The Consolidated Financial Statements of Oakley Capital Investments Limited (registration number: 40324) were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on their behalf by:
Caroline Foulger Director
Richard Lightowler Director
Fund group name | Country of establishment | Limited partnerships included |
|---|---|---|
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 Oakley Capital Origin II-C 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 B SCSp Oakley Touring Venture C SCSp |
The Board of Directors have assessed if it is appropriate to adopt the going concern basis of accounting in preparing these Consolidated Financial Statements. As part of this assessment, the Board of Directors have considered a wide range of information relating to the present and future conditions, as well as the impact on investment and sale expectations for each of the Oakley 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 2024, cash and cash equivalents of the Company amount to \u00a3103 million. The Company has total unfunded capital commitments of \u00a3646 million relating to the Oakley Funds which 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 \u00a3306 million for the year ending 31 December 2024. As of 31\u00a0December 2024, the Company had drawn down \u00a3106 million including accrued interest of the \u00a3225 million facility. 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 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-151": { "value": "The Board of Directors have assessed if it is appropriate to adopt the going concern basis of accounting in preparing these Consolidated Financial Statements. As part of this assessment, the Board of Directors have considered a wide range of information relating to the present and future conditions, as well as the impact on investment and sale expectations for each of the Oakley 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 2024, cash and cash equivalents of the Company amount to \u00a3103 million. The Company has total unfunded capital commitments of \u00a3646 million relating to the Oakley Funds which 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 \u00a3306 million for the year ending 31 December 2024. As of 31\u00a0December 2024, the Company had drawn down \u00a3106 million including accrued interest of the \u00a3225 million facility. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-152": { "value": "The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards (IFRS), and the Bermuda Companies Act 1981 (as amended).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-153": { "value": "The Consolidated Financial Statements are presented in British pounds, which is the Company's functional currency.
Transactions in currencies other than British pounds are recorded at the spot 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 closing spot rates prevailing on the reporting date. Non-monetary assets and liabilities that are measured at fair value in foreign currencies are also translated into EUR at the spot exchange rate at the reporting date. Capital drawdowns and proceeds of distributions from the Oakley Funds and foreign currencies and income and expense items denominated in foreign currencies are translated into British pounds at the exchange rate on the respective dates of such transactions.
Foreign exchange gains and losses on other monetary assets and liabilities are recognised in net foreign currency gains and losses in the consolidated statement of comprehensive income.
The Company does not isolate unrealised or realised foreign exchange gains and losses arising from changes in the fair value of investments. All such foreign exchange gains and losses are included with the net realised and unrealised gains or losses on investments in the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-154": { "value": "The Consolidated Financial Statements are presented in British pounds, which is the Company's functional currency.
Transactions in currencies other than British pounds are recorded at the spot 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 closing spot rates prevailing on the reporting date. Non-monetary assets and liabilities that are measured at fair value in foreign currencies are also translated into EUR at the spot exchange rate at the reporting date. Capital drawdowns and proceeds of distributions from the Oakley Funds and foreign currencies and income and expense items denominated in foreign currencies are translated into British pounds at the exchange rate on the respective dates of such transactions.
Foreign exchange gains and losses on other monetary assets and liabilities are recognised in net foreign currency gains and losses in the consolidated statement of comprehensive income.
The Company does not isolate unrealised or realised foreign exchange gains and losses arising from changes in the fair value of investments. All such foreign exchange gains and losses are included with the net realised and unrealised gains or losses on investments in the consolidated statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-155": { "value": "\n\nFund investments \u00a3\u2019000 | Direct investments and unquoted debt securities \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 | (41,966) | \u2013 | (41,966) | \u2013 | (41,966) |
Net change in unrealised gains (losses) on financial assets at fair value through profit and loss | 73,130 | 7,234 | 80,364 | \u2013 | 80,364 |
Interest income | \u2013 | 699 | 699 | 3,957 | 4,656 |
Net foreign currency gain (losses) | \u2013 | \u2013 | \u2013 | (1,175) | (1,175) |
Expenses | \u2013 | \u2013 | \u2013 | (7,887) | (7,887) |
Interest expense | \u2013 | \u2013 | \u2013 | (7,136) | (7,136) |
Profit (loss) for the year | 31,164 | 7,933 | 39,097 | (12,241) | 26,856 |
Total assets | 997,715 | 231,021 | 1,228,736 | 104,092 | 1,332,828 |
Total liabilities | \u2013 | \u2013 | \u2013 | (106,872) | (106,872) |
Net assets | 997,715 | 231,021 | 1,228,736 | (2,780) | 1,225,956 |
Total assets include: |
|
|
|
|
|
Financial assets at fair value through profit and loss | 997,715 | 231,021 | 1,228,736 | \u2013 | 1,228,736 |
Cash and Other | \u2013 | \u2013 | \u2013 | 104,902 | 104,902 |
Fund investments \u00a3\u2019000 | Direct investments and unquoted debt securities \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 fair value through profit and loss | (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: | |||||
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
\n\nThe 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:
Balance sheet and income and expense items which cannot be clearly allocated to one of the segments are shown in the column \u2018Corporate\u2019 in the following tables.
The reportable operating segments derive their revenue primarily by seeking investments to achieve an attractive return in relation to the risk being taken. The return consists of interest, dividends and/or unrealised and realised capital gains.
The financial information provided to the Board of Directors with respect to total assets and liabilities is presented in a manner consistent with the Consolidated Financial Statements. The assessment of the performance of the operating segments is based on measurements consistent with IFRS. With the exception of capital calls payable, liabilities are not considered to be segment liabilities but rather managed at the corporate level.
There have been no transactions between the reportable segments during the financial year 2024 (2023: transfer from fund investment to direct investment following Fund I making an 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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-157": { "value": "\n\nSeveral amendments and interpretations apply for the first time effective 1 January 2024 but do not have a material effect on the Company\u2019s Consolidated Financial Statements and did not require retrospective adjustments.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-159": { "value": "Several amendments and interpretations apply for the first time effective 1 January 2024 but do not have a material effect on the Company\u2019s Consolidated Financial Statements and did not require retrospective adjustments.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-161": { "value": "The Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and other events in similar circumstances. The Consolidated Financial Statements include the financial statements of the Company and its wholly owned subsidiary, after the elimination of all significant intercompany balances and transactions.
IFRS 10 exempts investment entities from consolidating controlled investees.
The Company meets the definition of an investment entity, as the following conditions are met:
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 investment entity. OCI Financing (Bermuda) Limited is considered a wholly owned subsidiary because it provides financing services to the Company and does not qualify itself as an investment entity under IFRS 10. The Oakley 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 Oakley Funds and the Direct Investments.
As of 31 December 2024, the Company\u2019s Limited Partner ownership in the Oakley Funds are:
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 investment entity. OCI Financing (Bermuda) Limited is considered a wholly owned subsidiary because it provides financing services to the Company and does not qualify itself as an investment entity under IFRS 10. The Oakley 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 Oakley Funds and the Direct Investments.
As of 31 December 2024, the Company\u2019s Limited Partner ownership in the Oakley Funds are:
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.
Financial assets held at fair value through profit and loss are recognised initially on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. Financial assets held at fair value through profit and loss are recognised initially at fair value, with transaction costs recognised in profit or loss.
Net gains and losses from financial assets held at fair value through profit and loss include all realised and unrealised fair value changes and foreign exchange differences and are included in the consolidated statement of comprehensive income in the period in which they arise.
Quoted investments are subsequently carried at fair value. Fair value is measured using the last reported sales price, where the last reported sales price falls within the bid-ask spread. In circumstances where the last reported sales price is not within the bid\u2010ask spread, the Board of Directors, in consultation with Oakley Capital Limited (the 'Investment\u00a0Adviser/'Administrative\u00a0Agent'), will determine the point within the bid-ask spread that is most representative of fair value.
Unquoted investments, including both equities and debt, 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.
The Company derecognises regular-way sales of financial assets using trade-date accounting. Or, if the Company transfers the rights, to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. 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. Any gains or losses recognised are considered unrealised until the full cost value of the investment in the Fund has been returned to the Company. Any subsequent distributions from the Funds are then considered realised gains.
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.
Trade receivables are recognised at fair value less any impairment. Other receivables are measured initially at fair value and are measured subsequently at amortised cost using the effective interest method less any impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-164": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-165": { "value": "Financial assets held at fair value through profit and loss are recognised initially on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. Financial assets held at fair value through profit and loss are recognised initially at fair value, with transaction costs recognised in profit or loss.
Net gains and losses from financial assets held at fair value through profit and loss include all realised and unrealised fair value changes and foreign exchange differences and are included in the consolidated statement of comprehensive income in the period in which they arise.
Quoted investments are subsequently carried at fair value. Fair value is measured using the last reported sales price, where the last reported sales price falls within the bid-ask spread. In circumstances where the last reported sales price is not within the bid\u2010ask spread, the Board of Directors, in consultation with Oakley Capital Limited (the 'Investment\u00a0Adviser/'Administrative\u00a0Agent'), will determine the point within the bid-ask spread that is most representative of fair value.
Unquoted investments, including both equities and debt, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-166": { "value": "The Company derecognises regular-way sales of financial assets using trade-date accounting. Or, if the Company transfers the rights, to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. 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. Any gains or losses recognised are considered unrealised until the full cost value of the investment in the Fund has been returned to the Company. Any subsequent distributions from the Funds are then considered realised gains.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-167": { "value": "Cash and cash equivalents include deposits held on call with banks and other short-term deposits. The Company considers all short-term deposits with an original maturity of 90 days or less as equivalent to cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-168": { "value": "Trade receivables are recognised at fair value less any impairment. Other receivables are measured initially at fair value and are measured subsequently at amortised cost using the effective interest method less any impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-169": { "value": "Trade and other payables are initially recognised at fair value and are subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-170": { "value": "Interest income on unquoted debt securities held at fair value through profit and loss is calculated using the effective interest method. It is accrued on a time-proportionate basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that discounts estimated future cash receipts over the expected life of the debt security to its net carrying amount on initial recognition. Interest income is recognised gross of withholding tax, if any. Interest income on unquoted debt securities is recognised as a separate line item in the consolidated statement of comprehensive income and classified within operating activities in the consolidated statement of cash flows.
Interest expense is recognised as a non-operating expense in the consolidated statement of comprehensive income and is calculated using the effective interest rate method. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-171": { "value": "Expenses are recognised on the accruals basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-172": { "value": "Ordinary shares issued by the Company are recognised based on the proceeds or fair value received or receivable, with the excess of the amount received over their nominal value being credited to the share premium account. Direct issue costs are deducted from equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-173": { "value": "The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share are calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share are determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all potentially dilutive ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-174": { "value": "Borrowings are recognised as liabilities in the consolidated 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-175": { "value": "\n\n\u00a0
\n\n2024 % of net assets | 2023 % of net assets | |
|---|---|---|
| Equity investments | ||
Exchange-traded equity investments | 5.7% | 5.7% |
| Unquoted Oakley Funds | 81.4% | 65.3% |
| Unquoted equity investments | 12.6% | 11.8% |
Total equity investments | 99.7% | 82.8% |
| Debt securities |
|
|
| Unquoted debt securities | 0.6% | 0.5% |
Total debt securities | 0.6% | 0.5% |
Total investment assets | 100.3% | 83.3% |
2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
Total \u00a3'000s | Within one year \u00a3'000s | More than one year \u00a3'000s | Total \u00a3'000s | Within one year \u00a3'000s | More than one year \u00a3'000s | ||
Exposure to floating rates | |||||||
Unquoted debt security | 6,797 | 833 | 5,964 | 6,098 | 844 | 5,254 | |
Borrowings | (105,638) | (105,638) | \u2013 | \u2013 | \u2013 | \u2013 | |
Cash and deposits | 103,358 | 103,358 | \u2013 | 207,155 | 207,155 | \u2013 | |
Net exposures | |||||||
At year end | 4,517 | (1,447) | 5,964 | 213,253 | 207,999 | 5,254 | |
Maximum in year | 4,902 | (1,014) | 5,916 | 214,931 | 209,832 | 5,099 | |
Minimum in year | 4,146 | (1,879) | 6,025 | 211,547 | 206,162 | 5,385 |
2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
Total \u00a3'000s | Exposure to floating interest rates | Fixed interest rates \u00a3'000s | Total \u00a3'000s | Exposure to floating interest rates | Fixed interest rates \u00a3'000s | ||
Maximum in year | 2,099 | 2,099 | \u2013 | 214,931 | 214,931 | \u2013 | |
Minimum in year | 4,146 | 4,146 | \u2013 | 211,547 | 211,547 | \u2013 |
EUR | USD | GBP | SEK | DKK | |
|---|---|---|---|---|---|
Indirect Investments (GBP \u00a3\u2019000) | 649,959 | 211,288 | 338,681 | 160 | 1,276 |
OCI Share of Fund Facilities (GBP \u00a3\u2019000) | (36,676) | (45,138) | (154,534) | \u2013 | \u2013 |
OCI Share of Other Assets and Liabilities (GBP \u00a3\u2019000) | 29,588 | 3,109 | \u2013 | \u2013 | \u2013 |
Direct Investments (GBP \u00a3\u2019000) | - | 154,141 | 70,083 | \u2013 | \u2013 |
Cash (GBP \u00a3\u2019000) | 98,541 | 3,352 | 1,465 | \u2013 | \u2013 |
Credit facility (GBP \u00a3\u2019000) | (105,638) | ||||
Direct Loans (GBP \u00a3\u2019000) | \u2013 | \u2013 | 6,797 | \u2013 | \u2013 |
Debtors, Creditors and Other Assets (\u00a3\u2019000) | (1,190) | \u2013 | 690 | \u2013 | \u2013 |
Total exposure (GBP \u00a3\u2019000) | 634,584 | 326,752 | 263,182 | 160 | 1,276 |
Percentage exposure | 51.8% | 26.7% | 21.5% | 0.0% | 0.1% |
EUR | USD | GBP | SEK | DKK | |
|---|---|---|---|---|---|
Total exposure (GBP \u00a3\u2019000) | 634,584 | 326,752 | 263,182 | 160 | 1,276 |
Implied FX to GBP | 1.2097 | 1.2521 | 1.0000 | 13.8607 | 9.0210 |
Total exposure local currency (000) | 767,656 | 409,126 | 263,182 | 2,218 | 11,511 |
Adjustments to FX rate of 100bps | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Adjusted FX rate | 1.2197 | 1.2621 | 1.0000 | 13.8707 | 9.0310 |
Adjusted total exposure (GBP \u00a3\u2019000) | 629,381 | 324,163 | 263,182 | 160 | 1,275 |
Impact on profit or loss (GBP \u00a3\u2019000) | 5,203 | 2,589 | \u2013 | \u2013 | 1 |
\u00a0
\n\nThe Board of Directors, the Company\u2019s Risk Committee (the 'Risk Committee') and the Investment Adviser attribute great importance to professional risk management, proper understanding and negotiation of appropriate terms and conditions and active monitoring, including a thorough analysis of reports and financial statements and ongoing review of investments made. The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy, and has established processes to monitor and control the economic impact of these risks. The Investment Adviser provides the Board of Directors with recommendations as to the Company\u2019s asset allocation and annual investment levels that are consistent with the Company\u2019s objectives. The Risk Committee reviews and agrees policies for managing the risks.
The Company has exposures to the following risks from financial instruments: credit risk, liquidity risk and market risk (including interest rate risk, currency risk and price risk). The Company\u2019s overall risk management process focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company\u2019s financial performance.
During the 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 three core categories, summarised in our Principal risks and uncertainties section.
", "dimensions": { "concept": "oci:DisclosureOfIntroductionAndOverviewForFinancialRiskManagement", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-179": { "value": "The Company is subject to credit risk on its unquoted investments and cash. The majority of the Company\u2019s cash balances were held with Barclays and Royal Bank of Scotland, with a minority also held with HSBC and Butterfield Bank. Barclays and Royal Bank of Scotland are rated A1. HSBC and Butterfield Bank are rated at A3 by Moody\u2019s (2023: Barclays, Royal Bank of Scotland and HSBC are rated A1 and Butterfiled Bank was rated 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.
OCI has a direct loan to Time Out of \u00a36.8 million and the Investment Adviser continues to monitor the risks arising from this position. As at 31 December 2024, the Loan held was not overdue or impaired. OCI mitigates credit risk on its loan to Time Out Group PLC (0.55% of NAV) through continuous monitoring of the company's performance and liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-180": { "value": "Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or another financial asset, or that such obligations will have to be settled in a manner disadvantageous to the Company. The Company, with advice from the Investment Adviser, manages liquidity through reviews of detailed cash flow projections which estimate the timing and quanta of outflows, including capital calls, and inflows from disposals of portfolio companies held within the Oakley Funds which aim to avoid undue risk of illiquidity.\u00a0
The unfunded commitments to the Oakley Funds are irrevocable and can exceed cash and cash equivalents available to the Company. Based on current cash flow projections and barring unforeseen events, the Company expects to be able to honour all capital calls by the Oakley Funds. To facilitate the funding of future commitments, the Company expanded its \u00a3175 million credit facility to a total committed lending of \u00a3225 million for a two-year term. The credit facility has a total withdrawn balance of \u00a3106 million, including accrued interest, as at 31 December 2024. The Board of Directors\u2019 assessment of liquidity risk is further detailed in Note 2.
The majority of the investments held by the Company are in Funds which are unquoted and subject to specific restrictions on transferability and disposal. Consequently, the risk exists that the Company might not be able to readily dispose of its holdings at the time of its choosing and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-181": { "value": "2024 % of net assets | 2023 % of net assets | |
|---|---|---|
| Equity investments | ||
Exchange-traded equity investments | 5.7% | 5.7% |
| Unquoted Oakley Funds | 81.4% | 65.3% |
| Unquoted equity investments | 12.6% | 11.8% |
Total equity investments | 99.7% | 82.8% |
| Debt securities |
|
|
| Unquoted debt securities | 0.6% | 0.5% |
Total debt securities | 0.6% | 0.5% |
Total investment assets | 100.3% | 83.3% |
2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
Total \u00a3'000s | Within one year \u00a3'000s | More than one year \u00a3'000s | Total \u00a3'000s | Within one year \u00a3'000s | More than one year \u00a3'000s | ||
Exposure to floating rates | |||||||
Unquoted debt security | 6,797 | 833 | 5,964 | 6,098 | 844 | 5,254 | |
Borrowings | (105,638) | (105,638) | \u2013 | \u2013 | \u2013 | \u2013 | |
Cash and deposits | 103,358 | 103,358 | \u2013 | 207,155 | 207,155 | \u2013 | |
Net exposures | |||||||
At year end | 4,517 | (1,447) | 5,964 | 213,253 | 207,999 | 5,254 | |
Maximum in year | 4,902 | (1,014) | 5,916 | 214,931 | 209,832 | 5,099 | |
Minimum in year | 4,146 | (1,879) | 6,025 | 211,547 | 206,162 | 5,385 |
2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
Total \u00a3'000s | Exposure to floating interest rates | Fixed interest rates \u00a3'000s | Total \u00a3'000s | Exposure to floating interest rates | Fixed interest rates \u00a3'000s | ||
Maximum in year | 2,099 | 2,099 | \u2013 | 214,931 | 214,931 | \u2013 | |
Minimum in year | 4,146 | 4,146 | \u2013 | 211,547 | 211,547 | \u2013 |
EUR | USD | GBP | SEK | DKK | |
|---|---|---|---|---|---|
Indirect Investments (GBP \u00a3\u2019000) | 649,959 | 211,288 | 338,681 | 160 | 1,276 |
OCI Share of Fund Facilities (GBP \u00a3\u2019000) | (36,676) | (45,138) | (154,534) | \u2013 | \u2013 |
OCI Share of Other Assets and Liabilities (GBP \u00a3\u2019000) | 29,588 | 3,109 | \u2013 | \u2013 | \u2013 |
Direct Investments (GBP \u00a3\u2019000) | - | 154,141 | 70,083 | \u2013 | \u2013 |
Cash (GBP \u00a3\u2019000) | 98,541 | 3,352 | 1,465 | \u2013 | \u2013 |
Credit facility (GBP \u00a3\u2019000) | (105,638) | ||||
Direct Loans (GBP \u00a3\u2019000) | \u2013 | \u2013 | 6,797 | \u2013 | \u2013 |
Debtors, Creditors and Other Assets (\u00a3\u2019000) | (1,190) | \u2013 | 690 | \u2013 | \u2013 |
Total exposure (GBP \u00a3\u2019000) | 634,584 | 326,752 | 263,182 | 160 | 1,276 |
Percentage exposure | 51.8% | 26.7% | 21.5% | 0.0% | 0.1% |
EUR | USD | GBP | SEK | DKK | |
|---|---|---|---|---|---|
Total exposure (GBP \u00a3\u2019000) | 634,584 | 326,752 | 263,182 | 160 | 1,276 |
Implied FX to GBP | 1.2097 | 1.2521 | 1.0000 | 13.8607 | 9.0210 |
Total exposure local currency (000) | 767,656 | 409,126 | 263,182 | 2,218 | 11,511 |
Adjustments to FX rate of 100bps | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Adjusted FX rate | 1.2197 | 1.2621 | 1.0000 | 13.8707 | 9.0310 |
Adjusted total exposure (GBP \u00a3\u2019000) | 629,381 | 324,163 | 263,182 | 160 | 1,275 |
Impact on profit or loss (GBP \u00a3\u2019000) | 5,203 | 2,589 | \u2013 | \u2013 | 1 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Operating expenses | 1,167 | 1,875 | |
Administrator fees | 280 | 230 | |
Recharged expenses | 3,420 | 3,428 | |
Directors\u2019 fees | 414 | 528 | |
Auditor\u2019s remuneration | 190 | 170 | |
Credit facility fees | 2,416 | 1,770 | |
7,887 | 8,001 |
\u00a0
\n\n2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Operating expenses | 1,167 | 1,875 | |
Administrator fees | 280 | 230 | |
Recharged expenses | 3,420 | 3,428 | |
Directors\u2019 fees | 414 | 528 | |
Auditor\u2019s remuneration | 190 | 170 | |
Credit facility fees | 2,416 | 1,770 | |
7,887 | 8,001 |
\u00a0
\n\n2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Operating expenses | 1,167 | 1,875 | |
Administrator fees | 280 | 230 | |
Recharged expenses | 3,420 | 3,428 | |
Directors\u2019 fees | 414 | 528 | |
Auditor\u2019s remuneration | 190 | 170 | |
Credit facility fees | 2,416 | 1,770 | |
7,887 | 8,001 |
The Company\u2019s Auditor is KPMG Audit Limited (\"KPMG\"). During the year ended 31 December 2024, the Company paid KPMG audit fees of \u00a30.17 million (2023: \u00a30.17 million) and non-audit fees of \u00a30.02 million (2023: \u00a30.005 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-195": { "value": "2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Operating expenses | 1,167 | 1,875 | |
Administrator fees | 280 | 230 | |
Recharged expenses | 3,420 | 3,428 | |
Directors\u2019 fees | 414 | 528 | |
Auditor\u2019s remuneration | 190 | 170 | |
Credit facility fees | 2,416 | 1,770 | |
7,887 | 8,001 |
Oakley Capital Limited (\u2018the Administrator\u2019) was appointed by the Company to provide administration services at prevailing commercial rates from 1 July 2021.
Administrator fees for the year ended 31 December 2024 totalled \u00a30.28 million (2023: \u00a30.23 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-197": { "value": "For the year ending 31 December 2024, the Company paid Directors\u2019 fees of \u00a30.41 million (2023: \u00a30.53 million) to the Board members. No fees were payable as at 31 December 2024 (2023: 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 Oakley Funds. During the year one of the Directors waived remuneration (2023: one). No other fees were paid to the Directors (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800KW6MZUK12CQ815", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-199": { "value": "\n\n2023 fair value \u00a3\u2019000 | Purchases/ capital calls \u00a3\u2019000 | Total sales*/ distributions \u00a3'000 | Realised gains/(losses)** \u00a3'000 | Interest and other \u00a3'000 | Net change in unrealised gains/(losses)*** \u00a3'000 | 2024 fair value \u00a3'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund I | 733 | \u2013 | (733) | \u2013 | \u2013 | \u2013 | \u2013 |
Fund II | 53,526 | 1,288 | \u2013 | (2,307) | \u2013 | 1,597 | 54,104 |
Fund III | 190,627 | 3,310 | (54,561) | (3,299) | \u2013 | (1,700) | 134,377 |
Fund IV | 317,050 | 29,328 | (95,131) | (4,603) | \u2013 | 13,142 | 259,786 |
Fund V | 127,304 | 244,906 | \u2013 | (20,515) | \u2013 | 48,724 | 400,419 |
Origin I | 59,662 | 31,271 | \u2013 | (2,972) | \u2013 | 4,244 | 92,205 |
Origin II | 3,322 | 4,831 | \u2013 | (5,205) | \u2013 | 1,422 | 4,370 |
PROfounders III | 2,570 | 3,219 | \u2013 | (729) | \u2013 | 21 | 5,081 |
Touring I | 33,094 | 10,935 | \u2013 | (2,336) | \u2013 | 5,680 | 47,373 |
Total Oakley Funds | 787,888 | 329,088 | (150,425) | (41,966) | \u2013 | 73,130 | 997,715 |
Quoted equity securities |
|
|
|
|
|
|
|
Time Out | 68,770 | 3,770 | \u2013 | \u2013 | \u2013 | (2,457) | 70,083 |
Total quoted equity securities | 68,770 | 3,770 | \u2013 | \u2013 | \u2013 | (2,457) | 70,083 |
Unquoted debt securities |
|
|
|
|
|
|
|
Time Out | 6,098 | \u2013 | \u2013 | \u2013 | 699 | \u2013 | 6,797 |
Total unquoted debt securities | 6,098 | \u2013 | \u2013 | \u2013 | 699 | \u2013 | 6,797 |
Unquoted ordinary and preferred equity instruments |
|
|
|
|
|
|
|
North Sails Group | 144,450 | \u2013 | \u2013 | \u2013 | \u2013 | 9,691 | 154,141 |
Total unquoted equity instruments | 144,450 | \u2013 | \u2013 | \u2013 | \u2013 | 9,691 | 154,141 |
Total investments | 1,007,206 | 332,858 | (150,425) | (41,966) | 699 | 80,364 | 1,228,736 |
2022 fair value \u00a3\u2019000 | Purchases/ capital calls \u00a3\u2019000 | Total sales*/ distributions \u00a3'000 | Realised gains/(losses)** \u00a3'000 | Interest and other \u00a3'000 | Net change in unrealised gains/(losses)*** \u00a3'000 | 2023 fair value \u00a3'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
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(1) | \u2013 | 36,251(1) | \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 | |||||||
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 | |||||||
Fund I | 7,589 | 15,859 | (23,982) | \u2013 | 534 | \u2013 | \u2013 |
North Sails Group2 | 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 | |||||||
North Sails Group2 | \u2013 | 147,136 | \u2013 | \u2013 | \u2013 | (2,686) | 144,450 |
Total unquoted 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 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 997,715 | 997,715 |
Quoted equity securities | 70,083 | \u2013 | 70,083 |
Unquoted debt securities | \u2013 | 6,797 | 6,797 |
Unquoted equity instruments | \u2013 | 154,141 | 154,141 |
Total investments measured at fair value | 70,083 | 1,158,653 | 1,228,736 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 787,888 | 787,888 |
Quoted equity securities | 68,770 | \u2013 | 68,770 |
Unquoted debt securities | \u2013 | 6,098 | 6,098 |
Unquoted equity instruments | \u2013 | 144,450 | 144,450 |
Total investments measured at fair value | 68,770 | 938,436 | 1,007,206 |
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 | 67,471 | 174,185 | 385,076 | 668,277 | 132,739 | 20,089 | 5,646 | 53,746 |
Loans | \u2013 | \u2013 | (60,632) | (186,940) | (20,128) | (18,210) | \u2013 | \u2013 |
Estimated performance fee accrued | (1,473) | (17,951) | (16,823) | (11,943) | (5,412) | \u2013 | \u2013 | (198) |
Other net assets | (548) | 6,324 | 6,640 | 14,991 | 4,342 | 3,407 | 500 | 3,761 |
Total value of the Fund attributable to the Company (\u20ac\u2019000) | 65,450 | 162,558 | 314,261 | 484,385 | 111,541 | 5,286 | 6,146 | 57,309 |
Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate | 54,104 | 134,377 | 259,786 | 400,419 | 92,205 | 4,370 | 5,081 | 47,373 |
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 |
EBITDA multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | Revenue multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | |
|---|---|---|---|---|
1. Given the startup nature of businesses in which Venture Funds invest, short-term earnings-based multiples are typically considered inappropriate. Instead, the initial basis for valuation is the investment price, adjusted (where appropriate) to consider a range of qualitative factors impacting value. Based on an assessment of these factors, it is determined whether the fair value of underlying investments has increased, decreased, or stayed the same. | ||||
Venture Funds1 | n/a | n/a | n/a | n/a |
Private Equity Funds | ||||
Small-mid buyout | 8.5x \u2013 18.2x | Higher | 3.6x \u2013 4.6x | Higher |
Mid buyout | 8.6x \u2013 27.4x | Higher | 0.8x \u2013 2.4x | Higher |
Description | Fair value | Valuation technique | Significant unobservable inputs | Range for unobservable inputs | Sensitivity to change in significant unobservable inputs |
|---|---|---|---|---|---|
1 Included in the investment in North Sails Group are unquoted preferred equity instruments held at par value as of 31 December 2024 which approximates fair value which is supported by an independent third-party valuation adviser. 2 Represents a weighted EBITDA multiple for business segments within the North Sails Group, which are valued using EBITDA multiples. | |||||
Unlisted equity investment | \u00a3154.1m (2023: \u00a3144.5m) | Sum of the parts based on market approach using comparable trading multiples and comparable precedent transactions Discounted cashflow method1 | EBITDA multiple2 Revenue multiple Discount rate | 10.4x-12.5x 1.3x-1.9x 5%-9% | Increase (decrease) in revenue multiple or EBITDA multiple would result in a higher (lower) estimated fair value measurement. An increase in the discount rate would result in a lower fair value. Changing one or more unobservable inputs does not have a significant impact on fair value. |
Level I investments: Quoted equity securities | 2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | |
|---|---|---|---|
Fair value at beginning of year | 68,770 | 25,289 | |
Purchases | 3,770 | 32,752 | |
Net change in unrealised gains (losses) on investments | (2,457) | 10,729 | |
Fair value of Level I investments at end of year | 70,083 | 68,770 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2024 | ||||
Fair value at beginning of year | 787,888 | 6,098 | 144,450 | 938,436 |
Purchases | 329,088 | \u2013 | \u2013 | 329,088 |
Proceeds on disposals (including interest) | (150,425) | \u2013 | \u2013 | (150,425) |
Realised gain on sale | (41,966) | \u2013 | \u2013 | (41,966) |
Interest income and other fee income | \u2013 | 699 | \u2013 | 699 |
Net change in unrealised gains (losses) on investments | 73,130 | \u2013 | 9,691 | 82,821 |
Fair value at end of year | 997,715 | 6,797 | 154,141 | 1,158,653 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2023 | ||||
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 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
| Cash and cash equivalents | 103,358 | 207,155 | |
| Trade and other receivables | 734 | 1,368 | |
| Trade and other payables | (1,234) | (8,690) | |
| Borrowings | (105,638) | \u2013 |
2023 fair value \u00a3\u2019000 | Purchases/ capital calls \u00a3\u2019000 | Total sales*/ distributions \u00a3'000 | Realised gains/(losses)** \u00a3'000 | Interest and other \u00a3'000 | Net change in unrealised gains/(losses)*** \u00a3'000 | 2024 fair value \u00a3'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
Fund I | 733 | \u2013 | (733) | \u2013 | \u2013 | \u2013 | \u2013 |
Fund II | 53,526 | 1,288 | \u2013 | (2,307) | \u2013 | 1,597 | 54,104 |
Fund III | 190,627 | 3,310 | (54,561) | (3,299) | \u2013 | (1,700) | 134,377 |
Fund IV | 317,050 | 29,328 | (95,131) | (4,603) | \u2013 | 13,142 | 259,786 |
Fund V | 127,304 | 244,906 | \u2013 | (20,515) | \u2013 | 48,724 | 400,419 |
Origin I | 59,662 | 31,271 | \u2013 | (2,972) | \u2013 | 4,244 | 92,205 |
Origin II | 3,322 | 4,831 | \u2013 | (5,205) | \u2013 | 1,422 | 4,370 |
PROfounders III | 2,570 | 3,219 | \u2013 | (729) | \u2013 | 21 | 5,081 |
Touring I | 33,094 | 10,935 | \u2013 | (2,336) | \u2013 | 5,680 | 47,373 |
Total Oakley Funds | 787,888 | 329,088 | (150,425) | (41,966) | \u2013 | 73,130 | 997,715 |
Quoted equity securities |
|
|
|
|
|
|
|
Time Out | 68,770 | 3,770 | \u2013 | \u2013 | \u2013 | (2,457) | 70,083 |
Total quoted equity securities | 68,770 | 3,770 | \u2013 | \u2013 | \u2013 | (2,457) | 70,083 |
Unquoted debt securities |
|
|
|
|
|
|
|
Time Out | 6,098 | \u2013 | \u2013 | \u2013 | 699 | \u2013 | 6,797 |
Total unquoted debt securities | 6,098 | \u2013 | \u2013 | \u2013 | 699 | \u2013 | 6,797 |
Unquoted ordinary and preferred equity instruments |
|
|
|
|
|
|
|
North Sails Group | 144,450 | \u2013 | \u2013 | \u2013 | \u2013 | 9,691 | 154,141 |
Total unquoted equity instruments | 144,450 | \u2013 | \u2013 | \u2013 | \u2013 | 9,691 | 154,141 |
Total investments | 1,007,206 | 332,858 | (150,425) | (41,966) | 699 | 80,364 | 1,228,736 |
2022 fair value \u00a3\u2019000 | Purchases/ capital calls \u00a3\u2019000 | Total sales*/ distributions \u00a3'000 | Realised gains/(losses)** \u00a3'000 | Interest and other \u00a3'000 | Net change in unrealised gains/(losses)*** \u00a3'000 | 2023 fair value \u00a3'000 | |
|---|---|---|---|---|---|---|---|
Oakley Funds | |||||||
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(1) | \u2013 | 36,251(1) | \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 | |||||||
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 | |||||||
Fund I | 7,589 | 15,859 | (23,982) | \u2013 | 534 | \u2013 | \u2013 |
North Sails Group2 | 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 | |||||||
North Sails Group2 | \u2013 | 147,136 | \u2013 | \u2013 | \u2013 | (2,686) | 144,450 |
Total unquoted 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 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 997,715 | 997,715 |
Quoted equity securities | 70,083 | \u2013 | 70,083 |
Unquoted debt securities | \u2013 | 6,797 | 6,797 |
Unquoted equity instruments | \u2013 | 154,141 | 154,141 |
Total investments measured at fair value | 70,083 | 1,158,653 | 1,228,736 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 787,888 | 787,888 |
Quoted equity securities | 68,770 | \u2013 | 68,770 |
Unquoted debt securities | \u2013 | 6,098 | 6,098 |
Unquoted equity instruments | \u2013 | 144,450 | 144,450 |
Total investments measured at fair value | 68,770 | 938,436 | 1,007,206 |
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 | 67,471 | 174,185 | 385,076 | 668,277 | 132,739 | 20,089 | 5,646 | 53,746 |
Loans | \u2013 | \u2013 | (60,632) | (186,940) | (20,128) | (18,210) | \u2013 | \u2013 |
Estimated performance fee accrued | (1,473) | (17,951) | (16,823) | (11,943) | (5,412) | \u2013 | \u2013 | (198) |
Other net assets | (548) | 6,324 | 6,640 | 14,991 | 4,342 | 3,407 | 500 | 3,761 |
Total value of the Fund attributable to the Company (\u20ac\u2019000) | 65,450 | 162,558 | 314,261 | 484,385 | 111,541 | 5,286 | 6,146 | 57,309 |
Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate | 54,104 | 134,377 | 259,786 | 400,419 | 92,205 | 4,370 | 5,081 | 47,373 |
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 |
EBITDA multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | Revenue multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | |
|---|---|---|---|---|
1. Given the startup nature of businesses in which Venture Funds invest, short-term earnings-based multiples are typically considered inappropriate. Instead, the initial basis for valuation is the investment price, adjusted (where appropriate) to consider a range of qualitative factors impacting value. Based on an assessment of these factors, it is determined whether the fair value of underlying investments has increased, decreased, or stayed the same. | ||||
Venture Funds1 | n/a | n/a | n/a | n/a |
Private Equity Funds | ||||
Small-mid buyout | 8.5x \u2013 18.2x | Higher | 3.6x \u2013 4.6x | Higher |
Mid buyout | 8.6x \u2013 27.4x | Higher | 0.8x \u2013 2.4x | Higher |
Description | Fair value | Valuation technique | Significant unobservable inputs | Range for unobservable inputs | Sensitivity to change in significant unobservable inputs |
|---|---|---|---|---|---|
1 Included in the investment in North Sails Group are unquoted preferred equity instruments held at par value as of 31 December 2024 which approximates fair value which is supported by an independent third-party valuation adviser. 2 Represents a weighted EBITDA multiple for business segments within the North Sails Group, which are valued using EBITDA multiples. | |||||
Unlisted equity investment | \u00a3154.1m (2023: \u00a3144.5m) | Sum of the parts based on market approach using comparable trading multiples and comparable precedent transactions Discounted cashflow method1 | EBITDA multiple2 Revenue multiple Discount rate | 10.4x-12.5x 1.3x-1.9x 5%-9% | Increase (decrease) in revenue multiple or EBITDA multiple would result in a higher (lower) estimated fair value measurement. An increase in the discount rate would result in a lower fair value. Changing one or more unobservable inputs does not have a significant impact on fair value. |
Level I investments: Quoted equity securities | 2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | |
|---|---|---|---|
Fair value at beginning of year | 68,770 | 25,289 | |
Purchases | 3,770 | 32,752 | |
Net change in unrealised gains (losses) on investments | (2,457) | 10,729 | |
Fair value of Level I investments at end of year | 70,083 | 68,770 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2024 | ||||
Fair value at beginning of year | 787,888 | 6,098 | 144,450 | 938,436 |
Purchases | 329,088 | \u2013 | \u2013 | 329,088 |
Proceeds on disposals (including interest) | (150,425) | \u2013 | \u2013 | (150,425) |
Realised gain on sale | (41,966) | \u2013 | \u2013 | (41,966) |
Interest income and other fee income | \u2013 | 699 | \u2013 | 699 |
Net change in unrealised gains (losses) on investments | 73,130 | \u2013 | 9,691 | 82,821 |
Fair value at end of year | 997,715 | 6,797 | 154,141 | 1,158,653 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2023 | ||||
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 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
| Cash and cash equivalents | 103,358 | 207,155 | |
| Trade and other receivables | 734 | 1,368 | |
| Trade and other payables | (1,234) | (8,690) | |
| Borrowings | (105,638) | \u2013 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Net change in unrealised gains/(losses) on investments at fair value through profit and loss in the year: | |||
Funds | 73,130 |
| (138,622) |
Direct Investments | 7,234 |
| 8,043 |
Total net change in unrealised gains/(losses) on investments at fair value through profit and loss in the year | 80,364 |
| (130,579) |
Net realised gains/(losses) on investments at fair value through profit and loss in the year: |
|
|
|
Funds | (41,966) |
| 181,212 |
Total net realised gains/ (losses) on investments at fair value through profit and loss in the year | (41,966) |
| 181,212 |
\u00a0
\n\nLevel I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 997,715 | 997,715 |
Quoted equity securities | 70,083 | \u2013 | 70,083 |
Unquoted debt securities | \u2013 | 6,797 | 6,797 |
Unquoted equity instruments | \u2013 | 154,141 | 154,141 |
Total investments measured at fair value | 70,083 | 1,158,653 | 1,228,736 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 787,888 | 787,888 |
Quoted equity securities | 68,770 | \u2013 | 68,770 |
Unquoted debt securities | \u2013 | 6,098 | 6,098 |
Unquoted equity instruments | \u2013 | 144,450 | 144,450 |
Total investments measured at fair value | 68,770 | 938,436 | 1,007,206 |
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 | 67,471 | 174,185 | 385,076 | 668,277 | 132,739 | 20,089 | 5,646 | 53,746 |
Loans | \u2013 | \u2013 | (60,632) | (186,940) | (20,128) | (18,210) | \u2013 | \u2013 |
Estimated performance fee accrued | (1,473) | (17,951) | (16,823) | (11,943) | (5,412) | \u2013 | \u2013 | (198) |
Other net assets | (548) | 6,324 | 6,640 | 14,991 | 4,342 | 3,407 | 500 | 3,761 |
Total value of the Fund attributable to the Company (\u20ac\u2019000) | 65,450 | 162,558 | 314,261 | 484,385 | 111,541 | 5,286 | 6,146 | 57,309 |
Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate | 54,104 | 134,377 | 259,786 | 400,419 | 92,205 | 4,370 | 5,081 | 47,373 |
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 |
EBITDA multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | Revenue multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | |
|---|---|---|---|---|
1. Given the startup nature of businesses in which Venture Funds invest, short-term earnings-based multiples are typically considered inappropriate. Instead, the initial basis for valuation is the investment price, adjusted (where appropriate) to consider a range of qualitative factors impacting value. Based on an assessment of these factors, it is determined whether the fair value of underlying investments has increased, decreased, or stayed the same. | ||||
Venture Funds1 | n/a | n/a | n/a | n/a |
Private Equity Funds | ||||
Small-mid buyout | 8.5x \u2013 18.2x | Higher | 3.6x \u2013 4.6x | Higher |
Mid buyout | 8.6x \u2013 27.4x | Higher | 0.8x \u2013 2.4x | Higher |
Description | Fair value | Valuation technique | Significant unobservable inputs | Range for unobservable inputs | Sensitivity to change in significant unobservable inputs |
|---|---|---|---|---|---|
1 Included in the investment in North Sails Group are unquoted preferred equity instruments held at par value as of 31 December 2024 which approximates fair value which is supported by an independent third-party valuation adviser. 2 Represents a weighted EBITDA multiple for business segments within the North Sails Group, which are valued using EBITDA multiples. | |||||
Unlisted equity investment | \u00a3154.1m (2023: \u00a3144.5m) | Sum of the parts based on market approach using comparable trading multiples and comparable precedent transactions Discounted cashflow method1 | EBITDA multiple2 Revenue multiple Discount rate | 10.4x-12.5x 1.3x-1.9x 5%-9% | Increase (decrease) in revenue multiple or EBITDA multiple would result in a higher (lower) estimated fair value measurement. An increase in the discount rate would result in a lower fair value. Changing one or more unobservable inputs does not have a significant impact on fair value. |
Level I investments: Quoted equity securities | 2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | |
|---|---|---|---|
Fair value at beginning of year | 68,770 | 25,289 | |
Purchases | 3,770 | 32,752 | |
Net change in unrealised gains (losses) on investments | (2,457) | 10,729 | |
Fair value of Level I investments at end of year | 70,083 | 68,770 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2024 | ||||
Fair value at beginning of year | 787,888 | 6,098 | 144,450 | 938,436 |
Purchases | 329,088 | \u2013 | \u2013 | 329,088 |
Proceeds on disposals (including interest) | (150,425) | \u2013 | \u2013 | (150,425) |
Realised gain on sale | (41,966) | \u2013 | \u2013 | (41,966) |
Interest income and other fee income | \u2013 | 699 | \u2013 | 699 |
Net change in unrealised gains (losses) on investments | 73,130 | \u2013 | 9,691 | 82,821 |
Fair value at end of year | 997,715 | 6,797 | 154,141 | 1,158,653 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2023 | ||||
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 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
| Cash and cash equivalents | 103,358 | 207,155 | |
| Trade and other receivables | 734 | 1,368 | |
| Trade and other payables | (1,234) | (8,690) | |
| Borrowings | (105,638) | \u2013 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 997,715 | 997,715 |
Quoted equity securities | 70,083 | \u2013 | 70,083 |
Unquoted debt securities | \u2013 | 6,797 | 6,797 |
Unquoted equity instruments | \u2013 | 154,141 | 154,141 |
Total investments measured at fair value | 70,083 | 1,158,653 | 1,228,736 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 787,888 | 787,888 |
Quoted equity securities | 68,770 | \u2013 | 68,770 |
Unquoted debt securities | \u2013 | 6,098 | 6,098 |
Unquoted equity instruments | \u2013 | 144,450 | 144,450 |
Total investments measured at fair value | 68,770 | 938,436 | 1,007,206 |
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 | 67,471 | 174,185 | 385,076 | 668,277 | 132,739 | 20,089 | 5,646 | 53,746 |
Loans | \u2013 | \u2013 | (60,632) | (186,940) | (20,128) | (18,210) | \u2013 | \u2013 |
Estimated performance fee accrued | (1,473) | (17,951) | (16,823) | (11,943) | (5,412) | \u2013 | \u2013 | (198) |
Other net assets | (548) | 6,324 | 6,640 | 14,991 | 4,342 | 3,407 | 500 | 3,761 |
Total value of the Fund attributable to the Company (\u20ac\u2019000) | 65,450 | 162,558 | 314,261 | 484,385 | 111,541 | 5,286 | 6,146 | 57,309 |
Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate | 54,104 | 134,377 | 259,786 | 400,419 | 92,205 | 4,370 | 5,081 | 47,373 |
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 |
EBITDA multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | Revenue multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | |
|---|---|---|---|---|
1. Given the startup nature of businesses in which Venture Funds invest, short-term earnings-based multiples are typically considered inappropriate. Instead, the initial basis for valuation is the investment price, adjusted (where appropriate) to consider a range of qualitative factors impacting value. Based on an assessment of these factors, it is determined whether the fair value of underlying investments has increased, decreased, or stayed the same. | ||||
Venture Funds1 | n/a | n/a | n/a | n/a |
Private Equity Funds | ||||
Small-mid buyout | 8.5x \u2013 18.2x | Higher | 3.6x \u2013 4.6x | Higher |
Mid buyout | 8.6x \u2013 27.4x | Higher | 0.8x \u2013 2.4x | Higher |
Description | Fair value | Valuation technique | Significant unobservable inputs | Range for unobservable inputs | Sensitivity to change in significant unobservable inputs |
|---|---|---|---|---|---|
1 Included in the investment in North Sails Group are unquoted preferred equity instruments held at par value as of 31 December 2024 which approximates fair value which is supported by an independent third-party valuation adviser. 2 Represents a weighted EBITDA multiple for business segments within the North Sails Group, which are valued using EBITDA multiples. | |||||
Unlisted equity investment | \u00a3154.1m (2023: \u00a3144.5m) | Sum of the parts based on market approach using comparable trading multiples and comparable precedent transactions Discounted cashflow method1 | EBITDA multiple2 Revenue multiple Discount rate | 10.4x-12.5x 1.3x-1.9x 5%-9% | Increase (decrease) in revenue multiple or EBITDA multiple would result in a higher (lower) estimated fair value measurement. An increase in the discount rate would result in a lower fair value. Changing one or more unobservable inputs does not have a significant impact on fair value. |
Level I investments: Quoted equity securities | 2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | |
|---|---|---|---|
Fair value at beginning of year | 68,770 | 25,289 | |
Purchases | 3,770 | 32,752 | |
Net change in unrealised gains (losses) on investments | (2,457) | 10,729 | |
Fair value of Level I investments at end of year | 70,083 | 68,770 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2024 | ||||
Fair value at beginning of year | 787,888 | 6,098 | 144,450 | 938,436 |
Purchases | 329,088 | \u2013 | \u2013 | 329,088 |
Proceeds on disposals (including interest) | (150,425) | \u2013 | \u2013 | (150,425) |
Realised gain on sale | (41,966) | \u2013 | \u2013 | (41,966) |
Interest income and other fee income | \u2013 | 699 | \u2013 | 699 |
Net change in unrealised gains (losses) on investments | 73,130 | \u2013 | 9,691 | 82,821 |
Fair value at end of year | 997,715 | 6,797 | 154,141 | 1,158,653 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2023 | ||||
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 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
| Cash and cash equivalents | 103,358 | 207,155 | |
| Trade and other receivables | 734 | 1,368 | |
| Trade and other payables | (1,234) | (8,690) | |
| Borrowings | (105,638) | \u2013 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 997,715 | 997,715 |
Quoted equity securities | 70,083 | \u2013 | 70,083 |
Unquoted debt securities | \u2013 | 6,797 | 6,797 |
Unquoted equity instruments | \u2013 | 154,141 | 154,141 |
Total investments measured at fair value | 70,083 | 1,158,653 | 1,228,736 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 787,888 | 787,888 |
Quoted equity securities | 68,770 | \u2013 | 68,770 |
Unquoted debt securities | \u2013 | 6,098 | 6,098 |
Unquoted equity instruments | \u2013 | 144,450 | 144,450 |
Total investments measured at fair value | 68,770 | 938,436 | 1,007,206 |
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 | 67,471 | 174,185 | 385,076 | 668,277 | 132,739 | 20,089 | 5,646 | 53,746 |
Loans | \u2013 | \u2013 | (60,632) | (186,940) | (20,128) | (18,210) | \u2013 | \u2013 |
Estimated performance fee accrued | (1,473) | (17,951) | (16,823) | (11,943) | (5,412) | \u2013 | \u2013 | (198) |
Other net assets | (548) | 6,324 | 6,640 | 14,991 | 4,342 | 3,407 | 500 | 3,761 |
Total value of the Fund attributable to the Company (\u20ac\u2019000) | 65,450 | 162,558 | 314,261 | 484,385 | 111,541 | 5,286 | 6,146 | 57,309 |
Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate | 54,104 | 134,377 | 259,786 | 400,419 | 92,205 | 4,370 | 5,081 | 47,373 |
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 |
EBITDA multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | Revenue multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | |
|---|---|---|---|---|
1. Given the startup nature of businesses in which Venture Funds invest, short-term earnings-based multiples are typically considered inappropriate. Instead, the initial basis for valuation is the investment price, adjusted (where appropriate) to consider a range of qualitative factors impacting value. Based on an assessment of these factors, it is determined whether the fair value of underlying investments has increased, decreased, or stayed the same. | ||||
Venture Funds1 | n/a | n/a | n/a | n/a |
Private Equity Funds | ||||
Small-mid buyout | 8.5x \u2013 18.2x | Higher | 3.6x \u2013 4.6x | Higher |
Mid buyout | 8.6x \u2013 27.4x | Higher | 0.8x \u2013 2.4x | Higher |
Description | Fair value | Valuation technique | Significant unobservable inputs | Range for unobservable inputs | Sensitivity to change in significant unobservable inputs |
|---|---|---|---|---|---|
1 Included in the investment in North Sails Group are unquoted preferred equity instruments held at par value as of 31 December 2024 which approximates fair value which is supported by an independent third-party valuation adviser. 2 Represents a weighted EBITDA multiple for business segments within the North Sails Group, which are valued using EBITDA multiples. | |||||
Unlisted equity investment | \u00a3154.1m (2023: \u00a3144.5m) | Sum of the parts based on market approach using comparable trading multiples and comparable precedent transactions Discounted cashflow method1 | EBITDA multiple2 Revenue multiple Discount rate | 10.4x-12.5x 1.3x-1.9x 5%-9% | Increase (decrease) in revenue multiple or EBITDA multiple would result in a higher (lower) estimated fair value measurement. An increase in the discount rate would result in a lower fair value. Changing one or more unobservable inputs does not have a significant impact on fair value. |
Level I investments: Quoted equity securities | 2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | |
|---|---|---|---|
Fair value at beginning of year | 68,770 | 25,289 | |
Purchases | 3,770 | 32,752 | |
Net change in unrealised gains (losses) on investments | (2,457) | 10,729 | |
Fair value of Level I investments at end of year | 70,083 | 68,770 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2024 | ||||
Fair value at beginning of year | 787,888 | 6,098 | 144,450 | 938,436 |
Purchases | 329,088 | \u2013 | \u2013 | 329,088 |
Proceeds on disposals (including interest) | (150,425) | \u2013 | \u2013 | (150,425) |
Realised gain on sale | (41,966) | \u2013 | \u2013 | (41,966) |
Interest income and other fee income | \u2013 | 699 | \u2013 | 699 |
Net change in unrealised gains (losses) on investments | 73,130 | \u2013 | 9,691 | 82,821 |
Fair value at end of year | 997,715 | 6,797 | 154,141 | 1,158,653 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2023 | ||||
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 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
| Cash and cash equivalents | 103,358 | 207,155 | |
| Trade and other receivables | 734 | 1,368 | |
| Trade and other payables | (1,234) | (8,690) | |
| Borrowings | (105,638) | \u2013 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 997,715 | 997,715 |
Quoted equity securities | 70,083 | \u2013 | 70,083 |
Unquoted debt securities | \u2013 | 6,797 | 6,797 |
Unquoted equity instruments | \u2013 | 154,141 | 154,141 |
Total investments measured at fair value | 70,083 | 1,158,653 | 1,228,736 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 787,888 | 787,888 |
Quoted equity securities | 68,770 | \u2013 | 68,770 |
Unquoted debt securities | \u2013 | 6,098 | 6,098 |
Unquoted equity instruments | \u2013 | 144,450 | 144,450 |
Total investments measured at fair value | 68,770 | 938,436 | 1,007,206 |
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 | 67,471 | 174,185 | 385,076 | 668,277 | 132,739 | 20,089 | 5,646 | 53,746 |
Loans | \u2013 | \u2013 | (60,632) | (186,940) | (20,128) | (18,210) | \u2013 | \u2013 |
Estimated performance fee accrued | (1,473) | (17,951) | (16,823) | (11,943) | (5,412) | \u2013 | \u2013 | (198) |
Other net assets | (548) | 6,324 | 6,640 | 14,991 | 4,342 | 3,407 | 500 | 3,761 |
Total value of the Fund attributable to the Company (\u20ac\u2019000) | 65,450 | 162,558 | 314,261 | 484,385 | 111,541 | 5,286 | 6,146 | 57,309 |
Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate | 54,104 | 134,377 | 259,786 | 400,419 | 92,205 | 4,370 | 5,081 | 47,373 |
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 |
EBITDA multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | Revenue multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | |
|---|---|---|---|---|
1. Given the startup nature of businesses in which Venture Funds invest, short-term earnings-based multiples are typically considered inappropriate. Instead, the initial basis for valuation is the investment price, adjusted (where appropriate) to consider a range of qualitative factors impacting value. Based on an assessment of these factors, it is determined whether the fair value of underlying investments has increased, decreased, or stayed the same. | ||||
Venture Funds1 | n/a | n/a | n/a | n/a |
Private Equity Funds | ||||
Small-mid buyout | 8.5x \u2013 18.2x | Higher | 3.6x \u2013 4.6x | Higher |
Mid buyout | 8.6x \u2013 27.4x | Higher | 0.8x \u2013 2.4x | Higher |
Description | Fair value | Valuation technique | Significant unobservable inputs | Range for unobservable inputs | Sensitivity to change in significant unobservable inputs |
|---|---|---|---|---|---|
1 Included in the investment in North Sails Group are unquoted preferred equity instruments held at par value as of 31 December 2024 which approximates fair value which is supported by an independent third-party valuation adviser. 2 Represents a weighted EBITDA multiple for business segments within the North Sails Group, which are valued using EBITDA multiples. | |||||
Unlisted equity investment | \u00a3154.1m (2023: \u00a3144.5m) | Sum of the parts based on market approach using comparable trading multiples and comparable precedent transactions Discounted cashflow method1 | EBITDA multiple2 Revenue multiple Discount rate | 10.4x-12.5x 1.3x-1.9x 5%-9% | Increase (decrease) in revenue multiple or EBITDA multiple would result in a higher (lower) estimated fair value measurement. An increase in the discount rate would result in a lower fair value. Changing one or more unobservable inputs does not have a significant impact on fair value. |
Level I investments: Quoted equity securities | 2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | |
|---|---|---|---|
Fair value at beginning of year | 68,770 | 25,289 | |
Purchases | 3,770 | 32,752 | |
Net change in unrealised gains (losses) on investments | (2,457) | 10,729 | |
Fair value of Level I investments at end of year | 70,083 | 68,770 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2024 | ||||
Fair value at beginning of year | 787,888 | 6,098 | 144,450 | 938,436 |
Purchases | 329,088 | \u2013 | \u2013 | 329,088 |
Proceeds on disposals (including interest) | (150,425) | \u2013 | \u2013 | (150,425) |
Realised gain on sale | (41,966) | \u2013 | \u2013 | (41,966) |
Interest income and other fee income | \u2013 | 699 | \u2013 | 699 |
Net change in unrealised gains (losses) on investments | 73,130 | \u2013 | 9,691 | 82,821 |
Fair value at end of year | 997,715 | 6,797 | 154,141 | 1,158,653 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2023 | ||||
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 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
| Cash and cash equivalents | 103,358 | 207,155 | |
| Trade and other receivables | 734 | 1,368 | |
| Trade and other payables | (1,234) | (8,690) | |
| Borrowings | (105,638) | \u2013 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 997,715 | 997,715 |
Quoted equity securities | 70,083 | \u2013 | 70,083 |
Unquoted debt securities | \u2013 | 6,797 | 6,797 |
Unquoted equity instruments | \u2013 | 154,141 | 154,141 |
Total investments measured at fair value | 70,083 | 1,158,653 | 1,228,736 |
Level I \u00a3\u2019000 | Level III \u00a3\u2019000 | Total \u00a3\u2019000 | |
|---|---|---|---|
Oakley Funds | \u2013 | 787,888 | 787,888 |
Quoted equity securities | 68,770 | \u2013 | 68,770 |
Unquoted debt securities | \u2013 | 6,098 | 6,098 |
Unquoted equity instruments | \u2013 | 144,450 | 144,450 |
Total investments measured at fair value | 68,770 | 938,436 | 1,007,206 |
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 | 67,471 | 174,185 | 385,076 | 668,277 | 132,739 | 20,089 | 5,646 | 53,746 |
Loans | \u2013 | \u2013 | (60,632) | (186,940) | (20,128) | (18,210) | \u2013 | \u2013 |
Estimated performance fee accrued | (1,473) | (17,951) | (16,823) | (11,943) | (5,412) | \u2013 | \u2013 | (198) |
Other net assets | (548) | 6,324 | 6,640 | 14,991 | 4,342 | 3,407 | 500 | 3,761 |
Total value of the Fund attributable to the Company (\u20ac\u2019000) | 65,450 | 162,558 | 314,261 | 484,385 | 111,541 | 5,286 | 6,146 | 57,309 |
Total value of the Fund attributable to the Company (\u00a3\u2019000) at year-end exchange rate | 54,104 | 134,377 | 259,786 | 400,419 | 92,205 | 4,370 | 5,081 | 47,373 |
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 |
EBITDA multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | Revenue multiples \u2013 Ranges | Impact to FV measurement from increase in multiple | |
|---|---|---|---|---|
1. Given the startup nature of businesses in which Venture Funds invest, short-term earnings-based multiples are typically considered inappropriate. Instead, the initial basis for valuation is the investment price, adjusted (where appropriate) to consider a range of qualitative factors impacting value. Based on an assessment of these factors, it is determined whether the fair value of underlying investments has increased, decreased, or stayed the same. | ||||
Venture Funds1 | n/a | n/a | n/a | n/a |
Private Equity Funds | ||||
Small-mid buyout | 8.5x \u2013 18.2x | Higher | 3.6x \u2013 4.6x | Higher |
Mid buyout | 8.6x \u2013 27.4x | Higher | 0.8x \u2013 2.4x | Higher |
Description | Fair value | Valuation technique | Significant unobservable inputs | Range for unobservable inputs | Sensitivity to change in significant unobservable inputs |
|---|---|---|---|---|---|
1 Included in the investment in North Sails Group are unquoted preferred equity instruments held at par value as of 31 December 2024 which approximates fair value which is supported by an independent third-party valuation adviser. 2 Represents a weighted EBITDA multiple for business segments within the North Sails Group, which are valued using EBITDA multiples. | |||||
Unlisted equity investment | \u00a3154.1m (2023: \u00a3144.5m) | Sum of the parts based on market approach using comparable trading multiples and comparable precedent transactions Discounted cashflow method1 | EBITDA multiple2 Revenue multiple Discount rate | 10.4x-12.5x 1.3x-1.9x 5%-9% | Increase (decrease) in revenue multiple or EBITDA multiple would result in a higher (lower) estimated fair value measurement. An increase in the discount rate would result in a lower fair value. Changing one or more unobservable inputs does not have a significant impact on fair value. |
Level I investments: Quoted equity securities | 2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | |
|---|---|---|---|
Fair value at beginning of year | 68,770 | 25,289 | |
Purchases | 3,770 | 32,752 | |
Net change in unrealised gains (losses) on investments | (2,457) | 10,729 | |
Fair value of Level I investments at end of year | 70,083 | 68,770 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2024 | ||||
Fair value at beginning of year | 787,888 | 6,098 | 144,450 | 938,436 |
Purchases | 329,088 | \u2013 | \u2013 | 329,088 |
Proceeds on disposals (including interest) | (150,425) | \u2013 | \u2013 | (150,425) |
Realised gain on sale | (41,966) | \u2013 | \u2013 | (41,966) |
Interest income and other fee income | \u2013 | 699 | \u2013 | 699 |
Net change in unrealised gains (losses) on investments | 73,130 | \u2013 | 9,691 | 82,821 |
Fair value at end of year | 997,715 | 6,797 | 154,141 | 1,158,653 |
Level III investments: | Funds \u00a3\u2019000 | Unquoted debt securities \u00a3\u2019000 | Unquoted equity instruments \u00a3\u2019000 | Total \u00a3\u2019000 |
|---|---|---|---|---|
For the year ended 31 December 2023 | ||||
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 |
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
| Cash and cash equivalents | 103,358 | 207,155 | |
| Trade and other receivables | 734 | 1,368 | |
| Trade and other payables | (1,234) | (8,690) | |
| Borrowings | (105,638) | \u2013 |
1. As of 31 December 2024, the short-term deposit accounts with Barclays Bank and Royal Bank of Scotland had 32 and 35 days withdrawal notice periods, with corresponding interest rates of 2.70% and 2.95% respectively (2023: 30 day withdrawal notice periods, and 3.45% and 4.20% interest rates respectively). | |||
|---|---|---|---|
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
Cash and demand balances at banks | 64,772 | 71,293 | |
Short-term deposits1 | 38,586 | 135,862 | |
103,358 | 207,155 |
\u00a0
\n\n1. As of 31 December 2024, the short-term deposit accounts with Barclays Bank and Royal Bank of Scotland had 32 and 35 days withdrawal notice periods, with corresponding interest rates of 2.70% and 2.95% respectively (2023: 30 day withdrawal notice periods, and 3.45% and 4.20% interest rates respectively). | |||
|---|---|---|---|
2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
Cash and demand balances at banks | 64,772 | 71,293 | |
Short-term deposits1 | 38,586 | 135,862 | |
103,358 | 207,155 |
\u00a0
\n\n2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Prepayments | 424 | 1,058 | |
Amounts due from related parties | 310 | 310 | |
734 | 1,368 |
\u00a0
\n\n2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Prepayments | 424 | 1,058 | |
Amounts due from related parties | 310 | 310 | |
734 | 1,368 |
\u00a0
\n\n2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Trade payables | 44 | 216 | |
Amounts due to related parties | \u2013 | 8,244 | |
Other payables | 1,190 | 230 | |
1,234 | 8,690 |
\u00a0
\n\n2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Finance income on investments carried at amortised cost: | |||
Cash and cash equivalents | 3,957 | 2,656 | |
Interest income on investments designated as at fair value through profit and loss: |
| ||
Debt securities | 699 | 1,291 | |
4,656 | 3,947 |
\u00a0
\n\n2024 \u00a3\u2019000 | 2023 \u00a3\u2019000 | ||
|---|---|---|---|
Finance income on investments carried at amortised cost: | |||
Cash and cash equivalents | 3,957 | 2,656 | |
Interest income on investments designated as at fair value through profit and loss: |
| ||
Debt securities | 699 | 1,291 | |
4,656 | 3,947 |
\u00a0
\n\n\u00a0
\n\n2024 | 2023 | ||
|---|---|---|---|
Basic and diluted earnings per share | \u00a30.15 | \u00a30.27 | |
Profit for the year (\u2018000) | \u00a326,856 | \u00a347,488 | |
Weighted average number of shares in issue (\u2018000) | 176,418 | 176,418 |
\u00a0
\n\n2024 | 2023 | ||
|---|---|---|---|
Basic and diluted Net Asset Value per share | \u00a36.95 | \u00a36.84 | |
Net assets attributable to shareholders (\u2018000) | \u00a31,225,956 | \u00a31,207,039 | |
Number of shares in issue at year end (\u2018000) | 176,418 | 176,418 |
\u00a0
\n\n2024 \u2018000 | 2023 \u2019000 | ||
|---|---|---|---|
Ordinary shares outstanding at the beginning of the year | 176,418 | 176,418 | |
Ordinary shares purchased | \u2013 | \u2013 | |
Ordinary shares outstanding at the end of the year | 176,418 | 176,418 |
\u00a0
\n\n2024 \u2018000 | 2023 \u2019000 | ||
|---|---|---|---|
Ordinary shares outstanding at the beginning of the year | 176,418 | 176,418 | |
Ordinary shares purchased | \u2013 | \u2013 | |
Ordinary shares outstanding at the end of the year | 176,418 | 176,418 |
\u00a0
\n\n\u00a0
\n\n1. The total original commitment for Touring I is $100 million. 2. This contains only Fund II's outstanding capital commitment. As of 3 September 2024 Fund I was wound up. | |||||
|---|---|---|---|---|---|
Original commitment \u20ac\u2019000 | 2024 \u20ac\u2019000 | 2023 \u20ac\u2019000 | |||
Fund I and Fund II | 392,398 |
| 11,7802 | 16,134 | |
Fund III | 325,780 |
| 46,587 | 50,496 | |
Fund IV | 400,000 |
| 90,600 | 125,000 | |
Fund V | 800,000 |
| 364,065 | 654,265 | |
Origin I | 129,300 |
| 28,446 | 65,297 | |
Origin II | 190,000 |
| 178,600 | 184,300 | |
PROfounders Fund III | 30,000 | 21,595 | 25,541 | ||
Touring I1 | 96,610 |
| 40,093 | 50,051 | |
Total outstanding commitments (\u20ac\u2019000) | 2,364,088 |
| 781,766 | 1,171,084 | |
Total outstanding commitments (\u00a3\u2019000) | 1,954,277 |
| 646,248 | 1,015,332 |
\u00a0
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\n\n\u00a0
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