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General information Cordiant Digital Infrastructure Limited (the Company; LSE ticker: CORD) was incorporated and registered in Guernsey on 4 January 2021 with registered number 68630 as a non-cellular company limited by shares and is governed in accordance with the provisions of the Companies (Guernsey) Law 2008 (as amended). The registered office address is East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP. The Company\u2019s ordinary shares were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 16 February 2021 and its C Shares on 10 June 2021. On 20 January 2022, all C Shares were converted to ordinary shares. A second issuance of ordinary shares took place on 25 January 2022. Note 10 gives more information on share capital. 2. Significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, unless otherwise stated. Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB, the Statement of Recommended Practice issued by the Association of Investment Companies (the AIC SORP) and the Companies (Guernsey) Law 2008 (as amended). The financial statements have been prepared on an historical cost basis as modified for the measurement of certain financial instruments at fair value through profit or loss. They are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest thousand, unless otherwise stated. The AIC SORP has been applied retrospectively and has resulted in presentational changes to the Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Equity in order to present revenue and capital items separately. The principal accounting policies are set out below. Going concern The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. While the conflict in Ukraine and market volatility during the year have affected the way in which the Company\u2019s investee companies are conducted, this did not have a material direct effect on the results of the business. The Directors are satisfied that the resulting macroeconomic environment is not likely to significantly restrict business activity. The Directors and Investment Manager are actively monitoring these risks and their potential effect on the Company and its underlying investments. In particular, they have considered the following specific key potential impacts: increased volatility in the fair value of investments; disruptions to business activities of the underlying investments; and recoverability of income and principal and allowance for expected credit losses. In considering the above key potential impacts of the conflict in Ukraine and market volatility on the Company and its underlying investments, the Investment Manager has assessed these with reference to the mitigation measures in place. Based on this assessment, the Directors do not consider that the effects of the conflict in Ukraine and market volatility have created a material uncertainty over the assessment of the Company as a going concern. As further detailed in note 6 to the financial statements, the Investment Manager uses a third- party valuation provider to perform a reasonableness assessment of the Investment Manager\u2019s valuation of the underlying investments. Additionally, the Investment Manager and Directors have considered the cash flow forecast to determine the term over which the Company can remain viable given its current resources. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the period from 21 June 2023 to 30 June 2024, being the period of assessment considered by the Directors. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Accounting for subsidiaries The Directors have concluded that the Company has all the elements of control as prescribed by IFRS 10 \u2018Consolidated Financial Statements\u2019 in relation to all its subsidiaries and that the Company satisfies the three essential criteria to be regarded as an Investment Entity as defined in IFRS 10. The three essential criteria are that the entity must: obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criterion, the notion of an investment time frame is critical and an Investment Entity should have an exit strategy for the realisation of its investments. The Board has approved a divestment strategy under which the Investment Manager will, within two years from acquisition of an investment and at least annually thereafter, undertake a review of the current condition and future prospects of the investment. If the Investment Manager concludes that: \u2015 the future prospects for an investment are insufficiently strong to meet the Company\u2019s rate of return targets; or \u2015 the value that could be realised by an immediate disposal would outweigh the value of retaining the investment; or \u2015 it would be more advantageous to realise capital for investment elsewhere than to continue to hold the investment \u2015 then the Investment Manager will take appropriate steps to dispose of the investment. Also as set out in IFRS 10, further consideration should be given to the typical characteristics of an Investment Entity, which are that: \u2015 it should have more than one investment, to diversify the risk portfolio and maximise returns; \u2015 it should have multiple investors, who pool their funds to maximise investment opportunities; \u2015 it should have investors that are not related parties of the entity; and \u2015 it should have ownership interests in the form of equity or similar interests. The Directors are of the opinion that the Company meets the essential criteria and typical characteristics of an Investment Entity. Therefore, subsidiaries are measured at fair value through profit or loss, in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value is measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019. Financial instruments In accordance with IFRS 9, financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are only offset, and the net amount reported in the Statement of Financial Position, when there is a currently enforceable legal right to offset the recognised amounts and the Company intends to settle on a net basis or realise the asset and liability simultaneously. Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All purchases of financial assets are recorded at the date on which the Company became party to the contractual requirements of the financial asset. The Company\u2019s financial assets principally comprise investments held at fair value through profit or loss, derivative financial instruments, cash and cash equivalents, and trade receivables. Financial assets are recognised at the date of purchase or the date on which the Company became party to the contractual requirements of the asset. Financial assets are initially recognised at cost, being the fair value of consideration given. Transaction costs of financial assets at fair value through profit or loss are recognised in the Statement of Comprehensive Income as incurred. A financial asset is derecognised (in whole or in part) either: \u2015 when the Company has transferred substantially all the risks and rewards of ownership; or \u2015 when it has neither transferred nor retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2015 when the contractual right to receive cash flow has expired. Investments held at fair value through profit or loss Investments are measured at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Statement of Comprehensive Income at each valuation point. The loans provided to subsidiaries are held at fair value through profit or loss as they form part of a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan investment is recognised in profit or loss. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13. When available, the Company measures fair value using the quoted price in an active market. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company 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 when pricing a transaction. Valuation process The Investment Manager is responsible for proposing the valuation of the assets held by the Company, and the Directors are responsible for reviewing the Company\u2019s valuation policy and approving the valuations. Derivatives held for trading When considered appropriate the Company will enter into derivative contracts to manage its foreign-exchange risk and provide protection against the volatility of the market. Unquoted foreign exchange derivatives are valued at the price that would be paid or received by closing out the contract on the reporting date by entering into an equal and opposite contract at that date. Gains and losses arising from changes in fair value are presented in the Statement of Comprehensive Income in the period in which they arise. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Trade receivables Trade receivables are classified as financial assets at amortised cost. They are measured at amortised cost less impairment assessed using the simplified approach of the expected credit loss (ECL) model based on experience of previous losses and expectations of future losses. Trade and other receivables are recorded based on agreements entered into with entities with no notable history of default causing the ECL of these receivables to be immaterial and therefore no ECL has been recorded. Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the financial liability. The Company\u2019s financial liabilities measured at amortised cost include trade and other payables, intercompany loans and other short-term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A financial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. Equity Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares and Subscription Shares are classified as equity. Share issue costs directly attributable to the issue of ordinary shares are shown in equity as a deduction from share capital. When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Dividends Dividends payable are recognised as distributions in the financial statements when the Company\u2019s obligation to make payment has been established. Revenue recognition Dividend income is recognised when the Company\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. Expenses Expenses include legal, accounting, auditing, and other operating expenses. They are recognised on an accruals basis in the Statement of Comprehensive Income in the period in which they are incurred. Taxation It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions in section 1158 Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 for it to continue to be approved by HMRC as an investment trust. In respect of each accounting period for which the Company is approved by HMRC as an investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and its capital profits from creditor loan relationships. The Company will, however, be subject to UK corporation tax on its income (currently at a rate of 19%, rising to 25% from 1 April 2023). In principle, the Company will be liable to UK corporation tax on its dividend income. However, there are broad-ranging exemptions from this charge which would be expected to be applicable in respect of most of the dividends the Company may receive. A company that is an approved investment trust in respect of an accounting period is able to take advantage of modified UK tax treatment in respect of its \u2018qualifying interest income\u2019 for an accounting period. It is expected that the Company will have material amounts of qualifying interest income and that it may, therefore, decide to designate some or all of the dividends paid in respect of a given accounting period as interest distributions. To the extent that the Company receives income from, or realises amounts on the disposal of, investments in foreign countries it may be subject to foreign withholding or other taxation in those jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be treated as a credit against UK corporation tax up to certain limits and subject to certain conditions. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that that is not a business combination and that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are recognised for taxable temporary differences arising on investments, except where the Company is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with directly in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. Foreign currencies The functional currency of the Company is the pound sterling, reflecting the primary economic environment in which it operates. The Company has chosen pounds sterling as its presentation currency for financial reporting purposes. Transactions during the year, including purchases and sales of investments, income and expenses are translated into pounds sterling at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in currencies other than pounds sterling are retranslated at the rate of exchange ruling at the reporting date. Non-monetary items that are measured in terms of historical cost in a currency other than pounds sterling are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a currency other than pounds sterling are translated using the exchange rates at the date when the fair value was determined. Foreign currency transaction gains and losses on financial instruments classified as at fair value through profit or loss are included in profit or loss in the Statement of Comprehensive Income as part of the change in fair value of investments. Foreign currency transaction gains and losses on financial instruments are included in profit or loss in the Statement of Comprehensive Income as a finance income or expense. Segmental reporting The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors as a whole. The key measure of performance used by the Directors to assess the Company\u2019s performance and to allocate resources is the Company\u2019s NAV, as calculated under IFRS as issued by the IASB, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the Annual Report. For management purposes, the Company is organised into one main operating segment, which invests in Digital Infrastructure Assets. Due to the Company\u2019s nature, it has no customers. New standards, amendments and interpretations issued and effective for the financial period beginning 1 April 2022 The Board of Directors has considered new standards and amendments that are mandatorily effective from 1 April 2022 and determined that these do not have material impact on the Company and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations issued but not yet effective There are a number of new standards, amendments to standards and interpretations which are not yet mandatory for the 31 March 2023 reporting period and have not been adopted early by the Company. These standards are not expected to have a material impact on the financial statements of the Company in the current or future reporting periods and on foreseeable future transactions. 3. Significant accounting judgements, estimates and assumptions Judgements Assessment as an Investment Entity Assumptions and estimation uncertainties Climate change 4. Other expenses 5. Finance income The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. In the process of applying the Company\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: In the judgement of the Directors, the Company qualifies as an Investment Entity under IFRS 10 and therefore its subsidiary entities have not been consolidated in the preparation of the financial statements. Further details of the impact of this accounting policy are included in note 7. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ended 31 March 2023 is included in note 6 and relates to the determination of fair value of investments with significant unobservable inputs. In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the ESG report section of the Strategic Report. In preparing the financial statements, the Directors have considered the medium- and longer- term cash flow impacts of climate change on a number of key estimates within the financial statements, including: the estimates of future cash flows used in assessments of the fair value of investments; and the estimates of future profitability used in the assessment of distributable income. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not expected to have a significant impact on the Company\u2019s short- or medium-term cash flows including those considered in the going concern and viability assessments. Other expenses in the Statement of Comprehensive Income comprises: Note Yea r ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Management fees 13 7,271 4,690 Legal and professional fees* 1,281 776 Discontinued deal fees 1,793 1,612 Directors\u2019 fees 185 218 Fees payable to the statutory auditor 11 195 130 Other expenses 621 22 11,346 7,448 *Legal and professional fees have been reclassified from the other expenses line in the prior year to make the presentation consistent with the current year. Finance income in the Statement of Comprehensive Income comprises: Yea r ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Bank interest received 157 180 Interest on fixed term deposits 9,549 \u2013 9,706 180 6. Investments at fair value through profit or loss As at 31 March 2023 As at 31 March 2022 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Opening balance 27,671 382,185 409,856 \u2013 \u2013 \u2013 Additions 4,691 379,724 384,415 32,249 329,232 361,481 Shareholder interest capitalised 521 \u2013 521 2,797 \u2013 2,797 Interest on promissory loan notes 2,228 \u2013 2,228 \u2013 \u2013 \u2013 Shareholder loan repayment \u2013 \u2013 \u2013 (8,620) \u2013 (8,620) Net gains on investments at fair value through profit or loss 2,239 73,056 75,295 1,245 52,953 54,198 37,350 834,965 872,315 27,671 382,185 409,856 During the year ended 31 March 2023, the Company restructured its loan and equity investments in Communication Investments Holdings s.r.o. (CIH), an entity incorporated in the Czech Republic and the parent company of \u010cesk\u00e9 Radiokomunikace a.s. (CRA), to hold them indirectly through Cordiant Digital Holdings UK Limited (CDHUK) and Cordiant Digital Holdings Two Limited (CDH2), two wholly-owned subsidiaries of the Company. CDH2 issued shares and promissory notes to the Company in consideration for the transfer of the loan and equity investments in CIH. CDHUK then issued shares and promissory notes to the Company in consideration for the transfer of the shares and promissory notes of CDH2. The exchange loss realised on the restructure of investment by the Company is \u00a33.9 million. The fair value of the shares and promissory notes issued by CDHUK are included in the table above and represent the fair values of the underlying investments together with other assets and liabilities of its subsidiaries. The fair value of the Company\u2019s equity investment in CDHUK amounted to \u00a3782.8 million at 31 March 2023 (31 March 2022: nil) and the loan investment amounted to \u00a332.5 million (31 March 2022: nil). The value of the Company\u2019s indirect investment in CRA as at 31 March 2023 was \u00a3389.1 million, comprising an equity investment valued at \u00a3362.9 million and a loan investment of \u00a326.2 million. The Company made loan investments of \u00a34.7 million in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (previously operating under the name DataGryd) during the year ended 31 March 2023. As at 31 March 2023, the equity investment was valued at \u00a352.3 million (31 March 2022: \u00a358.2 million) and the loan investment at \u00a34.7 million (31 March 2022: nil). The unrealised foreign exchange gain on the loan investment is \u00a30.1 million and \u00a33.6 million on the equity investment. The investments are held at fair value. The unrealised fair value loss on the equity investment at 31 March 2023 is \u00a39.6 million. The Company, through its indirect subsidiary Cordiant Digital Holdings One Limited (CDH1), acquired Emitel S.A. during the year ended 31 March 2023. The Company subscribed for additional shares in CDHUK for cash consideration of \u00a3379.7 million in order to provide the funds for CDH1 to complete the acquisition of Emitel. The value of the Company\u2019s indirect investment in Emitel at 31 March 2023 was \u00a3429.0 million. The table below details all gains on investments through profit or loss. Year ended 31 March 2023 Period ended 31 March 2022 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Shareholder loan interest income 2,749 \u2013 2,749 2,932 \u2013 2,932 Unrealised movement in fair value of investments \u2013 73,079 73,079 \u2013 40,346 40,346 Realised movement in fair value of investments on restructure (307) (3,620) (3,927) \u2013 \u2013 \u2013 Foreign exchange movement on valuation of investments 2,546 3,597 6,143 1,245 12,607 13,852 Total investment income recognised in the year/period 4,988 73,056 78,044 4,177 52,953 57,130 Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2015 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e., as prices) or indirectly (i.e. derived from prices); and \u2015 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2023, there were no transfers of investments at fair value through profit or loss from or to Level 3. The Company\u2019s investments in CRA, Hudson Interxchange and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above. 31 March 2023 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 8.20%-11.00% 729 (146) 1,063 188 TGR 1.25%-2.25% 993 118 783 (92) 31 March 2022 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 7.88%-9.14% 330 (80) 518 108 TGR 1.0%-2.25% 482 73 356 (54 ) 7. Unconsolidated subsidiaries Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. The following table shows subsidiaries of the Company. As the Company qualifies as an Investment Entity as referred to in note 6, these subsidiaries have not been consolidated in the preparation of the financial statements: Investment Place of business Ownership interest at 31 March 2023 Ownership interest at 31 March 2022 Held directly Cordiant Digital Holdings UK Limited United Kingdom 100% 100% CDIL Data Centre USA LLC USA 100% 100% Held indirectly Cordiant Digital Holdings One Limited 1 United Kingdom 100% 100% 1 Cordiant Digital Holdings Two Limited 1 United Kingdom 100% 100% 1 Communications Investments Holdings s. r. o. 1 Czech Republic 100% 100% 1 \u010cesk\u00e9 Radiokomunikace a.s. (Czechia) Czech Republic 100% 100% Czech Digital Group, a.s Czech Republic 100% 100% Emitel S.A. Poland 100% \u2013 Allford Investments S.A. Poland 100% \u2013 EM Properties sp. z o. o. Poland 100% \u2013 EM Projects sp. z o. o. Poland 100% \u2013 Hub Investments sp. z o. o. Poland 100% \u2013 1 These subsidiaries were held directly by the Company at 31 March 2022. Following an intragroup reorganisation described below, they are now held indirectly. 8. Receivables 9. Derivatives The following additional information is provided in relation to unquoted investments as recommended by the AIC SORP. Turnove r Pre-tax profit/(loss) Net assets/ (liabilities) Emitel 2 \u00a3103.89 million \u00a316.88 million \u00a3233.53 million CRA 3 \u00a376.47 million \u00a36.39 million (\u00a369.89 million) Hudson Inte r xchange 4 \u00a33.34 million (\u00a33.62 million) \u00a363.86 million 2 Figures from Emitel\u2019s audited IFRS accounts for the year ended 31 December 2022 3 Figures from CRA\u2019s audited IFRS accounts for the year ended 31 March 2022 4 Figures from Hudson\u2019s audited US GAAP accounts for the period from 13 January 2022 to 31 March 2022 During the year ended 31 March 2023, a reorganisation of the group was undertaken. At 31 March 2023, the Company holds its 100% investment in Cordiant Digital Holdings UK Limited (CDHUK) directly. CDHUK holds a 100% shareholding in Cordiant Digital Holdings Two Limited (CDH2), and CDH2 in turn holds a 100% shareholding in Cordiant Digital Holdings Limited One Limited (CDH1). Previously, each of CDHUK, CDH2 and CDH1 was held directly by the Company. At 31 March 2023, Communications Investments Holdings s.r.o. (CIH) was held as an investment by CDH2; at 31 March 2022, CIH was held directly by the Company. CDIL Data Centre USA LLC is held directly by the Company and this was not affected by the reorganisation. CDH1 holds the Company\u2019s investment in Emitel. The registered office of the subsidiaries located in the Czech Republic is Skokanska 2117/1, 169 00, Prague 6. The registered office of the subsidiaries located in the UK is 63 St James\u2019s Street, London, SW1A 1LY. The registered office of the subsidiary located in the US is 60 Hudson Street suite 116B, New York, NY 10013. The registered office of the subsidiaries located in Poland is ul.Franciszka Klimczakal, 02-297 Warsaw. The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their carrying value at 31 March 2023 are as outlined in note 6. There are certain restrictions on the ability of the Company\u2019s unconsolidated subsidiaries in the Czech Republic to transfer funds to the Company in the form of cash dividends or repayment of loans. In accordance with the documentation relating to loans made by various banks to CRA, such cash movements are subject to limitations on amounts and timing, and satisfaction of certain conditions relating to leverage and interest cover ratio. The Directors do not consider that these restrictions are likely to have a significant effect on the ability of the Company\u2019s subsidiaries to transfer funds to the Company. Subsidiaries held in the Czech Republic and in Poland are profitable and cash generative, and do not need the financial support of the Company. The subsidiary based in the US will receive the financial support of the Company for a period of at least 12 months from the publication of this report. As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 Cash collateral 9,130 50,599 Other debtors 2,573 1,020 Expenses paid on behalf of related parties 2,866 \u2013 Prepayments 77 56 Interest receivable 34 30 14,680 51,705 Cash collateral relates to one security deposit held in money market accounts (31 March 2022: two security deposits held in money market accounts). An amount of USD11.3 million (\u00a39.1 million) relates to collateral for a letter of credit relating to the lease of the building occupied by Hudson, and generated interest of 0.59% per annum during the year ended 31 March 2023. Forward contracts As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 Foreign exchange forwards \u2013 8,072 During the year ended 31 March 2023, the Company entered into six foreign exchange forward contracts totalling \u00a3203.0 million in Polish zloty. The maturity date of three of these foreign exchange forwards was 9 June 2022 and of the remaining three was 11 July 2022. 10. Share capital Ordinary shares C shares Date Issued and fully paid Number of shares issued Share capital Cumulative total GBP \u00a3\u2019000 \u00a3\u2019000 Shares at inception \u2013 \u2013 \u2013 04-Jan-21 Incorporation \u2013 ordinary shares of no par value \u2013 \u2013 \u2013 Less share issue costs \u2013 \u2013 \u2013 16-Feb-21 Capital raise \u2013 ordinary shares 370,000,000 370,000 370,000 Less share issue costs \u2013 (7,007) 362,993 01-Apr -21 Subscription Shares exercised 930,447 930 363,923 Less share issue costs \u2013 (13) 363,910 04-May-21 Subscription Shares exercised 771,713 772 364,682 Less share issue costs \u2013 (13) 364,669 01-Jun-21 Subscription Shares exercised 4,480,528 4,481 369,150 Less share issue costs \u2013 (13) 369,137 01-Jul-21 Subscription Shares exercised 6,221,004 6,221 375,358 Less share issue costs \u2013 (16) 375,342 02-Aug-21 Subscription Shares exercised 6,017,044 6,017 381,359 Less share issue costs \u2013 (121) 381,238 01-Sep-21 Subscription Shares exercised 21,274,718 21,275 402,513 Less share issue costs \u2013 (422) 402,091 21-Dec-21 Issuance of ordinary shares 154,238 175 402,266 Less share issue costs \u2013 (13) 402,253 20-Jan-22 Conversion of C Shares to ordinary shares 174,640,000 181,548 583,801 Less share issue costs \u2013 (12) 583,789 25-Jan-22 Capital raise \u2013 ordinary shares 188,679,245 199,999 783,788 Less share issue costs \u2013 (3,868) 779,920 01-Ma r-22 Subscription Shares exercised 119,457 127 780,047 Less share issue costs \u2013 (151) 779,896 29-Jun-22 Issuance of ordinary shares 271,126 295 780,191 Less share issue costs \u2013 (91) 780,100 07-Sep-22 Subscription shares exercised 187 \u2013 780,100 Less share issue costs \u2013 \u2013 780,100 Issued and fully paid at 31 March 2023 773,559,707 780,100 780,100 10-Ma r -23 Buyback of shares held in treasury (250,000) (225) 779,875 15-Ma r -23 Buyback of shares held in treasury (550,000) (495) 779,380 17-Ma r -23 Buyback of shares held in treasury (250,000) (223) 779,157 Outstanding shares at 31 March 2023 772,509,707 779,157 779,157 Subject to any special rights, restrictions, or prohibitions regarding voting for the time being attached to any shares, holders of ordinary shares have the right to receive notice of and to attend, speak and vote at general meetings of the Company and each holder being present in person or by proxy shall upon a show of hands have one vote and upon a poll shall have one vote in respect of each ordinary share that they hold. Holders of ordinary shares are entitled to receive and participate in any dividends or distributions of the Company in relation to assets of the Company that are available for dividend or distribution. On a winding-up of the Company, the surplus assets of the Company available for distribution to the holders of ordinary shares (after payment of all other debts and liabilities of the Company attributable to the ordinary shares) shall be divided amongst the holders of ordinary shares pro rata according to their respective holdings of ordinary shares. The Company holds the power to issue an unlimited number of shares and the shares have no par value. Date Issued and fully paid Number of shares issued Share capital Total GBP \u00a3\u2019000 \u00a3\u2019000 10-Jun-21 Capital raise \u2013 C Share 185,000,000 185,000 185,000 Less share issue costs \u2013 (3,452) (3,452) 20-Jan-22 Conversion to ordinary shares (185,000,000) (181,548) (181,548) Total at 31 March 2023 \u2013 \u2013 \u2013 The C Shares were all converted to ordinary shares in January 2022. C Shares of each class carry the right to receive all income of the Company attributable to the C Shares, and to participate in any distribution of such income by the Company pro rata to the relevant NAV attributable to each of the classes of C Share and within each such class income shall be divided pari passu amongst the holders of C Shares of that class in proportion to the number of C Shares of such class held by them. Treasury shares 11. Audit fees 12. Taxation a) Analysis of the tax charge for the year/period b) Factors affecting the tax charge for the year/period c) Deferred taxation 31 March 2023 Number of shares 31 March 2022 Number of shares Opening balance at 1 April \u2013 \u2013 Shares repurchased during the year 1,050,000 \u2013 Closing balance at period/year end 1,050,000 \u2013 During the year ended 31 March 2023, the Company initiated a share buyback programme. Investec, as Cordiant Digital Infrastructure Limited\u2019s joint broker, has been given limited authority to undertake market buybacks. 1,050,000 ordinary shares (31 March 2022: nil) have been repurchased and held in treasury by the Company during the year ended 31 March 2023. Subscription shareholders have no right to any dividends paid by the Company and have no voting rights. Other operating expenses include fees payable to the Company\u2019s auditor, which can be analysed as follows: Yea r ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Fees payable to the statutory auditor for audit of the statutory financial statements 195 114 for other audit-related services \u2013 \u2013 for non-audit services \u2013 16 195 130 Non-audit services paid to the Company\u2019s auditor during the period ended 31 March 2022 related to a review of the Interim Report and services around the C Share conversion to ordinary shares. There were no non-audit services provided during the year ended 31 March 2023. The statutory audit fees for the year ended 31 March 2023 is \u00a3170,000 which excludes an amount of \u00a325,000 relating to the prior year. Corporation tax Year ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Taxation for the year/period (see note 12b) \u2013 \u2013 The tax assessed for the year ended 31 March 2023 is lower than the Company\u2019s applicable rate of corporation tax for that year of 19%. The factors affecting the tax charge for the year/period are as follows: Year ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Profit for the year/period before tax 81,176 51,370 Net return before taxation multiplied by the Company\u2019s applicable rate of corporation tax for the period of 19% 15,423 9,760 Effects of: Capital return on investments (17,275) (11,475) Expenses not deductible for corporation tax 1,586 1,173 Realised loss on restructure not deductible 746 \u2013 Utilisation of expenses brought forward (480) \u2013 Unrelieved current year/period expenses \u2013 542 Total tax for the year/period (see note 12a) \u2013 \u2013 The Company has an unrecognised deferred tax asset of \u00a377,000 (Prior year: \u00a3712,000) based on a main rate of corporation tax of 25%. A change to the UK tax rate from 19% to 25% was enacted on 24 May 2021 and the deferred tax asset not recognised has been calculated at the expected applicable future rate. It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. Due to the Company's status as an investment trust and the intention to continue to meet the conditions required to retain that status, the Company has not provided for tax on any capital gains or losses arising on the revaluation of investments. 13. Management and performance fees Under the Investment Management Agreement, the Investment Manager is entitled to receive an annual management fee and a performance fee, plus any applicable VAT, in addition to the reimbursement of reasonable expenses incurred by it in the performance of its duties. Management fee The Investment Manager receives from the Company an annual management fee, based on the average market capitalisation of the Company, calculated using the closing market capitalisation for each LSE trading day for the relevant month, and paid monthly in arrears. The management fee has been payable since 30 April 2021, being the date on which more than 75% of the IPO proceeds were deployed in investment activities. The annual management fee is calculated on the following basis: \u2015 1.00% of the average market capitalisation up to \u00a3500 million; \u2015 0.90% of the average market capitalisation between \u00a3500 million and \u00a31 billion; and \u2015 0.80% of the average market capitalisation in excess of \u00a31 billion. Following the publication of each Interim Report and Annual Report, the Investment Manager is required to apply an amount, in aggregate, equal to 10% of the annual management fee for the preceding six-month period in the following manner: a) if the average trading price, calculated over the 20 trading days immediately preceding the announcement date, is equal to, or higher than, the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Investment Manager shall use the relevant amount to subscribe for new ordinary shares (rounded down to the nearest whole number of ordinary shares), issued at the average trading price; or b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Investment Manager shall, as soon as reasonably practicable, use the relevant amount to make market purchases of ordinary shares (rounded down to the nearest whole number of ordinary shares) within two months of the relevant NAV announcement date. Even though the annual management fee is payable on a monthly basis, ordinary shares will only be acquired by the Investment Manager on a half-yearly basis. Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above arrangements are, subject to usual exceptions, subject to a lock-up of 12 months from the date of subscription or purchase. For the year ended 31 March 2023, the Investment Manager has charged management fees of \u00a37.3 million (31 March 2022: \u00a34.7 million) to the Company, with \u00a30.6 million (31 March 2022: \u00a30.7 million) owed at year end. During the year ended, 31 March 2023, the Investment Manager was required to subscribe for new ordinary shares for aggregate consideration of \u00a30.29 million (31 March 2022: \u00a30.18 million) and to conduct market purchases for aggregate consideration of \u00a30.39 million (31 March 2022: nil). Performance fee The Investment Manager may in addition receive a performance fee on each performance fee calculation date, dependent on the performance of the Company\u2019s NAV and share price. The first performance fee calculation date is 31 March 2024 and subsequent calculation dates are on 31 March each year thereafter. The fee will be equal to 12.5% of the excess return over the target of 9% for the NAV return or share price return, whichever is the lower, multiplied by the time- weighted average number of ordinary shares in issue (excluding any ordinary shares held in treasury) during the relevant period. Any performance fee is to be satisfied as follows: \u2015 as to 50% in cash; and \u2015 as to the remaining 50% of the performance fee, subject to certain exceptions and the relevant regulatory and tax requirements: a) if the average trading price, calculated over the 20 trading days immediately preceding the performance fee calculation date, is equal to or higher than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Company will issue to the Investment Manager such number of new ordinary shares (credited as fully paid) as is equal to the performance fee investment amount divided by the average trading price (rounded down to the nearest whole number of ordinary shares); or b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) then the Company shall (on behalf of, and as agent for, the Investment Manager) apply the performance fee investment amount in making market purchases of ordinary shares, provided any such ordinary shares are purchased at prices below the last reported NAV per ordinary share. Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above arrangements will, subject to usual exceptions, be subject to a lock-up of 36 months from the date of subscription or purchase. For the year ended 31 March 2023, no performance fee is due to the Investment Manager (31 March 2022: \u00a3nil) and no amount has been accrued as the share price performance hurdle has not been met. 14. Earnings per share and net asset value per share 15. Dividends declared and paid with respect to the year/period Ordinary shares Year ended 31 March 2023 Earnings per share Basic Diluted Allocated profit attributable to this share class \u2013 \u00a3\u2019000 81,176 81,176 Weighted average number of shares in issue 773,442,556 773,442,556 Earnings per share from continuing operations in the year (pence) 10.50 10.50 Ordinary shares Period ended 31 March 2022 Earnings per share Basic Diluted Allocated profit attributable to this share class \u2013 \u00a3\u2019000 51,370 51,370 Weighted average number of shares in issue 411,129,146 411,644,654 Earnings per share from continuing operations in the period (pence) 12.49 12.48 As at 31 March 2023, there were 6,434,884 (31 March 2022: 6,435,071) potentially dilutive Subscription Shares in issue. During the year ended 31 March 2023, 187 (31 March 2022: 39,814,911) Subscription Shares were exercised and 1,050,000 ordinary shares (31 March 2022: nil) were bought back. The reconciliation of the weighted average number of shares for the purposes of diluted earnings per share to the weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows: Year ended 31 March 2023 Period ended 31 March 2022 Weighted average number of shares used in the calculation of basic earnings per share 773,442,556 411,129,146 Effect of Subscription Shares carrying a right to subscribe fo r ordinary shares \u2013 515,508 Weighted average number of shares used in the calculation of diluted earnings per share 773,442,556 411,644,654 Net asset value per share Net asset value \u2013 \u00a3\u2019000 875,711 822,346 Number of ordinary shares issued 772,509,707 773,288,394 Net asset value per share (pence) 113.36 106.34 Dividends paid during the year ended 31 March 2023 Dividend per ordinary share pence Total dividend \u00a3\u2019000 Second interim dividend in respect of the period ended 31 March 2022 Interim dividend in respect of the year ended 31 March 2023 1.50 2.00 11,599 15,473 27,072 Dividends declared Dividend per ordinary share pence Total dividend \u00a3\u2019000 Second interim dividend in respect of the year ended 31 March 2023 2.00 15,450 Dividends paid during the period ended 31 March 2022 Dividend per ordinary share pence Dividend per C Share pence Total dividend \u00a3\u2019000 Interim dividend in respect of the period ended 31 March 2022 1.50 1.50 8,920 On 21 June 2023, the Board approved a second interim dividend of 2.0 pence per share in respect of the period from 1 April 2022 to 31 March 2023, bringing the total dividend for the year to 4.0 pence per share. The record date for this dividend is 30 June 2023 and the payment date is 21 July 2023. 16. Financial risk management Financial risk management objectives Categories of financial instruments Fair value hierarchy Capital risk management The Company\u2019s investing activities intentionally expose it to various types of risks that are associated with the underlying investments. The Company makes the investment in order to generate returns in accordance with its investment policy and objectives. The most important types of financial risks to which the Company is exposed are market risk (including price, interest rate and foreign currency risk), liquidity risk and credit risk. The Board of Directors has overall responsibility for the determination of the Company\u2019s risk management and sets policy to manage that risk at an acceptable level to achieve those objectives. The policy and process for measuring and mitigating each of the main risks are described below. The Investment Manager and the Administrator provide advice to the Company which allows it to monitor and manage financial risks relating to its operations through internal risk reports which analyse exposures by degree and magnitude of risks. The Investment Manager and the Administrator report to the Board on a quarterly basis. For those financial assets and liabilities carried at amortised cost, the Directors are of the opinion that their carrying value approximates to their fair value. As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments 872,315 409,856 Forward contracts receivable \u2013 8,072 Other financial assets at amortised cost: Cash and cash equivalents 10,498 353,734 Trade and other receivables (excluding prepayments) 14,603 51,649 Financial liabilities Financial liabilities at amortised cost: Trade and other payables (21,782) (1,021) The table below analyses financial instruments measure at fair value at the reporting date by the level in fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the Statement of Financial Position. All fair value measurements below are recurring. 31 March 2023 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments \u2013 \u2013 872,315 872,315 Foreign exchange forwards \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 872,315 872,315 31 March 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments \u2013 \u2013 409,856 409,856 Foreign exchange forwards \u2013 8,072 \u2013 8,072 \u2013 8,072 409,856 417,928 The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the capital return to shareholders. The capital structure of the Company consists of issued share capital and retained earnings, as stated in the Statement of Financial Position. In order to maintain or adjust the capital structure, the Company may issue new shares. There are no external capital requirements imposed on the Company. The Company\u2019s investment policy is set out in the Additional information section on pages 130 to 131. Market risk Market risk includes price risk, foreign currency risk and interest rate risk. Price risk The underlying investments held present a potential risk of loss of capital to the Company. As outlined in note 6, investments are in the form of shareholder loans and equity with protective provisions in place. Price risk arises from uncertainty about future prices of underlying financial investments held by the Company. As at 31 March 2023, the fair value of investments, excluding cash and cash equivalents, was \u00a3872.3 million (31 March 2022: \u00a3409.9 million) and a 5% increase/(decrease) in the price of investments with all other variables held constant would result in a change to the fair value of investments of +/- \u00a343.6 million (31 March 2022: \u00a320.5 million). Please refer to note 6 for quantitative information about the fair value measurements of the Company\u2019s Level 3 investments. The Company is exposed to a variety of risks which may have an impact on the carrying value of its investments. The risk factors are set out below. Not actively traded The Company\u2019s investments are not generally traded in an active market but are indirectly exposed to market price risk arising from uncertainties about future values of the investments held. The investments of the Company vary as to geographic distribution of operations and size, all of which may impact the susceptibility of their valuation to uncertainty. Concentration The Company invests in the Digital Infrastructure sector. While the Company is subject to the investment and diversification restrictions in its investment policy, within those limits material concentrations of investments may arise. Although the investments are in the same industry, each individual underlying data centre, mobile telecommunications tower or segment of a fibre-optic network held within the portfolio constitutes a separate Digital Infrastructure Asset. This risk is managed through careful selection of investments within the specified limits of the investment policy. Each of these investment restrictions is calculated and applied as at the time of investment and non-compliance resulting from changes in the price or value of assets following investment is not considered a breach of the investment restrictions. Foreign currency risk The Company invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in US dollars, Polish zloty and Czech koruna. The Company\u2019s currency risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Company also has exposure to foreign currency risk due to the payment of some expenses in US dollars, Czech koruna, Polish zloty, Canadian dollars and euros. Consequently, the Company is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company\u2019s assets or liabilities denominated in currencies other than pounds sterling. Any exposure to foreign currency risk at the underlying investment level is captured within price risk. The following table sets out, in pounds sterling, the Company\u2019s total exposure to direct and indirect foreign currency risk and the net exposure to foreign currencies of the monetary assets and liabilities: As at March 2023 USD \u00a3\u2019000 CZK \u00a3\u2019000 CAD \u00a3\u2019000 PLN \u00a3\u2019000 EUR \u00a3\u2019000 GBP \u00a3\u2019000 Total \u00a3\u2019000 Non-current assets Financial assets at fair value through profit or loss 56,993 389,101 \u2013 429,002 (2,984) 203 872,315 Total non-current assets 56,993 389,101 \u2013 429,002 (2,984) 203 872,315 Current assets Receivables and prepayments 9,164 \u2013 \u2013 \u2013 2,639 2,877 14,680 Foreign exchange derivative \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 168 \u2013 1 \u2013 1 10,328 10,498 Total current assets 9,332 \u2013 1 \u2013 2,640 13,205 25,178 Current liabilities Payables (30) \u2013 \u2013 \u2013 (20,745) (1,007) (21,782) Total current liabilities (30) \u2013 \u2013 \u2013 (20,745) (1,007) (21,782) Total net assets 66,295 389,101 1 429,002 (21,089) 12,401 875,711 As at March 2022 USD \u00a3\u2019000 CZK \u00a3\u2019000 CAD \u00a3\u2019000 PLN \u00a3\u2019000 EUR \u00a3\u2019000 GBP \u00a3\u2019000 Total \u00a3\u2019000 Non-current assets Financial assets at fair value through profit or loss 58,231 351,625 \u2013 \u2013 \u2013 \u2013 409,856 Total non-current assets 58,231 351,625 \u2013 \u2013 \u2013 \u2013 409,856 Current assets Receivables and prepayments 8,599 \u2013 \u2013 \u2013 \u2013 43,106 51,705 Foreign exchange derivative \u2013 \u2013 \u2013 8,072 \u2013 \u2013 8,072 Cash and cash equivalents 954 \u2013 3 \u2013 \u2013 352,777 353,734 Total current assets 9,553 \u2013 3 8,072 \u2013 395,883 413,511 Current liabilities Payables \u2013 \u2013 (2) \u2013 \u2013 (1,019) (1,021) Total current liabilities \u2013 \u2013 (2) \u2013 \u2013 (1,019) (1,021) Total net assets 67,784 351,625 1 8,072 \u2013 394,864 822,346 Interest rate risk Liquidity risk Credit risk Carrying value and maximum exposure Gearing The table below sets out the effect on the net assets against a reasonably possible weakening of the pound against the US dollar, Czech koruna, Polish zloty and euros by 5%, at 31 March 2023. The analysis assumes that all other variables remain constant. Effect in increase of pounds sterling As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 USD 3,315 3,389 CZK 19,455 17,581 PLN 21,450 404 EUR (1,054) \u2013 A strengthening of the pound against the above currencies would have resulted in an equal but opposite effect to the amounts shown above. The Company\u2019s exposure to interest rate risk relates to the Company\u2019s cash and cash equivalents. The Company is subject to risk due to fluctuations in the prevailing levels of market interest rates. The Company has no other interest-bearing assets or liabilities as at the reporting date. As a consequence, the Company is only exposed to variable market interest rate risk. As at 31 March 2023, the cash balance held by the Company was \u00a310.5 million (31 March 2022: \u00a3353.7 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest received of +/- \u00a30.1 million (31 March 2022: +/- \u00a33.5 million) per annum. Ultimate responsibility for liquidity risk management rests with the Board. Liquidity risk is defined as the risk that the Company may not be able to settle or meet its obligations on time or at a reasonable price. The Company\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the Company\u2019s reputation. The Company\u2019s liabilities are made up of estimated accruals and trade creditors which are due to be settled within three months of the year end. The Company\u2019s liquidity risk arises principally from the fact that there is no liquid market for its investments and it may not be able to realise their full value on a timely basis, The Company will maintain flexibility in funding by keeping sufficient liquidity in cash and cash equivalents, which may be invested on a temporary basis in line with the cash management policy as agreed by the Directors from time to time. Cash and cash equivalents as at the year-end are insufficient to cover the forecast expenses for the following twelve months, but the Company has access to further liquidity through the debt facility raised by its subsidiary Cordiant Digital Holdings Two Ltd, of which \u20ac150.0 million (\u00a3131.9 million) was undrawn at the balance sheet date. The Company adopts a prudent approach to liquidity management and through the preparation of budgets and cash flow forecasts maintains sufficient cash reserves to meet its obligations. Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Financial assets mainly consist of cash and cash equivalents and investments at fair value through profit or loss. The Company\u2019s risk on liquid funds is reduced because it can only deposit monies with institutions with a minimum credit rating of A-. The Company mitigates its credit risk exposure on its investments at fair value through profit or loss by the exercise of due diligence on the counterparties and the Investment Manager. The table below shows the material cash balances and the credit rating for the counterparties used by the Company at the year/period-end date: Location Rating 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Royal Bank of Scotland International Guernsey A- 10,498 353,734 The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Financial assets (including cash and equivalents but excluding prepayments) 25,101 413,455 As at the date of these financial statements the Company has no gearing. 17. Related party transactions Directors Investments Company subsidiaries 18. Ultimate controlling party 19. Subsequent events The Company has four non-executive Directors, each of whom is considered to be independent. Directors\u2019 fees for the year ended 31 March 2023 amounted to \u00a3185,000 (31 March 2022: \u00a3218,000), of which \u00a3nil (31 March 2022: \u00a3nil) was outstanding at the year end. As part of the IPO Shonaid Jemmett-Page and Sian Hill purchased 20,000 shares each, and Marten Pieters and Simon Pitcher purchased 25,000 shares each. Each of the directors was also granted Subscription Shares at time of the IPO at a rate of one Subscription Share for every eight ordinary shares purchased, and each of them has subsequently exercised their rights to convert their Subscription Shares into additional ordinary shares. In addition, all directors made extra purchases of shares during the year. Shonaid Jemmett-Page bought 5,539 shares, Sian Hill bought 15,000 shares, Marten Pieters bought 20,000 shares and Simon Pitcher bought 10,000 shares. The Directors\u2019 shares at 31 March 2023 are as shown in the table below: Ordinary shares held at 31 March 2023 Ordinary shares held at 31 March 2022 Shonaid Jemmett-Page 28,039 22,500 Sian Hill 37,500 22,500 Marten Pieters 48,125 28,125 Simon Pitcher 38,125 28,125 As part of the initial acquisition of Communications Investments Holdings s.r.o. (CIH) in April 2021, the Company acquired a loan due from CIH which accrues interest at 9.9% per annum. Total interest receivable by the Company in relation to the year was \u00a30.5 million (31 March 2022: \u00a32.9 million), of which \u00a3nil (31 March 2022: \u00a3nil) remained outstanding at the year/period end. The loan investment was transferred to the Company\u2019s subsidiary Cordiant Digital Holdings Two Ltd (CDH2) on 31 May 2022, in exchange for a promissory note. The balance on the promissory note investment at 31 March 2023, including accrued interest, was \u00a332.6 million (31 March 2022: nil). In January 2022, the assets of Hudson Interxchange were acquired by the Company\u2019s subsidiary CDIL Data Centre USA LLC. The Company provided funding for this transaction in the form of equity contributions. The balance of the equity investment at 31 March 2023, was \u00a352.2 million (31 March 2022: \u00a358.2 million). The Company has also provided additional funding during the year ended 31 March 2023 in the form of loans totalling \u00a34.7 million. On 16 December 2022, the Company borrowed \u00a320.3 million from CDH2, representing proceeds from a Eurobond issued by CDH2. The loan is subject to interest charged at variable rate. Interest charged during the year amounted to \u00a30.4 million (31 March 2022: \u00a3nil) which all remained outstanding as at 31 March 2023. The expenses paid by the Company on behalf of subsidiary companies during the year amounted to \u00a32.9 million (31 March 2022: \u00a3nil). In the opinion of the Board, on the basis of the shareholdings advised to them, the Company has no ultimate controlling party. With the exception of dividends declared and disclosed in note 15, there are no material subsequent events. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-278": { "value": "1. General information Cordiant Digital Infrastructure Limited (the Company; LSE ticker: CORD) was incorporated and registered in Guernsey on 4 January 2021 with registered number 68630 as a non-cellular company limited by shares and is governed in accordance with the provisions of the Companies (Guernsey) Law 2008 (as amended). The registered office address is East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP. The Company\u2019s ordinary shares were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 16 February 2021 and its C Shares on 10 June 2021. On 20 January 2022, all C Shares were converted to ordinary shares. A second issuance of ordinary shares took place on 25 January 2022. Note 10 gives more information on share capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-2": { "value": "Cordiant Digital Infrastructure Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-3": { "value": " Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-4": { "value": "non-cellular company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-5": { "value": "East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-277": { "value": "2. Significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, unless otherwise stated. Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB, the Statement of Recommended Practice issued by the Association of Investment Companies (the AIC SORP) and the Companies (Guernsey) Law 2008 (as amended). The financial statements have been prepared on an historical cost basis as modified for the measurement of certain financial instruments at fair value through profit or loss. They are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest thousand, unless otherwise stated. The AIC SORP has been applied retrospectively and has resulted in presentational changes to the Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Equity in order to present revenue and capital items separately. The principal accounting policies are set out below. Going concern The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. While the conflict in Ukraine and market volatility during the year have affected the way in which the Company\u2019s investee companies are conducted, this did not have a material direct effect on the results of the business. The Directors are satisfied that the resulting macroeconomic environment is not likely to significantly restrict business activity. The Directors and Investment Manager are actively monitoring these risks and their potential effect on the Company and its underlying investments. In particular, they have considered the following specific key potential impacts: \u2015 increased volatility in the fair value of investments; \u2015 disruptions to business activities of the underlying investments; and \u2015 recoverability of income and principal and allowance for expected credit losses. In considering the above key potential impacts of the conflict in Ukraine and market volatility on the Company and its underlying investments, the Investment Manager has assessed these with reference to the mitigation measures in place. Based on this assessment, the Directors do not consider that the effects of the conflict in Ukraine and market volatility have created a material uncertainty over the assessment of the Company as a going concern. As further detailed in note 6 to the financial statements, the Investment Manager uses a third- party valuation provider to perform a reasonableness assessment of the Investment Manager\u2019s valuation of the underlying investments. Additionally, the Investment Manager and Directors have considered the cash flow forecast to determine the term over which the Company can remain viable given its current resources. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the period from 21 June 2023 to 30 June 2024, being the period of assessment considered by the Directors. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Accounting for subsidiaries The Directors have concluded that the Company has all the elements of control as prescribed by IFRS 10 \u2018Consolidated Financial Statements\u2019 in relation to all its subsidiaries and that the Company satisfies the three essential criteria to be regarded as an Investment Entity as defined in IFRS 10. The three essential criteria are that the entity must: \u2015 obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; \u2015 commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and \u2015 measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criterion, the notion of an investment time frame is critical and an Investment Entity should have an exit strategy for the realisation of its investments. The Board has approved a divestment strategy under which the Investment Manager will, within two years from acquisition of an investment and at least annually thereafter, undertake a review of the current condition and future prospects of the investment. If the Investment Manager concludes that: \u2015 the future prospects for an investment are insufficiently strong to meet the Company\u2019s rate of return targets; or \u2015 the value that could be realised by an immediate disposal would outweigh the value of retaining the investment; or \u2015 it would be more advantageous to realise capital for investment elsewhere than to continue to hold the investment \u2015 then the Investment Manager will take appropriate steps to dispose of the investment. Also as set out in IFRS 10, further consideration should be given to the typical characteristics of an Investment Entity, which are that: \u2015 it should have more than one investment, to diversify the risk portfolio and maximise returns; \u2015 it should have multiple investors, who pool their funds to maximise investment opportunities; \u2015 it should have investors that are not related parties of the entity; and \u2015 it should have ownership interests in the form of equity or similar interests. The Directors are of the opinion that the Company meets the essential criteria and typical characteristics of an Investment Entity. Therefore, subsidiaries are measured at fair value through profit or loss, in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value is measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019. Financial instruments In accordance with IFRS 9, financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are only offset, and the net amount reported in the Statement of Financial Position, when there is a currently enforceable legal right to offset the recognised amounts and the Company intends to settle on a net basis or realise the asset and liability simultaneously. Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All purchases of financial assets are recorded at the date on which the Company became party to the contractual requirements of the financial asset. The Company\u2019s financial assets principally comprise investments held at fair value through profit or loss, derivative financial instruments, cash and cash equivalents, and trade receivables. Financial assets are recognised at the date of purchase or the date on which the Company became party to the contractual requirements of the asset. Financial assets are initially recognised at cost, being the fair value of consideration given. Transaction costs of financial assets at fair value through profit or loss are recognised in the Statement of Comprehensive Income as incurred. A financial asset is derecognised (in whole or in part) either: \u2015 when the Company has transferred substantially all the risks and rewards of ownership; or \u2015 when it has neither transferred nor retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2015 when the contractual right to receive cash flow has expired. Investments held at fair value through profit or loss Investments are measured at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Statement of Comprehensive Income at each valuation point. The loans provided to subsidiaries are held at fair value through profit or loss as they form part of a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan investment is recognised in profit or loss. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13. When available, the Company measures fair value using the quoted price in an active market. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company 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 when pricing a transaction. Valuation process The Investment Manager is responsible for proposing the valuation of the assets held by the Company, and the Directors are responsible for reviewing the Company\u2019s valuation policy and approving the valuations. Derivatives held for trading When considered appropriate the Company will enter into derivative contracts to manage its foreign-exchange risk and provide protection against the volatility of the market. Unquoted foreign exchange derivatives are valued at the price that would be paid or received by closing out the contract on the reporting date by entering into an equal and opposite contract at that date. Gains and losses arising from changes in fair value are presented in the Statement of Comprehensive Income in the period in which they arise. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Trade receivables Trade receivables are classified as financial assets at amortised cost. They are measured at amortised cost less impairment assessed using the simplified approach of the expected credit loss (ECL) model based on experience of previous losses and expectations of future losses. Trade and other receivables are recorded based on agreements entered into with entities with no notable history of default causing the ECL of these receivables to be immaterial and therefore no ECL has been recorded. Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the financial liability. The Company\u2019s financial liabilities measured at amortised cost include trade and other payables, intercompany loans and other short-term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A financial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. Equity Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares and Subscription Shares are classified as equity. Share issue costs directly attributable to the issue of ordinary shares are shown in equity as a deduction from share capital. When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Dividends Dividends payable are recognised as distributions in the financial statements when the Company\u2019s obligation to make payment has been established. Revenue recognition Dividend income is recognised when the Company\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. Expenses Expenses include legal, accounting, auditing, and other operating expenses. They are recognised on an accruals basis in the Statement of Comprehensive Income in the period in which they are incurred. Taxation It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions in section 1158 Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 for it to continue to be approved by HMRC as an investment trust. In respect of each accounting period for which the Company is approved by HMRC as an investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and its capital profits from creditor loan relationships. The Company will, however, be subject to UK corporation tax on its income (currently at a rate of 19%, rising to 25% from 1 April 2023). In principle, the Company will be liable to UK corporation tax on its dividend income. However, there are broad-ranging exemptions from this charge which would be expected to be applicable in respect of most of the dividends the Company may receive. A company that is an approved investment trust in respect of an accounting period is able to take advantage of modified UK tax treatment in respect of its \u2018qualifying interest income\u2019 for an accounting period. It is expected that the Company will have material amounts of qualifying interest income and that it may, therefore, decide to designate some or all of the dividends paid in respect of a given accounting period as interest distributions. To the extent that the Company receives income from, or realises amounts on the disposal of, investments in foreign countries it may be subject to foreign withholding or other taxation in those jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be treated as a credit against UK corporation tax up to certain limits and subject to certain conditions. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that that is not a business combination and that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are recognised for taxable temporary differences arising on investments, except where the Company is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with directly in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. Foreign currencies The functional currency of the Company is the pound sterling, reflecting the primary economic environment in which it operates. The Company has chosen pounds sterling as its presentation currency for financial reporting purposes. Transactions during the year, including purchases and sales of investments, income and expenses are translated into pounds sterling at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in currencies other than pounds sterling are retranslated at the rate of exchange ruling at the reporting date. Non-monetary items that are measured in terms of historical cost in a currency other than pounds sterling are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a currency other than pounds sterling are translated using the exchange rates at the date when the fair value was determined. Foreign currency transaction gains and losses on financial instruments classified as at fair value through profit or loss are included in profit or loss in the Statement of Comprehensive Income as part of the change in fair value of investments. Foreign currency transaction gains and losses on financial instruments are included in profit or loss in the Statement of Comprehensive Income as a finance income or expense. Segmental reporting The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors as a whole. The key measure of performance used by the Directors to assess the Company\u2019s performance and to allocate resources is the Company\u2019s NAV, as calculated under IFRS as issued by the IASB, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the Annual Report. For management purposes, the Company is organised into one main operating segment, which invests in Digital Infrastructure Assets. Due to the Company\u2019s nature, it has no customers. New standards, amendments and interpretations issued and effective for the financial period beginning 1 April 2022 The Board of Directors has considered new standards and amendments that are mandatorily effective from 1 April 2022 and determined that these do not have material impact on the Company and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations issued but not yet effective There are a number of new standards, amendments to standards and interpretations which are not yet mandatory for the 31 March 2023 reporting period and have not been adopted early by the Company. These standards are not expected to have a material impact on the financial statements of the Company in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-279": { "value": "Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB, the Statement of Recommended Practice issued by the Association of Investment Companies (the AIC SORP) and the Companies (Guernsey) Law 2008 (as amended). The financial statements have been prepared on an historical cost basis as modified for the measurement of certain financial instruments at fair value through profit or loss. They are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest thousand, unless otherwise stated. The AIC SORP has been applied retrospectively and has resulted in presentational changes to the Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Equity in order to present revenue and capital items separately. The principal accounting policies are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-309": { "value": "The financial statements have been prepared in accordance with IFRS as issued by the IASB, the Statement of Recommended Practice issued by the Association of Investment Companies (the AIC SORP) and the Companies (Guernsey) Law 2008 (as amended). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-310": { "value": "The financial statements have been prepared on an historical cost basis as modified for the measurement of certain financial instruments at fair value through profit or loss. They are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest thousand, unless otherwise stated. The AIC SORP has been applied retrospectively and has resulted in presentational changes to the Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Equity in order to present revenue and capital items separately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-280": { "value": "Going concern The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. While the conflict in Ukraine and market volatility during the year have affected the way in which the Company\u2019s investee companies are conducted, this did not have a material direct effect on the results of the business. The Directors are satisfied that the resulting macroeconomic environment is not likely to significantly restrict business activity. The Directors and Investment Manager are actively monitoring these risks and their potential effect on the Company and its underlying investments. In particular, they have considered the following specific key potential impacts: \u2015 increased volatility in the fair value of investments; \u2015 disruptions to business activities of the underlying investments; and \u2015 recoverability of income and principal and allowance for expected credit losses. In considering the above key potential impacts of the conflict in Ukraine and market volatility on the Company and its underlying investments, the Investment Manager has assessed these with reference to the mitigation measures in place. Based on this assessment, the Directors do not consider that the effects of the conflict in Ukraine and market volatility have created a material uncertainty over the assessment of the Company as a going concern. As further detailed in note 6 to the financial statements, the Investment Manager uses a third- party valuation provider to perform a reasonableness assessment of the Investment Manager\u2019s valuation of the underlying investments. Additionally, the Investment Manager and Directors have considered the cash flow forecast to determine the term over which the Company can remain viable given its current resources. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the period from 21 June 2023 to 30 June 2024, being the period of assessment considered by the Directors. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-281": { "value": "Accounting for subsidiaries The Directors have concluded that the Company has all the elements of control as prescribed by IFRS 10 \u2018Consolidated Financial Statements\u2019 in relation to all its subsidiaries and that the Company satisfies the three essential criteria to be regarded as an Investment Entity as defined in IFRS 10. The three essential criteria are that the entity must: \u2015 obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; \u2015 commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and \u2015 measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criterion, the notion of an investment time frame is critical and an Investment Entity should have an exit strategy for the realisation of its investments. The Board has approved a divestment strategy under which the Investment Manager will, within two years from acquisition of an investment and at least annually thereafter, undertake a review of the current condition and future prospects of the investment. If the Investment Manager concludes that: \u2015 the future prospects for an investment are insufficiently strong to meet the Company\u2019s rate of return targets; or \u2015 the value that could be realised by an immediate disposal would outweigh the value of retaining the investment; or \u2015 it would be more advantageous to realise capital for investment elsewhere than to continue to hold the investment \u2015 then the Investment Manager will take appropriate steps to dispose of the investment. Also as set out in IFRS 10, further consideration should be given to the typical characteristics of an Investment Entity, which are that: \u2015 it should have more than one investment, to diversify the risk portfolio and maximise returns; \u2015 it should have multiple investors, who pool their funds to maximise investment opportunities; \u2015 it should have investors that are not related parties of the entity; and \u2015 it should have ownership interests in the form of equity or similar interests. The Directors are of the opinion that the Company meets the essential criteria and typical characteristics of an Investment Entity. Therefore, subsidiaries are measured at fair value through profit or loss, in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value is measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-282": { "value": "Financial instruments In accordance with IFRS 9, financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are only offset, and the net amount reported in the Statement of Financial Position, when there is a currently enforceable legal right to offset the recognised amounts and the Company intends to settle on a net basis or realise the asset and liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-283": { "value": "Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All purchases of financial assets are recorded at the date on which the Company became party to the contractual requirements of the financial asset. The Company\u2019s financial assets principally comprise investments held at fair value through profit or loss, derivative financial instruments, cash and cash equivalents, and trade receivables. Financial assets are recognised at the date of purchase or the date on which the Company became party to the contractual requirements of the asset. Financial assets are initially recognised at cost, being the fair value of consideration given. Transaction costs of financial assets at fair value through profit or loss are recognised in the Statement of Comprehensive Income as incurred. A financial asset is derecognised (in whole or in part) either: \u2015 when the Company has transferred substantially all the risks and rewards of ownership; or \u2015 when it has neither transferred nor retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2015 when the contractual right to receive cash flow has expired. Investments held at fair value through profit or loss Investments are measured at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Statement of Comprehensive Income at each valuation point. The loans provided to subsidiaries are held at fair value through profit or loss as they form part of a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan investment is recognised in profit or loss. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13. When available, the Company measures fair value using the quoted price in an active market. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company 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 when pricing a transaction. Valuation process The Investment Manager is responsible for proposing the valuation of the assets held by the Company, and the Directors are responsible for reviewing the Company\u2019s valuation policy and approving the valuations. Derivatives held for trading When considered appropriate the Company will enter into derivative contracts to manage its foreign-exchange risk and provide protection against the volatility of the market. Unquoted foreign exchange derivatives are valued at the price that would be paid or received by closing out the contract on the reporting date by entering into an equal and opposite contract at that date. Gains and losses arising from changes in fair value are presented in the Statement of Comprehensive Income in the period in which they arise. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Trade receivables Trade receivables are classified as financial assets at amortised cost. They are measured at amortised cost less impairment assessed using the simplified approach of the expected credit loss (ECL) model based on experience of previous losses and expectations of future losses. Trade and other receivables are recorded based on agreements entered into with entities with no notable history of default causing the ECL of these receivables to be immaterial and therefore no ECL has been recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-311": { "value": "Investments held at fair value through profit or loss Investments are measured at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Statement of Comprehensive Income at each valuation point. The loans provided to subsidiaries are held at fair value through profit or loss as they form part of a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan investment is recognised in profit or loss. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13. When available, the Company measures fair value using the quoted price in an active market. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company 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 when pricing a transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-312": { "value": "Derivatives held for trading When considered appropriate the Company will enter into derivative contracts to manage its foreign-exchange risk and provide protection against the volatility of the market. Unquoted foreign exchange derivatives are valued at the price that would be paid or received by closing out the contract on the reporting date by entering into an equal and opposite contract at that date. Gains and losses arising from changes in fair value are presented in the Statement of Comprehensive Income in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-314": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-315": { "value": "Trade receivables Trade receivables are classified as financial assets at amortised cost. They are measured at amortised cost less impairment assessed using the simplified approach of the expected credit loss (ECL) model based on experience of previous losses and expectations of future losses. Trade and other receivables are recorded based on agreements entered into with entities with no notable history of default causing the ECL of these receivables to be immaterial and therefore no ECL has been recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-284": { "value": "Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the financial liability. The Company\u2019s financial liabilities measured at amortised cost include trade and other payables, intercompany loans and other short-term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A financial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-285": { "value": "Equity Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares and Subscription Shares are classified as equity. Share issue costs directly attributable to the issue of ordinary shares are shown in equity as a deduction from share capital. When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-286": { "value": "Dividends Dividends payable are recognised as distributions in the financial statements when the Company\u2019s obligation to make payment has been established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-287": { "value": "Revenue recognition Dividend income is recognised when the Company\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-288": { "value": "Expenses Expenses include legal, accounting, auditing, and other operating expenses. They are recognised on an accruals basis in the Statement of Comprehensive Income in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-313": { "value": "Taxation It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions in section 1158 Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 for it to continue to be approved by HMRC as an investment trust. In respect of each accounting period for which the Company is approved by HMRC as an investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and its capital profits from creditor loan relationships. The Company will, however, be subject to UK corporation tax on its income (currently at a rate of 19%, rising to 25% from 1 April 2023). In principle, the Company will be liable to UK corporation tax on its dividend income. However, there are broad-ranging exemptions from this charge which would be expected to be applicable in respect of most of the dividends the Company may receive. A company that is an approved investment trust in respect of an accounting period is able to take advantage of modified UK tax treatment in respect of its \u2018qualifying interest income\u2019 for an accounting period. It is expected that the Company will have material amounts of qualifying interest income and that it may, therefore, decide to designate some or all of the dividends paid in respect of a given accounting period as interest distributions. To the extent that the Company receives income from, or realises amounts on the disposal of, investments in foreign countries it may be subject to foreign withholding or other taxation in those jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be treated as a credit against UK corporation tax up to certain limits and subject to certain conditions. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that that is not a business combination and that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are recognised for taxable temporary differences arising on investments, except where the Company is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with directly in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-289": { "value": "Taxation It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions in section 1158 Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 for it to continue to be approved by HMRC as an investment trust. In respect of each accounting period for which the Company is approved by HMRC as an investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and its capital profits from creditor loan relationships. The Company will, however, be subject to UK corporation tax on its income (currently at a rate of 19%, rising to 25% from 1 April 2023). In principle, the Company will be liable to UK corporation tax on its dividend income. However, there are broad-ranging exemptions from this charge which would be expected to be applicable in respect of most of the dividends the Company may receive. A company that is an approved investment trust in respect of an accounting period is able to take advantage of modified UK tax treatment in respect of its \u2018qualifying interest income\u2019 for an accounting period. It is expected that the Company will have material amounts of qualifying interest income and that it may, therefore, decide to designate some or all of the dividends paid in respect of a given accounting period as interest distributions. To the extent that the Company receives income from, or realises amounts on the disposal of, investments in foreign countries it may be subject to foreign withholding or other taxation in those jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be treated as a credit against UK corporation tax up to certain limits and subject to certain conditions. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that that is not a business combination and that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are recognised for taxable temporary differences arising on investments, except where the Company is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with directly in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-290": { "value": "Foreign currencies The functional currency of the Company is the pound sterling, reflecting the primary economic environment in which it operates. The Company has chosen pounds sterling as its presentation currency for financial reporting purposes. Transactions during the year, including purchases and sales of investments, income and expenses are translated into pounds sterling at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in currencies other than pounds sterling are retranslated at the rate of exchange ruling at the reporting date. Non-monetary items that are measured in terms of historical cost in a currency other than pounds sterling are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a currency other than pounds sterling are translated using the exchange rates at the date when the fair value was determined. Foreign currency transaction gains and losses on financial instruments classified as at fair value through profit or loss are included in profit or loss in the Statement of Comprehensive Income as part of the change in fair value of investments. Foreign currency transaction gains and losses on financial instruments are included in profit or loss in the Statement of Comprehensive Income as a finance income or expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-291": { "value": "Segmental reporting The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors as a whole. The key measure of performance used by the Directors to assess the Company\u2019s performance and to allocate resources is the Company\u2019s NAV, as calculated under IFRS as issued by the IASB, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the Annual Report. For management purposes, the Company is organised into one main operating segment, which invests in Digital Infrastructure Assets. Due to the Company\u2019s nature, it has no customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-292": { "value": "New standards, amendments and interpretations issued and effective for the financial period beginning 1 April 2022 The Board of Directors has considered new standards and amendments that are mandatorily effective from 1 April 2022 and determined that these do not have material impact on the Company and are not expected to significantly affect the current or future periods. New standards, amendments and interpretations issued but not yet effective There are a number of new standards, amendments to standards and interpretations which are not yet mandatory for the 31 March 2023 reporting period and have not been adopted early by the Company. These standards are not expected to have a material impact on the financial statements of the Company in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-293": { "value": "3. Significant accounting judgements, estimates and assumptions Judgements Assessment as an Investment Entity Assumptions and estimation uncertainties Climate change The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. In the process of applying the Company\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: In the judgement of the Directors, the Company qualifies as an Investment Entity under IFRS 10 and therefore its subsidiary entities have not been consolidated in the preparation of the financial statements. Further details of the impact of this accounting policy are included in note 7. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ended 31 March 2023 is included in note 6 and relates to the determination of fair value of investments with significant unobservable inputs. In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the ESG report section of the Strategic Report. In preparing the financial statements, the Directors have considered the medium- and longer- term cash flow impacts of climate change on a number of key estimates within the financial statements, including: the estimates of future cash flows used in assessments of the fair value of investments; and the estimates of future profitability used in the assessment of distributable income. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not expected to have a significant impact on the Company\u2019s short- or medium-term cash flows including those considered in the going concern and viability assessments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-294": { "value": "4. Other expenses Other expenses in the Statement of Comprehensive Income comprises: Note Yea r ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Management fees 13 7,271 4,690 Legal and professional fees* 1,281 776 Discontinued deal fees 1,793 1,612 Directors\u2019 fees 185 218 Fees payable to the statutory auditor 11 195 130 Other expenses 621 22 11,346 7,448 *Legal and professional fees have been reclassified from the other expenses line in the prior year to make the presentation consistent with the current year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-295": { "value": "5. Finance income Finance income in the Statement of Comprehensive Income comprises: Yea r ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Bank interest received 157 180 Interest on fixed term deposits 9,549 \u2013 9,706 180 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-296": { "value": "6. Investments at fair value through profit or loss As at 31 March 2023 As at 31 March 2022 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Opening balance 27,671 382,185 409,856 \u2013 \u2013 \u2013 Additions 4,691 379,724 384,415 32,249 329,232 361,481 Shareholder interest capitalised 521 \u2013 521 2,797 \u2013 2,797 Interest on promissory loan notes 2,228 \u2013 2,228 \u2013 \u2013 \u2013 Shareholder loan repayment \u2013 \u2013 \u2013 (8,620) \u2013 (8,620) Net gains on investments at fair value through profit or loss 2,239 73,056 75,295 1,245 52,953 54,198 37,350 834,965 872,315 27,671 382,185 409,856 During the year ended 31 March 2023, the Company restructured its loan and equity investments in Communication Investments Holdings s.r.o. (CIH), an entity incorporated in the Czech Republic and the parent company of \u010cesk\u00e9 Radiokomunikace a.s. (CRA), to hold them indirectly through Cordiant Digital Holdings UK Limited (CDHUK) and Cordiant Digital Holdings Two Limited (CDH2), two wholly-owned subsidiaries of the Company. CDH2 issued shares and promissory notes to the Company in consideration for the transfer of the loan and equity investments in CIH. CDHUK then issued shares and promissory notes to the Company in consideration for the transfer of the shares and promissory notes of CDH2. The exchange loss realised on the restructure of investment by the Company is \u00a33.9 million. The fair value of the shares and promissory notes issued by CDHUK are included in the table above and represent the fair values of the underlying investments together with other assets and liabilities of its subsidiaries. The fair value of the Company\u2019s equity investment in CDHUK amounted to \u00a3782.8 million at 31 March 2023 (31 March 2022: nil) and the loan investment amounted to \u00a332.5 million (31 March 2022: nil). The value of the Company\u2019s indirect investment in CRA as at 31 March 2023 was \u00a3389.1 million, comprising an equity investment valued at \u00a3362.9 million and a loan investment of \u00a326.2 million. The Company made loan investments of \u00a34.7 million in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (previously operating under the name DataGryd) during the year ended 31 March 2023. As at 31 March 2023, the equity investment was valued at \u00a352.3 million (31 March 2022: \u00a358.2 million) and the loan investment at \u00a34.7 million (31 March 2022: nil). The unrealised foreign exchange gain on the loan investment is \u00a30.1 million and \u00a33.6 million on the equity investment. The investments are held at fair value. The unrealised fair value loss on the equity investment at 31 March 2023 is \u00a39.6 million. The Company, through its indirect subsidiary Cordiant Digital Holdings One Limited (CDH1), acquired Emitel S.A. during the year ended 31 March 2023. The Company subscribed for additional shares in CDHUK for cash consideration of \u00a3379.7 million in order to provide the funds for CDH1 to complete the acquisition of Emitel. The value of the Company\u2019s indirect investment in Emitel at 31 March 2023 was \u00a3429.0 million. The table below details all gains on investments through profit or loss. Year ended 31 March 2023 Period ended 31 March 2022 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Shareholder loan interest income 2,749 \u2013 2,749 2,932 \u2013 2,932 Unrealised movement in fair value of investments \u2013 73,079 73,079 \u2013 40,346 40,346 Realised movement in fair value of investments on restructure (307) (3,620) (3,927) \u2013 \u2013 \u2013 Foreign exchange movement on valuation of investments 2,546 3,597 6,143 1,245 12,607 13,852 Total investment income recognised in the year/period 4,988 73,056 78,044 4,177 52,953 57,130 Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2015 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e., as prices) or indirectly (i.e. derived from prices); and \u2015 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2023, there were no transfers of investments at fair value through profit or loss from or to Level 3. The Company\u2019s investments in CRA, Hudson Interxchange and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above. 31 March 2023 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 8.20%-11.00% 729 (146) 1,063 188 TGR 1.25%-2.25% 993 118 783 (92) 31 March 2022 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 7.88%-9.14% 330 (80) 518 108 TGR 1.0%-2.25% 482 73 356 (54 ) Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: \u2015 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; \u2015 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and \u2015 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-316": { "value": "6. Investments at fair value through profit or loss As at 31 March 2023 As at 31 March 2022 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Opening balance 27,671 382,185 409,856 \u2013 \u2013 \u2013 Additions 4,691 379,724 384,415 32,249 329,232 361,481 Shareholder interest capitalised 521 \u2013 521 2,797 \u2013 2,797 Interest on promissory loan notes 2,228 \u2013 2,228 \u2013 \u2013 \u2013 Shareholder loan repayment \u2013 \u2013 \u2013 (8,620) \u2013 (8,620) Net gains on investments at fair value through profit or loss 2,239 73,056 75,295 1,245 52,953 54,198 37,350 834,965 872,315 27,671 382,185 409,856 During the year ended 31 March 2023, the Company restructured its loan and equity investments in Communication Investments Holdings s.r.o. (CIH), an entity incorporated in the Czech Republic and the parent company of \u010cesk\u00e9 Radiokomunikace a.s. (CRA), to hold them indirectly through Cordiant Digital Holdings UK Limited (CDHUK) and Cordiant Digital Holdings Two Limited (CDH2), two wholly-owned subsidiaries of the Company. CDH2 issued shares and promissory notes to the Company in consideration for the transfer of the loan and equity investments in CIH. CDHUK then issued shares and promissory notes to the Company in consideration for the transfer of the shares and promissory notes of CDH2. The exchange loss realised on the restructure of investment by the Company is \u00a33.9 million. The fair value of the shares and promissory notes issued by CDHUK are included in the table above and represent the fair values of the underlying investments together with other assets and liabilities of its subsidiaries. The fair value of the Company\u2019s equity investment in CDHUK amounted to \u00a3782.8 million at 31 March 2023 (31 March 2022: nil) and the loan investment amounted to \u00a332.5 million (31 March 2022: nil). The value of the Company\u2019s indirect investment in CRA as at 31 March 2023 was \u00a3389.1 million, comprising an equity investment valued at \u00a3362.9 million and a loan investment of \u00a326.2 million. The Company made loan investments of \u00a34.7 million in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (previously operating under the name DataGryd) during the year ended 31 March 2023. As at 31 March 2023, the equity investment was valued at \u00a352.3 million (31 March 2022: \u00a358.2 million) and the loan investment at \u00a34.7 million (31 March 2022: nil). The unrealised foreign exchange gain on the loan investment is \u00a30.1 million and \u00a33.6 million on the equity investment. The investments are held at fair value. The unrealised fair value loss on the equity investment at 31 March 2023 is \u00a39.6 million. The Company, through its indirect subsidiary Cordiant Digital Holdings One Limited (CDH1), acquired Emitel S.A. during the year ended 31 March 2023. The Company subscribed for additional shares in CDHUK for cash consideration of \u00a3379.7 million in order to provide the funds for CDH1 to complete the acquisition of Emitel. The value of the Company\u2019s indirect investment in Emitel at 31 March 2023 was \u00a3429.0 million. The table below details all gains on investments through profit or loss. Year ended 31 March 2023 Period ended 31 March 2022 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Loans \u00a3\u2019000 Equity \u00a3\u2019000 Total \u00a3\u2019000 Shareholder loan interest income 2,749 \u2013 2,749 2,932 \u2013 2,932 Unrealised movement in fair value of investments \u2013 73,079 73,079 \u2013 40,346 40,346 Realised movement in fair value of investments on restructure (307) (3,620) (3,927) \u2013 \u2013 \u2013 Foreign exchange movement on valuation of investments 2,546 3,597 6,143 1,245 12,607 13,852 Total investment income recognised in the year/period 4,988 73,056 78,044 4,177 52,953 57,130 Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2015 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e., as prices) or indirectly (i.e. derived from prices); and \u2015 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2023, there were no transfers of investments at fair value through profit or loss from or to Level 3. The Company\u2019s investments in CRA, Hudson Interxchange and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above. 31 March 2023 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 8.20%-11.00% 729 (146) 1,063 188 TGR 1.25%-2.25% 993 118 783 (92) 31 March 2022 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 7.88%-9.14% 330 (80) 518 108 TGR 1.0%-2.25% 482 73 356 (54 Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: \u2015 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; \u2015 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and \u2015 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-325": { "value": "Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2015 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2015 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e., as prices) or indirectly (i.e. derived from prices); and \u2015 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2023, there were no transfers of investments at fair value through profit or loss from or to Level 3. The Company\u2019s investments in CRA, Hudson Interxchange and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above. 31 March 2023 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 8.20%-11.00% 729 (146) 1,063 188 TGR 1.25%-2.25% 993 118 783 (92) 31 March 2022 Valuation if rate Valuation if rate increases by Movement in decreases by Movement in Unobservable input Range 1% (\u00a3m) valuation (\u00a3m) 1% (\u00a3m) valuation (\u00a3m) WACC 7.88%-9.14% 330 (80) 518 108 TGR 1.0%-2.25% 482 73 356 (54 Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: \u2015 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; \u2015 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and \u2015 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. Fair value hierarchy The table below analyses financial instruments measure at fair value at the reporting date by the level in fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the Statement of Financial Position. All fair value measurements below are recurring. 31 March 2023 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments \u2013 \u2013 872,315 872,315 Foreign exchange forwards \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 872,315 872,315 31 March 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments \u2013 \u2013 409,856 409,856 Foreign exchange forwards \u2013 8,072 \u2013 8,072 \u2013 8,072 409,856 417,928 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-317": { "value": "7. Unconsolidated subsidiaries The following table shows subsidiaries of the Company. As the Company qualifies as an Investment Entity as referred to in note 6, these subsidiaries have not been consolidated in the preparation of the financial statements: Investment Place of business Ownership interest at 31 March 2023 Ownership interest at 31 March 2022 Held directly Cordiant Digital Holdings UK Limited United Kingdom 100% 100% CDIL Data Centre USA LLC USA 100% 100% Held indirectly Cordiant Digital Holdings One Limited 1 United Kingdom 100% 100% 1 Cordiant Digital Holdings Two Limited 1 United Kingdom 100% 100% 1 Communications Investments Holdings s. r. o. 1 Czech Republic 100% 100% 1 \u010cesk\u00e9 Radiokomunikace a.s. (Czechia) Czech Republic 100% 100% Czech Digital Group, a.s Czech Republic 100% 100% Emitel S.A. Poland 100% \u2013 Allford Investments S.A. Poland 100% \u2013 EM Properties sp. z o. o. Poland 100% \u2013 EM Projects sp. z o. o. Poland 100% \u2013 Hub Investments sp. z o. o. Poland 100% \u2013 1 These subsidiaries were held directly by the Company at 31 March 2022. Following an intragroup reorganisation described below, they are now held indirectly. The following additional information is provided in relation to unquoted investments as recommended by the AIC SORP. Turnove r Pre-tax profit/(loss) Net assets/ (liabilities) Emitel 2 \u00a3103.89 million \u00a316.88 million \u00a3233.53 million CRA 3 \u00a376.47 million \u00a36.39 million (\u00a369.89 million) Hudson Inte r xchange 4 \u00a33.34 million (\u00a33.62 million) \u00a363.86 million 2 Figures from Emitel\u2019s audited IFRS accounts for the year ended 31 December 2022 3 Figures from CRA\u2019s audited IFRS accounts for the year ended 31 March 2022 4 Figures from Hudson\u2019s audited US GAAP accounts for the period from 13 January 2022 to 31 March 2022 During the year ended 31 March 2023, a reorganisation of the group was undertaken. At 31 March 2023, the Company holds its 100% investment in Cordiant Digital Holdings UK Limited (CDHUK) directly. CDHUK holds a 100% shareholding in Cordiant Digital Holdings Two Limited (CDH2), and CDH2 in turn holds a 100% shareholding in Cordiant Digital Holdings Limited One Limited (CDH1). Previously, each of CDHUK, CDH2 and CDH1 was held directly by the Company. At 31 March 2023, Communications Investments Holdings s.r.o. (CIH) was held as an investment by CDH2; at 31 March 2022, CIH was held directly by the Company. CDIL Data Centre USA LLC is held directly by the Company and this was not affected by the reorganisation. CDH1 holds the Company\u2019s investment in Emitel. The registered office of the subsidiaries located in the Czech Republic is Skokanska 2117/1, 169 00, Prague 6. The registered office of the subsidiaries located in the UK is 63 St James\u2019s Street, London, SW1A 1LY. The registered office of the subsidiary located in the US is 60 Hudson Street suite 116B, New York, NY 10013. The registered office of the subsidiaries located in Poland is ul.Franciszka Klimczakal, 02-297 Warsaw. The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their carrying value at 31 March 2023 are as outlined in note 6. There are certain restrictions on the ability of the Company\u2019s unconsolidated subsidiaries in the Czech Republic to transfer funds to the Company in the form of cash dividends or repayment of loans. In accordance with the documentation relating to loans made by various banks to CRA, such cash movements are subject to limitations on amounts and timing, and satisfaction of certain conditions relating to leverage and interest cover ratio. The Directors do not consider that these restrictions are likely to have a significant effect on the ability of the Company\u2019s subsidiaries to transfer funds to the Company. Subsidiaries held in the Czech Republic and in Poland are profitable and cash generative, and do not need the financial support of the Company. The subsidiary based in the US will receive the financial support of the Company for a period of at least 12 months from the publication of this report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-297": { "value": "8. Receivables As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 Cash collateral 9,130 50,599 Other debtors 2,573 1,020 Expenses paid on behalf of related parties 2,866 \u2013 Prepayments 77 56 Interest receivable 34 30 14,680 51,705 Cash collateral relates to one security deposit held in money market accounts (31 March 2022: two security deposits held in money market accounts). An amount of USD11.3 million (\u00a39.1 million) relates to collateral for a letter of credit relating to the lease of the building occupied by Hudson, and generated interest of 0.59% per annum during the year ended 31 March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-298": { "value": "9. Derivatives Forward contracts As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 Foreign exchange forwards \u2013 8,072 During the year ended 31 March 2023, the Company entered into six foreign exchange forward contracts totalling \u00a3203.0 million in Polish zloty. The maturity date of three of these foreign exchange forwards was 9 June 2022 and of the remaining three was 11 July 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-299": { "value": "10. Share capital Ordinary shares C shares Date Issued and fully paid Number of shares issued Share capital Cumulative total GBP \u00a3\u2019000 \u00a3\u2019000 Shares at inception \u2013 \u2013 \u2013 04-Jan-21 Incorporation \u2013 ordinary shares of no par value \u2013 \u2013 \u2013 Less share issue costs \u2013 \u2013 \u2013 16-Feb-21 Capital raise \u2013 ordinary shares 370,000,000 370,000 370,000 Less share issue costs \u2013 (7,007) 362,993 01-Apr -21 Subscription Shares exercised 930,447 930 363,923 Less share issue costs \u2013 (13) 363,910 04-May-21 Subscription Shares exercised 771,713 772 364,682 Less share issue costs \u2013 (13) 364,669 01-Jun-21 Subscription Shares exercised 4,480,528 4,481 369,150 Less share issue costs \u2013 (13) 369,137 01-Jul-21 Subscription Shares exercised 6,221,004 6,221 375,358 Less share issue costs \u2013 (16) 375,342 02-Aug-21 Subscription Shares exercised 6,017,044 6,017 381,359 Less share issue costs \u2013 (121) 381,238 01-Sep-21 Subscription Shares exercised 21,274,718 21,275 402,513 Less share issue costs \u2013 (422) 402,091 21-Dec-21 Issuance of ordinary shares 154,238 175 402,266 Less share issue costs \u2013 (13) 402,253 20-Jan-22 Conversion of C Shares to ordinary shares 174,640,000 181,548 583,801 Less share issue costs \u2013 (12) 583,789 25-Jan-22 Capital raise \u2013 ordinary shares 188,679,245 199,999 783,788 Less share issue costs \u2013 (3,868) 779,920 01-Ma r-22 Subscription Shares exercised 119,457 127 780,047 Less share issue costs \u2013 (151) 779,896 29-Jun-22 Issuance of ordinary shares 271,126 295 780,191 Less share issue costs \u2013 (91) 780,100 07-Sep-22 Subscription shares exercised 187 \u2013 780,100 Less share issue costs \u2013 \u2013 780,100 Issued and fully paid at 31 March 2023 773,559,707 780,100 780,100 10-Ma r -23 Buyback of shares held in treasury (250,000) (225) 779,875 15-Ma r -23 Buyback of shares held in treasury (550,000) (495) 779,380 17-Ma r -23 Buyback of shares held in treasury (250,000) (223) 779,157 Outstanding shares at 31 March 2023 772,509,707 779,157 779,157 Subject to any special rights, restrictions, or prohibitions regarding voting for the time being attached to any shares, holders of ordinary shares have the right to receive notice of and to attend, speak and vote at general meetings of the Company and each holder being present in person or by proxy shall upon a show of hands have one vote and upon a poll shall have one vote in respect of each ordinary share that they hold. Holders of ordinary shares are entitled to receive and participate in any dividends or distributions of the Company in relation to assets of the Company that are available for dividend or distribution. On a winding-up of the Company, the surplus assets of the Company available for distribution to the holders of ordinary shares (after payment of all other debts and liabilities of the Company attributable to the ordinary shares) shall be divided amongst the holders of ordinary shares pro rata according to their respective holdings of ordinary shares. The Company holds the power to issue an unlimited number of shares and the shares have no par value. Date Issued and fully paid Number of shares issued Share capital Total GBP \u00a3\u2019000 \u00a3\u2019000 10-Jun-21 Capital raise \u2013 C Share 185,000,000 185,000 185,000 Less share issue costs \u2013 (3,452) (3,452) 20-Jan-22 Conversion to ordinary shares (185,000,000) (181,548) (181,548) Total at 31 March 2023 \u2013 \u2013 \u2013 The C Shares were all converted to ordinary shares in January 2022. C Shares of each class carry the right to receive all income of the Company attributable to the C Shares, and to participate in any distribution of such income by the Company pro rata to the relevant NAV attributable to each of the classes of C Share and within each such class income shall be divided pari passu amongst the holders of C Shares of that class in proportion to the number of C Shares of such class held by them. Treasury shares 31 March 2023 Number of shares 31 March 2022 Number of shares Opening balance at 1 April \u2013 \u2013 Shares repurchased during the year 1,050,000 \u2013 Closing balance at period/year end 1,050,000 \u2013 During the year ended 31 March 2023, the Company initiated a share buyback programme. Investec, as Cordiant Digital Infrastructure Limited\u2019s joint broker, has been given limited authority to undertake market buybacks. 1,050,000 ordinary shares (31 March 2022: nil) have been repurchased and held in treasury by the Company during the year ended 31 March 2023. Subscription shareholders have no right to any dividends paid by the Company and have no voting rights. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-300": { "value": "11. Audit fees Other operating expenses include fees payable to the Company\u2019s auditor, which can be analysed as follows: Yea r ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Fees payable to the statutory auditor for audit of the statutory financial statements 195 114 for other audit-related services \u2013 \u2013 for non-audit services \u2013 16 195 130 Non-audit services paid to the Company\u2019s auditor during the period ended 31 March 2022 related to a review of the Interim Report and services around the C Share conversion to ordinary shares. There were no non-audit services provided during the year ended 31 March 2023. The statutory audit fees for the year ended 31 March 2023 is \u00a3170,000 which excludes an amount of \u00a325,000 relating to the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-301": { "value": "12. Taxation a) Analysis of the tax charge for the year/period b) Factors affecting the tax charge for the year/period c) Deferred taxation Corporation tax Year ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Taxation for the year/period (see note 12b) \u2013 \u2013 The tax assessed for the year ended 31 March 2023 is lower than the Company\u2019s applicable rate of corporation tax for that year of 19%. The factors affecting the tax charge for the year/period are as follows: Year ended 31 March 2023 \u00a3\u2019000 Period ended 31 March 2022 \u00a3\u2019000 Profit for the year/period before tax 81,176 51,370 Net return before taxation multiplied by the Company\u2019s applicable rate of corporation tax for the period of 19% 15,423 9,760 Effects of: Capital return on investments (17,275) (11,475) Expenses not deductible for corporation tax 1,586 1,173 Realised loss on restructure not deductible 746 \u2013 Utilisation of expenses brought forward (480) \u2013 Unrelieved current year/period expenses \u2013 542 Total tax for the year/period (see note 12a) \u2013 \u2013 The Company has an unrecognised deferred tax asset of \u00a377,000 (Prior year: \u00a3712,000) based on a main rate of corporation tax of 25%. A change to the UK tax rate from 19% to 25% was enacted on 24 May 2021 and the deferred tax asset not recognised has been calculated at the expected applicable future rate. It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. Due to the Company's status as an investment trust and the intention to continue to meet the conditions required to retain that status, the Company has not provided for tax on any capital gains or losses arising on the revaluation of investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-318": { "value": "c) Deferred taxation 0 The Company has an unrecognised deferred tax asset of \u00a377,000 (Prior year: \u00a3712,000) based on a main rate of corporation tax of 25%. A change to the UK tax rate from 19% to 25% was enacted on 24 May 2021 and the deferred tax asset not recognised has been calculated at the expected applicable future rate. It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. Due to the Company's status as an investment trust and the intention to continue to meet the conditions required to retain that status, the Company has not provided for tax on any capital gains or losses arising on the revaluation of investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-302": { "value": "13. Management and performance fees Under the Investment Management Agreement, the Investment Manager is entitled to receive an annual management fee and a performance fee, plus any applicable VAT, in addition to the reimbursement of reasonable expenses incurred by it in the performance of its duties. Management fee The Investment Manager receives from the Company an annual management fee, based on the average market capitalisation of the Company, calculated using the closing market capitalisation for each LSE trading day for the relevant month, and paid monthly in arrears. The management fee has been payable since 30 April 2021, being the date on which more than 75% of the IPO proceeds were deployed in investment activities. The annual management fee is calculated on the following basis: 1.00% of the average market capitalisation up to \u00a3500 million; 0.90% of the average market capitalisation between \u00a3500 million and \u00a31 billion; and 0.80% of the average market capitalisation in excess of \u00a31 billion. Following the publication of each Interim Report and Annual Report, the Investment Manager is required to apply an amount, in aggregate, equal to 10% of the annual management fee for the preceding six-month period in the following manner: a) if the average trading price, calculated over the 20 trading days immediately preceding the announcement date, is equal to, or higher than, the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Investment Manager shall use the relevant amount to subscribe for new ordinary shares (rounded down to the nearest whole number of ordinary shares), issued at the average trading price; or b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Investment Manager shall, as soon as reasonably practicable, use the relevant amount to make market purchases of ordinary shares (rounded down to the nearest whole number of ordinary shares) within two months of the relevant NAV announcement date. Even though the annual management fee is payable on a monthly basis, ordinary shares will only be acquired by the Investment Manager on a half-yearly basis. Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above arrangements are, subject to usual exceptions, subject to a lock-up of 12 months from the date of subscription or purchase. For the year ended 31 March 2023, the Investment Manager has charged management fees of \u00a37.3 million (31 March 2022: \u00a34.7 million) to the Company, with \u00a30.6 million (31 March 2022: \u00a30.7 million) owed at year end. During the year ended, 31 March 2023, the Investment Manager was required to subscribe for new ordinary shares for aggregate consideration of \u00a30.29 million (31 March 2022: \u00a30.18 million) and to conduct market purchases for aggregate consideration of \u00a30.39 million (31 March 2022: nil). Performance fee The Investment Manager may in addition receive a performance fee on each performance fee calculation date, dependent on the performance of the Company\u2019s NAV and share price. The first performance fee calculation date is 31 March 2024 and subsequent calculation dates are on 31 March each year thereafter. The fee will be equal to 12.5% of the excess return over the target of 9% for the NAV return or share price return, whichever is the lower, multiplied by the time- weighted average number of ordinary shares in issue (excluding any ordinary shares held in treasury) during the relevant period. Any performance fee is to be satisfied as follows: as to 50% in cash; and as to the remaining 50% of the performance fee, subject to certain exceptions and the relevant regulatory and tax requirements: a) if the average trading price, calculated over the 20 trading days immediately preceding the performance fee calculation date, is equal to or higher than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Company will issue to the Investment Manager such number of new ordinary shares (credited as fully paid) as is equal to the performance fee investment amount divided by the average trading price (rounded down to the nearest whole number of ordinary shares); or b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) then the Company shall (on behalf of, and as agent for, the Investment Manager) apply the performance fee investment amount in making market purchases of ordinary shares, provided any such ordinary shares are purchased at prices below the last reported NAV per ordinary share. Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above arrangements will, subject to usual exceptions, be subject to a lock-up of 36 months from the date of subscription or purchase. For the year ended 31 March 2023, no performance fee is due to the Investment Manager (31 March 2022: \u00a3nil) and no amount has been accrued as the share price performance hurdle has not been met. ", "dimensions": { "concept": "cordiant:DisclosureOfManagementAndPerformanceFees", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-303": { "value": "14. Earnings per share and net asset value per share Ordinary shares Year ended 31 March 2023 Earnings per share Basic Diluted Allocated profit attributable to this share class \u2013 \u00a3\u2019000 81,176 81,176 Weighted average number of shares in issue 773,442,556 773,442,556 Earnings per share from continuing operations in the year (pence) 10.50 10.50 Ordinary shares Period ended 31 March 2022 Earnings per share Basic Diluted Allocated profit attributable to this share class \u2013 \u00a3\u2019000 51,370 51,370 Weighted average number of shares in issue 411,129,146 411,644,654 Earnings per share from continuing operations in the period (pence) 12.49 12.48 As at 31 March 2023, there were 6,434,884 (31 March 2022: 6,435,071) potentially dilutive Subscription Shares in issue. During the year ended 31 March 2023, 187 (31 March 2022: 39,814,911) Subscription Shares were exercised and 1,050,000 ordinary shares (31 March 2022: nil) were bought back. The reconciliation of the weighted average number of shares for the purposes of diluted earnings per share to the weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows: Year ended 31 March 2023 Period ended 31 March 2022 Weighted average number of shares used in the calculation of basic earnings per share 773,442,556 411,129,146 Effect of Subscription Shares carrying a right to subscribe fo r ordinary shares \u2013 515,508 Weighted average number of shares used in the calculation of diluted earnings per share 773,442,556 411,644,654 Net asset value per share Net asset value \u2013 \u00a3\u2019000 875,711 822,346 Number of ordinary shares issued 772,509,707 773,288,394 Net asset value per share (pence) 113.36 106.34 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-319": { "value": "14. Earnings per share and net asset value per share Ordinary shares Year ended 31 March 2023 Earnings per share Basic Diluted Allocated profit attributable to this share class \u2013 \u00a3\u2019000 81,176 81,176 Weighted average number of shares in issue 773,442,556 773,442,556 Earnings per share from continuing operations in the year (pence) 10.50 10.50 Ordinary shares Period ended 31 March 2022 Earnings per share Basic Diluted Allocated profit attributable to this share class \u2013 \u00a3\u2019000 51,370 51,370 Weighted average number of shares in issue 411,129,146 411,644,654 Earnings per share from continuing operations in the period (pence) 12.49 12.48 As at 31 March 2023, there were 6,434,884 (31 March 2022: 6,435,071) potentially dilutive Subscription Shares in issue. During the year ended 31 March 2023, 187 (31 March 2022: 39,814,911) Subscription Shares were exercised and 1,050,000 ordinary shares (31 March 2022: nil) were bought back. The reconciliation of the weighted average number of shares for the purposes of diluted earnings per share to the weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows: Year ended 31 March 2023 Period ended 31 March 2022 Weighted average number of shares used in the calculation of basic earnings per share 773,442,556 411,129,146 Effect of Subscription Shares carrying a right to subscribe fo r ordinary shares \u2013 515,508 Weighted average number of shares used in the calculation of diluted earnings per share 773,442,556 411,644,654 Net asset value per share Net asset value \u2013 \u00a3\u2019000 875,711 822,346 Number of ordinary shares issued 772,509,707 773,288,394 Net asset value per share (pence) 113.36 106.34 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-304": { "value": "15. Dividends declared and paid with respect to the year/period Dividends paid during the year ended 31 March 2023 Dividend per ordinary share pence Total dividend \u00a3\u2019000 Second interim dividend in respect of the period ended 31 March 2022 Interim dividend in respect of the year ended 31 March 2023 1.50 2.00 11,599 15,473 27,072 Dividends declared Dividend per ordinary share pence Total dividend \u00a3\u2019000 Second interim dividend in respect of the year ended 31 March 2023 2.00 15,450 Dividends paid during the period ended 31 March 2022 Dividend per ordinary share pence Dividend per C Share pence Total dividend \u00a3\u2019000 Interim dividend in respect of the period ended 31 March 2022 1.50 1.50 8,920 On 21 June 2023, the Board approved a second interim dividend of 2.0 pence per share in respect of the period from 1 April 2022 to 31 March 2023, bringing the total dividend for the year to 4.0 pence per share. The record date for this dividend is 30 June 2023 and the payment date is 21 July 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-305": { "value": "16. Financial risk management Financial risk management objectives Categories of financial instruments Fair value hierarchy Capital risk management The Company\u2019s investing activities intentionally expose it to various types of risks that are associated with the underlying investments. The Company makes the investment in order to generate returns in accordance with its investment policy and objectives. The most important types of financial risks to which the Company is exposed are market risk (including price, interest rate and foreign currency risk), liquidity risk and credit risk. The Board of Directors has overall responsibility for the determination of the Company\u2019s risk management and sets policy to manage that risk at an acceptable level to achieve those objectives. The policy and process for measuring and mitigating each of the main risks are described below. The Investment Manager and the Administrator provide advice to the Company which allows it to monitor and manage financial risks relating to its operations through internal risk reports which analyse exposures by degree and magnitude of risks. The Investment Manager and the Administrator report to the Board on a quarterly basis. For those financial assets and liabilities carried at amortised cost, the Directors are of the opinion that their carrying value approximates to their fair value. As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments 872,315 409,856 Forward contracts receivable \u2013 8,072 Other financial assets at amortised cost: Cash and cash equivalents 10,498 353,734 Trade and other receivables (excluding prepayments) 14,603 51,649 Financial liabilities Financial liabilities at amortised cost: Trade and other payables (21,782) (1,021) The table below analyses financial instruments measure at fair value at the reporting date by the level in fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the Statement of Financial Position. All fair value measurements below are recurring. 31 March 2023 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments \u2013 \u2013 872,315 872,315 Foreign exchange forwards \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 872,315 872,315 31 March 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Financial assets Financial assets at fair value through profit or loss: Investments \u2013 \u2013 409,856 409,856 Foreign exchange forwards \u2013 8,072 \u2013 8,072 \u2013 8,072 409,856 417,928 The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the capital return to shareholders. The capital structure of the Company consists of issued share capital and retained earnings, as stated in the Statement of Financial Position. In order to maintain or adjust the capital structure, the Company may issue new shares. There are no external capital requirements imposed on the Company. The Company\u2019s investment policy is set out in the Additional information section on pages 130 to 131. Market risk Market risk includes price risk, foreign currency risk and interest rate risk. Price risk The underlying investments held present a potential risk of loss of capital to the Company. As outlined in note 6, investments are in the form of shareholder loans and equity with protective provisions in place. Price risk arises from uncertainty about future prices of underlying financial investments held by the Company. As at 31 March 2023, the fair value of investments, excluding cash and cash equivalents, was \u00a3872.3 million (31 March 2022: \u00a3409.9 million) and a 5% increase/(decrease) in the price of investments with all other variables held constant would result in a change to the fair value of investments of +/- \u00a343.6 million (31 March 2022: \u00a320.5 million). Please refer to note 6 for quantitative information about the fair value measurements of the Company\u2019s Level 3 investments. The Company is exposed to a variety of risks which may have an impact on the carrying value of its investments. The risk factors are set out below. Not actively traded The Company\u2019s investments are not generally traded in an active market but are indirectly exposed to market price risk arising from uncertainties about future values of the investments held. The investments of the Company vary as to geographic distribution of operations and size, all of which may impact the susceptibility of their valuation to uncertainty. Concentration The Company invests in the Digital Infrastructure sector. While the Company is subject to the investment and diversification restrictions in its investment policy, within those limits material concentrations of investments may arise. Although the investments are in the same industry, each individual underlying data centre, mobile telecommunications tower or segment of a fibre-optic network held within the portfolio constitutes a separate Digital Infrastructure Asset. This risk is managed through careful selection of investments within the specified limits of the investment policy. Each of these investment restrictions is calculated and applied as at the time of investment and non-compliance resulting from changes in the price or value of assets following investment is not considered a breach of the investment restrictions. Foreign currency risk The Company invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in US dollars, Polish zloty and Czech koruna. The Company\u2019s currency risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Company also has exposure to foreign currency risk due to the payment of some expenses in US dollars, Czech koruna, Polish zloty, Canadian dollars and euros. Consequently, the Company is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company\u2019s assets or liabilities denominated in currencies other than pounds sterling. Any exposure to foreign currency risk at the underlying investment level is captured within price risk. The following table sets out, in pounds sterling, the Company\u2019s total exposure to direct and indirect foreign currency risk and the net exposure to foreign currencies of the monetary assets and liabilities: As at March 2023 USD \u00a3\u2019000 CZK \u00a3\u2019000 CAD \u00a3\u2019000 PLN \u00a3\u2019000 EUR \u00a3\u2019000 GBP \u00a3\u2019000 Total \u00a3\u2019000 Non-current assets Financial assets at fair value through profit or loss 56,993 389,101 \u2013 429,002 (2,984) 203 872,315 Total non-current assets 56,993 389,101 \u2013 429,002 (2,984) 203 872,315 Current assets Receivables and prepayments 9,164 \u2013 \u2013 \u2013 2,639 2,877 14,680 Foreign exchange derivative \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 168 \u2013 1 \u2013 1 10,328 10,498 Total current assets 9,332 \u2013 1 \u2013 2,640 13,205 25,178 Current liabilities Payables (30) \u2013 \u2013 \u2013 (20,745) (1,007) (21,782) Total current liabilities (30) \u2013 \u2013 \u2013 (20,745) (1,007) (21,782) Total net assets 66,295 389,101 1 429,002 (21,089) 12,401 875,711 As at March 2022 USD \u00a3\u2019000 CZK \u00a3\u2019000 CAD \u00a3\u2019000 PLN \u00a3\u2019000 EUR \u00a3\u2019000 GBP \u00a3\u2019000 Total \u00a3\u2019000 Non-current assets Financial assets at fair value through profit or loss 58,231 351,625 \u2013 \u2013 \u2013 \u2013 409,856 Total non-current assets 58,231 351,625 \u2013 \u2013 \u2013 \u2013 409,856 Current assets Receivables and prepayments 8,599 \u2013 \u2013 \u2013 \u2013 43,106 51,705 Foreign exchange derivative \u2013 \u2013 \u2013 8,072 \u2013 \u2013 8,072 Cash and cash equivalents 954 \u2013 3 \u2013 \u2013 352,777 353,734 Total current assets 9,553 \u2013 3 8,072 \u2013 395,883 413,511 Current liabilities Payables \u2013 \u2013 (2) \u2013 \u2013 (1,019) (1,021) Total current liabilities \u2013 \u2013 (2) \u2013 \u2013 (1,019) (1,021) Total net assets 67,784 351,625 1 8,072 \u2013 394,864 822,346 Interest rate risk Liquidity risk Credit risk Carrying value and maximum exposure Gearing The table below sets out the effect on the net assets against a reasonably possible weakening of the pound against the US dollar, Czech koruna, Polish zloty and euros by 5%, at 31 March 2023. The analysis assumes that all other variables remain constant. Effect in increase of pounds sterling As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 USD 3,315 3,389 CZK 19,455 17,581 PLN 21,450 404 EUR (1,054) \u2013 A strengthening of the pound against the above currencies would have resulted in an equal but opposite effect to the amounts shown above. The Company\u2019s exposure to interest rate risk relates to the Company\u2019s cash and cash equivalents. The Company is subject to risk due to fluctuations in the prevailing levels of market interest rates. The Company has no other interest-bearing assets or liabilities as at the reporting date. As a consequence, the Company is only exposed to variable market interest rate risk. As at 31 March 2023, the cash balance held by the Company was \u00a310.5 million (31 March 2022: \u00a3353.7 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest received of +/- \u00a30.1 million (31 March 2022: +/- \u00a33.5 million) per annum. Ultimate responsibility for liquidity risk management rests with the Board. Liquidity risk is defined as the risk that the Company may not be able to settle or meet its obligations on time or at a reasonable price. The Company\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the Company\u2019s reputation. The Company\u2019s liabilities are made up of estimated accruals and trade creditors which are due to be settled within three months of the year end. The Company\u2019s liquidity risk arises principally from the fact that there is no liquid market for its investments and it may not be able to realise their full value on a timely basis, The Company will maintain flexibility in funding by keeping sufficient liquidity in cash and cash equivalents, which may be invested on a temporary basis in line with the cash management policy as agreed by the Directors from time to time. Cash and cash equivalents as at the year-end are insufficient to cover the forecast expenses for the following twelve months, but the Company has access to further liquidity through the debt facility raised by its subsidiary Cordiant Digital Holdings Two Ltd, of which \u20ac150.0 million (\u00a3131.9 million) was undrawn at the balance sheet date. The Company adopts a prudent approach to liquidity management and through the preparation of budgets and cash flow forecasts maintains sufficient cash reserves to meet its obligations. Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Financial assets mainly consist of cash and cash equivalents and investments at fair value through profit or loss. The Company\u2019s risk on liquid funds is reduced because it can only deposit monies with institutions with a minimum credit rating of A-. The Company mitigates its credit risk exposure on its investments at fair value through profit or loss by the exercise of due diligence on the counterparties and the Investment Manager. The table below shows the material cash balances and the credit rating for the counterparties used by the Company at the year/period-end date: Location Rating 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Royal Bank of Scotland International Guernsey A- 10,498 353,734 The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Financial assets (including cash and equivalents but excluding prepayments) 25,101 413,455 As at the date of these financial statements the Company has no gearing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-320": { "value": "Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the capital return to shareholders. The capital structure of the Company consists of issued share capital and retained earnings, as stated in the Statement of Financial Position. In order to maintain or adjust the capital structure, the Company may issue new shares. There are no external capital requirements imposed on the Company. The Company\u2019s investment policy is set out in the Additional information section on pages 130 to 131. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-321": { "value": "Market risk Market risk includes price risk, foreign currency risk and interest rate risk. Price risk The underlying investments held present a potential risk of loss of capital to the Company. As outlined in note 6, investments are in the form of shareholder loans and equity with protective provisions in place. Price risk arises from uncertainty about future prices of underlying financial investments held by the Company. As at 31 March 2023, the fair value of investments, excluding cash and cash equivalents, was \u00a3872.3 million (31 March 2022: \u00a3409.9 million) and a 5% increase/(decrease) in the price of investments with all other variables held constant would result in a change to the fair value of investments of +/- \u00a343.6 million (31 March 2022: \u00a320.5 million). Please refer to note 6 for quantitative information about the fair value measurements of the Company\u2019s Level 3 investments. The Company is exposed to a variety of risks which may have an impact on the carrying value of its investments. The risk factors are set out below. Not actively traded The Company\u2019s investments are not generally traded in an active market but are indirectly exposed to market price risk arising from uncertainties about future values of the investments held. The investments of the Company vary as to geographic distribution of operations and size, all of which may impact the susceptibility of their valuation to uncertainty. Concentration The Company invests in the Digital Infrastructure sector. While the Company is subject to the investment and diversification restrictions in its investment policy, within those limits material concentrations of investments may arise. Although the investments are in the same industry, each individual underlying data centre, mobile telecommunications tower or segment of a fibre-optic network held within the portfolio constitutes a separate Digital Infrastructure Asset. This risk is managed through careful selection of investments within the specified limits of the investment policy. Each of these investment restrictions is calculated and applied as at the time of investment and non-compliance resulting from changes in the price or value of assets following investment is not considered a breach of the investment restrictions. Foreign currency risk The Company invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in US dollars, Polish zloty and Czech koruna. The Company\u2019s currency risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Company also has exposure to foreign currency risk due to the payment of some expenses in US dollars, Czech koruna, Polish zloty, Canadian dollars and euros. Consequently, the Company is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company\u2019s assets or liabilities denominated in currencies other than pounds sterling. Any exposure to foreign currency risk at the underlying investment level is captured within price risk. The following table sets out, in pounds sterling, the Company\u2019s total exposure to direct and indirect foreign currency risk and the net exposure to foreign currencies of the monetary assets and liabilities: As at March 2023 USD \u00a3\u2019000 CZK \u00a3\u2019000 CAD \u00a3\u2019000 PLN \u00a3\u2019000 EUR \u00a3\u2019000 GBP \u00a3\u2019000 Total \u00a3\u2019000 Non-current assets Financial assets at fair value through profit or loss 56,993 389,101 \u2013 429,002 (2,984) 203 872,315 Total non-current assets 56,993 389,101 \u2013 429,002 (2,984) 203 872,315 Current assets Receivables and prepayments 9,164 \u2013 \u2013 \u2013 2,639 2,877 14,680 Foreign exchange derivative \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Cash and cash equivalents 168 \u2013 1 \u2013 1 10,328 10,498 Total current assets 9,332 \u2013 1 \u2013 2,640 13,205 25,178 Current liabilities Payables (30) \u2013 \u2013 \u2013 (20,745) (1,007) (21,782) Total current liabilities (30) \u2013 \u2013 \u2013 (20,745) (1,007) (21,782) Total net assets 66,295 389,101 1 429,002 (21,089) 12,401 875,711 As at March 2022 USD \u00a3\u2019000 CZK \u00a3\u2019000 CAD \u00a3\u2019000 PLN \u00a3\u2019000 EUR \u00a3\u2019000 GBP \u00a3\u2019000 Total \u00a3\u2019000 Non-current assets Financial assets at fair value through profit or loss 58,231 351,625 \u2013 \u2013 \u2013 \u2013 409,856 Total non-current assets 58,231 351,625 \u2013 \u2013 \u2013 \u2013 409,856 Current assets Receivables and prepayments 8,599 \u2013 \u2013 \u2013 \u2013 43,106 51,705 Foreign exchange derivative \u2013 \u2013 \u2013 8,072 \u2013 \u2013 8,072 Cash and cash equivalents 954 \u2013 3 \u2013 \u2013 352,777 353,734 Total current assets 9,553 \u2013 3 8,072 \u2013 395,883 413,511 Current liabilities Payables \u2013 \u2013 (2) \u2013 \u2013 (1,019) (1,021) Total current liabilities \u2013 \u2013 (2) \u2013 \u2013 (1,019) (1,021) Total net assets 67,784 351,625 1 8,072 \u2013 394,864 822,346 Interest rate risk The table below sets out the effect on the net assets against a reasonably possible weakening of the pound against the US dollar, Czech koruna, Polish zloty and euros by 5%, at 31 March 2023. The analysis assumes that all other variables remain constant. Effect in increase of pounds sterling As at 31 March 2023 \u00a3\u2019000 As at 31 March 2022 \u00a3\u2019000 USD 3,315 3,389 CZK 19,455 17,581 PLN 21,450 404 EUR (1,054) \u2013 A strengthening of the pound against the above currencies would have resulted in an equal but opposite effect to the amounts shown above. The Company\u2019s exposure to interest rate risk relates to the Company\u2019s cash and cash equivalents. The Company is subject to risk due to fluctuations in the prevailing levels of market interest rates. The Company has no other interest-bearing assets or liabilities as at the reporting date. As a consequence, the Company is only exposed to variable market interest rate risk. As at 31 March 2023, the cash balance held by the Company was \u00a310.5 million (31 March 2022: \u00a3353.7 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest received of +/- \u00a30.1 million (31 March 2022: +/- \u00a33.5 million) per annum. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-322": { "value": "Liquidity risk Ultimate responsibility for liquidity risk management rests with the Board. Liquidity risk is defined as the risk that the Company may not be able to settle or meet its obligations on time or at a reasonable price. The Company\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the Company\u2019s reputation. The Company\u2019s liabilities are made up of estimated accruals and trade creditors which are due to be settled within three months of the year end. The Company\u2019s liquidity risk arises principally from the fact that there is no liquid market for its investments and it may not be able to realise their full value on a timely basis, The Company will maintain flexibility in funding by keeping sufficient liquidity in cash and cash equivalents, which may be invested on a temporary basis in line with the cash management policy as agreed by the Directors from time to time. Cash and cash equivalents as at the year-end are insufficient to cover the forecast expenses for the following twelve months, but the Company has access to further liquidity through the debt facility raised by its subsidiary Cordiant Digital Holdings Two Ltd, of which \u20ac150.0 million (\u00a3131.9 million) was undrawn at the balance sheet date. The Company adopts a prudent approach to liquidity management and through the preparation of budgets and cash flow forecasts maintains sufficient cash reserves to meet its obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-323": { "value": "Credit risk Carrying value and maximum exposure Gearing Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Financial assets mainly consist of cash and cash equivalents and investments at fair value through profit or loss. The Company\u2019s risk on liquid funds is reduced because it can only deposit monies with institutions with a minimum credit rating of A-. The Company mitigates its credit risk exposure on its investments at fair value through profit or loss by the exercise of due diligence on the counterparties and the Investment Manager. The table below shows the material cash balances and the credit rating for the counterparties used by the Company at the year/period-end date: Location Rating 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Royal Bank of Scotland International Guernsey A- 10,498 353,734 The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below: 31 March 2023 \u00a3\u2019000 31 March 2022 \u00a3\u2019000 Financial assets (including cash and equivalents but excluding prepayments) 25,101 413,455 As at the date of these financial statements the Company has no gearing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-306": { "value": "17. Related party transactions Directors Investments The Company has four non-executive Directors, each of whom is considered to be independent. Directors\u2019 fees for the year ended 31 March 2023 amounted to \u00a3185,000 (31 March 2022: \u00a3218,000), of which \u00a3nil (31 March 2022: \u00a3nil) was outstanding at the year end. As part of the IPO Shonaid Jemmett-Page and Sian Hill purchased 20,000 shares each, and Marten Pieters and Simon Pitcher purchased 25,000 shares each. Each of the directors was also granted Subscription Shares at time of the IPO at a rate of one Subscription Share for every eight ordinary shares purchased, and each of them has subsequently exercised their rights to convert their Subscription Shares into additional ordinary shares. In addition, all directors made extra purchases of shares during the year. Shonaid Jemmett-Page bought 5,539 shares, Sian Hill bought 15,000 shares, Marten Pieters bought 20,000 shares and Simon Pitcher bought 10,000 shares. The Directors\u2019 shares at 31 March 2023 are as shown in the table below: Ordinary shares held at 31 March 2023 Ordinary shares held at 31 March 2022 Shonaid Jemmett-Page 28,039 22,500 Sian Hill 37,500 22,500 Marten Pieters 48,125 28,125 Simon Pitcher 38,125 28,125 As part of the initial acquisition of Communications Investments Holdings s.r.o. (CIH) in April 2021, the Company acquired a loan due from CIH which accrues interest at 9.9% per annum. Total interest receivable by the Company in relation to the year was \u00a30.5 million (31 March 2022: \u00a32.9 million), of which \u00a3nil (31 March 2022: \u00a3nil) remained outstanding at the year/period end. The loan investment was transferred to the Company\u2019s subsidiary Cordiant Digital Holdings Two Ltd (CDH2) on 31 May 2022, in exchange for a promissory note. The balance on the promissory note investment at 31 March 2023, including accrued interest, was \u00a332.6 million (31 March 2022: nil). In January 2022, the assets of Hudson Interxchange were acquired by the Company\u2019s subsidiary CDIL Data Centre USA LLC. The Company provided funding for this transaction in the form of equity contributions. The balance of the equity investment at 31 March 2023, was \u00a352.2 million (31 March 2022: \u00a358.2 million). The Company has also provided additional funding during the year ended 31 March 2023 in the form of loans totalling \u00a34.7 million. Company subsidiaries On 16 December 2022, the Company borrowed \u00a320.3 million from CDH2, representing proceeds from a Eurobond issued by CDH2. The loan is subject to interest charged at variable rate. Interest charged during the year amounted to \u00a30.4 million (31 March 2022: \u00a3nil) which all remained outstanding as at 31 March 2023. The expenses paid by the Company on behalf of subsidiary companies during the year amounted to \u00a32.9 million (31 March 2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-324": { "value": "Directors The Company has four non-executive Directors, each of whom is considered to be independent. Directors\u2019 fees for the year ended 31 March 2023 amounted to \u00a3185,000 (31 March 2022: \u00a3218,000), of which \u00a3nil (31 March 2022: \u00a3nil) was outstanding at the year end. As part of the IPO Shonaid Jemmett-Page and Sian Hill purchased 20,000 shares each, and Marten Pieters and Simon Pitcher purchased 25,000 shares each. Each of the directors was also granted Subscription Shares at time of the IPO at a rate of one Subscription Share for every eight ordinary shares purchased, and each of them has subsequently exercised their rights to convert their Subscription Shares into additional ordinary shares. In addition, all directors made extra purchases of shares during the year. Shonaid Jemmett-Page bought 5,539 shares, Sian Hill bought 15,000 shares, Marten Pieters bought 20,000 shares and Simon Pitcher bought 10,000 shares. The Directors\u2019 shares at 31 March 2023 are as shown in the table below: Ordinary shares held at 31 March 2023 Ordinary shares held at 31 March 2022 Shonaid Jemmett-Page 28,039 22,500 Sian Hill 37,500 22,500 Marten Pieters 48,125 28,125 Simon Pitcher 38,125 28,125 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-307": { "value": "18. Ultimate controlling party In the opinion of the Board, on the basis of the shareholdings advised to them, the Company has no ultimate controlling party. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } }, "fact-308": { "value": "19. Subsequent events With the exception of dividends declared and disclosed in note 15, there are no material subsequent events. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00" } } } }