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"value": "1. General information Hipgnosis Songs Fund Limited was incorporated and registered in Guernsey on 8 June 2018 with registered number 65158 and is governed in accordance with the provisions of the Companies Law. The registered office address is Floor 2, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 4LY . The Company is registered with the Guernsey Financial Services Commission under the Registered Collective Investment Scheme Rules 2015, and the Protection of Investors (Bailiwick of Guernsey) Law, 2020. The Company is not authorised or regulated by the Financial Conduct Authority. The Company\u2019s Ordinary Shares were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 11 July 2018 and migrated to a Premium Listing on the Main Market of the London Stock Exchange on 25 September 2019. The Company was added as a constituent of the FTSE 250 Index effective from after the market close on 20 March 2020. The Company makes and manages its investments through its subsidiaries, which are registered in the UK and US as limited companies. The Consolidated Financial Statements present the results of the Group for the year ended 31 March 2023, rounded to the nearest US Dollar. The Group is principally engaged in investing in and managing music copyrights and associated musical intellectual property. There has been a presentational change in the comparative period in the Consolidated Statement of Profit and Loss, as set out in Note 23.",
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"value": "2. Accounting policies The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied, unless otherwise stated. New and amended standards and interpretations applied On incorporation, the Company adopted all of the IFRS standards and interpretations that were in effect at that date and are applicable to the Group. No new standards during the year ended 31 March 2023 had a material impact on the Consolidated Financial Statements. Amended standards and interpretations not applied The following are amended standards and interpretations in issue effective from years beginning on or after 1 January 2023: Amended standards and interpretations Effective date IFRS 17 Insurance Contracts 1 January 2023 IAS 1 Presentation of Financial Statements (Amendments regarding financial statements\u2019 on classification of liabilities and disclosure of accounting policies) 1 January 2023 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Definition of Accounting Estimates) 1 January 2023 IAS 12 Income Taxes (Deferred Tax related to Assets and Liabilities arising from a Single Transaction) 1 January 2023 The Group has considered the IFRS standards and interpretations that have been issued but are not yet effective. None of these standards or interpretations are likely to have a material effect on the Group, as it is the belief of the Board that the activities of the Group are unlikely to be affected by the changes to these standards, although any disclosures recommended by these standards, where applicable, will be provided as required. 2. Accounting policies (continued) a) Group information As at 31 March 2023, the details of the Company\u2019s subsidiaries are as follows: Name of the subsidiary Place of incorporation and operation % of voting rights % interest Consolidation method Functional Currency Hipgnosis Holdings UK Limited UK 100 100 Full USD Hipgnosis SFH I Limited UK 100 100 Full USD Hipgnosis SFH XIII Limited UK 100 100 Full USD Hipgnosis SFH XIX Limited UK 100 100 Full USD Hipgnosis SFH XX Limited UK 100 100 Full GBP RubyRuby (London) Limited 1 UK 100 100 Full GBP Hipgnosis Songs Group LLC 2 US 100 100 Full USD Hipgnosis Acquisition Corp 2 US 100 100 Full USD Kennedy Publishing & Productions Limited 1 UK 100 100 Full GBP Robot of the Century Music Publishing Company Inc US 100 100 Full USD Deamon Limited 1 UK 100 100 Full GBP PB Songs Ltd 1 UK 100 100 Full GBP 1 These companies are subsidiaries of Hipgnosis SFH XX Limited and therefore an indirect subsidiary of Hipgnosis Songs Fund Limited. 2 On 10 September 2020 the Company acquired the entire share capital of Big Deal Music Group (rebranded to Hipgnosis Songs Group) which includes BDM Acquisition Corp (rebranded to Hipgnosis Acquisition Corp) and Big Deal Music LLC (rebranded to Hipgnosis Songs Group LLC) both incorporated in the US. Big Deal Music LLC is part of a joint venture with Big Family LLC, a publishing company which was formed in June 2018 and is equity accounted for in the Consolidated Financial Statements. All subsidiaries undertake the same activities as the Group. In addition, Hipgnosis Songs Group LLC undertakes publishing administration. The majority of subsidiaries of the Company are considered tax resident in the UK and are subject to UK corporation tax. Robot of the Century Music Publishing Inc is registered in New York, Hipgnosis Songs Group LLC and Hipgnosis Acquisition Corp. are registered in Delaware and all are subject to applicable State and Federal Taxes. b) Going concern The Directors monitor the capital and liquidity requirements of the Company on a regular basis. They have also reviewed cash flow forecasts prepared by the Investment Adviser which are based in part on assumptions about the future purchase and returns from existing Catalogues of Songs and the annual operating cost. Based on these sources of information and their judgement, the Directors believe it is appropriate to prepare the Consolidated Financial Statements of the Group on a going concern basis. Although the Board is confident that the Company will have sufficient financial resources to meet their obligations due within 12 months of the reporting date, the outcome of the Continuation Vote which is due to be held before the end of September 2023 in accordance with Part I, Section 9 of the latest Company prospectus creates a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern or in its current form and, therefore, that it may be unable to realize its assets and discharge its liabilities in line with the current normal course of business. 2. Accounting policies (continued) c) Basis of preparation Basis of accounting The Consolidated Financial Statements have been prepared in accordance with IFRS and applicable company law. The Consolidated Financial Statements have been prepared on a historical cost basis as amended from time to time by the fair valuing of certain financial assets and liabilities where applicable. Consolidation In accordance with section 244 of the Companies Law, the Directors have elected to prepare only consolidated accounts for the financial year for the Group. Therefore, there is no requirement to present individual accounts for the Company within the Consolidated Financial Statements. The Company is not considered to be an Investment Entity, as defined by IFRS 10. Whilst the Company evaluates the Portfolio on a fair value basis as demonstrated by the Operating NAV provided as an alternate performance measure, the Company also actively manages the Songs to add further value and has no defined exit strategy for any of its investments. All companies in which the Company has a controlling interest, namely those in which it has the power to govern financial and operational policies in order to obtain benefits from their operations, are fully consolidated. Control as defined by IFRS 10 is based on the following three criteria to be fulfilled simultaneously to conclude that the parent company exercises control: \u2022 a parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e. the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e. they shall be exercisable at any time without limitation, particularly during decision making related to significant activities. The assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners; \u2022 the parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The concept of returns is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and \u2022 the parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control. Consolidated Financial Statements of a group are presented as if the Group were a single economic entity. The Group does not include any non-controlling interest. Segmental reporting The chief operating decision maker is the Board of Directors. All of the Company\u2019s income is global but received from sources within US, Europe and UK. While the Company\u2019s income is derived internationally, the Directors are of the opinion that the Group is engaged in a single segment of business, being the investment of the Company\u2019s capital in a Portfolio of Song copyrights, together with the potential for capital growth. 2. Accounting policies (continued) d) Revenue recognition Bank interest income Interest income from cash deposits is recognised as it accrues by reference to the effective interest rate applicable. Revenue from operations and associated costs Revenues from operations are recorded when it is probable that future economic benefits will be obtained by the Group and when they can be reliably measured. The revenue earned by the Group is recognised in accordance with IFRS 15 and solely consists of royalty income, which is divided into these main revenue categories: i) Mechanical royalties \u2013 these are collected by PROs worldwide which represent Songwriters and other copyright owners. Mechanical royalties are also collected by royalty collection agents or the portfolio administrators with whom the Group contracts. This includes mechanical income, an element of streaming income and publishing admin income and digital downloads income; ii) Performance royalties \u2013 these are collected by various PROs worldwide which represent Songwriters and other copyright owners. This includes performance income, an element of streaming income and publishing admin income and writer share income; iii) Synchronisation fees \u2013 these are typically paid directly to the owner of the relevant copyright or its publisher, on the terms and in the amounts agreed with the relevant film or television production company, advertising agency or end customer. This includes synchronization income and an element of publishing admin income; and iv) Masters royalties \u2013 these are royalties collected on our masters rights. These are collected by record companies and collection agencies and paid to master rights owners based on their contractual rates. This revenue category includes masters income, neighbouring rights income and producer royalties. These revenue categories are further disaggregated into individual revenue streams which are disclosed in detail in Note 13. The Group follows the same accounting policies in respect of all revenue streams, unless otherwise disclosed. As royalty income is typically reported by the royalty collection agents/performance rights organisations on an arrears basis via statement and where statements have not been received at the year end, the Group accrues for revenue relating to processing delays (outstanding royalty statements/time lag in royalty reporting) and for the period between consumption and reporting. This is done by assessing historic and forecasted earnings over the equivalent reporting period based on evidenced historic revenue reporting, seasonality and industry consumption and growth rates since the last statement date. Licence arrangements for all income types which include publishing income (mechanical, performance, downloads, Streaming, Synchronisation and writer share income), income derived from master recordings and producer royalties. The Group enters into licence arrangements in respect of Catalogues of Songs with third-party collection agents. Licences granted to collection agents are deemed to constitute usage based, right of use licences as per IFRS 15. Revenue arising from licences entered into with collection agents is therefore recognised in the period. Payment is received once the royalty statement is delivered, the royalty statement includes amounts covered by both the usage and processing accrual. This revenue, which is net of the administration fee retained by the collection agent, is disaggregated to be reviewed by song usage period, source of income, work title, reporting period and any third-party royalty entitlements where necessary. The contractual basis of the licence arrangements are such that the agents are deemed as \u2018principals\u2019 for tax purposes, therefore the Group recognises its revenue net of administration fees. 2. Accounting policies (continued) Where available at the end of each month or at an earlier interval to which the revenue relates, revenue is recorded on the basis of royalty statements received from collection agents. Where notification has not yet been received from collection agents, an estimate is made of the revenue due to the Group at the end of the month to which the usage of the music copyright relates. Estimates are made on the basis of the historical track record of music Catalogues, ad hoc data provided by collection agents, industry forecasts and expected seasonal variations. Non-recourse fixed fee arrangements are recognised at the point at which control of the licence passes to the collection agents. Variable consideration is recognised in the period when the usage of the Catalogues of Songs occurs. e) Royalty costs Royalty costs are contractual royalties due to Songwriters, calculated on a quarterly or semi-annual basis, and these are deducted from gross revenue when calculating net revenue. Royalty costs are paid when the Songwriter is in a recouped position. These royalty costs are associated with Songwriters that are published or administered by Kobalt or HSG. f) Expenses Expenses are accounted for on an accruals basis. Expenses are charged through the Consolidated Statement of Profit and Loss. g) Dividends to Shareholders Dividends are accounted for in the year in which they are paid. The Company, being a Guernsey regulated entity, is able to pay dividends out of capital, subject to the assessment of solvency in accordance with the Companies Law and subject to a levered free cashflow test as required by the Revolving Credit Facility. Nonetheless, the Board of Directors carefully consider any dividend payments made to ensure the Company\u2019s capital is maintained in the longer term. Careful consideration is also given to ensuring sufficient cash is available to meet the Company\u2019s liabilities as they fall due. h) Assets Catalogues of Songs Catalogues of Songs include music Catalogues, artists\u2019 contracts and music publishing rights and are recognised as intangible assets measured initially at the fair value of the consideration paid. Catalogues of Songs are subsequently amortised in expenses over the useful life of the asset and shown net of any impairment considered. This amortisation is shown in the Consolidated Statement of Profit and Loss as \u2018Amortisation of Catalogues of Songs\u2019. An assessment of the useful life of each Catalogue is considered at each reporting period, which is 20 years, in line with what the Board of Directors and Investment Adviser deem to be industry standard. Useful life of intangible assets In order to calculate the amortised cost of the intangible assets it is necessary to assess the useful economic life of the copyright interests in Songs. This requires forecasts of the expected future revenue from the copyright interests, which contains uncertainties as the ongoing popularity of a song can fluctuate unexpectedly. An assessment of the useful life of Catalogues is considered initially at acquisition, which is 20 years, and assessed for continued applicability at each reporting period. A useful life of 20 years is what the Board of Directors and the Investment Adviser deem to be industry standard. Although an estimate, the Board do not believe that there is significant judgement applied and as a result no sensitivity has been performed. 2. Accounting policies (continued) Asset impairment Intangible assets are subject to a bi-annual review to identify any indicators of impairment; this review can also be performed when events or the economic environment indicate a risk of impairment. When there are indicators of impairment, the recoverable amount of the asset is compared to the carrying value of the asset. The recoverable amount is determined as the higher of: (i) the value in use; or (ii) the fair value as described hereafter, for each individual asset. The Fair Value of the Catalogues as calculated by the Independent Portfolio Valuer is used to identify any indicators of impairment. The Independent Portfolio Valuer adopts a DCF valuation approach and applies a number of significant assumptions to the projected future earnings for all Catalogues including: \u2022 Market factors impacting revenues; \u2022 Discount rate, currently 8.5% (31 March 2022: 8.5%); and \u2022 Terminal value at 16 years. The fair value uses an IFRS 13 approach that a market participant might apply and does not factor in the impact of any future active management by the Investment Adviser or other planned activities to increase the revenue of those Catalogues. Any Catalogues which have a carrying value higher than their Fair Value are at risk of impairment. As part of the bi-annual impairment review, the Company then considers whether there are mitigating factors relevant to the Catalogues which have a carrying value higher than their Fair Value to assess if there is a residual risk of impairment in the Catalogues. These factors include a requirement that the Catalogue\u2019s Fair Value has been lower than its carrying value for a period of at least 2 years and any future planned activities by the artist which are not factored into the fair value model but could reasonably be expected to increase the future earnings of the Catalogue. After the above mitigating factors have been applied, a Value-In-Use is calculated for any Catalogues with a residual risk of impairment. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Independent Portfolio Valuer, with a 0.5% reduction to the discount rate. The reduction in the discount rate reflects the Company\u2019s ability to drive additional value through active management of a Catalogue and addresses the passive nature of the Company\u2019s cash flows. If the Value-In-Use calculation for the Catalogue is lower than the carrying value of the Catalogue, an impairment loss equal to the difference between the Value-In-Use calculated and the carrying value is recognised in the Consolidated Statement of Profit and Loss. The impairment losses recognised in respect of intangible assets may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognised. The impairment review is performed at an individual Catalogue level with the exception of Kobalt. The Kobalt portfolio contains a number of Catalogues; the Company identifies a number of these Catalogues as \u2018key Catalogues\u2019. The Company has performed a purchase price allocation within the Kobalt portfolio between the key Catalogues and the other Catalogues. The key Catalogues represent 91% of the carrying value of the Kobalt portfolio. The Portfolio Independent Valuer values both the key Catalogues and the remaining Catalogues within the Kobalt portfolio under the same methodology as the other Catalogues held by the Company. The impairment review for both the key Catalogues and the remaining Catalogues within the Kobalt portfolio follow the same process as the other Catalogues held by the Company. Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are initially measured at fair value plus transaction costs directly attributable to the acquisition and subsequently measured at amortised cost using the effective interest method, less allowance for Expected Credit Loss (Note 4). Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. 2. Accounting policies (continued) Held for trading derivative financial assets Derivative financial assets that are held for trading and whose performance is evaluated on a fair value basis are measured at fair value through profit and loss (FVTPL). Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. Derecognition of assets The Group derecognises an asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. On derecognition of an asset in its entirety, the difference between the asset\u2019s carrying amount and the sum of the consideration received is recognised in the Consolidated Statement of Profit and Loss. i) Catalogue bonus provision Under the terms of the acquisition agreements for Catalogues, the Group recognises a financial liability for consideration that may be payable in line with the acquisition agreements that are dependent on the performance of the respective Catalogues. Such financial liabilities are initially recognised at fair value and subsequently carried at amortised cost. Management consider both the revenue forecasts used in the independent valuation and their expectation of revenue expected to be received within the specified performance time frame of acquiring the Catalogues when assessing the initial recognition of this financial liability. At 31 March 2023 a provision for the financial liability of $45.0 million was recognised as a Catalogue bonus provision given the likelihood of economic outflow being triggered through respective Catalogue performance (31 March 2022: $1.3 million). j) Deferred consideration In such cases where payment is deferred and capitalised under the terms of the acquisition agreements for Catalogues, a liability will be recognised at net present value with any associated finance charge to be accrued over the respective deferral period. k) Financial liabilities and equity Financial liabilities are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the value of proceeds received, net of direct issue costs. Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in the Consolidated Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. Loans and borrowings Loans and borrowings are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. 2. Accounting policies (continued) Held for trading derivative financial liabilities Held for trading derivative financial liabilities are classified as measured at fair value through profit and loss (FVTPL). Financial liabilities at FVTPL are measured at fair value. Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the Consolidated Statement of Profit and Loss. l) Share-based payments Investment Adviser\u2019s performance fee The Group recognises the variable fee for the services received in a share-based payment transaction as the Group becomes liable to the variable fee on an accruals basis. The fair value of the performance fee, as defined in the Investment Advisory Agreement, which is payable to the Investment Adviser in Shares is recognised as an expense when the fees are earned with a corresponding increase in equity. m) Cash and cash equivalents Cash at bank and short-term deposits which are held to maturity are carried at cost. Cash and cash equivalents are defined as call deposits, short term deposits with a term of no more than 3 months from the start of the deposit and highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Cash and cash equivalents consist of cash in hand and short-term deposits in banks with an original maturity of 3 months or less. n) Functional and foreign currency Determination of functional currency Whilst the functional currency of the Company is Dollars, some subsidiaries have a functional currency of Sterling which is translated into the presentation currency. The entities which continue to have a functional currency of Sterling are shown in Note 2(a). Items included in the Consolidated Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which each entity operates (\u201cthe functional currency\u201d). The Consolidated Financial Statements are presented in Dollars, which is the Group\u2019s functional and presentation currency of the Company and each of its subsidiaries. Treatment of foreign currency At the balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in the Consolidated Statement of Profit and Loss in the year in which they arise. Transactions denominated in foreign currencies are translated into Dollars at the rate of exchange ruling at the date of the transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-308": {
"value": "New and amended standards and interpretations applied On incorporation, the Company adopted all of the IFRS standards and interpretations that were in effect at that date and are applicable to the Group. No new standards during the year ended 31 March 2023 had a material impact on the Consolidated Financial Statements. Amended standards and interpretations not applied The following are amended standards and interpretations in issue effective from years beginning on or after 1 January 2023: Amended standards and interpretations Effective date IFRS 17 Insurance Contracts 1 January 2023 IAS 1 Presentation of Financial Statements (Amendments regarding financial statements\u2019 on classification of liabilities and disclosure of accounting policies) 1 January 2023 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Definition of Accounting Estimates) 1 January 2023 IAS 12 Income Taxes (Deferred Tax related to Assets and Liabilities arising from a Single Transaction) 1 January 2023 The Group has considered the IFRS standards and interpretations that have been issued but are not yet effective. None of these standards or interpretations are likely to have a material effect on the Group, as it is the belief of the Board that the activities of the Group are unlikely to be affected by the changes to these standards, although any disclosures recommended by these standards, where applicable, will be provided as required. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-344": {
"value": "New and amended standards and interpretations applied On incorporation, the Company adopted all of the IFRS standards and interpretations that were in effect at that date and are applicable to the Group. No new standards during the year ended 31 March 2023 had a material impact on the Consolidated Financial Statements. Amended standards and interpretations not applied The following are amended standards and interpretations in issue effective from years beginning on or after 1 January 2023: Amended standards and interpretations Effective date IFRS 17 Insurance Contracts 1 January 2023 IAS 1 Presentation of Financial Statements (Amendments regarding financial statements\u2019 on classification of liabilities and disclosure of accounting policies) 1 January 2023 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Definition of Accounting Estimates) 1 January 2023 IAS 12 Income Taxes (Deferred Tax related to Assets and Liabilities arising from a Single Transaction) 1 January 2023 The Group has considered the IFRS standards and interpretations that have been issued but are not yet effective. None of these standards or interpretations are likely to have a material effect on the Group, as it is the belief of the Board that the activities of the Group are unlikely to be affected by the changes to these standards, although any disclosures recommended by these standards, where applicable, will be provided as required. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-309": {
"value": "a) Group information
As at 31 March 2023, the details of the Company\u2019s subsidiaries are as follows:
Name of the subsidiary
Place of
incorporation and
operation % of voting rights % interest
Consolidation
method
Functional
Currency
Hipgnosis Holdings UK Limited UK 100 100 Full USD
Hipgnosis SFH I Limited UK 100 100 Full USD
Hipgnosis SFH XIII Limited UK 100 100 Full USD
Hipgnosis SFH XIX Limited UK 100 100 Full USD
Hipgnosis SFH XX Limited UK 100 100 Full GBP
RubyRuby (London) Limited
1
UK 100 100 Full GBP
Hipgnosis Songs Group LLC
2
US 100 100 Full USD
Hipgnosis Acquisition Corp
2
US 100 100 Full USD
Kennedy Publishing & Productions
Limited
1
UK 100 100 Full GBP
Robot of the Century Music Publishing
Company Inc US 100 100 Full USD
Deamon Limited
1
UK 100 100 Full GBP
PB Songs Ltd
1
UK 100 100 Full GBP
1 These companies are subsidiaries of Hipgnosis SFH XX Limited and therefore an indirect subsidiary of Hipgnosis Songs Fund Limited.
2 On 10 September 2020 the Company acquired the entire share capital of Big Deal Music Group (rebranded to Hipgnosis Songs Group) which includes BDM Acquisition Corp
(rebranded to Hipgnosis Acquisition Corp) and Big Deal Music LLC (rebranded to Hipgnosis Songs Group LLC) both incorporated in the US. Big Deal Music LLC is part of a joint
venture with Big Family LLC, a publishing company which was formed in June 2018 and is equity accounted for in the Consolidated Financial Statements.
All subsidiaries undertake the same activities as the Group. In addition, Hipgnosis Songs Group LLC undertakes
publishing administration.
The majority of subsidiaries of the Company are considered tax resident in the UK and are subject to UK corporation
tax. Robot of the Century Music Publishing Inc is registered in New York, Hipgnosis Songs Group LLC and Hipgnosis
Acquisition Corp. are registered in Delaware and all are subject to applicable State and Federal Taxes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-310": {
"value": "b) Going concern The Directors monitor the capital and liquidity requirements of the Company on a regular basis. They have also reviewed cash flow forecasts prepared by the Investment Adviser which are based in part on assumptions about the future purchase and returns from existing Catalogues of Songs and the annual operating cost. Based on these sources of information and their judgement, the Directors believe it is appropriate to prepare the Consolidated Financial Statements of the Group on a going concern basis. Although the Board is confident that the Company will have sufficient financial resources to meet their obligations due within 12 months of the reporting date, the outcome of the Continuation Vote which is due to be held before the end of September 2023 in accordance with Part I, Section 9 of the latest Company prospectus creates a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern or in its current form and, therefore, that it may be unable to realize its assets and discharge its liabilities in line with the current normal course of business. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-311": {
"value": "c) Basis of preparation Basis of accounting The Consolidated Financial Statements have been prepared in accordance with IFRS and applicable company law. The Consolidated Financial Statements have been prepared on a historical cost basis as amended from time to time by the fair valuing of certain financial assets and liabilities where applicable. Consolidation In accordance with section 244 of the Companies Law, the Directors have elected to prepare only consolidated accounts for the financial year for the Group. Therefore, there is no requirement to present individual accounts for the Company within the Consolidated Financial Statements. The Company is not considered to be an Investment Entity, as defined by IFRS 10. Whilst the Company evaluates the Portfolio on a fair value basis as demonstrated by the Operating NAV provided as an alternate performance measure, the Company also actively manages the Songs to add further value and has no defined exit strategy for any of its investments. All companies in which the Company has a controlling interest, namely those in which it has the power to govern financial and operational policies in order to obtain benefits from their operations, are fully consolidated. Control as defined by IFRS 10 is based on the following three criteria to be fulfilled simultaneously to conclude that the parent company exercises control: \u2022 a parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e. the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e. they shall be exercisable at any time without limitation, particularly during decision making related to significant activities. The assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners; \u2022 the parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The concept of returns is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and \u2022 the parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control. Consolidated Financial Statements of a group are presented as if the Group were a single economic entity. The Group does not include any non-controlling interest. Segmental reporting The chief operating decision maker is the Board of Directors. All of the Company\u2019s income is global but received from sources within US, Europe and UK. While the Company\u2019s income is derived internationally, the Directors are of the opinion that the Group is engaged in a single segment of business, being the investment of the Company\u2019s capital in a Portfolio of Song copyrights, together with the potential for capital growth. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-345": {
"value": "Basis of accounting The Consolidated Financial Statements have been prepared in accordance with IFRS and applicable company law. The Consolidated Financial Statements have been prepared on a historical cost basis as amended from time to time by the fair valuing of certain financial assets and liabilities where applicable. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-346": {
"value": "Consolidation In accordance with section 244 of the Companies Law, the Directors have elected to prepare only consolidated accounts for the financial year for the Group. Therefore, there is no requirement to present individual accounts for the Company within the Consolidated Financial Statements. The Company is not considered to be an Investment Entity, as defined by IFRS 10. Whilst the Company evaluates the Portfolio on a fair value basis as demonstrated by the Operating NAV provided as an alternate performance measure, the Company also actively manages the Songs to add further value and has no defined exit strategy for any of its investments. All companies in which the Company has a controlling interest, namely those in which it has the power to govern financial and operational policies in order to obtain benefits from their operations, are fully consolidated. Control as defined by IFRS 10 is based on the following three criteria to be fulfilled simultaneously to conclude that the parent company exercises control: \u2022 a parent company has power over a subsidiary when the parent company has existing rights that give it the current ability to direct the relevant activities of the subsidiary, i.e. the activities that significantly affect the subsidiary\u2019s returns. Power may arise from existing or potential voting rights, or contractual arrangements. Voting rights must be substantial, i.e. they shall be exercisable at any time without limitation, particularly during decision making related to significant activities. The assessment of the exercise of power depends on the nature of the subsidiary\u2019s relevant activities, the internal decision-making process, and the allocation of rights among the subsidiary\u2019s other shareowners; \u2022 the parent company is exposed, or has rights, to variable returns from its involvement with the subsidiary which may vary as a result of the subsidiary\u2019s performance. The concept of returns is broadly defined and includes, among other things, dividends and other economic benefit distributions, changes in the value of the investment in the subsidiary, economies of scale, and business synergies; and \u2022 the parent company has the ability to use its power to affect the returns. Exercising power without having any impact on returns does not qualify as control. Consolidated Financial Statements of a group are presented as if the Group were a single economic entity. The Group does not include any non-controlling interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-347": {
"value": "Segmental reporting The chief operating decision maker is the Board of Directors. All of the Company\u2019s income is global but received from sources within US, Europe and UK. While the Company\u2019s income is derived internationally, the Directors are of the opinion that the Group is engaged in a single segment of business, being the investment of the Company\u2019s capital in a Portfolio of Song copyrights, together with the potential for capital growth. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-312": {
"value": "d) Revenue recognition Bank interest income Interest income from cash deposits is recognised as it accrues by reference to the effective interest rate applicable. Revenue from operations and associated costs Revenues from operations are recorded when it is probable that future economic benefits will be obtained by the Group and when they can be reliably measured. The revenue earned by the Group is recognised in accordance with IFRS 15 and solely consists of royalty income, which is divided into these main revenue categories: i) Mechanical royalties \u2013 these are collected by PROs worldwide which represent Songwriters and other copyright owners. Mechanical royalties are also collected by royalty collection agents or the portfolio administrators with whom the Group contracts. This includes mechanical income, an element of streaming income and publishing admin income and digital downloads income; ii) Performance royalties \u2013 these are collected by various PROs worldwide which represent Songwriters and other copyright owners. This includes performance income, an element of streaming income and publishing admin income and writer share income; iii) Synchronisation fees \u2013 these are typically paid directly to the owner of the relevant copyright or its publisher, on the terms and in the amounts agreed with the relevant film or television production company, advertising agency or end customer. This includes synchronization income and an element of publishing admin income; and iv) Masters royalties \u2013 these are royalties collected on our masters rights. These are collected by record companies and collection agencies and paid to master rights owners based on their contractual rates. This revenue category includes masters income, neighbouring rights income and producer royalties. These revenue categories are further disaggregated into individual revenue streams which are disclosed in detail in Note 13. The Group follows the same accounting policies in respect of all revenue streams, unless otherwise disclosed. As royalty income is typically reported by the royalty collection agents/performance rights organisations on an arrears basis via statement and where statements have not been received at the year end, the Group accrues for revenue relating to processing delays (outstanding royalty statements/time lag in royalty reporting) and for the period between consumption and reporting. This is done by assessing historic and forecasted earnings over the equivalent reporting period based on evidenced historic revenue reporting, seasonality and industry consumption and growth rates since the last statement date. Licence arrangements for all income types which include publishing income (mechanical, performance, downloads, Streaming, Synchronisation and writer share income), income derived from master recordings and producer royalties. The Group enters into licence arrangements in respect of Catalogues of Songs with third-party collection agents. Licences granted to collection agents are deemed to constitute usage based, right of use licences as per IFRS 15. Revenue arising from licences entered into with collection agents is therefore recognised in the period. Payment is received once the royalty statement is delivered, the royalty statement includes amounts covered by both the usage and processing accrual. This revenue, which is net of the administration fee retained by the collection agent, is disaggregated to be reviewed by song usage period, source of income, work title, reporting period and any third-party royalty entitlements where necessary. The contractual basis of the licence arrangements are such that the agents are deemed as \u2018principals\u2019 for tax purposes, therefore the Group recognises its revenue net of administration fees. Where available at the end of each month or at an earlier interval to which the revenue relates, revenue is recorded on the basis of royalty statements received from collection agents. Where notification has not yet been received from collection agents, an estimate is made of the revenue due to the Group at the end of the month to which the usage of the music copyright relates. Estimates are made on the basis of the historical track record of music Catalogues, ad hoc data provided by collection agents, industry forecasts and expected seasonal variations. Non-recourse fixed fee arrangements are recognised at the point at which control of the licence passes to the collection agents. Variable consideration is recognised in the period when the usage of the Catalogues of Songs occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-348": {
"value": "Bank interest income Interest income from cash deposits is recognised as it accrues by reference to the effective interest rate applicable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-361": {
"value": "Bank interest income Interest income from cash deposits is recognised as it accrues by reference to the effective interest rate applicable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-362": {
"value": "iii) Synchronisation fees \u2013 these are typically paid directly to the owner of the relevant copyright or its publisher, on the terms and in the amounts agreed with the relevant film or television production company, advertising agency or end customer. This includes synchronization income and an element of publishing admin income;",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-313": {
"value": "e) Royalty costs Royalty costs are contractual royalties due to Songwriters, calculated on a quarterly or semi-annual basis, and these are deducted from gross revenue when calculating net revenue. Royalty costs are paid when the Songwriter is in a recouped position. These royalty costs are associated with Songwriters that are published or administered by Kobalt or HSG. ",
"dimensions": {
"concept": "hipgnosissongs:DescriptionOfAccountingPolicyForRoyaltyCostsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-314": {
"value": "f) Expenses Expenses are accounted for on an accruals basis. Expenses are charged through the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-315": {
"value": "g) Dividends to Shareholders Dividends are accounted for in the year in which they are paid. The Company, being a Guernsey regulated entity, is able to pay dividends out of capital, subject to the assessment of solvency in accordance with the Companies Law and subject to a levered free cashflow test as required by the Revolving Credit Facility. Nonetheless, the Board of Directors carefully consider any dividend payments made to ensure the Company\u2019s capital is maintained in the longer term. Careful consideration is also given to ensuring sufficient cash is available to meet the Company\u2019s liabilities as they fall due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-316": {
"value": "Catalogues of Songs Catalogues of Songs include music Catalogues, artists\u2019 contracts and music publishing rights and are recognised as intangible assets measured initially at the fair value of the consideration paid. Catalogues of Songs are subsequently amortised in expenses over the useful life of the asset and shown net of any impairment considered. This amortisation is shown in the Consolidated Statement of Profit and Loss as \u2018Amortisation of Catalogues of Songs\u2019. An assessment of the useful life of each Catalogue is considered at each reporting period, which is 20 years, in line with what the Board of Directors and Investment Adviser deem to be industry standard. Useful life of intangible assets In order to calculate the amortised cost of the intangible assets it is necessary to assess the useful economic life of the copyright interests in Songs. This requires forecasts of the expected future revenue from the copyright interests, which contains uncertainties as the ongoing popularity of a song can fluctuate unexpectedly. An assessment of the useful life of Catalogues is considered initially at acquisition, which is 20 years, and assessed for continued applicability at each reporting period. A useful life of 20 years is what the Board of Directors and the Investment Adviser deem to be industry standard. Although an estimate, the Board do not believe that there is significant judgement applied and as a result no sensitivity has been performed. Asset impairment Intangible assets are subject to a bi-annual review to identify any indicators of impairment; this review can also be performed when events or the economic environment indicate a risk of impairment. When there are indicators of impairment, the recoverable amount of the asset is compared to the carrying value of the asset. The recoverable amount is determined as the higher of: (i) the value in use; or (ii) the fair value as described hereafter, for each individual asset. The Fair Value of the Catalogues as calculated by the Independent Portfolio Valuer is used to identify any indicators of impairment. The Independent Portfolio Valuer adopts a DCF valuation approach and applies a number of significant assumptions to the projected future earnings for all Catalogues including: \u2022 Market factors impacting revenues; \u2022 Discount rate, currently 8.5% (31 March 2022: 8.5%); and \u2022 Terminal value at 16 years. The fair value uses an IFRS 13 approach that a market participant might apply and does not factor in the impact of any future active management by the Investment Adviser or other planned activities to increase the revenue of those Catalogues. Any Catalogues which have a carrying value higher than their Fair Value are at risk of impairment. As part of the bi-annual impairment review, the Company then considers whether there are mitigating factors relevant to the Catalogues which have a carrying value higher than their Fair Value to assess if there is a residual risk of impairment in the Catalogues. These factors include a requirement that the Catalogue\u2019s Fair Value has been lower than its carrying value for a period of at least 2 years and any future planned activities by the artist which are not factored into the fair value model but could reasonably be expected to increase the future earnings of the Catalogue. After the above mitigating factors have been applied, a Value-In-Use is calculated for any Catalogues with a residual risk of impairment. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Independent Portfolio Valuer, with a 0.5% reduction to the discount rate. The reduction in the discount rate reflects the Company\u2019s ability to drive additional value through active management of a Catalogue and addresses the passive nature of the Company\u2019s cash flows. If the Value-In-Use calculation for the Catalogue is lower than the carrying value of the Catalogue, an impairment loss equal to the difference between the Value-In-Use calculated and the carrying value is recognised in the Consolidated Statement of Profit and Loss. The impairment losses recognised in respect of intangible assets may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognised. The impairment review is performed at an individual Catalogue level with the exception of Kobalt. The Kobalt portfolio contains a number of Catalogues; the Company identifies a number of these Catalogues as \u2018key Catalogues\u2019. The Company has performed a purchase price allocation within the Kobalt portfolio between the key Catalogues and the other Catalogues. The key Catalogues represent 91% of the carrying value of the Kobalt portfolio. The Portfolio Independent Valuer values both the key Catalogues and the remaining Catalogues within the Kobalt portfolio under the same methodology as the other Catalogues held by the Company. The impairment review for both the key Catalogues and the remaining Catalogues within the Kobalt portfolio follow the same process as the other Catalogues held by the Company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-349": {
"value": "Catalogues of Songs Catalogues of Songs include music Catalogues, artists\u2019 contracts and music publishing rights and are recognised as intangible assets measured initially at the fair value of the consideration paid. Catalogues of Songs are subsequently amortised in expenses over the useful life of the asset and shown net of any impairment considered. This amortisation is shown in the Consolidated Statement of Profit and Loss as \u2018Amortisation of Catalogues of Songs\u2019. An assessment of the useful life of each Catalogue is considered at each reporting period, which is 20 years, in line with what the Board of Directors and Investment Adviser deem to be industry standard. Useful life of intangible assets In order to calculate the amortised cost of the intangible assets it is necessary to assess the useful economic life of the copyright interests in Songs. This requires forecasts of the expected future revenue from the copyright interests, which contains uncertainties as the ongoing popularity of a song can fluctuate unexpectedly. An assessment of the useful life of Catalogues is considered initially at acquisition, which is 20 years, and assessed for continued applicability at each reporting period. A useful life of 20 years is what the Board of Directors and the Investment Adviser deem to be industry standard. Although an estimate, the Board do not believe that there is significant judgement applied and as a result no sensitivity has been performed. Asset impairment Intangible assets are subject to a bi-annual review to identify any indicators of impairment; this review can also be performed when events or the economic environment indicate a risk of impairment. When there are indicators of impairment, the recoverable amount of the asset is compared to the carrying value of the asset. The recoverable amount is determined as the higher of: (i) the value in use; or (ii) the fair value as described hereafter, for each individual asset. The Fair Value of the Catalogues as calculated by the Independent Portfolio Valuer is used to identify any indicators of impairment. The Independent Portfolio Valuer adopts a DCF valuation approach and applies a number of significant assumptions to the projected future earnings for all Catalogues including: \u2022 Market factors impacting revenues; \u2022 Discount rate, currently 8.5% (31 March 2022: 8.5%); and \u2022 Terminal value at 16 years. The fair value uses an IFRS 13 approach that a market participant might apply and does not factor in the impact of any future active management by the Investment Adviser or other planned activities to increase the revenue of those Catalogues. Any Catalogues which have a carrying value higher than their Fair Value are at risk of impairment. As part of the bi-annual impairment review, the Company then considers whether there are mitigating factors relevant to the Catalogues which have a carrying value higher than their Fair Value to assess if there is a residual risk of impairment in the Catalogues. These factors include a requirement that the Catalogue\u2019s Fair Value has been lower than its carrying value for a period of at least 2 years and any future planned activities by the artist which are not factored into the fair value model but could reasonably be expected to increase the future earnings of the Catalogue. After the above mitigating factors have been applied, a Value-In-Use is calculated for any Catalogues with a residual risk of impairment. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Independent Portfolio Valuer, with a 0.5% reduction to the discount rate. The reduction in the discount rate reflects the Company\u2019s ability to drive additional value through active management of a Catalogue and addresses the passive nature of the Company\u2019s cash flows. If the Value-In-Use calculation for the Catalogue is lower than the carrying value of the Catalogue, an impairment loss equal to the difference between the Value-In-Use calculated and the carrying value is recognised in the Consolidated Statement of Profit and Loss. The impairment losses recognised in respect of intangible assets may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognised. The impairment review is performed at an individual Catalogue level with the exception of Kobalt. The Kobalt portfolio contains a number of Catalogues; the Company identifies a number of these Catalogues as \u2018key Catalogues\u2019. The Company has performed a purchase price allocation within the Kobalt portfolio between the key Catalogues and the other Catalogues. The key Catalogues represent 91% of the carrying value of the Kobalt portfolio. The Portfolio Independent Valuer values both the key Catalogues and the remaining Catalogues within the Kobalt portfolio under the same methodology as the other Catalogues held by the Company. The impairment review for both the key Catalogues and the remaining Catalogues within the Kobalt portfolio follow the same process as the other Catalogues held by the Company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-372": {
"value": "Asset impairment Intangible assets are subject to a bi-annual review to identify any indicators of impairment; this review can also be performed when events or the economic environment indicate a risk of impairment. When there are indicators of impairment, the recoverable amount of the asset is compared to the carrying value of the asset. The recoverable amount is determined as the higher of: (i) the value in use; or (ii) the fair value as described hereafter, for each individual asset. The Fair Value of the Catalogues as calculated by the Independent Portfolio Valuer is used to identify any indicators of impairment. The Independent Portfolio Valuer adopts a DCF valuation approach and applies a number of significant assumptions to the projected future earnings for all Catalogues including: \u2022 Market factors impacting revenues; \u2022 Discount rate, currently 8.5% (31 March 2022: 8.5%); and \u2022 Terminal value at 16 years. The fair value uses an IFRS 13 approach that a market participant might apply and does not factor in the impact of any future active management by the Investment Adviser or other planned activities to increase the revenue of those Catalogues. Any Catalogues which have a carrying value higher than their Fair Value are at risk of impairment. As part of the bi-annual impairment review, the Company then considers whether there are mitigating factors relevant to the Catalogues which have a carrying value higher than their Fair Value to assess if there is a residual risk of impairment in the Catalogues. These factors include a requirement that the Catalogue\u2019s Fair Value has been lower than its carrying value for a period of at least 2 years and any future planned activities by the artist which are not factored into the fair value model but could reasonably be expected to increase the future earnings of the Catalogue. After the above mitigating factors have been applied, a Value-In-Use is calculated for any Catalogues with a residual risk of impairment. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Independent Portfolio Valuer, with a 0.5% reduction to the discount rate. The reduction in the discount rate reflects the Company\u2019s ability to drive additional value through active management of a Catalogue and addresses the passive nature of the Company\u2019s cash flows. If the Value-In-Use calculation for the Catalogue is lower than the carrying value of the Catalogue, an impairment loss equal to the difference between the Value-In-Use calculated and the carrying value is recognised in the Consolidated Statement of Profit and Loss. The impairment losses recognised in respect of intangible assets may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognised. The impairment review is performed at an individual Catalogue level with the exception of Kobalt. The Kobalt portfolio contains a number of Catalogues; the Company identifies a number of these Catalogues as \u2018key Catalogues\u2019. The Company has performed a purchase price allocation within the Kobalt portfolio between the key Catalogues and the other Catalogues. The key Catalogues represent 91% of the carrying value of the Kobalt portfolio. The Portfolio Independent Valuer values both the key Catalogues and the remaining Catalogues within the Kobalt portfolio under the same methodology as the other Catalogues held by the Company. The impairment review for both the key Catalogues and the remaining Catalogues within the Kobalt portfolio follow the same process as the other Catalogues held by the Company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-363": {
"value": "Asset impairment Intangible assets are subject to a bi-annual review to identify any indicators of impairment; this review can also be performed when events or the economic environment indicate a risk of impairment. When there are indicators of impairment, the recoverable amount of the asset is compared to the carrying value of the asset. The recoverable amount is determined as the higher of: (i) the value in use; or (ii) the fair value as described hereafter, for each individual asset. The Fair Value of the Catalogues as calculated by the Independent Portfolio Valuer is used to identify any indicators of impairment. The Independent Portfolio Valuer adopts a DCF valuation approach and applies a number of significant assumptions to the projected future earnings for all Catalogues including: \u2022 Market factors impacting revenues; \u2022 Discount rate, currently 8.5% (31 March 2022: 8.5%); and \u2022 Terminal value at 16 years. The fair value uses an IFRS 13 approach that a market participant might apply and does not factor in the impact of any future active management by the Investment Adviser or other planned activities to increase the revenue of those Catalogues. Any Catalogues which have a carrying value higher than their Fair Value are at risk of impairment. As part of the bi-annual impairment review, the Company then considers whether there are mitigating factors relevant to the Catalogues which have a carrying value higher than their Fair Value to assess if there is a residual risk of impairment in the Catalogues. These factors include a requirement that the Catalogue\u2019s Fair Value has been lower than its carrying value for a period of at least 2 years and any future planned activities by the artist which are not factored into the fair value model but could reasonably be expected to increase the future earnings of the Catalogue. After the above mitigating factors have been applied, a Value-In-Use is calculated for any Catalogues with a residual risk of impairment. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Independent Portfolio Valuer, with a 0.5% reduction to the discount rate. The reduction in the discount rate reflects the Company\u2019s ability to drive additional value through active management of a Catalogue and addresses the passive nature of the Company\u2019s cash flows. If the Value-In-Use calculation for the Catalogue is lower than the carrying value of the Catalogue, an impairment loss equal to the difference between the Value-In-Use calculated and the carrying value is recognised in the Consolidated Statement of Profit and Loss. The impairment losses recognised in respect of intangible assets may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognised. The impairment review is performed at an individual Catalogue level with the exception of Kobalt. The Kobalt portfolio contains a number of Catalogues; the Company identifies a number of these Catalogues as \u2018key Catalogues\u2019. The Company has performed a purchase price allocation within the Kobalt portfolio between the key Catalogues and the other Catalogues. The key Catalogues represent 91% of the carrying value of the Kobalt portfolio. The Portfolio Independent Valuer values both the key Catalogues and the remaining Catalogues within the Kobalt portfolio under the same methodology as the other Catalogues held by the Company. The impairment review for both the key Catalogues and the remaining Catalogues within the Kobalt portfolio follow the same process as the other Catalogues held by the Company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-317": {
"value": "Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are initially measured at fair value plus transaction costs directly attributable to the acquisition and subsequently measured at amortised cost using the effective interest method, less allowance for Expected Credit Loss (Note 4). Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-376": {
"value": "Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are initially measured at fair value plus transaction costs directly attributable to the acquisition and subsequently measured at amortised cost using the effective interest method, less allowance for Expected Credit Loss (Note 4). Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. Held for trading derivative financial assets Derivative financial assets that are held for trading and whose performance is evaluated on a fair value basis are measured at fair value through profit and loss (FVTPL). Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-350": {
"value": "Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are initially measured at fair value plus transaction costs directly attributable to the acquisition and subsequently measured at amortised cost using the effective interest method, less allowance for Expected Credit Loss (Note 4). Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-364": {
"value": "Held for trading derivative financial assets Derivative financial assets that are held for trading and whose performance is evaluated on a fair value basis are measured at fair value through profit and loss (FVTPL). Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. Held for trading derivative financial liabilities Held for trading derivative financial liabilities are classified as measured at fair value through profit and loss (FVTPL). Financial liabilities at FVTPL are measured at fair value. Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-373": {
"value": "Held for trading derivative financial assets Derivative financial assets that are held for trading and whose performance is evaluated on a fair value basis are measured at fair value through profit and loss (FVTPL). Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. Held for trading derivative financial liabilities Held for trading derivative financial liabilities are classified as measured at fair value through profit and loss (FVTPL). Financial liabilities at FVTPL are measured at fair value. Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-319": {
"value": "Derecognition of assets The Group derecognises an asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. On derecognition of an asset in its entirety, the difference between the asset\u2019s carrying amount and the sum of the consideration received is recognised in the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "hipgnosissongs:DescriptionOfAccountingPolicyForDerecognitionOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-320": {
"value": "i) Catalogue bonus provision Under the terms of the acquisition agreements for Catalogues, the Group recognises a financial liability for consideration that may be payable in line with the acquisition agreements that are dependent on the performance of the respective Catalogues. Such financial liabilities are initially recognised at fair value and subsequently carried at amortised cost. Management consider both the revenue forecasts used in the independent valuation and their expectation of revenue expected to be received within the specified performance time frame of acquiring the Catalogues when assessing the initial recognition of this financial liability. At 31 March 2023 a provision for the financial liability of $45.0 million was recognised as a Catalogue bonus provision given the likelihood of economic outflow being triggered through respective Catalogue performance (31 March 2022: $1.3 million). ",
"dimensions": {
"concept": "hipgnosissongs:DescriptionOfAccountingPolicyForCatalogueBonusProvisionExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-321": {
"value": ") Deferred consideration In such cases where payment is deferred and capitalised under the terms of the acquisition agreements for Catalogues, a liability will be recognised at net present value with any associated finance charge to be accrued over the respective deferral period. ",
"dimensions": {
"concept": "hipgnosissongs:DescriptionOfAccountingPolicyForDeferredConsiderationExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-318": {
"value": "k) Financial liabilities and equity Financial liabilities are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the value of proceeds received, net of direct issue costs. Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in the Consolidated Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. Loans and borrowings Loans and borrowings are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Held for trading derivative financial liabilities Held for trading derivative financial liabilities are classified as measured at fair value through profit and loss (FVTPL). Financial liabilities at FVTPL are measured at fair value. Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-351": {
"value": "k) Financial liabilities and equity Financial liabilities are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the value of proceeds received, net of direct issue costs. Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in the Consolidated Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. Loans and borrowings Loans and borrowings are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. Held for trading derivative financial liabilities Held for trading derivative financial liabilities are classified as measured at fair value through profit and loss (FVTPL). Financial liabilities at FVTPL are measured at fair value. Net unrealised and realised gains and net unrealised and realised losses (including any interest expense if applicable) are recognised in the Consolidated Statement of Profit and Loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-365": {
"value": "Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the value of proceeds received, net of direct issue costs. Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in the Consolidated Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-366": {
"value": "Loans and borrowings Loans and borrowings are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-367": {
"value": "Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the Consolidated Statement of Profit and Loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-322": {
"value": "l) Share-based payments Investment Adviser\u2019s performance fee The Group recognises the variable fee for the services received in a share-based payment transaction as the Group becomes liable to the variable fee on an accruals basis. The fair value of the performance fee, as defined in the Investment Advisory Agreement, which is payable to the Investment Adviser in Shares is recognised as an expense when the fees are earned with a corresponding increase in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-323": {
"value": "m) Cash and cash equivalents Cash at bank and short-term deposits which are held to maturity are carried at cost. Cash and cash equivalents are defined as call deposits, short term deposits with a term of no more than 3 months from the start of the deposit and highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Cash and cash equivalents consist of cash in hand and short-term deposits in banks with an original maturity of 3 months or less. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-324": {
"value": "Determination of functional currency Whilst the functional currency of the Company is Dollars, some subsidiaries have a functional currency of Sterling which is translated into the presentation currency. The entities which continue to have a functional currency of Sterling are shown in Note 2(a). Items included in the Consolidated Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which each entity operates (\u201cthe functional currency\u201d). The Consolidated Financial Statements are presented in Dollars, which is the Group\u2019s functional and presentation currency of the Company and each of its subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-325": {
"value": "Treatment of foreign currency At the balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in the Consolidated Statement of Profit and Loss in the year in which they arise. Transactions denominated in foreign currencies are translated into Dollars at the rate of exchange ruling at the date of the transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-326": {
"value": "3. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred; \u2022 liabilities incurred to the former owners of the acquired business; \u2022 equity interests issued by the Group; \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The excess of the: \u2022 consideration transferred; and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in Consolidated Statement of Profit and Loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in the Consolidated Statement of Profit and Loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-5": {
"value": "3. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred; \u2022 liabilities incurred to the former owners of the acquired business; \u2022 equity interests issued by the Group; \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The excess of the: \u2022 consideration transferred; and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in Consolidated Statement of Profit and Loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in the Consolidated Statement of Profit and Loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-352": {
"value": "3. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred; \u2022 liabilities incurred to the former owners of the acquired business; \u2022 equity interests issued by the Group; \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The excess of the: \u2022 consideration transferred; and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in Consolidated Statement of Profit and Loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in the Consolidated Statement of Profit and Loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-6": {
"value": "4. Significant accounting judgments, estimates and assumptions The preparation of the Group\u2019s Consolidated Financial Statements requires the application of estimates and assumptions which may affect the results reported in the Consolidated Financial Statements. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. The Group based its assumptions and made estimates based on the information available when the Consolidated Financial Statements were prepared. However, these assumptions and estimates may change based on market changes or circumstances beyond the control of the Group. 4. Significant accounting judgments, estimates and assumptions (continued) Critical estimates in applying the Group\u2019s accounting policies \u2013 revenue recognition and royalty costs Accrued income as at 31 March 2023 was $126.2 million (31 March 2022: $105.3 million), a breakdown of which is set out below: \u2022 $62.3 million for earnings where, due to the time lag in royalty reporting. Statements are not expected to be received until calendar Q2 2023 onwards. This includes international PRO reporting and HSG (31 March 2022: $69.3 million). \u2022 $21.7 million CRB III accruals (31 March 2022: $Nil) as discussed below. \u2022 $42.2 million Usage Accrual, which recognises revenues that have triggered a contractual payment but have not been paid to, and processed by, collection societies, publishers and administrators (31 March 2022: $36.0 million). In calculating accruals, the Company makes judgments around seasonality, over or under performance, and commercial factors based on historical performance, and its knowledge of each Catalogue through its regular correspondence with the various administrators, record labels and international societies. The Company also makes an estimate of revenue from consumption to reporting. Estimated royalty revenue receivable is accrued for on the basis of historical earnings for each Catalogue, which incorporates an element of uncertainty. The estimated revenue accrual may not therefore directly equal the actual cash received in respect of each accounting period and adjustments may therefore be required throughout the financial period when the actual revenue received is known, and these adjustments may be material. Net revenues also include an accrual for performance income, to account for the writer\u2019s share of Performance royalties which are subject to a significant time lag in reporting in the industry, but which the Group is entitled to receive in due course. In recommending the estimate of this accrual to the Board of Directors the Investment Adviser used its analysis of each Catalogue\u2019s revenue history as well its knowledge of the respective Catalogue performance trends to recommend the estimated accruals. Net revenue is subject to a royalty cost accrual applied to gross revenue receipts primarily within the Hipgnosis Songs Group (\u201cHSG\u201d) subsidiaries. Royalty cost accruals represent contractual royalties due to Songwriters and other rights holders that are payable on a 6-monthly basis for writers under publishing contracts and quarterly for clients under administration contracts. Royalty rates vary by writer (negotiated by contract) and by revenue stream. In July 2022, after a lengthy process, the 2018-22 rate increases on the Songwriter\u2019s and publisher\u2019s mechanical portion of US Streaming income, known as CRB III, were finally agreed. The Group has reflected accruals of $21.7 million for the year ended 31 March 2023 as a result of the confirmation of the CRB III rate increases for the Songwriters\u2019 mechanical portion of US Streaming income. Of this, $5.6 million is the impact of the higher 15.1% rate on the income earned by the Company during the year and $16.1 million has been recognised for the retro-active payment due as a result of revenues historically not having been recognised at the full CRB III rates. The amount recognised in relation to the retro-active payment will not recur in future years. As the ruling was made final in July 2022 there was no CRB III revenue recognised in the prior year. Both the CRB III retroactive and uplift accruals are based off historical earnings paid through to the Company by Publishers. In order to calculate the accrual, the US mechanical portion of those earnings were analysed and uplifted accordingly based on the CRB III rates over the five year period from 2018 to 2022. 4. Significant accounting judgments, estimates and assumptions (continued) Whilst some Publishers had different policies regarding the distribution of the higher rates received from DSPs up to when the CRB III ruling was appealed, the Company has applied a consistent approach and has not considered any Publisher specific policies given the lack of clarity from the various payors. In order to provide additional rigour on the calculation, the CRB III retroactive and uplift accrual estimates were compared and benchmarked against the estimates provided by the Portfolio Independent Valuer and the fair value appraiser for the CNB Revolving Credit Facility. A sensitivity of the significant estimates used in calculating accrued income and the impact of the sensitivities on the balance is performed below: Name of the subsidiary 31 March 2023 Sensitivity +10% Sensitivity -10% Accruals due to the time lag in royalty reporting $62.3 million $6.2 million ($6.2) million CRB III accruals* $21.7 million $2.2 million ($2.2) million One quarter increase One quarter reduction Usage accrual 42.2 million $10.8 million ($10.1 million) * The CRB III sensitivity represents the variability of the historical US streaming mechanical revenue that the contractual rates are applied to. Expected Credit Loss (ECL) in relation to revenue receivables Royalty earnings for accruals and receivables recognised in the year ended 31 March 2023 are distributed by PROs, Publishers and Record Labels who collect royalties at the source of usage and distribute those earnings directly to Hipgnosis. The probability of future default has been deemed close to nil, due to the long-standing history of PROs, Publishers and Record Labels within the music industry and the existing framework of cash collection amongst the Company\u2019s stakeholders. Whilst there are smaller/newer organisations that have relatively unproven credit resilience these account for a small minority of the Group\u2019s receivables. The Company\u2019s current risk assessment includes analysis of the exposure to commercial risk by PROs, Publishers and Record Labels, and the likely impact of their credit risk on Hipgnosis\u2019 revenue streams. This impact is considered immaterial and a sensitivity analysis on this is performed in Note 8. Expected Credit Loss (ECL) in relation to HSG advances Hipgnosis Songs Group LLC advances royalty payments to Songwriters. Management are required to assess the recoverability of these advances bi-annually in accordance with IFRS 9 Financial Instruments. Management will consider market conditions and historic trading patterns affecting the relevant assets. Management adopts a simplified approach, has analysed their historical loss ratio data and applied this using a risk based methodology as there are no defined terms of repayment related to advances. The risk categories against which the historical loss ratios are assessed and expected credit losses are calculated are: \u2022 low risk advances where the advance is expected to be recouped in full under the terms of the writer\u2019s agreement (because of the writer\u2019s reputation, previous success etc); \u2022 medium risk advances where there is reasonable expectation that a level of the advances will be recouped; and \u2022 high risk advances, where management believe that either because of the writer\u2019s unknown potential or other factors, a large level of recoverability may not be achieved. 4. Significant accounting judgments, estimates and assumptions (continued) At 31 March 2023 HSG gross recoupable advances are $32.0 million (31 March 2022: $31.6 million) with an expected credit loss provision of $15.5 million (31 March 2022: $13.0 million) recognised against the advances. A sensitivity analysis on this provision is performed in Note 8. Assessment of impairment and the calculation of Operative NAV As disclosed in Note 2(h) intangible assets are subject to a bi-annual review to identify any indicators of impairment. The Fair Value of the Catalogues as calculated by the Independent Portfolio Valuer is used to identify any indicators of impairment. The Portfolio Independent Valuer adopts a DCF valuation approach and applies a number of significant assumptions to the projected future earnings for all Catalogues including: \u2022 Market factors impacting revenues; \u2022 Discount rate, currently 8.5% (31 March 2022: 8.5%); and \u2022 Terminal value at 16 years. As disclosed in Note 2(h) a Value-In-Use is calculated for any Catalogues with a residual risk of impairment. The Value-In- Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Independent Portfolio Valuer, with a 0.5% reduction to the discount rate. The reduction in the discount rate reflects the Company\u2019s ability to drive additional value through active management of a Catalogue and addresses the passive nature of the Company\u2019s cash flows within the Portfolio Independent Valuer\u2019s fair value analysis. If the Value-In-Use calculation for the Catalogue is lower than the carrying value of the Catalogue, an impairment loss equal to the difference is recognised in the Consolidated Statement of Profit and Loss. The impairment losses recognised in respect of intangible assets may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognised. Management\u2019s impairment review as at 31 March 2023 concluded that an impairment of $3.9 million (31 March 2022: $1.5 million) was required to the Group\u2019s Catalogues. A sensitivity analysis on the Value-In-Use calculation and impact on the impairment charge is performed in Note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-7": {
"value": "5. Taxation The major components of income tax expense for the years ended 31 March 2023 and 31 March 2022 are: Current tax 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 United Kingdom corporation tax based on the loss for the year at 19% (31 March 2022: 19%) \u2013 123 Adjustments in respect of prior periods 2,837 2,369 Non-reclaimable withholding tax on royalty payments received 171 251 Total current tax 3,008 2,743 Deferred tax Origination and reversal of timings differences 656 \u2013 Deferred tax asset recognised to extent of liability on timing difference (656) \u2013 Total deferred tax \u2013 \u2013 Total tax 3,008 2,743 Prior to 1 April 2021 the Company was Guernsey tax resident but exempt from taxation in Guernsey under the provisions of the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989. From 1 April 2021 the Company was granted investment trust company status by HMRC and is UK tax resident from that date. Whilst the Company is incorporated in Guernsey, the majority of the Company\u2019s subsidiaries are incorporated and tax resident in the UK and the majority of the Group\u2019s income and expenditure in incurred in these UK entities. Therefore is it considered most appropriate to prepare the tax reconciliation below at the standard UK tax rate of 19% (31 March 2022: 19%). The March 2021 UK Budget announced an increase to the main rate of UK corporation tax to 25% from April 2023. This rate was substantively enacted prior to the balance sheet date and consequently this rate has been considered when assessing items of deferred tax. 5. Taxation (continued) The actual tax charge differs from the standard rate for the reasons set out in the following reconciliation: 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Loss on the Group\u2019s ordinary activities before tax (86,630) (16,700) Tax on the loss on the Group\u2019s ordinary activity at the standard UK rate of 19% (16,460) (3,173) Factors affecting charge for the year: Expenses not deductible for tax purposes 3,405 887 Adjustment in respect of previous periods 2,837 2,369 Effect of overseas tax rate (649) (760) Deferred tax not recognised \u2013 US 2,704 3,169 Deferred tax not recognised \u2013 UK 11,000 \u2013 Net non-reclaimable withholding tax on royalty payments received 171 251 Total actual amount of current tax 3,008 2,743 Deferred tax 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Short term timing differences related to hedging arrangements 656 \u2013 Deferred tax asset recognised in relation to UK tax losses (656) \u2013 Total deferred tax \u2013 \u2013 The following potential deferred tax assets have not been recognised as it is not considered suitably probable that such assets will be utilised based on forecasts. Deferred tax 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Unrecognised deferred tax asset in relation to UK tax losses (14,474) \u2013 Unrecognised deferred tax asset in relation to US tax losses (5,873) (3,169) There is currently no expiry date for the utilisation of UK tax losses. The unrecognised deferred tax asset in relation to UK and US losses arise on the following tax losses: 31 March 2023 $\u2019000 31 March 2022 $\u2019000 UK tax losses (57,895) \u2013 US tax losses (23,490) (12,676) Disposals of Catalogues may give rise to potential tax charges depending on the availability of tax attributes (tax losses) to offset any taxable gains otherwise arising. There were no such disposals of Catalogues in the year (or prior year) and so no such tax liabilities arose. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-327": {
"value": "1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Short term timing differences related to hedging arrangements 656 \u2013 Deferred tax asset recognised in relation to UK tax losses (656) \u2013 Total deferred tax \u2013 \u2013 The following potential deferred tax assets have not been recognised as it is not considered suitably probable that such assets will be utilised based on forecasts. Deferred tax 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Unrecognised deferred tax asset in relation to UK tax losses (14,474) \u2013 Unrecognised deferred tax asset in relation to US tax losses (5,873) (3,169) There is currently no expiry date for the utilisation of UK tax losses. The unrecognised deferred tax asset in relation to UK and US losses arise on the following tax losses: 31 March 2023 $\u2019000 31 March 2022 $\u2019000 UK tax losses (57,895) \u2013 US tax losses (23,490) (12,676) Disposals of Catalogues may give rise to potential tax charges depending on the availability of tax attributes (tax losses) to offset any taxable gains otherwise arising. There were no such disposals of Catalogues in the year (or prior year) and so no such tax liabilities arose. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-328": {
"value": "6. Catalogues of Songs $\u2019000 Cost At 1 April 2022 2,237,284 Additions \u2013 At 31 March 2023 2,237,284 Amortisation and impairment At 1 April 2022 200,552 Amortisation 111,583 Impairment 3,901 At 31 March 2023 316,036 Net book value At 1 April 2022 2,036,732 At 31 March 2023 1,921,248 Fair value as at 31 March 2023 2,802,762 Cost At 1 April 2021 1,972,199 Additions 265,085 At 31 March 2022 2,237,284 Amortisation and impairment At 1 April 2021 93,275 Amortisation 105,787 Impairment 1,490 At 31 March 2022 200,552 Net book value At 1 April 2021 1,878,924 At 31 March 2022 2,036,732 Fair value as at 31 March 2022 2,693,974 The Group amortises Catalogues of Songs with a limited useful life using the straight-line method of 20 years (other than in exceptional circumstances for specific Catalogues of Songs). An assessment of the useful life of Catalogues is considered at each reporting period, which is 20 years, in line with what the Board of Directors and the Investment Adviser deem to be industry standard. The Company performs an impairment review as disclosed in Note 2(h). At 31 March 2023 accumulated amortisation for Catalogues of Songs is $310.6 million (31 March 2022: $199.1 million) and the accumulated impairment to date is $5.4 million (31 March 2022: $1.5 million). 6. Catalogues of Songs (continued) The Board engaged Portfolio Independent Valuer, Citrin Cooperman Advisors LLC, to value the Catalogues as at 31 March 2023. The Board has approved and adopted the valuations prepared by the Portfolio Independent Valuer which are used as an input into the impairment review process and for the Operative NAV. The sensitivity of the discount rate to the fair value of the Portfolio is as follows: Discount Rate 8.00% 8.50% 9.00% Portfolio Value ($\u2019000) 3,065,753 2,802,762 2,580,725 Variance to Fair Value ($\u2019000) 262,991 \u2013 (222,037) Variance to Fair Value (%) 9.4% \u2013 (7.9%) The sensitivity of the terminal value growth rate to the fair value of the Portfolio is as follows: Sensitivity to the Terminal Value Growth Rate \u20131.00% Current +1.00% Portfolio Value ($\u2019000) 2,637,623 2,802,762 3,035,424 Variance to Fair Value ($\u2019000) (165,139) \u2013 232,662 Variance to Fair Value (%) (5.9%) \u2013 8.3% The sensitivity of the applied growth rate to the fair value of the Portfolio is as follows: Growth Rate \u20131.00% Current +1.00% Portfolio Value ($\u2019000) 2,573,221 2,802,762 3,048,641 Variance to Fair Value ($\u2019000) (229,541) \u2013 245,879 Variance to Fair Value (%) (8.2%) \u2013 8.8% A Value-In-Use is calculated for any Catalogue with a residual risk of impairment following the impairment review. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Portfolio Independent Valuer, with a 0.5% reduction to the discount rate. The sensitivity of the Value-In-Use calculation to the impairment charge is as follows: Discount Rate used in the Value-In-Use calculation -0.50% Current +0.50% Impairment of Catalogues of Songs ($\u2019000) 1,378 3,901 11,934",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-8": {
"value": "6. Catalogues of Songs $\u2019000 Cost At 1 April 2022 2,237,284 Additions \u2013 At 31 March 2023 2,237,284 Amortisation and impairment At 1 April 2022 200,552 Amortisation 111,583 Impairment 3,901 At 31 March 2023 316,036 Net book value At 1 April 2022 2,036,732 At 31 March 2023 1,921,248 Fair value as at 31 March 2023 2,802,762 Cost At 1 April 2021 1,972,199 Additions 265,085 At 31 March 2022 2,237,284 Amortisation and impairment At 1 April 2021 93,275 Amortisation 105,787 Impairment 1,490 At 31 March 2022 200,552 Net book value At 1 April 2021 1,878,924 At 31 March 2022 2,036,732 Fair value as at 31 March 2022 2,693,974 The Group amortises Catalogues of Songs with a limited useful life using the straight-line method of 20 years (other than in exceptional circumstances for specific Catalogues of Songs). An assessment of the useful life of Catalogues is considered at each reporting period, which is 20 years, in line with what the Board of Directors and the Investment Adviser deem to be industry standard. The Company performs an impairment review as disclosed in Note 2(h). At 31 March 2023 accumulated amortisation for Catalogues of Songs is $310.6 million (31 March 2022: $199.1 million) and the accumulated impairment to date is $5.4 million (31 March 2022: $1.5 million). 6. Catalogues of Songs (continued) The Board engaged Portfolio Independent Valuer, Citrin Cooperman Advisors LLC, to value the Catalogues as at 31 March 2023. The Board has approved and adopted the valuations prepared by the Portfolio Independent Valuer which are used as an input into the impairment review process and for the Operative NAV. The sensitivity of the discount rate to the fair value of the Portfolio is as follows: Discount Rate 8.00% 8.50% 9.00% Portfolio Value ($\u2019000) 3,065,753 2,802,762 2,580,725 Variance to Fair Value ($\u2019000) 262,991 \u2013 (222,037) Variance to Fair Value (%) 9.4% \u2013 (7.9%) The sensitivity of the terminal value growth rate to the fair value of the Portfolio is as follows: Sensitivity to the Terminal Value Growth Rate \u20131.00% Current +1.00% Portfolio Value ($\u2019000) 2,637,623 2,802,762 3,035,424 Variance to Fair Value ($\u2019000) (165,139) \u2013 232,662 Variance to Fair Value (%) (5.9%) \u2013 8.3% The sensitivity of the applied growth rate to the fair value of the Portfolio is as follows: Growth Rate \u20131.00% Current +1.00% Portfolio Value ($\u2019000) 2,573,221 2,802,762 3,048,641 Variance to Fair Value ($\u2019000) (229,541) \u2013 245,879 Variance to Fair Value (%) (8.2%) \u2013 8.8% A Value-In-Use is calculated for any Catalogue with a residual risk of impairment following the impairment review. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Portfolio Independent Valuer, with a 0.5% reduction to the discount rate. The sensitivity of the Value-In-Use calculation to the impairment charge is as follows: Discount Rate used in the Value-In-Use calculation -0.50% Current +0.50% Impairment of Catalogues of Songs ($\u2019000) 1,378 3,901 11,934",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-353": {
"value": "The Group amortises Catalogues of Songs with a limited useful life using the straight-line method of 20 years (other than in exceptional circumstances for specific Catalogues of Songs). An assessment of the useful life of Catalogues is considered at each reporting period, which is 20 years, in line with what the Board of Directors and the Investment Adviser deem to be industry standard. The Company performs an impairment review as disclosed in Note 2(h). At 31 March 2023 accumulated amortisation for Catalogues of Songs is $310.6 million (31 March 2022: $199.1 million) and the accumulated impairment to date is $5.4 million (31 March 2022: $1.5 million). The Board engaged Portfolio Independent Valuer, Citrin Cooperman Advisors LLC, to value the Catalogues as at 31 March 2023. The Board has approved and adopted the valuations prepared by the Portfolio Independent Valuer which are used as an input into the impairment review process and for the Operative NAV. The sensitivity of the discount rate to the fair value of the Portfolio is as follows: Discount Rate 8.00% 8.50% 9.00% Portfolio Value ($\u2019000) 3,065,753 2,802,762 2,580,725 Variance to Fair Value ($\u2019000) 262,991 \u2013 (222,037) Variance to Fair Value (%) 9.4% \u2013 (7.9%) The sensitivity of the terminal value growth rate to the fair value of the Portfolio is as follows: Sensitivity to the Terminal Value Growth Rate \u20131.00% Current +1.00% Portfolio Value ($\u2019000) 2,637,623 2,802,762 3,035,424 Variance to Fair Value ($\u2019000) (165,139) \u2013 232,662 Variance to Fair Value (%) (5.9%) \u2013 8.3% The sensitivity of the applied growth rate to the fair value of the Portfolio is as follows: Growth Rate \u20131.00% Current +1.00% Portfolio Value ($\u2019000) 2,573,221 2,802,762 3,048,641 Variance to Fair Value ($\u2019000) (229,541) \u2013 245,879 Variance to Fair Value (%) (8.2%) \u2013 8.8% A Value-In-Use is calculated for any Catalogue with a residual risk of impairment following the impairment review. The Value-In-Use is calculated by using the original projected cash flows used during the Fair Value calculation by the Portfolio Independent Valuer, with a 0.5% reduction to the discount rate. The sensitivity of the Value-In-Use calculation to the impairment charge is as follows: Discount Rate used in the Value-In-Use calculation -0.50% Current +0.50% Impairment of Catalogues of Songs ($\u2019000) 1,378 3,901 11,934",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-9": {
"value": "7. Cash and cash equivalents 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Cash available on demand 37,965 30,067 37,965 30,067",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-329": {
"value": "8. Trade and other receivables 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Non-current receivables Accrued income 13,210 640 13,210 640 Current receivables Accrued income 112,943 104,658 Royalties receivable 7,078 6,605 HSG net recoupable advances 16,436 18,604 Prepayments and other debtors 3,542 7,274 VAT Receivable \u2013 7,309 139,999 144,450 In the current year, an accrual for $21.7 million has been recognised as a result of the confirmation of the CRB III rate increases for the Songwriters\u2019 mechanical portion of US Streaming income. Of this, $5.6 million is the impact of the higher 15.1% rate on the income earned by the Company during this financial year and $16.1 million has been recognised for the retro-active payment due as a result of revenues historically not having been recognised at the full CRB III rates. At 31 March 2023, the aging of the Company\u2019s trade and other receivables are: Less than 1 month $\u2019000 1-3 months $\u2019000 3-12 months $\u2019000 Between 1 and 2 years $\u2019000 Between 2 and 5 years $\u2019000 Over 5 years $\u2019000 Total contractual cash flows $\u2019000 Accrued income 4,430 34,593 73,920 13,210 \u2013 \u2013 126,153 Royalties receivable 2,960 2,701 1,417 \u2013 \u2013 \u2013 7,078 HSG net recoupable advances 99 119 16,218 \u2013 \u2013 \u2013 16,436 Prepayments and other debtors 86 142 3,314 \u2013 \u2013 \u2013 3,542 Total 7,575 37,555 94,869 13,210 \u2013 \u2013 153,209 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-10": {
"value": "8. Trade and other receivables 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Non-current receivables Accrued income 13,210 640 13,210 640 Current receivables Accrued income 112,943 104,658 Royalties receivable 7,078 6,605 HSG net recoupable advances 16,436 18,604 Prepayments and other debtors 3,542 7,274 VAT Receivable \u2013 7,309 139,999 144,450 In the current year, an accrual for $21.7 million has been recognised as a result of the confirmation of the CRB III rate increases for the Songwriters\u2019 mechanical portion of US Streaming income. Of this, $5.6 million is the impact of the higher 15.1% rate on the income earned by the Company during this financial year and $16.1 million has been recognised for the retro-active payment due as a result of revenues historically not having been recognised at the full CRB III rates. At 31 March 2023, the aging of the Company\u2019s trade and other receivables are: Less than 1 month $\u2019000 1-3 months $\u2019000 3-12 months $\u2019000 Between 1 and 2 years $\u2019000 Between 2 and 5 years $\u2019000 Over 5 years $\u2019000 Total contractual cash flows $\u2019000 Accrued income 4,430 34,593 73,920 13,210 \u2013 \u2013 126,153 Royalties receivable 2,960 2,701 1,417 \u2013 \u2013 \u2013 7,078 HSG net recoupable advances 99 119 16,218 \u2013 \u2013 \u2013 16,436 Prepayments and other debtors 86 142 3,314 \u2013 \u2013 \u2013 3,542 Total 7,575 37,555 94,869 13,210 \u2013 \u2013 153,209 8. Trade and other receivables (continued) Credit Risk and Provision for Expected Credit Losses The Group has applied IFRS 9, Financial Instruments, during the year, which includes the requirements for calculating a provision for expected credit losses on financial assets. As disclosed in Note 4, the probability of future default against revenue receivable balances has been deemed close to nil. At 31 March 2023, an ECL provision is recognised against the HSG recoupable advances as below: At 31 March 2023 High Risk $\u2019000 Medium Risk $\u2019000 Low Risk $\u2019000 Total $\u2019000 Expected loss rates -100.0% -24.0% 0.0% -48.6% Gross carrying amounts 13,000 10,520 8,436 31,956 Provision for expected credit losses (13,000) (2,520) \u2013 (15,520) Net carrying amounts \u2013 8,000 8,436 16,436 At 31 March 2022 High Risk $\u2019000 Medium Risk $\u2019000 Low Risk $\u2019000 Total $\u2019000 Expected loss rates -100.0% -41.1% 0.0% -41.1% Gross carrying amounts 6,712 15,324 9,576 31,612 Provision for expected credit losses (6,712) (6,296) \u2013 (13,008) Net carrying amounts \u2013 9,028 9,576 18,604 If the probability of future default against the revenue receivable balances was 5% higher, this would result in a $0.4 million increase to the ECL provision on revenue receivables. If the probability of future default against the medium risk HSG recoupable advances was 41.1%, which is consistent with the prior year, this would result in a $1.8 million increase to the ECL provision on HSG recoupable advances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-330": {
"value": "Credit Risk and Provision for Expected Credit Losses The Group has applied IFRS 9, Financial Instruments, during the year, which includes the requirements for calculating a provision for expected credit losses on financial assets. As disclosed in Note 4, the probability of future default against revenue receivable balances has been deemed close to nil. At 31 March 2023, an ECL provision is recognised against the HSG recoupable advances as below: At 31 March 2023 High Risk $\u2019000 Medium Risk $\u2019000 Low Risk $\u2019000 Total $\u2019000 Expected loss rates -100.0% -24.0% 0.0% -48.6% Gross carrying amounts 13,000 10,520 8,436 31,956 Provision for expected credit losses (13,000) (2,520) \u2013 (15,520) Net carrying amounts \u2013 8,000 8,436 16,436 At 31 March 2022 High Risk $\u2019000 Medium Risk $\u2019000 Low Risk $\u2019000 Total $\u2019000 Expected loss rates -100.0% -41.1% 0.0% -41.1% Gross carrying amounts 6,712 15,324 9,576 31,612 Provision for expected credit losses (6,712) (6,296) \u2013 (13,008) Net carrying amounts \u2013 9,028 9,576 18,604 If the probability of future default against the revenue receivable balances was 5% higher, this would result in a $0.4 million increase to the ECL provision on revenue receivables. If the probability of future default against the medium risk HSG recoupable advances was 41.1%, which is consistent with the prior year, this would result in a $1.8 million increase to the ECL provision on HSG recoupable advances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-354": {
"value": "Credit Risk and Provision for Expected Credit Losses The Group has applied IFRS 9, Financial Instruments, during the year, which includes the requirements for calculating a provision for expected credit losses on financial assets. As disclosed in Note 4, the probability of future default against revenue receivable balances has been deemed close to nil. At 31 March 2023, an ECL provision is recognised against the HSG recoupable advances as below: At 31 March 2023 High Risk $\u2019000 Medium Risk $\u2019000 Low Risk $\u2019000 Total $\u2019000 Expected loss rates -100.0% -24.0% 0.0% -48.6% Gross carrying amounts 13,000 10,520 8,436 31,956 Provision for expected credit losses (13,000) (2,520) \u2013 (15,520) Net carrying amounts \u2013 8,000 8,436 16,436 At 31 March 2022 High Risk $\u2019000 Medium Risk $\u2019000 Low Risk $\u2019000 Total $\u2019000 Expected loss rates -100.0% -41.1% 0.0% -41.1% Gross carrying amounts 6,712 15,324 9,576 31,612 Provision for expected credit losses (6,712) (6,296) \u2013 (13,008) Net carrying amounts \u2013 9,028 9,576 18,604 If the probability of future default against the revenue receivable balances was 5% higher, this would result in a $0.4 million increase to the ECL provision on revenue receivables. If the probability of future default against the medium risk HSG recoupable advances was 41.1%, which is consistent with the prior year, this would result in a $1.8 million increase to the ECL provision on HSG recoupable advances. Credit Risk Credit risk is the risk of loss due to failure of a counterparty to fulfil its contractual obligations. The Group is exposed to credit risk in respect of its contracts with PROs and other collection societies. This exposure is minimised by dealing with reputable PROs whose credit risk is deemed to be low given their respective position in the industry. As reported in Note 4, there is no impairment of the receivables balance, credit risk of third parties has been taken into account when calculating accruals and expected credit loss charge for the year on HSG advances was $2.2 million (31 March 2022: $1.6 million). The Group is exposed to credit risk through its balances with banks and its indirect holdings of money market instruments through those money market funds which are classified as cash equivalents for the purposes of these Consolidated Financial Statements. The table below shows the Group\u2019s material cash balances and the short-term issuer credit rating or money-market fund credit rating as at the year-end date: Location Rating* 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Barclays Bank UK plc Guernsey/UK A-1 25,063 27,367 BlackRock US AA\u2013 8,435 \u2013 City National Bank US A-2 3,950 2,599 * Rated by Standard & Poor\u2019s ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-11": {
"value": "9. Loans and borrowings On 30 September 2022 the Company entered into a new Revolving Credit Facility (RCF) with a commitment of $700 million which runs for five years until 30 September 2027. City National Bank is lead arranger and sole bookrunner for the new debt facility with Truist Securities, Inc., MUFG Union Bank, N.A. and Fifth Third Bank as co-leads. On the same day the Company drew down $607 million, as part of the arrangement City National Bank repaid in full the Company\u2019s pre-existing J.P. Morgan RCF of $600 million directly to J.P. Morgan and paid $5.2 million of fees on behalf of the Company. The remaining $1.8 million was received as cash by the Company. During the year $6.2 million of costs relating to the set-up of the new RCF were capitalised, to be amortised over the five year length of the agreement. On derecognition of the pre-existing J.P. Morgan RCF, $5.0 million was recognised as a borrowing cost extinguishment charge and represents the unamortised capitalised borrowing costs on the pre-existing J.P. Morgan RCF. On 31 March 2023 the Company repaid $7 million of the new RCF. $100 million remains available under the new RCF which provides the Company with flexibility to fund investments and provide additional working capital. 9. Loans and borrowings (continued) Interest on the new facility charged is based on the Secured Overnight Financing Rate (SOFR), published by the New York Federal Reserve, plus a margin of either 2.00% or 2.25% depending on the gross drawn debt. The current margin is 2.00%. As disclosed in Note 17, the Company has entered into an interest rate swap agreement to manage its exposure to interest rate risk. The RCF\u2019s key covenants are set out in the below table: Key financial covenant 31 March 2023 Actual Lender Covenants i) Total debt to Catalogue value as determined by the lender 31.5% Must not exceed 40% ii) Total debt leverage 5.5:1.0 Not greater than 7:1 iii) Fixed charge coverage 1.3:1.0 Not less than 1:1 The Catalogue value as determined by the lender is specifically prepared for the banking syndicate based on a set of assumptions that reflect an immediate sale of the portfolio in order to provide maximum loan security. The covenants are reviewed quarterly and are secured by, inter alia, a charge over the shares in all the subsidiaries of the Company, a charge over all of their assets including all Catalogues of Songs of the Company held through these subsidiaries and a charge over the bank accounts of the Company and its subsidiaries. The Company has also provided a parent company guarantee. In accordance with the Investment Policy, any borrowings by the Company will not exceed 30% of the Operative NAV which is $694.8 million. 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Opening balance 600,000 577,292 Amounts drawn down during the period 607,000 72,708 Amounts repaid during the year \u2013 pre-existing RCF (600,000) (50,000) Amounts repaid during the year \u2013 new RCF (7,000) \u2013 Total loan drawn down 600,000 600,000 Cumulative borrowing costs (5,572) (6,008) Closing balance 594,428 593,992 During the year ended 31 March 2023 $33.7 million (31 March 2022: $20.4 million) was charged as interest on the amounts drawn down.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-377": {
"value": "On 30 September 2022 the Company entered into a new Revolving Credit Facility (RCF) with a commitment of $700 million which runs for five years until 30 September 2027. City National Bank is lead arranger and sole bookrunner for the new debt facility with Truist Securities, Inc., MUFG Union Bank, N.A. and Fifth Third Bank as co-leads. On the same day the Company drew down $607 million, as part of the arrangement City National Bank repaid in full the Company\u2019s pre-existing J.P. Morgan RCF of $600 million directly to J.P. Morgan and paid $5.2 million of fees on behalf of the Company. The remaining $1.8 million was received as cash by the Company. During the year $6.2 million of costs relating to the set-up of the new RCF were capitalised, to be amortised over the five year length of the agreement. On derecognition of the pre-existing J.P. Morgan RCF, $5.0 million was recognised as a borrowing cost extinguishment charge and represents the unamortised capitalised borrowing costs on the pre-existing J.P. Morgan RCF. On 31 March 2023 the Company repaid $7 million of the new RCF. $100 million remains available under the new RCF which provides the Company with flexibility to fund investments and provide additional working capital. Interest on the new facility charged is based on the Secured Overnight Financing Rate (SOFR), published by the New York Federal Reserve, plus a margin of either 2.00% or 2.25% depending on the gross drawn debt. The current margin is 2.00%. As disclosed in Note 17, the Company has entered into an interest rate swap agreement to manage its exposure to interest rate risk. The RCF\u2019s key covenants are set out in the below table: Key financial covenant 31 March 2023 Actual Lender Covenants i) Total debt to Catalogue value as determined by the lender 31.5% Must not exceed 40% ii) Total debt leverage 5.5:1.0 Not greater than 7:1 iii) Fixed charge coverage 1.3:1.0 Not less than 1:1 The Catalogue value as determined by the lender is specifically prepared for the banking syndicate based on a set of assumptions that reflect an immediate sale of the portfolio in order to provide maximum loan security. The covenants are reviewed quarterly and are secured by, inter alia, a charge over the shares in all the subsidiaries of the Company, a charge over all of their assets including all Catalogues of Songs of the Company held through these subsidiaries and a charge over the bank accounts of the Company and its subsidiaries. The Company has also provided a parent company guarantee. In accordance with the Investment Policy, any borrowings by the Company will not exceed 30% of the Operative NAV which is $694.8 million. 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Opening balance 600,000 577,292 Amounts drawn down during the period 607,000 72,708 Amounts repaid during the year \u2013 pre-existing RCF (600,000) (50,000) Amounts repaid during the year \u2013 new RCF (7,000) \u2013 Total loan drawn down 600,000 600,000 Cumulative borrowing costs (5,572) (6,008) Closing balance 594,428 593,992 During the year ended 31 March 2023 $33.7 million (31 March 2022: $20.4 million) was charged as interest on the amounts drawn down.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-331": {
"value": "During the year ended 31 March 2023 $33.7 million (31 March 2022: $20.4 million) was charged as interest on the amounts drawn down.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-374": {
"value": "During the year ended 31 March 2023 $33.7 million (31 March 2022: $20.4 million) was charged as interest on the amounts drawn down.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-368": {
"value": "During the year ended 31 March 2023 $33.7 million (31 March 2022: $20.4 million) was charged as interest on the amounts drawn down.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-355": {
"value": "During the year ended 31 March 2023 $33.7 million (31 March 2022: $20.4 million) was charged as interest on the amounts drawn down.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-332": {
"value": "10. Liabilities and accrued expenses 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Non-current liabilities Catalogue bonus provision 33,080 925 33,080 925 Current liabilities Amounts owed to Songwriters 18,799 16,957 Catalogue bonus provision 11,962 398 Deferred investment payable \u2013 10,799 Loan interest payable 9,891 500 Trade creditors and accruals 5,846 4,106 PRO Advances 3,178 \u2013 Corporation tax payable 67 2,570 VAT 1,789 \u2013 Lease liability 735 \u2013 Directors fees payable 27 83 Other creditors 794 \u2013 53,088 35,413 The Group has a number of Catalogue bonuses which are dependent on the individual Catalogues meeting certain defined performance hurdles as defined in the Catalogue acquisition agreements which the Group consider when assessing the recognition of the Catalogue bonus provision as a financial liability. As at 31 March 2023, the Group recognised a financial liability of $45.0 million relating to the bonuses on 6 Catalogues (31 March 2022: $1.3 million relating to 2 Catalogues). Management consider that the carrying value of this financial liability would not differ significantly from its fair value. The last performance hurdle period to be assessed across the remaining Catalogues is 29 January 2029.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-12": {
"value": "10. Liabilities and accrued expenses 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Non-current liabilities Catalogue bonus provision 33,080 925 33,080 925 Current liabilities Amounts owed to Songwriters 18,799 16,957 Catalogue bonus provision 11,962 398 Deferred investment payable \u2013 10,799 Loan interest payable 9,891 500 Trade creditors and accruals 5,846 4,106 PRO Advances 3,178 \u2013 Corporation tax payable 67 2,570 VAT 1,789 \u2013 Lease liability 735 \u2013 Directors fees payable 27 83 Other creditors 794 \u2013 53,088 35,413 The Group has a number of Catalogue bonuses which are dependent on the individual Catalogues meeting certain defined performance hurdles as defined in the Catalogue acquisition agreements which the Group consider when assessing the recognition of the Catalogue bonus provision as a financial liability. As at 31 March 2023, the Group recognised a financial liability of $45.0 million relating to the bonuses on 6 Catalogues (31 March 2022: $1.3 million relating to 2 Catalogues). Management consider that the carrying value of this financial liability would not differ significantly from its fair value. The last performance hurdle period to be assessed across the remaining Catalogues is 29 January 2029.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-356": {
"value": "10. Liabilities and accrued expenses 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Non-current liabilities Catalogue bonus provision 33,080 925 33,080 925 Current liabilities Amounts owed to Songwriters 18,799 16,957 Catalogue bonus provision 11,962 398 Deferred investment payable \u2013 10,799 Loan interest payable 9,891 500 Trade creditors and accruals 5,846 4,106 PRO Advances 3,178 \u2013 Corporation tax payable 67 2,570 VAT 1,789 \u2013 Lease liability 735 \u2013 Directors fees payable 27 83 Other creditors 794 \u2013 53,088 35,413 The Group has a number of Catalogue bonuses which are dependent on the individual Catalogues meeting certain defined performance hurdles as defined in the Catalogue acquisition agreements which the Group consider when assessing the recognition of the Catalogue bonus provision as a financial liability. As at 31 March 2023, the Group recognised a financial liability of $45.0 million relating to the bonuses on 6 Catalogues (31 March 2022: $1.3 million relating to 2 Catalogues). Management consider that the carrying value of this financial liability would not differ significantly from its fair value. The last performance hurdle period to be assessed across the remaining Catalogues is 29 January 2029.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-369": {
"value": "10. Liabilities and accrued expenses 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Non-current liabilities Catalogue bonus provision 33,080 925 33,080 925 Current liabilities Amounts owed to Songwriters 18,799 16,957 Catalogue bonus provision 11,962 398 Deferred investment payable \u2013 10,799 Loan interest payable 9,891 500 Trade creditors and accruals 5,846 4,106 PRO Advances 3,178 \u2013 Corporation tax payable 67 2,570 VAT 1,789 \u2013 Lease liability 735 \u2013 Directors fees payable 27 83 Other creditors 794 \u2013 53,088 35,413 The Group has a number of Catalogue bonuses which are dependent on the individual Catalogues meeting certain defined performance hurdles as defined in the Catalogue acquisition agreements which the Group consider when assessing the recognition of the Catalogue bonus provision as a financial liability. As at 31 March 2023, the Group recognised a financial liability of $45.0 million relating to the bonuses on 6 Catalogues (31 March 2022: $1.3 million relating to 2 Catalogues). Management consider that the carrying value of this financial liability would not differ significantly from its fair value. The last performance hurdle period to be assessed across the remaining Catalogues is 29 January 2029.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-375": {
"value": "10. Liabilities and accrued expenses 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Non-current liabilities Catalogue bonus provision 33,080 925 33,080 925 Current liabilities Amounts owed to Songwriters 18,799 16,957 Catalogue bonus provision 11,962 398 Deferred investment payable \u2013 10,799 Loan interest payable 9,891 500 Trade creditors and accruals 5,846 4,106 PRO Advances 3,178 \u2013 Corporation tax payable 67 2,570 VAT 1,789 \u2013 Lease liability 735 \u2013 Directors fees payable 27 83 Other creditors 794 \u2013 53,088 35,413 The Group has a number of Catalogue bonuses which are dependent on the individual Catalogues meeting certain defined performance hurdles as defined in the Catalogue acquisition agreements which the Group consider when assessing the recognition of the Catalogue bonus provision as a financial liability. As at 31 March 2023, the Group recognised a financial liability of $45.0 million relating to the bonuses on 6 Catalogues (31 March 2022: $1.3 million relating to 2 Catalogues). Management consider that the carrying value of this financial liability would not differ significantly from its fair value. The last performance hurdle period to be assessed across the remaining Catalogues is 29 January 2029.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-333": {
"value": "11. Share capital and capital management Ordinary Share Capital The share capital of the Company may consist of an unlimited number of: i) Ordinary Shares of no par value which upon issue the Directors may classify as Ordinary Shares; ii) C Shares denominated in such currencies as the Directors may determine; and iii) Ordinary Shares purchased by the Company through share repurchases and held as Treasury Shares. Ordinary Shares of no par value No. of Units outstanding Share Capital $\u2019000 Treasury Reserve $\u2019000 Issued and fully paid: Shares as at 1 April 2022 1,211,214,286 1,692,198 \u2013 Repurchase of ordinary shares into treasury (2,000,000) \u2013 (1,961) Shares as at 31 March 2023 1,209,214,286 1,692,198 (1,961) No. of Units outstanding Share Capital $\u2019000 Treasury Reserve $\u2019000 Issued and fully paid: Shares as at 1 April 2021 1,073,440,268 1,466,851 \u2013 Shares issued on 29 April 2021 9,000,000 14,938 \u2013 Shares issued on 9 July 2021 128,774,018 214,764 \u2013 Share issue costs \u2013 (4,355) \u2013 Shares as at 31 March 2022 1,211,214,286 1,692,198 \u2013 As at 31 March 2023 the Company\u2019s authorised and issued share capital consisted of 1,211,214,286 ordinary shares, of which 2,000,000 were held In treasury. On 29 April 2021 the Company issued 9,000,000 new Ordinary Shares at a price of 119.5p per Ordinary Share and on 9 July 2021 the Company issued 128,774,018 new Ordinary Shares at a price of 121p per Ordinary Share. These shares rank pari passu with the existing Ordinary Shares in issue. The net proceeds have been used to fund an investment in accordance with the Company\u2019s Investment Policy. Under the Company\u2019s Articles of Incorporation, each Shareholder present in person or by proxy has the right to one vote at general meetings. On a poll, each Shareholder is entitled to one vote for every Ordinary Share held. Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all of its liabilities, the Shareholders are entitled to all of the residual assets of the Company. 11. Share capital and capital management (continued) Treasury Share Reserve During the year, the Company launched a Share Repurchase Program to repurchase Ordinary Shares. The repurchased shares are not cancelled but held as Treasury Shares by the Company. Treasury shares hold no voting rights, are not entitled to a dividend and are excluded from the EPS, IFRS and Operative net asset value per share calculation. The consideration for the shares repurchased are detailed below: No. of Shares repurchased Consideration per Share \u00a3 Amount $\u2019000 Shares repurchased on 18 October 2022 250,000 0.85850 240 Shares repurchased on 19 October 2022 250,000 0.84320 235 Shares repurchased on 28 October 2022 250,000 0.88000 252 Shares repurchased on 31 October 2022 250,000 0.88000 252 Shares repurchased on 1 November 2022 250,000 0.87200 250 Shares repurchased on 2 November 2022 250,000 0.85826 246 Shares repurchased on 17 November 2022 250,000 0.82890 238 Shares repurchased on 2 December 2022 250,000 0.83400 248 Treasury Shares as at 31 March 2023 2,000,000 1,961",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-13": {
"value": "11. Share capital and capital management Ordinary Share Capital The share capital of the Company may consist of an unlimited number of: i) Ordinary Shares of no par value which upon issue the Directors may classify as Ordinary Shares; ii) C Shares denominated in such currencies as the Directors may determine; and iii) Ordinary Shares purchased by the Company through share repurchases and held as Treasury Shares. Ordinary Shares of no par value No. of Units outstanding Share Capital $\u2019000 Treasury Reserve $\u2019000 Issued and fully paid: Shares as at 1 April 2022 1,211,214,286 1,692,198 \u2013 Repurchase of ordinary shares into treasury (2,000,000) \u2013 (1,961) Shares as at 31 March 2023 1,209,214,286 1,692,198 (1,961) No. of Units outstanding Share Capital $\u2019000 Treasury Reserve $\u2019000 Issued and fully paid: Shares as at 1 April 2021 1,073,440,268 1,466,851 \u2013 Shares issued on 29 April 2021 9,000,000 14,938 \u2013 Shares issued on 9 July 2021 128,774,018 214,764 \u2013 Share issue costs \u2013 (4,355) \u2013 Shares as at 31 March 2022 1,211,214,286 1,692,198 \u2013 As at 31 March 2023 the Company\u2019s authorised and issued share capital consisted of 1,211,214,286 ordinary shares, of which 2,000,000 were held In treasury. On 29 April 2021 the Company issued 9,000,000 new Ordinary Shares at a price of 119.5p per Ordinary Share and on 9 July 2021 the Company issued 128,774,018 new Ordinary Shares at a price of 121p per Ordinary Share. These shares rank pari passu with the existing Ordinary Shares in issue. The net proceeds have been used to fund an investment in accordance with the Company\u2019s Investment Policy. Under the Company\u2019s Articles of Incorporation, each Shareholder present in person or by proxy has the right to one vote at general meetings. On a poll, each Shareholder is entitled to one vote for every Ordinary Share held. Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all of its liabilities, the Shareholders are entitled to all of the residual assets of the Company. 11. Share capital and capital management (continued) Treasury Share Reserve During the year, the Company launched a Share Repurchase Program to repurchase Ordinary Shares. The repurchased shares are not cancelled but held as Treasury Shares by the Company. Treasury shares hold no voting rights, are not entitled to a dividend and are excluded from the EPS, IFRS and Operative net asset value per share calculation. The consideration for the shares repurchased are detailed below: No. of Shares repurchased Consideration per Share \u00a3 Amount $\u2019000 Shares repurchased on 18 October 2022 250,000 0.85850 240 Shares repurchased on 19 October 2022 250,000 0.84320 235 Shares repurchased on 28 October 2022 250,000 0.88000 252 Shares repurchased on 31 October 2022 250,000 0.88000 252 Shares repurchased on 1 November 2022 250,000 0.87200 250 Shares repurchased on 2 November 2022 250,000 0.85826 246 Shares repurchased on 17 November 2022 250,000 0.82890 238 Shares repurchased on 2 December 2022 250,000 0.83400 248 Treasury Shares as at 31 March 2023 2,000,000 1,961",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-370": {
"value": "Treasury Share Reserve During the year, the Company launched a Share Repurchase Program to repurchase Ordinary Shares. The repurchased shares are not cancelled but held as Treasury Shares by the Company. Treasury shares hold no voting rights, are not entitled to a dividend and are excluded from the EPS, IFRS and Operative net asset value per share calculation. The consideration for the shares repurchased are detailed below: No. of Shares repurchased Consideration per Share \u00a3 Amount $\u2019000 Shares repurchased on 18 October 2022 250,000 0.85850 240 Shares repurchased on 19 October 2022 250,000 0.84320 235 Shares repurchased on 28 October 2022 250,000 0.88000 252 Shares repurchased on 31 October 2022 250,000 0.88000 252 Shares repurchased on 1 November 2022 250,000 0.87200 250 Shares repurchased on 2 November 2022 250,000 0.85826 246 Shares repurchased on 17 November 2022 250,000 0.82890 238 Shares repurchased on 2 December 2022 250,000 0.83400 248 Treasury Shares as at 31 March 2023 2,000,000 1,961",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-14": {
"value": "12. Net Asset Value per share and Operative Net Asset Value per share 31 March 2023 31 March 2022 Number of Ordinary Shares outstanding 1,209,214,286 1,211,214,286 IFRS NAV per share (cents) 118.63 130.65 Operative NAV per share (cents) 191.53 184.91 The IFRS NAV per share and the Operative NAV per share are arrived at by dividing the IFRS Net Assets and Operative Net Assets (respectively) by the number of Ordinary Shares outstanding. Catalogues of Songs are classified as intangible assets and measured at amortised cost or cost less impairment in accordance with IFRS. The Directors are of the opinion that an Operative NAV provides a meaningful alternative performance measure and the values of Catalogues of Songs are based on fair values produced by the Portfolio Independent Valuer. Reconciliation of IFRS NAV to Operative NAV 31 March 2023 $\u2019000 31 March 2022 $\u2019000 IFRS NAV 1,434,534 1,582,399 Adjustments for revaluations of Catalogues of Songs to fair value 565,478 457,441 Reversal of accumulated amortisation and impairment 316,036 199,800 Operative NAV 2,316,048 2,239,640 12. Net Asset Value per share and Operative Net Asset Value per share (continued) Tax considerations As noted in the Chair\u2019s Statement, the Board are considering a number of options to enhance Shareholder value which may include the potential strategic sale of Catalogues of Songs. The Company\u2019s Investment Trust Company (ITC) status may allow for the Company to make disposals of shares or certain other capital assets on a tax-exempt basis for UK corporation tax purposes. However, a disposal of music Catalogues, considered intangible fixed assets for UK corporation tax purposes, would not qualify for exemption in the same way. A disposal of music Catalogues by way of a sale of shares of a Group subsidiary company by the Company, in order to take advantage of its ITC tax-exempt status, would not necessarily result in greater value for the Group, depending on the attractiveness of such a transaction structure to the prospective purchaser and their other potential tax considerations on future sales of the acquired shares. If the Group were to dispose of all of its Catalogues, an indicative tax calculation (subject to a number of assumptions in its preparation \u2013 see below) estimates that a potential corporation tax charge (or equivalent in the US) could be incurred by the Group subsidiary companies, of approximately $245 million. This has been calculated based on comparing the Fair Value determined by the Portfolio Independent Valuer (as a representation of indicative sales proceeds) to the Catalogues\u2019 carrying value as at 31 March 2023. The calculations assumes a 25% tax rate as: (a) the prevailing rate of UK corporation tax from 1 April 2023 and (b) a proxy for US Federal and State corporate income tax. This indicative tax calculation does not take into account attributes such as UK tax losses, which could be used to offset some of the taxable gains, or where the tax treatment of an element of sale proceeds may be considered to be the sale of a receivable aligned with a Catalogue rather than part of the disposal value of that Catalogue, which could result in a materially lower tax charge. As the Company has not disposed of any catalogues to date, no such tax liability currently exists.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-15": {
"value": "13. Revenue 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Mechanical income 5,465 10,657 Performance income 17,972 22,291 Digital downloads income 3,635 4,405 Streaming income 83,886 72,850 Synchronization income 19,381 22,530 Publishing admin income 406 300 Masters income 7,582 8,448 Writer share income 26,076 45,103 Neighbouring rights income 4,120 \u2013 Other income 715 6,037 Producer royalties 8,074 7,763 177,312 200,384 There is an inherent time lag with royalties between the time a song is performed, and the revenue being received by the copyright owner. The revenue accruals are disclosed in Note 8 Trade and other receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-334": {
"value": "14. Other operating expenses 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Aborted deal expenses 468 1,951 Bank charges 50 34 Record label costs 98 \u2013 Charitable donations 293 208 Directors\u2019 and officers\u2019 insurance 347 366 Disbursements 411 355 Postage, stationery and printing 153 41 Lease liability interest 369 \u2013 HSG staff payroll and expenses 6,244 6,598 HSG restructuring provision 1,028 \u2013 Travel and accommodation fees 499 162 HSG travel and accommodation fees 362 389 Sundry 32 1 10,354 10,105",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-17": {
"value": "14. Other operating expenses 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Aborted deal expenses 468 1,951 Bank charges 50 34 Record label costs 98 \u2013 Charitable donations 293 208 Directors\u2019 and officers\u2019 insurance 347 366 Disbursements 411 355 Postage, stationery and printing 153 41 Lease liability interest 369 \u2013 HSG staff payroll and expenses 6,244 6,598 HSG restructuring provision 1,028 \u2013 Travel and accommodation fees 499 162 HSG travel and accommodation fees 362 389 Sundry 32 1 10,354 10,105",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-357": {
"value": "14. Other operating expenses 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Aborted deal expenses 468 1,951 Bank charges 50 34 Record label costs 98 \u2013 Charitable donations 293 208 Directors\u2019 and officers\u2019 insurance 347 366 Disbursements 411 355 Postage, stationery and printing 153 41 Lease liability interest 369 \u2013 HSG staff payroll and expenses 6,244 6,598 HSG restructuring provision 1,028 \u2013 Travel and accommodation fees 499 162 HSG travel and accommodation fees 362 389 Sundry 32 1 10,354 10,105",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-371": {
"value": "14. Other operating expenses 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Aborted deal expenses 468 1,951 Bank charges 50 34 Record label costs 98 \u2013 Charitable donations 293 208 Directors\u2019 and officers\u2019 insurance 347 366 Disbursements 411 355 Postage, stationery and printing 153 41 Lease liability interest 369 \u2013 HSG staff payroll and expenses 6,244 6,598 HSG restructuring provision 1,028 \u2013 Travel and accommodation fees 499 162 HSG travel and accommodation fees 362 389 Sundry 32 1 10,354 10,105",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-16": {
"value": "15. Foreign exchange 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Foreign exchange losses 3,157 14,857 3,157 14,857 The foreign exchange impact reflects the effect of movements in foreign currency exchange rates throughout the year. Currency risk is discussed further in Note 17 a) Currency risk Currency risk is the risk that the fair values of future cashflows will fluctuate because of changes in foreign exchange rates. The revenue earned from the Catalogue of Songs may be subject to foreign currency fluctuations. Royalties are earned globally and paid in a number of currencies, therefore the Group may be impacted by adverse currency movements. The Group will convert the majority of overseas currency receipts into US Dollars by agreeing to currency exchange arrangements with collection agents, or otherwise itself undertaking foreign exchange conversions. Dividend payments are denominated in Sterling and also may be impacted by adverse currency movements. In order to mitigate currency risk and provide certainty over the US Dollar value of future Sterling dividend payments the Company entered into US Dollar to Sterling foreign exchange forward contracts as discussed in Note 22. Settlement Date Contract Value \u00a3\u2019000 Outstanding Contracts $\u2019000 Mark to Market equivalent $\u2019000 Unrealised (losses)/gains $\u2019000 17 April 2023 11,250 12,501 13,883 1,382 17 July 2023 11,250 12,477 13,906 1,429 16 October 2023 7,500 8,305 9,278 973 16 January 2024 5,000 5,528 6,189 661 15 April 2024 3,750 4,139 4,640 501 16 October 2024 3,750 4,644 4,639 (5) 16 January 2025 2,500 3,101 3,094 (7) 15 April 2025 1,250 1,552 1,546 (6) 15 July 2025 3,750 4,656 4,642 (14) 50,000 56,903 61,817 4,914 The currencies in which financial assets and liabilities are denominated are shown below: As at 31 March 2023 USD $\u2019000 GBP converted to USD* $\u2019000 EUR converted to USD** $\u2019000 Other converted to USD $\u2019000 Total $\u2019000 Non current and current receivables 147,955 4,987 205 62 153,209 Held for trading derivative financial asset 4,914 \u2013 \u2013 \u2013 4,914 Cash and cash equivalents 32,530 4,074 1,361 \u2013 37,965 Total financial assets 185,399 9,061 1,566 62 196,088 Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000 Held for trading derivative financial liability 3,395 \u2013 \u2013 \u2013 3,395 Non current and current payables 81,958 3,736 232 241 86,167 Total financial liabilities 685,353 3,736 232 241 689,562 Net asset/(liability) position (499,954) 5,325 1,334 (179) (493,474) *At the reporting date 31 March 2023, if Sterling had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.5 million higher/lower. **At the reporting date 31 March 2023, if the EUR had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.1 million higher/lower As at 31 March 2022 USD $\u2019000 GBP converted to USD* $\u2019000 EUR converted to USD** $\u2019000 Other converted to USD $\u2019000 Total $\u2019000 Non current and current receivables 132,276 10,503 1,745 566 145,090 Cash and cash equivalents 25,454 4,314 299 \u2013 30,067 Total financial assets 157,730 14,817 2,044 566 175,157 Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000 Non current and current payables 31,448 4,883 7 \u2013 36,338 Total financial liabilities 631,448 4,883 7 \u2013 636,338 Net asset/(liability) position (473,718) 9,934 2,037 566 (461,181) *At the reporting date 31 March 2022, if Sterling had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $1.0 million higher/lower. **At the reporting date 31 March 2022, if the EUR had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.2 million higher/lower. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-18": {
"value": "16. Dividends A summary of the dividends paid are set out below: Dividend per share Pence Total Dividend $\u2019000 1 April 2022 to 31 March 2023 Interim dividend in respect of quarter ended 31 March 2022 1.3125 19,313 Interim dividend in respect of quarter ended 30 June 2022 1.3125 17,744 Interim dividend in respect of quarter ended 30 September 2022 1.3125 19,203 3.9375 56,260 On 16 March 2023, the Company announced an interim dividend for the quarter from 1 October 2022 to 31 December 2022 of 1.3125p per Ordinary Share, paid on 28 April 2023. Dividend per share Pence Total Dividend $\u2019000 1 April 2021 to 31 March 2022 Interim dividend in respect of quarter ended 31 March 2021 1.3125 20,093 Interim dividend in respect of quarter ended 30 June 2021 1.3125 21,807 Interim dividend in respect of quarter ended 30 September 2021 1.3125 21,214 Interim dividend in respect of quarter ended 31 December 2021 1.3125 21,186 5.250 84,300 The Company, being a Guernsey regulated entity, is able to pay dividends out of capital, subject to the assessment of solvency in accordance with the Companies Law and subject to a levered free cashflow test as required by the Revolving Credit Facility",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-335": {
"value": "0.039375",
"decimals": 6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-336": {
"value": "0.0525",
"decimals": 5,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-337": {
"value": "17. Financial risk management objectives
Financial risk management objectives
The Group\u2019s activities expose it to various types of financial risk, principally market risk, credit risk, and liquidity risk.
The Board has overall responsibility for the Group\u2019s risk management and sets policies to manage those risks at an
acceptable level.
Fair values
Management assessed that the fair values of cash and cash equivalents, current trade and other receivables and
current trade and other payables approximate their carrying amount largely due to the short-term maturities and high
credit quality of these instruments. The carrying value of the non-current accrued income and non-current Catalogue
bonus provision reflect their fair value.
Capital risk management
The Group 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 Group consists of issued share capital and retained earnings,
as stated in the Consolidated Statement of Financial Position. In order to maintain or adjust the capital structure, the
Group may repurchase shares or issue new shares. There are no external capital requirements imposed on the Group.
As detailed in Note 9, on 30 September 2022 the Company entered into a new Revolving Credit Facility (RCF) with
a commitment of $700 million which runs for five years until 30 September 2027. On the same day the Company drew
down $607 million to repay in full the Company\u2019s pre-existing J.P. Morgan RCF ($600 million). On 31 March 2023 the
Company repaid $7 million of the new RCF.
The Group\u2019s investment policy is set out in the Investment Objective and Policy section of the Annual Report.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes
in market prices. The Group is exposed to currency risk and interest rate risk.
a) Currency risk
Currency risk is the risk that the fair values of future cashflows will fluctuate because of changes in foreign exchange
rates. The revenue earned from the Catalogue of Songs may be subject to foreign currency fluctuations. Royalties
are earned globally and paid in a number of currencies, therefore the Group may be impacted by adverse currency
movements. The Group will convert the majority of overseas currency receipts into US Dollars by agreeing to currency
exchange arrangements with collection agents, or otherwise itself undertaking foreign exchange conversions.
17. Financial risk management objectives (continued)
Dividend payments are denominated in Sterling and also may be impacted by adverse currency movements. In order
to mitigate currency risk and provide certainty over the US Dollar value of future Sterling dividend payments the
Company entered into US Dollar to Sterling foreign exchange forward contracts as discussed in Note 22.
Settlement Date
Contract Value
\u00a3\u2019000
Outstanding
Contracts
$\u2019000
Mark to Market
equivalent
$\u2019000
Unrealised
(losses)/gains
$\u2019000
17 April 2023 11,250 12,501 13,883 1,382
17 July 2023 11,250 12,477 13,906 1,429
16 October 2023 7,500 8,305 9,278 973
16 January 2024 5,000 5,528 6,189 661
15 April 2024 3,750 4,139 4,640 501
16 October 2024 3,750 4,644 4,639 (5)
16 January 2025 2,500 3,101 3,094 (7)
15 April 2025 1,250 1,552 1,546 (6)
15 July 2025 3,750 4,656 4,642 (14)
50,000 56,903 61,817 4,914
The currencies in which financial assets and liabilities are denominated are shown below:
As at 31 March 2023
USD
$\u2019000
GBP converted to
USD*
$\u2019000
EUR converted to
USD**
$\u2019000
Other converted to
USD
$\u2019000
Total
$\u2019000
Non current and current receivables 147,955 4,987 205 62 153,209
Held for trading derivative
financial asset 4,914 \u2013 \u2013 \u2013 4,914
Cash and cash equivalents 32,530 4,074 1,361 \u2013 37,965
Total financial assets 185,399 9,061 1,566 62 196,088
Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000
Held for trading derivative financial
liability 3,395 \u2013 \u2013 \u2013 3,395
Non current and current payables 81,958 3,736 232 241 86,167
Total financial liabilities 685,353 3,736 232 241 689,562
Net asset/(liability) position (499,954) 5,325 1,334 (179) (493,474)
*At the reporting date 31 March 2023, if Sterling had strengthened/weakened by 10% against the Dollar with
all other variables held constant, the impact on post tax loss and components of equity would have been
$0.5 million higher/lower.
**At the reporting date 31 March 2023, if the EUR had strengthened/weakened by 10% against the Dollar with
all other variables held constant, the impact on post tax loss and components of equity would have been
$0.1 million higher/lower .
17. Financial risk management objectives (continued)
As at 31 March 2022
USD
$\u2019000
GBP converted to
USD*
$\u2019000
EUR converted to
USD**
$\u2019000
Other converted
to USD
$\u2019000
Total
$\u2019000
Non current and current receivables 132,276 10,503 1,745 566 145,090
Cash and cash equivalents 25,454 4,314 299 \u2013 30,067
Total financial assets 157,730 14,817 2,044 566 175,157
Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000
Non current and current payables 31,448 4,883 7 \u2013 36,338
Total financial liabilities 631,448 4,883 7 \u2013 636,338
Net asset/(liability) position (473,718) 9,934 2,037 566 (461,181)
*At the reporting date 31 March 2022, if Sterling had strengthened/weakened by 10% against the Dollar with
all other variables held constant, the impact on post tax loss and components of equity would have been
$1.0 million higher/lower.
**At the reporting date 31 March 2022, if the EUR had strengthened/weakened by 10% against the Dollar with
all other variables held constant, the impact on post tax loss and components of equity would have been
$0.2 million higher/lower.
b) Cash flow and fair value interest rate risk
The Group is exposed to cash flow interest rate risk on cash and cash equivalents and also on the interest bearing RCF.
The RCF bears a fixed rate of interest plus a floating rate of interest based on Secured Overnight Financing Rate (SOFR).
In order to mitigate interest rate risk and provide certainty over interest payments, the Company entered into interest
rate swap agreements as detailed below:
\u2022 From 3 October 2022 until 2 January 2023, interest on all the drawn debt is based on a three-month fixed SOFR of
5.71% (including debt margin); and
\u2022 From 3 January 2023, the Company has agreed to enter into interest rate swaps to hedge $540 million. Of this,
$340 million is hedged for the duration of the RCF (until 30 September 2027) at a fixed rate of 5.67% (including debt
margin); a further $200 million is hedged until 3 January 2026 at a fixed rate of 5.89% (including debt margin). The
balance remains unhedged to provide flexibility in the operation of the RCF facility.
At 31 March 2023, the unhedged RCF balance exposed to interest rate risk was $60 million.
The average interest rate during the year was 5.58%. If interest rates had been 100 basis points higher and all other
variables were held constant, the Company\u2019s loan interest expense would have been $6.0 million higher .
17. Financial risk management objectives (continued)
Credit Risk
Credit risk is the risk of loss due to failure of a counterparty to fulfil its contractual obligations. The Group is exposed to
credit risk in respect of its contracts with PROs and other collection societies. This exposure is minimised by dealing with
reputable PROs whose credit risk is deemed to be low given their respective position in the industry.
As reported in Note 4, there is no impairment of the receivables balance, credit risk of third parties has been taken into
account when calculating accruals and expected credit loss charge for the year on HSG advances was $2.2 million
(31 March 2022: $1.6 million). The Group is exposed to credit risk through its balances with banks and its indirect holdings
of money market instruments through those money market funds which are classified as cash equivalents for the
purposes of these Consolidated Financial Statements.
The table below shows the Group\u2019s material cash balances and the short-term issuer credit rating or money-market
fund credit rating as at the year-end date:
Location Rating*
31 March 2023
$\u2019000
31 March 2022
$\u2019000
Barclays Bank UK plc Guernsey/UK A-1 25,063 27,367
BlackRock US AA\u2013 8,435 \u2013
City National Bank US A-2 3,950 2,599
* Rated by Standard & Poor\u2019s
Liquidity Risk
Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds to meet financial
commitments. The Group\u2019s liquidity risk is managed by the Investment Adviser and Directors on a monthly basis.
Liquidity risk is also the risk that the Group may not be able to meet their financial obligations as they fall due. The Group
maintains a prudent approach to liquidity management by maintaining sufficient cash reserves to meet foreseeable
working capital requirements.
17. Financial risk management objectives (continued)
Liquidity Risk (continued)
The Group prepares a 3 year rolling cash forecast, which is reviewed by the Board. The cash flow forecast includes
a sensitivity analysis with downside scenarios on income streams, foreign exchange rate movements and interest
rate movements. Cash is delivered with royalty statements, and the majority are delivered quarterly or semi-annually.
A small number of collections are delivered monthly. Cash is collected and processed throughout the year by the
administrators.
At the reporting date, the Group\u2019s financial liabilities are:
Carrying
amount
$\u2019000
Less than
1 month
$\u2019000
1-3
months
$\u2019000
3-12
months
$\u2019000
Between
1 and
2 years
$\u2019000
Between
2 and
5 years
$\u2019000
Over
5 years
$\u2019000
Total
contractual
cash flows
$\u2019000
Bank loan and future interest
payments (600,000) \u2013 \u2013 (30,684) (40,912) (712,507) \u2013 (784,103)
Held for trading financial
liability (3,395) 1,139 \u2013 (4,534) \u2013 \u2013 \u2013 (3,395)
Amounts owed to
Songwriters (18,799) \u2013 (640) (18,159) \u2013 \u2013 \u2013 (18,799)
Catalogue bonus provision (45,042) \u2013 (3,450) (8,512) (16,540) (16,540) \u2013 (45,042)
Trade creditors and accruals (5,846) (4,168) (1,040) (638) \u2013 \u2013 \u2013 (5,846)
Loan interest payable (9,891) (9,891) \u2013 \u2013 \u2013 \u2013 \u2013 (9,891)
PRO Advances (3,178) \u2013 (3,178) \u2013 \u2013 \u2013 \u2013 (3,178)
VAT (1,789) (1,789) \u2013 \u2013 \u2013 \u2013 \u2013 (1,789)
Other creditors (794) (415) \u2013 (379) \u2013 \u2013 \u2013 (794)
Lease liability (735) (28) (61) (646) \u2013 \u2013 \u2013 (735)
Corporation tax payable (67) \u2013 (67) \u2013 \u2013 \u2013 \u2013 (67)
Directors fees payable (27) (27) \u2013 \u2013 \u2013 \u2013 \u2013 (27)
(689,563) (15,179) (8,436) (63,552) (57,452) (729,047) \u2013 (873,666)
",
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"fact-378": {
"value": "7. Financial risk management objectives Financial risk management objectives The Group\u2019s activities expose it to various types of financial risk, principally market risk, credit risk, and liquidity risk. The Board has overall responsibility for the Group\u2019s risk management and sets policies to manage those risks at an acceptable level. Fair values Management assessed that the fair values of cash and cash equivalents, current trade and other receivables and current trade and other payables approximate their carrying amount largely due to the short-term maturities and high credit quality of these instruments. The carrying value of the non-current accrued income and non-current Catalogue bonus provision reflect their fair value. Capital risk management The Group 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 Group consists of issued share capital and retained earnings, as stated in the Consolidated Statement of Financial Position. In order to maintain or adjust the capital structure, the Group may repurchase shares or issue new shares. There are no external capital requirements imposed on the Group. As detailed in Note 9, on 30 September 2022 the Company entered into a new Revolving Credit Facility (RCF) with a commitment of $700 million which runs for five years until 30 September 2027. On the same day the Company drew down $607 million to repay in full the Company\u2019s pre-existing J.P. Morgan RCF ($600 million). On 31 March 2023 the Company repaid $7 million of the new RCF. The Group\u2019s investment policy is set out in the Investment Objective and Policy section of the Annual Report. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market prices. The Group is exposed to currency risk and interest rate risk. a) Currency risk Currency risk is the risk that the fair values of future cashflows will fluctuate because of changes in foreign exchange rates. The revenue earned from the Catalogue of Songs may be subject to foreign currency fluctuations. Royalties are earned globally and paid in a number of currencies, therefore the Group may be impacted by adverse currency movements. The Group will convert the majority of overseas currency receipts into US Dollars by agreeing to currency exchange arrangements with collection agents, or otherwise itself undertaking foreign exchange conversions. 17. Financial risk management objectives (continued) Dividend payments are denominated in Sterling and also may be impacted by adverse currency movements. In order to mitigate currency risk and provide certainty over the US Dollar value of future Sterling dividend payments the Company entered into US Dollar to Sterling foreign exchange forward contracts as discussed in Note 22. Settlement Date Contract Value \u00a3\u2019000 Outstanding Contracts $\u2019000 Mark to Market equivalent $\u2019000 Unrealised (losses)/gains $\u2019000 17 April 2023 11,250 12,501 13,883 1,382 17 July 2023 11,250 12,477 13,906 1,429 16 October 2023 7,500 8,305 9,278 973 16 January 2024 5,000 5,528 6,189 661 15 April 2024 3,750 4,139 4,640 501 16 October 2024 3,750 4,644 4,639 (5) 16 January 2025 2,500 3,101 3,094 (7) 15 April 2025 1,250 1,552 1,546 (6) 15 July 2025 3,750 4,656 4,642 (14) 50,000 56,903 61,817 4,914 The currencies in which financial assets and liabilities are denominated are shown below: As at 31 March 2023 USD $\u2019000 GBP converted to USD* $\u2019000 EUR converted to USD** $\u2019000 Other converted to USD $\u2019000 Total $\u2019000 Non current and current receivables 147,955 4,987 205 62 153,209 Held for trading derivative financial asset 4,914 \u2013 \u2013 \u2013 4,914 Cash and cash equivalents 32,530 4,074 1,361 \u2013 37,965 Total financial assets 185,399 9,061 1,566 62 196,088 Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000 Held for trading derivative financial liability 3,395 \u2013 \u2013 \u2013 3,395 Non current and current payables 81,958 3,736 232 241 86,167 Total financial liabilities 685,353 3,736 232 241 689,562 Net asset/(liability) position (499,954) 5,325 1,334 (179) (493,474) *At the reporting date 31 March 2023, if Sterling had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.5 million higher/lower. **At the reporting date 31 March 2023, if the EUR had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.1 million higher/lower . 17. Financial risk management objectives (continued) As at 31 March 2022 USD $\u2019000 GBP converted to USD* $\u2019000 EUR converted to USD** $\u2019000 Other converted to USD $\u2019000 Total $\u2019000 Non current and current receivables 132,276 10,503 1,745 566 145,090 Cash and cash equivalents 25,454 4,314 299 \u2013 30,067 Total financial assets 157,730 14,817 2,044 566 175,157 Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000 Non current and current payables 31,448 4,883 7 \u2013 36,338 Total financial liabilities 631,448 4,883 7 \u2013 636,338 Net asset/(liability) position (473,718) 9,934 2,037 566 (461,181) *At the reporting date 31 March 2022, if Sterling had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $1.0 million higher/lower. **At the reporting date 31 March 2022, if the EUR had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.2 million higher/lower. b) Cash flow and fair value interest rate risk The Group is exposed to cash flow interest rate risk on cash and cash equivalents and also on the interest bearing RCF. The RCF bears a fixed rate of interest plus a floating rate of interest based on Secured Overnight Financing Rate (SOFR). In order to mitigate interest rate risk and provide certainty over interest payments, the Company entered into interest rate swap agreements as detailed below: \u2022 From 3 October 2022 until 2 January 2023, interest on all the drawn debt is based on a three-month fixed SOFR of 5.71% (including debt margin); and \u2022 From 3 January 2023, the Company has agreed to enter into interest rate swaps to hedge $540 million. Of this, $340 million is hedged for the duration of the RCF (until 30 September 2027) at a fixed rate of 5.67% (including debt margin); a further $200 million is hedged until 3 January 2026 at a fixed rate of 5.89% (including debt margin). The balance remains unhedged to provide flexibility in the operation of the RCF facility. At 31 March 2023, the unhedged RCF balance exposed to interest rate risk was $60 million. The average interest rate during the year was 5.58%. If interest rates had been 100 basis points higher and all other variables were held constant, the Company\u2019s loan interest expense would have been $6.0 million higher 17. Financial risk management objectives (continued) Credit Risk Credit risk is the risk of loss due to failure of a counterparty to fulfil its contractual obligations. The Group is exposed to credit risk in respect of its contracts with PROs and other collection societies. This exposure is minimised by dealing with reputable PROs whose credit risk is deemed to be low given their respective position in the industry. As reported in Note 4, there is no impairment of the receivables balance, credit risk of third parties has been taken into account when calculating accruals and expected credit loss charge for the year on HSG advances was $2.2 million (31 March 2022: $1.6 million). The Group is exposed to credit risk through its balances with banks and its indirect holdings of money market instruments through those money market funds which are classified as cash equivalents for the purposes of these Consolidated Financial Statements. The table below shows the Group\u2019s material cash balances and the short-term issuer credit rating or money-market fund credit rating as at the year-end date: Location Rating* 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Barclays Bank UK plc Guernsey/UK A-1 25,063 27,367 BlackRock US AA\u2013 8,435 \u2013 City National Bank US A-2 3,950 2,599 * Rated by Standard & Poor\u2019s Liquidity Risk Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds to meet financial commitments. The Group\u2019s liquidity risk is managed by the Investment Adviser and Directors on a monthly basis. Liquidity risk is also the risk that the Group may not be able to meet their financial obligations as they fall due. The Group maintains a prudent approach to liquidity management by maintaining sufficient cash reserves to meet foreseeable working capital requirements. 17. Financial risk management objectives (continued) Liquidity Risk (continued) The Group prepares a 3 year rolling cash forecast, which is reviewed by the Board. The cash flow forecast includes a sensitivity analysis with downside scenarios on income streams, foreign exchange rate movements and interest rate movements. Cash is delivered with royalty statements, and the majority are delivered quarterly or semi-annually. A small number of collections are delivered monthly. Cash is collected and processed throughout the year by the administrators. At the reporting date, the Group\u2019s financial liabilities are: Carrying amount $\u2019000 Less than 1 month $\u2019000 1-3 months $\u2019000 3-12 months $\u2019000 Between 1 and 2 years $\u2019000 Between 2 and 5 years $\u2019000 Over 5 years $\u2019000 Total contractual cash flows $\u2019000 Bank loan and future interest payments (600,000) \u2013 \u2013 (30,684) (40,912) (712,507) \u2013 (784,103) Held for trading financial liability (3,395) 1,139 \u2013 (4,534) \u2013 \u2013 \u2013 (3,395) Amounts owed to Songwriters (18,799) \u2013 (640) (18,159) \u2013 \u2013 \u2013 (18,799) Catalogue bonus provision (45,042) \u2013 (3,450) (8,512) (16,540) (16,540) \u2013 (45,042) Trade creditors and accruals (5,846) (4,168) (1,040) (638) \u2013 \u2013 \u2013 (5,846) Loan interest payable (9,891) (9,891) \u2013 \u2013 \u2013 \u2013 \u2013 (9,891) PRO Advances (3,178) \u2013 (3,178) \u2013 \u2013 \u2013 \u2013 (3,178) VAT (1,789) (1,789) \u2013 \u2013 \u2013 \u2013 \u2013 (1,789) Other creditors (794) (415) \u2013 (379) \u2013 \u2013 \u2013 (794) Lease liability (735) (28) (61) (646) \u2013 \u2013 \u2013 (735) Corporation tax payable (67) \u2013 (67) \u2013 \u2013 \u2013 \u2013 (67) Directors fees payable (27) (27) \u2013 \u2013 \u2013 \u2013 \u2013 (27) (689,563) (15,179) (8,436) (63,552) (57,452) (729,047) \u2013 (873,666)",
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"fact-358": {
"value": "Capital risk management The Group 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 Group consists of issued share capital and retained earnings, as stated in the Consolidated Statement of Financial Position. In order to maintain or adjust the capital structure, the Group may repurchase shares or issue new shares. There are no external capital requirements imposed on the Group. As detailed in Note 9, on 30 September 2022 the Company entered into a new Revolving Credit Facility (RCF) with a commitment of $700 million which runs for five years until 30 September 2027. On the same day the Company drew down $607 million to repay in full the Company\u2019s pre-existing J.P. Morgan RCF ($600 million). On 31 March 2023 the Company repaid $7 million of the new RCF. The Group\u2019s investment policy is set out in the Investment Objective and Policy section of the Annual Report. ",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-359": {
"value": "Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market prices. The Group is exposed to currency risk and interest rate risk. a) Currency risk Currency risk is the risk that the fair values of future cashflows will fluctuate because of changes in foreign exchange rates. The revenue earned from the Catalogue of Songs may be subject to foreign currency fluctuations. Royalties are earned globally and paid in a number of currencies, therefore the Group may be impacted by adverse currency movements. The Group will convert the majority of overseas currency receipts into US Dollars by agreeing to currency exchange arrangements with collection agents, or otherwise itself undertaking foreign exchange conversions. Dividend payments are denominated in Sterling and also may be impacted by adverse currency movements. In order to mitigate currency risk and provide certainty over the US Dollar value of future Sterling dividend payments the Company entered into US Dollar to Sterling foreign exchange forward contracts as discussed in Note 22. Settlement Date Contract Value \u00a3\u2019000 Outstanding Contracts $\u2019000 Mark to Market equivalent $\u2019000 Unrealised (losses)/gains $\u2019000 17 April 2023 11,250 12,501 13,883 1,382 17 July 2023 11,250 12,477 13,906 1,429 16 October 2023 7,500 8,305 9,278 973 16 January 2024 5,000 5,528 6,189 661 15 April 2024 3,750 4,139 4,640 501 16 October 2024 3,750 4,644 4,639 (5) 16 January 2025 2,500 3,101 3,094 (7) 15 April 2025 1,250 1,552 1,546 (6) 15 July 2025 3,750 4,656 4,642 (14) 50,000 56,903 61,817 4,914 The currencies in which financial assets and liabilities are denominated are shown below: As at 31 March 2023 USD $\u2019000 GBP converted to USD* $\u2019000 EUR converted to USD** $\u2019000 Other converted to USD $\u2019000 Total $\u2019000 Non current and current receivables 147,955 4,987 205 62 153,209 Held for trading derivative financial asset 4,914 \u2013 \u2013 \u2013 4,914 Cash and cash equivalents 32,530 4,074 1,361 \u2013 37,965 Total financial assets 185,399 9,061 1,566 62 196,088 Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000 Held for trading derivative financial liability 3,395 \u2013 \u2013 \u2013 3,395 Non current and current payables 81,958 3,736 232 241 86,167 Total financial liabilities 685,353 3,736 232 241 689,562 Net asset/(liability) position (499,954) 5,325 1,334 (179) (493,474) *At the reporting date 31 March 2023, if Sterling had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.5 million higher/lower. **At the reporting date 31 March 2023, if the EUR had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.1 million higher/lower . As at 31 March 2022 USD $\u2019000 GBP converted to USD* $\u2019000 EUR converted to USD** $\u2019000 Other converted to USD $\u2019000 Total $\u2019000 Non current and current receivables 132,276 10,503 1,745 566 145,090 Cash and cash equivalents 25,454 4,314 299 \u2013 30,067 Total financial assets 157,730 14,817 2,044 566 175,157 Revolving Credit Facility 600,000 \u2013 \u2013 \u2013 600,000 Non current and current payables 31,448 4,883 7 \u2013 36,338 Total financial liabilities 631,448 4,883 7 \u2013 636,338 Net asset/(liability) position (473,718) 9,934 2,037 566 (461,181) *At the reporting date 31 March 2022, if Sterling had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $1.0 million higher/lower. **At the reporting date 31 March 2022, if the EUR had strengthened/weakened by 10% against the Dollar with all other variables held constant, the impact on post tax loss and components of equity would have been $0.2 million higher/lower. b) Cash flow and fair value interest rate risk The Group is exposed to cash flow interest rate risk on cash and cash equivalents and also on the interest bearing RCF. The RCF bears a fixed rate of interest plus a floating rate of interest based on Secured Overnight Financing Rate (SOFR). In order to mitigate interest rate risk and provide certainty over interest payments, the Company entered into interest rate swap agreements as detailed below: \u2022 From 3 October 2022 until 2 January 2023, interest on all the drawn debt is based on a three-month fixed SOFR of 5.71% (including debt margin); and \u2022 From 3 January 2023, the Company has agreed to enter into interest rate swaps to hedge $540 million. Of this, $340 million is hedged for the duration of the RCF (until 30 September 2027) at a fixed rate of 5.67% (including debt margin); a further $200 million is hedged until 3 January 2026 at a fixed rate of 5.89% (including debt margin). The balance remains unhedged to provide flexibility in the operation of the RCF facility. At 31 March 2023, the unhedged RCF balance exposed to interest rate risk was $60 million. The average interest rate during the year was 5.58%. If interest rates had been 100 basis points higher and all other variables were held constant, the Company\u2019s loan interest expense would have been $6.0 million higher . ",
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"fact-360": {
"value": "Liquidity Risk Liquidity risk is the risk that the Group will encounter in realising assets or otherwise raising funds to meet financial commitments. The Group\u2019s liquidity risk is managed by the Investment Adviser and Directors on a monthly basis. Liquidity risk is also the risk that the Group may not be able to meet their financial obligations as they fall due. The Group maintains a prudent approach to liquidity management by maintaining sufficient cash reserves to meet foreseeable working capital requirements. Liquidity Risk (continued) The Group prepares a 3 year rolling cash forecast, which is reviewed by the Board. The cash flow forecast includes a sensitivity analysis with downside scenarios on income streams, foreign exchange rate movements and interest rate movements. Cash is delivered with royalty statements, and the majority are delivered quarterly or semi-annually. A small number of collections are delivered monthly. Cash is collected and processed throughout the year by the administrators. At the reporting date, the Group\u2019s financial liabilities are: Carrying amount $\u2019000 Less than 1 month $\u2019000 1-3 months $\u2019000 3-12 months $\u2019000 Between 1 and 2 years $\u2019000 Between 2 and 5 years $\u2019000 Over 5 years $\u2019000 Total contractual cash flows $\u2019000 Bank loan and future interest payments (600,000) \u2013 \u2013 (30,684) (40,912) (712,507) \u2013 (784,103) Held for trading financial liability (3,395) 1,139 \u2013 (4,534) \u2013 \u2013 \u2013 (3,395) Amounts owed to Songwriters (18,799) \u2013 (640) (18,159) \u2013 \u2013 \u2013 (18,799) Catalogue bonus provision (45,042) \u2013 (3,450) (8,512) (16,540) (16,540) \u2013 (45,042) Trade creditors and accruals (5,846) (4,168) (1,040) (638) \u2013 \u2013 \u2013 (5,846) Loan interest payable (9,891) (9,891) \u2013 \u2013 \u2013 \u2013 \u2013 (9,891) PRO Advances (3,178) \u2013 (3,178) \u2013 \u2013 \u2013 \u2013 (3,178) VAT (1,789) (1,789) \u2013 \u2013 \u2013 \u2013 \u2013 (1,789) Other creditors (794) (415) \u2013 (379) \u2013 \u2013 \u2013 (794) Lease liability (735) (28) (61) (646) \u2013 \u2013 \u2013 (735) Corporation tax payable (67) \u2013 (67) \u2013 \u2013 \u2013 \u2013 (67) Directors fees payable (27) (27) \u2013 \u2013 \u2013 \u2013 \u2013 (27) (689,563) (15,179) (8,436) (63,552) (57,452) (729,047) \u2013 (873,666)",
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"fact-19": {
"value": "18. Related party transactions and Directors\u2019 remuneration Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the party in making financial or operational decisions. All Directors are non-executive. The Directors\u2019 remuneration, excluding disbursements, for the year ended 31 March 2023 amounted to \u00a3473,000/$576,355 with no outstanding fees due to the Directors at 31 March 2023 (31 March 2022: \u00a3458,360/$613,720, with outstanding fees of \u00a318,750/$24,745). There were no supplementary fees paid to Directors in the year ended 31 March 2023. Directors are reimbursed for out-of-pocket expenses incurred in fulfilling their roles, including costs of travel and accommodation (as required). Directors\u2019 transactions in or holdings in shares of the Company are not disclosed as related party transactions as they do not receive shares as part of their remuneration. Any shares held or transacted are acquired or disposed of in their own right as Shareholders and as result, it is management\u2019s assessment that the Company has not transacted with the Directors as related parties in this regard.",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"fact-338": {
"value": "All Directors are non-executive. The Directors\u2019 remuneration, excluding disbursements, for the year ended 31 March 2023 amounted to \u00a3473,000/$576,355 with no outstanding fees due to the Directors at 31 March 2023 (31 March 2022: \u00a3458,360/$613,720, with outstanding fees of \u00a318,750/$24,745). There were no supplementary fees paid to Directors in the year ended 31 March 2023. Directors are reimbursed for out-of-pocket expenses incurred in fulfilling their roles, including costs of travel and accommodation (as required). Directors\u2019 transactions in or holdings in shares of the Company are not disclosed as related party transactions as they do not receive shares as part of their remuneration. Any shares held or transacted are acquired or disposed of in their own right as Shareholders and as result, it is management\u2019s assessment that the Company has not transacted with the Directors as related parties in this regard.",
"dimensions": {
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"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"fact-339": {
"value": "19. Material Agreements Investment Adviser The Company has entered into an Investment Advisory Agreement with the Investment Adviser pursuant to which the Investment Adviser will source Songs and provide recommendations to the Board on acquisition and disposal strategies, manage and monitor royalty and/or fee income due to the Company from its copyrights and collection agents, and develop strategies to maximise the earning potential of the Songs in the portfolio through improved placement and coverage of Songs. During the year responsibility for the maintenance of the Group\u2019s accounting books and records, systems of internal control and financial reporting transferred from the Administrator to the Investment Adviser. The Investment Adviser is entitled to receive an advisory fee (payable in cash) and a performance fee (usually payable predominantly in Shares subject to an 18 month lock up arrangement). The full terms and conditions of the calculation of the advisory and performance fees are disclosed in the Company\u2019s prospectus, which is available on the Company\u2019s website (https://www.hipgnosissongs.com/). However in summary: Advisory fee The advisory fee is calculated at the rate of: 1% per annum of the Average Market Capitalisation up to, and including, \u00a3250 million; ii) 0.90% per annum of the Average Market Capitalisation in excess of \u00a3250 million and up to and including \u00a3500 million; and iii) 0.80% per annum of the Average Market Capitalisation in excess of \u00a3500 million. Advisory fees for the year were $12.5 million (31 March 2022: $16.5 million) with $0.4 million outstanding at 31 March 2023 (31 March 2022: $Nil). 19. Material Agreements (continued) Performance Fee In respect of each accounting period, the Investment Adviser (or, where the Investment Adviser so directs, any member of the Investment Adviser\u2019s team) is entitled to receive a performance fee (the \u201cPerformance Fee\u201d) equal to 10% of the Excess Total Return relating to that accounting period provided that the Performance Fee shall be capped such that the sum of the advisory fee (payable in respect of the Average Market Capitalisation of Ordinary Shares only) and the Performance Fee paid in respect of that accounting period is no more than 5% of the lower of: (i) Net Asset Value; or (ii) Closing Market Capitalisation at the end of that accounting period. The Excess Total Return for an accounting period is calculated by reference to: (i) the difference between the Performance Share Price at the end of that Accounting Period and the higher of: (a) the Performance Hurdle (being issue price compounded by 10% per annum from initial Admission subject to appropriate adjustments in certain situations); and (b) high watermark (being the Performance Share Price at the end of the last Accounting Period where a Performance Fee was payable); multiplied by (ii) the weighted average of the number of Ordinary Shares in issue (excluding any shares held in treasury) at the end of each day during that accounting period. For the purposes of calculating the Performance Fee: \u201cPerformance Share Price\u201d means, in relation to each accounting period, the average of the middle market quotations of the Ordinary Shares for the 1 month period ending on the last business day of that accounting period (which shall be adjusted as appropriate: (i) to include any dividend declared but not paid where the Ordinary Shares are quoted ex such dividend at any time during that month; (ii) to exclude any dividend paid in respect of the shares during that month; and (iii) for the PSP Adjustments). During the year, the average of the middle market quotations was 81.0p; and \u201cPerformance Share Price Adjustments\u201d means adjustments to the Performance Share Price to (i) include the gross amount of any dividends and/or distributions paid in respect of an Ordinary Share since initial Admission; and (ii) make such adjustments to take account of C Shares as were agreed between the Company and the Investment Adviser, acting reasonably and in good faith, at the time of issuance of such C Shares. The amount of Performance Fee payable to the Investment Adviser shall be paid in the form of a combination of: a) cash equal to all taxes or charges payable with respect to the Performance Fee by the Investment Adviser or member(s) of the Investment Adviser\u2019s Team; and b) Ordinary Shares (\u201cPerformance Shares\u201d) which are either issued by the Company where the Ordinary Shares are on average trading at par or at a premium to the last reported Operative NAV per Ordinary Share at the relevant time or purchased from the secondary market where the Ordinary Shares are on average trading at a discount to the last reported Operative NAV per Ordinary Share at the relevant time and transferred to, the Investment Adviser or member(s) of the Investment Adviser\u2019s Team. The Performance Shares are subject to 18-month lock-up arrangements. The performance fee for the year ended 31 March 2023 was $Nil (31 March 2022: $Nil). 19. Material Agreements (continued) Administration Agreement Pursuant to the Administration Agreements: (i) Ocorian Administration (Guernsey) Limited has been appointed as Administrator of the Company; and (ii) Ocorian Administration (UK) Limited has been appointed as administrator to the subsidiaries. The Administrator or Ocorian Administration (UK) Limited (as applicable) are responsible for the day-to-day administration of the Company and its subsidiaries subject to the relevant Administration Agreement and general secretarial functions required by the Companies Law. During the year responsibility for the maintenance of the Group\u2019s accounting books and records, systems of internal control and financial reporting transferred from the Administrator to the Investment Adviser. For the purposes of the RCIS Rules, the Administrator is the designated manager of the Company. Under the terms of the Administration Agreement between the Administrator and the Company, the Administrator is entitled to a fixed fee as at 31 March 2023 of \u00a3193,000 ($231,600) (31 March 2022: \u00a3187,500, $246,259) per annum for services such as administration, corporate secretarial, corporate governance, regulatory compliance and stock exchange continuing obligations. Additional ad hoc fees are payable in respect of certain additional services as determined by the Administration Agreement. Administration fees for the year to 31 March 2023 amounted to \u00a3209,873 ($251,848) (31 March 2022: \u00a3364,612, $478,875) of which nil (31 March 2022: \u00a343,125, $56,639) was outstanding at the year end. Under the terms of the Administration Agreement between Ocorian Administration (UK) Limited and the subsidiaries the Administrator is entitled to a fixed fee as at 31 March 2023 of \u00a33,500 ($4,200) (31 March 2022: \u00a314,000, $18,387) per subsidiary and a variable incremental fee per annum per additional Catalogue held by a subsidiary for services such as administration and corporate secretarial. Administration fees for the subsidiaries for the year amounted to \u00a3296,595 ($355,914) (31 March 2022: \u00a3489,683, $673,007) of which nil (31 March 2022: \u00a3237,490, $311,916) was outstanding at the year end.",
"dimensions": {
"concept": "hipgnosissongs:DisclosureOfMaterialAgreementsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-340": {
"value": "20. Earnings per share 31 March 2023 Basic 31 March 2023 Diluted Loss for the year ($\u2019000) (89,638) (89,638) Weighted average number of Ordinary Shares outstanding 1,210,360,176 1,210,360,176 Earnings per share (cents) (7.41) (7.41) 31 March 2022 Basic 31 March 2022 Diluted Loss for the year ($\u2019000) (19,443) (19,443) Weighted average number of Ordinary Shares outstanding 1,175,596,128 1,175,596,128 Earnings per share (cents) (1.65) (1.65) The earnings per share is based on the loss of the Group for the year and on the weighted average number of Ordinary Shares outstanding for the year ended 31 March 2023. As disclosed in Note 11, the Company repurchased Ordinary Shares during the year which are held as Treasury Shares at year end and these shares are not included the EPS calculation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-341": {
"value": "21. Auditor\u2019s remuneration Audit and non-audit fees payable to the Auditors can be analysed as follows: 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 PricewaterhouseCoopers CI LLP annual audit fees 753 600 PricewaterhouseCoopers CI LLP annual audit fees 753 600 Pricewaterhouse Coopers CI LLP Interim review fees 53 53 PricewaterhouseCoopers CI LLP non audit fees 53 53",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-20": {
"value": "22. Fair value gain on held for trading derivative financial instruments The Company has the following derivative financial instruments in the following line items in the Consolidated Balance Sheet: 31 March 2023 $\u2019000 31 March 2022 $\u2019000 Held for trading financial assets Foreign exchange forward contracts 4,914 \u2013 Held for trading financial liabilities Interest rate swap arrangements (3,395) \u2013 The carrying value of the held for trading financial instruments represent their fair value at year end. The fair value gain on the held for trading derivative financial instruments are set out in the below table: 1 April 2022 to 31 March 2023 $\u2019000 1 April 2021 to 31 March 2022 $\u2019000 Fair value gain on foreign exchange forward contracts 6,017 \u2013 Fair value loss on interest rate swap arrangements (3,395) \u2013 2,622 \u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-21": {
"value": "23. Presentation Change The Company has made immaterial changes to the presentation of the Consolidated Statement of Profit and Loss and accompanying notes during the year. This has resulted in the following changes of the comparative figures. Consolidated Statement of Profit and Loss As reported in 31 March 2022 Annual Report 1 April 2021 to 31 March 2022 $\u2019000 Presentation change $\u2019000 As reported in 31 March 2023 Annual Report 1 April 2021 to 31 March 2022 $\u2019000 Income Total revenue 200,384 \u2013 200,384 Interest income 5 \u2013 5 Royalty costs (32,041) \u2013 (32,041) Net revenue 168,348 \u2013 168,348 Expenses Advisory and performance fees (16,548) \u2013 (16,548) Administration fees (1,152) \u2013 (1,152) Legal and professional fees (5,999) \u2013 (5,999) Audit fees (600) \u2013 (600) Brokers\u2019 fees (274) \u2013 (274) Directors\u2019 remuneration (696) \u2013 (696) Listing fees (34) \u2013 (34) Subscriptions and licences (526) \u2013 (526) Public relations fees (702) \u2013 (702) Catalogue bonus provision \u2013 (936) (936) Charitable donations (208) 208 \u2013 Movement in ECL provision for HSG advances \u2013 (1,570) (1,570) Other operating expenses (12,403) 2,298 (10,105) Amortisation of Catalogues of Songs (105,787) \u2013 (105,787) Impairment of Catalogues of Songs (1,490) \u2013 (1,490) Amortisation of borrowing expenses (1,635) \u2013 (1,635) Borrowing cost extinguishment \u2013 \u2013 \u2013 Fixed asset depreciation (712) \u2013 (712) Loan interest (20,377) \u2013 (20,377) Fair value gain on held for trading derivative financial assets \u2013 \u2013 \u2013 Finance charges for deferred consideration (212) \u2013 (212) Net loss from joint ventures (836) \u2013 (836) Foreign exchange losses (14,857) \u2013 (14,857) Operating expenses (185,048) \u2013 (185,048) Operating loss for the year before taxation (16,700) \u2013 (16,700) Taxation (2,743) \u2013 (2,743) Loss for the year after tax (19,443) \u2013 (19,443)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"fact-22": {
"value": "24. Subsequent Events On 28 April 2023 the Company\u2019s interim dividend of 1.3125 pence per Ordinary Share in respect of the period from 1 October 2022 to 31 December 2022 was paid. On 23 June 2023 the Company\u2019s interim dividend of 1.3125 pence per Ordinary Share in respect of the period from 1 January 2023 to 31 March 2023 was declared.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800XJIPNDVKXMOC11",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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}
}