 25,000 109 4 May 2022 25,000 109 6 May 2022 75,000 326 27 June 2022 200,000 761 28 June 2022 180,000 704 5 August 2022 1,230,000 5,006 During the year ending 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 The ordinary shares purchased by the Company were cancelled and are available for re-issue. As at 31 December 2022, the Company\u2019s issued and fully paid share capital was 176,418,438 ordinary shares (2021: 178,599,936). 2022 \u2018000\u2019 2021 \u2019000\u2019 Ordinary shares outstanding at the beginning of the year 178,600 180,600 Ordinary shares purchased (2,182) (2,000) Ordinary shares outstanding at the end of the year 176,418 178,600 (b) Share premium Share premium represents the amount received in excess of the nominal value of ordinary shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-196": { "value": "18. Share capital (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 ending 31 December 2022, the Company purchased the following ordinary shares: Number of ordinary shares Purchase price (\u00a3\u2019000) 25 March 2022 71,498 290 29 April 2022 35,000 152 29 April 2022 240,000 1,042 3 May 2022 100,000 434 3 May 2022 25,000 109 4 May 2022 25,000 109 6 May 2022 75,000 326 27 June 2022 200,000 761 28 June 2022 180,000 704 5 August 2022 1,230,000 5,006 During the year ending 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 The ordinary shares purchased by the Company were cancelled and are available for re-issue. As at 31 December 2022, the Company\u2019s issued and fully paid share capital was 176,418,438 ordinary shares (2021: 178,599,936). 2022 \u2018000\u2019 2021 \u2019000\u2019 Ordinary shares outstanding at the beginning of the year 178,600 180,600 Ordinary shares purchased (2,182) (2,000) Ordinary shares outstanding at the end of the year 176,418 178,600 (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": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-169": { "value": "19. Dividends On 25 March 2022, the Board of Directors declared a final dividend for 2021 of 2.25 pence per ordinary share resulting in a dividend of \u00a34,018,499 paid on 14 April 2022 (2021: 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). On 23 September 2022, the Board of Directors declared an interim dividend of 2.25 pence per ordinary share resulting in a dividend of \u00a33,969,415 paid on 13 October 2022 (2021: 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). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-174": { "value": "20. Commitments The Company had the following outstanding capital commitments in euros as at period end: Original commitment \u20ac\u2019000 2022 \u20ac\u2019000 2021 \u20ac\u2019000 Fund I 202,398 2,834 2,834 Fund II 190,000 13,300 13,300 Fund III 325,780 50,496 101,806 Fund IV 400,000 180,000 248,000 Fund V 800,000 685,061 \u2013 Origin Fund 129,300 89,216 115,077 PROfounders Fund III 30,000 26,456 \u2013 Total outstanding commitments (\u20ac\u2019000) 2,077,478 1,047,363 481,017 Total outstanding commitments (\u00a3\u2019000) 1,842,307 928,802 404,295 The Company had the following outstanding unquoted debt security commitments at period end: Original commitment \u00a3\u2019000 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fund I* 7,346 \u2013 1,138 Time Out 8,000 3,000 \u2013 Oakley NS (Bermuda) LP 54,700 117 118 Total outstanding commitments (\u00a3\u2019000) 70,046 3,117 1,256 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-172": { "value": "21. Debt facility On 24 June 2022 OCI entered a \u00a3100 million multicurrency revolving credit facility agreement with a consortium of lenders. The facility had a term of 12 months with the option for all parties to agree an extension for a further 12 months. As at 31 December 2022 the facility was undrawn. ", "dimensions": { "concept": "oci:DisclosureOfDebtFacility", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-171": { "value": "22. Related parties Related parties transactions not disclosed elsewhere in the Consolidated Financial Statements are as follows: One director of the Company, Peter Dubens, is also a director of the Investment Adviser, 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 14. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-173": { "value": "23. Events after balance sheet date The Board of Directors has evaluated subsequent events from the year end through 8 March 2023, which is the date the Consolidated Financial Statements were available for issue. The following event has been identified for disclosure: Dividends \u2013 on 8 March 2023, the Board of Directors approved a final dividend of 2.25 pence per share in respect of the financial year ended 31 December 2022. This is due to be paid on 21 April 2023 to shareholders registerd on or before 17 March 2023. The ex-dividend date is 16 March 2023. Commitment \u2013 on 31 January 2023, Oakley Fund V had its final close with final commitments amounting to \u20ac2,851 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-127": { "value": "5th Floor 11 Bermudiana Road Pembroke HM 08 Bermuda", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-205": { "value": "5th Floor 11 Bermudiana Road Pembroke HM 08 Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }