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1. Summary of significant accounting policies
Reporting entity
Sherborne Investors (Guernsey) C Limited (the \u201cCompany\u201d) is a closed-ended investment company with limited
liability formed under the Companies (Guernsey) Law, 2008 (as amended). The Company was incorporated and
registered in Guernsey on 25 May 2017. The Company\u2019s registered office is 1 Royal Plaza, Royal Avenue, St Peter
Port, Guernsey, Channel Islands, GY1 2HL.
The Company commenced dealings on the London Stock Exchange\u2019s Specialist Fund Segment on 12 July 2017.
The Company, via SIGC Midco Limited (\u201cMidco\u201d), a former wholly owned subsidiary of the Company which was
dissolved and liquidated during the year, owned 99.98% of the capital interest in SIGC, LP (Incorporated) (the
\u201cInvestment Partnership\u201d), a former subsidiary of the Company which was also dissolved and liquidated during
the year as described further below.
During the year, the investment manager of the Investment Partnership, Sherborne Investors Management
(Guernsey) LLC, advised that following the Company\u2019s distribution of proceeds from its indirect investment in
Navient Corporation (\u201cNavient\u201d), it did not intend to seek to recall any funds for further investment. To
effectuate this, the Investment Partnership\u2019s investment manager assigned to the Company the Investment
Partnership\u2019s interest in SIGC LLC, as the constitutional documents of SIGC LLC do not permit the recall of
distributed capital for reinvestment. As a result of this assignment, the Investment Partnership was dissolved by
operation of its limited partnership agreement.
The \u201cGroup\u201d is defined as the Company and its former subsidiaries, Midco and the Investment Partnership. Both
subsidiaries were established/incorporated in Guernsey. Midco\u2019s and the Investment Partnership\u2019s results for
the year are included in the consolidated financial statements up until their respective liquidations. In the
opinion of the Directors, there is no single ultimate controlling party.
Basis of preparation
The Group\u2019s Consolidated Financial Statements have been prepared in accordance with International Financial
Reporting Standards (\u201cIFRS\u201d) as adopted in the European Union, which comprise standards and interpretations
approved by the International Accounting Standards Board (\u201cIASB\u201d) and International Accounting Standards and
Standing Interpretations Committee, Interpretations approved by the International Accounting Standards
Committee that remain in effect, together with applicable legal and regulatory requirements of Guernsey law.
The Directors of the Company have taken the exemption in Section 244 of the Companies (Guernsey) Law, 2008
(as amended) and have therefore elected to only prepare Consolidated Financial Statements for the year. These
Consolidated Financial Statements have been prepared on the historical cost basis, as modified by the
measurement at fair value of investments.
Going concern
Under the UK Corporate Governance Code 2018 and applicable regulations, the Directors are required to satisfy
themselves that it is reasonable to assume that the Group is a going concern. The Board is of the opinion that
the going concern basis should be adopted in the preparation of the Consolidated Financial Statements. Further
detail can be found in the Viability Statement on page 10.
The Directors have undertaken a rigorous review of the Company\u2019s ability to continue as a going concern
including reviewing the ongoing cash flows and the level of cash balances as of the reporting date, as well as
taking forecasts of future cash flows into consideration.
The Directors have considered the impact to the Company, as well as to Navient, and the stock prices of the two companies, of the current economic environment, including the current interest rates and inflationary environment, and have concluded that there is no impact on the going concern. As at 31 December 2023, the Company\u2019s net current asset position is \u00a30.8 million (2022: \u00a34.8 million) with a net asset value (\u201cNAV\u201d) of \u00a3566.3 million (2022: \u00a3529.3 million). The Company, via its investment in SIGC LLC and other funds in which the Company is indirectly an investor (the \u201cFunds\u201d), has sufficient liquid assets to meet expected costs. The investment manager of the Funds, Sherborne Investors Management LP (including affiliates, the \u201cInvestment Manager\u201d), has the full intent and ability to provide the Company with funds as and if required. After making enquiries of the Investment Manager and Apex Fund and Corporate Services (Guernsey) Limited (the \u201cAdministrator\u201d) and, based on sufficient cash reserves as of 31 December 2023, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational activities for the foreseeable future. Accordingly, they continue to adopt a going concern basis in preparing these audited Consolidated Financial Statements. Please see the Corporate Governance section on page 22. Critical accounting judgments and key sources of estimation uncertainty The preparation of the Group\u2019s Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and contingencies at the date of the Group\u2019s Consolidated Financial Statements and income and expenses during the reported year. Actual results could differ from those estimated i) Critical accounting judgement: Incentive allocation As more fully described in Note 9, until 24 May 2023 when the Investment Partnership was dissolved, the Special Limited Partner was entitled to receive an incentive allocation once aggregate distributions to partners of the Investment Partnership exceed a certain level. After the Investment Partnership\u2019s dissolution, the incentive allocation is incurred at SIGC LLC on the same economic term as previously incurred at the Investment Partnership and accounted on the same basis. Please see Note 9 on page 56 for further details. The basis of the incentive calculation differs depending on how the investment in the Selected Target Company (\u201cSTC\u201d) is ultimately characterised (i.e., as a Turnaround or Stake Building Investment). The incentive allocation has been computed on a Stake Building Investment basis, as it does not meet the criteria of a Turnaround investment. ii) Critical accounting judgement: Consolidation of entities As described further in Note 5, as at 31 December 2023 the Company holds a non-controlling interest in SIGC LLC. Whilst the Company holds a majority interest in SIGC LLC and holds access to the rewards and benefits, it does not exercise control over the day-to-day operations nor does it have the ability to remove the controlling party. As such, SIGC LLC is not considered a subsidiary and is not consolidated but held and measured at fair value through profit or loss.
iii) Source of estimation uncertainty: Financial assets at fair value through profit or loss
The Group\u2019s investments are measured at fair value for financial reporting purposes. The fair value of financial
assets is based on the net asset value of the investment. The main contribution to their NAV is the quoted closing
price of the STC and the Company as at 31 December 2023, together with incentive fee and cash balances. Please
see Note 5 for further details.
Adoption of new and revised standards
(i) New standards adopted as at 1 January 2023:
The following standards are effective for the first time for the financial period beginning 1 January 2023 and
are relevant to the Group and Company\u2019s operations:
IAS 1 (amended), \u2018Presentation of Financial Statements\u2019
IAS 8 (amended), \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019.
The above standards have been adopted and did not have a material impact on the financial statements.
(ii) Standards, amendments, and interpretations early adopted by the Group:
There were no standards, amendments and interpretations early adopted by the Group.
(iii) Standards, amendments, and interpretations in issue but not yet effective:
The following standards which are relevant to the Company and its Group, which have not been applied in these
Financial Statements, were in issue at the reporting date but not yet effective:
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current
Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants
Amendments to IAS 7 \u2013 Statement of Cash Flows
Amendments to IFRS 7 \u2013 Financial Instruments
IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2 \u2013 Climate-related Disclosures
Unless stated otherwise, the Directors do not consider the adoption of any new and revised accounting
standards and interpretations to have a material impact as the new standards or amendments are not relevant
to the operations of the Group.
a. Basis of consolidation
The Consolidated Financial Statements incorporate the financial statements of the Company and two entities
previously controlled by the Company (its subsidiaries). Control is achieved where the Company has the power
to govern the financial and operating policies of an investee entity to obtain benefits from its activities.
Investments where a majority interest is held but control is not achieved are held at fair value through profit or
loss.
Non-controlling interests in the net assets of the consolidated subsidiaries are identified separately from the
Group\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of the
original business combination and the non-controlling entities\u2019 share of changes in equity since the date of the
combination. Losses applicable to the non-controlling entities in excess of their interest in the subsidiaries equity
are allocated against their interests to the extent that this would create a negative balance.
Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting
policies used into line with those used by the Group.
All intra-group transactions, balances and expenses are eliminated on consolidation.
Whilst the general partner of the Investment Partnership, Sherborne Investors (Guernsey) GP, LLC, a company
registered in Delaware, USA, was responsible for directing the day-to-day operations of the Investment
Partnership, the Company, through its majority interest in the Investment Partnership, had the ability to approve
the proposed investment of the Investment Partnership and to remove the general partner.
The Company has consolidated both the Investment Partnership and Midco in its financial statements, up until
their respective liquidations in 2023 as described above in Note 1 under the heading \u2018Reporting entity\u2019.
b. Non-controlling interest
The interest of non-controlling parties in the subsidiary is measured at the minority's proportion of the net fair
value of the assets, liabilities and contingent liabilities recognised.
c. Functional currency
Items included in the Consolidated Financial Statements of the Group are measured using the currency of the
primary economic environment in which the entity operates. The Consolidated Financial Statements are
presented in Pound Sterling (\u201c\u00a3\u201d), which is the Group\u2019s functional and presentational currency.
Transactions in currencies other than \u00a3 are translated at the rate of exchange ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the Consolidated
Statement of Financial Position are retranslated into \u00a3 at the rate of exchange ruling at that date. Exchange
differences are reported in the Consolidated Statement of Comprehensive Income.
d. Financial assets at fair value through profit or loss
Investments, including equity investments in associates, are designated at fair value through profit or loss in
accordance with IFRS 9 \u2018Financial instruments\u2019, as the Group\u2019s business model is to invest in financial assets with
a view to profiting from their total return in the form of interest and changes in fair value. Under International
Accounting Standard 28 \u2018Investments in Associates\u2019, the fund can hold its investments at fair value through profit
or loss rather than as an associate as the Investment Partnership, until its dissolution, was a closed-ended fund.
Investments in voting shares and derivative contracts are initially recognised at cost and subsequently re-
measured at fair value, as determined by the Directors. Unrealised gains or losses arising from the revaluation
of investments in voting shares and derivative contracts are taken directly to the Consolidated Statement of
Comprehensive Income.
The Group\u2019s investments are measured at fair value for financial reporting purposes as described earlier in Note
1 under critical accounting judgements and key sources of estimation uncertainty.
In determining fair value in accordance with IFRS 13 \u2018Fair Value Measurement\u2019 (\u201cIFRS 13\u201d), investments
measured and reported at fair value are classified and disclosed in one of the following categories within the
fair value hierarchy:
Level I - An unadjusted quoted price for identical assets and liabilities in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. As required by IFRS 13, the Group will not adjust the quoted price for these investments, even in situations where it holds a large position, and a sale could reasonably impact the quoted price. Level II - Inputs are other than unadjusted quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies. Level III - Inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgement or estimation. The Group\u2019s investments are summarised by Level in Note 5. On disposal of shares, cost of investments is allocated on a first in, first out basis. e. Revenue recognition Investment income and interest receivable from short-term deposits and Treasury gilts are recognised on an accruals basis. Where receipt of investment income is not likely until the maturity or realisation of an investment then the investment income is accounted for as an increase in the fair value of the investment. f. Expenses All expenses are accounted for on an accruals basis. Expenses are charged through the Consolidated Statement of Comprehensive Income in the year in which they occur. g. Prepaid expenses and trade receivables Trade and other receivables are initially recognised at fair value and subsequently, re-measured at amortised cost using the effective interest method. A provision for an expected credit loss on trade receivables is established when there is objective evidence the Group will not be able to collect all amounts due according to the original terms of the receivables. The Group only holds trade receivables with no financing component, and which have maturities of less than 12 months at amortised cost and has therefore applied the simplified approach to expected credit loss. h. Cash and cash equivalents Cash and cash equivalents comprise cash in hand, call and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. This definition is also used for the Consolidated Statement of Cash Flows. The carrying amount of these assets approximate their fair value, unless otherwise stated. i. Trade and other payables Trade and other payables are initially recognised at fair value and subsequently, re-measured at amortised cost using the effective interest method. j. Financial instruments Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. k. Segmental reporting As the Group invests in one investee company, there is no segregation between industry, currency, or geographical location and therefore no further disclosures are required in conjunction with IFRS 8 \u2018Operating Segments\u2019. l. Incentive allocation Until 24 May 2023, when the Investment Partnership was dissolved, the incentive allocation was accounted for on an accrual basis (see in Note 9). After the Investment Partnership\u2019s dissolution, the incentive allocation is incurred at SIGC LLC on the same economic term as previously incurred at the Investment Partnership and accounted on the same basis. Please see Note 9 on page 56 for further details. The incentive allocation was payable to the non-controlling interest and would therefore be recognised in the Consolidated Statement of Changes in Equity rather than recognised as an expense in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-145": { "value": "Reporting entity Sherborne Investors (Guernsey) C Limited (the \u201cCompany\u201d) is a closed-ended investment company with limited liability formed under the Companies (Guernsey) Law, 2008 (as amended). The Company was incorporated and registered in Guernsey on 25 May 2017. The Company\u2019s registered office is 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey, Channel Islands, GY1 2HL. The Company commenced dealings on the London Stock Exchange\u2019s Specialist Fund Segment on 12 July 2017. The Company, via SIGC Midco Limited (\u201cMidco\u201d), a former wholly owned subsidiary of the Company which was dissolved and liquidated during the year, owned 99.98% of the capital interest in SIGC, LP (Incorporated) (the \u201cInvestment Partnership\u201d), a former subsidiary of the Company which was also dissolved and liquidated during the year as described further below. During the year, the investment manager of the Investment Partnership, Sherborne Investors Management (Guernsey) LLC, advised that following the Company\u2019s distribution of proceeds from its indirect investment in Navient Corporation (\u201cNavient\u201d), it did not intend to seek to recall any funds for further investment. To effectuate this, the Investment Partnership\u2019s investment manager assigned to the Company the Investment Partnership\u2019s interest in SIGC LLC, as the constitutional documents of SIGC LLC do not permit the recall of distributed capital for reinvestment. As a result of this assignment, the Investment Partnership was dissolved by operation of its limited partnership agreement. The \u201cGroup\u201d is defined as the Company and its former subsidiaries, Midco and the Investment Partnership. Both subsidiaries were established/incorporated in Guernsey. Midco\u2019s and the Investment Partnership\u2019s results for the year are included in the consolidated financial statements up until their respective liquidations. In the opinion of the Directors, there is no single ultimate controlling party. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "closed-ended investment company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-144": { "value": "Basis of preparation The Group\u2019s Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted in the European Union, which comprise standards and interpretations approved by the International Accounting Standards Board (\u201cIASB\u201d) and International Accounting Standards and Standing Interpretations Committee, Interpretations approved by the International Accounting Standards Committee that remain in effect, together with applicable legal and regulatory requirements of Guernsey law. The Directors of the Company have taken the exemption in Section 244 of the Companies (Guernsey) Law, 2008 (as amended) and have therefore elected to only prepare Consolidated Financial Statements for the year. These Consolidated Financial Statements have been prepared on the historical cost basis, as modified by the measurement at fair value of investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-170": { "value": "The Group\u2019s Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted in the European Union, which comprise standards and interpretations approved by the International Accounting Standards Board (\u201cIASB\u201d) and International Accounting Standards and Standing Interpretations Committee, Interpretations approved by the International Accounting Standards Committee that remain in effect, together with applicable legal and regulatory requirements of Guernsey law. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-146": { "value": "Going concern Under the UK Corporate Governance Code 2018 and applicable regulations, the Directors are required to satisfy themselves that it is reasonable to assume that the Group is a going concern. The Board is of the opinion that the going concern basis should be adopted in the preparation of the Consolidated Financial Statements. Further detail can be found in the Viability Statement on page 10. The Directors have undertaken a rigorous review of the Company\u2019s ability to continue as a going concern including reviewing the ongoing cash flows and the level of cash balances as of the reporting date, as well as taking forecasts of future cash flows into consideration.
The Directors have considered the impact to the Company, as well as to Navient, and the stock prices of the two
companies, of the current economic environment, including the current interest rates and inflationary
environment, and have concluded that there is no impact on the going concern.
As at 31 December 2023, the Company\u2019s net current asset position is \u00a30.8 million (2022: \u00a34.8 million) with a net
asset value (\u201cNAV\u201d) of \u00a3566.3 million (2022: \u00a3529.3 million).
The Company, via its investment in SIGC LLC and other funds in which the Company is indirectly an investor
(the
\u201cFunds\u201d), has sufficient liquid assets to meet expected costs. The investment manager of the Funds, Sherborne
Investors Management LP (including affiliates, the \u201cInvestment Manager\u201d), has the full intent and ability to
provide the Company with funds as and if required.
After making enquiries of the Investment Manager and Apex Fund and Corporate Services (Guernsey) Limited
(the \u201cAdministrator\u201d) and, based on sufficient cash reserves as of 31 December 2023, the Directors have a
reasonable expectation that the Company has adequate resources to continue in operational activities for the
foreseeable future.
Accordingly, they continue to adopt a going concern basis in preparing these audited Consolidated Financial
Statements. Please see the Corporate Governance section on page 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-147": { "value": "
Critical accounting judgments and key sources of estimation uncertainty
The preparation of the Group\u2019s Consolidated Financial Statements requires management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, and contingencies at the date of the
Group\u2019s Consolidated Financial Statements and income and expenses during the reported year. Actual results
could differ from those estimated
i) Critical accounting judgement: Incentive allocation
As more fully described in Note 9, until 24 May 2023 when the Investment Partnership was dissolved, the Special
Limited Partner was entitled to receive an incentive allocation once aggregate distributions to partners of the
Investment Partnership exceed a certain level. After the Investment Partnership\u2019s dissolution, the incentive
allocation is incurred at SIGC LLC on the same economic term as previously incurred at the Investment
Partnership and accounted on the same basis. Please see Note 9 on page 56 for further details. The basis of the
incentive calculation differs depending on how the investment in the Selected Target Company (\u201cSTC\u201d) is
ultimately characterised (i.e., as a Turnaround or Stake Building Investment). The incentive allocation has been
computed on a Stake Building Investment basis, as it does not meet the criteria of a Turnaround investment.
ii) Critical accounting judgement: Consolidation of entities
As described further in Note 5, as at 31 December 2023 the Company holds a non-controlling interest in SIGC
LLC. Whilst the Company holds a majority interest in SIGC LLC and holds access to the rewards and benefits, it
does not exercise control over the day-to-day operations nor does it have the ability to remove the controlling
party. As such, SIGC LLC is not considered a subsidiary and is not consolidated but held and measured at fair
value through profit or loss.
iii) Source of estimation uncertainty: Financial assets at fair value through profit or loss The Group\u2019s investments are measured at fair value for financial reporting purposes. The fair value of financial assets is based on the net asset value of the investment. The main contribution to their NAV is the quoted closing price of the STC and the Company as at 31 December 2023, together with incentive fee and cash balances. Please see Note 5 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-148": { "value": "Adoption of new and revised standards (i) New standards adopted as at 1 January 2023: The following standards are effective for the first time for the financial period beginning 1 January 2023 and are relevant to the Group and Company\u2019s operations: IAS 1 (amended), \u2018Presentation of Financial Statements\u2019 IAS 8 (amended), \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. The above standards have been adopted and did not have a material impact on the financial statements. (ii) Standards, amendments, and interpretations early adopted by the Group: There were no standards, amendments and interpretations early adopted by the Group. (iii) Standards, amendments, and interpretations in issue but not yet effective: The following standards which are relevant to the Company and its Group, which have not been applied in these Financial Statements, were in issue at the reporting date but not yet effective: Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants Amendments to IAS 7 \u2013 Statement of Cash Flows Amendments to IFRS 7 \u2013 Financial Instruments IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related Financial Information IFRS S2 \u2013 Climate-related Disclosures Unless stated otherwise, the Directors do not consider the adoption of any new and revised accounting standards and interpretations to have a material impact as the new standards or amendments are not relevant to the operations of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-172": { "value": "(i) New standards adopted as at 1 January 2023: The following standards are effective for the first time for the financial period beginning 1 January 2023 and are relevant to the Group and Company\u2019s operations: IAS 1 (amended), \u2018Presentation of Financial Statements\u2019 IAS 8 (amended), \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019. The above standards have been adopted and did not have a material impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-171": { "value": "(ii) Standards, amendments, and interpretations early adopted by the Group: There were no standards, amendments and interpretations early adopted by the Group. (iii) Standards, amendments, and interpretations in issue but not yet effective: The following standards which are relevant to the Company and its Group, which have not been applied in these Financial Statements, were in issue at the reporting date but not yet effective: Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-Current Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants Amendments to IAS 7 \u2013 Statement of Cash Flows Amendments to IFRS 7 \u2013 Financial Instruments IFRS S1 \u2013 General Requirements for Disclosure of Sustainability-related Financial Information IFRS S2 \u2013 Climate-related Disclosures Unless stated otherwise, the Directors do not consider the adoption of any new and revised accounting standards and interpretations to have a material impact as the new standards or amendments are not relevant to the operations of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-149": { "value": "a. Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and two entities previously controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity to obtain benefits from its activities. Investments where a majority interest is held but control is not achieved are held at fair value through profit or loss. Non-controlling interests in the net assets of the consolidated subsidiaries are identified separately from the Group\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling entities\u2019 share of changes in equity since the date of the combination. Losses applicable to the non-controlling entities in excess of their interest in the subsidiaries equity are allocated against their interests to the extent that this would create a negative balance. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances and expenses are eliminated on consolidation. Whilst the general partner of the Investment Partnership, Sherborne Investors (Guernsey) GP, LLC, a company registered in Delaware, USA, was responsible for directing the day-to-day operations of the Investment Partnership, the Company, through its majority interest in the Investment Partnership, had the ability to approve the proposed investment of the Investment Partnership and to remove the general partner. The Company has consolidated both the Investment Partnership and Midco in its financial statements, up until their respective liquidations in 2023 as described above in Note 1 under the heading \u2018Reporting entity\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-150": { "value": "b. Non-controlling interest The interest of non-controlling parties in the subsidiary is measured at the minority's proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-173": { "value": "c. Functional currency Items included in the Consolidated Financial Statements of the Group are measured using the currency of the primary economic environment in which the entity operates. The Consolidated Financial Statements are presented in Pound Sterling (\u201c\u00a3\u201d), which is the Group\u2019s functional and presentational currency. Transactions in currencies other than \u00a3 are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the Consolidated Statement of Financial Position are retranslated into \u00a3 at the rate of exchange ruling at that date. Exchange differences are reported in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-151": { "value": "c. Functional currency Items included in the Consolidated Financial Statements of the Group are measured using the currency of the primary economic environment in which the entity operates. The Consolidated Financial Statements are presented in Pound Sterling (\u201c\u00a3\u201d), which is the Group\u2019s functional and presentational currency. Transactions in currencies other than \u00a3 are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the Consolidated Statement of Financial Position are retranslated into \u00a3 at the rate of exchange ruling at that date. Exchange differences are reported in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-181": { "value": "d. Financial assets at fair value through profit or loss Investments, including equity investments in associates, are designated at fair value through profit or loss in accordance with IFRS 9 \u2018Financial instruments\u2019, as the Group\u2019s business model is to invest in financial assets with a view to profiting from their total return in the form of interest and changes in fair value. Under International Accounting Standard 28 \u2018Investments in Associates\u2019, the fund can hold its investments at fair value through profit or loss rather than as an associate as the Investment Partnership, until its dissolution, was a closed-ended fund. Investments in voting shares and derivative contracts are initially recognised at cost and subsequently re- measured at fair value, as determined by the Directors. Unrealised gains or losses arising from the revaluation of investments in voting shares and derivative contracts are taken directly to the Consolidated Statement of Comprehensive Income. The Group\u2019s investments are measured at fair value for financial reporting purposes as described earlier in Note 1 under critical accounting judgements and key sources of estimation uncertainty. In determining fair value in accordance with IFRS 13 \u2018Fair Value Measurement\u2019 (\u201cIFRS 13\u201d), investments measured and reported at fair value are classified and disclosed in one of the following categories within the fair value hierarchy: Level I - An unadjusted quoted price for identical assets and liabilities in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. As required by IFRS 13, the Group will not adjust the quoted price for these investments, even in situations where it holds a large position, and a sale could reasonably impact the quoted price. Level II - Inputs are other than unadjusted quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies. Level III - Inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgement or estimation. The Group\u2019s investments are summarised by Level in Note 5. On disposal of shares, cost of investments is allocated on a first in, first out basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-174": { "value": "d. Financial assets at fair value through profit or loss Investments, including equity investments in associates, are designated at fair value through profit or loss in accordance with IFRS 9 \u2018Financial instruments\u2019, as the Group\u2019s business model is to invest in financial assets with a view to profiting from their total return in the form of interest and changes in fair value. Under International Accounting Standard 28 \u2018Investments in Associates\u2019, the fund can hold its investments at fair value through profit or loss rather than as an associate as the Investment Partnership, until its dissolution, was a closed-ended fund. Investments in voting shares and derivative contracts are initially recognised at cost and subsequently re- measured at fair value, as determined by the Directors. Unrealised gains or losses arising from the revaluation of investments in voting shares and derivative contracts are taken directly to the Consolidated Statement of Comprehensive Income. The Group\u2019s investments are measured at fair value for financial reporting purposes as described earlier in Note 1 under critical accounting judgements and key sources of estimation uncertainty. In determining fair value in accordance with IFRS 13 \u2018Fair Value Measurement\u2019 (\u201cIFRS 13\u201d), investments measured and reported at fair value are classified and disclosed in one of the following categories within the fair value hierarchy: Level I - An unadjusted quoted price for identical assets and liabilities in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. As required by IFRS 13, the Group will not adjust the quoted price for these investments, even in situations where it holds a large position, and a sale could reasonably impact the quoted price. Level II - Inputs are other than unadjusted quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies. Level III - Inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgement or estimation. The Group\u2019s investments are summarised by Level in Note 5. On disposal of shares, cost of investments is allocated on a first in, first out basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-152": { "value": "d. Financial assets at fair value through profit or loss Investments, including equity investments in associates, are designated at fair value through profit or loss in accordance with IFRS 9 \u2018Financial instruments\u2019, as the Group\u2019s business model is to invest in financial assets with a view to profiting from their total return in the form of interest and changes in fair value. Under International Accounting Standard 28 \u2018Investments in Associates\u2019, the fund can hold its investments at fair value through profit or loss rather than as an associate as the Investment Partnership, until its dissolution, was a closed-ended fund. Investments in voting shares and derivative contracts are initially recognised at cost and subsequently re- measured at fair value, as determined by the Directors. Unrealised gains or losses arising from the revaluation of investments in voting shares and derivative contracts are taken directly to the Consolidated Statement of Comprehensive Income. The Group\u2019s investments are measured at fair value for financial reporting purposes as described earlier in Note 1 under critical accounting judgements and key sources of estimation uncertainty. In determining fair value in accordance with IFRS 13 \u2018Fair Value Measurement\u2019 (\u201cIFRS 13\u201d), investments measured and reported at fair value are classified and disclosed in one of the following categories within the fair value hierarchy:
Level I - An unadjusted quoted price for identical assets and liabilities in an active market provides the most
reliable evidence of fair value and is used to measure fair value whenever available. As required by IFRS 13, the
Group will not adjust the quoted price for these investments, even in situations where it holds a large position,
and a sale could reasonably impact the quoted price.
Level II - Inputs are other than unadjusted quoted prices in active markets, which are either directly or indirectly
observable as of the reporting date, and fair value is determined using models or other valuation methodologies.
Level III - Inputs are unobservable for the investment and include situations where there is little, if any, market
activity for the investment. The inputs into the determination of fair value require significant management
judgement or estimation.
The Group\u2019s investments are summarised by Level in Note 5. On disposal of shares, cost of investments is
allocated on a first in, first out basis.
j. Financial instruments
Financial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when
the Group becomes a party to the contractual provisions of the instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-153": { "value": "
e. Revenue recognition
Investment income and interest receivable from short-term deposits and Treasury gilts are recognised on an
accruals basis. Where receipt of investment income is not likely until the maturity or realisation of an investment
then the investment income is accounted for as an increase in the fair value of the investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-154": { "value": "
f. Expenses
All expenses are accounted for on an accruals basis. Expenses are charged through the Consolidated Statement
of Comprehensive Income in the year in which they occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-155": { "value": "
g. Prepaid expenses and trade receivables
Trade and other receivables are initially recognised at fair value and subsequently, re-measured at amortised
cost using the effective interest method. A provision for an expected credit loss on trade receivables is
established when there is objective evidence the Group will not be able to collect all amounts due according to
the original terms of the receivables. The Group only holds trade receivables with no financing component, and
which have maturities of less than 12 months at amortised cost and has therefore applied the simplified
approach to expected credit loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-156": { "value": "
h. Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, call and current balances with banks and similar institutions,
which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in
value. This definition is also used for the Consolidated Statement of Cash Flows. The carrying amount of these
assets approximate their fair value, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-157": { "value": "
i. Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently, re-measured at amortised cost
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-158": { "value": "
k. Segmental reporting
As the Group invests in one investee company, there is no segregation between industry, currency, or
geographical location and therefore no further disclosures are required in conjunction with IFRS 8 \u2018Operating
Segments\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-159": { "value": "
l. Incentive allocation
Until 24 May 2023, when the Investment Partnership was dissolved, the incentive allocation was accounted for
on an accrual basis (see in Note 9). After the Investment Partnership\u2019s dissolution, the incentive allocation is
incurred at SIGC LLC on the same economic term as previously incurred at the Investment Partnership and
accounted on the same basis. Please see Note 9 on page 56 for further details. The incentive allocation was
payable to the non-controlling interest and would therefore be recognised in the Consolidated Statement of
Changes in Equity rather than recognised as an expense in the Consolidated Statement of Comprehensive
Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-175": { "value": "
2. Comprehensive income/(loss)
The consolidated comprehensive income/(loss) has been arrived at after charging:
1 January 2023 to
31 December 2023
1 January 2022 to
31 December 2022
\u00a3
\u00a3
Directors\u2019 fees 203,054
160,000
Auditor\u2019s remuneration - Audit 55,000
47,000
Auditor\u2019s remuneration - Interim review 28,000
28,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-182": { "value": "2. Comprehensive income/(loss) The consolidated comprehensive income/(loss) has been arrived at after charging: 1 January 2023 to 31 December 2023 1 January 2022 to 31 December 2022 \u00a3 \u00a3 Directors\u2019 fees 203,054 160,000 Auditor\u2019s remuneration - Audit 55,000 47,000 Auditor\u2019s remuneration - Interim review 28,000 28,000", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-161": { "value": "2. Comprehensive income/(loss) The consolidated comprehensive income/(loss) has been arrived at after charging: 1 January 2023 to 31 December 2023 1 January 2022 to 31 December 2022 \u00a3 \u00a3 Directors\u2019 fees 203,054 160,000 Auditor\u2019s remuneration - Audit 55,000 47,000 Auditor\u2019s remuneration - Interim review 28,000 28,000", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-160": { "value": "
3. Tax on ordinary activities
The Company has been granted exemption from income tax in Guernsey under the Income Tax (Exempt Bodies)
(Bailiwick of Guernsey) Ordinance 1989 and is liable to pay an annual fee (currently \u00a31,200 per company) under
the provisions of the Ordinance. As such it will not be liable to income tax in Guernsey other than on Guernsey
source income (excluding deposit interest on funds deposited with a Guernsey bank). No withholding tax is
applicable to distributions to Shareholders by the Company.
The Investment Partnership was not itself subject to taxation in Guernsey. No withholding tax was applicable to
distributions to partners of the Investment Partnership.
Income which is wholly derived from the business operations conducted on behalf of the Investment Partnership
with, and investments made in, persons or companies who are not resident in Guernsey will not be regarded as
Guernsey source income. Such income will not therefore be liable to Guernsey tax in the hands of non-Guernsey
resident limited partners.
The Funds may be liable to pay withholding tax on behalf of non-US persons, such as the Company, on dividend
income from US sources, such as Navient. The maximum statutory withholding tax rate is 30%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-163": { "value": "
4. Earnings per share
The calculation of basic and diluted earnings per share is based on the return on ordinary activities less total
comprehensive income attributable to the non-controlling interest and on there being 700,000,000 (2022:
700,000,000) weighted average number of shares in issue during the year.
The earnings per share for the year attributable to equity shareholders ended 31 December 2023 amounted to
6.28 pence per share (31 December 2022: a loss of 6.79 pence per share).
Date
Shares
Days in issue
Weighted
Average Shares
31 December 2023
700,000,000
365
700,000,000
31 December 2022 700,000,000 365 700,000,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-162": { "value": "
5. Financial assets at fair value through profit or loss
2023 2022
\u00a3
\u00a3
Opening fair value
524,662,582
575,577,900
Contribution to investments 633,786 -
Distributions from investments (6,633,353) (8,116,285)
Unrealised gain/(loss) on financial assets at fair
value through profit or loss
46,852,537
(42,799,033)
Closing fair value 565,515,552 524,662,582
The following tables summarise by level within the fair value hierarchy the Group\u2019s financial assets and liabilities
at fair value as follows
:
Level I Level II Level III Total
31 December 2023 \u00a3 \u00a3 \u00a3 \u00a3
Financial assets at fair value through profit and loss - - 565,515,552 565,515,552
Level I Level II Level III Total
31 December 2022 \u00a3 \u00a3 \u00a3 \u00a3
Financial assets at fair value through profit and loss - - 524,662,582 524,662,582
As at 31 December 2023, the Group\u2019s investment consists solely of a non-controlling interest in SIGC LLC which
was organised to invest in the STC. With SIGC LLC\u2019s balance sheet being measured at fair value, the NAV of SIGC
LLC provides the best estimate of fair value for the Company\u2019s investment in SIGC LLC.
SIGC LLC\u2019s investment, via an intermediary, consisted of its non-controlling interest in Newbury Investors LLC
(\u201cNewbury\u201d). Newbury\u2019s investment in the STC consisted of both common stock of Navient and of the Company.
The Investment Manager continually evaluates the optimal allocation of Newbury\u2019s ownership of shares in
Navient versus those of the Company. The Investment Manager may from time to time buy or sell shares in
Navient and the Company to adjust the allocation. Some of the factors in the allocation decision include the
relative liquidity of the shares of Navient and the Company, the discount to net asset value at which the
Company\u2019s shares trade and various tactical considerations, and general market conditions. Furthermore, the
Level III investments disclosed in the financial statements are solely comprised of the Group\u2019s non-controlling
interest in SIGC LLC. The value of those investments equated to the Company\u2019s maximum exposure to loss from
the SIGC LLC and Newbury.
For the year ended 31 December 2023
A reconciliation of fair value measurements in Level III is set out in the following table:
2023 2022
\u00a3 \u00a3
Opening fair value
524,662,582
575,577,900
Contribution to investments
633,786 -
Distributions from investments
(6,633,353) (8,116,285)
Unrealised gain/(loss) on financial assets at fair value through profit or loss
46,852,537 (42,799,033)
Closing fair value 565,515,552 524,662,582
Capital contributions made during the year ended 31 December 2023 were made based on excess cash held at
the Investment Partnership prior to its dissolution. Capital distributions made during the year ended 31
December 2023 were made to fund the Company\u2019s dividend payment. Capital distributions made during the
year ended 31 December 2022 were made to return excess funds drawn including the funding of the Company\u2019s
dividend payment.
The key unobservable input in the valuation of the Level III investment is the value of SIGC LLC\u2019s indirect non-
controlling interests in the underlying intermediaries which is impacted by the share price of the Navient and
the Company.
Refer to Note 10 for the sensitivity analysis regarding changes in the Navient and the Company share prices.
10. Financial risk factors
The Group\u2019s investment objective is to realise capital growth from investment in the STC, identified by the
Investment Manager, with the aim of generating significant capital return for Shareholders. Consistent with that
objective, the Group\u2019s financial instruments mainly comprise an investment in a STC. In addition, the Group
holds cash and cash equivalents as well as having trade and other receivables and trade and other payables that
arise directly from its operations.
Liquidity risk
The Group\u2019s cash and cash equivalents are placed in demand deposits with a range of financial institutions. The
listed investment in the STC could be partially redeemed relatively quickly (within 3 months) should the Group
need to meet obligations or ongoing expenses as and when they fall due.
The following table details the liquidity analysis for financial liabilities at the date of the Consolidated Statement
of Financial Position:
As at 31 December 2023 Less than 1 month
1 \u2013 12 months
Total
\u00a3
\u00a3
\u00a3
Trade and other payables 4,120
96,207
100,327
4,120
96,207
100,327
As at 31 December 2022 Less than 1 month
1 \u2013 12 months
Total
\u00a3
\u00a3
\u00a3
Trade and other payables 116,928
110,418
227,346
116,928
110,418
227,346
Credit risk The Group is exposed to credit risk in respect of its cash and cash equivalents, arising from possible default of the relevant counterparty, with a maximum exposure equal to the carrying value of those assets. The credit risk on liquid funds is mitigated through the Group depositing cash and cash equivalents across several banks. Royal Bank of Scotland International has a stand-alone long term credit rating of A- with Standard & Poor\u2019s (31 December 2022: A- with standard & Poor\u2019s) whilst Barclays Bank PLC has a standalone long term credit rating of A+ with Standard & Poor\u2019s (31 December 2022: A with Standard & Poor\u2019s). The Group considers these ratings to be acceptable. Market price risk Market price risk arises as a result of the Group\u2019s exposure to the future values of the share price of the STC including the share price of Navient and the Company. It represents the potential loss that the Group may suffer through investing in the STC. The sensitivity analysis below has been determined based on the exposure to investment funds at the reporting date. The 10% reasonably possible price movement for investment funds is based on the Investment Manager\u2019s best estimates. The sensitivity rate for these investments of 10% is regarded as reasonable, as in the Investment Manager\u2019s view there continues to be potential for market volatility in the coming year. As at 31 December 2023, the share price of Navient and the Company were $18.62 per share and 59.5 pence per share, respectively, which produced the Company's NAV of \u00a3566.3 million. At 31 December 2023 a 10% increase in the share price of Navient and the Company would increase the Company\u2019s NAV by approximately \u00a342.7 million. At 31 December 2023 a 10% decrease in the share price of Navient and the Company would decrease the Company\u2019s NAV by approximately \u00a351.8 million. Foreign exchange risk Foreign currency risk arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. The Investment Manager monitors the Group\u2019s monetary and non-monetary foreign exchange exposure on a regular basis. The Group has limited direct foreign exchange risk exposure. SIGC LLC\u2019s investment in the US based STC during the year exposes SIGC LLC to foreign currency risk, however, as a Group this is considered as part of market price risk. Interest rate risk The Group is subject to risks associated with changes in interest rates in respect of interest earned on its cash and cash equivalents. The Group seeks to mitigate this risk by monitoring the placement of cash balances on an on-going basis in order to maximise the interest rates obtained.
As at
31 December 202
3
Less than
1 month
1 month
to
3 months
3 months
to
1 year
Non
-
interest
bearing Total
\u00a3 \u00a3 \u00a3 \u00a3 \u00a3
Assets
Cash and cash equivalents 816,593 - - - 816,593
Financial assets held at fair value
through profit or loss
- - - 565,515,552 565,515,552
Total Assets 816,593 - - 565,515,552 566,332,145
Liabilities
Other payables - - - 100,327 100,327
Total Liabilities - - - 100,327 100,327
As at 31 December 2022
Less than
1 month
1 month
to
3
months
3 months
to
1 year
Non-
interest
bearing
Total
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Assets
Cash and cash equivalents 4,974,113 - - - 4,974,113
Financial assets held at fair value
through profit or loss
- - - 524,662,582 524,662,582
Total Assets 4,974,113 - - 524,662,582 529,636,695
Liabilities
Other payables - - -
227,346
227,346
Total Liabilities - - - 227,346 227,346
As at 31 December 2023, the total interest sensitivity gap for interest bearing items was a surplus of \u00a3816,593
(2022: \u00a34,974,113).
As at 31 December 2023, interest rates reported by the Bank of England were 5.25% (31 December 2022: 3.5%)
which would equate to net income of \u00a342,871 (31 December 2022: \u00a3174,094) per annum if interest bearing
assets and liabilities remained constant. If interest rates were to fluctuate by 100 basis points (2022: 200 basis
points), this would have a positive or negative effect of \u00a38,166 (2022: positive or negative effect of \u00a349,741) on
the Group\u2019s annual income.
Capital risk management.
The capital structure of the Company consists of proceeds raised from the issue of Ordinary Shares. As at 31
December 2023, the Group is not subject to any external capital requirement.
The Directors believe that at the date of the Consolidated Statement of Financial Position there were no other
material risks associated with the management of the Group\u2019s capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-189": { "value": "5. Financial assets at fair value through profit or loss 2023 2022 \u00a3 \u00a3 Opening fair value 524,662,582 575,577,900 Contribution to investments 633,786 - Distributions from investments (6,633,353) (8,116,285) Unrealised gain/(loss) on financial assets at fair value through profit or loss 46,852,537 (42,799,033) Closing fair value 565,515,552 524,662,582 The following tables summarise by level within the fair value hierarchy the Group\u2019s financial assets and liabilities at fair value as follows: Level I Level II Level III Total 31 December 2023 \u00a3 \u00a3 \u00a3 \u00a3 Financial assets at fair value through profit and loss - - 565,515,552 565,515,552 Level I Level II Level III Total 31 December 2022 \u00a3 \u00a3 \u00a3 \u00a3 Financial assets at fair value through profit and loss - - 524,662,582 524,662,582 As at 31 December 2023, the Group\u2019s investment consists solely of a non-controlling interest in SIGC LLC which was organised to invest in the STC. With SIGC LLC\u2019s balance sheet being measured at fair value, the NAV of SIGC LLC provides the best estimate of fair value for the Company\u2019s investment in SIGC LLC. SIGC LLC\u2019s investment, via an intermediary, consisted of its non-controlling interest in Newbury Investors LLC (\u201cNewbury\u201d). Newbury\u2019s investment in the STC consisted of both common stock of Navient and of the Company. The Investment Manager continually evaluates the optimal allocation of Newbury\u2019s ownership of shares in Navient versus those of the Company. The Investment Manager may from time to time buy or sell shares in Navient and the Company to adjust the allocation. Some of the factors in the allocation decision include the relative liquidity of the shares of Navient and the Company, the discount to net asset value at which the Company\u2019s shares trade and various tactical considerations, and general market conditions. Furthermore, the Level III investments disclosed in the financial statements are solely comprised of the Group\u2019s non-controlling interest in SIGC LLC. The value of those investments equated to the Company\u2019s maximum exposure to loss from the SIGC LLC and Newbury. A reconciliation of fair value measurements in Level III is set out in the following table: 2023 2022 \u00a3 \u00a3 Opening fair value 524,662,582575,577,900Contribution to investments 633,786 - Distributions from investments (6,633,353) (8,116,285) Unrealised gain/(loss) on financial assets at fair value through profit or loss 46,852,537 (42,799,033) Closing fair value 565,515,552 524,662,582 Capital contributions made during the year ended 31 December 2023 were made based on excess cash held at the Investment Partnership prior to its dissolution. Capital distributions made during the year ended 31 December 2023 were made to fund the Company\u2019s dividend payment. Capital distributions made during the year ended 31 December 2022 were made to return excess funds drawn including the funding of the Company\u2019s dividend payment. The key unobservable input in the valuation of the Level III investment is the value of SIGC LLC\u2019s indirect non- controlling interests in the underlying intermediaries which is impacted by the share price of the Navient and the Company. Refer to Note 10 for the sensitivity analysis regarding changes in the Navient and the Company share prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-183": { "value": "5. Financial assets at fair value through profit or loss 2023 2022 \u00a3 \u00a3 Opening fair value 524,662,582 575,577,900 Contribution to investments 633,786 - Distributions from investments (6,633,353) (8,116,285) Unrealised gain/(loss) on financial assets at fair value through profit or loss 46,852,537 (42,799,033) Closing fair value 565,515,552 524,662,582 The following tables summarise by level within the fair value hierarchy the Group\u2019s financial assets and liabilities at fair value as follows: Level I Level II Level III Total 31 December 2023 \u00a3 \u00a3 \u00a3 \u00a3 Financial assets at fair value through profit and loss - - 565,515,552 565,515,552 Level I Level II Level III Total 31 December 2022 \u00a3 \u00a3 \u00a3 \u00a3 Financial assets at fair value through profit and loss - - 524,662,582 524,662,582 As at 31 December 2023, the Group\u2019s investment consists solely of a non-controlling interest in SIGC LLC which was organised to invest in the STC. With SIGC LLC\u2019s balance sheet being measured at fair value, the NAV of SIGC LLC provides the best estimate of fair value for the Company\u2019s investment in SIGC LLC. SIGC LLC\u2019s investment, via an intermediary, consisted of its non-controlling interest in Newbury Investors LLC (\u201cNewbury\u201d). Newbury\u2019s investment in the STC consisted of both common stock of Navient and of the Company. The Investment Manager continually evaluates the optimal allocation of Newbury\u2019s ownership of shares in Navient versus those of the Company. The Investment Manager may from time to time buy or sell shares in Navient and the Company to adjust the allocation. Some of the factors in the allocation decision include the relative liquidity of the shares of Navient and the Company, the discount to net asset value at which the Company\u2019s shares trade and various tactical considerations, and general market conditions. Furthermore, the Level III investments disclosed in the financial statements are solely comprised of the Group\u2019s non-controlling interest in SIGC LLC. The value of those investments equated to the Company\u2019s maximum exposure to loss from the SIGC LLC and Newbury. A reconciliation of fair value measurements in Level III is set out in the following table: 2023 2022 \u00a3 \u00a3 Opening fair value 524,662,582575,577,900Contribution to investments 633,786 - Distributions from investments (6,633,353) (8,116,285) Unrealised gain/(loss) on financial assets at fair value through profit or loss 46,852,537 (42,799,033) Closing fair value 565,515,552 524,662,582 Capital contributions made during the year ended 31 December 2023 were made based on excess cash held at the Investment Partnership prior to its dissolution. Capital distributions made during the year ended 31 December 2023 were made to fund the Company\u2019s dividend payment. Capital distributions made during the year ended 31 December 2022 were made to return excess funds drawn including the funding of the Company\u2019s dividend payment. The key unobservable input in the valuation of the Level III investment is the value of SIGC LLC\u2019s indirect non- controlling interests in the underlying intermediaries which is impacted by the share price of the Navient and the Company. Refer to Note 10 for the sensitivity analysis regarding changes in the Navient and the Company share prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-176": { "value": "5. Financial assets at fair value through profit or loss 2023 2022 \u00a3 \u00a3 Opening fair value 524,662,582 575,577,900 Contribution to investments 633,786 - Distributions from investments (6,633,353) (8,116,285) Unrealised gain/(loss) on financial assets at fair value through profit or loss 46,852,537 (42,799,033) Closing fair value 565,515,552 524,662,582 The following tables summarise by level within the fair value hierarchy the Group\u2019s financial assets and liabilities at fair value as follows: Level I Level II Level III Total 31 December 2023 \u00a3 \u00a3 \u00a3 \u00a3 Financial assets at fair value through profit and loss - - 565,515,552 565,515,552 Level I Level II Level III Total 31 December 2022 \u00a3 \u00a3 \u00a3 \u00a3 Financial assets at fair value through profit and loss - - 524,662,582 524,662,582 As at 31 December 2023, the Group\u2019s investment consists solely of a non-controlling interest in SIGC LLC which was organised to invest in the STC. With SIGC LLC\u2019s balance sheet being measured at fair value, the NAV of SIGC LLC provides the best estimate of fair value for the Company\u2019s investment in SIGC LLC. SIGC LLC\u2019s investment, via an intermediary, consisted of its non-controlling interest in Newbury Investors LLC (\u201cNewbury\u201d). Newbury\u2019s investment in the STC consisted of both common stock of Navient and of the Company. The Investment Manager continually evaluates the optimal allocation of Newbury\u2019s ownership of shares in Navient versus those of the Company. The Investment Manager may from time to time buy or sell shares in Navient and the Company to adjust the allocation. Some of the factors in the allocation decision include the relative liquidity of the shares of Navient and the Company, the discount to net asset value at which the Company\u2019s shares trade and various tactical considerations, and general market conditions. Furthermore, the Level III investments disclosed in the financial statements are solely comprised of the Group\u2019s non-controlling interest in SIGC LLC. The value of those investments equated to the Company\u2019s maximum exposure to loss from the SIGC LLC and Newbury. For the year ended 31 December 2023 A reconciliation of fair value measurements in Level III is set out in the following table: 2023 2022 \u00a3 \u00a3 Opening fair value 524,662,582575,577,900Contribution to investments 633,786 - Distributions from investments (6,633,353) (8,116,285) Unrealised gain/(loss) on financial assets at fair value through profit or loss 46,852,537 (42,799,033) Closing fair value 565,515,552 524,662,582 Capital contributions made during the year ended 31 December 2023 were made based on excess cash held at the Investment Partnership prior to its dissolution. Capital distributions made during the year ended 31 December 2023 were made to fund the Company\u2019s dividend payment. Capital distributions made during the year ended 31 December 2022 were made to return excess funds drawn including the funding of the Company\u2019s dividend payment. The key unobservable input in the valuation of the Level III investment is the value of SIGC LLC\u2019s indirect non- controlling interests in the underlying intermediaries which is impacted by the share price of the Navient and the Company. Refer to Note 10 for the sensitivity analysis regarding changes in the Navient and the Company share prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-164": { "value": "
6. Trade and other payables
2023
2022
\u00a3
\u00a3
Professional fees payable 15,298
144,628
Administration fees payable 30,029
35,718
Audit fees payable 55,000
47,000
Total 100,327
227,346
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-184": { "value": "6. Trade and other payables 2023 2022 \u00a3 \u00a3 Professional fees payable 15,298 144,628 Administration fees payable 30,029 35,718 Audit fees payable 55,000 47,000 Total 100,327 227,346", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-178": { "value": "6. Trade and other payables 2023 2022 \u00a3 \u00a3 Professional fees payable 15,298 144,628 Administration fees payable 30,029 35,718 Audit fees payable 55,000 47,000 Total 100,327 227,346", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-177": { "value": "
7. Consolidated share capital and share premium
As at 31 December 2023
As at 31 December 2022
Authorised share capital No.
No.
Ordinary Shares of no par value Unlimited
Unlimited
Issued and fully paid No.
No.
Ordinary Shares of no par value 700,000,000
700,000,000
As at 31 December 2023
As at 31 December 2022
Share premium account \u00a3
\u00a3
Share premium account upon issue 700,000,000
700,000,000
Less: Costs of issue (11,060,597)
(11,060,597)
Closing balance 688,939,403
688,939,403
Each Ordinary share has equal voting rights and no par value with no right to fixed income.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-165": { "value": "7. Consolidated share capital and share premium As at 31 December 2023 As at 31 December 2022 Authorised share capital No. No. Ordinary Shares of no par value Unlimited Unlimited Issued and fully paid No. No. Ordinary Shares of no par value 700,000,000 700,000,000 As at 31 December 2023 As at 31 December 2022 Share premium account \u00a3 \u00a3 Share premium account upon issue 700,000,000 700,000,000 Less: Costs of issue (11,060,597) (11,060,597) Closing balance 688,939,403 688,939,403
Each Ordinary share has equal voting rights and no par value with no right to fixed income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-166": { "value": "
8. Net asset value per share attributable to the Company (excluding NCI)
Basic and Diluted
No. of Shares
Pence per Share
31 December 2023 700,000,000
80.90
31 December 2022 700,000,000
75.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-167": { "value": "
9. Related party transactions
The Investment Partnership and its General Partner engaged Sherborne Investors Management (Guernsey) LLC
to serve as investment manager until the Investment Partnership\u2019s dissolution as disclosed in Note 1. The
Investment Manager was entitled to receive from the Investment Partnership a monthly management fee equal
to one-twelfth of 1% of the net asset value of the Investment Partnership, less cash and cash equivalents and
certain other adjustments. During the year ended 31 December 2023, management fees of \u00a32,087,689 (year
ended 31 December 2022: \u00a34,329,768) were paid by the Investment Partnership. No balance was outstanding
at 31 December 2023 (31 December 2022: \u00a3Nil).
The Special Limited Partner interest was held by Sherborne Investors LP until the Investment Partnership\u2019s
dissolution as disclosed in Note 1. The Special Limited Partner was entitled to receive an incentive allocation
once aggregate distributions to partners of the Investment Partnership, of which one was the Company,
exceeded a certain level of capital contributions to the Investment Partnership, excluding amounts contributed
attributable to management fees.
For Turnaround investments, the incentive allocation is computed at 10% of the distributions to all partners in
excess of 110%, increasing to 20% of the distributions to all partners in excess of 150% and increasing to 25% of
the distributions to all partners in excess of 200% of capital contributions, excluding amounts contributed
attributable to management fees. An investment is considered a Turnaround investment when a member of the
General Partner is appointed chairman of, or accepts an executive role at, the STC.
If, after acquiring a shareholding, the share price of the STC rises to a level at which further investment and the
effort of a Turnaround is, in the investment manager\u2019s opinion, no longer justified or otherwise no longer
presents a viable Turnaround opportunity, the Investment Partnership intends to sell (and distribute the
proceeds to the Company) or distribute in kind the holding to the limited partners (in each case after deductions
for any costs and expenses and for the Investment Partnership\u2019s Minimum Capital Requirements and subject to
applicable law and regulation), rather than seeking to join the Board of Directors or otherwise engage with the
STC (a \u201cStake Building Investment\u201d).
For Stake Building Investments, the incentive allocation is computed at 20% of net returns on the investment of
the Investment Partnership, such amount to be payable after each partner in the Investment Partnership has
had distributed to it an amount equal to its aggregate capital contribution to the Investment Partnership in
respect to the Stake Building Investment (excluding any capital contributions attributable to management fees).
The Special Limited Partner may waive or defer all or any part of any incentive allocation otherwise due.
At 31 December 2023, there is no incentive allocation payable by the Investment Partnership (31 December
2022: \u00a3Nil).
Pursuant to its constitutional documents, the management fee and incentive allocation, incurred at SIGC LLC are
on the same economic terms as incurred at the Investment Partnership as described above.
During the year ended 31 December 2023, management fees of \u00a33,143,749 were paid by SIGC LLC (year ended
31 December 2022: \u00a3Nil). No balance was outstanding at 31 December 2023 (31 December 2022: \u00a3Nil). At 31
December 2023, the incentive allocation at SIGC LLC has been computed based on a Stake Building Investment
basis and amounted to \u00a31,585,047 (31 December 2022: \u00a3Nil).
Each of the Directors (other than the Chairman) receives a fee payable by the Company currently at a rate of
\u00a335,000 per annum. The Chairman of the Audit Committee receives \u00a35,000 per annum in addition to such fee.
The Chairman receives a fee payable by the Company currently at the rate of \u00a350,000 per annum.
Individually and collectively, the Directors of the Company hold no shares of the Company as at 31 December
2023 (2022: nil).
Sherborne Investors GP, LLC has granted to the Company a non-exclusive licence to use the name \u201cSherborne
Investors\u201d in the UK and the Channel Islands in the corporate name of the Company and in connection with
the conduct of the Company\u2019s business affairs. The Company may not sub-licence or assign its rights under the
Trademark Licence Agreement. Sherborne Investors GP, LLC receives a fee of \u00a370,000 per annum for the use of
the licenced name.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-179": { "value": "9. Related party transactions The Investment Partnership and its General Partner engaged Sherborne Investors Management (Guernsey) LLC to serve as investment manager until the Investment Partnership\u2019s dissolution as disclosed in Note 1. The Investment Manager was entitled to receive from the Investment Partnership a monthly management fee equal to one-twelfth of 1% of the net asset value of the Investment Partnership, less cash and cash equivalents and certain other adjustments. During the year ended 31 December 2023, management fees of \u00a32,087,689 (year ended 31 December 2022: \u00a34,329,768) were paid by the Investment Partnership. No balance was outstanding at 31 December 2023 (31 December 2022: \u00a3Nil). The Special Limited Partner interest was held by Sherborne Investors LP until the Investment Partnership\u2019s dissolution as disclosed in Note 1. The Special Limited Partner was entitled to receive an incentive allocation once aggregate distributions to partners of the Investment Partnership, of which one was the Company, exceeded a certain level of capital contributions to the Investment Partnership, excluding amounts contributed attributable to management fees. For Turnaround investments, the incentive allocation is computed at 10% of the distributions to all partners in excess of 110%, increasing to 20% of the distributions to all partners in excess of 150% and increasing to 25% of the distributions to all partners in excess of 200% of capital contributions, excluding amounts contributed attributable to management fees. An investment is considered a Turnaround investment when a member of the General Partner is appointed chairman of, or accepts an executive role at, the STC. If, after acquiring a shareholding, the share price of the STC rises to a level at which further investment and the effort of a Turnaround is, in the investment manager\u2019s opinion, no longer justified or otherwise no longer presents a viable Turnaround opportunity, the Investment Partnership intends to sell (and distribute the proceeds to the Company) or distribute in kind the holding to the limited partners (in each case after deductions for any costs and expenses and for the Investment Partnership\u2019s Minimum Capital Requirements and subject to applicable law and regulation), rather than seeking to join the Board of Directors or otherwise engage with the STC (a \u201cStake Building Investment\u201d). For Stake Building Investments, the incentive allocation is computed at 20% of net returns on the investment of the Investment Partnership, such amount to be payable after each partner in the Investment Partnership has had distributed to it an amount equal to its aggregate capital contribution to the Investment Partnership in respect to the Stake Building Investment (excluding any capital contributions attributable to management fees). The Special Limited Partner may waive or defer all or any part of any incentive allocation otherwise due. At 31 December 2023, there is no incentive allocation payable by the Investment Partnership (31 December 2022: \u00a3Nil). Pursuant to its constitutional documents, the management fee and incentive allocation, incurred at SIGC LLC are on the same economic terms as incurred at the Investment Partnership as described above. During the year ended 31 December 2023, management fees of \u00a33,143,749 were paid by SIGC LLC (year ended 31 December 2022: \u00a3Nil). No balance was outstanding at 31 December 2023 (31 December 2022: \u00a3Nil). At 31 December 2023, the incentive allocation at SIGC LLC has been computed based on a Stake Building Investment basis and amounted to \u00a31,585,047 (31 December 2022: \u00a3Nil). Each of the Directors (other than the Chairman) receives a fee payable by the Company currently at a rate of \u00a335,000 per annum. The Chairman of the Audit Committee receives \u00a35,000 per annum in addition to such fee. The Chairman receives a fee payable by the Company currently at the rate of \u00a350,000 per annum. Individually and collectively, the Directors of the Company hold no shares of the Company as at 31 December 2023 (2022: nil). Sherborne Investors GP, LLC has granted to the Company a non-exclusive licence to use the name \u201cSherborne Investors\u201d in the UK and the Channel Islands in the corporate name of the Company and in connection with the conduct of the Company\u2019s business affairs. The Company may not sub-licence or assign its rights under the Trademark Licence Agreement. Sherborne Investors GP, LLC receives a fee of \u00a370,000 per annum for the use of the licenced name. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-180": { "value": "10. Financial risk factors The Group\u2019s investment objective is to realise capital growth from investment in the STC, identified by the Investment Manager, with the aim of generating significant capital return for Shareholders. Consistent with that objective, the Group\u2019s financial instruments mainly comprise an investment in a STC. In addition, the Group holds cash and cash equivalents as well as having trade and other receivables and trade and other payables that arise directly from its operations. Liquidity risk The Group\u2019s cash and cash equivalents are placed in demand deposits with a range of financial institutions. The listed investment in the STC could be partially redeemed relatively quickly (within 3 months) should the Group need to meet obligations or ongoing expenses as and when they fall due. The following table details the liquidity analysis for financial liabilities at the date of the Consolidated Statement of Financial Position: As at 31 December 2023 Less than 1 month 1 \u2013 12 months Total \u00a3 \u00a3 \u00a3 Trade and other payables 4,120 96,207 100,327 4,120 96,207 100,327 As at 31 December 2022 Less than 1 month 1 \u2013 12 months Total \u00a3 \u00a3 \u00a3 Trade and other payables 116,928 110,418 227,346 116,928 110,418 227,346 Credit risk The Group is exposed to credit risk in respect of its cash and cash equivalents, arising from possible default of the relevant counterparty, with a maximum exposure equal to the carrying value of those assets. The credit risk on liquid funds is mitigated through the Group depositing cash and cash equivalents across several banks. Royal Bank of Scotland International has a stand-alone long term credit rating of A- with Standard & Poor\u2019s (31 December 2022: A- with standard & Poor\u2019s) whilst Barclays Bank PLC has a standalone long term credit rating of A+ with Standard & Poor\u2019s (31 December 2022: A with Standard & Poor\u2019s). The Group considers these ratings to be acceptable. Market price risk Market price risk arises as a result of the Group\u2019s exposure to the future values of the share price of the STC including the share price of Navient and the Company. It represents the potential loss that the Group may suffer through investing in the STC. The sensitivity analysis below has been determined based on the exposure to investment funds at the reporting date. The 10% reasonably possible price movement for investment funds is based on the Investment Manager\u2019s best estimates. The sensitivity rate for these investments of 10% is regarded as reasonable, as in the Investment Manager\u2019s view there continues to be potential for market volatility in the coming year. As at 31 December 2023, the share price of Navient and the Company were $18.62 per share and 59.5 pence per share, respectively, which produced the Company's NAV of \u00a3566.3 million. At 31 December 2023 a 10% increase in the share price of Navient and the Company would increase the Company\u2019s NAV by approximately \u00a342.7 million. At 31 December 2023 a 10% decrease in the share price of Navient and the Company would decrease the Company\u2019s NAV by approximately \u00a351.8 million. Foreign exchange risk Foreign currency risk arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. The Investment Manager monitors the Group\u2019s monetary and non-monetary foreign exchange exposure on a regular basis. The Group has limited direct foreign exchange risk exposure. SIGC LLC\u2019s investment in the US based STC during the year exposes SIGC LLC to foreign currency risk, however, as a Group this is considered as part of market price risk. Interest rate risk The Group is subject to risks associated with changes in interest rates in respect of interest earned on its cash and cash equivalents. The Group seeks to mitigate this risk by monitoring the placement of cash balances on an on-going basis in order to maximise the interest rates obtained. As at 31 December 2023Less than1 month 1 month to3 months 3 monthsto 1 year Non-interest bearing Total \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 Assets Cash and cash equivalents 816,593 - - - 816,593 Financial assets held at fair value through profit or loss - - - 565,515,552 565,515,552 Total Assets 816,593 - - 565,515,552 566,332,145 Liabilities Other payables - - - 100,327 100,327 Total Liabilities - - - 100,327 100,327 As at 31 December 2022 Less than1 month1 month to3months3 months to1 yearNon- interest bearingTotal\u00a3\u00a3\u00a3\u00a3\u00a3Assets Cash and cash equivalents 4,974,113 - - - 4,974,113 Financial assets held at fair value through profit or loss - - - 524,662,582 524,662,582 Total Assets 4,974,113 - - 524,662,582 529,636,695 Liabilities Other payables - - - 227,346 227,346 Total Liabilities - - - 227,346 227,346 As at 31 December 2023, the total interest sensitivity gap for interest bearing items was a surplus of \u00a3816,593 (2022: \u00a34,974,113). As at 31 December 2023, interest rates reported by the Bank of England were 5.25% (31 December 2022: 3.5%) which would equate to net income of \u00a342,871 (31 December 2022: \u00a3174,094) per annum if interest bearing assets and liabilities remained constant. If interest rates were to fluctuate by 100 basis points (2022: 200 basis points), this would have a positive or negative effect of \u00a38,166 (2022: positive or negative effect of \u00a349,741) on the Group\u2019s annual income. Capital risk management. The capital structure of the Company consists of proceeds raised from the issue of Ordinary Shares. As at 31 December 2023, the Group is not subject to any external capital requirement. The Directors believe that at the date of the Consolidated Statement of Financial Position there were no other material risks associated with the management of the Group\u2019s capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-185": { "value": "Liquidity risk The Group\u2019s cash and cash equivalents are placed in demand deposits with a range of financial institutions. The listed investment in the STC could be partially redeemed relatively quickly (within 3 months) should the Group need to meet obligations or ongoing expenses as and when they fall due. The following table details the liquidity analysis for financial liabilities at the date of the Consolidated Statement of Financial Position: As at 31 December 2023 Less than 1 month 1 \u2013 12 months Total \u00a3 \u00a3 \u00a3 Trade and other payables 4,120 96,207 100,327 4,120 96,207 100,327 As at 31 December 2022 Less than 1 month 1 \u2013 12 months Total \u00a3 \u00a3 \u00a3 Trade and other payables 116,928 110,418 227,346 116,928 110,418 227,346 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-186": { "value": "
Credit risk
The Group is exposed to credit risk in respect of its cash and cash equivalents, arising from possible default of
the relevant counterparty, with a maximum exposure equal to the carrying value of those assets. The credit risk
on liquid funds is mitigated through the Group depositing cash and cash equivalents across several banks.
Royal Bank of Scotland International has a stand-alone long term credit rating of A- with Standard & Poor\u2019s (31
December 2022: A- with standard & Poor\u2019s) whilst Barclays Bank PLC has a standalone long term credit rating of
A+ with Standard & Poor\u2019s (31 December 2022: A with Standard & Poor\u2019s). The Group considers these ratings to
be acceptable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-187": { "value": "Market price risk Market price risk arises as a result of the Group\u2019s exposure to the future values of the share price of the STC including the share price of Navient and the Company. It represents the potential loss that the Group may suffer through investing in the STC. The sensitivity analysis below has been determined based on the exposure to investment funds at the reporting date. The 10% reasonably possible price movement for investment funds is based on the Investment Manager\u2019s best estimates. The sensitivity rate for these investments of 10% is regarded as reasonable, as in the Investment Manager\u2019s view there continues to be potential for market volatility in the coming year. As at 31 December 2023, the share price of Navient and the Company were $18.62 per share and 59.5 pence per share, respectively, which produced the Company's NAV of \u00a3566.3 million. At 31 December 2023 a 10% increase in the share price of Navient and the Company would increase the Company\u2019s NAV by approximately \u00a342.7 million. At 31 December 2023 a 10% decrease in the share price of Navient and the Company would decrease the Company\u2019s NAV by approximately \u00a351.8 million. Foreign exchange risk Foreign currency risk arises as the value of future transactions, recognised monetary assets and monetary liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. The Investment Manager monitors the Group\u2019s monetary and non-monetary foreign exchange exposure on a regular basis. The Group has limited direct foreign exchange risk exposure. SIGC LLC\u2019s investment in the US based STC during the year exposes SIGC LLC to foreign currency risk, however, as a Group this is considered as part of market price risk. Interest rate risk The Group is subject to risks associated with changes in interest rates in respect of interest earned on its cash and cash equivalents. The Group seeks to mitigate this risk by monitoring the placement of cash balances on an on-going basis in order to maximise the interest rates obtained. As at 31 December 2023Less than1 month 1 month to3 months 3 monthsto 1 year Non-interest bearing Total \u00a3 \u00a3 \u00a3 \u00a3 \u00a3 Assets Cash and cash equivalents 816,593 - - - 816,593 Financial assets held at fair value through profit or loss - - - 565,515,552 565,515,552 Total Assets 816,593 - - 565,515,552 566,332,145 Liabilities Other payables - - - 100,327 100,327 Total Liabilities - - - 100,327 100,327 As at 31 December 2022 Less than1 month1 month to3months3 months to1 yearNon- interest bearingTotal\u00a3\u00a3\u00a3\u00a3\u00a3Assets Cash and cash equivalents 4,974,113 - - - 4,974,113 Financial assets held at fair value through profit or loss - - - 524,662,582 524,662,582 Total Assets 4,974,113 - - 524,662,582 529,636,695 Liabilities Other payables - - - 227,346 227,346 Total Liabilities - - - 227,346 227,346 As at 31 December 2023, the total interest sensitivity gap for interest bearing items was a surplus of \u00a3816,593 (2022: \u00a34,974,113). As at 31 December 2023, interest rates reported by the Bank of England were 5.25% (31 December 2022: 3.5%) which would equate to net income of \u00a342,871 (31 December 2022: \u00a3174,094) per annum if interest bearing assets and liabilities remained constant. If interest rates were to fluctuate by 100 basis points (2022: 200 basis points), this would have a positive or negative effect of \u00a38,166 (2022: positive or negative effect of \u00a349,741) on the Group\u2019s annual income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-190": { "value": "
Foreign exchange risk
Foreign currency risk arises as the value of future transactions, recognised monetary assets and monetary
liabilities denominated in other currencies fluctuate due to changes in foreign exchange rates. The Investment
Manager monitors the Group\u2019s monetary and non-monetary foreign exchange exposure on a regular basis. The
Group has limited direct foreign exchange risk exposure. SIGC LLC\u2019s investment in the US based STC during the
year exposes SIGC LLC to foreign currency risk, however, as a Group this is considered as part of market price
risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-188": { "value": "Capital risk management. The capital structure of the Company consists of proceeds raised from the issue of Ordinary Shares. As at 31 December 2023, the Group is not subject to any external capital requirement. The Directors believe that at the date of the Consolidated Statement of Financial Position there were no other material risks associated with the management of the Group\u2019s capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-168": { "value": "
11. Distributions
Distributions of 109,627 were paid by the Group to non-controlling interests on 16 October 2023 (year ended
31 December 2022: \u00a3700). During the year ended 31 December 2023 the Company paid a dividend of 1.0 pence
per share as follows: 0.5 pence per share, or \u00a33.5 million was paid, on 26 May 2023 to shareholders on the
register at 5 May 2023 and 0.5 pence per share, or \u00a33.5 million, was paid on 6 October 2023 to shareholders on
the register at 15 September 2023. During the year ended 31 December 2022 the Company paid a dividend of
0.5 pence per share, or \u00a33.5 million, on 16 September 2022 to shareholders on the register at 26 August 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "11. Distributions Distributions of 109,627 were paid by the Group to non-controlling interests on 16 October 2023 (year ended 31 December 2022: \u00a3700). During the year ended 31 December 2023 the Company paid a dividend of 1.0 pence per share as follows: 0.5 pence per share, or \u00a33.5 million was paid, on 26 May 2023 to shareholders on the register at 5 May 2023 and 0.5 pence per share, or \u00a33.5 million, was paid on 6 October 2023 to shareholders on the register at 15 September 2023. During the year ended 31 December 2022 the Company paid a dividend of 0.5 pence per share, or \u00a33.5 million, on 16 September 2022 to shareholders on the register at 26 August 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-169": { "value": "12. Subsequent events On 15 March 2024 Navient paid a dividend of $0.16 per share to shareholders of record on 1 March 2024. The Company has declared a dividend on 30 April 2024 of 0.5 pence per share, payable on 31 May 2024 to shareholders on the register at 10 May 2024. There were no other material subsequent events that require disclosure in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800L8QL59OCFOCB40", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }