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Until 25 March 2015, the Company was Authorised as a Closed-ended Investment Scheme and was subject to the Authorised Closed-ended Investment Scheme Rules 2008 issued by the Guernsey Financial Services Commission (\u201cGFSC\u201d). On 25 March 2015, the Company was registered with the GFSC as a Non-Regulated Financial Services Business, at which point the Company\u2019s authorised fund status was revoked. The Company\u2019s Ordinary Shares were admitted to the AIM market of the London Stock Exchange on 5 August 2005. The ZDPs were listed and traded on the main market of the London Stock Exchange with effect from 5 October 2015 and following shareholder approval now have a maturity date of 5 December 2027. The Company\u2019s 2021 bonds were repaid on 21 December 2021 and a total of \u00a312.575m principal of new bonds (the \u201cNew Bonds\u201d) were issued on 22 December 2021. Somerston subscribed to a further \u00a32.425m bonds on 1 December 2022 taking the Company\u2019s aggregated bond principal to \u00a315m of which \u00a310.13m is now held by Somerston. 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"12436000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-217": { "value": "4990000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-218": { "value": "4134000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-221": { "value": "
1. GENERAL INFORMATION
Sancus Lending Group Limited (the \"Company\"), together with its subsidiaries, (the \u201cGroup\u201d) was incorporated, and
domiciled in Guernsey, Channel Islands, as a company limited by shares and with limited liability, on 9 June 2005 in
accordance with The Companies (Guernsey) Law, 1994 (since superseded by The Companies (Guernsey) Law, 2008).
Until 25 March 2015, the Company was an Authorised Closed-ended Investment Scheme and was subject to the
Authorised Closed-ended Investment Scheme Rules 2008 issued by the Guernsey Financial Services Commission
(\u201cGFSC\u201d). On 25 March 2015, the Company was registered with the GFSC as a Non-Regulated Financial Services
Business (\u201cNRFSB\u201d), at which point the Company\u2019s authorised fund status was revoked. The Company\u2019s Ordinary
Shares were admitted to trading on the AIM market of the London Stock Exchange on 5 August 2005 and its issued
zero dividend preference shares were listed and traded on the Standard listing Segment of the main market of the
London Stock Exchange with effect from 5 October 2015. The Company changed where its business is managed and
controlled, from Guernsey to Jersey, effective 1 April 2023. The Board agreed that the Company should revoke its
NRFSB status, which was completed on 23 June 2023.
The Company does not have a fixed life and the Articles do not contain any trigger events for a voluntary liquidation of
the Company. The Company is an operating company for the purpose of the AIM rules. The Executive Management
Team is responsible for the management of the Company.
As at 31 December 2023, the Group comprises the Company and its subsidiaries (Note 20).
The Company has taken advantage of the exemption conferred by the Companies (Guernsey) Law, 2008, Section 244,
not to prepare company only financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Sancus Lending Group Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Guernsey, Channel Islands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-219": { "value": "Guernsey, Channel Islands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-220": { "value": "
2. ACCOUNTING POLICIES
(a) Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting
Standards, and all applicable requirements of Guernsey Company Law. The financial statements have been prepared
under the historical cost convention, as modified for the measurement of investments at fair value through profit or loss.
With the exception of any new and amended accounting standards which require policy changes, detailed in Note 2 (v),
the principal accounting policies of the Group have remained unchanged from the previous year and are set out below.
Comparative information in the primary statements is given for the year ended 31 December 2022.
The Group does not operate in an industry where significant or cyclical variations, as a result of seasonal activity, are
experienced during any particular financial period.
Going Concern
The Group has reported an operating loss of \u00a39.9m (2022: \u00a34.7m) for the year. This is primarily due to an ECL charge
of \u00a34.8m (2022: \u00a30.4m). As at 31 December 2023 the Group had net liabilities of (\u00a31.9m) (2022: net assets of \u00a37.2m),
including cash and cash equivalents of \u00a35.0m (2022: \u00a34.1m).
The Directors have considered the going concern basis in the preparation of the financial statements as supported by
the Director\u2019s assessment of the Company\u2019s and Group\u2019s ability to pay its liabilities as they fall due and have assessed
the current position and the principal risks facing the business with a view to assessing the prospects of the Company.
The Directors have prepared a cash flow forecast for the period to 30 September 2025 which shows that the Company
and the Group will have sufficient cash resources to meet their ongoing liabilities as they fall due for at least twelve
months from the date of approval of these financial statements. Following the extension of the ZDPs at the end of 2022,
for a further 5 years to 5 December 2027 and with the Bonds maturity date not until 31 December 2025, the Company
does not have any debt liabilities that fall due within the next 12 months. Based on this, along with the issuance of
preference shares by a subsidiary of the Group in April 2024 and as set out in Note 27 to these financial statements,
the Directors are of the opinion that the Company and Group has adequate financial resources to continue in operation
and meet its liabilities as they fall due for the foreseeable future.
It is however expected, whereby equity is required to facilitate an increase in drawdown from institutional funding lines
that the Company will require growth capital to fund the continued growth of the loan book. The Company\u2019s largest
shareholder, Somerston, has indicated their willingness to support the Company\u2019s growth plans. The Company will be
looking at options available to raise additional growth capital over the course of the year, which may include a form of
equity raise or sale by the Company of ZDP shares held in treasury.
The Directors therefore believe it is appropriate to continue to adopt the going concern basis in preparing the financial
statements.
(b) Basis of consolidation
The financial statements comprise the results of Sancus Lending Group and its subsidiaries for the year ended 31
December 2023. The subsidiaries are all entities where the Company has the power to control the investee, is exposed,
or has rights to variable returns and has the ability to use its power to affect these returns. Subsidiaries are fully
consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that
control ceases. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year
is recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. Intercompany
transactions, balances and unrealised gains on transactions between Group companies are eliminated in full on
consolidation.
(c) Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held on call with banks and other short term highly liquid
investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of
changes in value.
(d) Dividends
Dividend distributions are made at the discretion of the Company. A dividend distribution to shareholders is accounted
for as a reduction in retained earnings. A proposed dividend is recognised as a liability in the period in which it has been
approved and declared by the Directors.
(e) Expenditure
All expenses are accounted for on an accruals basis. Management fees, administration fees, finance costs and all other
expenses (excluding share issue expenses which are offset against share premium) are charged through the
Consolidated Statement of Comprehensive Income.
(f) Financial assets and liabilities
Classification, recognition and initial measurement
Classification and measurement of debt assets is driven by the business model for managing the financial assets and
the contractual cash flow characteristics of those financial assets. There are three principal classification categories for
financial assets that are debt instruments: (i) amortised cost, (ii) fair value through other comprehensive income and
(iii) fair value through profit and loss. Equity investments in the scope of IFRS 9 are measured at fair value with gains
and losses recognised in profit and loss unless an irrevocable election is made to recognise gains or losses in other
comprehensive income.
We are a lending business, which participates in financing to borrowers, Sancus loans, loan equivalents and loans
through platforms. As a result all of these loans/loan equivalents are held solely for the collection of contractual cash
flows, being interest, fees and payment of principal. These assets are held at amortised cost using the effective interest
rate method, adjusted for any credit loss allowance.
FinTech Ventures investments relate to equity, preference shares and some working capital loans. Whilst some of these
investments attract interest, the assets are held primarily to assist the development of the entities involved. These
investments are held at fair value with charges recognised in profit and loss.
Trade payables, financial liabilities and trade receivables are held solely for the collection and payment of contractual
cash flows, being payments of principal and interest where applicable. Trade receivables are held at amortised cost
using the effective interest rate method, adjusted for any credit loss allowance. Trade payables and financial liabilities
are held at amortised cost with any interest cost calculated in accordance with the effective interest rate.
Financial assets and financial liabilities are initially recognised on the trade date, which is the date on which the Group
becomes party to the contractual provisions of the instrument.
Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value, with
transaction costs recognised in the Consolidated Statement of Comprehensive Income. Financial assets and financial
liabilities not at fair value through profit or loss are initially recognised at fair value plus transaction costs that are directly
attributable to their acquisition or issue.
Subsequent to initial recognition, financial assets are either measured at fair value or amortised cost as noted above.
Realised gains and losses arising on the derecognition of financial assets and liabilities are recognised in the period in
which they arise. The effect of discounting on trade and other receivables is not considered to be material.
Fair value measurement
\u201cFair value\u201d is the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction
between market participants at the measurement date in the principal or, in its absence, the most advantageous market
to which the Group has access at that date. The fair value of a liability reflects its non-performance risk.
When available, the Group measures the fair value of an instrument using quoted price in an active market for that
instrument. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency
and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in
an active market at a mid price.
If there is no quoted price in an active market, the Group uses valuation techniques that maximise the use of relevant
observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the
factors that market participants would take into account in pricing a transaction. Please refer to Note 22.
The Group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during
which the change has occurred. If in the case of any investment the Directors at any time consider that the above basis
of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are
entitled to substitute what in their opinion, is a fair value. Gains and losses arising from changes in the fair value of the
financial assets and liabilities at fair value through profit or loss are included in the Consolidated Statement of
Comprehensive Income in the period in which they arise.
Debt and Equity Instruments
Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity
instrument. An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities.
Equity instruments are recorded at the proceeds received less any direct costs of issue.
Derecognition
Sales of all financial assets are recognised on trade date - the date on which the Group disposes of the economic
benefits of the asset. Financial assets are derecognised when the rights to receive cash flows from the asset have
expired or the Group has transferred substantially all risks and rewards of ownership.
On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount
allocated to the portion of the asset derecognised) and the consideration received (including any new asset obtained
less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in
such transferred financial assets that is created or retained by the Company is recognised as a separate asset or
liability.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.
Derivative financial instruments
The Group enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange rate
movements. Further details can be found in Note 22.
Forward contracts are initially recognised at fair value at the date the contract is entered into and are subsequently
remeasured to their fair value at each balance sheet date. Resulting gains/losses are recognised in profit or loss
immediately. Forward contracts with positive fair value are recognised as financial assets whereas forward contracts
with negative fair value are recognised as financial liabilities. Contracts are presented as non-current assets or liabilities
if the remaining maturity of the instrument is more than 12 months and is not expected to be settled within 12 months.
Other contracts are presented as current assets.
Expected credit losses
Credit risk is assessed at initial recognition of each financial asset and subsequently re-assessed at each reporting
period-end. For each category of Credit risk loans have been categorized into Stage 1, Stage 2 and Stage 3 with Stage
1 being to recognise 12 month Expected Credit Losses (ECL), Stage 2 being to recognise Lifetime ECL not credit
impaired and Stage 3 being to recognise Lifetime ECL credit impaired. When for example LTV exceeds 65% or amounts
become 30 days past due judgement will be used to reassess whether Credit risk has increased significantly enough
to move the loan from one stage to another. A loan is considered to be in default when there is a failure to meet the
legal obligation of the loan agreement. This would include provisions against loans that are considered by management
as unlikely to pay their obligations in full without realisation of collateral. Refer to Note 22 for further details.
Sancus loans and loan equivalents are assessed for credit risk based on information available at initial recognition,
predominantly (but not solely) using Loan to Value (LTV). For trade and other receivables, the Group has applied the
simplified approach to recognise lifetime expected credit losses although loan interest receivable is included in the gross
carrying value when determining ECL.
Provision for ECL is calculated using the credit risk, the probability of default and the probability of loss given default,
all underpinned by the LTV, historical position, forward looking considerations and on occasion subsequent events, and
the subjective judgement of the Board. ECL assumes the life of the loan is consistent with contractual term.
Financial guarantee contracts
Financial guarantee contracts are only recognised as a financial liability when it becomes probable that the guarantee
will be called upon in the future. The liability is measured at fair value and subsequently in accordance with the expected
credit loss model under IFRS 9. The fair value of financial guarantees is determined based on the present value of the
difference in cash flows between contracted payments required under the debt instrument and the payments that would
be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the
obligations.
(g) Foreign currency translation
Functional and presentation currency
The financial statements of the Group are presented in the currency of the primary economic environment in which the
Company operates (its functional currency). The Directors have considered the primary economic environment of the
Company and considered the currency in which finance is raised, distributions made, and ultimately what currency
would be returned if the Company was wound up. The Directors have also considered the currency to which the
underlying investments are exposed. On balance, the Directors believe Sterling best represents the functional currency
of the Company. Therefore, the books and records are maintained in Sterling and for the purpose of the financial
statements, the results and financial position of the Group are presented in Sterling, which is also the presentation
currency of the Group.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary items measured at historical
cost are translated using the exchange rates at the date of the transaction (not retranslated). Non-monetary items
measured at fair value are translated using the exchange rates at the date when fair value was determined.
All subsidiaries are presented in Sterling, which is the primary currency in which they operate with the exception of
Sancus Lending (Ireland) Limited whose primary currency is the Euro. Translation differences on non-monetary items
are reported as part of the fair value gain or loss reported in the Consolidated Statement of Comprehensive Income.
Foreign exchange differences arising on consolidation of the Group\u2019s foreign operations are taken direct to reserves.
The rates of exchange as at the year-end are \u00a31: USD1.2731 (31 December 2022 USD1.2101) and \u00a31: EUR1.1534
(31 December 2022 EUR1.1284).
(h) Goodwill
Goodwill represents the future economic benefits arising from a business combination that are not individually identified
and separately recognised. Goodwill is measured as the excess of (a) the aggregate of: (i) the consideration transferred
measured in accordance with IFRS 3, which generally requires acquisition-date fair value; (ii) the amount of any non-
controlling interest in the acquiree measured in accordance with IFRS 3; and (iii) in a business combination achieved
in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree; over (b) the net
of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in accordance
with IFRS 3. Goodwill is carried at cost less accumulated impairment losses. Refer to Note 2 (k) for a description of
impairment testing procedures and Note 12 for details on impairment testing.
(i) Interest costs
Interest costs are recognised when economic benefits are due to debt holders. Interest costs are accrued on a time
basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly
discounts estimated future cash payments through the expected life of the financial liability to the liability\u2019s net carrying
amount on initial recognition.
(j) Other intangible assets
Intangible assets with finite useful lives are amortised to profit or loss on a straight-line basis over their estimated useful
lives. Useful lives and amortisation methods are reviewed at the end of each annual reporting period, or more frequently
when there is an indication that the intangible asset may be impaired, with the effect of any changes accounted for on
a prospective basis. Amortisation commences when the intangible asset is available for use. The residual value of
intangible assets is assumed to be zero.
Computer software
Costs associated with maintaining computer software programmes are recognised as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique software products
controlled by the Group are recognised as intangible assets when the following criteria are met:
It is technically feasible to complete the software product so that it will be available for use.
Management intends to complete the software product and use or sell it.
There is an ability to use or sell the software product.
It can be demonstrated how the software product will generate probable future economic benefits.
Adequate technical, financial and other resources to complete the development and to use or sell the software
product are available.
The expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software product include the software development
employee costs and third party contractor costs. Other development expenditures that do not meet these criteria are
recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as
an asset in a subsequent period. Capitalised development costs are recorded as intangible assets and amortised from
the point at which the asset is ready for use over their estimated useful lives, which does not exceed four years.
(k) Impairment testing of goodwill, intangible assets and property and equipment
An impairment loss is recognised for the amount by which the asset\u2019s or cash-generating unit\u2019s carrying amount exceeds
its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-
in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable
discount rate in order to calculate the present value of those cash flows. The data used for impairment testing
procedures are directly linked to the Group\u2019s latest approved budget, adjusted as necessary to exclude the effects of
future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating
unit and reflect management\u2019s assessment of respective risk profiles, such as market and asset-specific risk factors.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-
generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With
the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously
recognised may no longer exist. An impairment loss is reversed if the asset\u2019s or cash-generating unit\u2019s recoverable
amount exceeds its carrying amount.
All impairments or subsequent reversals of impairments are recognised in the Consolidated Statement of
Comprehensive Income.
(l) Investment in Joint Venture and associates
A joint venture is a joint arrangement over which the Group has joint control. An associate is an entity over which the
Group has significant influence but is not a subsidiary.
An investment in a joint venture or associate is accounted for by the Group using the equity method except for certain
FinTech Ventures associates as described in Note 3. These are measured at fair value through profit or loss in
accordance with policy Note 2 (f).
Any goodwill or fair value adjustment attributable to the Group\u2019s share in the joint venture or associate is not recognised
separately and is included in the amount recognised as an investment.
The carrying amount of the investment in a joint venture or associate is increased or decreased to recognise the Group\u2019s
share of the profit or loss and other comprehensive income of the joint venture or associate and adjusted where
necessary to ensure consistency with the accounting policies of the Group.
Unrealised gains and losses on transactions between the Group and its joint venture or associate are eliminated to the
extent of the Group\u2019s interest in the entity. Where unrealised losses are eliminated, the underlying asset is also tested
for impairment.
(m) Non-Current Liabilities
Loans payable are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial
recognition, loans payable are stated at amortised cost using the effective interest rate method.
The ZDPs are contractually required to be redeemed on their maturity date and they will be settled in cash, thus, ZDP
shares are classified as liabilities (refer to Note 17) in accordance with IAS 32 Financial Instruments: Presentation. After
initial recognition, these liabilities are measured at amortised cost, which represents the initial proceeds of the issuance
plus the accrued entitlement to the reporting date. Any ZDPs acquired by the group, as noted in Note 17, are held in
Treasury and shown as a reduction in carrying value.
(n) Property and equipment
Tangible fixed assets include computer equipment, furniture and fittings stated at cost less accumulated depreciation.
Depreciation is provided at rates calculated to write off the cost of tangible property and computer equipment on a
straight-line basis over its expected useful economic life as follows:
Furniture and fittings 3 to 5 years
Computer equipment 2 to 4 years
(o) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable
for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes where
applicable in the Group. Revenue is reduced for estimated rebates and other similar allowances. The Group has five
principal sources of revenue and related accounting policies are outlined below:
Interest on loans
Interest income is recognised in accordance with IFRS 9. Interest income is accrued over the contractual life of the
loan, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying
amount on initial recognition.
Dividend income
Dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been
established (provided that it is probable that the economic benefits will flow to the Group and the amount of revenue
can be measured reliably).
Fee income on syndicated and non-syndicated loans
In accordance with the guidance in IFRS 15 Revenue, the Group distinguishes between fees that are an integral part
of the effective interest rate of a financial instrument, fees that are earned as services are provided, and fees that are
earned on the execution of a significant act.
i) Commitment and arrangement fees
Commitment and arrangement fees earned for syndicated loans are recognised on origination of the loan as
compensation for the service of syndication. This is a reflection of the commercial reality of the operations of the
business to arrange and administer loans for other parties i.e. the execution of a significant act and satisfying the
Group\u2019s performance obligation at the point of arranging the loan.
Consistent with the policy outlined above, commitment and arrangement fees earned on loans originated for the
sole benefit of the Group are also recorded in revenue on completion of the service of analysing or originating the
loan. Whilst this is not in accordance with the requirements of the effective interest rate method outlined in IFRS 9
Financial Instruments, this is not considered to have a material impact on the financial performance or financial
position of the Group.
ii) Exit fees
Where a loan is syndicated and has standard terms the exit fee is recognised as part of the arrangement fee,
reflecting the costs of syndication at the start of the loan. Where a loan is syndicated and has milestones or
conditions which determine if the fee becomes payable and/or the magnitude of the fee the exit fee is treated as
variable consideration in line with IFRS 15 and is only recognised when the relevant milestones/conditions are met.
Where loans are not syndicated the exit fee is deemed to be part of the effective interest rate and recognised over
the term of the loan.
iii) Fee income earned by peer-to-peer subsidiary platforms
Fee income earned by subsidiaries whose principal business is to operate online lending platforms that arrange
financing between Co-Funders and Borrowers includes arrangement fees, trading transaction fees, repayment fees
and other lender related fees. Revenue earned from the arrangement of financing is classified as a transaction fee
and is recognised immediately upon acceptance of the arrangement by borrowers. Other transaction fees, including
revenue from Co-Funders in relation to the sale of their loan participations in platform secondary markets is also
recognised immediately.
Loan repayment fees are charged on a straight-line basis over the repayments of the borrower\u2019s financing
arrangement.
iv) Advisory fees
Advisory fee income is invoiced and recognised on an accruals basis in accordance with the relevant investment
advisory agreement.
(p) Share based payments
As explained in the Remuneration Report, the Company provides a discretionary bonus, part of which may be satisfied
through the issuance of the Company\u2019s own shares, to certain senior management. The cost of such bonuses is taken
to the Consolidated Statement of Comprehensive Income with a corresponding credit to Shareholders\u2019 Equity. The fair
value of any share options granted is determined at the grant date and the expense is spread over the vesting period
in accordance with IFRS 2.
(q) Taxation
Current tax, including corporation tax in relevant jurisdictions that the Group operates in, is provided at amounts
expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in
the future have occurred at the balance sheet date. Timing differences are differences between the Group's taxable
profits, and its results as stated in the financial statements, that arise from the inclusion of gains and losses in tax
assessments in periods different from those in which they are recognised in the financial statements.
(r) Treasury shares
Where the Company purchases its own Share Capital, the consideration paid, which includes any directly attributable
costs, is recognised as a deduction from Share Premium.
When such shares are subsequently sold or reissued to the market, any consideration received, net of any directly
attributable incremental transaction costs, is recognised as an increase in Share Premium. Where the Company cancels
treasury shares, no further action is required to the Share Premium account at the time of cancellation.
(s)
Warrants
Warrants are accounted for as either equity or liabilities based upon the characteristics and provisions of each
instrument and are recorded at fair value as of the date of issuance. In subsequent periods an amount representing the
difference between the warrant exercise price and the prevailing market price of the company\u2019s shares is transferred
from/to retained earnings to/from warrants outstanding.
(t)
Inventories \u2013 Development properties
Inventories are stated at the lower of cost and net realisable value. Cost comprises initial outlay and, where applicable,
additional costs that have been incurred in bringing the inventories to their present location and condition. Net realisable
value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing
and selling. Repossessed assets are accounted for under IAS 2: Inventories because the Group will either immediately
seek to dispose of those assets which are readily marketable or pursue the original development plans to sell for those
that are not readily marketable. Such assets are classed as \u201cOther Assets\u201d within current assets on the Statement of
Financial Position.
(u) Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a
right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee,
except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets.
For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits
from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted by using the incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or
rate (initially measured using the index or rate at the commencement date), the amount expected to be payable by the
lessee under residual value guarantees, the exercise price of purchase options (if the lessee is reasonably certain to
exercise the options) and payments of penalties for terminating the lease if the lease term reflects the exercise of an
option to terminate the lease.
The lease liability is presented within current and non-current liabilities in the consolidated statement of financial
position. It is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using
the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group
remeasures this liability (and makes a corresponding adjustment to the related right-of-use asset) whenever the lease
term has changed or there is a change in the lease payments used on inception to measure the liability as described
above.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at
or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently
measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a
lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to
exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The
depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified
impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the
right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition
that triggers those payments occurs and are included in \u2018Operating expenses\u2019 in profit or loss.
(v) Adoption of new and revised Standards
New and amended standards adopted by the Group
The Group has applied the following standards and amendments for the first time for its annual reporting period
commencing 1 January 2023:
IFRS 17 Insurance Contracts.
Definition of Accounting Estimates \u2013 amendments to IAS 8.
International Tax Reform \u2013 Pillar Two Model Rules \u2013 amendments to IAS 12.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12.
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2.
The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected
to significantly affect the current or future periods.
New standards and interpretations not yet adopted
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB
that are effective in future accounting periods that the Group has decided not to adopt early.
The following amendments are effective for the period beginning 1 January 2024:
Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases).
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements).
Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements).
Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures).
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Amendments to IAS 1 \u2013 Non-current
Liabilities with Covenants.
The following amendment is effective for the period beginning 1 January 2025:
Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).
The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not
expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES
In the application of the Group\u2019s accounting policies, which are described in Note 2, the directors are required to make
judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to
make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from
other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates. There is no change in applying accounting policies for critical
accounting estimates and judgments from the prior year. The estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects both current and
future periods.
Critical judgements in applying the group\u2019s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below),
that the directors have made in the process of applying the Group\u2019s accounting policies and that have the most
significant effect on the amounts recognised in the financial statements.
Fair value accounting for FinTech Ventures investments
Some of the Group\u2019s FinTech Ventures investments meet the definition of an associate. However, the Group has applied
the exemption available under IAS 28.18 which states that when an investment in an associate is held by, or is held
indirectly through, an entity that is a venture capital organisation, the entity may elect to measure investments in those
associates at fair value through profit or loss in accordance with IFRS 9 - Financial Instruments.
The Directors consider that the Group is of a nature similar to a venture capital organisation on the basis that FinTech
Ventures investments form part of a portfolio which is monitored and managed without distinguishing between
investments that qualify as associate undertakings and those that do not. Furthermore, the most appropriate point in
time for exit from such investments is being actively monitored as part of the Group\u2019s investment strategy.
The Group therefore designates those investments in associates which qualify for this exemption as fair value through
profit or loss. Refer to Note 22 for fair value techniques used. If the Group had not applied this exemption the
investments would be accounted for using the equity method of accounting. This would have the impact of taking a
share of each investment\u2019s profit or loss for the year and would also affect the carrying value of the investments.
The Directors consider that equity and loan stock share the same investment characteristics and risks and they are
therefore treated as a single unit of account for valuation purposes and a single class for disclosure purposes.
Exit fees
The Directors consider that the economic measurement of fee revenues that arise and become due on the completion
of a loan (exit fees and warrants) should be accounted for as variable consideration and the exit fee constrained to the
extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur.
Variable consideration is included based on the expected value or most likely amount, with the estimated transaction
price associated with syndication services (being the performance obligation to which these fees are attributable) due
on collection of the loan, updated at the end of each reporting period to represent the circumstances present and any
changes in circumstances during the reporting period. This includes factors such as timing risk, liquidity risk, quantum
uncertainty and conditions precedent in the syndicated finance contract. The Directors consider that this treatment best
reflects the commercial operations of the Group as an administrator of loan arrangements.
IFRS 10 Control Judgements
Judgement is sometimes required to determine whether after considering all relevant factors, the Group has control,
joint control or significant influence over an entity or arrangement. Other companies may make different judgements
regarding the same entity or arrangement. The Directors have assessed whether or not the Group has control over
Sancus Loan Notes 8 based on whether the Group has the practical ability to direct the relevant activities unilaterally.
In making their judgement, the directors considered the rights associated with its investment in preference shares. After
assessment, the directors concluded that the Group does not have the ability to affect returns through voting rights (the
preference shares do not have voting rights) or other arrangements such as direct management of these entities (the
Group does not have control over the investment manager). If the Directors had concluded that the ownership of
preference shares was sufficient to give the Group control, these entities would instead have been consolidated with
the results of the Group.
IFRS 9 Credit Risk
Credit risk and determining when a significant increase in credit risk has occurred are critical accounting judgements
and are assessed at each reporting period end. Credit risk is used to calculate expected credit losses (ECL). Further
details on credit risk can be found in Note 22.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period,
that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are discussed below.
Impairment of goodwill and joint venture investments
As detailed in Note 9, the Directors have assessed the carrying value of joint venture investments entered into by the
Group. This assessment includes discounted cash flow value-in-use analysis. Given the nature of the Group\u2019s
operations, the calculation of value in use is sensitive to the estimation of future cash flows and the discount rates
applied.
IFRS 9 ECL
Key areas of estimation and uncertainty are the probabilities of default (PD) and the probabilities of loss given default
(PL) which are used along with the credit risk in the calculation of ECL. Further details on ECLs, PD and PL can be
found in Note 22. Should the estimates of PD or PL prove to be different from what actually happens in the future, then
the recoverability of loans could be higher or lower than the accounts currently suggest, although this should be
mitigated by the levels of LTV which are, in the main, less than 70%. Where loans are in default and classified within
stage 3, the Directors estimate of the present value of amounts recoverable through enforcement or other repayment
plans could be materially different to the actual proceeds received to settle the balances due. In respect of certain loans
held by the Group, the range of outcomes is significant and has a material impact on the calculation of ECL.
Fair Value of the FinTech Ventures investments
The Group invests in financial instruments which are not quoted in active markets and measures their fair values as
detailed in Note 22.
All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors
have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market
transactions, recent capital raises and other transactional data including the performance of the respective businesses.
Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech
Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31
December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current
holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or
less than \u00a3nil. There have been no transfers between levels in the period (2022: None).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-222": { "value": "(a) Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards, and all applicable requirements of Guernsey Company Law. The financial statements have been prepared under the historical cost convention, as modified for the measurement of investments at fair value through profit or loss. With the exception of any new and amended accounting standards which require policy changes, detailed in Note 2 (v), the principal accounting policies of the Group have remained unchanged from the previous year and are set out below. Comparative information in the primary statements is given for the year ended 31 December 2022. The Group does not operate in an industry where significant or cyclical variations, as a result of seasonal activity, are experienced during any particular financial period. Going Concern The Group has reported an operating loss of \u00a39.9m (2022: \u00a34.7m) for the year. This is primarily due to an ECL charge of \u00a34.8m (2022: \u00a30.4m). As at 31 December 2023 the Group had net liabilities of (\u00a31.9m) (2022: net assets of \u00a37.2m), including cash and cash equivalents of \u00a35.0m (2022: \u00a34.1m). The Directors have considered the going concern basis in the preparation of the financial statements as supported by the Director\u2019s assessment of the Company\u2019s and Group\u2019s ability to pay its liabilities as they fall due and have assessed the current position and the principal risks facing the business with a view to assessing the prospects of the Company. The Directors have prepared a cash flow forecast for the period to 30 September 2025 which shows that the Company and the Group will have sufficient cash resources to meet their ongoing liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Following the extension of the ZDPs at the end of 2022, for a further 5 years to 5 December 2027 and with the Bonds maturity date not until 31 December 2025, the Company does not have any debt liabilities that fall due within the next 12 months. Based on this, along with the issuance of preference shares by a subsidiary of the Group in April 2024 and as set out in Note 27 to these financial statements, the Directors are of the opinion that the Company and Group has adequate financial resources to continue in operation and meet its liabilities as they fall due for the foreseeable future. It is however expected, whereby equity is required to facilitate an increase in drawdown from institutional funding lines that the Company will require growth capital to fund the continued growth of the loan book. The Company\u2019s largest shareholder, Somerston, has indicated their willingness to support the Company\u2019s growth plans. The Company will be looking at options available to raise additional growth capital over the course of the year, which may include a form of equity raise or sale by the Company of ZDP shares held in treasury. The Directors therefore believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards, and all applicable requirements of Guernsey Company Law.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "Going Concern The Group has reported an operating loss of \u00a39.9m (2022: \u00a34.7m) for the year. This is primarily due to an ECL charge of \u00a34.8m (2022: \u00a30.4m). As at 31 December 2023 the Group had net liabilities of (\u00a31.9m) (2022: net assets of \u00a37.2m), including cash and cash equivalents of \u00a35.0m (2022: \u00a34.1m). The Directors have considered the going concern basis in the preparation of the financial statements as supported by the Director\u2019s assessment of the Company\u2019s and Group\u2019s ability to pay its liabilities as they fall due and have assessed the current position and the principal risks facing the business with a view to assessing the prospects of the Company. The Directors have prepared a cash flow forecast for the period to 30 September 2025 which shows that the Company and the Group will have sufficient cash resources to meet their ongoing liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Following the extension of the ZDPs at the end of 2022, for a further 5 years to 5 December 2027 and with the Bonds maturity date not until 31 December 2025, the Company does not have any debt liabilities that fall due within the next 12 months. Based on this, along with the issuance of preference shares by a subsidiary of the Group in April 2024 and as set out in Note 27 to these financial statements, the Directors are of the opinion that the Company and Group has adequate financial resources to continue in operation and meet its liabilities as they fall due for the foreseeable future. It is however expected, whereby equity is required to facilitate an increase in drawdown from institutional funding lines that the Company will require growth capital to fund the continued growth of the loan book. The Company\u2019s largest shareholder, Somerston, has indicated their willingness to support the Company\u2019s growth plans. The Company will be looking at options available to raise additional growth capital over the course of the year, which may include a form of equity raise or sale by the Company of ZDP shares held in treasury. The Directors therefore believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-223": { "value": "(b) Basis of consolidation The financial statements comprise the results of Sancus Lending Group and its subsidiaries for the year ended 31 December 2023. The subsidiaries are all entities where the Company has the power to control the investee, is exposed, or has rights to variable returns and has the ability to use its power to affect these returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year is recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated in full on consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-224": { "value": "(c) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held on call with banks and other short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-225": { "value": "(d) Dividends Dividend distributions are made at the discretion of the Company. A dividend distribution to shareholders is accounted for as a reduction in retained earnings. A proposed dividend is recognised as a liability in the period in which it has been approved and declared by the Directors.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-226": { "value": "(e) Expenditure All expenses are accounted for on an accruals basis. Management fees, administration fees, finance costs and all other expenses (excluding share issue expenses which are offset against share premium) are charged through the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "(f) Financial assets and liabilities Classification, recognition and initial measurement Classification and measurement of debt assets is driven by the business model for managing the financial assets and the contractual cash flow characteristics of those financial assets. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost, (ii) fair value through other comprehensive income and (iii) fair value through profit and loss. Equity investments in the scope of IFRS 9 are measured at fair value with gains and losses recognised in profit and loss unless an irrevocable election is made to recognise gains or losses in other comprehensive income. We are a lending business, which participates in financing to borrowers, Sancus loans, loan equivalents and loans through platforms. As a result all of these loans/loan equivalents are held solely for the collection of contractual cash flows, being interest, fees and payment of principal. These assets are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. FinTech Ventures investments relate to equity, preference shares and some working capital loans. Whilst some of these investments attract interest, the assets are held primarily to assist the development of the entities involved. These investments are held at fair value with charges recognised in profit and loss. Trade payables, financial liabilities and trade receivables are held solely for the collection and payment of contractual cash flows, being payments of principal and interest where applicable. Trade receivables are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. Trade payables and financial liabilities are held at amortised cost with any interest cost calculated in accordance with the effective interest rate. Financial assets and financial liabilities are initially recognised on the trade date, which is the date on which the Group becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value, with transaction costs recognised in the Consolidated Statement of Comprehensive Income. Financial assets and financial liabilities not at fair value through profit or loss are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue. Subsequent to initial recognition, financial assets are either measured at fair value or amortised cost as noted above. Realised gains and losses arising on the derecognition of financial assets and liabilities are recognised in the period in which they arise. The effect of discounting on trade and other receivables is not considered to be material. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. When available, the Group measures the fair value of an instrument using quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in an active market at a mid price. If there is no quoted price in an active market, the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. Please refer to Note 22. The Group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the change has occurred. If in the case of any investment the Directors at any time consider that the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are entitled to substitute what in their opinion, is a fair value. Gains and losses arising from changes in the fair value of the financial assets and liabilities at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income in the period in which they arise. Debt and Equity Instruments Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received less any direct costs of issue. Derecognition Sales of all financial assets are recognised on trade date - the date on which the Group disposes of the economic benefits of the asset. Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred substantially all risks and rewards of ownership. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Derivative financial instruments The Group enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange rate movements. Further details can be found in Note 22. Forward contracts are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. Resulting gains/losses are recognised in profit or loss immediately. Forward contracts with positive fair value are recognised as financial assets whereas forward contracts with negative fair value are recognised as financial liabilities. Contracts are presented as non-current assets or liabilities if the remaining maturity of the instrument is more than 12 months and is not expected to be settled within 12 months. Other contracts are presented as current assets. Expected credit losses Credit risk is assessed at initial recognition of each financial asset and subsequently re-assessed at each reporting period-end. For each category of Credit risk loans have been categorized into Stage 1, Stage 2 and Stage 3 with Stage 1 being to recognise 12 month Expected Credit Losses (ECL), Stage 2 being to recognise Lifetime ECL not credit impaired and Stage 3 being to recognise Lifetime ECL credit impaired. When for example LTV exceeds 65% or amounts become 30 days past due judgement will be used to reassess whether Credit risk has increased significantly enough to move the loan from one stage to another. A loan is considered to be in default when there is a failure to meet the legal obligation of the loan agreement. This would include provisions against loans that are considered by management as unlikely to pay their obligations in full without realisation of collateral. Refer to Note 22 for further details. Sancus loans and loan equivalents are assessed for credit risk based on information available at initial recognition, predominantly (but not solely) using Loan to Value (LTV). For trade and other receivables, the Group has applied the simplified approach to recognise lifetime expected credit losses although loan interest receivable is included in the gross carrying value when determining ECL. Provision for ECL is calculated using the credit risk, the probability of default and the probability of loss given default, all underpinned by the LTV, historical position, forward looking considerations and on occasion subsequent events, and the subjective judgement of the Board. ECL assumes the life of the loan is consistent with contractual term. Financial guarantee contracts Financial guarantee contracts are only recognised as a financial liability when it becomes probable that the guarantee will be called upon in the future. The liability is measured at fair value and subsequently in accordance with the expected credit loss model under IFRS 9. The fair value of financial guarantees is determined based on the present value of the difference in cash flows between contracted payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "(f) Financial assets and liabilities Classification, recognition and initial measurement Classification and measurement of debt assets is driven by the business model for managing the financial assets and the contractual cash flow characteristics of those financial assets. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost, (ii) fair value through other comprehensive income and (iii) fair value through profit and loss. Equity investments in the scope of IFRS 9 are measured at fair value with gains and losses recognised in profit and loss unless an irrevocable election is made to recognise gains or losses in other comprehensive income. We are a lending business, which participates in financing to borrowers, Sancus loans, loan equivalents and loans through platforms. As a result all of these loans/loan equivalents are held solely for the collection of contractual cash flows, being interest, fees and payment of principal. These assets are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. FinTech Ventures investments relate to equity, preference shares and some working capital loans. Whilst some of these investments attract interest, the assets are held primarily to assist the development of the entities involved. These investments are held at fair value with charges recognised in profit and loss. Trade payables, financial liabilities and trade receivables are held solely for the collection and payment of contractual cash flows, being payments of principal and interest where applicable. Trade receivables are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. Trade payables and financial liabilities are held at amortised cost with any interest cost calculated in accordance with the effective interest rate. Financial assets and financial liabilities are initially recognised on the trade date, which is the date on which the Group becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value, with transaction costs recognised in the Consolidated Statement of Comprehensive Income. Financial assets and financial liabilities not at fair value through profit or loss are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue. Subsequent to initial recognition, financial assets are either measured at fair value or amortised cost as noted above. Realised gains and losses arising on the derecognition of financial assets and liabilities are recognised in the period in which they arise. The effect of discounting on trade and other receivables is not considered to be material. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. When available, the Group measures the fair value of an instrument using quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in an active market at a mid price. If there is no quoted price in an active market, the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. Please refer to Note 22. The Group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the change has occurred. If in the case of any investment the Directors at any time consider that the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are entitled to substitute what in their opinion, is a fair value. Gains and losses arising from changes in the fair value of the financial assets and liabilities at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income in the period in which they arise. Debt and Equity Instruments Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received less any direct costs of issue. Derecognition Sales of all financial assets are recognised on trade date - the date on which the Group disposes of the economic benefits of the asset. Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred substantially all risks and rewards of ownership. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Derivative financial instruments The Group enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange rate movements. Further details can be found in Note 22. Forward contracts are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. Resulting gains/losses are recognised in profit or loss immediately. Forward contracts with positive fair value are recognised as financial assets whereas forward contracts with negative fair value are recognised as financial liabilities. Contracts are presented as non-current assets or liabilities if the remaining maturity of the instrument is more than 12 months and is not expected to be settled within 12 months. Other contracts are presented as current assets. Expected credit losses Credit risk is assessed at initial recognition of each financial asset and subsequently re-assessed at each reporting period-end. For each category of Credit risk loans have been categorized into Stage 1, Stage 2 and Stage 3 with Stage 1 being to recognise 12 month Expected Credit Losses (ECL), Stage 2 being to recognise Lifetime ECL not credit impaired and Stage 3 being to recognise Lifetime ECL credit impaired. When for example LTV exceeds 65% or amounts become 30 days past due judgement will be used to reassess whether Credit risk has increased significantly enough to move the loan from one stage to another. A loan is considered to be in default when there is a failure to meet the legal obligation of the loan agreement. This would include provisions against loans that are considered by management as unlikely to pay their obligations in full without realisation of collateral. Refer to Note 22 for further details. Sancus loans and loan equivalents are assessed for credit risk based on information available at initial recognition, predominantly (but not solely) using Loan to Value (LTV). For trade and other receivables, the Group has applied the simplified approach to recognise lifetime expected credit losses although loan interest receivable is included in the gross carrying value when determining ECL. Provision for ECL is calculated using the credit risk, the probability of default and the probability of loss given default, all underpinned by the LTV, historical position, forward looking considerations and on occasion subsequent events, and the subjective judgement of the Board. ECL assumes the life of the loan is consistent with contractual term. Financial guarantee contracts Financial guarantee contracts are only recognised as a financial liability when it becomes probable that the guarantee will be called upon in the future. The liability is measured at fair value and subsequently in accordance with the expected credit loss model under IFRS 9. The fair value of financial guarantees is determined based on the present value of the difference in cash flows between contracted payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-227": { "value": "(f) Financial assets and liabilities Classification, recognition and initial measurement Classification and measurement of debt assets is driven by the business model for managing the financial assets and the contractual cash flow characteristics of those financial assets. There are three principal classification categories for financial assets that are debt instruments: (i) amortised cost, (ii) fair value through other comprehensive income and (iii) fair value through profit and loss. Equity investments in the scope of IFRS 9 are measured at fair value with gains and losses recognised in profit and loss unless an irrevocable election is made to recognise gains or losses in other comprehensive income. We are a lending business, which participates in financing to borrowers, Sancus loans, loan equivalents and loans through platforms. As a result all of these loans/loan equivalents are held solely for the collection of contractual cash flows, being interest, fees and payment of principal. These assets are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. FinTech Ventures investments relate to equity, preference shares and some working capital loans. Whilst some of these investments attract interest, the assets are held primarily to assist the development of the entities involved. These investments are held at fair value with charges recognised in profit and loss. Trade payables, financial liabilities and trade receivables are held solely for the collection and payment of contractual cash flows, being payments of principal and interest where applicable. Trade receivables are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. Trade payables and financial liabilities are held at amortised cost with any interest cost calculated in accordance with the effective interest rate. Financial assets and financial liabilities are initially recognised on the trade date, which is the date on which the Group becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value, with transaction costs recognised in the Consolidated Statement of Comprehensive Income. Financial assets and financial liabilities not at fair value through profit or loss are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue. Subsequent to initial recognition, financial assets are either measured at fair value or amortised cost as noted above. Realised gains and losses arising on the derecognition of financial assets and liabilities are recognised in the period in which they arise. The effect of discounting on trade and other receivables is not considered to be material. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. When available, the Group measures the fair value of an instrument using quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in an active market at a mid price. If there is no quoted price in an active market, the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. Please refer to Note 22. The Group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the change has occurred. If in the case of any investment the Directors at any time consider that the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are entitled to substitute what in their opinion, is a fair value. Gains and losses arising from changes in the fair value of the financial assets and liabilities at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income in the period in which they arise. Debt and Equity Instruments Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received less any direct costs of issue. Derecognition Sales of all financial assets are recognised on trade date - the date on which the Group disposes of the economic benefits of the asset. Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred substantially all risks and rewards of ownership. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Derivative financial instruments The Group enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange rate movements. Further details can be found in Note 22. Forward contracts are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. Resulting gains/losses are recognised in profit or loss immediately. Forward contracts with positive fair value are recognised as financial assets whereas forward contracts with negative fair value are recognised as financial liabilities. Contracts are presented as non-current assets or liabilities if the remaining maturity of the instrument is more than 12 months and is not expected to be settled within 12 months. Other contracts are presented as current assets. Expected credit losses Credit risk is assessed at initial recognition of each financial asset and subsequently re-assessed at each reporting period-end. For each category of Credit risk loans have been categorized into Stage 1, Stage 2 and Stage 3 with Stage 1 being to recognise 12 month Expected Credit Losses (ECL), Stage 2 being to recognise Lifetime ECL not credit impaired and Stage 3 being to recognise Lifetime ECL credit impaired. When for example LTV exceeds 65% or amounts become 30 days past due judgement will be used to reassess whether Credit risk has increased significantly enough to move the loan from one stage to another. A loan is considered to be in default when there is a failure to meet the legal obligation of the loan agreement. This would include provisions against loans that are considered by management as unlikely to pay their obligations in full without realisation of collateral. Refer to Note 22 for further details. Sancus loans and loan equivalents are assessed for credit risk based on information available at initial recognition, predominantly (but not solely) using Loan to Value (LTV). For trade and other receivables, the Group has applied the simplified approach to recognise lifetime expected credit losses although loan interest receivable is included in the gross carrying value when determining ECL. Provision for ECL is calculated using the credit risk, the probability of default and the probability of loss given default, all underpinned by the LTV, historical position, forward looking considerations and on occasion subsequent events, and the subjective judgement of the Board. ECL assumes the life of the loan is consistent with contractual term. Financial guarantee contracts Financial guarantee contracts are only recognised as a financial liability when it becomes probable that the guarantee will be called upon in the future. The liability is measured at fair value and subsequently in accordance with the expected credit loss model under IFRS 9. The fair value of financial guarantees is determined based on the present value of the difference in cash flows between contracted payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "Trade payables, financial liabilities and trade receivables are held solely for the collection and payment of contractual cash flows, being payments of principal and interest where applicable. Trade receivables are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. Trade payables and financial liabilities are held at amortised cost with any interest cost calculated in accordance with the effective interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Trade payables, financial liabilities and trade receivables are held solely for the collection and payment of contractual cash flows, being payments of principal and interest where applicable. Trade receivables are held at amortised cost using the effective interest rate method, adjusted for any credit loss allowance. Trade payables and financial liabilities are held at amortised cost with any interest cost calculated in accordance with the effective interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk. When available, the Group measures the fair value of an instrument using quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in an active market at a mid price. If there is no quoted price in an active market, the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. Please refer to Note 22. The Group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the change has occurred. If in the case of any investment the Directors at any time consider that the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are entitled to substitute what in their opinion, is a fair value. Gains and losses arising from changes in the fair value of the financial assets and liabilities at fair value through profit or loss are included in the Consolidated Statement of Comprehensive Income in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "Derecognition Sales of all financial assets are recognised on trade date - the date on which the Group disposes of the economic benefits of the asset. Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred substantially all risks and rewards of ownership. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in the Consolidated Statement of Comprehensive Income. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "Derivative financial instruments The Group enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange rate movements. Further details can be found in Note 22. Forward contracts are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. Resulting gains/losses are recognised in profit or loss immediately. Forward contracts with positive fair value are recognised as financial assets whereas forward contracts with negative fair value are recognised as financial liabilities. Contracts are presented as non-current assets or liabilities if the remaining maturity of the instrument is more than 12 months and is not expected to be settled within 12 months. Other contracts are presented as current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Derivative financial instruments The Group enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange rate movements. Further details can be found in Note 22. Forward contracts are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. Resulting gains/losses are recognised in profit or loss immediately. Forward contracts with positive fair value are recognised as financial assets whereas forward contracts with negative fair value are recognised as financial liabilities. Contracts are presented as non-current assets or liabilities if the remaining maturity of the instrument is more than 12 months and is not expected to be settled within 12 months. Other contracts are presented as current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "value": "(g) Foreign currency translation Functional and presentation currency The financial statements of the Group are presented in the currency of the primary economic environment in which the Company operates (its functional currency). The Directors have considered the primary economic environment of the Company and considered the currency in which finance is raised, distributions made, and ultimately what currency would be returned if the Company was wound up. The Directors have also considered the currency to which the underlying investments are exposed. On balance, the Directors believe Sterling best represents the functional currency of the Company. Therefore, the books and records are maintained in Sterling and for the purpose of the financial statements, the results and financial position of the Group are presented in Sterling, which is also the presentation currency of the Group. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary items measured at historical cost are translated using the exchange rates at the date of the transaction (not retranslated). Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined. All subsidiaries are presented in Sterling, which is the primary currency in which they operate with the exception of Sancus Lending (Ireland) Limited whose primary currency is the Euro. Translation differences on non-monetary items are reported as part of the fair value gain or loss reported in the Consolidated Statement of Comprehensive Income. Foreign exchange differences arising on consolidation of the Group\u2019s foreign operations are taken direct to reserves. The rates of exchange as at the year-end are \u00a31: USD1.2731 (31 December 2022 USD1.2101) and \u00a31: EUR1.1534 (31 December 2022 EUR1.1284). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "value": "Functional and presentation currency The financial statements of the Group are presented in the currency of the primary economic environment in which the Company operates (its functional currency). The Directors have considered the primary economic environment of the Company and considered the currency in which finance is raised, distributions made, and ultimately what currency would be returned if the Company was wound up. The Directors have also considered the currency to which the underlying investments are exposed. On balance, the Directors believe Sterling best represents the functional currency of the Company. Therefore, the books and records are maintained in Sterling and for the purpose of the financial statements, the results and financial position of the Group are presented in Sterling, which is also the presentation currency of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "(h) Goodwill Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately recognised. Goodwill is measured as the excess of (a) the aggregate of: (i) the consideration transferred measured in accordance with IFRS 3, which generally requires acquisition-date fair value; (ii) the amount of any non- controlling interest in the acquiree measured in accordance with IFRS 3; and (iii) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree; over (b) the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in accordance with IFRS 3. Goodwill is carried at cost less accumulated impairment losses. Refer to Note 2 (k) for a description of impairment testing procedures and Note 12 for details on impairment testing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "value": "(h) Goodwill Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately recognised. Goodwill is measured as the excess of (a) the aggregate of: (i) the consideration transferred measured in accordance with IFRS 3, which generally requires acquisition-date fair value; (ii) the amount of any non- controlling interest in the acquiree measured in accordance with IFRS 3; and (iii) in a business combination achieved in stages, the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree; over (b) the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in accordance with IFRS 3. Goodwill is carried at cost less accumulated impairment losses. Refer to Note 2 (k) for a description of impairment testing procedures and Note 12 for details on impairment testing. (j) Other intangible assets Intangible assets with finite useful lives are amortised to profit or loss on a straight-line basis over their estimated useful lives. Useful lives and amortisation methods are reviewed at the end of each annual reporting period, or more frequently when there is an indication that the intangible asset may be impaired, with the effect of any changes accounted for on a prospective basis. Amortisation commences when the intangible asset is available for use. The residual value of intangible assets is assumed to be zero. Computer software Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: It is technically feasible to complete the software product so that it will be available for use. Management intends to complete the software product and use or sell it. There is an ability to use or sell the software product. It can be demonstrated how the software product will generate probable future economic benefits. Adequate technical, financial and other resources to complete the development and to use or sell the software product are available. The expenditure attributable to the software product during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and third party contractor costs. Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use over their estimated useful lives, which does not exceed four years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "(i) Interest costs Interest costs are recognised when economic benefits are due to debt holders. Interest costs are accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the liability\u2019s net carrying amount on initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "(j) Other intangible assets Intangible assets with finite useful lives are amortised to profit or loss on a straight-line basis over their estimated useful lives. Useful lives and amortisation methods are reviewed at the end of each annual reporting period, or more frequently when there is an indication that the intangible asset may be impaired, with the effect of any changes accounted for on a prospective basis. Amortisation commences when the intangible asset is available for use. The residual value of intangible assets is assumed to be zero. Computer software Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: It is technically feasible to complete the software product so that it will be available for use. Management intends to complete the software product and use or sell it. There is an ability to use or sell the software product. It can be demonstrated how the software product will generate probable future economic benefits. Adequate technical, financial and other resources to complete the development and to use or sell the software product are available. The expenditure attributable to the software product during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and third party contractor costs. Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use over their estimated useful lives, which does not exceed four years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-230": { "value": "(k) Impairment testing of goodwill, intangible assets and property and equipment An impairment loss is recognised for the amount by which the asset\u2019s or cash-generating unit\u2019s carrying amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value- in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Group\u2019s latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect management\u2019s assessment of respective risk profiles, such as market and asset-specific risk factors. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash- generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment loss is reversed if the asset\u2019s or cash-generating unit\u2019s recoverable amount exceeds its carrying amount. All impairments or subsequent reversals of impairments are recognised in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "value": "(k) Impairment testing of goodwill, intangible assets and property and equipment An impairment loss is recognised for the amount by which the asset\u2019s or cash-generating unit\u2019s carrying amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value- in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Group\u2019s latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect management\u2019s assessment of respective risk profiles, such as market and asset-specific risk factors. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash- generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment loss is reversed if the asset\u2019s or cash-generating unit\u2019s recoverable amount exceeds its carrying amount. All impairments or subsequent reversals of impairments are recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-231": { "value": "(l) Investment in Joint Venture and associates A joint venture is a joint arrangement over which the Group has joint control. An associate is an entity over which the Group has significant influence but is not a subsidiary. An investment in a joint venture or associate is accounted for by the Group using the equity method except for certain FinTech Ventures associates as described in Note 3. These are measured at fair value through profit or loss in accordance with policy Note 2 (f). Any goodwill or fair value adjustment attributable to the Group\u2019s share in the joint venture or associate is not recognised separately and is included in the amount recognised as an investment. The carrying amount of the investment in a joint venture or associate is increased or decreased to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint venture or associate and adjusted where necessary to ensure consistency with the accounting policies of the Group. Unrealised gains and losses on transactions between the Group and its joint venture or associate are eliminated to the extent of the Group\u2019s interest in the entity. Where unrealised losses are eliminated, the underlying asset is also tested for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "value": "(l) Investment in Joint Venture and associates A joint venture is a joint arrangement over which the Group has joint control. An associate is an entity over which the Group has significant influence but is not a subsidiary. An investment in a joint venture or associate is accounted for by the Group using the equity method except for certain FinTech Ventures associates as described in Note 3. These are measured at fair value through profit or loss in accordance with policy Note 2 (f). Any goodwill or fair value adjustment attributable to the Group\u2019s share in the joint venture or associate is not recognised separately and is included in the amount recognised as an investment. The carrying amount of the investment in a joint venture or associate is increased or decreased to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint venture or associate and adjusted where necessary to ensure consistency with the accounting policies of the Group. Unrealised gains and losses on transactions between the Group and its joint venture or associate are eliminated to the extent of the Group\u2019s interest in the entity. Where unrealised losses are eliminated, the underlying asset is also tested for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "(l) Investment in Joint Venture and associates A joint venture is a joint arrangement over which the Group has joint control. An associate is an entity over which the Group has significant influence but is not a subsidiary. An investment in a joint venture or associate is accounted for by the Group using the equity method except for certain FinTech Ventures associates as described in Note 3. These are measured at fair value through profit or loss in accordance with policy Note 2 (f). Any goodwill or fair value adjustment attributable to the Group\u2019s share in the joint venture or associate is not recognised separately and is included in the amount recognised as an investment. The carrying amount of the investment in a joint venture or associate is increased or decreased to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the joint venture or associate and adjusted where necessary to ensure consistency with the accounting policies of the Group. Unrealised gains and losses on transactions between the Group and its joint venture or associate are eliminated to the extent of the Group\u2019s interest in the entity. Where unrealised losses are eliminated, the underlying asset is also tested for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "value": "(m) Non-Current Liabilities Loans payable are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, loans payable are stated at amortised cost using the effective interest rate method. The ZDPs are contractually required to be redeemed on their maturity date and they will be settled in cash, thus, ZDP shares are classified as liabilities (refer to Note 17) in accordance with IAS 32 Financial Instruments: Presentation. After initial recognition, these liabilities are measured at amortised cost, which represents the initial proceeds of the issuance plus the accrued entitlement to the reporting date. Any ZDPs acquired by the group, as noted in Note 17, are held in Treasury and shown as a reduction in carrying value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "value": "(n) Property and equipment Tangible fixed assets include computer equipment, furniture and fittings stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of tangible property and computer equipment on a straight-line basis over its expected useful economic life as follows: Furniture and fittings 3 to 5 years Computer equipment 2 to 4 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "(n) Property and equipment Tangible fixed assets include computer equipment, furniture and fittings stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of tangible property and computer equipment on a straight-line basis over its expected useful economic life as follows: Furniture and fittings 3 to 5 years Computer equipment 2 to 4 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "value": "(o) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales-related taxes where applicable in the Group. Revenue is reduced for estimated rebates and other similar allowances. The Group has five principal sources of revenue and related accounting policies are outlined below: Interest on loans Interest income is recognised in accordance with IFRS 9. Interest income is accrued over the contractual life of the loan, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. Dividend income Dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably). Fee income on syndicated and non-syndicated loans In accordance with the guidance in IFRS 15 Revenue, the Group distinguishes between fees that are an integral part of the effective interest rate of a financial instrument, fees that are earned as services are provided, and fees that are earned on the execution of a significant act. i) Commitment and arrangement fees Commitment and arrangement fees earned for syndicated loans are recognised on origination of the loan as compensation for the service of syndication. This is a reflection of the commercial reality of the operations of the business to arrange and administer loans for other parties i.e. the execution of a significant act and satisfying the Group\u2019s performance obligation at the point of arranging the loan. Consistent with the policy outlined above, commitment and arrangement fees earned on loans originated for the sole benefit of the Group are also recorded in revenue on completion of the service of analysing or originating the loan. Whilst this is not in accordance with the requirements of the effective interest rate method outlined in IFRS 9 Financial Instruments, this is not considered to have a material impact on the financial performance or financial position of the Group. ii) Exit fees Where a loan is syndicated and has standard terms the exit fee is recognised as part of the arrangement fee, reflecting the costs of syndication at the start of the loan. Where a loan is syndicated and has milestones or conditions which determine if the fee becomes payable and/or the magnitude of the fee the exit fee is treated as variable consideration in line with IFRS 15 and is only recognised when the relevant milestones/conditions are met. Where loans are not syndicated the exit fee is deemed to be part of the effective interest rate and recognised over the term of the loan. iii) Fee income earned by peer-to-peer subsidiary platforms Fee income earned by subsidiaries whose principal business is to operate online lending platforms that arrange financing between Co-Funders and Borrowers includes arrangement fees, trading transaction fees, repayment fees and other lender related fees. Revenue earned from the arrangement of financing is classified as a transaction fee and is recognised immediately upon acceptance of the arrangement by borrowers. Other transaction fees, including revenue from Co-Funders in relation to the sale of their loan participations in platform secondary markets is also recognised immediately. Loan repayment fees are charged on a straight-line basis over the repayments of the borrower\u2019s financing arrangement. iv) Advisory fees Advisory fee income is invoiced and recognised on an accruals basis in accordance with the relevant investment advisory agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-235": { "value": "(p) Share based payments As explained in the Remuneration Report, the Company provides a discretionary bonus, part of which may be satisfied through the issuance of the Company\u2019s own shares, to certain senior management. The cost of such bonuses is taken to the Consolidated Statement of Comprehensive Income with a corresponding credit to Shareholders\u2019 Equity. The fair value of any share options granted is determined at the grant date and the expense is spread over the vesting period in accordance with IFRS 2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-236": { "value": "(q) Taxation Current tax, including corporation tax in relevant jurisdictions that the Group operates in, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Group's taxable profits, and its results as stated in the financial statements, that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Group's taxable profits, and its results as stated in the financial statements, that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "value": "(r) Treasury shares Where the Company purchases its own Share Capital, the consideration paid, which includes any directly attributable costs, is recognised as a deduction from Share Premium. When such shares are subsequently sold or reissued to the market, any consideration received, net of any directly attributable incremental transaction costs, is recognised as an increase in Share Premium. Where the Company cancels treasury shares, no further action is required to the Share Premium account at the time of cancellation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "value": "(s) Warrants Warrants are accounted for as either equity or liabilities based upon the characteristics and provisions of each instrument and are recorded at fair value as of the date of issuance. In subsequent periods an amount representing the difference between the warrant exercise price and the prevailing market price of the company\u2019s shares is transferred from/to retained earnings to/from warrants outstanding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "value": "(t) Inventories \u2013 Development properties Inventories are stated at the lower of cost and net realisable value. Cost comprises initial outlay and, where applicable, additional costs that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing and selling. Repossessed assets are accounted for under IAS 2: Inventories because the Group will either immediately seek to dispose of those assets which are readily marketable or pursue the original development plans to sell for those that are not readily marketable. Such assets are classed as \u201cOther Assets\u201d within current assets on the Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "value": "(u) Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in- substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or rate (initially measured using the index or rate at the commencement date), the amount expected to be payable by the lessee under residual value guarantees, the exercise price of purchase options (if the lessee is reasonably certain to exercise the options) and payments of penalties for terminating the lease if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented within current and non-current liabilities in the consolidated statement of financial position. It is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures this liability (and makes a corresponding adjustment to the related right-of-use asset) whenever the lease term has changed or there is a change in the lease payments used on inception to measure the liability as described above. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in \u2018Operating expenses\u2019 in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-241": { "value": "(v) Adoption of new and revised Standards New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2023: IFRS 17 Insurance Contracts. Definition of Accounting Estimates \u2013 amendments to IAS 8. International Tax Reform \u2013 Pillar Two Model Rules \u2013 amendments to IAS 12. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. New standards and interpretations not yet adopted There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for the period beginning 1 January 2024: Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases). Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements). Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements). Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures). Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants. The following amendment is effective for the period beginning 1 January 2025: Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2023: IFRS 17 Insurance Contracts. Definition of Accounting Estimates \u2013 amendments to IAS 8. International Tax Reform \u2013 Pillar Two Model Rules \u2013 amendments to IAS 12. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "New standards and interpretations not yet adopted There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for the period beginning 1 January 2024: Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases). Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements). Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements). Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures). Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Amendments to IAS 1 \u2013 Non-current Liabilities with Covenants. The following amendment is effective for the period beginning 1 January 2025: Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-242": { "value": "3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES In the application of the Group\u2019s accounting policies, which are described in Note 2, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. There is no change in applying accounting policies for critical accounting estimates and judgments from the prior year. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Fair value accounting for FinTech Ventures investments Some of the Group\u2019s FinTech Ventures investments meet the definition of an associate. However, the Group has applied the exemption available under IAS 28.18 which states that when an investment in an associate is held by, or is held indirectly through, an entity that is a venture capital organisation, the entity may elect to measure investments in those associates at fair value through profit or loss in accordance with IFRS 9 - Financial Instruments. The Directors consider that the Group is of a nature similar to a venture capital organisation on the basis that FinTech Ventures investments form part of a portfolio which is monitored and managed without distinguishing between investments that qualify as associate undertakings and those that do not. Furthermore, the most appropriate point in time for exit from such investments is being actively monitored as part of the Group\u2019s investment strategy. The Group therefore designates those investments in associates which qualify for this exemption as fair value through profit or loss. Refer to Note 22 for fair value techniques used. If the Group had not applied this exemption the investments would be accounted for using the equity method of accounting. This would have the impact of taking a share of each investment\u2019s profit or loss for the year and would also affect the carrying value of the investments. The Directors consider that equity and loan stock share the same investment characteristics and risks and they are therefore treated as a single unit of account for valuation purposes and a single class for disclosure purposes. Exit fees The Directors consider that the economic measurement of fee revenues that arise and become due on the completion of a loan (exit fees and warrants) should be accounted for as variable consideration and the exit fee constrained to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. Variable consideration is included based on the expected value or most likely amount, with the estimated transaction price associated with syndication services (being the performance obligation to which these fees are attributable) due on collection of the loan, updated at the end of each reporting period to represent the circumstances present and any changes in circumstances during the reporting period. This includes factors such as timing risk, liquidity risk, quantum uncertainty and conditions precedent in the syndicated finance contract. The Directors consider that this treatment best reflects the commercial operations of the Group as an administrator of loan arrangements. IFRS 10 Control Judgements Judgement is sometimes required to determine whether after considering all relevant factors, the Group has control, joint control or significant influence over an entity or arrangement. Other companies may make different judgements regarding the same entity or arrangement. The Directors have assessed whether or not the Group has control over Sancus Loan Notes 8 based on whether the Group has the practical ability to direct the relevant activities unilaterally. In making their judgement, the directors considered the rights associated with its investment in preference shares. After assessment, the directors concluded that the Group does not have the ability to affect returns through voting rights (the preference shares do not have voting rights) or other arrangements such as direct management of these entities (the Group does not have control over the investment manager). If the Directors had concluded that the ownership of preference shares was sufficient to give the Group control, these entities would instead have been consolidated with the results of the Group. IFRS 9 Credit Risk Credit risk and determining when a significant increase in credit risk has occurred are critical accounting judgements and are assessed at each reporting period end. Credit risk is used to calculate expected credit losses (ECL). Further details on credit risk can be found in Note 22. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Impairment of goodwill and joint venture investments As detailed in Note 9, the Directors have assessed the carrying value of joint venture investments entered into by the Group. This assessment includes discounted cash flow value-in-use analysis. Given the nature of the Group\u2019s operations, the calculation of value in use is sensitive to the estimation of future cash flows and the discount rates applied. IFRS 9 ECL Key areas of estimation and uncertainty are the probabilities of default (PD) and the probabilities of loss given default (PL) which are used along with the credit risk in the calculation of ECL. Further details on ECLs, PD and PL can be found in Note 22. Should the estimates of PD or PL prove to be different from what actually happens in the future, then the recoverability of loans could be higher or lower than the accounts currently suggest, although this should be mitigated by the levels of LTV which are, in the main, less than 70%. Where loans are in default and classified within stage 3, the Directors estimate of the present value of amounts recoverable through enforcement or other repayment plans could be materially different to the actual proceeds received to settle the balances due. In respect of certain loans held by the Group, the range of outcomes is significant and has a material impact on the calculation of ECL. Fair Value of the FinTech Ventures investments The Group invests in financial instruments which are not quoted in active markets and measures their fair values as detailed in Note 22. All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market transactions, recent capital raises and other transactional data including the performance of the respective businesses. Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31 December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or less than \u00a3nil. There have been no transfers between levels in the period (2022: None).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-243": { "value": "
4. SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the manner in which the Executive Management Team
reports to the Board, which is regarded to be the Chief Operating Decision Maker (CODM) as defined under IFRS 8.
The main focus of the Group is Sancus. Bearing this in mind the Executive Management Team have identified 4
segments based on operations and geography.
Finance costs and Head Office costs are not allocated to segments as such costs are driven by central teams who
provide, amongst other services, finance, treasury, secretarial and other administrative functions based on need. The
Group\u2019s borrowings are not allocated to segments as these are managed by the Central team. Segment assets and
liabilities are measured in the same way as in these financial statements and are allocated to segments based on the
operations of the segment and the physical location of those assets and liabilities.
The four segments based on geography, whose operations are identical (within reason), are listed below. Note that
Sancus Loans Limited, although based in the UK, is reported separately as a stand-alone entity to the Board and as
such is considered to be a segment in its own right.
1. Offshore
Contains the operations of Sancus Lending (Jersey) Limited, Sancus Lending (Guernsey) Limited, Sancus Properties
Limited, Sancus Group Holdings Limited and Sancus Lending (Gibraltar) Limited up to the date of its sale on 15 March
2023.
2. United Kingdom (UK)
Contains the operations of Sancus Lending (UK) Limited and Sancus Holdings (UK) Limited.
3. Ireland
Contains the operations of Sancus Lending (Ireland) Limited.
4. Sancus Loans Limited
Contains the operations of Sancus Loans Limited.
Reconciliation to Consolidated Financial Statements
Year to 31
Sancus
Fintech
December Loans Sancus SLL Ventures Consolidated
2023 Limited Debt Total Head Debt Fair Value Financial
Offshore
UK
Ireland
(SLL)
Costs
Sancus
Office
Costs
& Forex
Other
Statements
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Revenue
1,275
3,025
2,164
(1,799)
-
4,665
-
7,645
-
-
12,310
Operating
(530)
501
1,060
(1,846)
-
(815)
(1,315)
-
-
(19)
(2,149)
(loss)/profit *
Credit Losses
(1,120)
(31)
-
(3,666)
-
(4,817)
-
-
-
-
(4,817)
Debt Costs
-
-
-
-
(2,893)
(2,893)
-
-
-
-
(2,893)
Other
(losses)/gains
96
-
5
152
-
253
-
-
715
(13)
955
Loss on JVs
-
-
-
-
-
-
-
-
-
(100)
(100)
and associates
Taxation
3
-
(133)
-
-
(130)
-
-
-
-
(130)
(Loss)/Profit
(1,551)
470
932
(5,360)
(2,893)
(8,402)
(1,315)
-
715
(132)
(9,134)
After Tax
Year to 31
December
2022
Revenue
1,372
2,679
1,547
(725)
-
4,873
-
5,116
-
-
9,989
Operating
(943)
(446)
647
(744)
-
(1,486)
(1,026)
-
-
(31)
(2,543)
Profit/(loss) *
Credit Losses
(244)
-
-
(174)
-
(418)
-
-
-
-
(418)
Debt Costs
-
-
-
-
(1,751)
(1,751)
-
-
-
-
(1,751)
Other
Gains/(losses)
(8,630)
-
10
191
-
(8,429)
-
-
(894)
57
(9,266)
Loss on JVs
-
-
-
-
-
-
-
-
-
(34)
(34)
and associates
Taxation
18
-
(68)
-
-
(50)
-
-
-
-
(50)
(Loss)/Profit
(9,799)
(446)
589
(727)
(1,751)
(12,134)
(1,026)
-
(894)
(8)
(14,062)
After Tax
* Operating Profit/(loss) before credit losses and debt costs
Sancus Loans Limited is consolidated into the Group's results as it is 100% owned by Sancus Group. However, the reality is that
Sancus Loans Limited is a Co-Funder the same as any other Co-Funder. As a result the Board reviews the economic performance
of Sancus Loans Limited in the same way as any other Co-Funder, with revenue being stated net of debt costs. Operating expenses
include recharges from UK to Offshore \u00a3490,000 (2022: \u00a3466,000), Offshore to Ireland \u00a374,000 (2022: \u00a3127,000), Head Office to
Offshore \u00a3125,000 (2022: \u00a3125,000) and UK to Head Office \u00a3212,000 (2022: Offshore to Head Office \u00a38,000).
Head Office liabilities include borrowings \u00a328,917,000 (2022: \u00a324,042,000). Other FinTech assets and liabilities are included within \u201cOther.\u201d
At 31 December
Sancus
Reconciliation to Financial Statements
2023 Loans Inter Consolidated
Limited Total Head Fintech Segment Financial
Offshore
UK
Ireland
(SLL)
Sancus
Office
Portfolio
Other
Balances
Statements
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Total Assets
32,329
17,298
1,668
86,822
138,117
59,306
-
9
(91,020)
106,412
Total Liabilities
(54,670)
(18,494)
(273)
(96,832)
(170,269)
(29,130)
-
(9)
91,020
(108,388)
Net (Liabilities)/
(22,341)
(1,196)
1,395
(10,010)
(32,152)
30,176
-
-
-
(1,976)
Assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "value": "4. SEGMENTAL REPORTING Operating segments are reported in a manner consistent with the manner in which the Executive Management Team reports to the Board, which is regarded to be the Chief Operating Decision Maker (CODM) as defined under IFRS 8. The main focus of the Group is Sancus. Bearing this in mind the Executive Management Team have identified 4 segments based on operations and geography. Finance costs and Head Office costs are not allocated to segments as such costs are driven by central teams who provide, amongst other services, finance, treasury, secretarial and other administrative functions based on need. The Group\u2019s borrowings are not allocated to segments as these are managed by the Central team. Segment assets and liabilities are measured in the same way as in these financial statements and are allocated to segments based on the operations of the segment and the physical location of those assets and liabilities. The four segments based on geography, whose operations are identical (within reason), are listed below. Note that Sancus Loans Limited, although based in the UK, is reported separately as a stand-alone entity to the Board and as such is considered to be a segment in its own right. 1. Offshore Contains the operations of Sancus Lending (Jersey) Limited, Sancus Lending (Guernsey) Limited, Sancus Properties Limited, Sancus Group Holdings Limited and Sancus Lending (Gibraltar) Limited up to the date of its sale on 15 March 2023. 2. United Kingdom (UK) Contains the operations of Sancus Lending (UK) Limited and Sancus Holdings (UK) Limited. 3. Ireland Contains the operations of Sancus Lending (Ireland) Limited. 4. Sancus Loans Limited Contains the operations of Sancus Loans Limited.
Reconciliation to Consolidated Financial Statements
Year to 31
Sancus
Fintech
December Loans Sancus SLL Ventures Consolidated
2023 Limited Debt Total Head Debt Fair Value Financial
Offshore
UK
Ireland
(SLL)
Costs
Sancus
Office
Costs
& Forex
Other
Statements
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Revenue
1,275
3,025
2,164
(1,799)
-
4,665
-
7,645
-
-
12,310
Operating
(530)
501
1,060
(1,846)
-
(815)
(1,315)
-
-
(19)
(2,149)
(loss)/profit *
Credit Losses
(1,120)
(31)
-
(3,666)
-
(4,817)
-
-
-
-
(4,817)
Debt Costs
-
-
-
-
(2,893)
(2,893)
-
-
-
-
(2,893)
Other
(losses)/gains
96
-
5
152
-
253
-
-
715
(13)
955
Loss on JVs
-
-
-
-
-
-
-
-
-
(100)
(100)
and associates
Taxation
3
-
(133)
-
-
(130)
-
-
-
-
(130)
(Loss)/Profit
(1,551)
470
932
(5,360)
(2,893)
(8,402)
(1,315)
-
715
(132)
(9,134)
After Tax
Year to 31
December
2022
Revenue
1,372
2,679
1,547
(725)
-
4,873
-
5,116
-
-
9,989
Operating
(943)
(446)
647
(744)
-
(1,486)
(1,026)
-
-
(31)
(2,543)
Profit/(loss) *
Credit Losses
(244)
-
-
(174)
-
(418)
-
-
-
-
(418)
Debt Costs
-
-
-
-
(1,751)
(1,751)
-
-
-
-
(1,751)
Other
Gains/(losses)
(8,630)
-
10
191
-
(8,429)
-
-
(894)
57
(9,266)
Loss on JVs
-
-
-
-
-
-
-
-
-
(34)
(34)
and associates
Taxation
18
-
(68)
-
-
(50)
-
-
-
-
(50)
(Loss)/Profit
(9,799)
(446)
589
(727)
(1,751)
(12,134)
(1,026)
-
(894)
(8)
(14,062)
After Tax
* Operating Profit/(loss) before credit losses and debt costs Sancus Loans Limited is consolidated into the Group's results as it is 100% owned by Sancus Group. However, the reality is that Sancus Loans Limited is a Co-Funder the same as any other Co-Funder. As a result the Board reviews the economic performance of Sancus Loans Limited in the same way as any other Co-Funder, with revenue being stated net of debt costs. Operating expenses include recharges from UK to Offshore \u00a3490,000 (2022: \u00a3466,000), Offshore to Ireland \u00a374,000 (2022: \u00a3127,000), Head Office to Offshore \u00a3125,000 (2022: \u00a3125,000) and UK to Head Office \u00a3212,000 (2022: Offshore to Head Office \u00a38,000). Head Office liabilities include borrowings \u00a328,917,000 (2022: \u00a324,042,000). Other FinTech assets and liabilities are included within \u201cOther.\u201d 5. REVENUE
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Co-Funder fees
2,730
1,733
Earn out (exit) fees
1,188
677
Transaction fees
2,260
3,063
Total revenue from contracts with customers
6,178
5,473
Interest on loans
167
83
Pollen Interest income
5,847
4,390
Sundry income
118
43
Total Revenue
12,310
9,989
The disaggregation of revenue reflects the different performance obligations in contracts with customers as described in the accounting policy Note 2(o) and the typical timing of payment for those relevant revenue streams.
At 31 December
Sancus
Reconciliation to Financial Statements
2023 Loans Inter Consolidated
Limited Total Head Fintech Segment Financial
Offshore
UK
Ireland
(SLL)
Sancus
Office
Portfolio
Other
Balances
Statements
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Total Assets
32,329
17,298
1,668
86,822
138,117
59,306
-
9
(91,020)
106,412
Total Liabilities
(54,670)
(18,494)
(273)
(96,832)
(170,269)
(29,130)
-
(9)
91,020
(108,388)
Net (Liabilities)/
(22,341)
(1,196)
1,395
(10,010)
(32,152)
30,176
-
-
-
(1,976)
Assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-244": { "value": "5. REVENUE
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Co-Funder fees
2,730
1,733
Earn out (exit) fees
1,188
677
Transaction fees
2,260
3,063
Total revenue from contracts with customers
6,178
5,473
Interest on loans
167
83
Pollen Interest income
5,847
4,390
Sundry income
118
43
Total Revenue
12,310
9,989
The disaggregation of revenue reflects the different performance obligations in contracts with customers as described in the accounting policy Note 2(o) and the typical timing of payment for those relevant revenue streams.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "value": "
6. COST OF SALES
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Interest costs
2,917
1,789
Pollen interest costs
7,645
5,116
Other cost of sales
294
704
Total cost of sales
10,856
7,609
7. OPERATING EXPENSES
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Amortisation and depreciation
282
305
Audit fees
128
140
Company secretarial
119
112
Corporate insurance
68
(16)
Employment costs
4,276
4,858
Investor relations expenses
79
63
Legal and professional
355
(141)
Marketing expenses
76
255
NOMAD fees
75
75
Other office and administration costs
923
901
Pension costs
79
101
Registrar fees
31
16
Sundry
5
5
6,496
6,674
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "6. COST OF SALES
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Interest costs
2,917
1,789
Pollen interest costs
7,645
5,116
Other cost of sales
294
704
Total cost of sales
10,856
7,609
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "7. OPERATING EXPENSES
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Amortisation and depreciation
282
305
Audit fees
128
140
Company secretarial
119
112
Corporate insurance
68
(16)
Employment costs
4,276
4,858
Investor relations expenses
79
63
Legal and professional
355
(141)
Marketing expenses
76
255
NOMAD fees
75
75
Other office and administration costs
923
901
Pension costs
79
101
Registrar fees
31
16
Sundry
5
5
6,496
6,674
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "7. OPERATING EXPENSES
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Amortisation and depreciation
282
305
Audit fees
128
140
Company secretarial
119
112
Corporate insurance
68
(16)
Employment costs
4,276
4,858
Investor relations expenses
79
63
Legal and professional
355
(141)
Marketing expenses
76
255
NOMAD fees
75
75
Other office and administration costs
923
901
Pension costs
79
101
Registrar fees
31
16
Sundry
5
5
6,496
6,674
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "7. OPERATING EXPENSES
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Amortisation and depreciation
282
305
Audit fees
128
140
Company secretarial
119
112
Corporate insurance
68
(16)
Employment costs
4,276
4,858
Investor relations expenses
79
63
Legal and professional
355
(141)
Marketing expenses
76
255
NOMAD fees
75
75
Other office and administration costs
923
901
Pension costs
79
101
Registrar fees
31
16
Sundry
5
5
6,496
6,674
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "7. OPERATING EXPENSES
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Amortisation and depreciation
282
305
Audit fees
128
140
Company secretarial
119
112
Corporate insurance
68
(16)
Employment costs
4,276
4,858
Investor relations expenses
79
63
Legal and professional
355
(141)
Marketing expenses
76
255
NOMAD fees
75
75
Other office and administration costs
923
901
Pension costs
79
101
Registrar fees
31
16
Sundry
5
5
6,496
6,674
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "
8. OTHER NET GAINS/(LOSSES)
The \u00a339,000 other net gains is made up of gains on foreign exchange \u00a3139,000 and loss on joint ventures and
associates of \u00a3100,000. (2022 \u00a3233,000 other net gains: consist of gains on foreign exchange \u00a3267,000 and loss on
joint ventures and associates of \u00a334,000).
", "dimensions": { "concept": "sancuslending:DisclosureOfOtherNetGainsLosses", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-246": { "value": "
9. INVESTMENTS IN JOINT VENTURES
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
At beginning of year
-
500
Additions \u2013 joint venture
100
-
Additions \u2013 goodwill
14,255
-
Impairment of joint venture
(100)
-
Disposals
-
(500)
At end of year
14,255
-
The Group has a 50% share in Amberton Limited. The addition in the year represents \u00a3100,000 of investment in
Amberton Limited and which was subsequently written down to a carrying value of \u00a3Nil. Amberton Limited, which is a
Jersey registered entity, was incorporated in January 2021 and has been established as a joint venture to manage the
loan note programme going forward.
On 5 December 2023, the Group entered into a Joint Venture (\u201cJV\u201d) agreement with Hawk Family Office Limited for a
new bridge and development lending business in the Channel Islands. Sancus Lending (Jersey) Limited (\u201cSLJL\u201d)
entered into a Business and Asset Purchase Agreement (\u201cBAPA\u201d) with Hawk Lending Limited (the previous lending
business of Hawk Family Office Limited) and Hawkbridge Limited (the new joint venture lending business)
(\u201cHawkbridge\u201d). Under the terms of the BAPA, SLJL sold to Hawkbridge Limited its business as a going concern
including goodwill, business information, moveable assets, records and third party rights. The consideration for the
business of SLJL was the issue of 12 shares in the newly formed JV holding company, Hawkbridge Limited, giving
Sancus Group Holdings Limited a 50% ownership in the JV. Hawkbridge Limited has two wholly owned subsidiaries,
Hawkbridge Lending Limited and Westmead Debt Services Limited.
Under the joint venture shareholder agreement, all new Channel Islands lending business will be written through
Hawkbridge. Hawkbridge will also provide administration and other services to SLJL and Hawk Lending Limited.
The addition recognised in respect of the Hawkbridge joint venture reflects the value of the goodwill transferred in from
SLJL under the BAPA.
The new joint venture lending company became operational on 1 January 2024 and thus there was no change in net
assets from 5 December 2023 to 31 December 2023.
14. OTHER ASSETS AND OTHER INVESTMENTS
Development
properties
\u00a3\u2019000
Cost
At 31 December 2021
496
Additions
210
At 31 December 2022
706
Disposals (706)
At 31 December 2023
-
Other assets are development properties previously held as security against certain loans which have defaulted. Other assets are held at the lower of cost and net realisable value. All development properties classified as Other Assets were sold during the period with a profit on disposal of \u00a3303,000 recognised in the Consolidated Statement of Comprehensive Income. Other investments of \u00a350,000 (2022: \u00a3100,000) represents the investment by the Group in non-voting capita in its Loan Note programme entities.
20. CONSOLIDATED SUBSIDIARIES
The Directors consider the following entities as wholly owned subsidiaries of the Group as at 31 December 2023.
Their results and financial positions are included within its consolidated results.
Subsidiary entity
Date of
Country of
Nature of Holding
%
Incorporation
Incorporation
held
Sancus Group Holdings Limited
27 December 2013
Guernsey
Directly held -Equity Shares
100%
Sancus Lending (Jersey) Limited
1 July 2013
Jersey
Indirectly held - Equity Shares
100%
Sancus Lending (Guernsey) Limited
18 June 2014
Guernsey
Indirectly held - Equity Shares
100%
Sancus Lending (Ireland) Limited
10 April 2017
Ireland
Indirectly held - Equity Shares
100%
Sancus Lending (UK) Limited
17 February 2011
UK
Indirectly held - Equity Shares
100%
Sancus Holdings (UK) Limited
7 January 2011
UK
Indirectly held - Equity Shares
100%
FinTech Ventures Limited
9 December 2015
Guernsey
Directly held - Equity Shares
100%
Sancus Properties Limited
21 August 2018
Guernsey
Indirectly held - Equity Shares
100%
Sancus Loans Limited
3 July 2017
UK
Indirectly held \u2013 Equity Shares
100%
Sancus Loans No2 Limited
19 July 2023
UK
Indirectly held \u2013 Equity Shares
100%
Sancus Group Holdings Limited and Sancus Holdings (UK) Limited act as holding companies. Sancus Properties
Limited engages in property development. Fintech Ventures Limited is an investment company, investing in Fintech
companies. The activities of the remaining companies named above relate to the core business of lending.
21. FINTECH VENTURES AND OTHER INVESTMENTS
The Directors consider the following entities as associated undertakings of the Group as at 31 December 2023.
Name of Investment:
Nature of holding
Country of incorporation
Percentage Measurement
holding
FinTech Ventures:
Ovamba Solutions Inc
Indirectly held - Equity
United States of America
20.18%
Fair Value
The percentage holdings in the above table are on a fully diluted basis, assuming any warrants and management
options all vest. In the previous year the Group held an investment in Finexkap, which was dissolved in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "9. INVESTMENTS IN JOINT VENTURES
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
At beginning of year
-
500
Additions \u2013 joint venture
100
-
Additions \u2013 goodwill
14,255
-
Impairment of joint venture
(100)
-
Disposals
-
(500)
At end of year
14,255
-
The Group has a 50% share in Amberton Limited. The addition in the year represents \u00a3100,000 of investment in Amberton Limited and which was subsequently written down to a carrying value of \u00a3Nil. Amberton Limited, which is a Jersey registered entity, was incorporated in January 2021 and has been established as a joint venture to manage the loan note programme going forward. On 5 December 2023, the Group entered into a Joint Venture (\u201cJV\u201d) agreement with Hawk Family Office Limited for a new bridge and development lending business in the Channel Islands. Sancus Lending (Jersey) Limited (\u201cSLJL\u201d) entered into a Business and Asset Purchase Agreement (\u201cBAPA\u201d) with Hawk Lending Limited (the previous lending business of Hawk Family Office Limited) and Hawkbridge Limited (the new joint venture lending business) (\u201cHawkbridge\u201d). Under the terms of the BAPA, SLJL sold to Hawkbridge Limited its business as a going concern including goodwill, business information, moveable assets, records and third party rights. The consideration for the business of SLJL was the issue of 12 shares in the newly formed JV holding company, Hawkbridge Limited, giving Sancus Group Holdings Limited a 50% ownership in the JV. Hawkbridge Limited has two wholly owned subsidiaries, Hawkbridge Lending Limited and Westmead Debt Services Limited. Under the joint venture shareholder agreement, all new Channel Islands lending business will be written through Hawkbridge. Hawkbridge will also provide administration and other services to SLJL and Hawk Lending Limited. The addition recognised in respect of the Hawkbridge joint venture reflects the value of the goodwill transferred in from SLJL under the BAPA. The new joint venture lending company became operational on 1 January 2024 and thus there was no change in net assets from 5 December 2023 to 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-247": { "value": "
10.
LOSS PER ORDINARY SHARE
Consolidated loss per Ordinary Share has been calculated by dividing the consolidated loss for the year after tax
attributable to Ordinary Shareholders of \u00a39,134,000 (31 December 2022: loss of \u00a314,062,000) by the weighted average
number of Ordinary Shares (excluding treasury shares) outstanding during the period of 584,138,346 (31 December
2022: 485,999,406).
Note 16 describes the warrants in issue, which are currently out of the money. As such the warrants have not been
considered to have a dilutive effect on the loss per Ordinary Share in the current year.
31 December 2023
31 December 2022
Number of shares
584,138,346
584,138,346
Weighted average no. of shares in issue throughout the year
584,138,346
485,999,406
Basic Loss per share
(1.56)p
(2.89)p
Diluted Loss per share
(1.56)p
(2.89)p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "
11. FIXED ASSETS
Right-of-use
Property &
Total
assets Equipment
Cost
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2021
1,247
463
1,710
Additions in the year
-
17
17
Disposals
-
(20)
(20)
At 31 December 2022
1,247
460
1,707
Additions in the year
246
3
249
Disposals
(128)
(44)
(172)
At 31 December 2023
1,365
419
1,784
Right-of-use
Property &
Total
assets Equipment
Accumulated depreciation
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2021
686
364
1,050
Charge in the year
197
55
252
Disposals
-
(20)
(20)
At 31 December 2022
883
399
1,282
Charge for the year
230
52
282
Disposals
(29)
(45)
(74)
At 31 December 2023
1,084
406
1,490
Net book value 31 December 2023
281
13
294
Net book value 31 December 2022
364
61
425
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "
12. GOODWILL
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2022
14,255
22,894
Impairment of goodwill
-
(8,639)
Disposal of goodwill
(14,255)
-
At 31 December 2023
-
14,255
On 5 December 2023, the Group entered into a Joint Venture (\u201cJV\u201d) agreement with Hawk Family Office Limited for a
new bridge and development lending business in the Channel Islands. Sancus Lending (Jersey) Limited (\u201cSLJL\u201d)
entered into a Business and Asset Purchase Agreement (\u201cBAPA\u201d) with Hawk Lending Limited (the previous lending
business of Hawk Family Office Limited) and Hawkbridge Limited (the new joint venture lending business)
(\u201cHawkbridge\u201d). Under the terms of the BAPA, SLJL sold to Hawkbridge Limited its business as a going concern
including goodwill, business information, moveable assets, records and third party rights. The consideration for the
business of SLJL was the issue of 12 shares in the newly formed JV holding company, Hawkbridge Limited, giving
Sancus Group Holdings Limited a 50% ownership in the JV. Hawkbridge Limited has two wholly owned subsidiaries,
Hawkbridge Lending Limited and Westmead Debt Services Limited.
Under the joint venture shareholder agreement, all new Channel Islands lending business will be written through
Hawkbridge. Hawkbridge will also provide administration and other services to SLJL and Hawk Lending Limited.
Following the sale of the business of SLJL to Hawkbridge Limited on 5 December 2023, the remaining business is in
run off. As detailed in Note 9, the investment in the joint venture has been recognised separately on the Balance Sheet
and reflects the value of the goodwill transferred in from SLJL under the BAPA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "value": "12. GOODWILL
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2022
14,255
22,894
Impairment of goodwill
-
(8,639)
Disposal of goodwill
(14,255)
-
At 31 December 2023
-
14,255
On 5 December 2023, the Group entered into a Joint Venture (\u201cJV\u201d) agreement with Hawk Family Office Limited for a new bridge and development lending business in the Channel Islands. Sancus Lending (Jersey) Limited (\u201cSLJL\u201d) entered into a Business and Asset Purchase Agreement (\u201cBAPA\u201d) with Hawk Lending Limited (the previous lending business of Hawk Family Office Limited) and Hawkbridge Limited (the new joint venture lending business) (\u201cHawkbridge\u201d). Under the terms of the BAPA, SLJL sold to Hawkbridge Limited its business as a going concern including goodwill, business information, moveable assets, records and third party rights. The consideration for the business of SLJL was the issue of 12 shares in the newly formed JV holding company, Hawkbridge Limited, giving Sancus Group Holdings Limited a 50% ownership in the JV. Hawkbridge Limited has two wholly owned subsidiaries, Hawkbridge Lending Limited and Westmead Debt Services Limited. Under the joint venture shareholder agreement, all new Channel Islands lending business will be written through Hawkbridge. Hawkbridge will also provide administration and other services to SLJL and Hawk Lending Limited. Following the sale of the business of SLJL to Hawkbridge Limited on 5 December 2023, the remaining business is in run off. As detailed in Note 9, the investment in the joint venture has been recognised separately on the Balance Sheet and reflects the value of the goodwill transferred in from SLJL under the BAPA. 13. OTHER INTANGIBLE ASSETS
Cost
\u00a3\u2019000
At 31 December 2023, 31 December 2022 and 31 December 2021
1,584
Amortisation
\u00a3\u2019000
At 31 December 2021
1,531
Charge for the year
53
At 31 December 2022
1,584
Charge for the year
-
At 31 December 2023
1,584
Net book value 31 December 2023
-
Net book value 31 December 2022
-
Other Intangible assets comprise capitalised contractors\u2019 costs and costs related to core systems development. The assets have been fully amortised.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "
13. OTHER INTANGIBLE ASSETS
Cost
\u00a3\u2019000
At 31 December 2023, 31 December 2022 and 31 December 2021
1,584
Amortisation
\u00a3\u2019000
At 31 December 2021
1,531
Charge for the year
53
At 31 December 2022
1,584
Charge for the year
-
At 31 December 2023
1,584
Net book value 31 December 2023
-
Net book value 31 December 2022
-
Other Intangible assets comprise capitalised contractors\u2019 costs and costs related to core systems development. The
assets have been fully amortised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "14. OTHER ASSETS AND OTHER INVESTMENTS
Development
properties
\u00a3\u2019000
Cost
At 31 December 2021
496
Additions
210
At 31 December 2022
706
Disposals (706)
At 31 December 2023
-
Other assets are development properties previously held as security against certain loans which have defaulted. Other assets are held at the lower of cost and net realisable value. All development properties classified as Other Assets were sold during the period with a profit on disposal of \u00a3303,000 recognised in the Consolidated Statement of Comprehensive Income. Other investments of \u00a350,000 (2022: \u00a3100,000) represents the investment by the Group in non-voting capita in its Loan Note programme entities. 21. FINTECH VENTURES AND OTHER INVESTMENTS The Directors consider the following entities as associated undertakings of the Group as at 31 December 2023.
Name of Investment:
Nature of holding
Country of incorporation
Percentage Measurement
holding
FinTech Ventures:
Ovamba Solutions Inc
Indirectly held - Equity
United States of America
20.18%
Fair Value
The percentage holdings in the above table are on a fully diluted basis, assuming any warrants and management options all vest. In the previous year the Group held an investment in Finexkap, which was dissolved in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "14. OTHER ASSETS AND OTHER INVESTMENTS
Development
properties
\u00a3\u2019000
Cost
At 31 December 2021
496
Additions
210
At 31 December 2022
706
Disposals (706)
At 31 December 2023
-
Other assets are development properties previously held as security against certain loans which have defaulted. Other assets are held at the lower of cost and net realisable value. All development properties classified as Other Assets were sold during the period with a profit on disposal of \u00a3303,000 recognised in the Consolidated Statement of Comprehensive Income. Other investments of \u00a350,000 (2022: \u00a3100,000) represents the investment by the Group in non-voting capita in its Loan Note programme entities. 15. TRADE AND OTHER RECEIVABLES
3
1 December
31 December
3
2
\u00a3\u2019000
\u00a3\u2019000
Loan fees, interest and similar receivables
7,235
4,673
Receivable from associated companies
-
5
Taxation
5
58
Other trade receivables and prepaid expenses
818
1,070
8,058
5,806
202 202 Loan fees, interest and similar receivables amounted to \u00a313,697,000 at 31 December 2023 (31 December 2022: \u00a311,166,000) before provisions against receivables of \u00a36,462,000 (31 December 2022: \u00a36,493,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "
15. TRADE AND OTHER RECEIVABLES
3
1 December
31 December
3
2
\u00a3\u2019000
\u00a3\u2019000
Loan fees, interest and similar receivables
7,235
4,673
Receivable from associated companies
-
5
Taxation
5
58
Other trade receivables and prepaid expenses
818
1,070
8,058
5,806
202
202
Loan fees, interest and similar receivables amounted to \u00a313,697,000 at 31 December 2023 (31 December 2022:
\u00a311,166,000) before provisions against receivables of \u00a36,462,000 (31 December 2022: \u00a36,493,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "value": "15. TRADE AND OTHER RECEIVABLES
3
1 December
31 December
3
2
\u00a3\u2019000
\u00a3\u2019000
Loan fees, interest and similar receivables
7,235
4,673
Receivable from associated companies
-
5
Taxation
5
58
Other trade receivables and prepaid expenses
818
1,070
8,058
5,806
202 202 Loan fees, interest and similar receivables amounted to \u00a313,697,000 at 31 December 2023 (31 December 2022: \u00a311,166,000) before provisions against receivables of \u00a36,462,000 (31 December 2022: \u00a36,493,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": "
16. SHARE CAPITAL, SHARE PREMIUM & DISTRIBUTABLE RESERVE
Sancus has the power under its articles of association to issue an unlimited number of Ordinary Shares of no par value.
No Ordinary shares were issued during the year (2022: 94,294,869).
Share Capital \u2013 ordinary shares of nil par value
31 December 2023
31 December 2022
Number of shares
Number of shares
At beginning of the year
584,138,346
489,843,477
Issued during the year
-
94,294,869
At end of the year
584,138,346
584,138,346
Share Premium \u2013 Ordinary shares of nil par value
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
At beginning of the year
118,340
116,218
Exercise of warrants
-
2,122
At end of the year
118,340
118,340
Ordinary shareholders have the right to attend and vote at Annual General Meetings and the right to any dividends or other distributions which the company may make in relation to that class of share.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-251": { "value": "16. SHARE CAPITAL, SHARE PREMIUM & DISTRIBUTABLE RESERVE Sancus has the power under its articles of association to issue an unlimited number of Ordinary Shares of no par value. No Ordinary shares were issued during the year (2022: 94,294,869).
Share Capital \u2013 ordinary shares of nil par value
31 December 2023
31 December 2022
Number of shares
Number of shares
At beginning of the year
584,138,346
489,843,477
Issued during the year
-
94,294,869
At end of the year
584,138,346
584,138,346
Share Premium \u2013 Ordinary shares of nil par value
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
At beginning of the year
118,340
116,218
Exercise of warrants
-
2,122
At end of the year
118,340
118,340
Ordinary shareholders have the right to attend and vote at Annual General Meetings and the right to any dividends or other distributions which the company may make in relation to that class of share. Treasury Shares
31 December 2023
31 December 2022
Number of shares
Number of shares
Balance at start and end of the year
11,852,676
11,852,676
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Balance at start and end of the year
1,172
1,172
Warrants in Issue As at 31 December 2023 there were 89,396,438 (2022: 89,396,438) Warrants in issue to subscribe for new Ordinary Shares at a subscription price of 2.25 pence per ordinary share. The Warrants are exercisable on at least 30 days notice within the period ending 31 December 2025. The Warrants in issue are classified as equity instruments because a fixed amount of cash is exchangeable for a fixed amount of equity, there being no other features which could justify a financial liability classification. The fair value of the warrants at 31 December 2023 is \u00a3Nil (31 December 2022: \u00a3Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "
Treasury Shares
31 December 2023
31 December 2022
Number of shares
Number of shares
Balance at start and end of the year
11,852,676
11,852,676
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Balance at start and end of the year
1,172
1,172
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "value": "
17. LIABILITIES
31 December 2023
31 December 2022
Non-current liabilities
\u00a3\u2019000
\u00a3\u2019000
ZDP shares (1)
13,967
9,117
Corporate Bond (2)
14,950
14,925
Pollen Facility (3)
77,169
66,826
Lease liabilities (Notes 2(u) & 24)
130
152
106,216
91,020
Current liabilities \u00a3\u2019000 \u00a3\u2019000 Accounts payable 126 224 Payable to associated companies - 12 Interest payable 770 481 Accruals and other payables 799 1,472 Hedging Contracts 231 398 Taxation 76 145 Provisions for financial guarantees 18 413 Lease liabilities (Notes 2(u) & 24) 152 212 2,172 3,357 Provisions for financial guarantees are recognised in relation to ECLs on off-balance sheet loans and receivables where the company has provided a subordinated position or other guarantee (Note 25). No such provision was required in the prior year. The fair value is determined using the exact same methodology as that used in determining ECLs (Note 2(f) and Note 22).
31 December 2023
31 December 2022
Interest costs on debt facilities
\u00a3\u2019000
\u00a3\u2019000
ZDP shares (1)
1,817
831
Corporate Bond (2)
1,075
920
Pollen Facility (3)
7,645
5,116
Lease Interest
25
38
10,562
6,905
(1) ZDP shares The ZDP Shares have a maturity date of 5 December 2027, following a 5 year extension of the final capital repayment approved on 5 December 2022. The final capital entitlement is \u00a32.5332 per ZDP Share. Under the Companies (Guernsey) Law, 2008 shares in the Company can only be redeemed if the Company can satisfy the solvency test prescribed under that law. Refer to the Company\u2019s Memorandum and Articles of Incorporation for full detail of the rights attached to the ZDP Shares. This document can be accessed via the Company\u2019s website www.sancus.com. The ZDP shares bore interest at an average rate of 8% until 5 December 2022. As part of the extension agreement noted above the interest rate increased to an average of 9% per annum with effect from 5 December 2022, through to the final repayment date of 5 December 2027. In accordance with article 7.5.5 of the Company\u2019s Memorandum and Articles of Incorporation, the Company may not incur more than \u00a330m of long term debt without prior approval from the ZDP shareholders. The Memorandum and Articles (section 7.6) also specify that two debt cover tests must be met in relation to the ZDPs. At 31 December 2023 the Company was in compliance with these covenants as Cover Test A was 2.21 (minimum of 1.7) and the adjusted Cover Test B was 3.15 (minimum of 2.05). At 31 December 2023 senior debt borrowing capacity amounted to \u00a315m. The Pollen facility does not impact on this capacity as it is non-recourse to Sancus. On 28 April 2023 the Company sold 2,068,966 ZDP shares, held in Treasury, to Somerston, the Groups largest shareholder, at a price of 145 pence per share being the mid-market closing price of the ZDP shares on 27 April 2023. At 31 December 2023 the Company held 10,505,739 ZDP shares in Treasury (31 December 2022: 12,574,705) with an aggregate value of \u00a319,291,480 (31 December 2022: \u00a320,861,686).
(2) Corporate Bond
The \u00a315m (31 December 2022: \u00a315m) Corporate bonds bear interest at 7% (2022: 7%). The bonds have a maturity
date of 31 December 2025.
(3) Pollen Facility (previously HIT Facility)
On 28 January 2018, Sancus signed a funding facility with Honeycomb Investment Trust plc (HIT), now Pollen Street
PLC (\u201cPollen\u201d). The funding line initially had a term of 3 years and comprised of a \u00a345m accordion and revolving credit
facility. On 3 December 2020 this facility was extended to a 6 year term to end on 28 January 2024 and on 23 November
2022 this was extended further to 23 November 2026. In addition to the extension the facility was increased to \u00a375m in
December 2020 and to \u00a3125m in November 2022.
The Pollen facility has portfolio performance covenants including that actual loss rates are not to exceed 4% in any
twelve month period and underperforming loans are not to exceed 10% of the portfolio. Sancus Group participates 10%
on every drawdown with a first loss position on the Pollen facility. Sancus has also provided Pollen with a guarantee,
capped at \u00a34m that will continue to ensure the orderly wind down of the loan book, in the event of the insolvency of
Sancus Group, given its position as facility and security agent. Refer to Note 25 Commitments and Guarantees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "17. LIABILITIES
31 December 2023
31 December 2022
Non-current liabilities
\u00a3\u2019000
\u00a3\u2019000
ZDP shares (1)
13,967
9,117
Corporate Bond (2)
14,950
14,925
Pollen Facility (3)
77,169
66,826
Lease liabilities (Notes 2(u) & 24)
130
152
106,216
91,020
31 December 2023
31 December 2022
Current liabilities
\u00a3\u2019000
\u00a3\u2019000
Accounts payable
126
224
Payable to associated companies
-
12
Interest payable
770
481
Accruals and other payables
799
1,472
Hedging Contracts
231
398
Taxation
76
145
Provisions for financial guarantees
18
413
Lease liabilities (Notes 2(u) & 24)
152
212
2,172
3,357
Provisions for financial guarantees are recognised in relation to ECLs on off-balance sheet loans and receivables where the company has provided a subordinated position or other guarantee (Note 25). No such provision was required in the prior year. The fair value is determined using the exact same methodology as that used in determining ECLs (Note 2(f) and Note 22).
31 December 2023
31 December 2022
Interest costs on debt facilities
\u00a3\u2019000
\u00a3\u2019000
ZDP shares (1)
1,817
831
Corporate Bond (2)
1,075
920
Pollen Facility (3)
7,645
5,116
Lease Interest
25
38
10,562
6,905
(1) ZDP shares The ZDP Shares have a maturity date of 5 December 2027, following a 5 year extension of the final capital repayment approved on 5 December 2022. The final capital entitlement is \u00a32.5332 per ZDP Share. Under the Companies (Guernsey) Law, 2008 shares in the Company can only be redeemed if the Company can satisfy the solvency test prescribed under that law. Refer to the Company\u2019s Memorandum and Articles of Incorporation for full detail of the rights attached to the ZDP Shares. This document can be accessed via the Company\u2019s website www.sancus.com. The ZDP shares bore interest at an average rate of 8% until 5 December 2022. As part of the extension agreement noted above the interest rate increased to an average of 9% per annum with effect from 5 December 2022, through to the final repayment date of 5 December 2027. In accordance with article 7.5.5 of the Company\u2019s Memorandum and Articles of Incorporation, the Company may not incur more than \u00a330m of long term debt without prior approval from the ZDP shareholders. The Memorandum and Articles (section 7.6) also specify that two debt cover tests must be met in relation to the ZDPs. At 31 December 2023 the Company was in compliance with these covenants as Cover Test A was 2.21 (minimum of 1.7) and the adjusted Cover Test B was 3.15 (minimum of 2.05). At 31 December 2023 senior debt borrowing capacity amounted to \u00a315m. The Pollen facility does not impact on this capacity as it is non-recourse to Sancus. On 28 April 2023 the Company sold 2,068,966 ZDP shares, held in Treasury, to Somerston, the Groups largest shareholder, at a price of 145 pence per share being the mid-market closing price of the ZDP shares on 27 April 2023. At 31 December 2023 the Company held 10,505,739 ZDP shares in Treasury (31 December 2022: 12,574,705) with an aggregate value of \u00a319,291,480 (31 December 2022: \u00a320,861,686). (2) Corporate Bond The \u00a315m (31 December 2022: \u00a315m) Corporate bonds bear interest at 7% (2022: 7%). The bonds have a maturity date of 31 December 2025. (3) Pollen Facility (previously HIT Facility) On 28 January 2018, Sancus signed a funding facility with Honeycomb Investment Trust plc (HIT), now Pollen Street PLC (\u201cPollen\u201d). The funding line initially had a term of 3 years and comprised of a \u00a345m accordion and revolving credit facility. On 3 December 2020 this facility was extended to a 6 year term to end on 28 January 2024 and on 23 November 2022 this was extended further to 23 November 2026. In addition to the extension the facility was increased to \u00a375m in December 2020 and to \u00a3125m in November 2022. The Pollen facility has portfolio performance covenants including that actual loss rates are not to exceed 4% in any twelve month period and underperforming loans are not to exceed 10% of the portfolio. Sancus Group participates 10% on every drawdown with a first loss position on the Pollen facility. Sancus has also provided Pollen with a guarantee, capped at \u00a34m that will continue to ensure the orderly wind down of the loan book, in the event of the insolvency of Sancus Group, given its position as facility and security agent. Refer to Note 25 Commitments and Guarantees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "17. LIABILITIES
31 December 2023
31 December 2022
Non-current liabilities
\u00a3\u2019000
\u00a3\u2019000
ZDP shares (1)
13,967
9,117
Corporate Bond (2)
14,950
14,925
Pollen Facility (3)
77,169
66,826
Lease liabilities (Notes 2(u) & 24)
130
152
106,216
91,020
31 December 2023
31 December 2022
Current liabilities
\u00a3\u2019000
\u00a3\u2019000
Accounts payable
126
224
Payable to associated companies
-
12
Interest payable
770
481
Accruals and other payables
799
1,472
Hedging Contracts
231
398
Taxation
76
145
Provisions for financial guarantees
18
413
Lease liabilities (Notes 2(u) & 24)
152
212
2,172
3,357
Provisions for financial guarantees are recognised in relation to ECLs on off-balance sheet loans and receivables where the company has provided a subordinated position or other guarantee (Note 25). No such provision was required in the prior year. The fair value is determined using the exact same methodology as that used in determining ECLs (Note 2(f) and Note 22).
31 December 2023
31 December 2022
Interest costs on debt facilities
\u00a3\u2019000
\u00a3\u2019000
ZDP shares (1)
1,817
831
Corporate Bond (2)
1,075
920
Pollen Facility (3)
7,645
5,116
Lease Interest
25
38
10,562
6,905
(1) ZDP shares The ZDP Shares have a maturity date of 5 December 2027, following a 5 year extension of the final capital repayment approved on 5 December 2022. The final capital entitlement is \u00a32.5332 per ZDP Share. Under the Companies (Guernsey) Law, 2008 shares in the Company can only be redeemed if the Company can satisfy the solvency test prescribed under that law. Refer to the Company\u2019s Memorandum and Articles of Incorporation for full detail of the rights attached to the ZDP Shares. This document can be accessed via the Company\u2019s website www.sancus.com. The ZDP shares bore interest at an average rate of 8% until 5 December 2022. As part of the extension agreement noted above the interest rate increased to an average of 9% per annum with effect from 5 December 2022, through to the final repayment date of 5 December 2027. In accordance with article 7.5.5 of the Company\u2019s Memorandum and Articles of Incorporation, the Company may not incur more than \u00a330m of long term debt without prior approval from the ZDP shareholders. The Memorandum and Articles (section 7.6) also specify that two debt cover tests must be met in relation to the ZDPs. At 31 December 2023 the Company was in compliance with these covenants as Cover Test A was 2.21 (minimum of 1.7) and the adjusted Cover Test B was 3.15 (minimum of 2.05). At 31 December 2023 senior debt borrowing capacity amounted to \u00a315m. The Pollen facility does not impact on this capacity as it is non-recourse to Sancus. On 28 April 2023 the Company sold 2,068,966 ZDP shares, held in Treasury, to Somerston, the Groups largest shareholder, at a price of 145 pence per share being the mid-market closing price of the ZDP shares on 27 April 2023. At 31 December 2023 the Company held 10,505,739 ZDP shares in Treasury (31 December 2022: 12,574,705) with an aggregate value of \u00a319,291,480 (31 December 2022: \u00a320,861,686). (2) Corporate Bond The \u00a315m (31 December 2022: \u00a315m) Corporate bonds bear interest at 7% (2022: 7%). The bonds have a maturity date of 31 December 2025. (3) Pollen Facility (previously HIT Facility) On 28 January 2018, Sancus signed a funding facility with Honeycomb Investment Trust plc (HIT), now Pollen Street PLC (\u201cPollen\u201d). The funding line initially had a term of 3 years and comprised of a \u00a345m accordion and revolving credit facility. On 3 December 2020 this facility was extended to a 6 year term to end on 28 January 2024 and on 23 November 2022 this was extended further to 23 November 2026. In addition to the extension the facility was increased to \u00a375m in December 2020 and to \u00a3125m in November 2022. The Pollen facility has portfolio performance covenants including that actual loss rates are not to exceed 4% in any twelve month period and underperforming loans are not to exceed 10% of the portfolio. Sancus Group participates 10% on every drawdown with a first loss position on the Pollen facility. Sancus has also provided Pollen with a guarantee, capped at \u00a34m that will continue to ensure the orderly wind down of the loan book, in the event of the insolvency of Sancus Group, given its position as facility and security agent. Refer to Note 25 Commitments and Guarantees. Changes in liabilities arising from financing activities The tables below detail changes in the Group\u2019s liabilities arising from financing activities, including both cash and non- cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Group\u2019s consolidated cash flow statement as cash flows from financing activities.
Amortisation
of debt issue 31
1 January Debt issue costs Other December
2023
Payments
1
Receipts
1
costs
1
Non-cash Non-cash 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
ZDP Shares
9,117
-
3,000
32
27
1,791
2
13,967
Corporate Bond
14,925
-
-
-
25
-
14,950
Pollen Facility
66,826
-
10,000
-
343
-
77,169
Lease Liability
364
(229)
1
-
-
-
147
282
Total liabilities
91,232
(229)
13,000
32
395
1,938
106,368
Amortisation
of debt issue 31
1 January Debt issue costs Other December
2022
Payments
1
Receipts
1
costs
1
Non-cash Non-cash 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
ZDP Shares
10,532
(2,037)
1
-
(167)
25
764
2
9,117
Corporate Bond
12,474
-
2,425
-
26
-
14,925
Pollen Facility
52,203
-
15,250
(410)
177
(394)
2
66,826
Lease Liability
576
(212)
1
-
-
-
- 364
Total liabilities
75,785
(2,249)
17,675
(577)
228
370
91,232
1 These amounts can be found under financing cash flows in the cash flow statement. 2 Comprises interest accruals and unpaid debt issue costs where applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "
31 December 2023
31 December 2022
Current liabilities
\u00a3\u2019000
\u00a3\u2019000
Accounts payable
126
224
Payable to associated companies
-
12
Interest payable
770
481
Accruals and other payables
799
1,472
Hedging Contracts
231
398
Taxation
76
145
Provisions for financial guarantees
18
413
Lease liabilities (Notes 2(u) & 24)
152
212
2,172
3,357
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-253": { "value": "
18. TAXATION
The Company is exempt from Guernsey taxation under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989.
A fixed annual fee of \u00a31,200 (31 December 2022: \u00a31,200) is payable to the States of Guernsey in respect of this
exemption.
Reconciliation of tax charge
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Accounting loss before tax
(9,004)
(14,012)
Gibraltar Corporation Tax at 10% (2022: 10%)
-
-
Jersey Corporation Tax at 10% (2022: 10%)
-
-
Ireland Corporation Tax at 12.5% (2022: 12.5%)
133
68
Adjustments in respect of prior years
(3)
(18)
Tax expense
130
50
Certain of the Group\u2019s subsidiaries have an estimated \u00a329m of losses between them available to carry forward to offset
against qualifying future trading profits. The Group does not recognise deferred tax assets in respect of losses arising
because in the opinion of the directors the quantum and timing of any suitable taxable profits which can utilise these
losses is unknown.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "value": "
19. NOTES TO THE CASH FLOW STATEMENT
Cash generated from operations (excluding loan movements)
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Loss for the year
(9,134)
(14,062)
Adjustments for:
Net (losses)/gains on FinTech Ventures
(715)
894
Other net losses/(gains)
390
(86)
ZDP finance costs
1,791
807
Impairment of joint ventures
100
34
Changes in expected credit losses
4,817
418
Amortisation/depreciation of fixed assets
282
305
Impairment of goodwill
-
8,639
Amortisation of debt issue costs
396
225
Loss on disposal of subsidiary
(202)
-
Changes in working capital:
Trade and other receivables
(7,116)
(392)
Trade and other payables
(1,243)
(330)
Cash outflow from operations (excluding loan movements)
(10,634)
(3,548)
Changes in liabilities arising from financing activities
The tables below detail changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-
cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will
be classified in the Group\u2019s consolidated cash flow statement as cash flows from financing activities.
Amortisation
of debt issue 31
1 January Debt issue costs Other December
2023
Payments
1
Receipts
1
costs
1
Non-cash Non-cash 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
ZDP Shares
9,117
-
3,000
32
27
1,791
2
13,967
Corporate Bond
14,925
-
-
-
25
-
14,950
Pollen Facility
66,826
-
10,000
-
343
-
77,169
Lease Liability
364
(229)
1
-
-
-
147
282
Total liabilities
91,232
(229)
13,000
32
395
1,938
106,368
Amortisation
of debt issue 31
1 January Debt issue costs Other December
2022
Payments
1
Receipts
1
costs
1
Non-cash Non-cash 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
ZDP Shares
10,532
(2,037)
1
-
(167)
25
764
2
9,117
Corporate Bond
12,474
-
2,425
-
26
-
14,925
Pollen Facility
52,203
-
15,250
(410)
177
(394)
2
66,826
Lease Liability
576
(212)
1
-
-
-
- 364
Total liabilities
75,785
(2,249)
17,675
(577)
228
370
91,232
1
These amounts can be found under financing cash flows in the cash flow statement.
2
Comprises interest accruals and unpaid debt issue costs where applicable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "20. CONSOLIDATED SUBSIDIARIES The Directors consider the following entities as wholly owned subsidiaries of the Group as at 31 December 2023. Their results and financial positions are included within its consolidated results.
Subsidiary entity
Date of
Country of
Nature of Holding
%
Incorporation
Incorporation
held
Sancus Group Holdings Limited
27 December 2013
Guernsey
Directly held -Equity Shares
100%
Sancus Lending (Jersey) Limited
1 July 2013
Jersey
Indirectly held - Equity Shares
100%
Sancus Lending (Guernsey) Limited
18 June 2014
Guernsey
Indirectly held - Equity Shares
100%
Sancus Lending (Ireland) Limited
10 April 2017
Ireland
Indirectly held - Equity Shares
100%
Sancus Lending (UK) Limited
17 February 2011
UK
Indirectly held - Equity Shares
100%
Sancus Holdings (UK) Limited
7 January 2011
UK
Indirectly held - Equity Shares
100%
FinTech Ventures Limited
9 December 2015
Guernsey
Directly held - Equity Shares
100%
Sancus Properties Limited
21 August 2018
Guernsey
Indirectly held - Equity Shares
100%
Sancus Loans Limited
3 July 2017
UK
Indirectly held \u2013 Equity Shares
100%
Sancus Loans No2 Limited
19 July 2023
UK
Indirectly held \u2013 Equity Shares
100%
Sancus Group Holdings Limited and Sancus Holdings (UK) Limited act as holding companies. Sancus Properties Limited engages in property development. Fintech Ventures Limited is an investment company, investing in Fintech companies. The activities of the remaining companies named above relate to the core business of lending. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "value": "
22. FINANCIAL INSTRUMENTS \u2013 FAIR VALUES AND RISK MANAGEMENT
Sancus loans and loan equivalents
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Non-current
Sancus loans
-
171
Sancus Loans Limited loans
10,148
23,693
Total non-current Sancus loans and loan equivalents
10,148
23,864
Current
Sancus loans
460
2,790
Sancus Loans Limited loans
68,157
49,471
Total current Sancus loans and loan equivalents
68,617
52,261
Total Sancus loans and loan equivalents
78,765
76,125
Fair Value Estimation
The financial assets and liabilities measured at fair value in the Consolidated Statement of Financial Position are
grouped into the fair value hierarchy as follows:
31 December 2023
31 December 2022
Level 2
Level 3
Level 2
Level 3
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
FinTech Ventures investments
-
-
-
-
Derivative contracts
(231)
-
(398)
-
Total assets at Fair Value
(231)
-
(398)
-
All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors
have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market
transactions, recent capital raises and other transactional data including the performance of the respective businesses.
Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech
Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31
December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current
holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or
less than \u00a3Nil. There have been no transfers between levels in the period (2022: None).
FinTech Ventures investments
31 December 2023
Equity
Loans
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening fair value - - -
New investments/divestments - (715) (715)
Realised gains recognised in profit and loss - 715 715
Closing fair value
-
-
-
31 December 2022
Equity
Loans
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening fair value
-
500
500
New investments/divestments
-
394
394
Realised gains recognised in profit and loss
-
(894)
(894)
Closing fair value
-
-
-
Assets at Amortised Cost
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Sancus loans and loan equivalents
78,765
76,125
Trade and other receivables
7,240
4,736
Cash and cash equivalents
4,990
4,134
Total assets at amortised cost
90,995
84,995
Due to the relatively short-term nature of the above assets, their carrying amount is considered to be the same as their
fair value.
Liabilities at Amortised Cost
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
ZDP Shares
13,967
9,117
Corporate Bond
14,950
14,925
Pollen Facility
77,169
66,826
Trade and other payables
2,053
2,698
Provisions in respect of guarantees
18
413
Total liabilities at amortised cost
108,157
93,979
Refer to Note 17 for further information on liabilities.
Risk Management
The Group is exposed to financial risk through its investment in a range of financial instruments, i.e. in the equity and
debt of investee companies and through the use of debt instruments to fund its investment in loans. Such risks are
categorised as capital risk, liquidity risk, investment risk, credit risk, and market risk (market price risk, interest rate risk
and foreign currency risk).
Comments supplementary to those on risk management in the Corporate Governance section of this report are included
below.
(1) Capital Risk Management
The Group\u2019s capital comprises ordinary shares as well as a number of debt instruments. Its objective when managing
this capital is to enable the Group to continue as a going concern in order to provide a consistent appropriate risk-
adjusted return to shareholders, and to support the continued development of its investment activities. Details of the
Group\u2019s equity is disclosed in Note 16 and of its debt in Note 17.
The Group and its subsidiaries (with the exception of Sancus Lending (UK) Limited, which is regulated by the FCA) are
not subject to regulatory or industry specific requirements to hold a minimum level of capital, other than the legal
requirements for Guernsey incorporated entities. The Group considers the amount and composition of its capital is
currently in proportion to its risk profile.
(2) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate
amount of committed credit facilities to meet obligations when due. At the end of the reporting period the group held
cash of \u00a34,990,000. The Group Treasury Committee monitors rolling forecasts of the group\u2019s cash position in relation
to its obligations as they become due on a monthly basis. In addition, the group\u2019s liquidity management involves
projecting cash flows and considering the level of liquid assets necessary to meet obligations. Where necessary
contingency plans are made to realise assets which are reasonably liquid in the short term.
The following table analyses the Group's financial liabilities into relevant maturity groupings based on the period to the
contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.
Contractual maturities of financial liabilities
Within 12
Between 1
Between 2
months
and 2 years
and 5 years
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
31 December 2023
ZDP shares
-
-
13,967
13,967
Corporate bond
-
14,950
-
14,950
Sancus Loans Limited
-
-
77,169
77,169
Trade and other payables
2,085
180
37
2,302
Total liabilities
2,085
15,130
91,173
108,388
Contractual maturities of financial liabilities
Within 12
Between 1
Between 2
months
and 2 years
and 5 years
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
31 December 2022
ZDP shares
-
-
9,117
9,117
Corporate bond
-
-
14,925
14,925
Sancus Loans Limited
-
-
66,826
66,826
Trade and other payables
3,357
85
67
3,509
Total liabilities
3,357
85
90,935
94,377
(3) Interest rate risk
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates
and that mismatches in the interest rates applying to assets and liabilities will impact on the Group\u2019s earnings.
The Group\u2019s cash balances, debt instruments and loan notes are exposed to interest rate risk.
The Group did not enter into any interest rate risk hedging transactions during the current or prior years.
The table below summarises the Group's exposure to interest rate risk:
Floating rate
Fixed Rate
Financial Financial
Instruments
Instruments
Total
31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets
Sancus loans and loan equivalents
64,586
14,179
78,765
Cash and cash equivalents
4,990
-
4,990
Total assets
69,576
14,179
83,755
Liabilities
ZDP shares
-
13,967
13,967
Corporate Bond
-
14,950
14,950
Sancus Loans Limited
-
77,169
77,169
Total liabilities
-
106,086
106,086
Total interest sensitivity gap
69,576
(91,907)
(22,331)
Floating rate
Fixed Rate
Financial Financial
Instruments
Instruments
Total
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets
Sancus loans and loan equivalents
7,194
68,931
76,125
Cash and cash equivalents
4,134
-
4,134
Total assets
11,328
68,931
80,259
Liabilities
ZDP shares
-
9,117
9,117
Corporate Bond
-
14,925
14,925
Sancus Loans Limited
-
66,826
66,826
Total liabilities
-
90,868
90,868
Total interest sensitivity gap
11,328
(21,937)
(10,609)
Interest rate sensitivities
The Group currently holds \u00a34,990,000 in cash deposits, predominantly in sterling. Whilst interest rates are currently
positive they have, in the recent past, gone negative in certain jurisdictions. At the current level of cash deposits this
could cost the group \u00a349,900 per annum for every 1% decrease in interest rates. The Group does not hold significant
amounts in foreign currencies for any period of time.
The Treasury Committee reviews interest rate risk on an ongoing basis, and the exposure is reported quarterly to the
Board and/or Audit and Risk Committee.
(4) Investment risk
Investment risk is defined as the risk that an investment's actual return will be different to that expected. Historically
investment risk primarily arose from the Group\u2019s investment in its FinTech Ventures portfolio (see Note 3). This risk was
in turn driven by the underlying risks taken by the platforms themselves \u2013 their own strategic, liquidity, credit and
operational risks. Given that the Fintech portfolio is now held at \u00a3Nil the Group has no further exposure to investment
risk, but does still retain investments in a number of Fintech companies.
The Group measures fair values of the Fintech Portfolio using the following fair value hierarchy that reflects the
significance of the inputs used in making the measurements.
\u2022 Level 1 \u2013 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. A
market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and
volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted
in an active market at a bid price.
\u2022 Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as
prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market
prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets
that are considered less than active; or other valuation techniques in which all significant inputs are directly or
indirectly observable from market data. The chosen valuation technique incorporates all of the factors that
market participants would take into account in pricing a transaction.
\u2022 Level 3 \u2013 Inputs that are unobservable. This category includes all instruments for which the valuation technique
includes inputs not based on observable data and the unobservable inputs have a significant effect on the
instrument\u2019s valuation. This category includes instruments that are valued based on quoted prices for similar
instruments but for which significant unobservable adjustments or assumptions are required to reflect
differences between the instruments. If in the case of any investment the Directors at any time consider that
the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing
principles is unfair, they are entitled to substitute what in their opinion, is a fair value. In this case, the fair value
is estimated with care and in good faith by the Directors in consultation with the Executive Management Team
with a view to establishing the probable realisation value for such shares as at close of business on the relevant
valuation day.
All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors
have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market
transactions, recent capital raises and other transactional data including the performance of the respective businesses.
Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech
Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31
December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current
holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or
less than \u00a3Nil. There have been no transfers between levels in the period (2022: None).
(5) Credit risk
Credit risk is defined as the risk that a borrower/debtor may fail to make required repayments within the contracted time
scale. The Group invests in senior debt, senior subordinated debt, junior subordinated debt and secured loans. Credit
risk is taken in direct lending to third party borrowers, investing in loan funds, lending to associated platforms and loans
arranged by associated platforms.
The Group mitigates credit risk by only entering into agreements related to loan instruments in which there is sufficient
security held against the loans or where the operating strength of the investee companies is considered sufficient to
support the loan amounts outstanding.
Credit risk is determined on initial recognition of each loan and re-assessed at each reporting date. The risk assessment
is undertaken by the Executive Management Team at the time of the agreements, and the Executive Management
Team continues to evaluate the loan instruments in the context of these agreements. Credit risk is categorised into
Stage 1, Stage 2 and Stage 3 with Stage 1 being to recognise 12 month Expected Credit Losses (ECL), Stage 2 being
to recognise Lifetime ECL not credit impaired and Stage 3 being to recognise Lifetime ECL credit impaired.
Credit risk is initially evaluated using the LTV, (LTGDV and LTF where relevant) and the circumstances of the individual
borrower. For the majority of loans security takes the form of real estate. There has been no significant change in the
quality of this security over the prior year. When determining credit risk macro-economic factors such as GDP,
unemployment rates and other relevant factors including the war in Ukraine are also taken into account. A loan is
considered to be in default when there is a failure to meet the legal obligation of the loan agreement. Having regards to
the principles of IFRS 9 this would also include provisions against loans that are considered by management as unlikely
to pay their obligations in full without realisation of collateral. Once identified as being in default a re-assessment of the
credit risk of that loan will be undertaken using the factors as noted above. A decision will then be made as to whether
to credit impair that asset.
In some instances borrowers will request loan modifications, extensions or renegotiation of terms. Any such event will
trigger a reassessment of the credit risk of that loan where the reasons for the modification, extension or renegotiation
will be carefully assessed and may result in that asset being credit impaired.
The entities in the Sancus Lending Group operate Credit Committees which are responsible for evaluating and deciding
upon loan proposals, as well as monitoring the recoverability of loans, and taking action on any doubtful accounts. All
lending undertaken by Sancus Lending is secured. The credit committee reports to the Sancus Lending Board on a
quarterly basis.
Provision for ECL
A probability of default is assigned to each loan. This probability of default is arrived at by reference to historical data
and the ongoing status of each loan which is reviewed on a regular basis. The loss given default is deemed to be nil
where LTV is equal to or less than 65%, as it is assumed that the asset can be sold and full recovery made.
Provision for ECL is made using the credit risk, the probability of default (PD) and the loss given default (PL) all of which
are underpinned by the Loan to Value (LTV), historical position, forward looking considerations and on occasion,
subsequent events and the subjective judgement of the Board. Preliminary calculations for ECL are performed on a
loan by loan basis using the simple formula Outstanding Loan Value (exposure at default) x PD x PL and are then
amended as necessary according to the more subjective measures as noted above.
To reflect the time value of money ECL is discounted back to the reporting date using the effective interest rate of the
asset (or an approximation thereof) that was determined at initial recognition.
The following tables provide information on amounts reserved for ECL on loans and loan equivalents as at 31 December
2023 and 31 December 2022 based on the model adopted by management.
Sancus loans and loan
Stage 1
Stage 2
Stage 3
Total
equivalents at 31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loans at 31 December 2022
61,932
-
14,193
76,125
New Loans
44,199
-
421
44,620
Loans Repaid
(33,733)
-
(6,598)
(40,331)
Transfers from Stage 1 to Stage 3
(6)
-
6
-
Movement in ECL
-
-
(1,649)
(1,649)
Closing loans at 31 December 2023
72,392
-
6,373
78,765
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Increase in provision
-
-
1,649
1,649
Closing loss allowance at 31 December 2023
-
-
8,484
8,484
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore
has a material impact on the calculation of ECL.
Sancus loans and loan
Stage 1
Stage 2
Stage 3
Total
equivalents at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loans at 31 December 2021
30,060
5,743
17,441
53,244
New Loans
48,986
-
421
49,407
Loans Repaid
(17,109)
(2,776)
(6,215)
(26,100)
Transfers from Stage 1 to Stage 3
(5)
-
5
-
Transfers from Stage 2 to Stage 3
-
(2,967)
2,967
-
Movement in ECL
-
(426)
(426)
Closing loans at 31 December 2022
61,932
-
14,193
76,125
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2021
-
-
6,409
6,409
Increase in provision
-
-
426
426
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Reconciliation of Provision for ECLs to charge in the statement of comprehensive income
Loans
Trade
Guarantees
Total
\u00a3\u2019000 Receivables \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Loss allowance at 31
December 2022
6,835
6,493
413
13,741
Charge
/(credit) for the year
4,032
1,180
(395)
4,817
Utilisations
(2,383)
(1,211)
-
(3,594)
Loss allowance at 31 December 2023
8,484
6,462
18
14,964
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore
has a material impact on the calculation of ECL.
(6) Market price risk
The Group has no exposure to market price risk of financial assets valued on a Level 1 basis as disclosed earlier in this
note.
(7) Foreign exchange risk
Foreign exchange risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange
rates. Investments made in currencies other than Sterling are currently valued at \u00a3Nil and therefore there is no exposure.
The exchange rates used by the Group to translate foreign currency balances are as follows:
Currency
31 December
31 December
31 December
2023
2022
2021
EUR
1.1534
1.1284
1.1898
USD
1.2731
1.2101
1.3527
The Treasury Committee monitors the Group's currency position on a regular basis, and the Board of Directors reviews
it on a quarterly basis. Loans denominated in Euros which are taken out through the Pollen facility are hedged using
forward contracts. The following forward foreign exchange contracts were open at the respective dates:
At 31 December 2023
Counterparty
Settlement
Buy
Buy Amount
Sell
Sell
Unrealised loss
date Currency \u00a3\u2019000 currency amount \u00a3\u2019000
\u20ac\u2019000
Alpha
December 2023
GBP
7,710
Euro
9,000
(97)
to January 2024
Lumon Risk
December 2023
GBP
23,851
Euro
27,640
(134)
Management
to January 2024
Unrealised loss on forward foreign contracts
(231)
At 31 December 2022
Counterparty
Settlement
Buy
Buy Amount
Sell
Sell
Unrealised loss
date Currency \u00a3\u2019000 currency amount \u00a3\u2019000
\u20ac\u2019000
EWealthGlobal
January 2023
GBP
3,565
Euro
4,187
(144)
Group Limited
to May 2023
Liberum
January 2023
Wealth Limited to February
GBP
3,202
Euro
3,650
(35)
2023
Lumon Risk
January 2023
GBP
9,259
Euro
10,676
(219)
Management
to May 2023
Unrealised loss on forward foreign contracts
(398)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "22. FINANCIAL INSTRUMENTS \u2013 FAIR VALUES AND RISK MANAGEMENT
Sancus loans and loan equivalents
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Non-current
Sancus loans
-
171
Sancus Loans Limited loans
10,148
23,693
Total non-current Sancus loans and loan equivalents
10,148
23,864
Current
Sancus loans
460
2,790
Sancus Loans Limited loans
68,157
49,471
Total current Sancus loans and loan equivalents
68,617
52,261
Total Sancus loans and loan equivalents
78,765
76,125
Fair Value Estimation The financial assets and liabilities measured at fair value in the Consolidated Statement of Financial Position are grouped into the fair value hierarchy as follows:
31 December 2023
31 December 2022
Level 2
Level 3
Level 2
Level 3
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
FinTech Ventures investments
-
-
-
-
Derivative contracts
(231)
-
(398)
-
Total assets at Fair Value
(231)
-
(398)
-
All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market transactions, recent capital raises and other transactional data including the performance of the respective businesses. Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31 December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or less than \u00a3Nil. There have been no transfers between levels in the period (2022: None). FinTech Ventures investments 31 December 2023 Equity Loans Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening fair value - - - New investments/divestments - (715) (715) Realised gains recognised in profit and loss - 715 715 Closing fair value - - -
31 December 2022
Equity
Loans
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening fair value
-
500
500
New investments/divestments
-
394
394
Realised gains recognised in profit and loss
-
(894)
(894)
Closing fair value
-
-
-
Assets at Amortised Cost
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Sancus loans and loan equivalents
78,765
76,125
Trade and other receivables
7,240
4,736
Cash and cash equivalents
4,990
4,134
Total assets at amortised cost
90,995
84,995
Due to the relatively short-term nature of the above assets, their carrying amount is considered to be the same as their fair value.
Liabilities at Amortised Cost
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
ZDP Shares
13,967
9,117
Corporate Bond
14,950
14,925
Pollen Facility
77,169
66,826
Trade and other payables
2,053
2,698
Provisions in respect of guarantees
18
413
Total liabilities at amortised cost
108,157
93,979
Refer to Note 17 for further information on liabilities. Risk Management The Group is exposed to financial risk through its investment in a range of financial instruments, i.e. in the equity and debt of investee companies and through the use of debt instruments to fund its investment in loans. Such risks are categorised as capital risk, liquidity risk, investment risk, credit risk, and market risk (market price risk, interest rate risk and foreign currency risk). Comments supplementary to those on risk management in the Corporate Governance section of this report are included below. (1) Capital Risk Management The Group\u2019s capital comprises ordinary shares as well as a number of debt instruments. Its objective when managing this capital is to enable the Group to continue as a going concern in order to provide a consistent appropriate risk- adjusted return to shareholders, and to support the continued development of its investment activities. Details of the Group\u2019s equity is disclosed in Note 16 and of its debt in Note 17. The Group and its subsidiaries (with the exception of Sancus Lending (UK) Limited, which is regulated by the FCA) are not subject to regulatory or industry specific requirements to hold a minimum level of capital, other than the legal requirements for Guernsey incorporated entities. The Group considers the amount and composition of its capital is currently in proportion to its risk profile. (2) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. At the end of the reporting period the group held cash of \u00a34,990,000. The Group Treasury Committee monitors rolling forecasts of the group\u2019s cash position in relation to its obligations as they become due on a monthly basis. In addition, the group\u2019s liquidity management involves projecting cash flows and considering the level of liquid assets necessary to meet obligations. Where necessary contingency plans are made to realise assets which are reasonably liquid in the short term. The following table analyses the Group's financial liabilities into relevant maturity groupings based on the period to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.
Contractual maturities of financial liabilities
Within 12
Between 1
Between 2
months
and 2 years
and 5 years
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
31 December 2023
ZDP shares
-
-
13,967
13,967
Corporate bond
-
14,950
-
14,950
Sancus Loans Limited
-
-
77,169
77,169
Trade and other payables
2,085
180
37
2,302
Total liabilities
2,085
15,130
91,173
108,388
Contractual maturities of financial liabilities
Within 12
Between 1
Between 2
months
and 2 years
and 5 years
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
31 December 2022
ZDP shares
-
-
9,117
9,117
Corporate bond
-
-
14,925
14,925
Sancus Loans Limited
-
-
66,826
66,826
Trade and other payables
3,357
85
67
3,509
Total liabilities
3,357
85
90,935
94,377
(3) Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates and that mismatches in the interest rates applying to assets and liabilities will impact on the Group\u2019s earnings. The Group\u2019s cash balances, debt instruments and loan notes are exposed to interest rate risk. The Group did not enter into any interest rate risk hedging transactions during the current or prior years. The table below summarises the Group's exposure to interest rate risk:
Floating rate
Fixed Rate
Financial Financial
Instruments
Instruments
Total
31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets
Sancus loans and loan equivalents
64,586
14,179
78,765
Cash and cash equivalents
4,990
-
4,990
Total assets
69,576
14,179
83,755
Liabilities
ZDP shares
-
13,967
13,967
Corporate Bond
-
14,950
14,950
Sancus Loans Limited
-
77,169
77,169
Total liabilities
-
106,086
106,086
Total interest sensitivity gap
69,576
(91,907)
(22,331)
Floating rate
Fixed Rate
Financial Financial
Instruments
Instruments
Total
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets
Sancus loans and loan equivalents
7,194
68,931
76,125
Cash and cash equivalents
4,134
-
4,134
Total assets
11,328
68,931
80,259
Liabilities
ZDP shares
-
9,117
9,117
Corporate Bond
-
14,925
14,925
Sancus Loans Limited
-
66,826
66,826
Total liabilities
-
90,868
90,868
Total interest sensitivity gap
11,328
(21,937)
(10,609)
Interest rate sensitivities The Group currently holds \u00a34,990,000 in cash deposits, predominantly in sterling. Whilst interest rates are currently positive they have, in the recent past, gone negative in certain jurisdictions. At the current level of cash deposits this could cost the group \u00a349,900 per annum for every 1% decrease in interest rates. The Group does not hold significant amounts in foreign currencies for any period of time. The Treasury Committee reviews interest rate risk on an ongoing basis, and the exposure is reported quarterly to the Board and/or Audit and Risk Committee. (4) Investment risk Investment risk is defined as the risk that an investment's actual return will be different to that expected. Historically investment risk primarily arose from the Group\u2019s investment in its FinTech Ventures portfolio (see Note 3). This risk was in turn driven by the underlying risks taken by the platforms themselves \u2013 their own strategic, liquidity, credit and operational risks. Given that the Fintech portfolio is now held at \u00a3Nil the Group has no further exposure to investment risk, but does still retain investments in a number of Fintech companies. The Group measures fair values of the Fintech Portfolio using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. \u2022 Level 1 \u2013 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in an active market at a bid price. \u2022 Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. \u2022 Level 3 \u2013 Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument\u2019s valuation. This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments. If in the case of any investment the Directors at any time consider that the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are entitled to substitute what in their opinion, is a fair value. In this case, the fair value is estimated with care and in good faith by the Directors in consultation with the Executive Management Team with a view to establishing the probable realisation value for such shares as at close of business on the relevant valuation day. All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market transactions, recent capital raises and other transactional data including the performance of the respective businesses. Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31 December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or less than \u00a3Nil. There have been no transfers between levels in the period (2022: None). (5) Credit risk Credit risk is defined as the risk that a borrower/debtor may fail to make required repayments within the contracted time scale. The Group invests in senior debt, senior subordinated debt, junior subordinated debt and secured loans. Credit risk is taken in direct lending to third party borrowers, investing in loan funds, lending to associated platforms and loans arranged by associated platforms. The Group mitigates credit risk by only entering into agreements related to loan instruments in which there is sufficient security held against the loans or where the operating strength of the investee companies is considered sufficient to support the loan amounts outstanding. Credit risk is determined on initial recognition of each loan and re-assessed at each reporting date. The risk assessment is undertaken by the Executive Management Team at the time of the agreements, and the Executive Management Team continues to evaluate the loan instruments in the context of these agreements. Credit risk is categorised into Stage 1, Stage 2 and Stage 3 with Stage 1 being to recognise 12 month Expected Credit Losses (ECL), Stage 2 being to recognise Lifetime ECL not credit impaired and Stage 3 being to recognise Lifetime ECL credit impaired. Credit risk is initially evaluated using the LTV, (LTGDV and LTF where relevant) and the circumstances of the individual borrower. For the majority of loans security takes the form of real estate. There has been no significant change in the quality of this security over the prior year. When determining credit risk macro-economic factors such as GDP, unemployment rates and other relevant factors including the war in Ukraine are also taken into account. A loan is considered to be in default when there is a failure to meet the legal obligation of the loan agreement. Having regards to the principles of IFRS 9 this would also include provisions against loans that are considered by management as unlikely to pay their obligations in full without realisation of collateral. Once identified as being in default a re-assessment of the credit risk of that loan will be undertaken using the factors as noted above. A decision will then be made as to whether to credit impair that asset. In some instances borrowers will request loan modifications, extensions or renegotiation of terms. Any such event will trigger a reassessment of the credit risk of that loan where the reasons for the modification, extension or renegotiation will be carefully assessed and may result in that asset being credit impaired. The entities in the Sancus Lending Group operate Credit Committees which are responsible for evaluating and deciding upon loan proposals, as well as monitoring the recoverability of loans, and taking action on any doubtful accounts. All lending undertaken by Sancus Lending is secured. The credit committee reports to the Sancus Lending Board on a quarterly basis. Provision for ECL A probability of default is assigned to each loan. This probability of default is arrived at by reference to historical data and the ongoing status of each loan which is reviewed on a regular basis. The loss given default is deemed to be nil where LTV is equal to or less than 65%, as it is assumed that the asset can be sold and full recovery made. Provision for ECL is made using the credit risk, the probability of default (PD) and the loss given default (PL) all of which are underpinned by the Loan to Value (LTV), historical position, forward looking considerations and on occasion, subsequent events and the subjective judgement of the Board. Preliminary calculations for ECL are performed on a loan by loan basis using the simple formula Outstanding Loan Value (exposure at default) x PD x PL and are then amended as necessary according to the more subjective measures as noted above. To reflect the time value of money ECL is discounted back to the reporting date using the effective interest rate of the asset (or an approximation thereof) that was determined at initial recognition. The following tables provide information on amounts reserved for ECL on loans and loan equivalents as at 31 December 2023 and 31 December 2022 based on the model adopted by management.
Sancus loans and loan
Stage 1
Stage 2
Stage 3
Total
equivalents at 31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loans at 31 December 2022
61,932
-
14,193
76,125
New Loans
44,199
-
421
44,620
Loans Repaid
(33,733)
-
(6,598)
(40,331)
Transfers from Stage 1 to Stage 3
(6)
-
6
-
Movement in ECL
-
-
(1,649)
(1,649)
Closing loans at 31 December 2023
72,392
-
6,373
78,765
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Increase in provision
-
-
1,649
1,649
Closing loss allowance at 31 December 2023
-
-
8,484
8,484
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore has a material impact on the calculation of ECL.
Sancus loans and loan
Stage 1
Stage 2
Stage 3
Total
equivalents at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loans at 31 December 2021
30,060
5,743
17,441
53,244
New Loans
48,986
-
421
49,407
Loans Repaid
(17,109)
(2,776)
(6,215)
(26,100)
Transfers from Stage 1 to Stage 3
(5)
-
5
-
Transfers from Stage 2 to Stage 3
-
(2,967)
2,967
-
Movement in ECL
-
(426)
(426)
Closing loans at 31 December 2022
61,932
-
14,193
76,125
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2021
-
-
6,409
6,409
Increase in provision
-
-
426
426
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Reconciliation of Provision for ECLs to charge in the statement of comprehensive income
Loans
Trade
Guarantees
Total
\u00a3\u2019000 Receivables \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Loss allowance at 31
December 2022
6,835
6,493
413
13,741
Charge
/(credit) for the year
4,032
1,180
(395)
4,817
Utilisations
(2,383)
(1,211)
-
(3,594)
Loss allowance at 31 December 2023
8,484
6,462
18
14,964
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore has a material impact on the calculation of ECL. (6) Market price risk The Group has no exposure to market price risk of financial assets valued on a Level 1 basis as disclosed earlier in this note. (7) Foreign exchange risk Foreign exchange risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Investments made in currencies other than Sterling are currently valued at \u00a3Nil and therefore there is no exposure. The exchange rates used by the Group to translate foreign currency balances are as follows:
Currency
31 December
31 December
31 December
2023
2022
2021
EUR
1.1534
1.1284
1.1898
USD
1.2731
1.2101
1.3527
The Treasury Committee monitors the Group's currency position on a regular basis, and the Board of Directors reviews it on a quarterly basis. Loans denominated in Euros which are taken out through the Pollen facility are hedged using forward contracts. The following forward foreign exchange contracts were open at the respective dates:
At 31 December 2023
Counterparty
Settlement
Buy
Buy Amount
Sell
Sell
Unrealised loss
date Currency \u00a3\u2019000 currency amount \u00a3\u2019000
\u20ac\u2019000
Alpha
December 2023
GBP
7,710
Euro
9,000
(97)
to January 2024
Lumon Risk
December 2023
GBP
23,851
Euro
27,640
(134)
Management
to January 2024
Unrealised loss on forward foreign contracts
(231)
At 31 December 2022
Counterparty
Settlement
Buy
Buy Amount
Sell
Sell
Unrealised loss
date Currency \u00a3\u2019000 currency amount \u00a3\u2019000
\u20ac\u2019000
EWealthGlobal
January 2023
GBP
3,565
Euro
4,187
(144)
Group Limited
to May 2023
Liberum
January 2023
Wealth Limited to February
GBP
3,202
Euro
3,650
(35)
2023
Lumon Risk
January 2023
GBP
9,259
Euro
10,676
(219)
Management
to May 2023
Unrealised loss on forward foreign contracts
(398)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "Fair Value Estimation The financial assets and liabilities measured at fair value in the Consolidated Statement of Financial Position are grouped into the fair value hierarchy as follows:
31 December 2023
31 December 2022
Level 2
Level 3
Level 2
Level 3
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
FinTech Ventures investments
-
-
-
-
Derivative contracts
(231)
-
(398)
-
Total assets at Fair Value
(231)
-
(398)
-
All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market transactions, recent capital raises and other transactional data including the performance of the respective businesses. Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31 December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or less than \u00a3Nil. There have been no transfers between levels in the period (2022: None). FinTech Ventures investments 31 December 2023 Equity Loans Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening fair value - - - New investments/divestments - (715) (715) Realised gains recognised in profit and loss - 715 715 Closing fair value - - -
31 December 2022
Equity
Loans
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening fair value
-
500
500
New investments/divestments
-
394
394
Realised gains recognised in profit and loss
-
(894)
(894)
Closing fair value
-
-
-
Assets at Amortised Cost
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Sancus loans and loan equivalents
78,765
76,125
Trade and other receivables
7,240
4,736
Cash and cash equivalents
4,990
4,134
Total assets at amortised cost
90,995
84,995
Due to the relatively short-term nature of the above assets, their carrying amount is considered to be the same as their fair value. The Group measures fair values of the Fintech Portfolio using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. \u2022 Level 1 \u2013 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in an active market at a bid price. \u2022 Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. \u2022 Level 3 \u2013 Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument\u2019s valuation. This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments. If in the case of any investment the Directors at any time consider that the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are entitled to substitute what in their opinion, is a fair value. In this case, the fair value is estimated with care and in good faith by the Directors in consultation with the Executive Management Team with a view to establishing the probable realisation value for such shares as at close of business on the relevant valuation day. All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market transactions, recent capital raises and other transactional data including the performance of the respective businesses. Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31 December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or less than \u00a3Nil. There have been no transfers between levels in the period (2022: None). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "Fair Value Estimation The financial assets and liabilities measured at fair value in the Consolidated Statement of Financial Position are grouped into the fair value hierarchy as follows:
31 December 2023
31 December 2022
Level 2
Level 3
Level 2
Level 3
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
FinTech Ventures investments
-
-
-
-
Derivative contracts
(231)
-
(398)
-
Total assets at Fair Value
(231)
-
(398)
-
All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market transactions, recent capital raises and other transactional data including the performance of the respective businesses. Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31 December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or less than \u00a3Nil. There have been no transfers between levels in the period (2022: None). FinTech Ventures investments 31 December 2023 Equity Loans Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening fair value - - - New investments/divestments - (715) (715) Realised gains recognised in profit and loss - 715 715 Closing fair value - - -
31 December 2022
Equity
Loans
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening fair value
-
500
500
New investments/divestments
-
394
394
Realised gains recognised in profit and loss
-
(894)
(894)
Closing fair value
-
-
-
Assets at Amortised Cost
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Sancus loans and loan equivalents
78,765
76,125
Trade and other receivables
7,240
4,736
Cash and cash equivalents
4,990
4,134
Total assets at amortised cost
90,995
84,995
Due to the relatively short-term nature of the above assets, their carrying amount is considered to be the same as their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "(1) Capital Risk Management The Group\u2019s capital comprises ordinary shares as well as a number of debt instruments. Its objective when managing this capital is to enable the Group to continue as a going concern in order to provide a consistent appropriate risk- adjusted return to shareholders, and to support the continued development of its investment activities. Details of the Group\u2019s equity is disclosed in Note 16 and of its debt in Note 17. The Group and its subsidiaries (with the exception of Sancus Lending (UK) Limited, which is regulated by the FCA) are not subject to regulatory or industry specific requirements to hold a minimum level of capital, other than the legal requirements for Guernsey incorporated entities. The Group considers the amount and composition of its capital is currently in proportion to its risk profile. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "(2) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. At the end of the reporting period the group held cash of \u00a34,990,000. The Group Treasury Committee monitors rolling forecasts of the group\u2019s cash position in relation to its obligations as they become due on a monthly basis. In addition, the group\u2019s liquidity management involves projecting cash flows and considering the level of liquid assets necessary to meet obligations. Where necessary contingency plans are made to realise assets which are reasonably liquid in the short term. The following table analyses the Group's financial liabilities into relevant maturity groupings based on the period to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.
Contractual maturities of financial liabilities
Within 12
Between 1
Between 2
months
and 2 years
and 5 years
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
31 December 2023
ZDP shares
-
-
13,967
13,967
Corporate bond
-
14,950
-
14,950
Sancus Loans Limited
-
-
77,169
77,169
Trade and other payables
2,085
180
37
2,302
Total liabilities
2,085
15,130
91,173
108,388
Contractual maturities of financial liabilities
Within 12
Between 1
Between 2
months
and 2 years
and 5 years
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
31 December 2022
ZDP shares
-
-
9,117
9,117
Corporate bond
-
-
14,925
14,925
Sancus Loans Limited
-
-
66,826
66,826
Trade and other payables
3,357
85
67
3,509
Total liabilities
3,357
85
90,935
94,377
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "(3) Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates and that mismatches in the interest rates applying to assets and liabilities will impact on the Group\u2019s earnings. The Group\u2019s cash balances, debt instruments and loan notes are exposed to interest rate risk. The Group did not enter into any interest rate risk hedging transactions during the current or prior years. The table below summarises the Group's exposure to interest rate risk:
Floating rate
Fixed Rate
Financial Financial
Instruments
Instruments
Total
31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets
Sancus loans and loan equivalents
64,586
14,179
78,765
Cash and cash equivalents
4,990
-
4,990
Total assets
69,576
14,179
83,755
Liabilities
ZDP shares
-
13,967
13,967
Corporate Bond
-
14,950
14,950
Sancus Loans Limited
-
77,169
77,169
Total liabilities
-
106,086
106,086
Total interest sensitivity gap
69,576
(91,907)
(22,331)
Floating rate
Fixed Rate
Financial Financial
Instruments
Instruments
Total
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets
Sancus loans and loan equivalents
7,194
68,931
76,125
Cash and cash equivalents
4,134
-
4,134
Total assets
11,328
68,931
80,259
Liabilities
ZDP shares
-
9,117
9,117
Corporate Bond
-
14,925
14,925
Sancus Loans Limited
-
66,826
66,826
Total liabilities
-
90,868
90,868
Total interest sensitivity gap
11,328
(21,937)
(10,609)
Interest rate sensitivities The Group currently holds \u00a34,990,000 in cash deposits, predominantly in sterling. Whilst interest rates are currently positive they have, in the recent past, gone negative in certain jurisdictions. At the current level of cash deposits this could cost the group \u00a349,900 per annum for every 1% decrease in interest rates. The Group does not hold significant amounts in foreign currencies for any period of time. The Treasury Committee reviews interest rate risk on an ongoing basis, and the exposure is reported quarterly to the Board and/or Audit and Risk Committee. (4) Investment risk Investment risk is defined as the risk that an investment's actual return will be different to that expected. Historically investment risk primarily arose from the Group\u2019s investment in its FinTech Ventures portfolio (see Note 3). This risk was in turn driven by the underlying risks taken by the platforms themselves \u2013 their own strategic, liquidity, credit and operational risks. Given that the Fintech portfolio is now held at \u00a3Nil the Group has no further exposure to investment risk, but does still retain investments in a number of Fintech companies. The Group measures fair values of the Fintech Portfolio using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. \u2022 Level 1 \u2013 Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. A market is regarded as \u201cactive\u201d if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The Group measures financial instruments quoted in an active market at a bid price. \u2022 Level 2 \u2013 Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. \u2022 Level 3 \u2013 Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument\u2019s valuation. This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments. If in the case of any investment the Directors at any time consider that the above basis of valuation is inappropriate or that the value determined in accordance with the foregoing principles is unfair, they are entitled to substitute what in their opinion, is a fair value. In this case, the fair value is estimated with care and in good faith by the Directors in consultation with the Executive Management Team with a view to establishing the probable realisation value for such shares as at close of business on the relevant valuation day. All of the FinTech Ventures investments are categorised as Level 3 in the fair value hierarchy. In the past the Directors have estimated the fair value of financial instruments using discounted cash flow methodology, comparable market transactions, recent capital raises and other transactional data including the performance of the respective businesses. Having considered the terms, rights and characteristics of the equity and loan stock held by the Group in the FinTech Ventures investments, the Board\u2019s estimate of liquidation value of these assets is \u00a3Nil at 31 December 2023 (31 December 2022: \u00a3Nil). Changes in the performance of these businesses and access to future returns via its current holdings could affect the amounts ultimately realised on the disposal of these investments, which may be greater or less than \u00a3Nil. There have been no transfers between levels in the period (2022: None). (6) Market price risk The Group has no exposure to market price risk of financial assets valued on a Level 1 basis as disclosed earlier in this note. (7) Foreign exchange risk Foreign exchange risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Investments made in currencies other than Sterling are currently valued at \u00a3Nil and therefore there is no exposure. The exchange rates used by the Group to translate foreign currency balances are as follows:
Currency
31 December
31 December
31 December
2023
2022
2021
EUR
1.1534
1.1284
1.1898
USD
1.2731
1.2101
1.3527
The Treasury Committee monitors the Group's currency position on a regular basis, and the Board of Directors reviews it on a quarterly basis. Loans denominated in Euros which are taken out through the Pollen facility are hedged using forward contracts. The following forward foreign exchange contracts were open at the respective dates:
At 31 December 2023
Counterparty
Settlement
Buy
Buy Amount
Sell
Sell
Unrealised loss
date Currency \u00a3\u2019000 currency amount \u00a3\u2019000
\u20ac\u2019000
Alpha
December 2023
GBP
7,710
Euro
9,000
(97)
to January 2024
Lumon Risk
December 2023
GBP
23,851
Euro
27,640
(134)
Management
to January 2024
Unrealised loss on forward foreign contracts
(231)
At 31 December 2022
Counterparty
Settlement
Buy
Buy Amount
Sell
Sell
Unrealised loss
date Currency \u00a3\u2019000 currency amount \u00a3\u2019000
\u20ac\u2019000
EWealthGlobal
January 2023
GBP
3,565
Euro
4,187
(144)
Group Limited
to May 2023
Liberum
January 2023
Wealth Limited to February
GBP
3,202
Euro
3,650
(35)
2023
Lumon Risk
January 2023
GBP
9,259
Euro
10,676
(219)
Management
to May 2023
Unrealised loss on forward foreign contracts
(398)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "Interest rate sensitivities The Group currently holds \u00a34,990,000 in cash deposits, predominantly in sterling. Whilst interest rates are currently positive they have, in the recent past, gone negative in certain jurisdictions. At the current level of cash deposits this could cost the group \u00a349,900 per annum for every 1% decrease in interest rates. The Group does not hold significant amounts in foreign currencies for any period of time. The Treasury Committee reviews interest rate risk on an ongoing basis, and the exposure is reported quarterly to the Board and/or Audit and Risk Committee. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "(5) Credit risk Credit risk is defined as the risk that a borrower/debtor may fail to make required repayments within the contracted time scale. The Group invests in senior debt, senior subordinated debt, junior subordinated debt and secured loans. Credit risk is taken in direct lending to third party borrowers, investing in loan funds, lending to associated platforms and loans arranged by associated platforms. The Group mitigates credit risk by only entering into agreements related to loan instruments in which there is sufficient security held against the loans or where the operating strength of the investee companies is considered sufficient to support the loan amounts outstanding. Credit risk is determined on initial recognition of each loan and re-assessed at each reporting date. The risk assessment is undertaken by the Executive Management Team at the time of the agreements, and the Executive Management Team continues to evaluate the loan instruments in the context of these agreements. Credit risk is categorised into Stage 1, Stage 2 and Stage 3 with Stage 1 being to recognise 12 month Expected Credit Losses (ECL), Stage 2 being to recognise Lifetime ECL not credit impaired and Stage 3 being to recognise Lifetime ECL credit impaired. Credit risk is initially evaluated using the LTV, (LTGDV and LTF where relevant) and the circumstances of the individual borrower. For the majority of loans security takes the form of real estate. There has been no significant change in the quality of this security over the prior year. When determining credit risk macro-economic factors such as GDP, unemployment rates and other relevant factors including the war in Ukraine are also taken into account. A loan is considered to be in default when there is a failure to meet the legal obligation of the loan agreement. Having regards to the principles of IFRS 9 this would also include provisions against loans that are considered by management as unlikely to pay their obligations in full without realisation of collateral. Once identified as being in default a re-assessment of the credit risk of that loan will be undertaken using the factors as noted above. A decision will then be made as to whether to credit impair that asset. In some instances borrowers will request loan modifications, extensions or renegotiation of terms. Any such event will trigger a reassessment of the credit risk of that loan where the reasons for the modification, extension or renegotiation will be carefully assessed and may result in that asset being credit impaired. The entities in the Sancus Lending Group operate Credit Committees which are responsible for evaluating and deciding upon loan proposals, as well as monitoring the recoverability of loans, and taking action on any doubtful accounts. All lending undertaken by Sancus Lending is secured. The credit committee reports to the Sancus Lending Board on a quarterly basis. Provision for ECL A probability of default is assigned to each loan. This probability of default is arrived at by reference to historical data and the ongoing status of each loan which is reviewed on a regular basis. The loss given default is deemed to be nil where LTV is equal to or less than 65%, as it is assumed that the asset can be sold and full recovery made. Provision for ECL is made using the credit risk, the probability of default (PD) and the loss given default (PL) all of which are underpinned by the Loan to Value (LTV), historical position, forward looking considerations and on occasion, subsequent events and the subjective judgement of the Board. Preliminary calculations for ECL are performed on a loan by loan basis using the simple formula Outstanding Loan Value (exposure at default) x PD x PL and are then amended as necessary according to the more subjective measures as noted above. To reflect the time value of money ECL is discounted back to the reporting date using the effective interest rate of the asset (or an approximation thereof) that was determined at initial recognition. The following tables provide information on amounts reserved for ECL on loans and loan equivalents as at 31 December 2023 and 31 December 2022 based on the model adopted by management.
Sancus loans and loan
Stage 1
Stage 2
Stage 3
Total
equivalents at 31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loans at 31 December 2022
61,932
-
14,193
76,125
New Loans
44,199
-
421
44,620
Loans Repaid
(33,733)
-
(6,598)
(40,331)
Transfers from Stage 1 to Stage 3
(6)
-
6
-
Movement in ECL
-
-
(1,649)
(1,649)
Closing loans at 31 December 2023
72,392
-
6,373
78,765
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Increase in provision
-
-
1,649
1,649
Closing loss allowance at 31 December 2023
-
-
8,484
8,484
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore has a material impact on the calculation of ECL.
Sancus loans and loan
Stage 1
Stage 2
Stage 3
Total
equivalents at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loans at 31 December 2021
30,060
5,743
17,441
53,244
New Loans
48,986
-
421
49,407
Loans Repaid
(17,109)
(2,776)
(6,215)
(26,100)
Transfers from Stage 1 to Stage 3
(5)
-
5
-
Transfers from Stage 2 to Stage 3
-
(2,967)
2,967
-
Movement in ECL
-
(426)
(426)
Closing loans at 31 December 2022
61,932
-
14,193
76,125
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2021
-
-
6,409
6,409
Increase in provision
-
-
426
426
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Reconciliation of Provision for ECLs to charge in the statement of comprehensive income
Loans
Trade
Guarantees
Total
\u00a3\u2019000 Receivables \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Loss allowance at 31
December 2022
6,835
6,493
413
13,741
Charge
/(credit) for the year
4,032
1,180
(395)
4,817
Utilisations
(2,383)
(1,211)
-
(3,594)
Loss allowance at 31 December 2023
8,484
6,462
18
14,964
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore has a material impact on the calculation of ECL. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Increase in provision
-
-
1,649
1,649
Closing loss allowance at 31 December 2023
-
-
8,484
8,484
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore has a material impact on the calculation of ECL.
Sancus loans and loan
Stage 1
Stage 2
Stage 3
Total
equivalents at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loans at 31 December 2021
30,060
5,743
17,441
53,244
New Loans
48,986
-
421
49,407
Loans Repaid
(17,109)
(2,776)
(6,215)
(26,100)
Transfers from Stage 1 to Stage 3
(5)
-
5
-
Transfers from Stage 2 to Stage 3
-
(2,967)
2,967
-
Movement in ECL
-
(426)
(426)
Closing loans at 31 December 2022
61,932
-
14,193
76,125
Loss allowance
Stage 1
Stage 2
Stage 3
Total
at 31 December 2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Closing loss allowance at 31 December 2021
-
-
6,409
6,409
Increase in provision
-
-
426
426
Closing loss allowance at 31 December 2022
-
-
6,835
6,835
Reconciliation of Provision for ECLs to charge in the statement of comprehensive income
Loans
Trade
Guarantees
Total
\u00a3\u2019000 Receivables \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
Loss allowance at 31
December 2022
6,835
6,493
413
13,741
Charge
/(credit) for the year
4,032
1,180
(395)
4,817
Utilisations
(2,383)
(1,211)
-
(3,594)
Loss allowance at 31 December 2023
8,484
6,462
18
14,964
For certain loans the range of outcomes for loss given default considered by the Directors is significant and therefore has a material impact on the calculation of ECL. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "value": "
23. RELATED PARTY TRANSACTIONS
Transactions with the Directors/Executive Management Team
Non-executive Directors
As at 31 December 2023, the non-executive Directors\u2019 annualised fees, excluding all reasonable expenses incurred in
the course of their duties which were reimbursed by the Company, were as detailed in the table below:
31 December
31 December
2023
2022
\u00a3
\u00a3
Tracy Clarke (stepped down as non-executive director 30 March
106,250
35,000
2023
,
reappointed 31 March 2024)
Steven Smith
50,000
50,000
John Whittle
42,500
42,500
Tracy Clarke was appointed Interim Group CFO and joined the Executive Team on 30 March 2023. She subsequently
stepped down on 31 March 2024 and returned to her role of non-executive Director. Fees paid to her include \u00a397,500
in respect of her role as Interim CFO.
Total Directors\u2019 fees charged to the Company for the year ended 31 December 2023 were \u00a3198,750 (31 December
2022: \u00a3127,500) with \u00a3Nil (31 December 2022: \u00a3Nil) remaining unpaid at the year-end.
Executive Management Team
The Executive Management Team consisted of Rory Mepham, James Waghorn and Tracy Clarke (appointed 30 March
2023, resigned 31 March 2024). Emma Stubbs and Helen Trott resigned as Executive Directors of the Company on 30
March 2023 and 14 July 2023 respectively. The Executive Management Team members\u2019 remuneration from the
Company, excluding all reasonable expenses incurred in the course of their duties which were reimbursed by the
Company, was as detailed in the table below:
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Aggregate remuneration in respect of qualifying service \u2013 fixed salary
612
512
Aggregate amounts contributed to Money Purchase pension schemes
17
21
Aggregate bonus paid (cash)
-
50
See remuneration report for further details. All amounts have been charged to Operating Expenses.
On 30 March 2023 Carlton Management Services Limited (\"Carlton\"), was appointed to manage and develop the
Group's finance function, including new technology integrations for forecasting, performance and treasury management
under a service agreement. The agreement was terminated on 31 March 2024. The annualised fee for the service was
\u00a3170,000. Carlton sub-lease office space in the Group\u2019s offices in Jersey, with a sub lease end date of 31 August 2024,
at an annual cost of c.\u00a3100,000 p.a.
On 30 March 2023 Carlton entered into a Director service agreement with Sancus Lending Group Limited for the
provision of Tracy Clarke as Interim Group CFO, with an annual fee of \u00a3130,000. This agreement terminated on 31
March 2024.
Tracy Clarke is Managing Director of Carlton Management Services Limited.
From time to time, the Somerston Group may participate as a Co-Funder in Sancus loans, on the same commercial
terms available to other Co-Funders. The Group has not recorded any other transactions with any Somerston Group
companies for the year ended 31 December 2023 (2022: none).
Directors\u2019 and Persons Discharging Managerial Responsibilities (\u201cPDMR\u201d) shareholdings in the Company
The Directors and PDMRs had the following beneficial interests in the Ordinary Shares of the Company:
31 December 2023
31 December 2022
No. of Ordinary
% of Ordinary
No. of Ordinary
% of Ordinary
Shares Held
Shares
Shares Held
Shares
John Whittle
138,052
0.02
138,052
0.02
Emma Stubbs
1,380,940
0.24
1,380,940
0.24
Rory Mepham
2,000,000
0.34
-
-
During the year and prior year no directors received dividends on their Ordinary Share holdings in the Company.
In addition to their Sancus salaries, Mr Mepham and Mr Waghorn also receive other emoluments from Somerston for
services they provide to other Somerston entities that are not related to the activities of Sancus.
From time to time members of key management personnel participate as co-funders in loans originated by the Group.
Transactions with connected entities
The following transactions with connected entities took place during the year:
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Net receivable from/ (payable to) related parties
Amberton Limited
-
(7)
Office and staff costs recharges
Amberton Limited
-
47
There is no ultimate controlling party of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "23. RELATED PARTY TRANSACTIONS Transactions with the Directors/Executive Management Team Non-executive Directors As at 31 December 2023, the non-executive Directors\u2019 annualised fees, excluding all reasonable expenses incurred in the course of their duties which were reimbursed by the Company, were as detailed in the table below:
31 December
31 December
2023
2022
\u00a3
\u00a3
Tracy Clarke (stepped down as non-executive director 30 March
106,250
35,000
2023
,
reappointed 31 March 2024)
Steven Smith
50,000
50,000
John Whittle
42,500
42,500
Tracy Clarke was appointed Interim Group CFO and joined the Executive Team on 30 March 2023. She subsequently stepped down on 31 March 2024 and returned to her role of non-executive Director. Fees paid to her include \u00a397,500 in respect of her role as Interim CFO. Total Directors\u2019 fees charged to the Company for the year ended 31 December 2023 were \u00a3198,750 (31 December 2022: \u00a3127,500) with \u00a3Nil (31 December 2022: \u00a3Nil) remaining unpaid at the year-end. Executive Management Team The Executive Management Team consisted of Rory Mepham, James Waghorn and Tracy Clarke (appointed 30 March 2023, resigned 31 March 2024). Emma Stubbs and Helen Trott resigned as Executive Directors of the Company on 30 March 2023 and 14 July 2023 respectively. The Executive Management Team members\u2019 remuneration from the Company, excluding all reasonable expenses incurred in the course of their duties which were reimbursed by the Company, was as detailed in the table below:
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Aggregate remuneration in respect of qualifying service \u2013 fixed salary
612
512
Aggregate amounts contributed to Money Purchase pension schemes
17
21
Aggregate bonus paid (cash)
-
50
See remuneration report for further details. All amounts have been charged to Operating Expenses. On 30 March 2023 Carlton Management Services Limited (\"Carlton\"), was appointed to manage and develop the Group's finance function, including new technology integrations for forecasting, performance and treasury management under a service agreement. The agreement was terminated on 31 March 2024. The annualised fee for the service was \u00a3170,000. Carlton sub-lease office space in the Group\u2019s offices in Jersey, with a sub lease end date of 31 August 2024, at an annual cost of c.\u00a3100,000 p.a. On 30 March 2023 Carlton entered into a Director service agreement with Sancus Lending Group Limited for the provision of Tracy Clarke as Interim Group CFO, with an annual fee of \u00a3130,000. This agreement terminated on 31 March 2024. Tracy Clarke is Managing Director of Carlton Management Services Limited. From time to time, the Somerston Group may participate as a Co-Funder in Sancus loans, on the same commercial terms available to other Co-Funders. The Group has not recorded any other transactions with any Somerston Group companies for the year ended 31 December 2023 (2022: none). Directors\u2019 and Persons Discharging Managerial Responsibilities (\u201cPDMR\u201d) shareholdings in the Company The Directors and PDMRs had the following beneficial interests in the Ordinary Shares of the Company:
31 December 2023
31 December 2022
No. of Ordinary
% of Ordinary
No. of Ordinary
% of Ordinary
Shares Held
Shares
Shares Held
Shares
John Whittle
138,052
0.02
138,052
0.02
Emma Stubbs
1,380,940
0.24
1,380,940
0.24
Rory Mepham
2,000,000
0.34
-
-
During the year and prior year no directors received dividends on their Ordinary Share holdings in the Company. In addition to their Sancus salaries, Mr Mepham and Mr Waghorn also receive other emoluments from Somerston for services they provide to other Somerston entities that are not related to the activities of Sancus. From time to time members of key management personnel participate as co-funders in loans originated by the Group. Transactions with connected entities The following transactions with connected entities took place during the year:
31 December 2023
31 December 2022
\u00a3\u2019000
\u00a3\u2019000
Net receivable from/ (payable to) related parties
Amberton Limited
-
(7)
Office and staff costs recharges
Amberton Limited
-
47
There is no ultimate controlling party of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "Executive Management Team The Executive Management Team consisted of Rory Mepham, James Waghorn and Tracy Clarke (appointed 30 March 2023, resigned 31 March 2024). Emma Stubbs and Helen Trott resigned as Executive Directors of the Company on 30 March 2023 and 14 July 2023 respectively. The Executive Management Team members\u2019 remuneration from the Company, excluding all reasonable expenses incurred in the course of their duties which were reimbursed by the Company, was as detailed in the table below:
2023
2022
\u00a3\u2019000
\u00a3\u2019000
Aggregate remuneration in respect of qualifying service \u2013 fixed salary
612
512
Aggregate amounts contributed to Money Purchase pension schemes
17
21
Aggregate bonus paid (cash)
-
50
See remuneration report for further details. All amounts have been charged to Operating Expenses. On 30 March 2023 Carlton Management Services Limited (\"Carlton\"), was appointed to manage and develop the Group's finance function, including new technology integrations for forecasting, performance and treasury management under a service agreement. The agreement was terminated on 31 March 2024. The annualised fee for the service was \u00a3170,000. Carlton sub-lease office space in the Group\u2019s offices in Jersey, with a sub lease end date of 31 August 2024, at an annual cost of c.\u00a3100,000 p.a. On 30 March 2023 Carlton entered into a Director service agreement with Sancus Lending Group Limited for the provision of Tracy Clarke as Interim Group CFO, with an annual fee of \u00a3130,000. This agreement terminated on 31 March 2024. Tracy Clarke is Managing Director of Carlton Management Services Limited. From time to time, the Somerston Group may participate as a Co-Funder in Sancus loans, on the same commercial terms available to other Co-Funders. The Group has not recorded any other transactions with any Somerston Group companies for the year ended 31 December 2023 (2022: none). Directors\u2019 and Persons Discharging Managerial Responsibilities (\u201cPDMR\u201d) shareholdings in the Company The Directors and PDMRs had the following beneficial interests in the Ordinary Shares of the Company:
31 December 2023
31 December 2022
No. of Ordinary
% of Ordinary
No. of Ordinary
% of Ordinary
Shares Held
Shares
Shares Held
Shares
John Whittle
138,052
0.02
138,052
0.02
Emma Stubbs
1,380,940
0.24
1,380,940
0.24
Rory Mepham
2,000,000
0.34
-
-
During the year and prior year no directors received dividends on their Ordinary Share holdings in the Company. In addition to their Sancus salaries, Mr Mepham and Mr Waghorn also receive other emoluments from Somerston for services they provide to other Somerston entities that are not related to the activities of Sancus. From time to time members of key management personnel participate as co-funders in loans originated by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "value": "
24. LEASES
The Group as Lessee
Maturity Analysis \u2013 contracted undiscounted cash flows
31 December 2023
31 December 2022
\u00a3\u2019000 \u00a3\u2019000
Within one year
207
247
In the second to fifth years inclusive
137
166
After five years
-
-
344
413
All lease commitments relate to office space.
Lease liabilities included in the statement of financial position
31 December 2023
31 December 2022
\u00a3\u2019000 \u00a3\u2019000
Current
152
212
Non-current
130
152
282
364
Amounts recognised in the statement of comprehensive income
2023
2022
\u00a3\u2019000 \u00a3\u2019000
Depreciation expense on right-of-use assets
227
197
Interest expense on lease liabilities
24
38
Expense related to short term leases
258
149
Income received from sub-leasing right-of-use assets
116
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "value": "
25. COMMITMENTS AND GUARANTEES
The Group\u2019s commitments and guarantees are described below.
Pollen Facility
Sancus Group participates 10% on every loan funded by the Pollen facility, taking a first loss position. Sancus Group
Lending Limited has provided Pollen with a guarantee capped at \u00a34m following the restructure of the Pollen facility in
November 2022 (previously was capped at \u00a32m) and that it will continue to ensure the orderly wind down of the Pollen
funded loan book, in the event of the insolvency of Sancus Group, given its position as facility and security agent. No
provision has been provided in the financial statements (2022: \u00a3Nil).
Sancus Loan Notes
Loan Note 7 was launched in May 2021 and was repaid in September 2023.
Loan Note 8 was launched in January 2022 and currently stands at c.\u00a330.0m. Loan Note 8 matures on 1 December
2026 and has a coupon of 8% p.a. (payable quarterly), with Sancus providing a 20% first loss guarantee.
Unfunded Commitments
As at 31 December 2023 the Group has unfunded commitments of \u00a372.5m (31 December 2022: \u00a373.9m). These
unfunded commitments primarily represent the undrawn portion of development finance facilities. Drawdowns are
conditional on satisfaction of specified conditions precedent, including that the borrower is not in breach of its
representations or covenants under the loan or security documents. The figure quoted is the maximum exposure
assuming that all such conditions for drawdown are met. Directors expect the majority of these commitments to be filled
by Co-Funders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "25. COMMITMENTS AND GUARANTEES The Group\u2019s commitments and guarantees are described below. Pollen Facility Sancus Group participates 10% on every loan funded by the Pollen facility, taking a first loss position. Sancus Group Lending Limited has provided Pollen with a guarantee capped at \u00a34m following the restructure of the Pollen facility in November 2022 (previously was capped at \u00a32m) and that it will continue to ensure the orderly wind down of the Pollen funded loan book, in the event of the insolvency of Sancus Group, given its position as facility and security agent. No provision has been provided in the financial statements (2022: \u00a3Nil). Sancus Loan Notes Loan Note 7 was launched in May 2021 and was repaid in September 2023. Loan Note 8 was launched in January 2022 and currently stands at c.\u00a330.0m. Loan Note 8 matures on 1 December 2026 and has a coupon of 8% p.a. (payable quarterly), with Sancus providing a 20% first loss guarantee. Unfunded Commitments As at 31 December 2023 the Group has unfunded commitments of \u00a372.5m (31 December 2022: \u00a373.9m). These unfunded commitments primarily represent the undrawn portion of development finance facilities. Drawdowns are conditional on satisfaction of specified conditions precedent, including that the borrower is not in breach of its representations or covenants under the loan or security documents. The figure quoted is the maximum exposure assuming that all such conditions for drawdown are met. Directors expect the majority of these commitments to be filled by Co-Funders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "
26. LOSS ON DISPOSAL OF SUBSIDIARY
On 15 March 2023, the Company announced the sale of Sancus Lending (Gibraltar) Limited for \u00a310,000. A loss on
disposal of \u00a3202, being the difference between the net assets of Sancus Lending (Gibraltar) Limited and sale proceeds
on disposal has been recognised in the Consolidated Statement of Comprehensive Income.
", "dimensions": { "concept": "sancuslending:DisclosureOfLossOnDisposalOfSubsidiary", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "value": "
27.
EVENTS AFTER THE REPORTING DATE
In April 2024, Somerston Fintech Limited, a subsidiary of Somerston Group, the majority shareholder of the Company,
subscribed for \u00a35,000,000 of preference shares in Sancus Loans Limited (\u201cSancus Loans\u201d). The Preference Shares
have a non-cash, cumulative coupon of 15% and a maturity date of 23 November 2026. The proceeds of the
subscription were used to strengthen the liquidity of Sancus Loans. Approximately \u00a34m of these proceeds will be
available for transfer from Sancus Loans to other Group subsidiaries in order to provide the Group with additional
corporate flexibility and working capital.
The Company purchased 1,388,889 Zero Dividend Preference shares of no par value at a price of \u00a31.08 per ZDP share
on 29 April 2024. All of the ZDP shares purchased will be held as treasury shares. Following this transaction, the
Company has 18,169,461 ZDP Shares in issue, of which 11,894,628 ZDP Shares are held by the Company as treasury
shares. The total number of ZDP Share voting rights is therefore 6,274,833.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Suite 1, First Floor Windsor House, Lower Pollet St Peter Port Guernsey, GY1 1WF", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800S2XOO3YSEGCA26", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }