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OCI\u2019s objective is to generate long-term superior returns\u00a0in excess of the FTSE All-Share Index by providing investors with public access to private equity returns from a diversified portfolio of fast-growing, unquoted companies.

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The Consolidated Financial Statements of Oakley Capital Investments Limited (registration number: 40324) were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on their behalf by:

Caroline Foulger Director
Richard Lightowler Director

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"iso4217:GBP" } }, "ixv-140": { "value": "-54519000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-141": { "value": "109848000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-142": { "value": "163178000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-143": { "value": "-581000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-144": { "value": "1189000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-145": { "value": "207155000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-146": { "value": "109848000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-147": { "value": "-211607000", "decimals": -3, "dimensions": { "concept": "oci:PurchasesOfInvestmentsClassifiedAsNonCashOperatingActivities", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-148": { "value": "0", "decimals": -3, "dimensions": { "concept": "oci:PurchasesOfInvestmentsClassifiedAsNonCashOperatingActivities", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-149": { "value": "211364000", "decimals": -3, "dimensions": { "concept": "oci:DisposalOfInvestmentsClassifiedAsNonCashOperatingActivities", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-150": { "value": "0", "decimals": -3, "dimensions": { "concept": "oci:DisposalOfInvestmentsClassifiedAsNonCashOperatingActivities", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-151": { "value": "\n\n
\n
\n \n \n

1. Reporting entity

\n
\n
\n
\n \n

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, 2

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 SCSp1

Oakley Capital Private Equity IV-B SCSp

Oakley Capital Private Equity IV-C SCSp

Fund V

Luxembourg

Oakley Capital V Master SCSp

Oakley Capital V-A SCSp1

Oakley Capital V-B1 SCSp

Oakley Capital V-B2 SCSp

Oakley Capital V-C SCSp

Origin I

Luxembourg

Oakley Capital Origin Master SCSp

Oakley Capital Private Equity Origin A SCSp1

Oakley Capital Private Equity Origin B SCSp

Oakley Capital Private Equity Origin C SCSp

Origin II

Luxembourg

Oakley Capital Origin II Aggregator SCSp

Oakley Capital Origin II-A SCSp1

Oakley Capital Origin II-B1 SCSp

Oakley Capital Origin II-B2 SCSp

PROfounders Fund III

Luxembourg

Profounders III-A SCSp

Profounders III SCSp1

Touring I

Luxembourg

Oakley Touring Venture Aggregator SCSp

Oakley Touring Venture A SCSp1

Oakley Touring Venture B1 SCSp

Oakley Touring Venture C SCSp

1 Denotes the limited partnership in which the Company has made a direct investment.

2 Fund I is in the process of liquidation.

\u00a0

The defined term 'Company' shall, where the context requires for the purposes of consolidation, include the Company\u2019s sole and wholly owned subsidiary, OCI Financing (Bermuda) Limited ('OCI Financing').

The Company is listed on the Specialist Fund Segment (SFS) of the London Stock Exchange (LSE), with the ticker symbol 'OCI'.

\n\n
\n ", "dimensions": { "concept": "oci:DisclosureOfReportingEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-152": { "value": "Oakley Capital Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-153": { "value": "Oakley Capital Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-154": { "value": "Oakley Capital Investments Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-155": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-156": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-157": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-158": { "value": "\n\n
\n
\n \n \n

2. Basis of preparation

\n
\n
\n
\n \n

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 has assessed if it is appropriate to adopt the going concern basis of accounting in preparing these Consolidated Financial Statements. As part of this assessment, the Board of Directors has considered a wide range of information relating to the present and future conditions, 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:

  • 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 2023, cash and cash equivalents of the Company amount to \u00a3207 million. The Company has total unfunded capital commitments of \u00a31,015 million relating to the Funds that are expected to be called over the next five years. Under the Company\u2019s bye-laws, the Company is permitted to borrow up to 25% of total shareholders\u2019 equity, which would amount to approximately \u00a3302 million as at 31\u00a0December 2023. During the year, the Company drew down \u00a3100 million on the multi-currency revolving credit facility ('RCF') and repaid in full. OCI extended the RCF for a further two years and increased commitments from lenders to \u00a3175 million. There is an option to increase the commitments by a further \u00a350 million subject to agreement by all parties. The credit facility remains undrawn as at 31 December 2023. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate for a period of at least 12 months.

  • Considered the estimates inherent to the valuations of the Funds and the unquoted direct investments. The Company\u2019s approach to valuations was consistent with the prior year\u2019s approach. In addition, key assumptions and estimates relating to the valuation of the unquoted direct investments were considered.
  • 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

IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards).

2.2 Functional and presentation currency

The Consolidated Financial Statements are presented in British Pounds (\u2018Pounds\u2019), which is the Company\u2019s functional currency.

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-159": { "value": "

The Board of Directors has assessed if it is appropriate to adopt the going concern basis of accounting in preparing these Consolidated Financial Statements. As part of this assessment, the Board of Directors has considered a wide range of information relating to the present and future conditions, 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:

As at 31 December 2023, cash and cash equivalents of the Company amount to \u00a3207 million. The Company has total unfunded capital commitments of \u00a31,015 million relating to the Funds that are expected to be called over the next five years. Under the Company\u2019s bye-laws, the Company is permitted to borrow up to 25% of total shareholders\u2019 equity, which would amount to approximately \u00a3302 million as at 31\u00a0December 2023. During the year, the Company drew down \u00a3100 million on the multi-currency revolving credit facility ('RCF') and repaid in full. OCI extended the RCF for a further two years and increased commitments from lenders to \u00a3175 million. There is an option to increase the commitments by a further \u00a350 million subject to agreement by all parties. The credit facility remains undrawn as at 31 December 2023. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate for a period of at least 12 months.

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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-160": { "value": "

The Board of Directors has assessed if it is appropriate to adopt the going concern basis of accounting in preparing these Consolidated Financial Statements. As part of this assessment, the Board of Directors has considered a wide range of information relating to the present and future conditions, 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:

As at 31 December 2023, cash and cash equivalents of the Company amount to \u00a3207 million. The Company has total unfunded capital commitments of \u00a31,015 million relating to the Funds that are expected to be called over the next five years. Under the Company\u2019s bye-laws, the Company is permitted to borrow up to 25% of total shareholders\u2019 equity, which would amount to approximately \u00a3302 million as at 31\u00a0December 2023. During the year, the Company drew down \u00a3100 million on the multi-currency revolving credit facility ('RCF') and repaid in full. OCI extended the RCF for a further two years and increased commitments from lenders to \u00a3175 million. There is an option to increase the commitments by a further \u00a350 million subject to agreement by all parties. The credit facility remains undrawn as at 31 December 2023. The Directors consider the Company to have sufficient resources and liquidity and can continue to operate for a period of at least 12 months.

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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-161": { "value": "207000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-162": { "value": "

2.1 Basis for compliance

IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards).

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-163": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-164": { "value": "\n\n
\n
\n \n \n

3. Material accounting policies

\n
\n
\n
\n \n

The material 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 2023, but do not have a material effect on the Company\u2019s Consolidated Financial Statements and did not require retrospective adjustments:

  • IFRS 17 Insurance Contracts, including amendments to IFRS 17 (and initial application of IFRS 17 and IFRS 9 Financial Instruments \u2013 comparative information)
  • Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Material Judgements: Disclosure of accounting policies
  • Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of accounting estimates
  • Amendments to IAS 12 Income Taxes: Deferred tax related to assets and liabilities arising from a single transaction.

(b) New standards, amendments and interpretations that are not yet effective and might be relevant for the Company

At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

  • Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
  • Amendments to IAS 1 Classification of Liabilities as Current or Non-current
  • Amendments to IAS 1 Non-current Liabilities with Covenants
  • Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements
  • Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
  • Amendments to IAS 21 Lack of Exchangeability.

The Directors of the Company are currently assessing the impact the amendments will have on future reporting periods; however, they are not expected to have a significant impact.

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 significant intercompany balances and transactions.

IFRS 10 exempts investment entities from consolidating controlled investees.

The Company meets the definition of an investment entity, as the following conditions are met:

  • The Company obtains funds from investors for the purpose of providing those investors with investment management services.
  • 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:

  • The performance of these investments is measured and evaluated on a fair value basis.
  • The Company holds multiple investments and has multiple investors.
  • It has investors that are not related parties of the Company.
  • 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 and the subsidiary does not itself qualify as an investment entity. 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 and the direct investments.

As at 31 December 2023 the Company\u2019s Limited Partner ownership in the Funds are:

  • Fund I ownership of 70.4% (2022: 70.4%)
  • Fund II ownership of 36.2% (2022: 36.2%)
  • Fund III ownership of 40.7% (2022: 40.7%)
  • Fund IV ownership of 27.4% (2022: 27.4%)
  • Fund V ownership of 28.06% (2022: 29.2%)
  • Origin I ownership of 28.2% (2022: 28.2%)
  • Origin II Fund ownership of 25.33% (2022: nil)
  • PROfounders Fund III ownership of 39.7% (2022: 39.7%)
  • Touring I ownership of 65.36% (2022: 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 debt securities 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 equity securities 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\u2010ask 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 fund investments, debt securities and preferred equity, are subsequently carried in the consolidated balance sheet at fair value. Fair value is determined in accordance with the Company\u2019s investment valuation policy, which is compliant with the fair value guidelines under IFRS 13 and the International Private Equity and Venture Capital ('IPEV') Valuation Guidelines.

(c) Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all the risks and rewards of ownership and does not retain control of the financial asset. Any interest on such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised), and consideration received (including any new asset obtained less any new liability assumed) is recognised in profit or loss.

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 and cash and cash equivalents 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 Interest expense

Interest expense is recognised as a non-operating expense in the income statement and is measured using the effective interest rate. Accruals are made periodically based on the outstanding principal amount and applicable interest rates over the duration of the outstanding liability. Any material direct costs associated with obtaining financing, such as loan origination fees, are amortised over the term of the related liability.

3.9 Expenses

Expenses are recognised on the accruals basis.

3.10 Foreign currency translation

The functional currency of the Company is British Pound. Transactions in currencies other than British Pound 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 UK Sterling 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.

3.11 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.

3.12 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.

3.13 Borrowings

Borrowings are recognised as liabilities in the balance sheet at their fair value, net of directly attributable transaction costs, with subsequent measurement at amortised cost using the effective interest rate. Any material directly attributable transaction costs are capitalised and amortised over the borrowing's term.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-165": { "value": "\n\n
\n
\n \n \n

3. Material accounting policies

\n
\n
\n
\n \n

The material 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 2023, but do not have a material effect on the Company\u2019s Consolidated Financial Statements and did not require retrospective adjustments:

  • IFRS 17 Insurance Contracts, including amendments to IFRS 17 (and initial application of IFRS 17 and IFRS 9 Financial Instruments \u2013 comparative information)
  • Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Material Judgements: Disclosure of accounting policies
  • Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of accounting estimates
  • Amendments to IAS 12 Income Taxes: Deferred tax related to assets and liabilities arising from a single transaction.

(b) New standards, amendments and interpretations that are not yet effective and might be relevant for the Company

At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

  • Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
  • Amendments to IAS 1 Classification of Liabilities as Current or Non-current
  • Amendments to IAS 1 Non-current Liabilities with Covenants
  • Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements
  • Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
  • Amendments to IAS 21 Lack of Exchangeability.

The Directors of the Company are currently assessing the impact the amendments will have on future reporting periods; however, they are not expected to have a significant impact.

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 significant intercompany balances and transactions.

IFRS 10 exempts investment entities from consolidating controlled investees.

The Company meets the definition of an investment entity, as the following conditions are met:

  • The Company obtains funds from investors for the purpose of providing those investors with investment management services.
  • 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:

  • The performance of these investments is measured and evaluated on a fair value basis.
  • The Company holds multiple investments and has multiple investors.
  • It has investors that are not related parties of the Company.
  • 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 and the subsidiary does not itself qualify as an investment entity. 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 and the direct investments.

As at 31 December 2023 the Company\u2019s Limited Partner ownership in the Funds are:

  • Fund I ownership of 70.4% (2022: 70.4%)
  • Fund II ownership of 36.2% (2022: 36.2%)
  • Fund III ownership of 40.7% (2022: 40.7%)
  • Fund IV ownership of 27.4% (2022: 27.4%)
  • Fund V ownership of 28.06% (2022: 29.2%)
  • Origin I ownership of 28.2% (2022: 28.2%)
  • Origin II Fund ownership of 25.33% (2022: nil)
  • PROfounders Fund III ownership of 39.7% (2022: 39.7%)
  • Touring I ownership of 65.36% (2022: 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 debt securities 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 equity securities 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\u2010ask 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 fund investments, debt securities and preferred equity, are subsequently carried in the consolidated balance sheet at fair value. Fair value is determined in accordance with the Company\u2019s investment valuation policy, which is compliant with the fair value guidelines under IFRS 13 and the International Private Equity and Venture Capital ('IPEV') Valuation Guidelines.

(c) Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all the risks and rewards of ownership and does not retain control of the financial asset. Any interest on such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised), and consideration received (including any new asset obtained less any new liability assumed) is recognised in profit or loss.

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 and cash and cash equivalents 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 Interest expense

Interest expense is recognised as a non-operating expense in the income statement and is measured using the effective interest rate. Accruals are made periodically based on the outstanding principal amount and applicable interest rates over the duration of the outstanding liability. Any material direct costs associated with obtaining financing, such as loan origination fees, are amortised over the term of the related liability.

3.9 Expenses

Expenses are recognised on the accruals basis.

3.10 Foreign currency translation

The functional currency of the Company is British Pound. Transactions in currencies other than British Pound 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 UK Sterling 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.

3.11 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.

3.12 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.

3.13 Borrowings

Borrowings are recognised as liabilities in the balance sheet at their fair value, net of directly attributable transaction costs, with subsequent measurement at amortised cost using the effective interest rate. Any material directly attributable transaction costs are capitalised and amortised over the borrowing's term.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-166": { "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 2023, 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

At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

The Directors of the Company are currently assessing the impact the amendments will have on future reporting periods; however, they are not expected to have a significant impact.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-167": { "value": "

(a) New and amended standards adopted by the Company

Several amendments and interpretations apply for the first time, effective 1 January 2023, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-168": { "value": "

(b) New standards, amendments and interpretations that are not yet effective and might be relevant for the Company

At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

The Directors of the Company are currently assessing the impact the amendments will have on future reporting periods; however, they are not expected to have a significant impact.

", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-169": { "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 significant intercompany balances and transactions.

IFRS 10 exempts investment entities from consolidating controlled investees.

The Company meets the definition of an investment entity, as the following conditions are met:

The Company also has further typical characteristics of an investment entity as defined by IFRS:

An investment entity is still required to consolidate a subsidiary where that subsidiary provides services that relate to the investment entity\u2019s investment activities and the subsidiary does not itself qualify as an investment entity. 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 and the direct investments.

As at 31 December 2023 the Company\u2019s Limited Partner ownership in the Funds are:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-170": { "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 significant intercompany balances and transactions.

IFRS 10 exempts investment entities from consolidating controlled investees.

The Company meets the definition of an investment entity, as the following conditions are met:

The Company also has further typical characteristics of an investment entity as defined by IFRS:

An investment entity is still required to consolidate a subsidiary where that subsidiary provides services that relate to the investment entity\u2019s investment activities and the subsidiary does not itself qualify as an investment entity. 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 and the direct investments.

As at 31 December 2023 the Company\u2019s Limited Partner ownership in the Funds are:

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-171": { "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 debt securities 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 equity securities 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\u2010ask 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 fund investments, debt securities and preferred equity, are subsequently carried in the consolidated balance sheet at fair value. Fair value is determined in accordance with the Company\u2019s investment valuation policy, which is compliant with the fair value guidelines under IFRS 13 and the International Private Equity and Venture Capital ('IPEV') Valuation Guidelines.

(c) Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all the risks and rewards of ownership and does not retain control of the financial asset. Any interest on such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised), and consideration received (including any new asset obtained less any new liability assumed) is recognised in profit or loss.

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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-172": { "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 debt securities as financial assets held at fair value through profit and loss at inception.

", "dimensions": { "concept": "oci:DescriptionOfAccountingPolicyForClassification", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-173": { "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 equity securities 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\u2010ask 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 fund investments, debt securities and preferred equity, are subsequently carried in the consolidated balance sheet at fair value. Fair value is determined in accordance with the Company\u2019s investment valuation policy, which is compliant with the fair value guidelines under IFRS 13 and the International Private Equity and Venture Capital ('IPEV') Valuation Guidelines.

", "dimensions": { "concept": "oci:DescriptionOfAccountingPolicyForRecognitionAndMeasurement", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-174": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-175": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-176": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-177": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-178": { "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 and cash and cash equivalents 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 Interest expense

Interest expense is recognised as a non-operating expense in the income statement and is measured using the effective interest rate. Accruals are made periodically based on the outstanding principal amount and applicable interest rates over the duration of the outstanding liability. Any material direct costs associated with obtaining financing, such as loan origination fees, are amortised over the term of the related liability.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-179": { "value": "

3.9 Expenses

Expenses are recognised on the accruals basis.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-180": { "value": "

3.10 Foreign currency translation

The functional currency of the Company is British Pound. Transactions in currencies other than British Pound 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 UK Sterling 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-181": { "value": "

3.11 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-182": { "value": "

3.12 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-183": { "value": "

3.13 Borrowings

Borrowings are recognised as liabilities in the balance sheet at their fair value, net of directly attributable transaction costs, with subsequent measurement at amortised cost using the effective interest rate. Any material directly attributable transaction costs are capitalised and amortised over the borrowing's term.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-184": { "value": "\n\n
\n
\n \n \n

4. Critical accounting estimates, assumptions and judgement

\n
\n
\n
\n \n

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 requires 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 the 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 that 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 (NAV) 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 that is itself not an investment entity where that subsidiary provides services that relate to the investment entity\u2019s investment activities and the subsidiary does not itself qualify as an investment entity. The company wholly owns one subsidiary named OCI Financing (Bermuda) Limited.

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.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-185": { "value": "\n\n
\n
\n \n \n

5. Financial risk management

\n
\n
\n
\n \n

5.1 Introduction and overview

The Board of Directors, the Company\u2019s Risk Committee (the 'Risk Committee') and Oakley Capital Limited (the 'Investment Adviser') attribute great importance to professional risk management, proper understanding and negotiation of appropriate terms and conditions and active monitoring, including a thorough analysis of reports and financial statements and ongoing review of investments made. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control the economic impact of these risks. The Investment Adviser provides the Board of Directors with recommendations as to the Company\u2019s asset allocation and annual investment levels that are consistent with the Company\u2019s objectives. The Risk Committee reviews and agrees policies for managing the risks.

The Company has exposures to the following risks from financial instruments: credit risk, liquidity risk and market risk (including interest rate risk, currency risk and price risk). The Company\u2019s overall risk management process focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company\u2019s financial performance.

During the year under review, the Risk Committee has continued to identify, assess, monitor and manage risks within the Company, including those that would impact its future performance, solvency, liquidity or reputation. This review includes the monitoring of risk exposure compared with the risk appetite established by the Board.

Key risks and uncertainties of the Company are assessed on a scale, considering their impact and likelihood. The Committee monitors detailed and, wherever possible, quantifiable indicators of the Company\u2019s exposure to risk, segmented into five core categories \u2013 see Our principal risk and uncertainties section. Consideration has been given to the risks posed by the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 Royal Bank of Scotland, with a minority also held with HSBC and Butterfield Bank. Barclays, Royal Bank of Scotland and HSBC are rated A1 and Butterfield Bank is rated A3 by Moodys (2022: 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. During the year, OCI\u2019s debt positions in North Sails were converted into preferred equity to mitigate OCI\u2019s credit risk and crystallise its equity position for greater upside resulting from any future refinancing or exit.

During the year OCI\u2019s debt security to Fund I was settled in Time Out shares. OCI still has a debt security with Time Out of \u00a36 million and the Investment Adviser continues to monitor the risks arising from this position. As at 31 December 2023, the debt security held was not 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 that estimate the timing and quantums of outflows, including capital calls, and inflows from disposals of portfolio companies held within the Funds that aim to avoid undue risk of illiquidity.

The unfunded commitments to the Funds are irrevocable and usually 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. To facilitate the funding of future commitments, the Company renewed and expanded its \u00a3100 million credit facility to total committed lending of \u00a3175 million for a two-year term. The credit facility remains undrawn as at 31 December 2023. 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 that 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 amounts which approximate their expected settlement values. 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.\u00a0 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):

\u00a0

2023

\u00a0

2022

UK Sterling

\u00a3\u2019000

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

Total

\u00a3\u2019000

\u00a0

UK Sterling

\u00a3\u2019000

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

Total

\u00a3\u2019000

Fixed and floating rate debt and cash

32,901

176,852

3,500

213,253

\u00a0

202,455

67,062

257

269,774

Non-interest-bearing Fund and equity investments

68,770

754,794

177,544

1,001,108

\u00a0

25,289

875,774

\u2013

901,063

Total

101,671

931,646

181,044

1,214,631

\u00a0

227,744

942,836

257

1,170,837

(a) Interest rate risk

Interest rate risk arises principally from changes in interest receivable on cash and deposits and unquoted debt security held at fair value.

The Company's unquoted debt security carries a variable interest rate of 10% plus the average Sterling Overnight Index Average rate (SONIA) (2022: 6.5% to 10%). The loan is subject to interest rate risk as increases and decreases in interest rates will have an impact on its fair value. A 200 basis point increase in interest rates would result in a decrease in the fair value of this loan of \u00a30.18 million and a corresponding decrease of 200 basis points in interest rates would result in an increase in the fair value by \u00a30.15 million (2022: \u00a31.48 million including Fund I, North Sails and Time Out at 100 basis points). 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 \u00a31.86 million on the profit and loss in the consolidated statement of comprehensive income (2022: \u00a31.13 million). 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 that 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 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.\u00a0

\u00a0

2023

\u00a0

2022

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

\u00a0

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

Assets:

\u00a0\u00a0\u00a0\u00a0\u00a0

Financial assets at fair value through profit and loss

75,479

17,754

\u00a0

87,577

\u2013

Cash and cash equivalents

17,685

350

\u00a0

6,732

26

Total assets

93,164

18,104

\u00a0

94,309

26

Impact on profit (loss)

93,164

18,104

\u00a0

94,309

26

\u00a0

The Investment Adviser monitors the Company\u2019s currency position on a regular basis and reports the impact of currency movements on the performance of the investment portfolio to the Risk Committee quarterly. In accordance with the Company\u2019s investment policy, all direct investments in quoted equity securities and debt securities are denominated in pounds, placing currency risk on the counterparty. The investments in the Funds are denominated in euros and dollars.

(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.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

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 \u00a36.88 million (2022: \u00a32.53 million) 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 \u00a30.04 (2022: \u00a30.01).

For the direct preferred equity 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 \u00a378.79 million (2022: \u00a387.58 million) 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 \u00a30.45 (2022: \u00a30.50).

For the investment in North Sails, the market risk is deemed to be the change in fair value. A 10% change in the fair value of this investments would have a \u00a314.45 million (2022: nil) 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 \u00a30.08 (2022: nil).\u00a0

The Company is exposed to a variety of market risk factors that 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 repurchase of ordinary shares. The movements of capital are shown in the consolidated statement of changes in equity.\u00a0

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, repurchase and resale of shares are described in Note\u00a018.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-186": { "value": "

5.1 Introduction and overview

The Board of Directors, the Company\u2019s Risk Committee (the 'Risk Committee') and Oakley Capital Limited (the 'Investment Adviser') attribute great importance to professional risk management, proper understanding and negotiation of appropriate terms and conditions and active monitoring, including a thorough analysis of reports and financial statements and ongoing review of investments made. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control the economic impact of these risks. The Investment Adviser provides the Board of Directors with recommendations as to the Company\u2019s asset allocation and annual investment levels that are consistent with the Company\u2019s objectives. The Risk Committee reviews and agrees policies for managing the risks.

The Company has exposures to the following risks from financial instruments: credit risk, liquidity risk and market risk (including interest rate risk, currency risk and price risk). The Company\u2019s overall risk management process focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company\u2019s financial performance.

During the year under review, the Risk Committee has continued to identify, assess, monitor and manage risks within the Company, including those that would impact its future performance, solvency, liquidity or reputation. This review includes the monitoring of risk exposure compared with the risk appetite established by the Board.

Key risks and uncertainties of the Company are assessed on a scale, considering their impact and likelihood. The Committee monitors detailed and, wherever possible, quantifiable indicators of the Company\u2019s exposure to risk, segmented into five core categories \u2013 see Our principal risk and uncertainties section. Consideration has been given to the risks posed by the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

", "dimensions": { "concept": "oci:DisclosureOfIntroductionAndOverviewForFinancialRiskManagement", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-187": { "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 Royal Bank of Scotland, with a minority also held with HSBC and Butterfield Bank. Barclays, Royal Bank of Scotland and HSBC are rated A1 and Butterfield Bank is rated A3 by Moodys (2022: 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. During the year, OCI\u2019s debt positions in North Sails were converted into preferred equity to mitigate OCI\u2019s credit risk and crystallise its equity position for greater upside resulting from any future refinancing or exit.

During the year OCI\u2019s debt security to Fund I was settled in Time Out shares. OCI still has a debt security with Time Out of \u00a36 million and the Investment Adviser continues to monitor the risks arising from this position. As at 31 December 2023, the debt security held was not overdue or impaired.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-188": { "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 that estimate the timing and quantums of outflows, including capital calls, and inflows from disposals of portfolio companies held within the Funds that aim to avoid undue risk of illiquidity.

The unfunded commitments to the Funds are irrevocable and usually 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. To facilitate the funding of future commitments, the Company renewed and expanded its \u00a3100 million credit facility to total committed lending of \u00a3175 million for a two-year term. The credit facility remains undrawn as at 31 December 2023. 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 that 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 amounts which approximate their expected settlement values. Financial liabilities exclude outstanding capital commitments at year end.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-189": { "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.\u00a0 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):

\u00a0

2023

\u00a0

2022

UK Sterling

\u00a3\u2019000

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

Total

\u00a3\u2019000

\u00a0

UK Sterling

\u00a3\u2019000

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

Total

\u00a3\u2019000

Fixed and floating rate debt and cash

32,901

176,852

3,500

213,253

\u00a0

202,455

67,062

257

269,774

Non-interest-bearing Fund and equity investments

68,770

754,794

177,544

1,001,108

\u00a0

25,289

875,774

\u2013

901,063

Total

101,671

931,646

181,044

1,214,631

\u00a0

227,744

942,836

257

1,170,837

(a) Interest rate risk

Interest rate risk arises principally from changes in interest receivable on cash and deposits and unquoted debt security held at fair value.

The Company's unquoted debt security carries a variable interest rate of 10% plus the average Sterling Overnight Index Average rate (SONIA) (2022: 6.5% to 10%). The loan is subject to interest rate risk as increases and decreases in interest rates will have an impact on its fair value. A 200 basis point increase in interest rates would result in a decrease in the fair value of this loan of \u00a30.18 million and a corresponding decrease of 200 basis points in interest rates would result in an increase in the fair value by \u00a30.15 million (2022: \u00a31.48 million including Fund I, North Sails and Time Out at 100 basis points). 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 \u00a31.86 million on the profit and loss in the consolidated statement of comprehensive income (2022: \u00a31.13 million). 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 that 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 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.\u00a0

\u00a0

2023

\u00a0

2022

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

\u00a0

Euro

\u00a3\u2019000

Dollar

\u00a3\u2019000

Assets:

\u00a0\u00a0\u00a0\u00a0\u00a0

Financial assets at fair value through profit and loss

75,479

17,754

\u00a0

87,577

\u2013

Cash and cash equivalents

17,685

350

\u00a0

6,732

26

Total assets

93,164

18,104

\u00a0

94,309

26

Impact on profit (loss)

93,164

18,104

\u00a0

94,309

26

\u00a0

The Investment Adviser monitors the Company\u2019s currency position on a regular basis and reports the impact of currency movements on the performance of the investment portfolio to the Risk Committee quarterly. In accordance with the Company\u2019s investment policy, all direct investments in quoted equity securities and debt securities are denominated in pounds, placing currency risk on the counterparty. The investments in the Funds are denominated in euros and dollars.

(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.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

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 \u00a36.88 million (2022: \u00a32.53 million) 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 \u00a30.04 (2022: \u00a30.01).

For the direct preferred equity 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 \u00a378.79 million (2022: \u00a387.58 million) 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 \u00a30.45 (2022: \u00a30.50).

For the investment in North Sails, the market risk is deemed to be the change in fair value. A 10% change in the fair value of this investments would have a \u00a314.45 million (2022: nil) 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 \u00a30.08 (2022: nil).\u00a0

The Company is exposed to a variety of market risk factors that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-190": { "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 repurchase of ordinary shares. The movements of capital are shown in the consolidated statement of changes in equity.\u00a0

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, repurchase and resale of shares are described in Note\u00a018.

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-191": { "value": "\n\n
\n
\n \n \n

6. Investments

\n
\n
\n
\n \n
\n
\n

Investments as at 31 December 2023:

\u00a0

2022

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

2023
fair value

\u00a3\u2019000

Oakley Funds

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Fund I

16,995

\u2013

(24,630)

(29,653)

\u2013

38,021

733

Fund II

45,725

\u2013

\u2013

(1,422)

\u2013

9,223

53,526

Fund III

432,595

\u2013

(243,112)

235,933

\u2013

(234,789)

190,627

Fund IV

254,595

48,085

\u2013

570

\u2013

13,800

317,050

Fund V

85,351

26,464

\u2013

(16,043)

\u2013

31,532

127,304

Origin I

38,111

20,718

\u2013

(3,815)

\u2013

4,648

59,662

Origin II

\u2013

4,966

\u2013

(1,610)

\u2013

(34)

3,322

PROfounders III

2,402

782

\u2013

(674)

\u2013

60

2,570

Touring I

\u2013

36,2511

\u2013

(2,074)

\u2013

(1,083)

33,094

Total Oakley Funds

875,774

137,266

(267,742)

181,212

\u2013

(138,622)

787,888

Quoted equity securities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Time Out3

25,289

32,752

\u2013

\u2013

\u2013

10,729

68,770

Total quoted equity securities

25,289

32,752

\u2013

\u2013

\u2013

10,729

68,770

Unquoted debt securities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Fund I

7,589

15,859

(23,982)

\u2013

534

\u2013

\u2013

North Sails2

147,138

\u2013

(147,138)

\u2013

\u2013

\u2013

\u2013

Time Out

5,199

5,254

(5,254)

\u2013

899

\u2013

6,098

Total unquoted debt securities

159,926

21,113

(176,374)

\u2013

1,433

\u2013

6,098

Unquoted preferred equity instruments

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

North Sails2

\u2013

147,136

\u2013

\u2013

\u2013

(2,686)

144,450

Total unquoted preferred equity instruments

\u2013

147,136

\u2013

\u2013

\u2013

(2,686)

144,450

Total investments

1,060,989

338,267

(444,116)

181,212

1,433

(130,579)

1,007,206

1 The fourth capital call for Touring I for $10,000,000 was called on 21 December 2023, and remained unpaid at 31 December 2023. The capital call was paid shortly after 31 December 2023 and within the required notice period.

2 In December 2023, the company converted loans and accrued interest amounting to \u00a3147 million due from various North Sails companies into preferred shares in a newly created North Sails holding company. Under the terms of the conversion interest on the loans from 1 January 2023 to the date of conversion was waived. The preferred shares carry a coupon of 0% until 1 January 2025 and 5% thereafter. Additionally, the preferred shares carry warrants of 5% of equity of the North Sails holding company, exercisable on or after 30 June 2025. The 5% warrants are reduced proportionately for any preferred share redemptions made before 30 June 2025. The preferred equity and warrants are carried at fair value. OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding).

3 As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 quoted bid price.

* 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 year, and income and expenses of the underlying fund during the year.

*** 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.

\u00a0

Investments as at 31 December 2022:

\u00a0

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

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

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 I

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

3,1431

\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

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Time Out

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

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Fund I

7,089

7,346

(7,346)

\u2013

500

\u2013

7,589

North Sails

123,578

10,016

(166)

\u2013

13,710

\u2013

147,138

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

74,473

1,060,989

\u00a01 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.

* 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.

\n
\n
\n\n
\n \n\n
\n
\n \n \n

8. Disclosure about fair value of financial instruments

\n
\n
\n
\n \n

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:

  • 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
  • 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)
  • Level III: Inputs that are not based on observable market data. Level III investments include private equity funds, unquoted debt securities and unquoted preferred equity instruments.

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 2023 by the level in the fair value hierarchy into which the fair value measurement is categorised:

\u00a0

Level I

\u00a3\u2019000

Level III

\u00a3\u2019000

Total

\u00a3\u2019000

Funds

\u2013

787,888

787,888

Quoted equity securities

68,770

\u2013

68,770

Unquoted debt securities

\u2013

6,098

6,098

Unquoted preferred equity instruments

\u2013

144,450

144,450

Total investments measured at fair value

68,770

938,436

1,007,206

\u00a0

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:

\u00a0

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

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 2023 or 31 December 2022.

Level III

The Company has determined that Funds and unquoted debt and equity securities fall into Level III due to their lack of observable market data, which necessitates a higher degree of judgement in determining fair value. Funds and unquoted debt and equity 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 2023 include Level III investments in the amount of \u00a3938.44 million, representing approximately 77.75% of shareholders\u2019 equity (2022: \u00a31,035.7 million 88.71%).\u00a0

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 (NAV) 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 ('EV') 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.

The Company has concluded that the unlisted closed-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because:

  • the voting rights in the funds are not dominant rights in deciding who controls them because the rights relate to administrative tasks only;
  • each fund's activities are restricted by its prospectus; and
  • the funds have narrow and well-defined objectives to provide investment opportunities to investors.

The Company\u2019s investments in Private Equity funds are considered to be unconsolidated structured entities. Their nature and purpose is to invest capital on behalf of their limited partners. The funds pursue sector-focused strategies, investing in four key sectors: Technology, Education, Business Services and Consumer. The Company commits to a fixed amount of capital, which may be drawn (and returned) over the life of the fund. The Company pays capital calls when due and receives distributions from the funds, once an asset has been sold. During the year, the Company did not provide financial support and has no intention of providing financial or other support to these unconsolidated structured entities.

As at 31 December 2023, 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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

Origin II

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Touring I

\u20ac\u2019000

Investments

\u2013

61,165

241,803

456,380

328,901

94,705

\u2013

2,928

28,469

Loans

\u2013

\u2013

\u2013

(70,724)

(200,002)

(24,582)

\u2013

\u2013

\u2013

Estimated performance fee accrued

\u2013

(924)

(24,621)

(25,407)

(162)

(3,943)

\u2013

\u2013

\u2013

Other net assets

846

1,497

2,688

5,435

18,095

2,636

3,832

36

9,701

Total value of the Fund attributable to the Company (\u20ac\u2019000)

846

61,738

219,870

365,684

146,832

68,816

3,832

2,964

38,170

Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate

733

53,526

190,627

317,050

127,304

59,662

3,322

2,570

33,094

\u00a0

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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Investments

23,940

48,383

586,655

379,659

172,325

72,552

1,670

Loans

\u2013

\u2013

(17,143)

(75,998)

(92,011)

(27,221)

\u2013

Estimated performance fee accrued

\u2013

\u2013

(86,334)

(19,506)

\u2013

(3,463)

\u2013

Other net assets

(4,776)

3,178

4,627

2,924

15,928

1,107

1,039

Total value of the Fund attributable to the Company (\u20ac\u2019000)

19,164

51,561

487,805

287,079

96,242

42,975

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

85,351

38,111

2,402

\u00a0

The Company records its investments in the Funds at the unadjusted NAV reported by the Funds that 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 as the underlying Funds are unquoted, with the underlying portfolio companies owned by the Funds which may be both quoted and unquoted companies. 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:

  • Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser
  • Comparison of historical realisations to last reported fair values
  • Review of the quarterly financial statements and the annual audited NAV of the respective Fund
  • Consider at each reporting date whether any additional market participant related fair value adjustments may be required to the reported NAV by the Funds. The Company determined that no adjustments were required.

Unquoted debt securities

The fair value of the Company\u2019s debt security to Time Out is 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.

Unquoted preferred equity instruments

It was deemed appropriate to hold the fair value of the Company\u2019s preferred equity instrument in North Sails holding company at par value as at year end. The valuation approach has been supported by a weighted average of the potential outcomes for the instrument which has been reviewed by an independent third-party valuation adviser.

The valuation of the preferred equity instrument is primarily dependent on the financial performance of North Sails and the achievement of revenue and EBITDA growth forecasts supporting enterprise valuations of the company. During the year, North Sails achieved revenue and EBITDA growth of 18% and 32% respectively over the prior year and was one of the largest contributors to OCI NAV growth.

The preferred equity instrument will initially carry a 0% coupon increasing to 5% from January 1, 2025. In return for the reduced coupon rate, OCI obtained warrants equivalent to a 5% strip across the group, exercisable on or after June 30, 2025. The warrants are reduced proportionally by the value of any redemption of OCI preferred equity before June 30, 2025.

The warrants provide the Company with exposure to and potential equity appreciation of North Sails based on their financial performance upon exit. The fair value of the warrants is dependent on the financial performance of North Sails. The Company is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants/or achieve its expected future earnings. The maximum risk of loss from counterparty risk to the Company is the fair value of the warrant. The Company considers the effects of counterparty risk when determining the fair value of its warrants.\u00a0\u00a0

Significant 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. The Company has continued to monitor the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 2023, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9% movement in net assets attributable to shareholders (2022: 9.4%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would result in a 8.4% movement in net assets attributable to shareholders.\u00a0

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 of 10% plus average SONIA, 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 2% adjustment to the discount factor applied as reasonable. For the year ending 31 December 2023, a 2% increase to the discount factor would result in a 0% movement in net assets attributable to shareholders (2022: 0.1%). A 2% 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 2023 (2022: 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 2023 and 2022, are as follows:

Level I investments:

Quoted equity securities

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fair value at beginning of year

25,289

\u00a0

39,450

Purchases1

32,752

\u00a0

\u2013

Net change in unrealised gains (losses) on investments

10,729

\u00a0

(14,161)

Fair value of Level I investments at end of year

68,770

\u00a0

25,289

1. As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 and 31 December 2022 quoted (bid) price.

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2023

\u00a0\u00a0\u00a0\u00a0

Fair value at beginning of year

875,774

159,926

\u2013

1,035,700

Purchases

137,266

21,113

147,136

305,515

Proceeds on disposals (including interest)

(267,742)

(176,374)

\u2013

(444,116)

Realised gain on sale

181,212

\u2013

\u2013

181,212

Interest income and other fee income

\u2013

1,433

\u2013

1,433

Net change in unrealised gains (losses) on investments

(138,622)

\u2013

(2,686)

(141,308)

Fair value at end of year

787,888

6,098

144,450

938,436

\u00a0

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2022

\u00a0

\u00a0

\u00a0

\u00a0

Fair value at beginning of year

628,541

130,667

\u2013

759,208

Purchases

224,760

22,362

\u2013

247,122

Proceeds on disposals (including interest)

(205,458)

(7,552)

\u2013

(213,010)

Realised gain on sale

139,297

\u2013

\u2013

139,297

Interest income and other fee income

\u2013

14,449

\u2013

14,449

Net change in unrealised gains (losses) on investments

88,634

\u2013

\u2013

88,634

Fair value at end of year

875,774

159,926

\u2013

1,035,700

\u00a0

Other financial instruments

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value:

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and cash equivalents

207,155

\u00a0

109,848

Trade and other receivables

1,368

\u00a0

729

Trade and other payables

(8,690)

\u00a0

(4,076)

These financial instruments are considered to approximate fair value due to their short-term nature, nominal value alignment and limited credit risk.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-192": { "value": "\n\n
\n
\n \n \n

6. Investments

\n
\n
\n
\n \n
\n
\n

Investments as at 31 December 2023:

\u00a0

2022

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

2023
fair value

\u00a3\u2019000

Oakley Funds

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Fund I

16,995

\u2013

(24,630)

(29,653)

\u2013

38,021

733

Fund II

45,725

\u2013

\u2013

(1,422)

\u2013

9,223

53,526

Fund III

432,595

\u2013

(243,112)

235,933

\u2013

(234,789)

190,627

Fund IV

254,595

48,085

\u2013

570

\u2013

13,800

317,050

Fund V

85,351

26,464

\u2013

(16,043)

\u2013

31,532

127,304

Origin I

38,111

20,718

\u2013

(3,815)

\u2013

4,648

59,662

Origin II

\u2013

4,966

\u2013

(1,610)

\u2013

(34)

3,322

PROfounders III

2,402

782

\u2013

(674)

\u2013

60

2,570

Touring I

\u2013

36,2511

\u2013

(2,074)

\u2013

(1,083)

33,094

Total Oakley Funds

875,774

137,266

(267,742)

181,212

\u2013

(138,622)

787,888

Quoted equity securities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Time Out3

25,289

32,752

\u2013

\u2013

\u2013

10,729

68,770

Total quoted equity securities

25,289

32,752

\u2013

\u2013

\u2013

10,729

68,770

Unquoted debt securities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Fund I

7,589

15,859

(23,982)

\u2013

534

\u2013

\u2013

North Sails2

147,138

\u2013

(147,138)

\u2013

\u2013

\u2013

\u2013

Time Out

5,199

5,254

(5,254)

\u2013

899

\u2013

6,098

Total unquoted debt securities

159,926

21,113

(176,374)

\u2013

1,433

\u2013

6,098

Unquoted preferred equity instruments

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

North Sails2

\u2013

147,136

\u2013

\u2013

\u2013

(2,686)

144,450

Total unquoted preferred equity instruments

\u2013

147,136

\u2013

\u2013

\u2013

(2,686)

144,450

Total investments

1,060,989

338,267

(444,116)

181,212

1,433

(130,579)

1,007,206

1 The fourth capital call for Touring I for $10,000,000 was called on 21 December 2023, and remained unpaid at 31 December 2023. The capital call was paid shortly after 31 December 2023 and within the required notice period.

2 In December 2023, the company converted loans and accrued interest amounting to \u00a3147 million due from various North Sails companies into preferred shares in a newly created North Sails holding company. Under the terms of the conversion interest on the loans from 1 January 2023 to the date of conversion was waived. The preferred shares carry a coupon of 0% until 1 January 2025 and 5% thereafter. Additionally, the preferred shares carry warrants of 5% of equity of the North Sails holding company, exercisable on or after 30 June 2025. The 5% warrants are reduced proportionately for any preferred share redemptions made before 30 June 2025. The preferred equity and warrants are carried at fair value. OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding).

3 As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 quoted bid price.

* 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 year, and income and expenses of the underlying fund during the year.

*** 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.

\u00a0

Investments as at 31 December 2022:

\u00a0

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

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

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 I

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

3,1431

\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

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Time Out

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

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Fund I

7,089

7,346

(7,346)

\u2013

500

\u2013

7,589

North Sails

123,578

10,016

(166)

\u2013

13,710

\u2013

147,138

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

74,473

1,060,989

\u00a01 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.

* 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.

\n
\n
\n\n
\n \n\n
\n
\n \n \n

8. Disclosure about fair value of financial instruments

\n
\n
\n
\n \n

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:

  • 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
  • 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)
  • Level III: Inputs that are not based on observable market data. Level III investments include private equity funds, unquoted debt securities and unquoted preferred equity instruments.

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 2023 by the level in the fair value hierarchy into which the fair value measurement is categorised:

\u00a0

Level I

\u00a3\u2019000

Level III

\u00a3\u2019000

Total

\u00a3\u2019000

Funds

\u2013

787,888

787,888

Quoted equity securities

68,770

\u2013

68,770

Unquoted debt securities

\u2013

6,098

6,098

Unquoted preferred equity instruments

\u2013

144,450

144,450

Total investments measured at fair value

68,770

938,436

1,007,206

\u00a0

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:

\u00a0

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

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 2023 or 31 December 2022.

Level III

The Company has determined that Funds and unquoted debt and equity securities fall into Level III due to their lack of observable market data, which necessitates a higher degree of judgement in determining fair value. Funds and unquoted debt and equity 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 2023 include Level III investments in the amount of \u00a3938.44 million, representing approximately 77.75% of shareholders\u2019 equity (2022: \u00a31,035.7 million 88.71%).\u00a0

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 (NAV) 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 ('EV') 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.

The Company has concluded that the unlisted closed-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because:

  • the voting rights in the funds are not dominant rights in deciding who controls them because the rights relate to administrative tasks only;
  • each fund's activities are restricted by its prospectus; and
  • the funds have narrow and well-defined objectives to provide investment opportunities to investors.

The Company\u2019s investments in Private Equity funds are considered to be unconsolidated structured entities. Their nature and purpose is to invest capital on behalf of their limited partners. The funds pursue sector-focused strategies, investing in four key sectors: Technology, Education, Business Services and Consumer. The Company commits to a fixed amount of capital, which may be drawn (and returned) over the life of the fund. The Company pays capital calls when due and receives distributions from the funds, once an asset has been sold. During the year, the Company did not provide financial support and has no intention of providing financial or other support to these unconsolidated structured entities.

As at 31 December 2023, 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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

Origin II

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Touring I

\u20ac\u2019000

Investments

\u2013

61,165

241,803

456,380

328,901

94,705

\u2013

2,928

28,469

Loans

\u2013

\u2013

\u2013

(70,724)

(200,002)

(24,582)

\u2013

\u2013

\u2013

Estimated performance fee accrued

\u2013

(924)

(24,621)

(25,407)

(162)

(3,943)

\u2013

\u2013

\u2013

Other net assets

846

1,497

2,688

5,435

18,095

2,636

3,832

36

9,701

Total value of the Fund attributable to the Company (\u20ac\u2019000)

846

61,738

219,870

365,684

146,832

68,816

3,832

2,964

38,170

Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate

733

53,526

190,627

317,050

127,304

59,662

3,322

2,570

33,094

\u00a0

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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Investments

23,940

48,383

586,655

379,659

172,325

72,552

1,670

Loans

\u2013

\u2013

(17,143)

(75,998)

(92,011)

(27,221)

\u2013

Estimated performance fee accrued

\u2013

\u2013

(86,334)

(19,506)

\u2013

(3,463)

\u2013

Other net assets

(4,776)

3,178

4,627

2,924

15,928

1,107

1,039

Total value of the Fund attributable to the Company (\u20ac\u2019000)

19,164

51,561

487,805

287,079

96,242

42,975

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

85,351

38,111

2,402

\u00a0

The Company records its investments in the Funds at the unadjusted NAV reported by the Funds that 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 as the underlying Funds are unquoted, with the underlying portfolio companies owned by the Funds which may be both quoted and unquoted companies. 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:

  • Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser
  • Comparison of historical realisations to last reported fair values
  • Review of the quarterly financial statements and the annual audited NAV of the respective Fund
  • Consider at each reporting date whether any additional market participant related fair value adjustments may be required to the reported NAV by the Funds. The Company determined that no adjustments were required.

Unquoted debt securities

The fair value of the Company\u2019s debt security to Time Out is 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.

Unquoted preferred equity instruments

It was deemed appropriate to hold the fair value of the Company\u2019s preferred equity instrument in North Sails holding company at par value as at year end. The valuation approach has been supported by a weighted average of the potential outcomes for the instrument which has been reviewed by an independent third-party valuation adviser.

The valuation of the preferred equity instrument is primarily dependent on the financial performance of North Sails and the achievement of revenue and EBITDA growth forecasts supporting enterprise valuations of the company. During the year, North Sails achieved revenue and EBITDA growth of 18% and 32% respectively over the prior year and was one of the largest contributors to OCI NAV growth.

The preferred equity instrument will initially carry a 0% coupon increasing to 5% from January 1, 2025. In return for the reduced coupon rate, OCI obtained warrants equivalent to a 5% strip across the group, exercisable on or after June 30, 2025. The warrants are reduced proportionally by the value of any redemption of OCI preferred equity before June 30, 2025.

The warrants provide the Company with exposure to and potential equity appreciation of North Sails based on their financial performance upon exit. The fair value of the warrants is dependent on the financial performance of North Sails. The Company is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants/or achieve its expected future earnings. The maximum risk of loss from counterparty risk to the Company is the fair value of the warrant. The Company considers the effects of counterparty risk when determining the fair value of its warrants.\u00a0\u00a0

Significant 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. The Company has continued to monitor the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 2023, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9% movement in net assets attributable to shareholders (2022: 9.4%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would result in a 8.4% movement in net assets attributable to shareholders.\u00a0

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 of 10% plus average SONIA, 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 2% adjustment to the discount factor applied as reasonable. For the year ending 31 December 2023, a 2% increase to the discount factor would result in a 0% movement in net assets attributable to shareholders (2022: 0.1%). A 2% 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 2023 (2022: 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 2023 and 2022, are as follows:

Level I investments:

Quoted equity securities

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fair value at beginning of year

25,289

\u00a0

39,450

Purchases1

32,752

\u00a0

\u2013

Net change in unrealised gains (losses) on investments

10,729

\u00a0

(14,161)

Fair value of Level I investments at end of year

68,770

\u00a0

25,289

1. As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 and 31 December 2022 quoted (bid) price.

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2023

\u00a0\u00a0\u00a0\u00a0

Fair value at beginning of year

875,774

159,926

\u2013

1,035,700

Purchases

137,266

21,113

147,136

305,515

Proceeds on disposals (including interest)

(267,742)

(176,374)

\u2013

(444,116)

Realised gain on sale

181,212

\u2013

\u2013

181,212

Interest income and other fee income

\u2013

1,433

\u2013

1,433

Net change in unrealised gains (losses) on investments

(138,622)

\u2013

(2,686)

(141,308)

Fair value at end of year

787,888

6,098

144,450

938,436

\u00a0

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2022

\u00a0

\u00a0

\u00a0

\u00a0

Fair value at beginning of year

628,541

130,667

\u2013

759,208

Purchases

224,760

22,362

\u2013

247,122

Proceeds on disposals (including interest)

(205,458)

(7,552)

\u2013

(213,010)

Realised gain on sale

139,297

\u2013

\u2013

139,297

Interest income and other fee income

\u2013

14,449

\u2013

14,449

Net change in unrealised gains (losses) on investments

88,634

\u2013

\u2013

88,634

Fair value at end of year

875,774

159,926

\u2013

1,035,700

\u00a0

Other financial instruments

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value:

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and cash equivalents

207,155

\u00a0

109,848

Trade and other receivables

1,368

\u00a0

729

Trade and other payables

(8,690)

\u00a0

(4,076)

These financial instruments are considered to approximate fair value due to their short-term nature, nominal value alignment and limited credit risk.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-193": { "value": "\n\n
\n
\n \n \n

7. Net gains (losses) from investments at fair value through profit and loss

\n
\n
\n
\n \n
\n
\n

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Net change in unrealised gains (losses) on investments at fair value through profit and loss:

\u00a0\u00a0\u00a0

Funds

(138,622)

\u00a0

88,634

Direct investments

8,043

\u00a0

(14,161)

Total net change in unrealised gains (losses) on investments at fair value through profit and loss

(130,579)

\u00a0

74,473

Net realised gains (losses) on investments at fair value through profit and loss:

\u00a0\u00a0\u00a0

Funds

181,212

\u00a0

139,297

Total net realised gains (losses) on investments at fair value through profit and loss

181,212

\u00a0

139,297

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-194": { "value": " \n\n
\n
\n \n \n

8. Disclosure about fair value of financial instruments

\n
\n
\n
\n \n

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:

  • 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
  • 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)
  • Level III: Inputs that are not based on observable market data. Level III investments include private equity funds, unquoted debt securities and unquoted preferred equity instruments.

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 2023 by the level in the fair value hierarchy into which the fair value measurement is categorised:

\u00a0

Level I

\u00a3\u2019000

Level III

\u00a3\u2019000

Total

\u00a3\u2019000

Funds

\u2013

787,888

787,888

Quoted equity securities

68,770

\u2013

68,770

Unquoted debt securities

\u2013

6,098

6,098

Unquoted preferred equity instruments

\u2013

144,450

144,450

Total investments measured at fair value

68,770

938,436

1,007,206

\u00a0

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:

\u00a0

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

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 2023 or 31 December 2022.

Level III

The Company has determined that Funds and unquoted debt and equity securities fall into Level III due to their lack of observable market data, which necessitates a higher degree of judgement in determining fair value. Funds and unquoted debt and equity 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 2023 include Level III investments in the amount of \u00a3938.44 million, representing approximately 77.75% of shareholders\u2019 equity (2022: \u00a31,035.7 million 88.71%).\u00a0

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 (NAV) 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 ('EV') 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.

The Company has concluded that the unlisted closed-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because:

  • the voting rights in the funds are not dominant rights in deciding who controls them because the rights relate to administrative tasks only;
  • each fund's activities are restricted by its prospectus; and
  • the funds have narrow and well-defined objectives to provide investment opportunities to investors.

The Company\u2019s investments in Private Equity funds are considered to be unconsolidated structured entities. Their nature and purpose is to invest capital on behalf of their limited partners. The funds pursue sector-focused strategies, investing in four key sectors: Technology, Education, Business Services and Consumer. The Company commits to a fixed amount of capital, which may be drawn (and returned) over the life of the fund. The Company pays capital calls when due and receives distributions from the funds, once an asset has been sold. During the year, the Company did not provide financial support and has no intention of providing financial or other support to these unconsolidated structured entities.

As at 31 December 2023, 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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

Origin II

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Touring I

\u20ac\u2019000

Investments

\u2013

61,165

241,803

456,380

328,901

94,705

\u2013

2,928

28,469

Loans

\u2013

\u2013

\u2013

(70,724)

(200,002)

(24,582)

\u2013

\u2013

\u2013

Estimated performance fee accrued

\u2013

(924)

(24,621)

(25,407)

(162)

(3,943)

\u2013

\u2013

\u2013

Other net assets

846

1,497

2,688

5,435

18,095

2,636

3,832

36

9,701

Total value of the Fund attributable to the Company (\u20ac\u2019000)

846

61,738

219,870

365,684

146,832

68,816

3,832

2,964

38,170

Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate

733

53,526

190,627

317,050

127,304

59,662

3,322

2,570

33,094

\u00a0

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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Investments

23,940

48,383

586,655

379,659

172,325

72,552

1,670

Loans

\u2013

\u2013

(17,143)

(75,998)

(92,011)

(27,221)

\u2013

Estimated performance fee accrued

\u2013

\u2013

(86,334)

(19,506)

\u2013

(3,463)

\u2013

Other net assets

(4,776)

3,178

4,627

2,924

15,928

1,107

1,039

Total value of the Fund attributable to the Company (\u20ac\u2019000)

19,164

51,561

487,805

287,079

96,242

42,975

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

85,351

38,111

2,402

\u00a0

The Company records its investments in the Funds at the unadjusted NAV reported by the Funds that 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 as the underlying Funds are unquoted, with the underlying portfolio companies owned by the Funds which may be both quoted and unquoted companies. 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:

  • Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser
  • Comparison of historical realisations to last reported fair values
  • Review of the quarterly financial statements and the annual audited NAV of the respective Fund
  • Consider at each reporting date whether any additional market participant related fair value adjustments may be required to the reported NAV by the Funds. The Company determined that no adjustments were required.

Unquoted debt securities

The fair value of the Company\u2019s debt security to Time Out is 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.

Unquoted preferred equity instruments

It was deemed appropriate to hold the fair value of the Company\u2019s preferred equity instrument in North Sails holding company at par value as at year end. The valuation approach has been supported by a weighted average of the potential outcomes for the instrument which has been reviewed by an independent third-party valuation adviser.

The valuation of the preferred equity instrument is primarily dependent on the financial performance of North Sails and the achievement of revenue and EBITDA growth forecasts supporting enterprise valuations of the company. During the year, North Sails achieved revenue and EBITDA growth of 18% and 32% respectively over the prior year and was one of the largest contributors to OCI NAV growth.

The preferred equity instrument will initially carry a 0% coupon increasing to 5% from January 1, 2025. In return for the reduced coupon rate, OCI obtained warrants equivalent to a 5% strip across the group, exercisable on or after June 30, 2025. The warrants are reduced proportionally by the value of any redemption of OCI preferred equity before June 30, 2025.

The warrants provide the Company with exposure to and potential equity appreciation of North Sails based on their financial performance upon exit. The fair value of the warrants is dependent on the financial performance of North Sails. The Company is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants/or achieve its expected future earnings. The maximum risk of loss from counterparty risk to the Company is the fair value of the warrant. The Company considers the effects of counterparty risk when determining the fair value of its warrants.\u00a0\u00a0

Significant 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. The Company has continued to monitor the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 2023, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9% movement in net assets attributable to shareholders (2022: 9.4%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would result in a 8.4% movement in net assets attributable to shareholders.\u00a0

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 of 10% plus average SONIA, 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 2% adjustment to the discount factor applied as reasonable. For the year ending 31 December 2023, a 2% increase to the discount factor would result in a 0% movement in net assets attributable to shareholders (2022: 0.1%). A 2% 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 2023 (2022: 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 2023 and 2022, are as follows:

Level I investments:

Quoted equity securities

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fair value at beginning of year

25,289

\u00a0

39,450

Purchases1

32,752

\u00a0

\u2013

Net change in unrealised gains (losses) on investments

10,729

\u00a0

(14,161)

Fair value of Level I investments at end of year

68,770

\u00a0

25,289

1. As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 and 31 December 2022 quoted (bid) price.

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2023

\u00a0\u00a0\u00a0\u00a0

Fair value at beginning of year

875,774

159,926

\u2013

1,035,700

Purchases

137,266

21,113

147,136

305,515

Proceeds on disposals (including interest)

(267,742)

(176,374)

\u2013

(444,116)

Realised gain on sale

181,212

\u2013

\u2013

181,212

Interest income and other fee income

\u2013

1,433

\u2013

1,433

Net change in unrealised gains (losses) on investments

(138,622)

\u2013

(2,686)

(141,308)

Fair value at end of year

787,888

6,098

144,450

938,436

\u00a0

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2022

\u00a0

\u00a0

\u00a0

\u00a0

Fair value at beginning of year

628,541

130,667

\u2013

759,208

Purchases

224,760

22,362

\u2013

247,122

Proceeds on disposals (including interest)

(205,458)

(7,552)

\u2013

(213,010)

Realised gain on sale

139,297

\u2013

\u2013

139,297

Interest income and other fee income

\u2013

14,449

\u2013

14,449

Net change in unrealised gains (losses) on investments

88,634

\u2013

\u2013

88,634

Fair value at end of year

875,774

159,926

\u2013

1,035,700

\u00a0

Other financial instruments

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value:

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and cash equivalents

207,155

\u00a0

109,848

Trade and other receivables

1,368

\u00a0

729

Trade and other payables

(8,690)

\u00a0

(4,076)

These financial instruments are considered to approximate fair value due to their short-term nature, nominal value alignment and limited credit risk.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-195": { "value": " \n\n
\n
\n \n \n

8. Disclosure about fair value of financial instruments

\n
\n
\n
\n \n

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:

  • 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
  • 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)
  • Level III: Inputs that are not based on observable market data. Level III investments include private equity funds, unquoted debt securities and unquoted preferred equity instruments.

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 2023 by the level in the fair value hierarchy into which the fair value measurement is categorised:

\u00a0

Level I

\u00a3\u2019000

Level III

\u00a3\u2019000

Total

\u00a3\u2019000

Funds

\u2013

787,888

787,888

Quoted equity securities

68,770

\u2013

68,770

Unquoted debt securities

\u2013

6,098

6,098

Unquoted preferred equity instruments

\u2013

144,450

144,450

Total investments measured at fair value

68,770

938,436

1,007,206

\u00a0

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:

\u00a0

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

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 2023 or 31 December 2022.

Level III

The Company has determined that Funds and unquoted debt and equity securities fall into Level III due to their lack of observable market data, which necessitates a higher degree of judgement in determining fair value. Funds and unquoted debt and equity 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 2023 include Level III investments in the amount of \u00a3938.44 million, representing approximately 77.75% of shareholders\u2019 equity (2022: \u00a31,035.7 million 88.71%).\u00a0

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 (NAV) 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 ('EV') 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.

The Company has concluded that the unlisted closed-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because:

  • the voting rights in the funds are not dominant rights in deciding who controls them because the rights relate to administrative tasks only;
  • each fund's activities are restricted by its prospectus; and
  • the funds have narrow and well-defined objectives to provide investment opportunities to investors.

The Company\u2019s investments in Private Equity funds are considered to be unconsolidated structured entities. Their nature and purpose is to invest capital on behalf of their limited partners. The funds pursue sector-focused strategies, investing in four key sectors: Technology, Education, Business Services and Consumer. The Company commits to a fixed amount of capital, which may be drawn (and returned) over the life of the fund. The Company pays capital calls when due and receives distributions from the funds, once an asset has been sold. During the year, the Company did not provide financial support and has no intention of providing financial or other support to these unconsolidated structured entities.

As at 31 December 2023, 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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

Origin II

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Touring I

\u20ac\u2019000

Investments

\u2013

61,165

241,803

456,380

328,901

94,705

\u2013

2,928

28,469

Loans

\u2013

\u2013

\u2013

(70,724)

(200,002)

(24,582)

\u2013

\u2013

\u2013

Estimated performance fee accrued

\u2013

(924)

(24,621)

(25,407)

(162)

(3,943)

\u2013

\u2013

\u2013

Other net assets

846

1,497

2,688

5,435

18,095

2,636

3,832

36

9,701

Total value of the Fund attributable to the Company (\u20ac\u2019000)

846

61,738

219,870

365,684

146,832

68,816

3,832

2,964

38,170

Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate

733

53,526

190,627

317,050

127,304

59,662

3,322

2,570

33,094

\u00a0

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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Investments

23,940

48,383

586,655

379,659

172,325

72,552

1,670

Loans

\u2013

\u2013

(17,143)

(75,998)

(92,011)

(27,221)

\u2013

Estimated performance fee accrued

\u2013

\u2013

(86,334)

(19,506)

\u2013

(3,463)

\u2013

Other net assets

(4,776)

3,178

4,627

2,924

15,928

1,107

1,039

Total value of the Fund attributable to the Company (\u20ac\u2019000)

19,164

51,561

487,805

287,079

96,242

42,975

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

85,351

38,111

2,402

\u00a0

The Company records its investments in the Funds at the unadjusted NAV reported by the Funds that 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 as the underlying Funds are unquoted, with the underlying portfolio companies owned by the Funds which may be both quoted and unquoted companies. 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:

  • Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser
  • Comparison of historical realisations to last reported fair values
  • Review of the quarterly financial statements and the annual audited NAV of the respective Fund
  • Consider at each reporting date whether any additional market participant related fair value adjustments may be required to the reported NAV by the Funds. The Company determined that no adjustments were required.

Unquoted debt securities

The fair value of the Company\u2019s debt security to Time Out is 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.

Unquoted preferred equity instruments

It was deemed appropriate to hold the fair value of the Company\u2019s preferred equity instrument in North Sails holding company at par value as at year end. The valuation approach has been supported by a weighted average of the potential outcomes for the instrument which has been reviewed by an independent third-party valuation adviser.

The valuation of the preferred equity instrument is primarily dependent on the financial performance of North Sails and the achievement of revenue and EBITDA growth forecasts supporting enterprise valuations of the company. During the year, North Sails achieved revenue and EBITDA growth of 18% and 32% respectively over the prior year and was one of the largest contributors to OCI NAV growth.

The preferred equity instrument will initially carry a 0% coupon increasing to 5% from January 1, 2025. In return for the reduced coupon rate, OCI obtained warrants equivalent to a 5% strip across the group, exercisable on or after June 30, 2025. The warrants are reduced proportionally by the value of any redemption of OCI preferred equity before June 30, 2025.

The warrants provide the Company with exposure to and potential equity appreciation of North Sails based on their financial performance upon exit. The fair value of the warrants is dependent on the financial performance of North Sails. The Company is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants/or achieve its expected future earnings. The maximum risk of loss from counterparty risk to the Company is the fair value of the warrant. The Company considers the effects of counterparty risk when determining the fair value of its warrants.\u00a0\u00a0

Significant 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. The Company has continued to monitor the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 2023, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9% movement in net assets attributable to shareholders (2022: 9.4%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would result in a 8.4% movement in net assets attributable to shareholders.\u00a0

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 of 10% plus average SONIA, 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 2% adjustment to the discount factor applied as reasonable. For the year ending 31 December 2023, a 2% increase to the discount factor would result in a 0% movement in net assets attributable to shareholders (2022: 0.1%). A 2% 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 2023 (2022: 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 2023 and 2022, are as follows:

Level I investments:

Quoted equity securities

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fair value at beginning of year

25,289

\u00a0

39,450

Purchases1

32,752

\u00a0

\u2013

Net change in unrealised gains (losses) on investments

10,729

\u00a0

(14,161)

Fair value of Level I investments at end of year

68,770

\u00a0

25,289

1. As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 and 31 December 2022 quoted (bid) price.

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2023

\u00a0\u00a0\u00a0\u00a0

Fair value at beginning of year

875,774

159,926

\u2013

1,035,700

Purchases

137,266

21,113

147,136

305,515

Proceeds on disposals (including interest)

(267,742)

(176,374)

\u2013

(444,116)

Realised gain on sale

181,212

\u2013

\u2013

181,212

Interest income and other fee income

\u2013

1,433

\u2013

1,433

Net change in unrealised gains (losses) on investments

(138,622)

\u2013

(2,686)

(141,308)

Fair value at end of year

787,888

6,098

144,450

938,436

\u00a0

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2022

\u00a0

\u00a0

\u00a0

\u00a0

Fair value at beginning of year

628,541

130,667

\u2013

759,208

Purchases

224,760

22,362

\u2013

247,122

Proceeds on disposals (including interest)

(205,458)

(7,552)

\u2013

(213,010)

Realised gain on sale

139,297

\u2013

\u2013

139,297

Interest income and other fee income

\u2013

14,449

\u2013

14,449

Net change in unrealised gains (losses) on investments

88,634

\u2013

\u2013

88,634

Fair value at end of year

875,774

159,926

\u2013

1,035,700

\u00a0

Other financial instruments

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value:

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and cash equivalents

207,155

\u00a0

109,848

Trade and other receivables

1,368

\u00a0

729

Trade and other payables

(8,690)

\u00a0

(4,076)

These financial instruments are considered to approximate fair value due to their short-term nature, nominal value alignment and limited credit risk.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-196": { "value": " \n\n
\n
\n \n \n

8. Disclosure about fair value of financial instruments

\n
\n
\n
\n \n

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:

  • 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
  • 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)
  • Level III: Inputs that are not based on observable market data. Level III investments include private equity funds, unquoted debt securities and unquoted preferred equity instruments.

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 2023 by the level in the fair value hierarchy into which the fair value measurement is categorised:

\u00a0

Level I

\u00a3\u2019000

Level III

\u00a3\u2019000

Total

\u00a3\u2019000

Funds

\u2013

787,888

787,888

Quoted equity securities

68,770

\u2013

68,770

Unquoted debt securities

\u2013

6,098

6,098

Unquoted preferred equity instruments

\u2013

144,450

144,450

Total investments measured at fair value

68,770

938,436

1,007,206

\u00a0

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:

\u00a0

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

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 2023 or 31 December 2022.

Level III

The Company has determined that Funds and unquoted debt and equity securities fall into Level III due to their lack of observable market data, which necessitates a higher degree of judgement in determining fair value. Funds and unquoted debt and equity 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 2023 include Level III investments in the amount of \u00a3938.44 million, representing approximately 77.75% of shareholders\u2019 equity (2022: \u00a31,035.7 million 88.71%).\u00a0

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 (NAV) 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 ('EV') 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.

The Company has concluded that the unlisted closed-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because:

  • the voting rights in the funds are not dominant rights in deciding who controls them because the rights relate to administrative tasks only;
  • each fund's activities are restricted by its prospectus; and
  • the funds have narrow and well-defined objectives to provide investment opportunities to investors.

The Company\u2019s investments in Private Equity funds are considered to be unconsolidated structured entities. Their nature and purpose is to invest capital on behalf of their limited partners. The funds pursue sector-focused strategies, investing in four key sectors: Technology, Education, Business Services and Consumer. The Company commits to a fixed amount of capital, which may be drawn (and returned) over the life of the fund. The Company pays capital calls when due and receives distributions from the funds, once an asset has been sold. During the year, the Company did not provide financial support and has no intention of providing financial or other support to these unconsolidated structured entities.

As at 31 December 2023, 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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

Origin II

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Touring I

\u20ac\u2019000

Investments

\u2013

61,165

241,803

456,380

328,901

94,705

\u2013

2,928

28,469

Loans

\u2013

\u2013

\u2013

(70,724)

(200,002)

(24,582)

\u2013

\u2013

\u2013

Estimated performance fee accrued

\u2013

(924)

(24,621)

(25,407)

(162)

(3,943)

\u2013

\u2013

\u2013

Other net assets

846

1,497

2,688

5,435

18,095

2,636

3,832

36

9,701

Total value of the Fund attributable to the Company (\u20ac\u2019000)

846

61,738

219,870

365,684

146,832

68,816

3,832

2,964

38,170

Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate

733

53,526

190,627

317,050

127,304

59,662

3,322

2,570

33,094

\u00a0

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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Investments

23,940

48,383

586,655

379,659

172,325

72,552

1,670

Loans

\u2013

\u2013

(17,143)

(75,998)

(92,011)

(27,221)

\u2013

Estimated performance fee accrued

\u2013

\u2013

(86,334)

(19,506)

\u2013

(3,463)

\u2013

Other net assets

(4,776)

3,178

4,627

2,924

15,928

1,107

1,039

Total value of the Fund attributable to the Company (\u20ac\u2019000)

19,164

51,561

487,805

287,079

96,242

42,975

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

85,351

38,111

2,402

\u00a0

The Company records its investments in the Funds at the unadjusted NAV reported by the Funds that 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 as the underlying Funds are unquoted, with the underlying portfolio companies owned by the Funds which may be both quoted and unquoted companies. 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:

  • Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser
  • Comparison of historical realisations to last reported fair values
  • Review of the quarterly financial statements and the annual audited NAV of the respective Fund
  • Consider at each reporting date whether any additional market participant related fair value adjustments may be required to the reported NAV by the Funds. The Company determined that no adjustments were required.

Unquoted debt securities

The fair value of the Company\u2019s debt security to Time Out is 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.

Unquoted preferred equity instruments

It was deemed appropriate to hold the fair value of the Company\u2019s preferred equity instrument in North Sails holding company at par value as at year end. The valuation approach has been supported by a weighted average of the potential outcomes for the instrument which has been reviewed by an independent third-party valuation adviser.

The valuation of the preferred equity instrument is primarily dependent on the financial performance of North Sails and the achievement of revenue and EBITDA growth forecasts supporting enterprise valuations of the company. During the year, North Sails achieved revenue and EBITDA growth of 18% and 32% respectively over the prior year and was one of the largest contributors to OCI NAV growth.

The preferred equity instrument will initially carry a 0% coupon increasing to 5% from January 1, 2025. In return for the reduced coupon rate, OCI obtained warrants equivalent to a 5% strip across the group, exercisable on or after June 30, 2025. The warrants are reduced proportionally by the value of any redemption of OCI preferred equity before June 30, 2025.

The warrants provide the Company with exposure to and potential equity appreciation of North Sails based on their financial performance upon exit. The fair value of the warrants is dependent on the financial performance of North Sails. The Company is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants/or achieve its expected future earnings. The maximum risk of loss from counterparty risk to the Company is the fair value of the warrant. The Company considers the effects of counterparty risk when determining the fair value of its warrants.\u00a0\u00a0

Significant 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. The Company has continued to monitor the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 2023, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9% movement in net assets attributable to shareholders (2022: 9.4%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would result in a 8.4% movement in net assets attributable to shareholders.\u00a0

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 of 10% plus average SONIA, 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 2% adjustment to the discount factor applied as reasonable. For the year ending 31 December 2023, a 2% increase to the discount factor would result in a 0% movement in net assets attributable to shareholders (2022: 0.1%). A 2% 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 2023 (2022: 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 2023 and 2022, are as follows:

Level I investments:

Quoted equity securities

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fair value at beginning of year

25,289

\u00a0

39,450

Purchases1

32,752

\u00a0

\u2013

Net change in unrealised gains (losses) on investments

10,729

\u00a0

(14,161)

Fair value of Level I investments at end of year

68,770

\u00a0

25,289

1. As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 and 31 December 2022 quoted (bid) price.

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2023

\u00a0\u00a0\u00a0\u00a0

Fair value at beginning of year

875,774

159,926

\u2013

1,035,700

Purchases

137,266

21,113

147,136

305,515

Proceeds on disposals (including interest)

(267,742)

(176,374)

\u2013

(444,116)

Realised gain on sale

181,212

\u2013

\u2013

181,212

Interest income and other fee income

\u2013

1,433

\u2013

1,433

Net change in unrealised gains (losses) on investments

(138,622)

\u2013

(2,686)

(141,308)

Fair value at end of year

787,888

6,098

144,450

938,436

\u00a0

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2022

\u00a0

\u00a0

\u00a0

\u00a0

Fair value at beginning of year

628,541

130,667

\u2013

759,208

Purchases

224,760

22,362

\u2013

247,122

Proceeds on disposals (including interest)

(205,458)

(7,552)

\u2013

(213,010)

Realised gain on sale

139,297

\u2013

\u2013

139,297

Interest income and other fee income

\u2013

14,449

\u2013

14,449

Net change in unrealised gains (losses) on investments

88,634

\u2013

\u2013

88,634

Fair value at end of year

875,774

159,926

\u2013

1,035,700

\u00a0

Other financial instruments

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value:

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and cash equivalents

207,155

\u00a0

109,848

Trade and other receivables

1,368

\u00a0

729

Trade and other payables

(8,690)

\u00a0

(4,076)

These financial instruments are considered to approximate fair value due to their short-term nature, nominal value alignment and limited credit risk.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-197": { "value": " \n\n
\n
\n \n \n

8. Disclosure about fair value of financial instruments

\n
\n
\n
\n \n

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:

  • 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
  • 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)
  • Level III: Inputs that are not based on observable market data. Level III investments include private equity funds, unquoted debt securities and unquoted preferred equity instruments.

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 2023 by the level in the fair value hierarchy into which the fair value measurement is categorised:

\u00a0

Level I

\u00a3\u2019000

Level III

\u00a3\u2019000

Total

\u00a3\u2019000

Funds

\u2013

787,888

787,888

Quoted equity securities

68,770

\u2013

68,770

Unquoted debt securities

\u2013

6,098

6,098

Unquoted preferred equity instruments

\u2013

144,450

144,450

Total investments measured at fair value

68,770

938,436

1,007,206

\u00a0

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:

\u00a0

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

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 2023 or 31 December 2022.

Level III

The Company has determined that Funds and unquoted debt and equity securities fall into Level III due to their lack of observable market data, which necessitates a higher degree of judgement in determining fair value. Funds and unquoted debt and equity 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 2023 include Level III investments in the amount of \u00a3938.44 million, representing approximately 77.75% of shareholders\u2019 equity (2022: \u00a31,035.7 million 88.71%).\u00a0

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 (NAV) 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 ('EV') 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.

The Company has concluded that the unlisted closed-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because:

  • the voting rights in the funds are not dominant rights in deciding who controls them because the rights relate to administrative tasks only;
  • each fund's activities are restricted by its prospectus; and
  • the funds have narrow and well-defined objectives to provide investment opportunities to investors.

The Company\u2019s investments in Private Equity funds are considered to be unconsolidated structured entities. Their nature and purpose is to invest capital on behalf of their limited partners. The funds pursue sector-focused strategies, investing in four key sectors: Technology, Education, Business Services and Consumer. The Company commits to a fixed amount of capital, which may be drawn (and returned) over the life of the fund. The Company pays capital calls when due and receives distributions from the funds, once an asset has been sold. During the year, the Company did not provide financial support and has no intention of providing financial or other support to these unconsolidated structured entities.

As at 31 December 2023, 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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

Origin II

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Touring I

\u20ac\u2019000

Investments

\u2013

61,165

241,803

456,380

328,901

94,705

\u2013

2,928

28,469

Loans

\u2013

\u2013

\u2013

(70,724)

(200,002)

(24,582)

\u2013

\u2013

\u2013

Estimated performance fee accrued

\u2013

(924)

(24,621)

(25,407)

(162)

(3,943)

\u2013

\u2013

\u2013

Other net assets

846

1,497

2,688

5,435

18,095

2,636

3,832

36

9,701

Total value of the Fund attributable to the Company (\u20ac\u2019000)

846

61,738

219,870

365,684

146,832

68,816

3,832

2,964

38,170

Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate

733

53,526

190,627

317,050

127,304

59,662

3,322

2,570

33,094

\u00a0

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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Investments

23,940

48,383

586,655

379,659

172,325

72,552

1,670

Loans

\u2013

\u2013

(17,143)

(75,998)

(92,011)

(27,221)

\u2013

Estimated performance fee accrued

\u2013

\u2013

(86,334)

(19,506)

\u2013

(3,463)

\u2013

Other net assets

(4,776)

3,178

4,627

2,924

15,928

1,107

1,039

Total value of the Fund attributable to the Company (\u20ac\u2019000)

19,164

51,561

487,805

287,079

96,242

42,975

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

85,351

38,111

2,402

\u00a0

The Company records its investments in the Funds at the unadjusted NAV reported by the Funds that 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 as the underlying Funds are unquoted, with the underlying portfolio companies owned by the Funds which may be both quoted and unquoted companies. 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:

  • Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser
  • Comparison of historical realisations to last reported fair values
  • Review of the quarterly financial statements and the annual audited NAV of the respective Fund
  • Consider at each reporting date whether any additional market participant related fair value adjustments may be required to the reported NAV by the Funds. The Company determined that no adjustments were required.

Unquoted debt securities

The fair value of the Company\u2019s debt security to Time Out is 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.

Unquoted preferred equity instruments

It was deemed appropriate to hold the fair value of the Company\u2019s preferred equity instrument in North Sails holding company at par value as at year end. The valuation approach has been supported by a weighted average of the potential outcomes for the instrument which has been reviewed by an independent third-party valuation adviser.

The valuation of the preferred equity instrument is primarily dependent on the financial performance of North Sails and the achievement of revenue and EBITDA growth forecasts supporting enterprise valuations of the company. During the year, North Sails achieved revenue and EBITDA growth of 18% and 32% respectively over the prior year and was one of the largest contributors to OCI NAV growth.

The preferred equity instrument will initially carry a 0% coupon increasing to 5% from January 1, 2025. In return for the reduced coupon rate, OCI obtained warrants equivalent to a 5% strip across the group, exercisable on or after June 30, 2025. The warrants are reduced proportionally by the value of any redemption of OCI preferred equity before June 30, 2025.

The warrants provide the Company with exposure to and potential equity appreciation of North Sails based on their financial performance upon exit. The fair value of the warrants is dependent on the financial performance of North Sails. The Company is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants/or achieve its expected future earnings. The maximum risk of loss from counterparty risk to the Company is the fair value of the warrant. The Company considers the effects of counterparty risk when determining the fair value of its warrants.\u00a0\u00a0

Significant 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. The Company has continued to monitor the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 2023, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9% movement in net assets attributable to shareholders (2022: 9.4%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would result in a 8.4% movement in net assets attributable to shareholders.\u00a0

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 of 10% plus average SONIA, 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 2% adjustment to the discount factor applied as reasonable. For the year ending 31 December 2023, a 2% increase to the discount factor would result in a 0% movement in net assets attributable to shareholders (2022: 0.1%). A 2% 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 2023 (2022: 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 2023 and 2022, are as follows:

Level I investments:

Quoted equity securities

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fair value at beginning of year

25,289

\u00a0

39,450

Purchases1

32,752

\u00a0

\u2013

Net change in unrealised gains (losses) on investments

10,729

\u00a0

(14,161)

Fair value of Level I investments at end of year

68,770

\u00a0

25,289

1. As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 and 31 December 2022 quoted (bid) price.

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2023

\u00a0\u00a0\u00a0\u00a0

Fair value at beginning of year

875,774

159,926

\u2013

1,035,700

Purchases

137,266

21,113

147,136

305,515

Proceeds on disposals (including interest)

(267,742)

(176,374)

\u2013

(444,116)

Realised gain on sale

181,212

\u2013

\u2013

181,212

Interest income and other fee income

\u2013

1,433

\u2013

1,433

Net change in unrealised gains (losses) on investments

(138,622)

\u2013

(2,686)

(141,308)

Fair value at end of year

787,888

6,098

144,450

938,436

\u00a0

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2022

\u00a0

\u00a0

\u00a0

\u00a0

Fair value at beginning of year

628,541

130,667

\u2013

759,208

Purchases

224,760

22,362

\u2013

247,122

Proceeds on disposals (including interest)

(205,458)

(7,552)

\u2013

(213,010)

Realised gain on sale

139,297

\u2013

\u2013

139,297

Interest income and other fee income

\u2013

14,449

\u2013

14,449

Net change in unrealised gains (losses) on investments

88,634

\u2013

\u2013

88,634

Fair value at end of year

875,774

159,926

\u2013

1,035,700

\u00a0

Other financial instruments

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value:

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and cash equivalents

207,155

\u00a0

109,848

Trade and other receivables

1,368

\u00a0

729

Trade and other payables

(8,690)

\u00a0

(4,076)

These financial instruments are considered to approximate fair value due to their short-term nature, nominal value alignment and limited credit risk.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-198": { "value": " \n\n
\n
\n \n \n

8. Disclosure about fair value of financial instruments

\n
\n
\n
\n \n

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:

  • 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
  • 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)
  • Level III: Inputs that are not based on observable market data. Level III investments include private equity funds, unquoted debt securities and unquoted preferred equity instruments.

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 2023 by the level in the fair value hierarchy into which the fair value measurement is categorised:

\u00a0

Level I

\u00a3\u2019000

Level III

\u00a3\u2019000

Total

\u00a3\u2019000

Funds

\u2013

787,888

787,888

Quoted equity securities

68,770

\u2013

68,770

Unquoted debt securities

\u2013

6,098

6,098

Unquoted preferred equity instruments

\u2013

144,450

144,450

Total investments measured at fair value

68,770

938,436

1,007,206

\u00a0

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:

\u00a0

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

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 2023 or 31 December 2022.

Level III

The Company has determined that Funds and unquoted debt and equity securities fall into Level III due to their lack of observable market data, which necessitates a higher degree of judgement in determining fair value. Funds and unquoted debt and equity 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 2023 include Level III investments in the amount of \u00a3938.44 million, representing approximately 77.75% of shareholders\u2019 equity (2022: \u00a31,035.7 million 88.71%).\u00a0

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 (NAV) 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 ('EV') 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.

The Company has concluded that the unlisted closed-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because:

  • the voting rights in the funds are not dominant rights in deciding who controls them because the rights relate to administrative tasks only;
  • each fund's activities are restricted by its prospectus; and
  • the funds have narrow and well-defined objectives to provide investment opportunities to investors.

The Company\u2019s investments in Private Equity funds are considered to be unconsolidated structured entities. Their nature and purpose is to invest capital on behalf of their limited partners. The funds pursue sector-focused strategies, investing in four key sectors: Technology, Education, Business Services and Consumer. The Company commits to a fixed amount of capital, which may be drawn (and returned) over the life of the fund. The Company pays capital calls when due and receives distributions from the funds, once an asset has been sold. During the year, the Company did not provide financial support and has no intention of providing financial or other support to these unconsolidated structured entities.

As at 31 December 2023, 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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

Origin II

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Touring I

\u20ac\u2019000

Investments

\u2013

61,165

241,803

456,380

328,901

94,705

\u2013

2,928

28,469

Loans

\u2013

\u2013

\u2013

(70,724)

(200,002)

(24,582)

\u2013

\u2013

\u2013

Estimated performance fee accrued

\u2013

(924)

(24,621)

(25,407)

(162)

(3,943)

\u2013

\u2013

\u2013

Other net assets

846

1,497

2,688

5,435

18,095

2,636

3,832

36

9,701

Total value of the Fund attributable to the Company (\u20ac\u2019000)

846

61,738

219,870

365,684

146,832

68,816

3,832

2,964

38,170

Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate

733

53,526

190,627

317,050

127,304

59,662

3,322

2,570

33,094

\u00a0

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:

\u00a0

Fund I

\u20ac\u2019000

Fund II

\u20ac\u2019000

Fund III

\u20ac\u2019000

Fund IV

\u20ac\u2019000

Fund V

\u20ac\u2019000

Origin I

\u20ac\u2019000

PROfounders

Fund III

\u20ac\u2019000

Investments

23,940

48,383

586,655

379,659

172,325

72,552

1,670

Loans

\u2013

\u2013

(17,143)

(75,998)

(92,011)

(27,221)

\u2013

Estimated performance fee accrued

\u2013

\u2013

(86,334)

(19,506)

\u2013

(3,463)

\u2013

Other net assets

(4,776)

3,178

4,627

2,924

15,928

1,107

1,039

Total value of the Fund attributable to the Company (\u20ac\u2019000)

19,164

51,561

487,805

287,079

96,242

42,975

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

85,351

38,111

2,402

\u00a0

The Company records its investments in the Funds at the unadjusted NAV reported by the Funds that 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 as the underlying Funds are unquoted, with the underlying portfolio companies owned by the Funds which may be both quoted and unquoted companies. 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:

  • Thorough initial due diligence processes and the Board of Directors performing ongoing monitoring procedures, primarily discussions with the Investment Adviser
  • Comparison of historical realisations to last reported fair values
  • Review of the quarterly financial statements and the annual audited NAV of the respective Fund
  • Consider at each reporting date whether any additional market participant related fair value adjustments may be required to the reported NAV by the Funds. The Company determined that no adjustments were required.

Unquoted debt securities

The fair value of the Company\u2019s debt security to Time Out is 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.

Unquoted preferred equity instruments

It was deemed appropriate to hold the fair value of the Company\u2019s preferred equity instrument in North Sails holding company at par value as at year end. The valuation approach has been supported by a weighted average of the potential outcomes for the instrument which has been reviewed by an independent third-party valuation adviser.

The valuation of the preferred equity instrument is primarily dependent on the financial performance of North Sails and the achievement of revenue and EBITDA growth forecasts supporting enterprise valuations of the company. During the year, North Sails achieved revenue and EBITDA growth of 18% and 32% respectively over the prior year and was one of the largest contributors to OCI NAV growth.

The preferred equity instrument will initially carry a 0% coupon increasing to 5% from January 1, 2025. In return for the reduced coupon rate, OCI obtained warrants equivalent to a 5% strip across the group, exercisable on or after June 30, 2025. The warrants are reduced proportionally by the value of any redemption of OCI preferred equity before June 30, 2025.

The warrants provide the Company with exposure to and potential equity appreciation of North Sails based on their financial performance upon exit. The fair value of the warrants is dependent on the financial performance of North Sails. The Company is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants/or achieve its expected future earnings. The maximum risk of loss from counterparty risk to the Company is the fair value of the warrant. The Company considers the effects of counterparty risk when determining the fair value of its warrants.\u00a0\u00a0

Significant 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. The Company has continued to monitor the ongoing conflict between Russia and Ukraine and, more recently, the conflict in the Middle East which presents a heightened risk to companies operating in the area. The Company can confirm that it has no direct operational or financial exposure to Russia, Ukraine, Israel or Palestine.

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 2023, a 10% increase to the fair value of the unquoted portfolio companies held by the Funds would result in a 9% movement in net assets attributable to shareholders (2022: 9.4%). A 10% decrease to the fair value of the unquoted portfolio companies held by the Funds would result in a 8.4% movement in net assets attributable to shareholders.\u00a0

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 of 10% plus average SONIA, 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 2% adjustment to the discount factor applied as reasonable. For the year ending 31 December 2023, a 2% increase to the discount factor would result in a 0% movement in net assets attributable to shareholders (2022: 0.1%). A 2% 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 2023 (2022: 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 2023 and 2022, are as follows:

Level I investments:

Quoted equity securities

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fair value at beginning of year

25,289

\u00a0

39,450

Purchases1

32,752

\u00a0

\u2013

Net change in unrealised gains (losses) on investments

10,729

\u00a0

(14,161)

Fair value of Level I investments at end of year

68,770

\u00a0

25,289

1. As a result of the liquidation of Oakley Fund I, OCI now has a direct equity holding of 38% of Time Out (previously a 37% beneficial interest through a direct and indirect holding). The shares of Time Out are listed on the London Stock Exchange. The investment in Time Out is carried at the 31 December 2023 and 31 December 2022 quoted (bid) price.

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2023

\u00a0\u00a0\u00a0\u00a0

Fair value at beginning of year

875,774

159,926

\u2013

1,035,700

Purchases

137,266

21,113

147,136

305,515

Proceeds on disposals (including interest)

(267,742)

(176,374)

\u2013

(444,116)

Realised gain on sale

181,212

\u2013

\u2013

181,212

Interest income and other fee income

\u2013

1,433

\u2013

1,433

Net change in unrealised gains (losses) on investments

(138,622)

\u2013

(2,686)

(141,308)

Fair value at end of year

787,888

6,098

144,450

938,436

\u00a0

Level III investments:

Funds

\u00a3\u2019000

Unquoted debt

securities

\u00a3\u2019000

Unquoted equity

instruments

\u00a3\u2019000

Total

\u00a3\u2019000

2022

\u00a0

\u00a0

\u00a0

\u00a0

Fair value at beginning of year

628,541

130,667

\u2013

759,208

Purchases

224,760

22,362

\u2013

247,122

Proceeds on disposals (including interest)

(205,458)

(7,552)

\u2013

(213,010)

Realised gain on sale

139,297

\u2013

\u2013

139,297

Interest income and other fee income

\u2013

14,449

\u2013

14,449

Net change in unrealised gains (losses) on investments

88,634

\u2013

\u2013

88,634

Fair value at end of year

875,774

159,926

\u2013

1,035,700

\u00a0

Other financial instruments

Financial instruments, other than financial instruments at fair value through profit and loss, where carrying values reasonably approximate fair value:

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and cash equivalents

207,155

\u00a0

109,848

Trade and other receivables

1,368

\u00a0

729

Trade and other payables

(8,690)

\u00a0

(4,076)

These financial instruments are considered to approximate fair value due to their short-term nature, nominal value alignment and limited credit risk.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-201": { "value": "207155000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-202": { "value": "109848000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-205": { "value": "\n\n
\n
\n \n \n

9. Segment information

\n
\n
\n
\n \n

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's reportable segments:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

  • Fund investments
  • Direct investments.

Balance sheet and income and expense items that cannot be clearly allocated to one of the segments are shown in the column 'Corporate' 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 has been no transactions between the reportable segments except for fund to direct following Fund I making a in-specie transfer of its shares in Time Out to all its investors, which had the effect of reducing OCI's indirect holding to zero and increasing its direct holding.\u00a0

\u00a0The segment information for the year ended 31 December 2023 is as follows:

\u00a0

Fund

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

181,212

\u2013

181,212

\u2013

181,212

Net change in unrealised gains (losses) on financial assets at\u00a0fair value through profit and\u00a0loss

(138,622)

8,043

(130,579)

\u2013

(130,579)

Interest income

\u2013

1,291

1,291

2,656

3,947

Other income

\u2013

142

142

2,370

2,512

Expenses

\u2013

\u2013

\u2013

(8,001)

(8,001)

Interest expense

\u2013

\u2013

\u2013

(1,603)

(1,603)

Profit (loss) for the year

42,590

9,476

52,066

(4,578)

47,488

Total assets

787,888

219,318

1,007,206

208,523

1,215,729

Total liabilities

\u2013

\u2013

\u2013

(8,690)

(8,690)

Net assets

787,888

219,318

1,007,206

199,833

1,207,039

Total assets include:

\u00a0\u00a0\u00a0\u00a0\u00a0

Financial assets at fair value through profit and loss

787,888

219,318

1,007,206

\u2013

1,007,206

Cash and Other

\u2013

\u2013

\u2013

208,523

208,523

\u00a0

The segment information for the year ended 31 December 2022 is as follows:

\u00a0

Fund

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\u00a0fair value through profit and\u00a0loss

88,634

(14,161)

74,473

\u2013

74,473

Interest income

\u2013

14,206

14,206

261

14,467

Other income

\u2013

243

243

1,499

1,742

Expenses

\u00a0

\u00a0

\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:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

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

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-206": { "value": "

The Company has two reportable segments, as described below. For each of them, the Board of Directors receives detailed reports on at least a quarterly basis. The following summary describes the operations in each of the Company's reportable segments:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Balance sheet and income and expense items that cannot be clearly allocated to one of the segments are shown in the column 'Corporate' 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 has been no transactions between the reportable segments except for fund to direct following Fund I making a in-specie transfer of its shares in Time Out to all its investors, which had the effect of reducing OCI's indirect holding to zero and increasing its direct holding.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-207": { "value": "\n\n
\n
\n \n \n

10. Cash and cash equivalents

\n
\n
\n
\n \n
\n
\n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and demand balances at banks

71,293

\u00a0

109,848

Short-term deposits

135,8621

\u00a0

\u2013

\u00a0

207,155

\u00a0

109,848

1 During the year, the Company deposited \u00a3136 million into short-term deposit accounts with Barclays Bank and Royal Bank of Scotland. The accounts have 30 day withdrawal notice period, and 3.45% and 4.20% interest rates per annum respectively, as at 31 December 2023.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-208": { "value": "\n\n
\n
\n \n \n

10. Cash and cash equivalents

\n
\n
\n
\n \n
\n
\n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Cash and demand balances at banks

71,293

\u00a0

109,848

Short-term deposits

135,8621

\u00a0

\u2013

\u00a0

207,155

\u00a0

109,848

1 During the year, the Company deposited \u00a3136 million into short-term deposit accounts with Barclays Bank and Royal Bank of Scotland. The accounts have 30 day withdrawal notice period, and 3.45% and 4.20% interest rates per annum respectively, as at 31 December 2023.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-209": { "value": "\n\n
\n
\n \n \n

11. Trade and other receivables

\n
\n
\n
\n \n
\n
\n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Prepayments

1,058

\u00a0

419

Amounts due from related parties

310

\u00a0

310

\u00a0

1,368

\u00a0

729

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-210": { "value": "\n\n
\n
\n \n \n

11. Trade and other receivables

\n
\n
\n
\n \n
\n
\n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Prepayments

1,058

\u00a0

419

Amounts due from related parties

310

\u00a0

310

\u00a0

1,368

\u00a0

729

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-211": { "value": "\n\n
\n
\n \n \n

12. Trade and other payables

\n
\n
\n
\n \n
\n
\n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Trade payables

216

\u00a0

37

Amounts due to related parties

8,244

\u00a0

3,768

Other payables

230

\u00a0

271

\u00a0

8,690

\u00a0

4,076

\u00a0

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-212": { "value": "\n\n
\n
\n \n \n

13. Interest income

\n
\n
\n
\n \n
\n
\n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Interest income on investments carried at amortised cost:

\u00a0\u00a0\u00a0

Cash and cash equivalents

2,656

\u00a0

261

Interest income on investments designated as at fair value through profit and loss:

\u00a0\u00a0

\u00a0

Debt securities1

1,291

\u00a0

14,206

\u00a0

3,947

\u00a0

14,467

1. In December 2023, the Company converted loans and accrued interest amounting to \u00a3147m due from various North Sails companies into preferred shares in a newly created North Sails Holding Company. Under the terms of the conversion interest on the loans from 1 January 2023 to the date of conversion was waived. The preferred shares carry a coupon of 0% until 1 January 2025 and 5% thereafter. Additionally, the preferred shares carry warrants of 5% of equity of the North Sails Holding Company, exercisable on or after 30 June 2025. The 5% warrants are reduced proportionately for any preferred share redemptions made before 30 June 2025. The preferred equity and warrants are held at par value which approximates fair value.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-213": { "value": "\n\n
\n
\n \n \n

13. Interest income

\n
\n
\n
\n \n
\n
\n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Interest income on investments carried at amortised cost:

\u00a0\u00a0\u00a0

Cash and cash equivalents

2,656

\u00a0

261

Interest income on investments designated as at fair value through profit and loss:

\u00a0\u00a0

\u00a0

Debt securities1

1,291

\u00a0

14,206

\u00a0

3,947

\u00a0

14,467

1. In December 2023, the Company converted loans and accrued interest amounting to \u00a3147m due from various North Sails companies into preferred shares in a newly created North Sails Holding Company. Under the terms of the conversion interest on the loans from 1 January 2023 to the date of conversion was waived. The preferred shares carry a coupon of 0% until 1 January 2025 and 5% thereafter. Additionally, the preferred shares carry warrants of 5% of equity of the North Sails Holding Company, exercisable on or after 30 June 2025. The 5% warrants are reduced proportionately for any preferred share redemptions made before 30 June 2025. The preferred equity and warrants are held at par value which approximates fair value.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-214": { "value": "\n\n
\n
\n \n \n

14. Expenses

\n
\n
\n
\n \n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Operating expenses

6,001

\u00a0

5,460

Administration fees

230

\u00a0

200

Credit facility fees

1,770

\u00a0

1,359

\u00a0

8,001

\u00a0

7,019

\u00a0

The following expenses are included in operational expenses:

a) Oakley Capital Limited (\u2018the Administrator\u2019) was appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021.

Administration fees for the year ended 31 December 2023 totaled \u00a30.23 million (2022: \u00a30.2 million).

(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 advisers (which includes the Investment Adviser) on behalf of the Company. Such recharges are specifically agreed on an annual basis. For the year ended 31 December 2023, the Administrative Agent recharged \u00a33.43 million (2022: \u00a32.81 million). This increase reflects the additional services provided to OCI as both the entity grows and best practice in risk, compliance and ESG develop.

(c) Directors\u2019 fees

For the year ending 31 December 2023, the Company paid directors\u2019 fees of \u00a30.53 million (2022: \u00a30.47 million) to the Board members. No fees were payable as at 31 December 2023 (2022: none).

The members of the Board of Directors are considered to be Key Management Personnel. No pension contributions were made in respect of any of the Directors and none of the Directors receive any pension from any portfolio company held by the Funds. During the year one of the Directors waived remuneration (2022: one). No other fees were paid to the Directors (2022: \u00a3nil).\u00a0

Please refer to the Remuneration report for further details.

(d) Auditor\u2019s remuneration

The Company\u2019s Auditor is KPMG. During the year ending 31 December 2023, the Company paid KPMG audit fees of \u00a30.17 million (2022: \u00a30.16 million) and non-audit fees of \u00a30.005 million (2022: 0.021 million).

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-215": { "value": "\n\n
\n
\n \n \n

14. Expenses

\n
\n
\n
\n \n
\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Operating expenses

6,001

\u00a0

5,460

Administration fees

230

\u00a0

200

Credit facility fees

1,770

\u00a0

1,359

\u00a0

8,001

\u00a0

7,019

\u00a0

The following expenses are included in operational expenses:

a) Oakley Capital Limited (\u2018the Administrator\u2019) was appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021.

Administration fees for the year ended 31 December 2023 totaled \u00a30.23 million (2022: \u00a30.2 million).

(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 advisers (which includes the Investment Adviser) on behalf of the Company. Such recharges are specifically agreed on an annual basis. For the year ended 31 December 2023, the Administrative Agent recharged \u00a33.43 million (2022: \u00a32.81 million). This increase reflects the additional services provided to OCI as both the entity grows and best practice in risk, compliance and ESG develop.

(c) Directors\u2019 fees

For the year ending 31 December 2023, the Company paid directors\u2019 fees of \u00a30.53 million (2022: \u00a30.47 million) to the Board members. No fees were payable as at 31 December 2023 (2022: none).

The members of the Board of Directors are considered to be Key Management Personnel. No pension contributions were made in respect of any of the Directors and none of the Directors receive any pension from any portfolio company held by the Funds. During the year one of the Directors waived remuneration (2022: one). No other fees were paid to the Directors (2022: \u00a3nil).\u00a0

Please refer to the Remuneration report for further details.

(d) Auditor\u2019s remuneration

The Company\u2019s Auditor is KPMG. During the year ending 31 December 2023, the Company paid KPMG audit fees of \u00a30.17 million (2022: \u00a30.16 million) and non-audit fees of \u00a30.005 million (2022: 0.021 million).

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-216": { "value": "

a) Oakley Capital Limited (\u2018the Administrator\u2019) was appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021.

Administration fees for the year ended 31 December 2023 totaled \u00a30.23 million (2022: \u00a30.2 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-217": { "value": "

(c) Directors\u2019 fees

For the year ending 31 December 2023, the Company paid directors\u2019 fees of \u00a30.53 million (2022: \u00a30.47 million) to the Board members. No fees were payable as at 31 December 2023 (2022: none).

The members of the Board of Directors are considered to be Key Management Personnel. No pension contributions were made in respect of any of the Directors and none of the Directors receive any pension from any portfolio company held by the Funds. During the year one of the Directors waived remuneration (2022: one). No other fees were paid to the Directors (2022: \u00a3nil).\u00a0

Please refer to the Remuneration report for further details.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-218": { "value": "

(d) Auditor\u2019s remuneration

The Company\u2019s Auditor is KPMG. During the year ending 31 December 2023, the Company paid KPMG audit fees of \u00a30.17 million (2022: \u00a30.16 million) and non-audit fees of \u00a30.005 million (2022: 0.021 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-219": { "value": "\n\n
\n
\n \n \n

15. Tax

\n
\n
\n
\n \n
\n
\n

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 2023, the Company was not subjected to foreign withholding taxes (2022: nil).

During 2023, there were discussions between Oakley Capital Investments Limited (\u201cOCI\u201d) and its Bermudian tax advisers regarding the implementation of the Pillar 2 global minimum tax (GloBE) rules integrated into the Corporate Income Tax Act 2023 in Bermuda. The legislation introduces a 15% corporate income tax (\u201cCIT\u201d) that would apply to certain Bermuda Entities. Following the consultation, OCI is not expected to be within the scope of this 15% CIT.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-220": { "value": "\n\n
\n
\n \n \n

16. Earnings per share

\n
\n
\n
\n \n
\n
\n

The earnings per share calculation uses the weighted average number of shares in issue during the year. \u00a0There were no dilutive instruments during the period (2022: nil).

\u00a0

2023

\u00a0

2022

Basic and diluted earnings per share

\u00a30.27

\u00a0

\u00a31.26

Profit for the year (\u2018000)

\u00a347,488

\u00a0

\u00a3222,960

Weighted average number of shares in issue (\u2018000)

176,418

\u00a0

177,518

\u00a0

The Company\u2019s diluted earnings per share equals the basic earnings per share.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-221": { "value": "\n\n
\n
\n \n \n

17. Net Asset Value per share

\n
\n
\n
\n \n

The Net Asset Value per share calculation uses the number of shares in issue at the end of the year.

\u00a0

2023

\u00a0

2022

Basic and diluted Net Asset Value per share

\u00a36.84

\u00a0

\u00a36.62

Net assets attributable to shareholders (\u2018000)

\u00a31,207,039

\u00a0

\u00a31,167,490

Number of shares in issue at year end (\u2018000)

176,418

\u00a0

176,418

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-222": { "value": "6.84", "decimals": 2, "dimensions": { "concept": "oci:BasicNetAssetsPerShare", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ixv-223": { "value": "\n\n
\n
\n \n \n

18. Share capital

\n
\n
\n
\n \n

(a) Authorised and issued capital

The authorised share capital of the Company is 280 million 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. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

During the year ending 31 December 2023, the Company did not undertake any share purchases.

During the year ending 31 December 2022, the Company purchased 2.18 million ordinary shares. The ordinary shares purchased by the Company were cancelled and are available for reissue.

As at 31 December 2023, the Company's issued and fully paid share capital was 176 million ordinary shares (2022: 176 million).

\u00a0

2023

\u2018000\u2019

\u00a0

2022

\u2019000\u2019

Ordinary shares outstanding at the beginning of the year

176,418

\u00a0

178,600

Ordinary shares purchased

\u2013

\u00a0

(2,182)

Ordinary shares outstanding at the end of the year

176,418

\u00a0

176,418

\u00a0

(b) Share premium

Share premium represents the amount received in excess of the nominal value of ordinary shares.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-224": { "value": "\n\n
\n
\n \n \n

18. Share capital

\n
\n
\n
\n \n

(a) Authorised and issued capital

The authorised share capital of the Company is 280 million 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. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

During the year ending 31 December 2023, the Company did not undertake any share purchases.

During the year ending 31 December 2022, the Company purchased 2.18 million ordinary shares. The ordinary shares purchased by the Company were cancelled and are available for reissue.

As at 31 December 2023, the Company's issued and fully paid share capital was 176 million ordinary shares (2022: 176 million).

\u00a0

2023

\u2018000\u2019

\u00a0

2022

\u2019000\u2019

Ordinary shares outstanding at the beginning of the year

176,418

\u00a0

178,600

Ordinary shares purchased

\u2013

\u00a0

(2,182)

Ordinary shares outstanding at the end of the year

176,418

\u00a0

176,418

\u00a0

(b) Share premium

Share premium represents the amount received in excess of the nominal value of ordinary shares.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-225": { "value": "\n\n
\n
\n \n \n

19. Dividends

\n
\n
\n
\n \n
\n
\n

On 17 March 2023, the Board of Directors declared a final dividend for 2022 of 2.25 pence per ordinary share, resulting in a dividend of \u00a33.97 million paid on 5 April 2023 (2022: 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 \u00a34.02 million paid on 14 April 2022).

On 22 September 2023, the Board of Directors declared an interim dividend of 2.25 pence per ordinary share resulting in a dividend of \u00a33.97 million paid on 6 October 2023 (2022: On 23 September 2022, the Board of Directors declared an interim dividend of 2.25 pence per ordinary share resulting in a dividend of \u00a33.97 million paid on 13 October 2022).\u00a0

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-226": { "value": "\n\n
\n
\n \n \n

20. Commitments

\n
\n
\n
\n \n
\n
\n

The Company had the following outstanding capital commitments in euros as at period end:

\u00a0

Original

commitment

\u20ac\u2019000

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Fund I and Fund II

392,398

\u00a0

16,134

\u00a0

16,134

Fund III

325,780

\u00a0

50,496

\u00a0

50,496

Fund IV

400,000

\u00a0

125,000

\u00a0

180,000

Fund V

800,000

\u00a0

654,265

\u00a0

685,061

Origin I

129,300

\u00a0

65,297

\u00a0

89,216

Origin II

190,000

\u00a0

184,300

\u00a0

\u2013

PROfounders Fund III

30,000

\u00a0

25,541

\u00a0

26,456

Touring I

91,590

\u00a0

50,051

\u00a0

\u2013

Total outstanding commitments (\u20ac\u2019000)

2,359,068

\u00a0

1,171,084

\u00a0

1,047,363

Total outstanding commitments (\u00a3\u2019000)

2,045,316

\u00a0

1,015,332

\u00a0

928,802

\u00a0

The Company had the following outstanding unquoted debt security commitments at period end:

\u00a0

Original

commitment

\u00a3\u2019000

\u00a0

2023

\u00a3\u2019000

\u00a0

2022

\u00a3\u2019000

Time Out

5,254

\u00a0

\u2013

\u00a0

3,000

Total outstanding commitments (\u00a3\u2019000)

5,254

\u00a0

\u2013

\u00a0

3,000

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-227": { "value": "\n\n
\n
\n \n \n

21. Borrowings

\n
\n
\n
\n \n
\n
\n

During the year, the Company drew down on the revolving credit facility and repaid it in full. In June 2023, OCI extended the RCF for a further two years and increased commitments from lenders to \u00a3175 million. There is an option to increase the commitments by a further \u00a350 million subject to agreement by all parties.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-228": { "value": "\n\n
\n
\n \n \n

22. Related parties

\n
\n
\n
\n \n
\n
\n

Related parties transactions not disclosed elsewhere in the Consolidated Financial Statement are as follows:

One Director of the Company, Peter Dubens, is also a director of the Investment Adviser, an entity that provides services to, and receives compensation from, the Company. The agreements between the Company and these service providers are based on normal commercial terms as disclosed in the 2023 Annual Report.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-229": { "value": "\n\n
\n
\n \n \n

22. Related parties

\n
\n
\n
\n \n
\n
\n

Related parties transactions not disclosed elsewhere in the Consolidated Financial Statement are as follows:

One Director of the Company, Peter Dubens, is also a director of the Investment Adviser, an entity that provides services to, and receives compensation from, the Company. The agreements between the Company and these service providers are based on normal commercial terms as disclosed in the 2023 Annual Report.

\n
\n

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-230": { "value": "\n\n
\n
\n \n \n

23. Events after balance sheet date

\n
\n
\n
\n \n

The Board of Directors has evaluated subsequent events from the year end through to 13 March 2024, which is the date the annual consolidated financial statements were available for issue. The following event has been identified for disclosure:

Dividends

On 12 March 2024, the Board of Directors approved a final dividend of 2.25 pence per share in respect of the financial year ended 31 December 2023. This is due to be paid on 26 April 2024 to shareholders registered on or before 22 March 2024. The ex-dividend date is 21 March 2024.

\u00a0

\n\n
\n ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ixv-231": { "value": "

5th Floor
11 Bermudiana Road
Pembroke HM 08
Bermuda

", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }