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"decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-156": { "value": "7888000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2021-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "19783000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-158": { "value": "4801000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-4": { "value": "1. Significant accounting policies Basis of accounting The consolidated annual \ufb01nancial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The annual \ufb01nancial statements have been prepared on the historical cost basis, as modi\ufb01ed for the measurement of certain \ufb01nancial instruments at fair value through pro\ufb01t or loss. The principal accounting policies are set out below. These consolidated \ufb01nancial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager\u2019s Report. The Group faces a number of risks and uncertainties, as set out in the Strategic Report on pages 21 to 23. The \ufb01nancial risk management objectives and policies of the Group, including exposure to price risk, interest rate risk, credit risk and liquidity risk are discussed in note 18 to the \ufb01nancial statements. As at 31 December 2022, the Group had net current liabilities of \u00a3136.1 million (2021: net current assets of \u00a31.2 million), and cash balances of \u00a319.8 million (2021: \u00a34.8 million) (excluding cash balances within investee companies of \u00a3141.1 million). The signi\ufb01cant net current liabilities position of the Group at 31 December 2022 is due to part of the Company\u2019s term debt with NAB and CBA maturing within 12 months of the year end and therefore being classi\ufb01ed as current liabilities. The Company expects to re\ufb01nance the maturing term debt during 2023. The Company had \u00a31,100 million (2021: \u00a3950 million) of outstanding debt as at 31 December 2022, with \u00a3400 million available to borrow under its revolving credit facility. The covenants on the Company\u2019s banking facilities are limited to gearing and interest cover and the Company is expected to continue to comply with these covenants going forward. The Group continues to meet day-to-day liquidity needs through its cash resources. The major cash out\ufb02ows of the Group are the payment of dividends and costs relating to the acquisition of new assets, both of which are discretionary. The Group has also agreed to acquire the South Kyle wind farm for a headline consideration of \u00a3320 million and 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of \u00a351.4 million. The Directors are con\ufb01dent that the Group has suf\ufb01cient access to debt, including its revolving credit facility, as well as equity markets in order to fund commitments to acquisitions and meet the contingent liabilities detailed in note 14 to the \ufb01nancial statements, should they become payable. The Directors have reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report, taking into account foreseeable changes in investment and trading performance, which show that the Group has suf\ufb01cient \ufb01nancial resources to continue in operation for at least the next 12 months from the date of approval of this report. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence from the date of approval of this report to at least February 2024. Accordingly, they continue to adopt the going concern basis in preparing the \ufb01nancial statements. 1. Significant accounting policies continued Accounting for subsidiaries The Directors have concluded that the Group has all the elements of control as prescribed by IFRS 10 \u201cConsolidated Financial Statements\u201d in relation to all its subsidiaries and that the Company continues to satisfy the 3 essential criteria to be regarded as an investment entity as de\ufb01ned in IFRS 10, IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d and IAS 27 \u201cConsolidated and Separate Financial Statements\u201d. The 3 essential criteria are such that the entity must: 1. Obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; 2. Commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and 3. Measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criteria, the notion of an investment time frame is critical. An investment entity should not hold its investments inde\ufb01nitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an inde\ufb01nite life, the underlying wind farm assets that it invests in have an expected life of 30 years. The Company intends to hold these wind farms for the remainder of their useful life to preserve the capital value of the portfolio. However, as the wind farms are expected to have no residual value after their 30 year life, the Directors consider that this demonstrates a clear exit strategy from these investments. Subsidiaries are therefore measured at fair value through pro\ufb01t or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The \ufb01nancial support provided by the Company to its unconsolidated subsidiaries is disclosed in note 10. Notwithstanding this, IFRS 10 requires subsidiaries that provide services that relate to the investment entity\u2019s investment activities to be consolidated. Accordingly, the annual \ufb01nancial statements include the consolidated \ufb01nancial statements of Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited (a 100 per cent owned UK subsidiary). In respect of these entities, intra-Group balances and any unrealised gains arising from intra-Group transactions are eliminated in preparing the consolidated \ufb01nancial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The \ufb01nancial statements of subsidiaries that are included in the consolidated \ufb01nancial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s \ufb01nancial statements, investments in subsidiaries are measured at fair value through pro\ufb01t or loss in accordance with IFRS 9, as permitted by IAS 27. Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has signi\ufb01cant in\ufb02uence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. New and amended standards and interpretations applied There were no new standards or interpretations effective for the \ufb01rst time for periods beginning on or after 1 January 2022 that had a signi\ufb01cant effect on the Group\u2019s or Company\u2019s \ufb01nancial statements. However, the Group has applied the following amendments for the \ufb01rst time for their annual reporting period commencing 1 January 2022: \u2022 Narrow-scope amendments to IFRS 3 \u201cBusiness combinations\u201d and IAS 37 \u201cProvisions, contingent liabilities and contingent assets\u201d and annual improvements on IFRS 9 \u201cFinancial instruments\u201d. 1. Significant accounting policies continued New and amended standards and interpretations not applied At the date of authorisation of these \ufb01nancial statements, the following amendments had been published and will be mandatory for future accounting periods. Effective for accounting periods beginning on or after 1 January 2023: \u2022 Narrow-scope amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, Practice statement 2 and IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d. \u2022 Amendments to IAS 12,\u201d Income Taxes\u201d \u2013 deferred tax related to assets and liabilities arising from a single transaction. \u2022 Amendments to IFRS 17, \u201cInsurance contracts\u201d \u2013 this standard replaces IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. Effective for accounting periods beginning on or after 1 January 2024: \u2022 Amendments to IAS 1 on classi\ufb01cation of liabilities clarify that liabilities are classi\ufb01ed as either current or non current, depending on the rights that exist at the end of the reporting period. The impact of these standards is not expected to be material to the reported results and \ufb01nancial position of the Group. Financial instruments Financial assets and \ufb01nancial liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. At 31 December 2022 and 2021 the carrying amounts of cash and cash equivalents, receivables, payables, accrued expenses and short term borrowings re\ufb02ected in the \ufb01nancial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the original instruments and their expected realisation. The fair value of advances and other balances with related parties which are short term or repayable on demand is equivalent to their carrying amount. Financial assets The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the purpose for which the \ufb01nancial asset was acquired and its characteristics. All \ufb01nancial assets are initially recognised at fair value. All purchases of \ufb01nancial assets are recorded at the date on which the Group became party to the contractual requirements of the \ufb01nancial asset. The Group\u2019s and Company\u2019s \ufb01nancial assets principally comprise of investments held at fair value through pro\ufb01t or loss and loans and receivables. Loans and receivables at amortised cost Impairment provisions for loans and receivables are recognised based on a forward-looking expected credit loss model. All \ufb01nancial assets assessed under this model are immaterial to the \ufb01nancial statements. Investments held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. 1. Significant accounting policies continued Financial instruments continued Financial assets continued Investments held at fair value through profit or loss continued The Company\u2019s loan and equity investments in Holdco are held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. Recognition and derecognition of financial assets Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. A \ufb01nancial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash \ufb02ow has expired. Financial liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the \ufb01nancial liability. All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. In the event that an amendment to a loan agreement leads to a 10 per cent or greater change in the net present value of all future cash \ufb02ows payable under that agreement, then this is considered a substantial modi\ufb01cation under IFRS 9 and accounted for as an extinguishment of the original \ufb01nancial liability and the recognition of new \ufb01nancial liability. Any unamortised costs in relation to the prior loan agreement are expensed through the pro\ufb01t or loss account in the period in which the substantial modi\ufb01cation occurred. Loan balances as at the year end have not been discounted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. The Group\u2019s other \ufb01nancial liabilities measured at amortised cost include trade and other payables and other short term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A \ufb01nancial liability (in whole or in part) is derecognised when the Group has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Consolidated Statement of Comprehensive Income. Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. Share capital Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares are classi\ufb01ed as equity instruments. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from proceeds. Incremental costs include those incurred in connection with the placing and admission which include fees payable under a placing agreement, legal costs and any other applicable expenses. 1. Significant accounting policies continued Cash and cash equivalents Cash and cash equivalents comprise cash balances, deposits held on call with banks and other short term highly liquid deposits with original maturities of 3 months or less, that are readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value. Foreign currencies Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Comprehensive Income. Dividends Dividends payable are recognised as distributions in the \ufb01nancial statements when the Company\u2019s obligation to make payment has been established. Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. Gains or losses resulting from the movement in fair value of the Group\u2019s and Company\u2019s investments held at fair value through pro\ufb01t or loss are recognised in the Consolidated or Company Statement of Comprehensive Income at each valuation point. Expenses Expenses are accounted for on an accruals basis. Share issue expenses of the Company directly attributable to the issue and listing of shares are charged to the share premium account. The Company issues shares to the Investment Manager in exchange for receiving investment management services. The fair value of the investment management services received in exchange for shares is recognised as an expense at the time at which the investment management fees are earned, with a corresponding increase in equity. The fair value of the investment management services is calculated by reference to the de\ufb01nition of investment management fees in the Investment Management Agreement. Taxation Under the current system of taxation in the UK, the Group is liable to taxation on its operations in the UK. Payment received or receivable from the Group or Group-owned SPVs for losses surrendered are recognised in the \ufb01nancial statements and form part of the tax credit. In some situations, it might not be appropriate to recognise the tax credit until the Group\u2019s and Group-owned SPVs\u2019 tax affairs have been \ufb01nalised and the losses elections have been made. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the date of the Consolidated Statement of Financial Position. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. 1. Significant accounting policies continued Taxation continued Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax pro\ufb01t or the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary differences arising on investments, except where the Group is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Consolidated Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. The Group does not expect to recognise any deferred tax assets or liabilities as it would expect to avail from substantial shareholder relief on any temporary or permanent difference arising from any potential future sale of an investment. Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board, as a whole. The key measure of performance used by the Board to assess the Group\u2019s performance and to allocate resources is the total return on the Group\u2019s net assets, as calculated under IFRS, and therefore no reconciliation is required between the measure of pro\ufb01t or loss used by the Board and that contained in the \ufb01nancial statements. For management purposes, the Group is organised into one main operating segment, which invests in wind farm assets. All of the Group\u2019s income is generated within the UK. All of the Group\u2019s non current assets are located in the UK. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-164": { "value": "Basis of accounting The consolidated annual \ufb01nancial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The annual \ufb01nancial statements have been prepared on the historical cost basis, as modi\ufb01ed for the measurement of certain \ufb01nancial instruments at fair value through pro\ufb01t or loss. The principal accounting policies are set out below. These consolidated \ufb01nancial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-206": { "value": "Basis of accounting The consolidated annual \ufb01nancial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The annual \ufb01nancial statements have been prepared on the historical cost basis, as modi\ufb01ed for the measurement of certain \ufb01nancial instruments at fair value through pro\ufb01t or loss. The principal accounting policies are set out below. These consolidated \ufb01nancial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-190": { "value": "The consolidated annual \ufb01nancial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-191": { "value": "These consolidated \ufb01nancial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-165": { "value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager\u2019s Report. The Group faces a number of risks and uncertainties, as set out in the Strategic Report on pages 21 to 23. The \ufb01nancial risk management objectives and policies of the Group, including exposure to price risk, interest rate risk, credit risk and liquidity risk are discussed in note 18 to the \ufb01nancial statements. As at 31 December 2022, the Group had net current liabilities of \u00a3136.1 million (2021: net current assets of \u00a31.2 million), and cash balances of \u00a319.8 million (2021: \u00a34.8 million) (excluding cash balances within investee companies of \u00a3141.1 million). The signi\ufb01cant net current liabilities position of the Group at 31 December 2022 is due to part of the Company\u2019s term debt with NAB and CBA maturing within 12 months of the year end and therefore being classi\ufb01ed as current liabilities. The Company expects to re\ufb01nance the maturing term debt during 2023. The Company had \u00a31,100 million (2021: \u00a3950 million) of outstanding debt as at 31 December 2022, with \u00a3400 million available to borrow under its revolving credit facility. The covenants on the Company\u2019s banking facilities are limited to gearing and interest cover and the Company is expected to continue to comply with these covenants going forward. The Group continues to meet day-to-day liquidity needs through its cash resources. The major cash out\ufb02ows of the Group are the payment of dividends and costs relating to the acquisition of new assets, both of which are discretionary. The Group has also agreed to acquire the South Kyle wind farm for a headline consideration of \u00a3320 million and 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of \u00a351.4 million. The Directors are con\ufb01dent that the Group has suf\ufb01cient access to debt, including its revolving credit facility, as well as equity markets in order to fund commitments to acquisitions and meet the contingent liabilities detailed in note 14 to the \ufb01nancial statements, should they become payable. The Directors have reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report, taking into account foreseeable changes in investment and trading performance, which show that the Group has suf\ufb01cient \ufb01nancial resources to continue in operation for at least the next 12 months from the date of approval of this report. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence from the date of approval of this report to at least February 2024. Accordingly, they continue to adopt the going concern basis in preparing the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-225": { "value": "Notes to the Consolidated Financial Statements For the year ended 31 December 2022 1. Significant accounting policies Basis of accounting The consolidated annual \ufb01nancial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The annual \ufb01nancial statements have been prepared on the historical cost basis, as modi\ufb01ed for the measurement of certain \ufb01nancial instruments at fair value through pro\ufb01t or loss. The principal accounting policies are set out below. These consolidated \ufb01nancial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager\u2019s Report. The Group faces a number of risks and uncertainties, as set out in the Strategic Report on pages 21 to 23. The \ufb01nancial risk management objectives and policies of the Group, including exposure to price risk, interest rate risk, credit risk and liquidity risk are discussed in note 18 to the \ufb01nancial statements. As at 31 December 2022, the Group had net current liabilities of \u00a3136.1 million (2021: net current assets of \u00a31.2 million), and cash balances of \u00a319.8 million (2021: \u00a34.8 million) (excluding cash balances within investee companies of \u00a3141.1 million). The signi\ufb01cant net current liabilities position of the Group at 31 December 2022 is due to part of the Company\u2019s term debt with NAB and CBA maturing within 12 months of the year end and therefore being classi\ufb01ed as current liabilities. The Company expects to re\ufb01nance the maturing term debt during 2023. The Company had \u00a31,100 million (2021: \u00a3950 million) of outstanding debt as at 31 December 2022, with \u00a3400 million available to borrow under its revolving credit facility. The covenants on the Company\u2019s banking facilities are limited to gearing and interest cover and the Company is expected to continue to comply with these covenants going forward. The Group continues to meet day-to-day liquidity needs through its cash resources. The major cash out\ufb02ows of the Group are the payment of dividends and costs relating to the acquisition of new assets, both of which are discretionary. The Group has also agreed to acquire the South Kyle wind farm for a headline consideration of \u00a3320 million and 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of \u00a351.4 million. The Directors are con\ufb01dent that the Group has suf\ufb01cient access to debt, including its revolving credit facility, as well as equity markets in order to fund commitments to acquisitions and meet the contingent liabilities detailed in note 14 to the \ufb01nancial statements, should they become payable. The Directors have reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report, taking into account foreseeable changes in investment and trading performance, which show that the Group has suf\ufb01cient \ufb01nancial resources to continue in operation for at least the next 12 months from the date of approval of this report. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence from the date of approval of this report to at least February 2024. Accordingly, they continue to adopt the going concern basis in preparing the \ufb01nancial statements. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 1. Significant accounting policies continued Accounting for subsidiaries The Directors have concluded that the Group has all the elements of control as prescribed by IFRS 10 \u201cConsolidated Financial Statements\u201d in relation to all its subsidiaries and that the Company continues to satisfy the 3 essential criteria to be regarded as an investment entity as de\ufb01ned in IFRS 10, IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d and IAS 27 \u201cConsolidated and Separate Financial Statements\u201d. The 3 essential criteria are such that the entity must: 1. Obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; 2. Commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and 3. Measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criteria, the notion of an investment time frame is critical. An investment entity should not hold its investments inde\ufb01nitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an inde\ufb01nite life, the underlying wind farm assets that it invests in have an expected life of 30 years. The Company intends to hold these wind farms for the remainder of their useful life to preserve the capital value of the portfolio. However, as the wind farms are expected to have no residual value after their 30 year life, the Directors consider that this demonstrates a clear exit strategy from these investments. Subsidiaries are therefore measured at fair value through pro\ufb01t or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The \ufb01nancial support provided by the Company to its unconsolidated subsidiaries is disclosed in note 10. Notwithstanding this, IFRS 10 requires subsidiaries that provide services that relate to the investment entity\u2019s investment activities to be consolidated. Accordingly, the annual \ufb01nancial statements include the consolidated \ufb01nancial statements of Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited (a 100 per cent owned UK subsidiary). In respect of these entities, intra-Group balances and any unrealised gains arising from intra-Group transactions are eliminated in preparing the consolidated \ufb01nancial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The \ufb01nancial statements of subsidiaries that are included in the consolidated \ufb01nancial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s \ufb01nancial statements, investments in subsidiaries are measured at fair value through pro\ufb01t or loss in accordance with IFRS 9, as permitted by IAS 27. Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has signi\ufb01cant in\ufb02uence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. New and amended standards and interpretations applied There were no new standards or interpretations effective for the \ufb01rst time for periods beginning on or after 1 January 2022 that had a signi\ufb01cant effect on the Group\u2019s or Company\u2019s \ufb01nancial statements. However, the Group has applied the following amendments for the \ufb01rst time for their annual reporting period commencing 1 January 2022: \u2022 Narrow-scope amendments to IFRS 3 \u201cBusiness combinations\u201d and IAS 37 \u201cProvisions, contingent liabilities and contingent assets\u201d and annual improvements on IFRS 9 \u201cFinancial instruments\u201d. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 1. Significant accounting policies continued New and amended standards and interpretations not applied At the date of authorisation of these \ufb01nancial statements, the following amendments had been published and will be mandatory for future accounting periods. Effective for accounting periods beginning on or after 1 January 2023: \u2022 Narrow-scope amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, Practice statement 2 and IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d. \u2022 Amendments to IAS 12,\u201d Income Taxes\u201d \u2013 deferred tax related to assets and liabilities arising from a single transaction. \u2022 Amendments to IFRS 17, \u201cInsurance contracts\u201d \u2013 this standard replaces IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. Effective for accounting periods beginning on or after 1 January 2024: \u2022 Amendments to IAS 1 on classi\ufb01cation of liabilities clarify that liabilities are classi\ufb01ed as either current or non current, depending on the rights that exist at the end of the reporting period. The impact of these standards is not expected to be material to the reported results and \ufb01nancial position of the Group. Financial instruments Financial assets and \ufb01nancial liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. At 31 December 2022 and 2021 the carrying amounts of cash and cash equivalents, receivables, payables, accrued expenses and short term borrowings re\ufb02ected in the \ufb01nancial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the original instruments and their expected realisation. The fair value of advances and other balances with related parties which are short term or repayable on demand is equivalent to their carrying amount. Financial assets The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the purpose for which the \ufb01nancial asset was acquired and its characteristics. All \ufb01nancial assets are initially recognised at fair value. All purchases of \ufb01nancial assets are recorded at the date on which the Group became party to the contractual requirements of the \ufb01nancial asset. The Group\u2019s and Company\u2019s \ufb01nancial assets principally comprise of investments held at fair value through pro\ufb01t or loss and loans and receivables. Loans and receivables at amortised cost Impairment provisions for loans and receivables are recognised based on a forward-looking expected credit loss model. All \ufb01nancial assets assessed under this model are immaterial to the \ufb01nancial statements. Investments held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 1. Significant accounting policies continued Financial instruments continued Financial assets continued Investments held at fair value through profit or loss continued The Company\u2019s loan and equity investments in Holdco are held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. Recognition and derecognition of financial assets Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. A \ufb01nancial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash \ufb02ow has expired. Financial liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the \ufb01nancial liability. All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. In the event that an amendment to a loan agreement leads to a 10 per cent or greater change in the net present value of all future cash \ufb02ows payable under that agreement, then this is considered a substantial modi\ufb01cation under IFRS 9 and accounted for as an extinguishment of the original \ufb01nancial liability and the recognition of new \ufb01nancial liability. Any unamortised costs in relation to the prior loan agreement are expensed through the pro\ufb01t or loss account in the period in which the substantial modi\ufb01cation occurred. Loan balances as at the year end have not been discounted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. The Group\u2019s other \ufb01nancial liabilities measured at amortised cost include trade and other payables and other short term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A \ufb01nancial liability (in whole or in part) is derecognised when the Group has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Consolidated Statement of Comprehensive Income. Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. Share capital Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares are classi\ufb01ed as equity instruments. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from proceeds. Incremental costs include those incurred in connection with the placing and admission which include fees payable under a placing agreement, legal costs and any other applicable expenses. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 1. Significant accounting policies continued Cash and cash equivalents Cash and cash equivalents comprise cash balances, deposits held on call with banks and other short term highly liquid deposits with original maturities of 3 months or less, that are readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value. Foreign currencies Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Comprehensive Income. Dividends Dividends payable are recognised as distributions in the \ufb01nancial statements when the Company\u2019s obligation to make payment has been established. Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. Gains or losses resulting from the movement in fair value of the Group\u2019s and Company\u2019s investments held at fair value through pro\ufb01t or loss are recognised in the Consolidated or Company Statement of Comprehensive Income at each valuation point. Expenses Expenses are accounted for on an accruals basis. Share issue expenses of the Company directly attributable to the issue and listing of shares are charged to the share premium account. The Company issues shares to the Investment Manager in exchange for receiving investment management services. The fair value of the investment management services received in exchange for shares is recognised as an expense at the time at which the investment management fees are earned, with a corresponding increase in equity. The fair value of the investment management services is calculated by reference to the de\ufb01nition of investment management fees in the Investment Management Agreement. Taxation Under the current system of taxation in the UK, the Group is liable to taxation on its operations in the UK. Payment received or receivable from the Group or Group-owned SPVs for losses surrendered are recognised in the \ufb01nancial statements and form part of the tax credit. In some situations, it might not be appropriate to recognise the tax credit until the Group\u2019s and Group-owned SPVs\u2019 tax affairs have been \ufb01nalised and the losses elections have been made. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the date of the Consolidated Statement of Financial Position. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 1. Significant accounting policies continued Taxation continued Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax pro\ufb01t or the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary differences arising on investments, except where the Group is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Consolidated Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. The Group does not expect to recognise any deferred tax assets or liabilities as it would expect to avail from substantial shareholder relief on any temporary or permanent difference arising from any potential future sale of an investment. Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board, as a whole. The key measure of performance used by the Board to assess the Group\u2019s performance and to allocate resources is the total return on the Group\u2019s net assets, as calculated under IFRS, and therefore no reconciliation is required between the measure of pro\ufb01t or loss used by the Board and that contained in the \ufb01nancial statements. For management purposes, the Group is organised into one main operating segment, which invests in wind farm assets. All of the Group\u2019s income is generated within the UK. All of the Group\u2019s non current assets are located in the UK. 2. Critical accounting judgements, estimates and assumptions The preparation of the \ufb01nancial statements requires the application of estimates and assumptions which may affect the results reported in the \ufb01nancial statements. Estimates, by their nature, are based on judgement and available information. As disclosed in note 1, the Directors have concluded that the Company meets the de\ufb01nition of an investment entity as de\ufb01ned in IFRS 10, IFRS 12 and IAS 27. This conclusion involved a degree of judgement and assessment as to whether the Company met the criteria outlined in the accounting standards. Significant accounting estimates and assumptions The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying value of assets and liabilities are those used to determine the fair value of the investments as disclosed in note 9 to the \ufb01nancial statements. The key assumptions that have a signi\ufb01cant impact on the carrying value of investments that are valued by reference to the discounted value of future cash \ufb02ows are the useful life of the assets, the discount rates, the level of wind resource, the rate of in\ufb02ation, the price at which the power and associated bene\ufb01ts can be sold and the amount of electricity the assets are expected to produce. The sensitivity analysis of these key assumptions is outlined in note 9 to the \ufb01nancial statements, on page 79. Useful lives are based on the Investment Manager\u2019s estimates of the period over which the assets will generate revenue which are periodically reviewed for continued appropriateness. The assumption used for the useful life of the wind farms is 30 years. The actual useful life may be a shorter or longer period depending on the actual operating conditions experienced by the asset. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 2. Critical accounting judgements, estimates and assumptions continued Significant accounting estimates and assumptions continued The discount rates are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different value. The discount rates applied to the cash \ufb02ows are reviewed periodically by the Investment Manager to ensure they are at the appropriate level. The Investment Manager will take into consideration market transactions, where of similar nature, when considering changes to the discount rates used. The revenues and expenditure of the investee companies are frequently partly or wholly subject to indexation and an assumption is made that in\ufb02ation will increase at a long term rate. The price at which the output from the generating assets is sold is a factor of both wholesale electricity prices and the revenue received from the Government support regimes. Future power prices are estimated using external third party forecasts which take the form of specialist consultancy reports, which re\ufb02ect various factors including gas prices, carbon prices and renewables deployment, each of which re\ufb02ect the UK and global response to climate change. The future power price assumptions are reviewed as and when these forecasts are updated. There is an inherent uncertainty in future wholesale electricity price projection. Speci\ufb01cally commissioned external reports are used to estimate the expected electrical output from the wind farm assets taking into account the expected average wind speed at each location and generation data from historical operation. The actual electrical output may differ considerably from that estimated in such a report mainly due to the variability of actual wind to that modelled in any one period. Assumptions around electrical output will be reviewed only if there is good reason to suggest there has been a material change in this expectation. As disclosed in note 10, the fair value of guarantees and counter-indemnities provided by the Group on behalf of its investments are considered to be \u00a3nil, as the Directors do not expect Group cash \ufb02ows to crystalise as a result of these guarantees or counter-indemnities. 3. Investment management fees Under the terms of the Investment Management Agreement, the Investment Manager is entitled to a combination of a Cash Fee and an Equity Element from the Company. Following consultation with shareholders, the Board announced on 13 June 2022 certain amendments to the Investment Management Agreement. In particular, an additional tier was added to the cash fee structure which reduces the fee charged in respect of NAV over \u00a33,000 million, as detailed below. The Cash Fee is based upon the NAV as at the start of the quarter in question on the following basis: \u2022 on that part of the then most recently announced NAV up to and including \u00a3500 million, an amount equal to 0.25 per cent of such part of the NAV; \u2022 on that part of the then most recently announced NAV over \u00a3500 million and up to and including \u00a31,000 million, an amount equal to 0.225 per cent of such part of the NAV; \u2022 on that part of the then most recently announced NAV over \u00a31,000 million and up to and including \u00a33,000 million, an amount equal to 0.2 per cent of such part of the NAV; and \u2022 on that part of the then most recently announced NAV over \u00a33,000 million, an amount equal to 0.175 per cent of such part of the NAV. The Equity Element is calculated quarterly in advance and has a value as set out below: \u2022 on that part of the then most recently announced NAV up to and including \u00a3500 million, 0.05 per cent; and \u2022 on that part of the then most recently announced NAV over \u00a3500 million up to and including \u00a31,000 million, 0.025 per cent. The ordinary shares issued to the Investment Manager under the Equity Element are subject to a 3 year lock-up starting from the quarter in which they are due to be paid. As at 31 December each year, the Cash Fee and Equity Element shall be subject to a true-up to the value that would have been deliverable had they been calculated quarterly in arrears. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 3. Investment management fees continued Investment management fees paid or accrued in the year were as follows: For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Cash Fee 29,848 21,906 Equity Element 1,500 1,500 31,348 23,406 The value of the Equity Element and the Cash Fee detailed in the table above include the true-up amount for the year calculated in accordance with the Investment Management Agreement. 4. Investment income For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 525,897 226,328 Interest on shareholder loan investment received (note 19) 51,259 39,804 577,156 266,132 5. Operating expenses For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Management fees (note 3) 31,348 23,406 Group and SPV administration fees 1,000 857 Non-executive Directors\u2019 fees 338 320 Other expenses 2,469 1,521 Fees to the Company\u2019s Auditor: for audit of the statutory \ufb01nancial statements 187 150 for other audit related services 4 4 35,346 26,258 The fees to the Company\u2019s Auditor for the year ended 31 December 2022 include \u00a34,290 (2021: \u00a33,900) payable in relation to a limited review of the half year report. During the prior year, BDO LLP was also paid \u00a336,000 in relation to capital raises of the Company which was included in share issue costs. Total fees payable to BDO LLP for non-audit services during the year were \u00a34,290 (2021: \u00a339,900). 6. Taxation For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 UK Corporation Tax charge \u2014 \u2014 \u2014 \u2014 Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 6. Taxation continued The tax charge for the year shown in the Statement of Comprehensive Income is lower than the standard rate of corporation tax of 19 per cent (2021: 19 per cent). The differences are explained below. For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Pro\ufb01t for the year before taxation 953,863 363,219 Pro\ufb01t for the year multiplied by the standard rate of corporation tax of 19 per cent (2021: 19 per cent) 181,234 69,012 Fair value movements (not subject to taxation) (83,484) (30,389) Dividends received (not subject to taxation) (99,920) (43,002) Expenditure not deductible for tax purposes 603 628 Surrendering of tax losses to unconsolidated subsidiaries for nil consideration 819 3,994 Other net tax adjustments 748 (243) Total tax charge \u2014 \u2014 The corporation tax rate will increase from 19 per cent to 25 per cent (for companies with pro\ufb01ts over \u00a3250,000), from 1 April 2023. 7. Earnings per share For the year ended For the year ended 31 December 2022 31 December 2021 Pro\ufb01t attributable to equity holders of the Company \u2013 \u00a3\u2019000 953,863 363,219 Weighted average number of ordinary shares in issue 2,317,629,517 1,984,849,617 Basic and diluted earnings from continuing operations in the year (pence) 41.16 18.30 Dilution of the earnings per share as a result of the Equity Element of the investment management fee as disclosed in note 3 does not have a signi\ufb01cant impact on the basic earnings per share. 8. Dividends declared with respect to the year Dividend Total per share dividend Interim dividends paid during the year ended 31 December 2022 pence \u00a3\u2019000 With respect to the quarter ended 31 December 2021 1.795 41,597 With respect to the quarter ended 31 March 2022 1.930 44,730 With respect to the quarter ended 30 June 2022 1.930 44,734 With respect to the quarter ended 30 September 2022 1.930 44,739 7.585 175,800 Dividend Total per share dividend Interim dividends declared after 31 December 2022 and not accrued in the year pence \u00a3\u2019000 With respect to the quarter ended 31 December 2022 1.930 44,742 1.930 44,742 On 23 January 2023, the Company announced a dividend of 1.93 pence per share with respect to the quarter ended 31 December 2022, bringing the total dividend declared with respect to the year to 31 December 2022 to \u00a3178.9 million, equivalent to 7.72 pence per share. The record date for the dividend is 10 February 2023 and the payment date is 24 February 2023. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 8. Dividends declared with respect to the year continued The following table shows dividends paid in the prior year. Dividend Total per share dividend Interim dividends paid during the year ended 31 December 2021 pence \u00a3\u2019000 With respect to the quarter ended 31 December 2020 1.775 32,384 With respect to the quarter ended 31 March 2021 1.795 35,462 With respect to the quarter ended 30 June 2021 1.795 35,467 With respect to the quarter ended 30 September 2021 1.795 35,473 7.160 138,786 9. Investments at fair value through profit or loss Loans Equity interest Total Group \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 924,748 3,117,797 4,042,545 Additions 169,106 315,047 484,153 Repayment of shareholder loan investments (note 19) (13,482) \u2014 (13,482) Unrealised movement in fair value of investments 6,709 (1) 439,387 446,096 1,087,081 3,872,231 4,959,312 (1) Includes capitalised interest of \u00a31,367,912 for Kype Muir Extension and \u00a35,841,418 for Hoylake. The investments made in underlying assets are carried at fair value through pro\ufb01t and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset, and any unrealised fair value movements typically re\ufb02ect the equity portion of the investments. As the shareholder loans are repayable on demand fair value is considered to be equal to the nominal amount. At the point that the equity carrying value is reduced to nil, further movements will be allocated against shareholder loan investments. Loans Equity interest Total Group \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 607,956 2,721,812 3,329,768 Additions 328,906 237,051 565,957 Repayment of shareholder loan investments (8,731) \u2014 (8,731) Unrealised movement in fair value of investments (3,383) 158,934 155,551 924,748 3,117,797 4,042,545 The unrealised movement in fair value of investments of the Group during the year and the prior year was made up as follows: For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Increase in portfolio valuation 383,897 116,628 Repayment of shareholder loan investments (note 19) 13,482 8,731 Amortisation of debt at SPV level 19,947 \u2014 Movement in cash balances of SPVs 28,770 26,366 Windy Rig capital expenditure and Glen Kyllachy working capital \u2014 3,826 446,096 155,551 Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 9. Investments at fair value through profit or loss continued The movement in investments of the Company during the year and the prior year was made up as follows: Loans Equity interest Total Company \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,430,766 1,615,599 4,046,365 Loan advanced to Holdco (note 19) 260,811 \u2014 260,811 Repayment of loan to Holdco (note 19) (347,862) \u2014 (347,862) Unrealised movement in fair value of investments \u2014 1,019,502 1,019,502 2,343,715 2,635,101 4,978,816 The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Loans Equity interest Total Company \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,134,956 1,197,474 3,332,430 Loan advanced to Holdco (note 19) 499,800 \u2014 499,800 Repayment of loan to Holdco (note 19) (203,990) \u2014 (203,990) Unrealised movement in fair value of investments \u2014 418,125 418,125 2,430,766 1,615,599 4,046,365 Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the \ufb01nancial assets or \ufb01nancial liabilities is determined on the basis of the lowest level input that is signi\ufb01cant to the fair value measurement. Financial assets and \ufb01nancial liabilities are classi\ufb01ed in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires signi\ufb01cant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only \ufb01nancial instruments held at fair value are the instruments held by the Group in the SPVs, which are fair valued at each reporting date. The Group\u2019s investments have been classi\ufb01ed within level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classi\ufb01ed as level 3. There have been no transfers between levels during the year ended 31 December 2022. Any transfers between the levels would be accounted for on the last day of each \ufb01nancial period. Valuations are derived using a discounted cash \ufb02ow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence \ufb01ndings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 9. Investments at fair value through profit or loss continued Fair value measurements continued The DCF valuation of the Group\u2019s investments represents the largest component of GAV and the key sensitivities are considered to be the discount rate used in the DCF valuation and assumptions in relation to in\ufb02ation, energy yield, power price and asset life. The base case discount rate is a blend of a lower discount rate for \ufb01xed cash \ufb02ows and a higher discount rate for merchant cash \ufb02ows. The blended portfolio discount rate as at 31 December 2022 was 8.0 per cent (31 December 2021: 7.2 per cent), which includes an aggregate 0.8 per cent increase in the underlying discount rate during the year re\ufb02ecting higher interest rates. The DCF valuation is produced by discounting the individual wind farm cash \ufb02ows on an unlevered basis. The equivalent levered discount rate (assuming 30 per cent gearing) is approximately 10 per cent. Base case long term in\ufb02ation assumptions are 3.5 per cent to 2030 and 2.5 per cent thereafter for RPI and 2.5 per cent (all years) for CPI. Higher in\ufb02ation assumptions are used for 2023 (8.0 per cent RPI and 5.0 per cent CPI). Base case energy yield assumptions are P50 (50 per cent probability of exceedance) forecasts based on long term wind data and operational history. The P90 (90 per cent probability of exceedance over a 10 year period) and P10 (10 per cent probability of exceedance over a 10 year period) sensitivities re\ufb02ect the future variability of wind and the uncertainty associated with the long term data source being representative of the long term mean. Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions re\ufb02ect the forward curve as at 16 January 2023 with an appropriate discount applied re\ufb02ecting the higher volatility associated with short term prices. The power price sensitivity below assumes a 10 per cent increase or decrease in power prices relative to the base case for every year of the asset life. The base case asset life is 30 years. Sensitivity analysis The fair value of the Group\u2019s investments is \u00a34,959,311,361 (2021: \u00a34,042,545,081). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range. Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 8.0 per cent + 0.5 per cent (155,166) (6.7) \u2013 0.5 per cent 163,665 7.1 Long term in\ufb02ation rate RPI: 3.5 per cent to 2030, \u2013 0.5 per cent (144,045) (6.2) 2.5 per cent thereafter + 0.5 per cent 151,076 6.5 CPI: 2.5 per cent Energy yield P50 10 year P90 (323,717) (14.0) 10 year P10 323,657 14.0 Power price Forecast by leading \u2013 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years \u2013 5 years (229,237) (9.9) + 5 years 148,321 6.4 The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The sensitivity analysis shown above would be the same for the Company as for the Group. Also see the High Transition Risk Scenario discussed on page 30. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 10. Unconsolidated subsidiaries, associates and joint ventures The following table shows subsidiaries of the Group. As the Company is regarded as an Investment Entity as referred to in note 1, these subsidiaries have not been consolidated in the preparation of the \ufb01nancial statements: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 Andershaw Scotland (10) 100% 100% Bin Mountain Northern Ireland (9) 100% 100% Bishopthorpe England (10) 100% 100% Braes of Doune Scotland (11) 100% 100% Breeze Bidco (1) Scotland (10) 100% 100% Brockaghboy Northern Ireland (9) 100% 100% Carcant Scotland (11) 100% 100% Church Hill Northern Ireland (9) 100% 100% Corriegarth Scotland (11) 100% 100% Cotton Farm England (10) 100% 100% Crighshane Northern Ireland (9) 100% 100% Douglas West Scotland (11) 100% 100% Earl\u2019s Hall Farm England (10) 100% 100% Glen Kyllachy Scotland (9) 100% 100% Kildrummy Scotland (10) 100% 100% Langhope Rig Scotland (10) 100% 100% Maerdy Wales (10) 100% 100% North Hoyle Wales (10) 100% 100% Screggagh Northern Ireland (9) 100% 100% Slieve Divena Northern Ireland (9) 100% 100% Slieve Divena 2 Northern Ireland (9) 100% 100% Stroupster Scotland (10) 100% 100% Tappaghan Northern Ireland (9) 100% 100% Twentyshilling Scotland (10) 100% \u2014 Walney Holdco (2) England (10) 100% 100% Windy Rig Scotland (10) 100% 100% Bicker Fen England (10) 80% 80% Fenlands (3) England (10) 80% 80% Humber Holdco (4) England (10) 77.2% 77.2% Nanclach (1) Scotland (10) 75% 75% Dunmaglass Holdco (5) Scotland (10) 71.2% 71.2% Stronelairg Holdco (6) Scotland (10) 71.2% 71.2% Hoylake (7) England (10) 63% 63% Drone Hill Scotland (11) 51.6% 51.6% North Rhins Scotland (10) 51.6% 51.6% Sixpenny Wood England (10) 51.6% 51.6% Yelvertoft England (10) 51.6% 51.6% SYND Holdco (8) UK (10) 51.6% 51.6% (1) The Group\u2019s investment in Nanclach is held through Breeze Bidco. (2) The Group holds 100 per cent of Walney Holdco, which owns 25.1 per cent of Walney Wind Farm, resulting in the Group holding a 25.1 per cent indirect investment in Walney Wind Farm. (3) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 10. Unconsolidated subsidiaries, associates and joint ventures continued (4) The Group holds 77.2 per cent of Humber Holdco, which owns 49 per cent of Humber Wind Farm, resulting in the Group holding a 37.8 per cent indirect investment in Humber Wind Farm. (5) The Group holds 71.2 per cent of Dunmaglass Holdco, which owns 49.9 per cent of Dunmaglass Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Dunmaglass Wind Farm. (6) The Group holds 71.2 per cent of Stronelairg Holdco, which owns 49.9 per cent of Stronelairg Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Stronelairg Wind Farm. (7) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (8) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (9) The registered of\ufb01ce address is The Legacy Building, Northern Ireland Science Park, Belfast, BT3 9DT. (10) The registered of\ufb01ce address is 5th Floor, 20 Fenchurch Street, London, EC3M 3BY. (11) The registered of\ufb01ce address is Collins House, Rutland Square, Edinburgh, EH1 2AA. There are no signi\ufb01cant restrictions on the ability of the Group\u2019s unconsolidated subsidiaries to transfer funds in the form of cash dividends. The following table shows associates and joint ventures of the Group which have been recognised at fair value as permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 ML Wind (1) England (3) 49% 49% Little Cheyne Court England (3) 41% 41% Clyde Scotland (4) 28.2% 28.2% Hornsea 1 Holdco (2) England (5) 25% \u2014 Rhyl Flats Wales (3) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent (2021: 49 per cent). These are held through ML Wind. (2) The Group holds 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1 Limited, resulting in the Group holding a 12.5 per cent indirect investment in Hornsea 1 Limited. (3) The registered of\ufb01ce address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (4) The registered of\ufb01ce address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (5) The registered of\ufb01ce address is 1 Bartholomew Lane, London, England, EC2N 2AX. Loans advanced by Holdco to the investments are disclosed in note 19. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 10. Unconsolidated subsidiaries, associates and joint ventures continued Guarantees and counter-indemnities provided by the Group on behalf of its investments are as follows: Amount Provider of security Investment Beneficiary Nature Purpose \u00a3\u2019000 The Company Hornsea 1 National Letter of Debt service reserve 65,300 Westminster Bank credit Holdco Clyde SSE Counter- Grid, radar, 21,771 indemnity decommissioning The Company North Hoyle The Crown Estate Guarantee Decommissioning, rent 18,263 Holdco Kype Muir Extension Nordex Guarantee Turbine supply 12,695 The Company Glen Kyllachy RWE Counter- Decommissioning, grid 12,238 indemnity The Company Burbo Bank Extension Orsted Counter- Rent, radar 11,000 indemnity The Company Twentyshilling Whiteside Hill Guarantee Land access, cabling 10,000 Wind Farm The Company Hornsea 1 Orsted Letter of Lease obligations 7,525 Credit The Company Humber Gateway RWE Guarantee Radar 4,900 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning 3,723 The Company Andershaw Statkraft Guarantee Decommissioning 3,500 The Company Braes of Doune Land owner Guarantee Decommissioning 2,000 The Company Twentyshilling Santander Counter- Council \u2013 1,807 indemnity Decommissioning Obligations The Company Twentyshilling Ministry of Guarantee Seismic Array 1,800 Defence Equipment The Company Windy Rig Santander Counter- Access rights, 1,409 indemnity decommissioning, grid The Company Tom nan Clach RBS Unsecured Decommissioning 1,348 guarantee The Company Twentyshilling NATS Guarantee Radar 1,244 The Company Douglas West Land owner Guarantee Decommissioning 1,200 The Company Windy Rig NATS Guarantee Radar 1,104 The Company Stroupster RBS Unsecured Decommissioning 366 guarantee Holdco Stronelairg SSE Guarantee Grid 301 Holdco Dunmaglass SSE Guarantee Grid 201 The Company Cotton Farm Land owner Guarantee Decommissioning 165 The Company Sixpenny Wood Land owner Guarantee Community fund 150 The Company Twentyshilling Santander Counter- Decommissioning 96 indemnity The Company Yelvertoft Daventry District Guarantee Decommissioning 82 Council The Company Langhope Rig Barclays Counter- Decommissioning 81 indemnity The Company Maerdy Natural Resource Guarantee Access rights to n/a Wales neighbouring land 184,269 The fair value of these guarantees and counter-indemnities provided by the Group are considered to be \u00a3nil (2021: \u00a3nil) as disclosed in note 2. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 11. Receivables 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Amounts due from SPVs (note 19) 1,648 1,798 VAT receivable 527 407 Prepayments 122 107 Other receivables 190 320 2,487 2,632 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Prepayments 122 107 Other receivables 3 \u2014 125 107 12. Payables 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Loan interest payable (note 13) 5,490 2,788 Commitment fee payable (note 13) 402 344 Letter of credit fees payable (note 13) 324 \u2014 Investment management fee payable 1,364 1,072 Acquisition costs payable \u2014 1,595 Share issue costs payable \u2014 10 Other payables 774 470 8,354 6,279 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Loan interest payable (note 13) 5,490 2,788 Commitment fee payable (note 13) 402 344 Letter of credit fees payable (note 13) 324 \u2014 Investment management fee payable 1,364 1,072 Share issue costs payable \u2014 10 Other payables 579 434 8,159 4,648 Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 13. Loans and borrowings 31 December 2022 31 December 2021 Group and Company \u00a3\u2019000 \u00a3\u2019000 Opening balance 950,000 1,100,000 Revolving credit facility Drawdowns 260,000 110,000 Repayments (310,000) (260,000) Term debt facilities Drawdowns 200,000 \u2014 Closing balance 1,100,000 950,000 Reconciled as: Current liabilities 150,000 \u2014 Non current liabilities 950,000 950,000 For the year ended For the year ended 31 December 2022 31 December 2021 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 27,489 23,113 Commitment fees 3,114 921 Professional fees 1,163 138 Facility arrangement fees 500 6,375 Letter of credit fees 324 \u2014 Other facility fees 185 142 Finance expense 32,775 30,689 The loan balance as at 31 December 2022 has not been adjusted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. In relation to non current loans and borrowings, the Board is of the view that the current market interest rate is not signi\ufb01cantly different to the respective instruments\u2019 contractual interest rates therefore the fair value of the non current loans and borrowings at the end of the reporting periods is not signi\ufb01cantly different from their carrying amounts. The terms of the revolving credit facility remain unchanged and comprise a margin of 1.75 per cent per annum and a commitment fee of 0.65 per cent per annum of any undrawn facility. As at 31 December 2022 the Company has a total revolving credit facility of \u00a3600 million (2021: \u00a3600 million), of which amounts drawn were \u00a3200 million (2021: \u00a3250 million), accrued interest was \u00a352,675 (2021: \u00a312,554) and the outstanding commitment fee payable was \u00a3401,753 (2021: \u00a3343,699). On 24 August 2022, the Company placed a letter of credit facility provided by Lloyds. The fee for this facility is 1.25 per cent and the fee payable, as at 31 December 2022, was \u00a3324,221 (2021: \u00a3nil). Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 13. Loans and borrowings continued The Company\u2019s term debt facilities and associated interest rate swaps have various maturity dates, as set out in the below table. Accrued interest at Loan margin Swap fixed rate All-in rate Loan principal 31 December 2022 Provider Maturity date % %%\u00a3\u2019000 \u00a3\u2019000 NAB 1 November 2023 1.20 1.42800 2.62800 75,000 319 NAB 1 November 2023 1.20 0.77250 1.97250 25,000 80 CBA 7 December 2023 1.00 0.11300 1.11300 50,000 88 NAB 4 November 2024 1.15 1.06100 2.21100 50,000 179 CBA 14 November 2024 1.35 0.80750 2.15750 50,000 171 CBA 6 March 2025 1.55 1.52650 3.07650 50,000 244 CIBC 3 November 2025 1.50 1.51030 3.01030 100,000 454 NAB 1 November 2026 1.50 1.59800 3.09800 75,000 376 NAB 1 November 2026 1.50 0.84250 2.34250 25,000 95 CIBC 14 November 2026 1.40 0.81325 2.21325 100,000 334 CBA 4 November 2027 1.60 1.36800 2.96800 100,000 472 AXA 31 January 2030 \u2014 \u20143.03000 125,000 1,618 AXA 31 January 2030 1.70 1.44500 3.14500 75,000 1,007 900,000 5,437 Loans with maturity dates of less than 12 months amount to \u00a3150 million and are classi\ufb01ed as current liabilities. The remaining term debt of \u00a3750 million is classi\ufb01ed as non current liabilities. \u00a3775 million of these term loans contain swaps. Accordingly, \u00a3700 million of these instruments have been treated as a single \ufb01xed rate loan agreement, which effectively set interest payable at \ufb01xed rates as: \u2022 the contractual agreements for the loan and swap are directly linked, were executed at the same time and are not independently transferable on a commercial basis; \u2022 there is a common counterparty for loan and swap instruments; and \u2022 all loan and swap instruments are co terminus and their commercial and \ufb01nancial terms re\ufb02ect each other. The \u00a375 million term loan with AXA is hedged with an interest swap with NAB, which demonstrates consistent characteristics with the other term loans and swaps other than the common counterparty. In such case the interest rate swap has not been recognised as a separate instrument at fair value and the Board is of the view that its fair value is not suf\ufb01ciently material to be separately recognised. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares in Holdco, and a \ufb02oating charge over Holdco\u2019s bank accounts. 14. Contingencies and commitments In April 2020, the Group announced that it had agreed to acquire the South Kyle wind farm project for a headline consideration of \u00a3320 million. The investment is scheduled to complete in Q2 2023 once the wind farm is fully operational. In December 2020, the Group entered into an agreement to acquire 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of \u00a351.4 million, to be paid once the wind farm is fully operational (target Q2 2023). The Group also agreed to provide construction \ufb01nance of up to \u00a347 million, of which \u00a338.0 million (2021: \u00a310.6 million) had been utilised as at 31 December 2022. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 15. Share capital \u2013 ordinary shares of \u00a30.01 Number of Share Share shares capital premium Total Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1 January 2022 2,317,097,822 23,171 2,468,940 2,492,111 Shares issued to the Investment Manager 4 February 2022 True-up of 2021 and 254,855 3 372 375 Q1 2022 Equity Element 6 May 2022 Q2 2022 Equity Element 251,219 3 372 375 5 August 2022 Q3 2022 Equity Element 244,151 2 373 375 4 November 2022 Q4 2022 Equity Element 241,942 2 373 375 992,167 10 1,490 1,500 Other 1 January 2022 Less costs relating to \u2014 \u2014(34) (34) 29 November 2021 share issue 31 December 2022 2,318,089,989 23,181 2,470,396 2,493,577 Number of Share Share shares capital premium Total Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1 January 2021 1,824,129,348 18,241 1,834,477 1,852,718 Shares issued to the Investment Manager 5 February 2021 True-up of 2020 and 308,798 3 372 375 Q1 2021 Equity Element 7 May 2021 Q2 2021 Equity Element 306,862 3 372 375 6 August 2021 Q3 2021 Equity Element 299,438 3 372 375 5 November 2021 Q4 2021 Equity Element 290,685 3 372 375 1,205,783 12 1,488 1,500 Other 19 February 2021 Capital raise 150,853,600 1,509 196,109 197,618 19 February 2021 Less share issue costs \u2014 \u2014(2,933) (2,933) 29 November 2021 Capital raise 340,909,091 3,409 446,591 450,000 29 November 2021 Less share issue costs \u2014 \u2014(6,792) (6,792) 31 December 2021 2,317,097,822 23,171 2,468,940 2,492,111 Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satis\ufb01ed all of its liabilities, the shareholders are entitled to all of the residual assets of the Company. Pursuant to the terms of the Investment Management Agreement, the Investment Manager receives an Equity Element as part payment of its investment management fee as disclosed in note 3. The \ufb01gures given in the table in note 3 include the true-up amount of the investment management fee for the periods calculated in accordance with the Investment Management Agreement and issued subsequent to 31 December 2022. 16. Net assets per share Group and Company 31 December 2022 31 December 2021 Net assets \u2013 \u00a3\u2019000 3,873,228 3,093,699 Number of ordinary shares issued 2,318,089,989 2,317,097,822 Total net assets \u2013 pence 167.1 133.5 Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 17. Reconciliation of operating profit for the year to net cash from operating activities For the year ended For the year ended 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Operating pro\ufb01t for the year 986,638 393,908 Adjustments for: Unrealised movement in fair value of investments (note 9) (446,096) (155,551) Investment acquisition costs 3,146 3,305 Decrease/(increase) in receivables 144 (1,995) Increase in payables 519 1,094 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Net cash flows from operating activities 545,851 242,261 For the year ended For the year ended 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Operating pro\ufb01t for the year 986,638 393,908 Adjustments for: Unrealised movement in fair value of investments (note 9) (1,019,502) (418,125) (Increase)/decrease in receivables (19) 39 Increase in payables 434 1,010 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Net cash flows from operating activities (30,949) (21,668) Reconciliation of cash flows and non-cash flow changes in liabilities arising from financing activities Loans and borrowings Other liabilities Group and Company \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2022 950,000 3,082 Cash \ufb02ows (net) 150,000 (29,689) Movements in Statement of Comprehensive Income (note 13) \u2014 32,775 As at 31 December 2022 1,100,000 6,168 Loans and borrowings Other liabilities Group and Company \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2021 1,100,000 3,369 Cash \ufb02ows (net) (150,000) (30,976) Movements in Statement of Comprehensive Income (note 13) \u2014 30,689 As at 31 December 2021 950,000 3,082 Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 18. Financial risk management The Investment Manager and the Administrator report to the Board on a quarterly basis and provide information to the Board which allows it to monitor and manage \ufb01nancial risks relating to its operations. The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk. The Group\u2019s market risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Group\u2019s overall market positions are monitored on a quarterly basis by the Board. Price risk Price risk is de\ufb01ned as the risk that the fair value of a \ufb01nancial instrument held by the Group will \ufb02uctuate. Investments are measured at fair value through pro\ufb01t or loss and are valued on an unlevered, discounted cash \ufb02ow basis. Therefore, the value of these investments will be (amongst other risk factors) a function of the discounted value of their expected cash \ufb02ows and, as such, will vary with movements in interest rates and competition for such assets. As disclosed in note 9, the key assumptions determining fair value of investments are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different valuation for these investments. Interest rate risk The Group\u2019s interest rate risk on interest bearing \ufb01nancial assets is limited to interest earned on cash. The Group\u2019s only other exposure to interest rate risk is due to \ufb02oating interest rates required to service external borrowings through the revolving credit facility. An increase of 3 per cent (2021: 1 per cent) represents the Investment Manager\u2019s assessment of a reasonably possible change in interest rates. Should the SONIA rate increase by 3 per cent, the annual interest due on the facility would increase by \u00a36,000,000 (2021: \u00a32,500,000) on the basis that the revolving credit facility is \u00a3200 million drawn (2021: \u00a3250 million). The Investment Manager regularly monitors interest rates to ensure the Group has adequate provisions in place in the event of signi\ufb01cant \ufb02uctuations. The associated interest rate swaps on amounts drawn under the CBA, CIBC, NAB and AXA term debt facilities effectively set interest payable at a \ufb01xed rate for the full term of the loans, thereby mitigating the risks associated with the variability of cash \ufb02ows arising from interest rate \ufb02uctuations. The Board considers that, as shareholder loan investments bear interest at a \ufb01xed rate, they do not carry any interest rate risk. The Group\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2022 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u201419,783 19,783 Other receivables (note 11) \u2014 \u2014717 717 Investments (note 9) 1,087,081 \u2014 3,872,231 4,959,312 1,087,081 \u2014 3,892,731 4,979,812 Liabilities Other payables (note 12) \u2014 \u2014(8,354) (8,354) Loans and borrowings (note 13) (900,000) (200,000) \u2014 (1,100,000) (900,000) (200,000) (8,354) (1,108,354) Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 18. Financial risk management continued Interest rate risk continued The Group\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2021 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20144,801 4,801 Other receivables (note 11) \u2014 \u2014727 727 Investments (note 9) 924,748 \u2014 3,117,797 4,042,545 924,748 \u2014 3,123,325 4,048,073 Liabilities Other payables (note 12) \u2014 \u2014(6,279) (6,279) Loans and borrowings (note 13) (700,000) (250,000) \u2014 (950,000) (700,000) (250,000) (6,279) (956,279) The Company\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2022 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20142,446 2,446 Other receivables (note 11) \u2014 \u2014 3 3 Investments (note 9) \u2014 \u20144,978,816 4,978,816 \u2014 \u20144,981,265 4,981,265 Liabilities Other payables (note 12) \u2014 \u2014(8,159) (8,159) Loans and borrowings (note 13) (900,000) (200,000) \u2014 (1,100,000) (900,000) (200,000) (8,159) (1,108,159) The Company\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2021 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20141,875 1,875 Investments (note 9) \u2014 \u20144,046,365 4,046,365 \u2014 \u20144,048,240 4,048,240 Liabilities Other payables (note 12) \u2014 \u2014(4,648) (4,648) Loans and borrowings (note 13) (700,000) (250,000) \u2014 (950,000) (700,000) (250,000) (4,648) (954,648) Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 18. Financial risk management continued Foreign currency risk Foreign currency risk is de\ufb01ned as the risk that the fair values of future cash \ufb02ows will \ufb02uctuate because of changes in foreign exchange rates. The Group\u2019s \ufb01nancial assets and liabilities are denominated in GBP and substantially all of its revenues and expenses are in GBP. The Group is not considered to be materially exposed to foreign currency risk. Credit risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to ful\ufb01l its contractual obligations. The Group is exposed to credit risk in respect of other receivables, cash at bank and loan investments. The Group\u2019s credit risk exposure is minimised by dealing with \ufb01nancial institutions with investment grade credit ratings and making loan investments which are equity in nature, and having at least one common board director of Holdco and the respective wind farm SPVs in which the loan investments have been made. The table below details the Group\u2019s maximum exposure to credit risk: 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 717 727 Cash at bank 19,783 4,801 Loan investments (note 9) 1,087,081 924,748 1,107,581 930,276 The table below details the Company\u2019s maximum exposure to credit risk: 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 3 \u2014 Cash at bank 2,446 1,875 Loan investments (note 9) 2,343,715 2,430,766 2,346,164 2,432,641 The table below shows the cash balances of the Group and the credit rating for each counterparty: 31 December 2022 31 December 2021 Group Rating \u00a3\u2019000 \u00a3\u2019000 RBS International A 17,505 3,099 The Crown Estate n/a 2,278 1,702 19,783 4,801 The table below shows the cash balances of the Company and the credit rating for each counterparty: 31 December 2022 31 December 2021 Company Rating \u00a3\u2019000 \u00a3\u2019000 The Crown Estate n/a 2,278 1,702 RBS International A 168 173 2,446 1,875 Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 18. Financial risk management continued Liquidity risk Liquidity risk is the risk that the Group and the Company may not be able to meet a demand for cash or fund an obligation when due. The Investment Manager and the Board continuously monitor forecast and actual cash \ufb02ows from operating, \ufb01nancing and investing activities to consider payment of dividends, repayment of the Company\u2019s outstanding debt or further investing activities. The following tables detail the Group\u2019s expected maturity for its \ufb01nancial assets (excluding equity) and liabilities together with the contractual undiscounted cash \ufb02ow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Group \u2013 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 717 \u2014 \u2014717 Cash at bank 19,783 \u2014 \u201419,783 Loan investments (note 9) \u2014 \u20141,087,081 1,087,081 Liabilities Other payables (note 12) (8,354) \u2014 \u2014(8,354) Loans and borrowings (185,768) (819,975) (212,815) (1,218,558) (173,622) (819,975) 874,266 (119,331) Less than 1 year 1 \u2013 5 years 5+ years Total Group \u2013 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 727 \u2014 \u2014727 Cash at bank 4,801 \u2014 \u20144,801 Loan investments (note 9) \u2014 \u2014924,748 924,748 Liabilities Other payables (note 12) (6,279) \u2014 \u2014(6,279) Loans and borrowings (24,694) (912,688) (102,529) (1,039,911) (25,445) (912,688) 822,219 (115,914) The shareholder loan investments are repayable on demand. The following tables detail the Company\u2019s expected maturity for its \ufb01nancial assets (excluding equity) and liabilities together with the contractual undiscounted cash \ufb02ow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Company \u2013 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 3 \u2014 \u2014 3 Cash at bank 2,446 \u2014 \u20142,446 Loan investments (note 9) \u2014 \u20142,343,715 2,343,715 Liabilities Other payables (note 12) (8,159) \u2014 \u2014(8,159) Loans and borrowings (185,768) (819,975) (212,815) (1,218,558) (191,478) (819,975) 2,130,900 1,119,447 Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 18. Financial risk management continued Liquidity risk continued Less than 1 year 1 \u2013 5 years 5+ years Total Company \u2013 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank 1,875 \u2014 \u20141,875 Loan investments (note 9) \u2014 \u20142,430,766 2,430,766 Liabilities Other payables (note 12) (4,648) \u2014 \u2014(4,648) Loans and borrowings (24,694) (912,688) (102,529) (1,039,911) (27,467) (912,688) 2,328,237 1,388,082 The Group and Company will use cash \ufb02ow generation, equity placings, debt re\ufb01nancing or disposal of assets to manage liabilities as they fall due in the longer term. Capital risk management The Company considers its capital to comprise ordinary share capital, distributable reserves and retained earnings. The Company is not subject to any externally imposed capital requirements. The Group\u2019s and the Company\u2019s primary capital management objectives are to ensure the sustainability of its capital to support continuing operations, meet its \ufb01nancial obligations and allow for growth opportunities. Generally, acquisitions are anticipated to be funded with a combination of current cash, debt and equity. 19. Related party transactions Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 39 to 42. \u00a339,927 (2021: \u00a338,060) of employer\u2019s national insurance was paid on non-executive Directors\u2019 fees during the year. During the year, the Company increased its loan to Holdco by \u00a3260,811,425 (2021: \u00a3499,800,000) and Holdco settled amounts of \u00a3347,862,031 (2021: \u00a3203,989,872). The amount outstanding at the year end was \u00a32,343,715,214 (31 December 2021: \u00a32,430,765,820). During the year, Holdco received \u00a32,847,873 (2021: \u00a32,420,077) in relation to renewables obligation proceeds on behalf of Bin Mountain, Carcant and Tappaghan. Amounts due to these investee companies as at 31 December 2022 were \u00a3nil (2021: \u00a3nil). Under the terms of a Management Services Agreement with Holdco, the Company receives \u00a3800,000 per annum in relation to management and administration services. During the year, \u00a3800,000 (2021: \u00a3800,000) was paid from Holdco to the Company under this agreement and amounts due to the Company at the year end were \u00a3nil (2021: \u00a3nil). Holdco has Management Service Agreements in place with various wind farms. Total amounts received by Holdco, amounts paid to the Investment Manager and amounts paid to the Administrator during the year, are outlined in the table below. As at 31 December 2022, \u00a3230,214 (2021: \u00a3490,236) was due from Bicker Fen, \u00a3120,135 (2021: \u00a31,292,390) was due from Fenlands, \u00a3869,799 (2021: \u00a3nil) was due from North Hoyle and \u00a3393,578 (2021: \u00a3nil) was due from Stroupster in respect of corporation tax payments made by Holdco. As at 31 December 2022, under the terms of Management Services Agreements with the SPVs, Holdco was due to receive \u00a3899 from Bicker Fen, \u00a3899 from Fenlands and \u00a332,588 from Windy Rig (2021: \u00a315,171 from Andershaw). Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 19. Related party transactions continued For the year ended 31 December 2022 Expenses paid to the Expenses paid Income Investment to the received Manager Administrator \u00a3 \u00a3 \u00a3 Andershaw, Bishopthorpe, Brockaghboy, Church Hill, Corriegarth, Crighshane, Douglas West, Glen Kyllachy (1) , Langhope Rig, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2, Stroupster, Tom Nan Clach, Twentyshilling (2) , Windy Rig (3) : 864,312 432,156 432,156 \u00a352,102 income receivable per wind farm per annum \u00a326,051 expenses payable to the Investment Manager per wind farm per annum \u00a326,051 expenses payable to the Administrator per wind farm per annum Bin Mountain, Braes of Doune, Carcant, Cotton Farm, Drone Hill, Earl\u2019s Hall Farm, Kildrummy, Maerdy, North Rhins, Sixpenny Wood, Tappaghan, Yelvertoft: \u00a339,077 income receivable per wind farm per annum 468,922 156,307 312,615 \u00a313,026 expenses payable to the Investment Manager per wind farm per annum \u00a326,051 expenses payable to the Administrator per wind farm per annum Dunmaglass Holdco, Stronelairg Holdco: \u00a37,848 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 15,697 \u2014 15,697 per annum \u00a37,848 expenses payable to the Administrator per wind farm per annum Bicker Fen, Fenlands: \u00a32,997 income receivable per wind farm per annum \u00a32,997 expenses payable to the Investment Manager per wind farm 5,994 5,994 \u2014 per annum \u00a3nil expenses payable to the Administrator per wind farm per annum Walney Holdco: \u00a319,746 income receivable per annum 19,746 9,873 9,873 \u00a39,873 expenses payable to the Investment Manager per annum \u00a39,873 expenses payable to the Administrator per annum Humber Holdco: \u00a37,744 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 7,744 \u2014 7,744 per annum \u00a37,744 expenses payable to the Administrator per wind farm per annum Total 1,382,415 604,330 778,085 (1) Acquired in December 2021. \u00a353,396 income received and \u00a326,698 paid to the Investment Manager during the year. (2) Acquired in June 2022. \u00a327,157 income received and \u00a313,579 paid to the Investment Manager during the year. (3) Acquired in December 2021. \u00a354,326 income received and \u00a327,163 paid to the Investment Manager during the year. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 19. Related party transactions continued For the year ended 31 December 2021 Expenses paid to the Expenses paid Income Investment to the received Manager Administrator \u00a3 \u00a3 \u00a3 Andershaw (1) , Bishopthorpe, Brockaghboy, Church Hill, Corriegarth, Crighshane, Langhope Rig, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2, Stroupster, Tom Nan Clach: \u00a348,445 income receivable per wind farm per annum 593,984 296,992 296,992 \u00a324,223 expenses payable to the Investment Manager per wind farm per annum \u00a324,223 expenses payable to the Administrator per wind farm per annum Bin Mountain, Braes of Doune, Carcant, Cotton Farm, Drone Hill, Earl\u2019s Hall Farm, Kildrummy, Maerdy, North Rhins, Sixpenny Wood, Tappaghan, Yelvertoft: \u00a336,334 income receivable per wind farm per annum 436,007 145,336 290,671 \u00a312,111 expenses payable to the Investment Manager per wind farm per annum \u00a324,223 expenses payable to the Administrator per wind farm per annum Douglas West: Q1-3: \u00a326,582 income receivable per annum \u00a318,167 expenses payable to the Investment Manager per annum \u00a38,415 expenses payable to the Administrator per annum 38,694 24,223 14,471 Q4: \u00a312,111 income receivable per annum \u00a36,056 expenses payable to the Investment Manager per annum \u00a36,056 expenses payable to the Administrator per annum Dunmaglass Holdco, Stronelairg Holdco: \u00a314,595 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 14,595 \u2014 14,595 per annum \u00a314,595 expenses payable to the Administrator per wind farm per annum Bicker Fen, Fenlands: \u00a35,573 income receivable per wind farm per annum \u00a35,573 expenses payable to the Investment Manager per wind farm 5,574 5,574 \u2014 per annum \u00a3nil expenses payable to the Administrator per wind farm per annum Walney Holdco: \u00a319,790 income receivable per annum 19,790 9,895 9,895 \u00a39,895 expenses payable to the Investment Manager per annum \u00a39,895 expenses payable to the Administrator per annum Humber Holdco (2) : \u00a37,969 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 7,969 \u2014 7,969 per annum \u00a37,969 expenses payable to the Administrator per wind farm per annum Total 1,116,613 482,020 634,593 (1) Acquired in September 2021. \u00a312,642 income received and \u00a36,321 paid to the Investment Manager during the year. (2) Acquired in December 2020. \u00a37,969 income received and \u00a3nil paid to the Investment Manager during the year Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 19. Related party transactions continued The table below shows dividends received in the year from the Group\u2019s investments. For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Humber Holdco (1) 53,017 31,853 Clyde 51,055 21,654 Stronelairg Holdco (2) 33,733 7,019 Corriegarth 32,463 13,778 Walney Holdco (3) 28,890 14,441 Braes of Doune 28,724 11,110 North Hoyle 27,730 8,193 Brockaghboy 18,763 14,331 SYND Holdco (4) 18,695 8,303 Fenlands (5) 16,937 7,993 ML Wind (6) 16,317 6,664 Andershaw 15,599 15,150 Windy Rig 14,942 \u2014 Douglas West 14,250 \u2014 Dunmaglass Holdco (7) 13,177 3,801 Rhyl Flats 13,099 6,163 Glen Kyllachy 11,300 \u2014 Langhope Rig 9,287 3,075 Tappaghan 9,221 4,484 Little Cheyne Court 9,184 3,649 Maerdy 9,038 4,382 Twentyshilling 8,384 \u2014 Bishopthorpe 7,952 4,208 Slieve Divena 7,951 3,295 Hoylake (8) 7,342 \u2014 Screggagh 6,477 2,427 Bicker Fen 6,382 2,566 Crighshane 5,677 820 Slieve Divena 2 5,490 2,714 Kildrummy 4,614 3,407 Cotton Farm 4,467 4,621 Church Hill 4,050 903 Carcant 3,237 1,601 Bin Mountain 3,168 1,764 Stroupster 3,021 8,491 Earl\u2019s Hall Farm 2,264 3,468 525,897 226,328 (1) The Group\u2019s investment in Humber Gateway is held through Humber Holdco. (2) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (3) The Group\u2019s investment in Walney is held through Walney Holdco. (4) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (5) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. (6) The Group\u2019s investments in Middlemoor and Lindhurst are held through ML Wind. (7) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (8) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 19. Related party transactions continued The table below shows interest received in the year from the Group\u2019s shareholder loan investments. For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Walney Holdco (1) 11,244 13,051 Hoylake (2) 6,706 \u2014 Stronelairg Holdco (3) 5,197 5,194 Clyde 4,206 4,394 Dunmaglass Holdco (4) 3,412 3,410 Glen Kyllachy 3,085 \u2014 Douglas West 2,947 2,505 Tom nan Clach 2,809 2,996 Corriegarth 2,658 3,410 Windy Rig 2,309 \u2014 Andershaw 2,125 182 Slieve Divena 2 1,329 1,714 Crighshane 1,283 1,906 Twentyshilling 1,005 \u2014 Church Hill 944 1,042 51,259 39,804 (1) The Group\u2019s investment in Walney is held through Walney Holdco. (2) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (3) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (4) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. The table below shows the Group\u2019s shareholder loans with the wind farm investments. Accrued Loans at Loans Loan Loans at interest at 1 January advanced repayments 31 December 31 December 2022 (1) in the period (2) in the year 2022 2022 Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Andershaw 32,641 \u2014 \u2014 32,641 166 32,807 Church Hill 14,702 \u2014 (872) 13,830 50 13,880 Clyde 71,503 \u2014 \u2014 71,503 1,026 72,529 Corriegarth 42,553 \u2014 \u2014 42,553 322 42,875 Crighshane 22,264 \u2014 (1,767) 20,497 74 20,571 Douglas West 43,648 \u2014 (400) 43,248 15 43,263 Dunmaglass Holdco (3) 56,864 \u2014 \u2014 56,864 860 57,724 Glen Kyllachy 51,470 \u2014 (2,694) 48,776 7 48,783 Hornsea 1 Holdco (4) \u2014 109,475 \u2014 109,475 2,354 111,829 Hoylake (5) 172,279 5,841 \u2014 178,120 \u2014 178,120 Kype Muir 10,606 28,809 \u2014 39,415 \u2014 39,415 Slieve Divena 2 22,182 \u2014 (804) 21,378 87 21,465 Stronelairg 86,619 \u2014 \u2014 86,619 1,310 87,929 Tom nan Clach 80,654 \u2014 (6,945) 73,709 476 74,185 Twentyshilling \u2014 32,190 \u2014 32,190 5 32,195 Walney Holdco (6) 172,727 \u2014 \u2014 172,727 \u2014 172,727 Windy Rig 36,772 \u2014 \u2014 36,772 12 36,784 917,484 176,315 (13,482) 1,080,317 6,764 1,087,081 (1) Excludes accrued interest at 31 December 2021 of \u00a37,264,193. (2) Includes capitalised interest of \u00a31,367,912 for Kype Muir Extension and \u00a35,841,418 for Hoylake. (3) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (4) The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco. (5) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (6) The Group\u2019s investment in Walney is held through Walney Holdco. Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 20. Ultimate controlling party In the opinion of the Board, on the basis of the shareholdings advised to them, the Company has no ultimate controlling party. 21. Subsequent events On 23 January 2023, the Company announced a dividend of \u00a344.7 million, equivalent to 1.93 pence per share with respect to the quarter ended 31 December 2022, bringing the total dividend declared with respect to the year to 31 December 2022 to 7.72 pence per share. The record date for the dividend was 10 February 2023 and the payment date is 24 February 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-166": { "value": "Accounting for subsidiaries The Directors have concluded that the Group has all the elements of control as prescribed by IFRS 10 \u201cConsolidated Financial Statements\u201d in relation to all its subsidiaries and that the Company continues to satisfy the 3 essential criteria to be regarded as an investment entity as de\ufb01ned in IFRS 10, IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d and IAS 27 \u201cConsolidated and Separate Financial Statements\u201d. The 3 essential criteria are such that the entity must: 1. Obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; 2. Commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and 3. Measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criteria, the notion of an investment time frame is critical. An investment entity should not hold its investments inde\ufb01nitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an inde\ufb01nite life, the underlying wind farm assets that it invests in have an expected life of 30 years. The Company intends to hold these wind farms for the remainder of their useful life to preserve the capital value of the portfolio. However, as the wind farms are expected to have no residual value after their 30 year life, the Directors consider that this demonstrates a clear exit strategy from these investments. Subsidiaries are therefore measured at fair value through pro\ufb01t or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The \ufb01nancial support provided by the Company to its unconsolidated subsidiaries is disclosed in note 10. Notwithstanding this, IFRS 10 requires subsidiaries that provide services that relate to the investment entity\u2019s investment activities to be consolidated. Accordingly, the annual \ufb01nancial statements include the consolidated \ufb01nancial statements of Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited (a 100 per cent owned UK subsidiary). In respect of these entities, intra-Group balances and any unrealised gains arising from intra-Group transactions are eliminated in preparing the consolidated \ufb01nancial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The \ufb01nancial statements of subsidiaries that are included in the consolidated \ufb01nancial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s \ufb01nancial statements, investments in subsidiaries are measured at fair value through pro\ufb01t or loss in accordance with IFRS 9, as permitted by IAS 27. Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has signi\ufb01cant in\ufb02uence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-192": { "value": "Accounting for subsidiaries The Directors have concluded that the Group has all the elements of control as prescribed by IFRS 10 \u201cConsolidated Financial Statements\u201d in relation to all its subsidiaries and that the Company continues to satisfy the 3 essential criteria to be regarded as an investment entity as de\ufb01ned in IFRS 10, IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d and IAS 27 \u201cConsolidated and Separate Financial Statements\u201d. The 3 essential criteria are such that the entity must: 1. Obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; 2. Commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and 3. Measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criteria, the notion of an investment time frame is critical. An investment entity should not hold its investments inde\ufb01nitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an inde\ufb01nite life, the underlying wind farm assets that it invests in have an expected life of 30 years. The Company intends to hold these wind farms for the remainder of their useful life to preserve the capital value of the portfolio. However, as the wind farms are expected to have no residual value after their 30 year life, the Directors consider that this demonstrates a clear exit strategy from these investments. Subsidiaries are therefore measured at fair value through pro\ufb01t or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The \ufb01nancial support provided by the Company to its unconsolidated subsidiaries is disclosed in note 10. Notwithstanding this, IFRS 10 requires subsidiaries that provide services that relate to the investment entity\u2019s investment activities to be consolidated. Accordingly, the annual \ufb01nancial statements include the consolidated \ufb01nancial statements of Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited (a 100 per cent owned UK subsidiary). In respect of these entities, intra-Group balances and any unrealised gains arising from intra-Group transactions are eliminated in preparing the consolidated \ufb01nancial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The \ufb01nancial statements of subsidiaries that are included in the consolidated \ufb01nancial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s \ufb01nancial statements, investments in subsidiaries are measured at fair value through pro\ufb01t or loss in accordance with IFRS 9, as permitted by IAS 27. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-219": { "value": "Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has signi\ufb01cant in\ufb02uence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-207": { "value": "Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has signi\ufb01cant in\ufb02uence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-193": { "value": "Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has signi\ufb01cant in\ufb02uence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-167": { "value": "New and amended standards and interpretations applied There were no new standards or interpretations effective for the \ufb01rst time for periods beginning on or after 1 January 2022 that had a signi\ufb01cant effect on the Group\u2019s or Company\u2019s \ufb01nancial statements. However, the Group has applied the following amendments for the \ufb01rst time for their annual reporting period commencing 1 January 2022: \u2022 Narrow-scope amendments to IFRS 3 \u201cBusiness combinations\u201d and IAS 37 \u201cProvisions, contingent liabilities and contingent assets\u201d and annual improvements on IFRS 9 \u201cFinancial instruments\u201d. New and amended standards and interpretations not applied At the date of authorisation of these \ufb01nancial statements, the following amendments had been published and will be mandatory for future accounting periods. Effective for accounting periods beginning on or after 1 January 2023: \u2022 Narrow-scope amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, Practice statement 2 and IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d. \u2022 Amendments to IAS 12,\u201d Income Taxes\u201d \u2013 deferred tax related to assets and liabilities arising from a single transaction. \u2022 Amendments to IFRS 17, \u201cInsurance contracts\u201d \u2013 this standard replaces IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. Effective for accounting periods beginning on or after 1 January 2024: \u2022 Amendments to IAS 1 on classi\ufb01cation of liabilities clarify that liabilities are classi\ufb01ed as either current or non current, depending on the rights that exist at the end of the reporting period. The impact of these standards is not expected to be material to the reported results and \ufb01nancial position of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-194": { "value": "New and amended standards and interpretations applied There were no new standards or interpretations effective for the \ufb01rst time for periods beginning on or after 1 January 2022 that had a signi\ufb01cant effect on the Group\u2019s or Company\u2019s \ufb01nancial statements. However, the Group has applied the following amendments for the \ufb01rst time for their annual reporting period commencing 1 January 2022: \u2022 Narrow-scope amendments to IFRS 3 \u201cBusiness combinations\u201d and IAS 37 \u201cProvisions, contingent liabilities and contingent assets\u201d and annual improvements on IFRS 9 \u201cFinancial instruments\u201d. New and amended standards and interpretations not applied At the date of authorisation of these \ufb01nancial statements, the following amendments had been published and will be mandatory for future accounting periods. Effective for accounting periods beginning on or after 1 January 2023: \u2022 Narrow-scope amendments to IAS 1 \u201cPresentation of Financial Statements\u201d, Practice statement 2 and IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d. \u2022 Amendments to IAS 12,\u201d Income Taxes\u201d \u2013 deferred tax related to assets and liabilities arising from a single transaction. \u2022 Amendments to IFRS 17, \u201cInsurance contracts\u201d \u2013 this standard replaces IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. Effective for accounting periods beginning on or after 1 January 2024: \u2022 Amendments to IAS 1 on classi\ufb01cation of liabilities clarify that liabilities are classi\ufb01ed as either current or non current, depending on the rights that exist at the end of the reporting period. The impact of these standards is not expected to be material to the reported results and \ufb01nancial position of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-168": { "value": "Financial instruments Financial assets and \ufb01nancial liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. At 31 December 2022 and 2021 the carrying amounts of cash and cash equivalents, receivables, payables, accrued expenses and short term borrowings re\ufb02ected in the \ufb01nancial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the original instruments and their expected realisation. The fair value of advances and other balances with related parties which are short term or repayable on demand is equivalent to their carrying amount. Financial assets The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the purpose for which the \ufb01nancial asset was acquired and its characteristics. All \ufb01nancial assets are initially recognised at fair value. All purchases of \ufb01nancial assets are recorded at the date on which the Group became party to the contractual requirements of the \ufb01nancial asset. The Group\u2019s and Company\u2019s \ufb01nancial assets principally comprise of investments held at fair value through pro\ufb01t or loss and loans and receivables. Loans and receivables at amortised cost Impairment provisions for loans and receivables are recognised based on a forward-looking expected credit loss model. All \ufb01nancial assets assessed under this model are immaterial to the \ufb01nancial statements. Investments held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. Financial instruments continued Financial assets continued Investments held at fair value through profit or loss continued The Company\u2019s loan and equity investments in Holdco are held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. Recognition and derecognition of financial assets Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. A \ufb01nancial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash \ufb02ow has expired. Financial liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the \ufb01nancial liability. All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. In the event that an amendment to a loan agreement leads to a 10 per cent or greater change in the net present value of all future cash \ufb02ows payable under that agreement, then this is considered a substantial modi\ufb01cation under IFRS 9 and accounted for as an extinguishment of the original \ufb01nancial liability and the recognition of new \ufb01nancial liability. Any unamortised costs in relation to the prior loan agreement are expensed through the pro\ufb01t or loss account in the period in which the substantial modi\ufb01cation occurred. Loan balances as at the year end have not been discounted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. The Group\u2019s other \ufb01nancial liabilities measured at amortised cost include trade and other payables and other short term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A \ufb01nancial liability (in whole or in part) is derecognised when the Group has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-195": { "value": "Financial assets The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the purpose for which the \ufb01nancial asset was acquired and its characteristics. All \ufb01nancial assets are initially recognised at fair value. All purchases of \ufb01nancial assets are recorded at the date on which the Group became party to the contractual requirements of the \ufb01nancial asset. The Group\u2019s and Company\u2019s \ufb01nancial assets principally comprise of investments held at fair value through pro\ufb01t or loss and loans and receivables. Loans and receivables at amortised cost Impairment provisions for loans and receivables are recognised based on a forward-looking expected credit loss model. All \ufb01nancial assets assessed under this model are immaterial to the \ufb01nancial statements. Investments held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. Financial assets continued Investments held at fair value through profit or loss continued The Company\u2019s loan and equity investments in Holdco are held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. Recognition and derecognition of financial assets Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. A \ufb01nancial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash \ufb02ow has expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-220": { "value": "Loans and receivables at amortised cost Impairment provisions for loans and receivables are recognised based on a forward-looking expected credit loss model. All \ufb01nancial assets assessed under this model are immaterial to the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-224": { "value": "Impairment provisions for loans and receivables are recognised based on a forward-looking expected credit loss model. All \ufb01nancial assets assessed under this model are immaterial to the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-208": { "value": "Impairment provisions for loans and receivables are recognised based on a forward-looking expected credit loss model. All \ufb01nancial assets assessed under this model are immaterial to the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-221": { "value": "Investments held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. Investments held at fair value through profit or loss continued The Company\u2019s loan and equity investments in Holdco are held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-209": { "value": "Investments held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. Investments held at fair value through profit or loss continued The Company\u2019s loan and equity investments in Holdco are held at fair value through pro\ufb01t or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is de\ufb01ned as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on an unlevered, discounted cash \ufb02ow basis in accordance with IFRS 13 and IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-210": { "value": "Recognition and derecognition of financial assets Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at cost, being the fair value of consideration given. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. A \ufb01nancial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash \ufb02ow has expired. A \ufb01nancial liability (in whole or in part) is derecognised when the Group has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-196": { "value": "Financial liabilities Financial liabilities are classi\ufb01ed according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the \ufb01nancial liability. All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. In the event that an amendment to a loan agreement leads to a 10 per cent or greater change in the net present value of all future cash \ufb02ows payable under that agreement, then this is considered a substantial modi\ufb01cation under IFRS 9 and accounted for as an extinguishment of the original \ufb01nancial liability and the recognition of new \ufb01nancial liability. Any unamortised costs in relation to the prior loan agreement are expensed through the pro\ufb01t or loss account in the period in which the substantial modi\ufb01cation occurred. Loan balances as at the year end have not been discounted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. The Group\u2019s other \ufb01nancial liabilities measured at amortised cost include trade and other payables and other short term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A \ufb01nancial liability (in whole or in part) is derecognised when the Group has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-211": { "value": "All loans and borrowings are initially recognised at cost, being fair value of the consideration received, less issue costs where applicable. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. In the event that an amendment to a loan agreement leads to a 10 per cent or greater change in the net present value of all future cash \ufb02ows payable under that agreement, then this is considered a substantial modi\ufb01cation under IFRS 9 and accounted for as an extinguishment of the original \ufb01nancial liability and the recognition of new \ufb01nancial liability. Any unamortised costs in relation to the prior loan agreement are expensed through the pro\ufb01t or loss account in the period in which the substantial modi\ufb01cation occurred. Loan balances as at the year end have not been discounted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-169": { "value": "Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. Gains or losses resulting from the movement in fair value of the Group\u2019s and Company\u2019s investments held at fair value through pro\ufb01t or loss are recognised in the Consolidated or Company Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-212": { "value": "Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-197": { "value": "Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-170": { "value": "Share capital Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares are classi\ufb01ed as equity instruments. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from proceeds. Incremental costs include those incurred in connection with the placing and admission which include fees payable under a placing agreement, legal costs and any other applicable expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-171": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances, deposits held on call with banks and other short term highly liquid deposits with original maturities of 3 months or less, that are readily convertible to a known amount of cash and are subject to an insigni\ufb01cant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-172": { "value": "Foreign currencies Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-173": { "value": "Dividends Dividends payable are recognised as distributions in the \ufb01nancial statements when the Company\u2019s obligation to make payment has been established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-198": { "value": "Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. Gains or losses resulting from the movement in fair value of the Group\u2019s and Company\u2019s investments held at fair value through pro\ufb01t or loss are recognised in the Consolidated or Company Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-213": { "value": "Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-174": { "value": "Expenses Expenses are accounted for on an accruals basis. Share issue expenses of the Company directly attributable to the issue and listing of shares are charged to the share premium account. The Company issues shares to the Investment Manager in exchange for receiving investment management services. The fair value of the investment management services received in exchange for shares is recognised as an expense at the time at which the investment management fees are earned, with a corresponding increase in equity. The fair value of the investment management services is calculated by reference to the de\ufb01nition of investment management fees in the Investment Management Agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-200": { "value": "The Company issues shares to the Investment Manager in exchange for receiving investment management services. The fair value of the investment management services received in exchange for shares is recognised as an expense at the time at which the investment management fees are earned, with a corresponding increase in equity. The fair value of the investment management services is calculated by reference to the de\ufb01nition of investment management fees in the Investment Management Agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-175": { "value": "Taxation Under the current system of taxation in the UK, the Group is liable to taxation on its operations in the UK. Payment received or receivable from the Group or Group-owned SPVs for losses surrendered are recognised in the \ufb01nancial statements and form part of the tax credit. In some situations, it might not be appropriate to recognise the tax credit until the Group\u2019s and Group-owned SPVs\u2019 tax affairs have been \ufb01nalised and the losses elections have been made. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the date of the Consolidated Statement of Financial Position. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Taxation continued Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax pro\ufb01t or the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary differences arising on investments, except where the Group is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Consolidated Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. The Group does not expect to recognise any deferred tax assets or liabilities as it would expect to avail from substantial shareholder relief on any temporary or permanent difference arising from any potential future sale of an investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-199": { "value": "Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax pro\ufb01t or the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary differences arising on investments, except where the Group is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Consolidated Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. The Group does not expect to recognise any deferred tax assets or liabilities as it would expect to avail from substantial shareholder relief on any temporary or permanent difference arising from any potential future sale of an investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-176": { "value": "Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board, as a whole. The key measure of performance used by the Board to assess the Group\u2019s performance and to allocate resources is the total return on the Group\u2019s net assets, as calculated under IFRS, and therefore no reconciliation is required between the measure of pro\ufb01t or loss used by the Board and that contained in the \ufb01nancial statements. For management purposes, the Group is organised into one main operating segment, which invests in wind farm assets. All of the Group\u2019s income is generated within the UK. All of the Group\u2019s non current assets are located in the UK. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "2. Critical accounting judgements, estimates and assumptions The preparation of the \ufb01nancial statements requires the application of estimates and assumptions which may affect the results reported in the \ufb01nancial statements. Estimates, by their nature, are based on judgement and available information. As disclosed in note 1, the Directors have concluded that the Company meets the de\ufb01nition of an investment entity as de\ufb01ned in IFRS 10, IFRS 12 and IAS 27. This conclusion involved a degree of judgement and assessment as to whether the Company met the criteria outlined in the accounting standards. Significant accounting estimates and assumptions The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying value of assets and liabilities are those used to determine the fair value of the investments as disclosed in note 9 to the \ufb01nancial statements. The key assumptions that have a signi\ufb01cant impact on the carrying value of investments that are valued by reference to the discounted value of future cash \ufb02ows are the useful life of the assets, the discount rates, the level of wind resource, the rate of in\ufb02ation, the price at which the power and associated bene\ufb01ts can be sold and the amount of electricity the assets are expected to produce. The sensitivity analysis of these key assumptions is outlined in note 9 to the \ufb01nancial statements, on page 79. Useful lives are based on the Investment Manager\u2019s estimates of the period over which the assets will generate revenue which are periodically reviewed for continued appropriateness. The assumption used for the useful life of the wind farms is 30 years. The actual useful life may be a shorter or longer period depending on the actual operating conditions experienced by the asset. 2. Critical accounting judgements, estimates and assumptions continued Significant accounting estimates and assumptions continued The discount rates are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different value. The discount rates applied to the cash \ufb02ows are reviewed periodically by the Investment Manager to ensure they are at the appropriate level. The Investment Manager will take into consideration market transactions, where of similar nature, when considering changes to the discount rates used. The revenues and expenditure of the investee companies are frequently partly or wholly subject to indexation and an assumption is made that in\ufb02ation will increase at a long term rate. The price at which the output from the generating assets is sold is a factor of both wholesale electricity prices and the revenue received from the Government support regimes. Future power prices are estimated using external third party forecasts which take the form of specialist consultancy reports, which re\ufb02ect various factors including gas prices, carbon prices and renewables deployment, each of which re\ufb02ect the UK and global response to climate change. The future power price assumptions are reviewed as and when these forecasts are updated. There is an inherent uncertainty in future wholesale electricity price projection. Speci\ufb01cally commissioned external reports are used to estimate the expected electrical output from the wind farm assets taking into account the expected average wind speed at each location and generation data from historical operation. The actual electrical output may differ considerably from that estimated in such a report mainly due to the variability of actual wind to that modelled in any one period. Assumptions around electrical output will be reviewed only if there is good reason to suggest there has been a material change in this expectation. As disclosed in note 10, the fair value of guarantees and counter-indemnities provided by the Group on behalf of its investments are considered to be \u00a3nil, as the Directors do not expect Group cash \ufb02ows to crystalise as a result of these guarantees or counter-indemnities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "3. Investment management fees Under the terms of the Investment Management Agreement, the Investment Manager is entitled to a combination of a Cash Fee and an Equity Element from the Company. Following consultation with shareholders, the Board announced on 13 June 2022 certain amendments to the Investment Management Agreement. In particular, an additional tier was added to the cash fee structure which reduces the fee charged in respect of NAV over \u00a33,000 million, as detailed below. The Cash Fee is based upon the NAV as at the start of the quarter in question on the following basis: \u2022 on that part of the then most recently announced NAV up to and including \u00a3500 million, an amount equal to 0.25 per cent of such part of the NAV; \u2022 on that part of the then most recently announced NAV over \u00a3500 million and up to and including \u00a31,000 million, an amount equal to 0.225 per cent of such part of the NAV; \u2022 on that part of the then most recently announced NAV over \u00a31,000 million and up to and including \u00a33,000 million, an amount equal to 0.2 per cent of such part of the NAV; and \u2022 on that part of the then most recently announced NAV over \u00a33,000 million, an amount equal to 0.175 per cent of such part of the NAV. The Equity Element is calculated quarterly in advance and has a value as set out below: \u2022 on that part of the then most recently announced NAV up to and including \u00a3500 million, 0.05 per cent; and \u2022 on that part of the then most recently announced NAV over \u00a3500 million up to and including \u00a31,000 million, 0.025 per cent. The ordinary shares issued to the Investment Manager under the Equity Element are subject to a 3 year lock-up starting from the quarter in which they are due to be paid. As at 31 December each year, the Cash Fee and Equity Element shall be subject to a true-up to the value that would have been deliverable had they been calculated quarterly in arrears. 3. Investment management fees continued Investment management fees paid or accrued in the year were as follows: For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Cash Fee 29,848 21,906 Equity Element 1,500 1,500 31,348 23,406 The value of the Equity Element and the Cash Fee detailed in the table above include the true-up amount for the year calculated in accordance with the Investment Management Agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-177": { "value": "4. Investment income For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 525,897 226,328 Interest on shareholder loan investment received (note 19) 51,259 39,804 577,156 266,132 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-222": { "value": "4. Investment income For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 525,897 226,328 Interest on shareholder loan investment received (note 19) 51,259 39,804 577,156 266,132 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-214": { "value": "4. Investment income For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 525,897 226,328 Interest on shareholder loan investment received (note 19) 51,259 39,804 577,156 266,132 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-201": { "value": "4. Investment income For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 525,897 226,328 Interest on shareholder loan investment received (note 19) 51,259 39,804 577,156 266,132 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-7": { "value": "4. Investment income For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 525,897 226,328 Interest on shareholder loan investment received (note 19) 51,259 39,804 577,156 266,132 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-178": { "value": "5. Operating expenses For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Management fees (note 3) 31,348 23,406 Group and SPV administration fees 1,000 857 Non-executive Directors\u2019 fees 338 320 Other expenses 2,469 1,521 Fees to the Company\u2019s Auditor: for audit of the statutory \ufb01nancial statements 187 150 for other audit related services 4 4 35,346 26,258 The fees to the Company\u2019s Auditor for the year ended 31 December 2022 include \u00a34,290 (2021: \u00a33,900) payable in relation to a limited review of the half year report. During the prior year, BDO LLP was also paid \u00a336,000 in relation to capital raises of the Company which was included in share issue costs. Total fees payable to BDO LLP for non-audit services during the year were \u00a34,290 (2021: \u00a339,900). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-202": { "value": "5. Operating expenses For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Management fees (note 3) 31,348 23,406 Group and SPV administration fees 1,000 857 Non-executive Directors\u2019 fees 338 320 Other expenses 2,469 1,521 Fees to the Company\u2019s Auditor: for audit of the statutory \ufb01nancial statements 187 150 for other audit related services 4 4 35,346 26,258 The fees to the Company\u2019s Auditor for the year ended 31 December 2022 include \u00a34,290 (2021: \u00a33,900) payable in relation to a limited review of the half year report. During the prior year, BDO LLP was also paid \u00a336,000 in relation to capital raises of the Company which was included in share issue costs. Total fees payable to BDO LLP for non-audit services during the year were \u00a34,290 (2021: \u00a339,900). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-8": { "value": "5. Operating expenses For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Management fees (note 3) 31,348 23,406 Group and SPV administration fees 1,000 857 Non-executive Directors\u2019 fees 338 320 Other expenses 2,469 1,521 Fees to the Company\u2019s Auditor: for audit of the statutory \ufb01nancial statements 187 150 for other audit related services 4 4 35,346 26,258 The fees to the Company\u2019s Auditor for the year ended 31 December 2022 include \u00a34,290 (2021: \u00a33,900) payable in relation to a limited review of the half year report. During the prior year, BDO LLP was also paid \u00a336,000 in relation to capital raises of the Company which was included in share issue costs. Total fees payable to BDO LLP for non-audit services during the year were \u00a34,290 (2021: \u00a339,900). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-9": { "value": "6. Taxation For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 UK Corporation Tax charge \u2014 \u2014 \u2014 \u2014 6. Taxation continued The tax charge for the year shown in the Statement of Comprehensive Income is lower than the standard rate of corporation tax of 19 per cent (2021: 19 per cent). The differences are explained below. For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Pro\ufb01t for the year before taxation 953,863 363,219 Pro\ufb01t for the year multiplied by the standard rate of corporation tax of 19 per cent (2021: 19 per cent) 181,234 69,012 Fair value movements (not subject to taxation) (83,484) (30,389) Dividends received (not subject to taxation) (99,920) (43,002) Expenditure not deductible for tax purposes 603 628 Surrendering of tax losses to unconsolidated subsidiaries for nil consideration 819 3,994 Other net tax adjustments 748 (243) Total tax charge \u2014 \u2014 The corporation tax rate will increase from 19 per cent to 25 per cent (for companies with pro\ufb01ts over \u00a3250,000), from 1 April 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-10": { "value": "7. Earnings per share For the year ended For the year ended 31 December 2022 31 December 2021 Pro\ufb01t attributable to equity holders of the Company \u2013 \u00a3\u2019000 953,863 363,219 Weighted average number of ordinary shares in issue 2,317,629,517 1,984,849,617 Basic and diluted earnings from continuing operations in the year (pence) 41.16 18.30 Dilution of the earnings per share as a result of the Equity Element of the investment management fee as disclosed in note 3 does not have a signi\ufb01cant impact on the basic earnings per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-11": { "value": "8. Dividends declared with respect to the year Dividend Total per share dividend Interim dividends paid during the year ended 31 December 2022 pence \u00a3\u2019000 With respect to the quarter ended 31 December 2021 1.795 41,597 With respect to the quarter ended 31 March 2022 1.930 44,730 With respect to the quarter ended 30 June 2022 1.930 44,734 With respect to the quarter ended 30 September 2022 1.930 44,739 7.585 175,800 Dividend Total per share dividend Interim dividends declared after 31 December 2022 and not accrued in the year pence \u00a3\u2019000 With respect to the quarter ended 31 December 2022 1.930 44,742 1.930 44,742 On 23 January 2023, the Company announced a dividend of 1.93 pence per share with respect to the quarter ended 31 December 2022, bringing the total dividend declared with respect to the year to 31 December 2022 to \u00a3178.9 million, equivalent to 7.72 pence per share. The record date for the dividend is 10 February 2023 and the payment date is 24 February 2023. 8. Dividends declared with respect to the year continued The following table shows dividends paid in the prior year. Dividend Total per share dividend Interim dividends paid during the year ended 31 December 2021 pence \u00a3\u2019000 With respect to the quarter ended 31 December 2020 1.775 32,384 With respect to the quarter ended 31 March 2021 1.795 35,462 With respect to the quarter ended 30 June 2021 1.795 35,467 With respect to the quarter ended 30 September 2021 1.795 35,473 7.160 138,786 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-215": { "value": "0.07585", "decimals": 6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-216": { "value": "0.0193", "decimals": 6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-217": { "value": "44742000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-218": { "value": "0.0716", "decimals": 6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-179": { "value": "9. Investments at fair value through profit or loss Loans Equity interest Total Group \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 924,748 3,117,797 4,042,545 Additions 169,106 315,047 484,153 Repayment of shareholder loan investments (note 19) (13,482) \u2014 (13,482) Unrealised movement in fair value of investments 6,709 (1) 439,387 446,096 1,087,081 3,872,231 4,959,312 (1) Includes capitalised interest of \u00a31,367,912 for Kype Muir Extension and \u00a35,841,418 for Hoylake. The investments made in underlying assets are carried at fair value through pro\ufb01t and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset, and any unrealised fair value movements typically re\ufb02ect the equity portion of the investments. As the shareholder loans are repayable on demand fair value is considered to be equal to the nominal amount. At the point that the equity carrying value is reduced to nil, further movements will be allocated against shareholder loan investments. Loans Equity interest Total Group \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 607,956 2,721,812 3,329,768 Additions 328,906 237,051 565,957 Repayment of shareholder loan investments (8,731) \u2014 (8,731) Unrealised movement in fair value of investments (3,383) 158,934 155,551 924,748 3,117,797 4,042,545 The unrealised movement in fair value of investments of the Group during the year and the prior year was made up as follows: For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Increase in portfolio valuation 383,897 116,628 Repayment of shareholder loan investments (note 19) 13,482 8,731 Amortisation of debt at SPV level 19,947 \u2014 Movement in cash balances of SPVs 28,770 26,366 Windy Rig capital expenditure and Glen Kyllachy working capital \u2014 3,826 446,096 155,551 9. Investments at fair value through profit or loss continued The movement in investments of the Company during the year and the prior year was made up as follows: Loans Equity interest Total Company \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,430,766 1,615,599 4,046,365 Loan advanced to Holdco (note 19) 260,811 \u2014 260,811 Repayment of loan to Holdco (note 19) (347,862) \u2014 (347,862) Unrealised movement in fair value of investments \u2014 1,019,502 1,019,502 2,343,715 2,635,101 4,978,816 The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Loans Equity interest Total Company \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,134,956 1,197,474 3,332,430 Loan advanced to Holdco (note 19) 499,800 \u2014 499,800 Repayment of loan to Holdco (note 19) (203,990) \u2014 (203,990) Unrealised movement in fair value of investments \u2014 418,125 418,125 2,430,766 1,615,599 4,046,365 Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the \ufb01nancial assets or \ufb01nancial liabilities is determined on the basis of the lowest level input that is signi\ufb01cant to the fair value measurement. Financial assets and \ufb01nancial liabilities are classi\ufb01ed in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires signi\ufb01cant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only \ufb01nancial instruments held at fair value are the instruments held by the Group in the SPVs, which are fair valued at each reporting date. The Group\u2019s investments have been classi\ufb01ed within level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classi\ufb01ed as level 3. There have been no transfers between levels during the year ended 31 December 2022. Any transfers between the levels would be accounted for on the last day of each \ufb01nancial period. Valuations are derived using a discounted cash \ufb02ow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence \ufb01ndings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. 9. Investments at fair value through profit or loss continued Fair value measurements continued The DCF valuation of the Group\u2019s investments represents the largest component of GAV and the key sensitivities are considered to be the discount rate used in the DCF valuation and assumptions in relation to in\ufb02ation, energy yield, power price and asset life. The base case discount rate is a blend of a lower discount rate for \ufb01xed cash \ufb02ows and a higher discount rate for merchant cash \ufb02ows. The blended portfolio discount rate as at 31 December 2022 was 8.0 per cent (31 December 2021: 7.2 per cent), which includes an aggregate 0.8 per cent increase in the underlying discount rate during the year re\ufb02ecting higher interest rates. The DCF valuation is produced by discounting the individual wind farm cash \ufb02ows on an unlevered basis. The equivalent levered discount rate (assuming 30 per cent gearing) is approximately 10 per cent. Base case long term in\ufb02ation assumptions are 3.5 per cent to 2030 and 2.5 per cent thereafter for RPI and 2.5 per cent (all years) for CPI. Higher in\ufb02ation assumptions are used for 2023 (8.0 per cent RPI and 5.0 per cent CPI). Base case energy yield assumptions are P50 (50 per cent probability of exceedance) forecasts based on long term wind data and operational history. The P90 (90 per cent probability of exceedance over a 10 year period) and P10 (10 per cent probability of exceedance over a 10 year period) sensitivities re\ufb02ect the future variability of wind and the uncertainty associated with the long term data source being representative of the long term mean. Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions re\ufb02ect the forward curve as at 16 January 2023 with an appropriate discount applied re\ufb02ecting the higher volatility associated with short term prices. The power price sensitivity below assumes a 10 per cent increase or decrease in power prices relative to the base case for every year of the asset life. The base case asset life is 30 years. Sensitivity analysis The fair value of the Group\u2019s investments is \u00a34,959,311,361 (2021: \u00a34,042,545,081). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range. Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 8.0 per cent + 0.5 per cent (155,166) (6.7) \u2013 0.5 per cent 163,665 7.1 Long term in\ufb02ation rate RPI: 3.5 per cent to 2030, \u2013 0.5 per cent (144,045) (6.2) 2.5 per cent thereafter + 0.5 per cent 151,076 6.5 CPI: 2.5 per cent Energy yield P50 10 year P90 (323,717) (14.0) 10 year P10 323,657 14.0 Power price Forecast by leading \u2013 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years \u2013 5 years (229,237) (9.9) + 5 years 148,321 6.4 The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The sensitivity analysis shown above would be the same for the Company as for the Group. Also see the High Transition Risk Scenario discussed on page 30. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-223": { "value": "9. Investments at fair value through profit or loss Loans Equity interest Total Group \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 924,748 3,117,797 4,042,545 Additions 169,106 315,047 484,153 Repayment of shareholder loan investments (note 19) (13,482) \u2014 (13,482) Unrealised movement in fair value of investments 6,709 (1) 439,387 446,096 1,087,081 3,872,231 4,959,312 (1) Includes capitalised interest of \u00a31,367,912 for Kype Muir Extension and \u00a35,841,418 for Hoylake. The investments made in underlying assets are carried at fair value through pro\ufb01t and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset, and any unrealised fair value movements typically re\ufb02ect the equity portion of the investments. As the shareholder loans are repayable on demand fair value is considered to be equal to the nominal amount. At the point that the equity carrying value is reduced to nil, further movements will be allocated against shareholder loan investments. Loans Equity interest Total Group \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 607,956 2,721,812 3,329,768 Additions 328,906 237,051 565,957 Repayment of shareholder loan investments (8,731) \u2014 (8,731) Unrealised movement in fair value of investments (3,383) 158,934 155,551 924,748 3,117,797 4,042,545 The unrealised movement in fair value of investments of the Group during the year and the prior year was made up as follows: For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Increase in portfolio valuation 383,897 116,628 Repayment of shareholder loan investments (note 19) 13,482 8,731 Amortisation of debt at SPV level 19,947 \u2014 Movement in cash balances of SPVs 28,770 26,366 Windy Rig capital expenditure and Glen Kyllachy working capital \u2014 3,826 446,096 155,551 9. Investments at fair value through profit or loss continued The movement in investments of the Company during the year and the prior year was made up as follows: Loans Equity interest Total Company \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,430,766 1,615,599 4,046,365 Loan advanced to Holdco (note 19) 260,811 \u2014 260,811 Repayment of loan to Holdco (note 19) (347,862) \u2014 (347,862) Unrealised movement in fair value of investments \u2014 1,019,502 1,019,502 2,343,715 2,635,101 4,978,816 The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Loans Equity interest Total Company \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,134,956 1,197,474 3,332,430 Loan advanced to Holdco (note 19) 499,800 \u2014 499,800 Repayment of loan to Holdco (note 19) (203,990) \u2014 (203,990) Unrealised movement in fair value of investments \u2014 418,125 418,125 2,430,766 1,615,599 4,046,365 Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the \ufb01nancial assets or \ufb01nancial liabilities is determined on the basis of the lowest level input that is signi\ufb01cant to the fair value measurement. Financial assets and \ufb01nancial liabilities are classi\ufb01ed in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires signi\ufb01cant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only \ufb01nancial instruments held at fair value are the instruments held by the Group in the SPVs, which are fair valued at each reporting date. The Group\u2019s investments have been classi\ufb01ed within level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classi\ufb01ed as level 3. There have been no transfers between levels during the year ended 31 December 2022. Any transfers between the levels would be accounted for on the last day of each \ufb01nancial period. Valuations are derived using a discounted cash \ufb02ow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence \ufb01ndings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. 9. Investments at fair value through profit or loss continued Fair value measurements continued The DCF valuation of the Group\u2019s investments represents the largest component of GAV and the key sensitivities are considered to be the discount rate used in the DCF valuation and assumptions in relation to in\ufb02ation, energy yield, power price and asset life. The base case discount rate is a blend of a lower discount rate for \ufb01xed cash \ufb02ows and a higher discount rate for merchant cash \ufb02ows. The blended portfolio discount rate as at 31 December 2022 was 8.0 per cent (31 December 2021: 7.2 per cent), which includes an aggregate 0.8 per cent increase in the underlying discount rate during the year re\ufb02ecting higher interest rates. The DCF valuation is produced by discounting the individual wind farm cash \ufb02ows on an unlevered basis. The equivalent levered discount rate (assuming 30 per cent gearing) is approximately 10 per cent. Base case long term in\ufb02ation assumptions are 3.5 per cent to 2030 and 2.5 per cent thereafter for RPI and 2.5 per cent (all years) for CPI. Higher in\ufb02ation assumptions are used for 2023 (8.0 per cent RPI and 5.0 per cent CPI). Base case energy yield assumptions are P50 (50 per cent probability of exceedance) forecasts based on long term wind data and operational history. The P90 (90 per cent probability of exceedance over a 10 year period) and P10 (10 per cent probability of exceedance over a 10 year period) sensitivities re\ufb02ect the future variability of wind and the uncertainty associated with the long term data source being representative of the long term mean. Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions re\ufb02ect the forward curve as at 16 January 2023 with an appropriate discount applied re\ufb02ecting the higher volatility associated with short term prices. The power price sensitivity below assumes a 10 per cent increase or decrease in power prices relative to the base case for every year of the asset life. The base case asset life is 30 years. Sensitivity analysis The fair value of the Group\u2019s investments is \u00a34,959,311,361 (2021: \u00a34,042,545,081). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range. Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 8.0 per cent + 0.5 per cent (155,166) (6.7) \u2013 0.5 per cent 163,665 7.1 Long term in\ufb02ation rate RPI: 3.5 per cent to 2030, \u2013 0.5 per cent (144,045) (6.2) 2.5 per cent thereafter + 0.5 per cent 151,076 6.5 CPI: 2.5 per cent Energy yield P50 10 year P90 (323,717) (14.0) 10 year P10 323,657 14.0 Power price Forecast by leading \u2013 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years \u2013 5 years (229,237) (9.9) + 5 years 148,321 6.4 The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The sensitivity analysis shown above would be the same for the Company as for the Group. Also see the High Transition Risk Scenario discussed on page 30. 11. Receivables 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Amounts due from SPVs (note 19) 1,648 1,798 VAT receivable 527 407 Prepayments 122 107 Other receivables 190 320 2,487 2,632 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Prepayments 122 107 Other receivables 3 \u2014 125 107 12. Payables 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Loan interest payable (note 13) 5,490 2,788 Commitment fee payable (note 13) 402 344 Letter of credit fees payable (note 13) 324 \u2014 Investment management fee payable 1,364 1,072 Acquisition costs payable \u2014 1,595 Share issue costs payable \u2014 10 Other payables 774 470 8,354 6,279 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Loan interest payable (note 13) 5,490 2,788 Commitment fee payable (note 13) 402 344 Letter of credit fees payable (note 13) 324 \u2014 Investment management fee payable 1,364 1,072 Share issue costs payable \u2014 10 Other payables 579 434 8,159 4,648 13. Loans and borrowings 31 December 2022 31 December 2021 Group and Company \u00a3\u2019000 \u00a3\u2019000 Opening balance 950,000 1,100,000 Revolving credit facility Drawdowns 260,000 110,000 Repayments (310,000) (260,000) Term debt facilities Drawdowns 200,000 \u2014 Closing balance 1,100,000 950,000 Reconciled as: Current liabilities 150,000 \u2014 Non current liabilities 950,000 950,000 For the year ended For the year ended 31 December 2022 31 December 2021 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 27,489 23,113 Commitment fees 3,114 921 Professional fees 1,163 138 Facility arrangement fees 500 6,375 Letter of credit fees 324 \u2014 Other facility fees 185 142 Finance expense 32,775 30,689 The loan balance as at 31 December 2022 has not been adjusted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. In relation to non current loans and borrowings, the Board is of the view that the current market interest rate is not signi\ufb01cantly different to the respective instruments\u2019 contractual interest rates therefore the fair value of the non current loans and borrowings at the end of the reporting periods is not signi\ufb01cantly different from their carrying amounts. The terms of the revolving credit facility remain unchanged and comprise a margin of 1.75 per cent per annum and a commitment fee of 0.65 per cent per annum of any undrawn facility. As at 31 December 2022 the Company has a total revolving credit facility of \u00a3600 million (2021: \u00a3600 million), of which amounts drawn were \u00a3200 million (2021: \u00a3250 million), accrued interest was \u00a352,675 (2021: \u00a312,554) and the outstanding commitment fee payable was \u00a3401,753 (2021: \u00a3343,699). On 24 August 2022, the Company placed a letter of credit facility provided by Lloyds. The fee for this facility is 1.25 per cent and the fee payable, as at 31 December 2022, was \u00a3324,221 (2021: \u00a3nil). 13. Loans and borrowings continued The Company\u2019s term debt facilities and associated interest rate swaps have various maturity dates, as set out in the below table. Accrued interest at Loan margin Swap fixed rate All-in rate Loan principal 31 December 2022 Provider Maturity date % %%\u00a3\u2019000 \u00a3\u2019000 NAB 1 November 2023 1.20 1.42800 2.62800 75,000 319 NAB 1 November 2023 1.20 0.77250 1.97250 25,000 80 CBA 7 December 2023 1.00 0.11300 1.11300 50,000 88 NAB 4 November 2024 1.15 1.06100 2.21100 50,000 179 CBA 14 November 2024 1.35 0.80750 2.15750 50,000 171 CBA 6 March 2025 1.55 1.52650 3.07650 50,000 244 CIBC 3 November 2025 1.50 1.51030 3.01030 100,000 454 NAB 1 November 2026 1.50 1.59800 3.09800 75,000 376 NAB 1 November 2026 1.50 0.84250 2.34250 25,000 95 CIBC 14 November 2026 1.40 0.81325 2.21325 100,000 334 CBA 4 November 2027 1.60 1.36800 2.96800 100,000 472 AXA 31 January 2030 \u2014 \u20143.03000 125,000 1,618 AXA 31 January 2030 1.70 1.44500 3.14500 75,000 1,007 900,000 5,437 Loans with maturity dates of less than 12 months amount to \u00a3150 million and are classi\ufb01ed as current liabilities. The remaining term debt of \u00a3750 million is classi\ufb01ed as non current liabilities. \u00a3775 million of these term loans contain swaps. Accordingly, \u00a3700 million of these instruments have been treated as a single \ufb01xed rate loan agreement, which effectively set interest payable at \ufb01xed rates as: \u2022 the contractual agreements for the loan and swap are directly linked, were executed at the same time and are not independently transferable on a commercial basis; \u2022 there is a common counterparty for loan and swap instruments; and \u2022 all loan and swap instruments are co terminus and their commercial and \ufb01nancial terms re\ufb02ect each other. The \u00a375 million term loan with AXA is hedged with an interest swap with NAB, which demonstrates consistent characteristics with the other term loans and swaps other than the common counterparty. In such case the interest rate swap has not been recognised as a separate instrument at fair value and the Board is of the view that its fair value is not suf\ufb01ciently material to be separately recognised. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares in Holdco, and a \ufb02oating charge over Holdco\u2019s bank accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-12": { "value": "9. Investments at fair value through profit or loss Loans Equity interest Total Group \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 924,748 3,117,797 4,042,545 Additions 169,106 315,047 484,153 Repayment of shareholder loan investments (note 19) (13,482) \u2014 (13,482) Unrealised movement in fair value of investments 6,709 (1) 439,387 446,096 1,087,081 3,872,231 4,959,312 (1) Includes capitalised interest of \u00a31,367,912 for Kype Muir Extension and \u00a35,841,418 for Hoylake. The investments made in underlying assets are carried at fair value through pro\ufb01t and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset, and any unrealised fair value movements typically re\ufb02ect the equity portion of the investments. As the shareholder loans are repayable on demand fair value is considered to be equal to the nominal amount. At the point that the equity carrying value is reduced to nil, further movements will be allocated against shareholder loan investments. Loans Equity interest Total Group \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 607,956 2,721,812 3,329,768 Additions 328,906 237,051 565,957 Repayment of shareholder loan investments (8,731) \u2014 (8,731) Unrealised movement in fair value of investments (3,383) 158,934 155,551 924,748 3,117,797 4,042,545 The unrealised movement in fair value of investments of the Group during the year and the prior year was made up as follows: For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Increase in portfolio valuation 383,897 116,628 Repayment of shareholder loan investments (note 19) 13,482 8,731 Amortisation of debt at SPV level 19,947 \u2014 Movement in cash balances of SPVs 28,770 26,366 Windy Rig capital expenditure and Glen Kyllachy working capital \u2014 3,826 446,096 155,551 9. Investments at fair value through profit or loss continued The movement in investments of the Company during the year and the prior year was made up as follows: Loans Equity interest Total Company \u2013 for the year ended 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,430,766 1,615,599 4,046,365 Loan advanced to Holdco (note 19) 260,811 \u2014 260,811 Repayment of loan to Holdco (note 19) (347,862) \u2014 (347,862) Unrealised movement in fair value of investments \u2014 1,019,502 1,019,502 2,343,715 2,635,101 4,978,816 The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Loans Equity interest Total Company \u2013 for the year ended 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Opening balance 2,134,956 1,197,474 3,332,430 Loan advanced to Holdco (note 19) 499,800 \u2014 499,800 Repayment of loan to Holdco (note 19) (203,990) \u2014 (203,990) Unrealised movement in fair value of investments \u2014 418,125 418,125 2,430,766 1,615,599 4,046,365 Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the \ufb01nancial assets or \ufb01nancial liabilities is determined on the basis of the lowest level input that is signi\ufb01cant to the fair value measurement. Financial assets and \ufb01nancial liabilities are classi\ufb01ed in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires signi\ufb01cant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only \ufb01nancial instruments held at fair value are the instruments held by the Group in the SPVs, which are fair valued at each reporting date. The Group\u2019s investments have been classi\ufb01ed within level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classi\ufb01ed as level 3. There have been no transfers between levels during the year ended 31 December 2022. Any transfers between the levels would be accounted for on the last day of each \ufb01nancial period. Valuations are derived using a discounted cash \ufb02ow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence \ufb01ndings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. 9. Investments at fair value through profit or loss continued Fair value measurements continued The DCF valuation of the Group\u2019s investments represents the largest component of GAV and the key sensitivities are considered to be the discount rate used in the DCF valuation and assumptions in relation to in\ufb02ation, energy yield, power price and asset life. The base case discount rate is a blend of a lower discount rate for \ufb01xed cash \ufb02ows and a higher discount rate for merchant cash \ufb02ows. The blended portfolio discount rate as at 31 December 2022 was 8.0 per cent (31 December 2021: 7.2 per cent), which includes an aggregate 0.8 per cent increase in the underlying discount rate during the year re\ufb02ecting higher interest rates. The DCF valuation is produced by discounting the individual wind farm cash \ufb02ows on an unlevered basis. The equivalent levered discount rate (assuming 30 per cent gearing) is approximately 10 per cent. Base case long term in\ufb02ation assumptions are 3.5 per cent to 2030 and 2.5 per cent thereafter for RPI and 2.5 per cent (all years) for CPI. Higher in\ufb02ation assumptions are used for 2023 (8.0 per cent RPI and 5.0 per cent CPI). Base case energy yield assumptions are P50 (50 per cent probability of exceedance) forecasts based on long term wind data and operational history. The P90 (90 per cent probability of exceedance over a 10 year period) and P10 (10 per cent probability of exceedance over a 10 year period) sensitivities re\ufb02ect the future variability of wind and the uncertainty associated with the long term data source being representative of the long term mean. Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions re\ufb02ect the forward curve as at 16 January 2023 with an appropriate discount applied re\ufb02ecting the higher volatility associated with short term prices. The power price sensitivity below assumes a 10 per cent increase or decrease in power prices relative to the base case for every year of the asset life. The base case asset life is 30 years. Sensitivity analysis The fair value of the Group\u2019s investments is \u00a34,959,311,361 (2021: \u00a34,042,545,081). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range. Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 8.0 per cent + 0.5 per cent (155,166) (6.7) \u2013 0.5 per cent 163,665 7.1 Long term in\ufb02ation rate RPI: 3.5 per cent to 2030, \u2013 0.5 per cent (144,045) (6.2) 2.5 per cent thereafter + 0.5 per cent 151,076 6.5 CPI: 2.5 per cent Energy yield P50 10 year P90 (323,717) (14.0) 10 year P10 323,657 14.0 Power price Forecast by leading \u2013 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years \u2013 5 years (229,237) (9.9) + 5 years 148,321 6.4 The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The sensitivity analysis shown above would be the same for the Company as for the Group. Also see the High Transition Risk Scenario discussed on page 30. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-203": { "value": "Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the \ufb01nancial assets or \ufb01nancial liabilities is determined on the basis of the lowest level input that is signi\ufb01cant to the fair value measurement. Financial assets and \ufb01nancial liabilities are classi\ufb01ed in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires signi\ufb01cant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and veri\ufb01able, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only \ufb01nancial instruments held at fair value are the instruments held by the Group in the SPVs, which are fair valued at each reporting date. The Group\u2019s investments have been classi\ufb01ed within level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classi\ufb01ed as level 3. There have been no transfers between levels during the year ended 31 December 2022. Any transfers between the levels would be accounted for on the last day of each \ufb01nancial period. Valuations are derived using a discounted cash \ufb02ow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence \ufb01ndings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. Fair value measurements continued The DCF valuation of the Group\u2019s investments represents the largest component of GAV and the key sensitivities are considered to be the discount rate used in the DCF valuation and assumptions in relation to in\ufb02ation, energy yield, power price and asset life. The base case discount rate is a blend of a lower discount rate for \ufb01xed cash \ufb02ows and a higher discount rate for merchant cash \ufb02ows. The blended portfolio discount rate as at 31 December 2022 was 8.0 per cent (31 December 2021: 7.2 per cent), which includes an aggregate 0.8 per cent increase in the underlying discount rate during the year re\ufb02ecting higher interest rates. The DCF valuation is produced by discounting the individual wind farm cash \ufb02ows on an unlevered basis. The equivalent levered discount rate (assuming 30 per cent gearing) is approximately 10 per cent. Base case long term in\ufb02ation assumptions are 3.5 per cent to 2030 and 2.5 per cent thereafter for RPI and 2.5 per cent (all years) for CPI. Higher in\ufb02ation assumptions are used for 2023 (8.0 per cent RPI and 5.0 per cent CPI). Base case energy yield assumptions are P50 (50 per cent probability of exceedance) forecasts based on long term wind data and operational history. The P90 (90 per cent probability of exceedance over a 10 year period) and P10 (10 per cent probability of exceedance over a 10 year period) sensitivities re\ufb02ect the future variability of wind and the uncertainty associated with the long term data source being representative of the long term mean. Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions re\ufb02ect the forward curve as at 16 January 2023 with an appropriate discount applied re\ufb02ecting the higher volatility associated with short term prices. The power price sensitivity below assumes a 10 per cent increase or decrease in power prices relative to the base case for every year of the asset life. The base case asset life is 30 years. Sensitivity analysis The fair value of the Group\u2019s investments is \u00a34,959,311,361 (2021: \u00a34,042,545,081). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range. Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 8.0 per cent + 0.5 per cent (155,166) (6.7) \u2013 0.5 per cent 163,665 7.1 Long term in\ufb02ation rate RPI: 3.5 per cent to 2030, \u2013 0.5 per cent (144,045) (6.2) 2.5 per cent thereafter + 0.5 per cent 151,076 6.5 CPI: 2.5 per cent Energy yield P50 10 year P90 (323,717) (14.0) 10 year P10 323,657 14.0 Power price Forecast by leading \u2013 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years \u2013 5 years (229,237) (9.9) + 5 years 148,321 6.4 The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The sensitivity analysis shown above would be the same for the Company as for the Group. Also see the High Transition Risk Scenario discussed on page 30. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-180": { "value": "10. Unconsolidated subsidiaries, associates and joint ventures The following table shows subsidiaries of the Group. As the Company is regarded as an Investment Entity as referred to in note 1, these subsidiaries have not been consolidated in the preparation of the \ufb01nancial statements: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 Andershaw Scotland (10) 100% 100% Bin Mountain Northern Ireland (9) 100% 100% Bishopthorpe England (10) 100% 100% Braes of Doune Scotland (11) 100% 100% Breeze Bidco (1) Scotland (10) 100% 100% Brockaghboy Northern Ireland (9) 100% 100% Carcant Scotland (11) 100% 100% Church Hill Northern Ireland (9) 100% 100% Corriegarth Scotland (11) 100% 100% Cotton Farm England (10) 100% 100% Crighshane Northern Ireland (9) 100% 100% Douglas West Scotland (11) 100% 100% Earl\u2019s Hall Farm England (10) 100% 100% Glen Kyllachy Scotland (9) 100% 100% Kildrummy Scotland (10) 100% 100% Langhope Rig Scotland (10) 100% 100% Maerdy Wales (10) 100% 100% North Hoyle Wales (10) 100% 100% Screggagh Northern Ireland (9) 100% 100% Slieve Divena Northern Ireland (9) 100% 100% Slieve Divena 2 Northern Ireland (9) 100% 100% Stroupster Scotland (10) 100% 100% Tappaghan Northern Ireland (9) 100% 100% Twentyshilling Scotland (10) 100% \u2014 Walney Holdco (2) England (10) 100% 100% Windy Rig Scotland (10) 100% 100% Bicker Fen England (10) 80% 80% Fenlands (3) England (10) 80% 80% Humber Holdco (4) England (10) 77.2% 77.2% Nanclach (1) Scotland (10) 75% 75% Dunmaglass Holdco (5) Scotland (10) 71.2% 71.2% Stronelairg Holdco (6) Scotland (10) 71.2% 71.2% Hoylake (7) England (10) 63% 63% Drone Hill Scotland (11) 51.6% 51.6% North Rhins Scotland (10) 51.6% 51.6% Sixpenny Wood England (10) 51.6% 51.6% Yelvertoft England (10) 51.6% 51.6% SYND Holdco (8) UK (10) 51.6% 51.6% (1) The Group\u2019s investment in Nanclach is held through Breeze Bidco. (2) The Group holds 100 per cent of Walney Holdco, which owns 25.1 per cent of Walney Wind Farm, resulting in the Group holding a 25.1 per cent indirect investment in Walney Wind Farm. (3) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. 10. Unconsolidated subsidiaries, associates and joint ventures continued (4) The Group holds 77.2 per cent of Humber Holdco, which owns 49 per cent of Humber Wind Farm, resulting in the Group holding a 37.8 per cent indirect investment in Humber Wind Farm. (5) The Group holds 71.2 per cent of Dunmaglass Holdco, which owns 49.9 per cent of Dunmaglass Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Dunmaglass Wind Farm. (6) The Group holds 71.2 per cent of Stronelairg Holdco, which owns 49.9 per cent of Stronelairg Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Stronelairg Wind Farm. (7) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (8) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (9) The registered of\ufb01ce address is The Legacy Building, Northern Ireland Science Park, Belfast, BT3 9DT. (10) The registered of\ufb01ce address is 5th Floor, 20 Fenchurch Street, London, EC3M 3BY. (11) The registered of\ufb01ce address is Collins House, Rutland Square, Edinburgh, EH1 2AA. There are no signi\ufb01cant restrictions on the ability of the Group\u2019s unconsolidated subsidiaries to transfer funds in the form of cash dividends. The following table shows associates and joint ventures of the Group which have been recognised at fair value as permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 ML Wind (1) England (3) 49% 49% Little Cheyne Court England (3) 41% 41% Clyde Scotland (4) 28.2% 28.2% Hornsea 1 Holdco (2) England (5) 25% \u2014 Rhyl Flats Wales (3) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent (2021: 49 per cent). These are held through ML Wind. (2) The Group holds 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1 Limited, resulting in the Group holding a 12.5 per cent indirect investment in Hornsea 1 Limited. (3) The registered of\ufb01ce address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (4) The registered of\ufb01ce address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (5) The registered of\ufb01ce address is 1 Bartholomew Lane, London, England, EC2N 2AX. Loans advanced by Holdco to the investments are disclosed in note 19. 10. Unconsolidated subsidiaries, associates and joint ventures continued Guarantees and counter-indemnities provided by the Group on behalf of its investments are as follows: Amount Provider of security Investment Beneficiary Nature Purpose \u00a3\u2019000 The Company Hornsea 1 National Letter of Debt service reserve 65,300 Westminster Bank credit Holdco Clyde SSE Counter- Grid, radar, 21,771 indemnity decommissioning The Company North Hoyle The Crown Estate Guarantee Decommissioning, rent 18,263 Holdco Kype Muir Extension Nordex Guarantee Turbine supply 12,695 The Company Glen Kyllachy RWE Counter- Decommissioning, grid 12,238 indemnity The Company Burbo Bank Extension Orsted Counter- Rent, radar 11,000 indemnity The Company Twentyshilling Whiteside Hill Guarantee Land access, cabling 10,000 Wind Farm The Company Hornsea 1 Orsted Letter of Lease obligations 7,525 Credit The Company Humber Gateway RWE Guarantee Radar 4,900 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning 3,723 The Company Andershaw Statkraft Guarantee Decommissioning 3,500 The Company Braes of Doune Land owner Guarantee Decommissioning 2,000 The Company Twentyshilling Santander Counter- Council \u2013 1,807 indemnity Decommissioning Obligations The Company Twentyshilling Ministry of Guarantee Seismic Array 1,800 Defence Equipment The Company Windy Rig Santander Counter- Access rights, 1,409 indemnity decommissioning, grid The Company Tom nan Clach RBS Unsecured Decommissioning 1,348 guarantee The Company Twentyshilling NATS Guarantee Radar 1,244 The Company Douglas West Land owner Guarantee Decommissioning 1,200 The Company Windy Rig NATS Guarantee Radar 1,104 The Company Stroupster RBS Unsecured Decommissioning 366 guarantee Holdco Stronelairg SSE Guarantee Grid 301 Holdco Dunmaglass SSE Guarantee Grid 201 The Company Cotton Farm Land owner Guarantee Decommissioning 165 The Company Sixpenny Wood Land owner Guarantee Community fund 150 The Company Twentyshilling Santander Counter- Decommissioning 96 indemnity The Company Yelvertoft Daventry District Guarantee Decommissioning 82 Council The Company Langhope Rig Barclays Counter- Decommissioning 81 indemnity The Company Maerdy Natural Resource Guarantee Access rights to n/a Wales neighbouring land 184,269 The fair value of these guarantees and counter-indemnities provided by the Group are considered to be \u00a3nil (2021: \u00a3nil) as disclosed in note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-204": { "value": "10. Unconsolidated subsidiaries, associates and joint ventures The following table shows subsidiaries of the Group. As the Company is regarded as an Investment Entity as referred to in note 1, these subsidiaries have not been consolidated in the preparation of the \ufb01nancial statements: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 Andershaw Scotland (10) 100% 100% Bin Mountain Northern Ireland (9) 100% 100% Bishopthorpe England (10) 100% 100% Braes of Doune Scotland (11) 100% 100% Breeze Bidco (1) Scotland (10) 100% 100% Brockaghboy Northern Ireland (9) 100% 100% Carcant Scotland (11) 100% 100% Church Hill Northern Ireland (9) 100% 100% Corriegarth Scotland (11) 100% 100% Cotton Farm England (10) 100% 100% Crighshane Northern Ireland (9) 100% 100% Douglas West Scotland (11) 100% 100% Earl\u2019s Hall Farm England (10) 100% 100% Glen Kyllachy Scotland (9) 100% 100% Kildrummy Scotland (10) 100% 100% Langhope Rig Scotland (10) 100% 100% Maerdy Wales (10) 100% 100% North Hoyle Wales (10) 100% 100% Screggagh Northern Ireland (9) 100% 100% Slieve Divena Northern Ireland (9) 100% 100% Slieve Divena 2 Northern Ireland (9) 100% 100% Stroupster Scotland (10) 100% 100% Tappaghan Northern Ireland (9) 100% 100% Twentyshilling Scotland (10) 100% \u2014 Walney Holdco (2) England (10) 100% 100% Windy Rig Scotland (10) 100% 100% Bicker Fen England (10) 80% 80% Fenlands (3) England (10) 80% 80% Humber Holdco (4) England (10) 77.2% 77.2% Nanclach (1) Scotland (10) 75% 75% Dunmaglass Holdco (5) Scotland (10) 71.2% 71.2% Stronelairg Holdco (6) Scotland (10) 71.2% 71.2% Hoylake (7) England (10) 63% 63% Drone Hill Scotland (11) 51.6% 51.6% North Rhins Scotland (10) 51.6% 51.6% Sixpenny Wood England (10) 51.6% 51.6% Yelvertoft England (10) 51.6% 51.6% SYND Holdco (8) UK (10) 51.6% 51.6% (1) The Group\u2019s investment in Nanclach is held through Breeze Bidco. (2) The Group holds 100 per cent of Walney Holdco, which owns 25.1 per cent of Walney Wind Farm, resulting in the Group holding a 25.1 per cent indirect investment in Walney Wind Farm. (3) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. 10. Unconsolidated subsidiaries, associates and joint ventures continued (4) The Group holds 77.2 per cent of Humber Holdco, which owns 49 per cent of Humber Wind Farm, resulting in the Group holding a 37.8 per cent indirect investment in Humber Wind Farm. (5) The Group holds 71.2 per cent of Dunmaglass Holdco, which owns 49.9 per cent of Dunmaglass Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Dunmaglass Wind Farm. (6) The Group holds 71.2 per cent of Stronelairg Holdco, which owns 49.9 per cent of Stronelairg Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Stronelairg Wind Farm. (7) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (8) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (9) The registered of\ufb01ce address is The Legacy Building, Northern Ireland Science Park, Belfast, BT3 9DT. (10) The registered of\ufb01ce address is 5th Floor, 20 Fenchurch Street, London, EC3M 3BY. (11) The registered of\ufb01ce address is Collins House, Rutland Square, Edinburgh, EH1 2AA. There are no signi\ufb01cant restrictions on the ability of the Group\u2019s unconsolidated subsidiaries to transfer funds in the form of cash dividends. The following table shows associates and joint ventures of the Group which have been recognised at fair value as permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 ML Wind (1) England (3) 49% 49% Little Cheyne Court England (3) 41% 41% Clyde Scotland (4) 28.2% 28.2% Hornsea 1 Holdco (2) England (5) 25% \u2014 Rhyl Flats Wales (3) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent (2021: 49 per cent). These are held through ML Wind. (2) The Group holds 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1 Limited, resulting in the Group holding a 12.5 per cent indirect investment in Hornsea 1 Limited. (3) The registered of\ufb01ce address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (4) The registered of\ufb01ce address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (5) The registered of\ufb01ce address is 1 Bartholomew Lane, London, England, EC2N 2AX. Loans advanced by Holdco to the investments are disclosed in note 19. 10. Unconsolidated subsidiaries, associates and joint ventures continued Guarantees and counter-indemnities provided by the Group on behalf of its investments are as follows: Amount Provider of security Investment Beneficiary Nature Purpose \u00a3\u2019000 The Company Hornsea 1 National Letter of Debt service reserve 65,300 Westminster Bank credit Holdco Clyde SSE Counter- Grid, radar, 21,771 indemnity decommissioning The Company North Hoyle The Crown Estate Guarantee Decommissioning, rent 18,263 Holdco Kype Muir Extension Nordex Guarantee Turbine supply 12,695 The Company Glen Kyllachy RWE Counter- Decommissioning, grid 12,238 indemnity The Company Burbo Bank Extension Orsted Counter- Rent, radar 11,000 indemnity The Company Twentyshilling Whiteside Hill Guarantee Land access, cabling 10,000 Wind Farm The Company Hornsea 1 Orsted Letter of Lease obligations 7,525 Credit The Company Humber Gateway RWE Guarantee Radar 4,900 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning 3,723 The Company Andershaw Statkraft Guarantee Decommissioning 3,500 The Company Braes of Doune Land owner Guarantee Decommissioning 2,000 The Company Twentyshilling Santander Counter- Council \u2013 1,807 indemnity Decommissioning Obligations The Company Twentyshilling Ministry of Guarantee Seismic Array 1,800 Defence Equipment The Company Windy Rig Santander Counter- Access rights, 1,409 indemnity decommissioning, grid The Company Tom nan Clach RBS Unsecured Decommissioning 1,348 guarantee The Company Twentyshilling NATS Guarantee Radar 1,244 The Company Douglas West Land owner Guarantee Decommissioning 1,200 The Company Windy Rig NATS Guarantee Radar 1,104 The Company Stroupster RBS Unsecured Decommissioning 366 guarantee Holdco Stronelairg SSE Guarantee Grid 301 Holdco Dunmaglass SSE Guarantee Grid 201 The Company Cotton Farm Land owner Guarantee Decommissioning 165 The Company Sixpenny Wood Land owner Guarantee Community fund 150 The Company Twentyshilling Santander Counter- Decommissioning 96 indemnity The Company Yelvertoft Daventry District Guarantee Decommissioning 82 Council The Company Langhope Rig Barclays Counter- Decommissioning 81 indemnity The Company Maerdy Natural Resource Guarantee Access rights to n/a Wales neighbouring land 184,269 The fair value of these guarantees and counter-indemnities provided by the Group are considered to be \u00a3nil (2021: \u00a3nil) as disclosed in note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-13": { "value": "10. Unconsolidated subsidiaries, associates and joint ventures The following table shows subsidiaries of the Group. As the Company is regarded as an Investment Entity as referred to in note 1, these subsidiaries have not been consolidated in the preparation of the \ufb01nancial statements: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 Andershaw Scotland (10) 100% 100% Bin Mountain Northern Ireland (9) 100% 100% Bishopthorpe England (10) 100% 100% Braes of Doune Scotland (11) 100% 100% Breeze Bidco (1) Scotland (10) 100% 100% Brockaghboy Northern Ireland (9) 100% 100% Carcant Scotland (11) 100% 100% Church Hill Northern Ireland (9) 100% 100% Corriegarth Scotland (11) 100% 100% Cotton Farm England (10) 100% 100% Crighshane Northern Ireland (9) 100% 100% Douglas West Scotland (11) 100% 100% Earl\u2019s Hall Farm England (10) 100% 100% Glen Kyllachy Scotland (9) 100% 100% Kildrummy Scotland (10) 100% 100% Langhope Rig Scotland (10) 100% 100% Maerdy Wales (10) 100% 100% North Hoyle Wales (10) 100% 100% Screggagh Northern Ireland (9) 100% 100% Slieve Divena Northern Ireland (9) 100% 100% Slieve Divena 2 Northern Ireland (9) 100% 100% Stroupster Scotland (10) 100% 100% Tappaghan Northern Ireland (9) 100% 100% Twentyshilling Scotland (10) 100% \u2014 Walney Holdco (2) England (10) 100% 100% Windy Rig Scotland (10) 100% 100% Bicker Fen England (10) 80% 80% Fenlands (3) England (10) 80% 80% Humber Holdco (4) England (10) 77.2% 77.2% Nanclach (1) Scotland (10) 75% 75% Dunmaglass Holdco (5) Scotland (10) 71.2% 71.2% Stronelairg Holdco (6) Scotland (10) 71.2% 71.2% Hoylake (7) England (10) 63% 63% Drone Hill Scotland (11) 51.6% 51.6% North Rhins Scotland (10) 51.6% 51.6% Sixpenny Wood England (10) 51.6% 51.6% Yelvertoft England (10) 51.6% 51.6% SYND Holdco (8) UK (10) 51.6% 51.6% (1) The Group\u2019s investment in Nanclach is held through Breeze Bidco. (2) The Group holds 100 per cent of Walney Holdco, which owns 25.1 per cent of Walney Wind Farm, resulting in the Group holding a 25.1 per cent indirect investment in Walney Wind Farm. (3) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. 10. Unconsolidated subsidiaries, associates and joint ventures continued (4) The Group holds 77.2 per cent of Humber Holdco, which owns 49 per cent of Humber Wind Farm, resulting in the Group holding a 37.8 per cent indirect investment in Humber Wind Farm. (5) The Group holds 71.2 per cent of Dunmaglass Holdco, which owns 49.9 per cent of Dunmaglass Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Dunmaglass Wind Farm. (6) The Group holds 71.2 per cent of Stronelairg Holdco, which owns 49.9 per cent of Stronelairg Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Stronelairg Wind Farm. (7) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (8) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (9) The registered of\ufb01ce address is The Legacy Building, Northern Ireland Science Park, Belfast, BT3 9DT. (10) The registered of\ufb01ce address is 5th Floor, 20 Fenchurch Street, London, EC3M 3BY. (11) The registered of\ufb01ce address is Collins House, Rutland Square, Edinburgh, EH1 2AA. There are no signi\ufb01cant restrictions on the ability of the Group\u2019s unconsolidated subsidiaries to transfer funds in the form of cash dividends. The following table shows associates and joint ventures of the Group which have been recognised at fair value as permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2022 31 December 2021 ML Wind (1) England (3) 49% 49% Little Cheyne Court England (3) 41% 41% Clyde Scotland (4) 28.2% 28.2% Hornsea 1 Holdco (2) England (5) 25% \u2014 Rhyl Flats Wales (3) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent (2021: 49 per cent). These are held through ML Wind. (2) The Group holds 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1 Limited, resulting in the Group holding a 12.5 per cent indirect investment in Hornsea 1 Limited. (3) The registered of\ufb01ce address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (4) The registered of\ufb01ce address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (5) The registered of\ufb01ce address is 1 Bartholomew Lane, London, England, EC2N 2AX. Loans advanced by Holdco to the investments are disclosed in note 19. 10. Unconsolidated subsidiaries, associates and joint ventures continued Guarantees and counter-indemnities provided by the Group on behalf of its investments are as follows: Amount Provider of security Investment Beneficiary Nature Purpose \u00a3\u2019000 The Company Hornsea 1 National Letter of Debt service reserve 65,300 Westminster Bank credit Holdco Clyde SSE Counter- Grid, radar, 21,771 indemnity decommissioning The Company North Hoyle The Crown Estate Guarantee Decommissioning, rent 18,263 Holdco Kype Muir Extension Nordex Guarantee Turbine supply 12,695 The Company Glen Kyllachy RWE Counter- Decommissioning, grid 12,238 indemnity The Company Burbo Bank Extension Orsted Counter- Rent, radar 11,000 indemnity The Company Twentyshilling Whiteside Hill Guarantee Land access, cabling 10,000 Wind Farm The Company Hornsea 1 Orsted Letter of Lease obligations 7,525 Credit The Company Humber Gateway RWE Guarantee Radar 4,900 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning 3,723 The Company Andershaw Statkraft Guarantee Decommissioning 3,500 The Company Braes of Doune Land owner Guarantee Decommissioning 2,000 The Company Twentyshilling Santander Counter- Council \u2013 1,807 indemnity Decommissioning Obligations The Company Twentyshilling Ministry of Guarantee Seismic Array 1,800 Defence Equipment The Company Windy Rig Santander Counter- Access rights, 1,409 indemnity decommissioning, grid The Company Tom nan Clach RBS Unsecured Decommissioning 1,348 guarantee The Company Twentyshilling NATS Guarantee Radar 1,244 The Company Douglas West Land owner Guarantee Decommissioning 1,200 The Company Windy Rig NATS Guarantee Radar 1,104 The Company Stroupster RBS Unsecured Decommissioning 366 guarantee Holdco Stronelairg SSE Guarantee Grid 301 Holdco Dunmaglass SSE Guarantee Grid 201 The Company Cotton Farm Land owner Guarantee Decommissioning 165 The Company Sixpenny Wood Land owner Guarantee Community fund 150 The Company Twentyshilling Santander Counter- Decommissioning 96 indemnity The Company Yelvertoft Daventry District Guarantee Decommissioning 82 Council The Company Langhope Rig Barclays Counter- Decommissioning 81 indemnity The Company Maerdy Natural Resource Guarantee Access rights to n/a Wales neighbouring land 184,269 The fair value of these guarantees and counter-indemnities provided by the Group are considered to be \u00a3nil (2021: \u00a3nil) as disclosed in note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-14": { "value": "11. Receivables 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Amounts due from SPVs (note 19) 1,648 1,798 VAT receivable 527 407 Prepayments 122 107 Other receivables 190 320 2,487 2,632 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Prepayments 122 107 Other receivables 3 \u2014 125 107 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-15": { "value": "12. Payables 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Loan interest payable (note 13) 5,490 2,788 Commitment fee payable (note 13) 402 344 Letter of credit fees payable (note 13) 324 \u2014 Investment management fee payable 1,364 1,072 Acquisition costs payable \u2014 1,595 Share issue costs payable \u2014 10 Other payables 774 470 8,354 6,279 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Loan interest payable (note 13) 5,490 2,788 Commitment fee payable (note 13) 402 344 Letter of credit fees payable (note 13) 324 \u2014 Investment management fee payable 1,364 1,072 Share issue costs payable \u2014 10 Other payables 579 434 8,159 4,648 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-16": { "value": "13. Loans and borrowings 31 December 2022 31 December 2021 Group and Company \u00a3\u2019000 \u00a3\u2019000 Opening balance 950,000 1,100,000 Revolving credit facility Drawdowns 260,000 110,000 Repayments (310,000) (260,000) Term debt facilities Drawdowns 200,000 \u2014 Closing balance 1,100,000 950,000 Reconciled as: Current liabilities 150,000 \u2014 Non current liabilities 950,000 950,000 For the year ended For the year ended 31 December 2022 31 December 2021 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 27,489 23,113 Commitment fees 3,114 921 Professional fees 1,163 138 Facility arrangement fees 500 6,375 Letter of credit fees 324 \u2014 Other facility fees 185 142 Finance expense 32,775 30,689 The loan balance as at 31 December 2022 has not been adjusted to re\ufb02ect amortised cost, as the amounts are not materially different from the outstanding balances. In relation to non current loans and borrowings, the Board is of the view that the current market interest rate is not signi\ufb01cantly different to the respective instruments\u2019 contractual interest rates therefore the fair value of the non current loans and borrowings at the end of the reporting periods is not signi\ufb01cantly different from their carrying amounts. The terms of the revolving credit facility remain unchanged and comprise a margin of 1.75 per cent per annum and a commitment fee of 0.65 per cent per annum of any undrawn facility. As at 31 December 2022 the Company has a total revolving credit facility of \u00a3600 million (2021: \u00a3600 million), of which amounts drawn were \u00a3200 million (2021: \u00a3250 million), accrued interest was \u00a352,675 (2021: \u00a312,554) and the outstanding commitment fee payable was \u00a3401,753 (2021: \u00a3343,699). On 24 August 2022, the Company placed a letter of credit facility provided by Lloyds. The fee for this facility is 1.25 per cent and the fee payable, as at 31 December 2022, was \u00a3324,221 (2021: \u00a3nil). 13. Loans and borrowings continued The Company\u2019s term debt facilities and associated interest rate swaps have various maturity dates, as set out in the below table. Accrued interest at Loan margin Swap fixed rate All-in rate Loan principal 31 December 2022 Provider Maturity date % %%\u00a3\u2019000 \u00a3\u2019000 NAB 1 November 2023 1.20 1.42800 2.62800 75,000 319 NAB 1 November 2023 1.20 0.77250 1.97250 25,000 80 CBA 7 December 2023 1.00 0.11300 1.11300 50,000 88 NAB 4 November 2024 1.15 1.06100 2.21100 50,000 179 CBA 14 November 2024 1.35 0.80750 2.15750 50,000 171 CBA 6 March 2025 1.55 1.52650 3.07650 50,000 244 CIBC 3 November 2025 1.50 1.51030 3.01030 100,000 454 NAB 1 November 2026 1.50 1.59800 3.09800 75,000 376 NAB 1 November 2026 1.50 0.84250 2.34250 25,000 95 CIBC 14 November 2026 1.40 0.81325 2.21325 100,000 334 CBA 4 November 2027 1.60 1.36800 2.96800 100,000 472 AXA 31 January 2030 \u2014 \u20143.03000 125,000 1,618 AXA 31 January 2030 1.70 1.44500 3.14500 75,000 1,007 900,000 5,437 Loans with maturity dates of less than 12 months amount to \u00a3150 million and are classi\ufb01ed as current liabilities. The remaining term debt of \u00a3750 million is classi\ufb01ed as non current liabilities. \u00a3775 million of these term loans contain swaps. Accordingly, \u00a3700 million of these instruments have been treated as a single \ufb01xed rate loan agreement, which effectively set interest payable at \ufb01xed rates as: \u2022 the contractual agreements for the loan and swap are directly linked, were executed at the same time and are not independently transferable on a commercial basis; \u2022 there is a common counterparty for loan and swap instruments; and \u2022 all loan and swap instruments are co terminus and their commercial and \ufb01nancial terms re\ufb02ect each other. The \u00a375 million term loan with AXA is hedged with an interest swap with NAB, which demonstrates consistent characteristics with the other term loans and swaps other than the common counterparty. In such case the interest rate swap has not been recognised as a separate instrument at fair value and the Board is of the view that its fair value is not suf\ufb01ciently material to be separately recognised. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares in Holdco, and a \ufb02oating charge over Holdco\u2019s bank accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-181": { "value": "14. Contingencies and commitments In April 2020, the Group announced that it had agreed to acquire the South Kyle wind farm project for a headline consideration of \u00a3320 million. The investment is scheduled to complete in Q2 2023 once the wind farm is fully operational. In December 2020, the Group entered into an agreement to acquire 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of \u00a351.4 million, to be paid once the wind farm is fully operational (target Q2 2023). The Group also agreed to provide construction \ufb01nance of up to \u00a347 million, of which \u00a338.0 million (2021: \u00a310.6 million) had been utilised as at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-205": { "value": "14. Contingencies and commitments In April 2020, the Group announced that it had agreed to acquire the South Kyle wind farm project for a headline consideration of \u00a3320 million. The investment is scheduled to complete in Q2 2023 once the wind farm is fully operational. In December 2020, the Group entered into an agreement to acquire 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of \u00a351.4 million, to be paid once the wind farm is fully operational (target Q2 2023). The Group also agreed to provide construction \ufb01nance of up to \u00a347 million, of which \u00a338.0 million (2021: \u00a310.6 million) had been utilised as at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-17": { "value": "14. Contingencies and commitments In April 2020, the Group announced that it had agreed to acquire the South Kyle wind farm project for a headline consideration of \u00a3320 million. The investment is scheduled to complete in Q2 2023 once the wind farm is fully operational. In December 2020, the Group entered into an agreement to acquire 49.9 per cent of the Kype Muir Extension wind farm project for a headline consideration of \u00a351.4 million, to be paid once the wind farm is fully operational (target Q2 2023). The Group also agreed to provide construction \ufb01nance of up to \u00a347 million, of which \u00a338.0 million (2021: \u00a310.6 million) had been utilised as at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-182": { "value": "15. Share capital \u2013 ordinary shares of \u00a30.01 Number of Share Share shares capital premium Total Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1 January 2022 2,317,097,822 23,171 2,468,940 2,492,111 Shares issued to the Investment Manager 4 February 2022 True-up of 2021 and 254,855 3 372 375 Q1 2022 Equity Element 6 May 2022 Q2 2022 Equity Element 251,219 3 372 375 5 August 2022 Q3 2022 Equity Element 244,151 2 373 375 4 November 2022 Q4 2022 Equity Element 241,942 2 373 375 992,167 10 1,490 1,500 Other 1 January 2022 Less costs relating to \u2014 \u2014(34) (34) 29 November 2021 share issue 31 December 2022 2,318,089,989 23,181 2,470,396 2,493,577 Number of Share Share shares capital premium Total Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1 January 2021 1,824,129,348 18,241 1,834,477 1,852,718 Shares issued to the Investment Manager 5 February 2021 True-up of 2020 and 308,798 3 372 375 Q1 2021 Equity Element 7 May 2021 Q2 2021 Equity Element 306,862 3 372 375 6 August 2021 Q3 2021 Equity Element 299,438 3 372 375 5 November 2021 Q4 2021 Equity Element 290,685 3 372 375 1,205,783 12 1,488 1,500 Other 19 February 2021 Capital raise 150,853,600 1,509 196,109 197,618 19 February 2021 Less share issue costs \u2014 \u2014(2,933) (2,933) 29 November 2021 Capital raise 340,909,091 3,409 446,591 450,000 29 November 2021 Less share issue costs \u2014 \u2014(6,792) (6,792) 31 December 2021 2,317,097,822 23,171 2,468,940 2,492,111 Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satis\ufb01ed all of its liabilities, the shareholders are entitled to all of the residual assets of the Company. Pursuant to the terms of the Investment Management Agreement, the Investment Manager receives an Equity Element as part payment of its investment management fee as disclosed in note 3. The \ufb01gures given in the table in note 3 include the true-up amount of the investment management fee for the periods calculated in accordance with the Investment Management Agreement and issued subsequent to 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-18": { "value": "15. Share capital \u2013 ordinary shares of \u00a30.01 Number of Share Share shares capital premium Total Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1 January 2022 2,317,097,822 23,171 2,468,940 2,492,111 Shares issued to the Investment Manager 4 February 2022 True-up of 2021 and 254,855 3 372 375 Q1 2022 Equity Element 6 May 2022 Q2 2022 Equity Element 251,219 3 372 375 5 August 2022 Q3 2022 Equity Element 244,151 2 373 375 4 November 2022 Q4 2022 Equity Element 241,942 2 373 375 992,167 10 1,490 1,500 Other 1 January 2022 Less costs relating to \u2014 \u2014(34) (34) 29 November 2021 share issue 31 December 2022 2,318,089,989 23,181 2,470,396 2,493,577 Number of Share Share shares capital premium Total Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1 January 2021 1,824,129,348 18,241 1,834,477 1,852,718 Shares issued to the Investment Manager 5 February 2021 True-up of 2020 and 308,798 3 372 375 Q1 2021 Equity Element 7 May 2021 Q2 2021 Equity Element 306,862 3 372 375 6 August 2021 Q3 2021 Equity Element 299,438 3 372 375 5 November 2021 Q4 2021 Equity Element 290,685 3 372 375 1,205,783 12 1,488 1,500 Other 19 February 2021 Capital raise 150,853,600 1,509 196,109 197,618 19 February 2021 Less share issue costs \u2014 \u2014(2,933) (2,933) 29 November 2021 Capital raise 340,909,091 3,409 446,591 450,000 29 November 2021 Less share issue costs \u2014 \u2014(6,792) (6,792) 31 December 2021 2,317,097,822 23,171 2,468,940 2,492,111 Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satis\ufb01ed all of its liabilities, the shareholders are entitled to all of the residual assets of the Company. Pursuant to the terms of the Investment Management Agreement, the Investment Manager receives an Equity Element as part payment of its investment management fee as disclosed in note 3. The \ufb01gures given in the table in note 3 include the true-up amount of the investment management fee for the periods calculated in accordance with the Investment Management Agreement and issued subsequent to 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-19": { "value": "16. Net assets per share Group and Company 31 December 2022 31 December 2021 Net assets \u2013 \u00a3\u2019000 3,873,228 3,093,699 Number of ordinary shares issued 2,318,089,989 2,317,097,822 Total net assets \u2013 pence 167.1 133.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-183": { "value": "17. Reconciliation of operating profit for the year to net cash from operating activities For the year ended For the year ended 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Operating pro\ufb01t for the year 986,638 393,908 Adjustments for: Unrealised movement in fair value of investments (note 9) (446,096) (155,551) Investment acquisition costs 3,146 3,305 Decrease/(increase) in receivables 144 (1,995) Increase in payables 519 1,094 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Net cash flows from operating activities 545,851 242,261 For the year ended For the year ended 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Operating pro\ufb01t for the year 986,638 393,908 Adjustments for: Unrealised movement in fair value of investments (note 9) (1,019,502) (418,125) (Increase)/decrease in receivables (19) 39 Increase in payables 434 1,010 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Net cash flows from operating activities (30,949) (21,668) Reconciliation of cash flows and non-cash flow changes in liabilities arising from financing activities Loans and borrowings Other liabilities Group and Company \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2022 950,000 3,082 Cash \ufb02ows (net) 150,000 (29,689) Movements in Statement of Comprehensive Income (note 13) \u2014 32,775 As at 31 December 2022 1,100,000 6,168 Loans and borrowings Other liabilities Group and Company \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2021 1,100,000 3,369 Cash \ufb02ows (net) (150,000) (30,976) Movements in Statement of Comprehensive Income (note 13) \u2014 30,689 As at 31 December 2021 950,000 3,082 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-20": { "value": "17. Reconciliation of operating profit for the year to net cash from operating activities For the year ended For the year ended 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Operating pro\ufb01t for the year 986,638 393,908 Adjustments for: Unrealised movement in fair value of investments (note 9) (446,096) (155,551) Investment acquisition costs 3,146 3,305 Decrease/(increase) in receivables 144 (1,995) Increase in payables 519 1,094 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Net cash flows from operating activities 545,851 242,261 For the year ended For the year ended 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Operating pro\ufb01t for the year 986,638 393,908 Adjustments for: Unrealised movement in fair value of investments (note 9) (1,019,502) (418,125) (Increase)/decrease in receivables (19) 39 Increase in payables 434 1,010 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Net cash flows from operating activities (30,949) (21,668) Reconciliation of cash flows and non-cash flow changes in liabilities arising from financing activities Loans and borrowings Other liabilities Group and Company \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2022 950,000 3,082 Cash \ufb02ows (net) 150,000 (29,689) Movements in Statement of Comprehensive Income (note 13) \u2014 32,775 As at 31 December 2022 1,100,000 6,168 Loans and borrowings Other liabilities Group and Company \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2021 1,100,000 3,369 Cash \ufb02ows (net) (150,000) (30,976) Movements in Statement of Comprehensive Income (note 13) \u2014 30,689 As at 31 December 2021 950,000 3,082 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-21": { "value": "18. Financial risk management The Investment Manager and the Administrator report to the Board on a quarterly basis and provide information to the Board which allows it to monitor and manage \ufb01nancial risks relating to its operations. The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk. The Group\u2019s market risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Group\u2019s overall market positions are monitored on a quarterly basis by the Board. Price risk Price risk is de\ufb01ned as the risk that the fair value of a \ufb01nancial instrument held by the Group will \ufb02uctuate. Investments are measured at fair value through pro\ufb01t or loss and are valued on an unlevered, discounted cash \ufb02ow basis. Therefore, the value of these investments will be (amongst other risk factors) a function of the discounted value of their expected cash \ufb02ows and, as such, will vary with movements in interest rates and competition for such assets. As disclosed in note 9, the key assumptions determining fair value of investments are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different valuation for these investments. Interest rate risk The Group\u2019s interest rate risk on interest bearing \ufb01nancial assets is limited to interest earned on cash. The Group\u2019s only other exposure to interest rate risk is due to \ufb02oating interest rates required to service external borrowings through the revolving credit facility. An increase of 3 per cent (2021: 1 per cent) represents the Investment Manager\u2019s assessment of a reasonably possible change in interest rates. Should the SONIA rate increase by 3 per cent, the annual interest due on the facility would increase by \u00a36,000,000 (2021: \u00a32,500,000) on the basis that the revolving credit facility is \u00a3200 million drawn (2021: \u00a3250 million). The Investment Manager regularly monitors interest rates to ensure the Group has adequate provisions in place in the event of signi\ufb01cant \ufb02uctuations. The associated interest rate swaps on amounts drawn under the CBA, CIBC, NAB and AXA term debt facilities effectively set interest payable at a \ufb01xed rate for the full term of the loans, thereby mitigating the risks associated with the variability of cash \ufb02ows arising from interest rate \ufb02uctuations. The Board considers that, as shareholder loan investments bear interest at a \ufb01xed rate, they do not carry any interest rate risk. The Group\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2022 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u201419,783 19,783 Other receivables (note 11) \u2014 \u2014717 717 Investments (note 9) 1,087,081 \u2014 3,872,231 4,959,312 1,087,081 \u2014 3,892,731 4,979,812 Liabilities Other payables (note 12) \u2014 \u2014(8,354) (8,354) Loans and borrowings (note 13) (900,000) (200,000) \u2014 (1,100,000) (900,000) (200,000) (8,354) (1,108,354) 18. Financial risk management continued Interest rate risk continued The Group\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2021 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20144,801 4,801 Other receivables (note 11) \u2014 \u2014727 727 Investments (note 9) 924,748 \u2014 3,117,797 4,042,545 924,748 \u2014 3,123,325 4,048,073 Liabilities Other payables (note 12) \u2014 \u2014(6,279) (6,279) Loans and borrowings (note 13) (700,000) (250,000) \u2014 (950,000) (700,000) (250,000) (6,279) (956,279) The Company\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2022 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20142,446 2,446 Other receivables (note 11) \u2014 \u2014 3 3 Investments (note 9) \u2014 \u20144,978,816 4,978,816 \u2014 \u20144,981,265 4,981,265 Liabilities Other payables (note 12) \u2014 \u2014(8,159) (8,159) Loans and borrowings (note 13) (900,000) (200,000) \u2014 (1,100,000) (900,000) (200,000) (8,159) (1,108,159) The Company\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2021 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20141,875 1,875 Investments (note 9) \u2014 \u20144,046,365 4,046,365 \u2014 \u20144,048,240 4,048,240 Liabilities Other payables (note 12) \u2014 \u2014(4,648) (4,648) Loans and borrowings (note 13) (700,000) (250,000) \u2014 (950,000) (700,000) (250,000) (4,648) (954,648) 18. Financial risk management continued Foreign currency risk Foreign currency risk is de\ufb01ned as the risk that the fair values of future cash \ufb02ows will \ufb02uctuate because of changes in foreign exchange rates. The Group\u2019s \ufb01nancial assets and liabilities are denominated in GBP and substantially all of its revenues and expenses are in GBP. The Group is not considered to be materially exposed to foreign currency risk. Credit risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to ful\ufb01l its contractual obligations. The Group is exposed to credit risk in respect of other receivables, cash at bank and loan investments. The Group\u2019s credit risk exposure is minimised by dealing with \ufb01nancial institutions with investment grade credit ratings and making loan investments which are equity in nature, and having at least one common board director of Holdco and the respective wind farm SPVs in which the loan investments have been made. The table below details the Group\u2019s maximum exposure to credit risk: 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 717 727 Cash at bank 19,783 4,801 Loan investments (note 9) 1,087,081 924,748 1,107,581 930,276 The table below details the Company\u2019s maximum exposure to credit risk: 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 3 \u2014 Cash at bank 2,446 1,875 Loan investments (note 9) 2,343,715 2,430,766 2,346,164 2,432,641 The table below shows the cash balances of the Group and the credit rating for each counterparty: 31 December 2022 31 December 2021 Group Rating \u00a3\u2019000 \u00a3\u2019000 RBS International A 17,505 3,099 The Crown Estate n/a 2,278 1,702 19,783 4,801 The table below shows the cash balances of the Company and the credit rating for each counterparty: 31 December 2022 31 December 2021 Company Rating \u00a3\u2019000 \u00a3\u2019000 The Crown Estate n/a 2,278 1,702 RBS International A 168 173 2,446 1,875 18. Financial risk management continued Liquidity risk Liquidity risk is the risk that the Group and the Company may not be able to meet a demand for cash or fund an obligation when due. The Investment Manager and the Board continuously monitor forecast and actual cash \ufb02ows from operating, \ufb01nancing and investing activities to consider payment of dividends, repayment of the Company\u2019s outstanding debt or further investing activities. The following tables detail the Group\u2019s expected maturity for its \ufb01nancial assets (excluding equity) and liabilities together with the contractual undiscounted cash \ufb02ow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Group \u2013 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 717 \u2014 \u2014717 Cash at bank 19,783 \u2014 \u201419,783 Loan investments (note 9) \u2014 \u20141,087,081 1,087,081 Liabilities Other payables (note 12) (8,354) \u2014 \u2014(8,354) Loans and borrowings (185,768) (819,975) (212,815) (1,218,558) (173,622) (819,975) 874,266 (119,331) Less than 1 year 1 \u2013 5 years 5+ years Total Group \u2013 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 727 \u2014 \u2014727 Cash at bank 4,801 \u2014 \u20144,801 Loan investments (note 9) \u2014 \u2014924,748 924,748 Liabilities Other payables (note 12) (6,279) \u2014 \u2014(6,279) Loans and borrowings (24,694) (912,688) (102,529) (1,039,911) (25,445) (912,688) 822,219 (115,914) The shareholder loan investments are repayable on demand. The following tables detail the Company\u2019s expected maturity for its \ufb01nancial assets (excluding equity) and liabilities together with the contractual undiscounted cash \ufb02ow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Company \u2013 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 3 \u2014 \u2014 3 Cash at bank 2,446 \u2014 \u20142,446 Loan investments (note 9) \u2014 \u20142,343,715 2,343,715 Liabilities Other payables (note 12) (8,159) \u2014 \u2014(8,159) Loans and borrowings (185,768) (819,975) (212,815) (1,218,558) (191,478) (819,975) 2,130,900 1,119,447 18. Financial risk management continued Liquidity risk continued Less than 1 year 1 \u2013 5 years 5+ years Total Company \u2013 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank 1,875 \u2014 \u20141,875 Loan investments (note 9) \u2014 \u20142,430,766 2,430,766 Liabilities Other payables (note 12) (4,648) \u2014 \u2014(4,648) Loans and borrowings (24,694) (912,688) (102,529) (1,039,911) (27,467) (912,688) 2,328,237 1,388,082 The Group and Company will use cash \ufb02ow generation, equity placings, debt re\ufb01nancing or disposal of assets to manage liabilities as they fall due in the longer term. Capital risk management The Company considers its capital to comprise ordinary share capital, distributable reserves and retained earnings. The Company is not subject to any externally imposed capital requirements. The Group\u2019s and the Company\u2019s primary capital management objectives are to ensure the sustainability of its capital to support continuing operations, meet its \ufb01nancial obligations and allow for growth opportunities. Generally, acquisitions are anticipated to be funded with a combination of current cash, debt and equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-184": { "value": "The Group\u2019s market risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Group\u2019s overall market positions are monitored on a quarterly basis by the Board. Price risk Price risk is de\ufb01ned as the risk that the fair value of a \ufb01nancial instrument held by the Group will \ufb02uctuate. Investments are measured at fair value through pro\ufb01t or loss and are valued on an unlevered, discounted cash \ufb02ow basis. Therefore, the value of these investments will be (amongst other risk factors) a function of the discounted value of their expected cash \ufb02ows and, as such, will vary with movements in interest rates and competition for such assets. As disclosed in note 9, the key assumptions determining fair value of investments are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different valuation for these investments. Interest rate risk The Group\u2019s interest rate risk on interest bearing \ufb01nancial assets is limited to interest earned on cash. The Group\u2019s only other exposure to interest rate risk is due to \ufb02oating interest rates required to service external borrowings through the revolving credit facility. An increase of 3 per cent (2021: 1 per cent) represents the Investment Manager\u2019s assessment of a reasonably possible change in interest rates. Should the SONIA rate increase by 3 per cent, the annual interest due on the facility would increase by \u00a36,000,000 (2021: \u00a32,500,000) on the basis that the revolving credit facility is \u00a3200 million drawn (2021: \u00a3250 million). The Investment Manager regularly monitors interest rates to ensure the Group has adequate provisions in place in the event of signi\ufb01cant \ufb02uctuations. The associated interest rate swaps on amounts drawn under the CBA, CIBC, NAB and AXA term debt facilities effectively set interest payable at a \ufb01xed rate for the full term of the loans, thereby mitigating the risks associated with the variability of cash \ufb02ows arising from interest rate \ufb02uctuations. The Board considers that, as shareholder loan investments bear interest at a \ufb01xed rate, they do not carry any interest rate risk. The Group\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2022 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u201419,783 19,783 Other receivables (note 11) \u2014 \u2014717 717 Investments (note 9) 1,087,081 \u2014 3,872,231 4,959,312 1,087,081 \u2014 3,892,731 4,979,812 Liabilities Other payables (note 12) \u2014 \u2014(8,354) (8,354) Loans and borrowings (note 13) (900,000) (200,000) \u2014 (1,100,000) (900,000) (200,000) (8,354) (1,108,354) Interest rate risk continued The Group\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2021 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20144,801 4,801 Other receivables (note 11) \u2014 \u2014727 727 Investments (note 9) 924,748 \u2014 3,117,797 4,042,545 924,748 \u2014 3,123,325 4,048,073 Liabilities Other payables (note 12) \u2014 \u2014(6,279) (6,279) Loans and borrowings (note 13) (700,000) (250,000) \u2014 (950,000) (700,000) (250,000) (6,279) (956,279) The Company\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2022 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20142,446 2,446 Other receivables (note 11) \u2014 \u2014 3 3 Investments (note 9) \u2014 \u20144,978,816 4,978,816 \u2014 \u20144,981,265 4,981,265 Liabilities Other payables (note 12) \u2014 \u2014(8,159) (8,159) Loans and borrowings (note 13) (900,000) (200,000) \u2014 (1,100,000) (900,000) (200,000) (8,159) (1,108,159) The Company\u2019s interest and non-interest bearing assets and liabilities as at 31 December 2021 are summarised below: Interest bearing Non-interest Fixed rate Floating rate bearing Total Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank \u2014 \u20141,875 1,875 Investments (note 9) \u2014 \u20144,046,365 4,046,365 \u2014 \u20144,048,240 4,048,240 Liabilities Other payables (note 12) \u2014 \u2014(4,648) (4,648) Loans and borrowings (note 13) (700,000) (250,000) \u2014 (950,000) (700,000) (250,000) (4,648) (954,648) Foreign currency risk Foreign currency risk is de\ufb01ned as the risk that the fair values of future cash \ufb02ows will \ufb02uctuate because of changes in foreign exchange rates. The Group\u2019s \ufb01nancial assets and liabilities are denominated in GBP and substantially all of its revenues and expenses are in GBP. The Group is not considered to be materially exposed to foreign currency risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-185": { "value": "Credit risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to ful\ufb01l its contractual obligations. The Group is exposed to credit risk in respect of other receivables, cash at bank and loan investments. The Group\u2019s credit risk exposure is minimised by dealing with \ufb01nancial institutions with investment grade credit ratings and making loan investments which are equity in nature, and having at least one common board director of Holdco and the respective wind farm SPVs in which the loan investments have been made. The table below details the Group\u2019s maximum exposure to credit risk: 31 December 2022 31 December 2021 Group \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 717 727 Cash at bank 19,783 4,801 Loan investments (note 9) 1,087,081 924,748 1,107,581 930,276 The table below details the Company\u2019s maximum exposure to credit risk: 31 December 2022 31 December 2021 Company \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 3 \u2014 Cash at bank 2,446 1,875 Loan investments (note 9) 2,343,715 2,430,766 2,346,164 2,432,641 The table below shows the cash balances of the Group and the credit rating for each counterparty: 31 December 2022 31 December 2021 Group Rating \u00a3\u2019000 \u00a3\u2019000 RBS International A 17,505 3,099 The Crown Estate n/a 2,278 1,702 19,783 4,801 The table below shows the cash balances of the Company and the credit rating for each counterparty: 31 December 2022 31 December 2021 Company Rating \u00a3\u2019000 \u00a3\u2019000 The Crown Estate n/a 2,278 1,702 RBS International A 168 173 2,446 1,875 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-186": { "value": "Liquidity risk Liquidity risk is the risk that the Group and the Company may not be able to meet a demand for cash or fund an obligation when due. The Investment Manager and the Board continuously monitor forecast and actual cash \ufb02ows from operating, \ufb01nancing and investing activities to consider payment of dividends, repayment of the Company\u2019s outstanding debt or further investing activities. The following tables detail the Group\u2019s expected maturity for its \ufb01nancial assets (excluding equity) and liabilities together with the contractual undiscounted cash \ufb02ow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Group \u2013 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 717 \u2014 \u2014717 Cash at bank 19,783 \u2014 \u201419,783 Loan investments (note 9) \u2014 \u20141,087,081 1,087,081 Liabilities Other payables (note 12) (8,354) \u2014 \u2014(8,354) Loans and borrowings (185,768) (819,975) (212,815) (1,218,558) (173,622) (819,975) 874,266 (119,331) Less than 1 year 1 \u2013 5 years 5+ years Total Group \u2013 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 727 \u2014 \u2014727 Cash at bank 4,801 \u2014 \u20144,801 Loan investments (note 9) \u2014 \u2014924,748 924,748 Liabilities Other payables (note 12) (6,279) \u2014 \u2014(6,279) Loans and borrowings (24,694) (912,688) (102,529) (1,039,911) (25,445) (912,688) 822,219 (115,914) The shareholder loan investments are repayable on demand. The following tables detail the Company\u2019s expected maturity for its \ufb01nancial assets (excluding equity) and liabilities together with the contractual undiscounted cash \ufb02ow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Company \u2013 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 3 \u2014 \u2014 3 Cash at bank 2,446 \u2014 \u20142,446 Loan investments (note 9) \u2014 \u20142,343,715 2,343,715 Liabilities Other payables (note 12) (8,159) \u2014 \u2014(8,159) Loans and borrowings (185,768) (819,975) (212,815) (1,218,558) (191,478) (819,975) 2,130,900 1,119,447 Liquidity risk continued Less than 1 year 1 \u2013 5 years 5+ years Total Company \u2013 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Cash at bank 1,875 \u2014 \u20141,875 Loan investments (note 9) \u2014 \u20142,430,766 2,430,766 Liabilities Other payables (note 12) (4,648) \u2014 \u2014(4,648) Loans and borrowings (24,694) (912,688) (102,529) (1,039,911) (27,467) (912,688) 2,328,237 1,388,082 The Group and Company will use cash \ufb02ow generation, equity placings, debt re\ufb01nancing or disposal of assets to manage liabilities as they fall due in the longer term. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-187": { "value": "Capital risk management The Company considers its capital to comprise ordinary share capital, distributable reserves and retained earnings. The Company is not subject to any externally imposed capital requirements. The Group\u2019s and the Company\u2019s primary capital management objectives are to ensure the sustainability of its capital to support continuing operations, meet its \ufb01nancial obligations and allow for growth opportunities. Generally, acquisitions are anticipated to be funded with a combination of current cash, debt and equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-22": { "value": "19. Related party transactions Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 39 to 42. \u00a339,927 (2021: \u00a338,060) of employer\u2019s national insurance was paid on non-executive Directors\u2019 fees during the year. During the year, the Company increased its loan to Holdco by \u00a3260,811,425 (2021: \u00a3499,800,000) and Holdco settled amounts of \u00a3347,862,031 (2021: \u00a3203,989,872). The amount outstanding at the year end was \u00a32,343,715,214 (31 December 2021: \u00a32,430,765,820). During the year, Holdco received \u00a32,847,873 (2021: \u00a32,420,077) in relation to renewables obligation proceeds on behalf of Bin Mountain, Carcant and Tappaghan. Amounts due to these investee companies as at 31 December 2022 were \u00a3nil (2021: \u00a3nil). Under the terms of a Management Services Agreement with Holdco, the Company receives \u00a3800,000 per annum in relation to management and administration services. During the year, \u00a3800,000 (2021: \u00a3800,000) was paid from Holdco to the Company under this agreement and amounts due to the Company at the year end were \u00a3nil (2021: \u00a3nil). Holdco has Management Service Agreements in place with various wind farms. Total amounts received by Holdco, amounts paid to the Investment Manager and amounts paid to the Administrator during the year, are outlined in the table below. As at 31 December 2022, \u00a3230,214 (2021: \u00a3490,236) was due from Bicker Fen, \u00a3120,135 (2021: \u00a31,292,390) was due from Fenlands, \u00a3869,799 (2021: \u00a3nil) was due from North Hoyle and \u00a3393,578 (2021: \u00a3nil) was due from Stroupster in respect of corporation tax payments made by Holdco. As at 31 December 2022, under the terms of Management Services Agreements with the SPVs, Holdco was due to receive \u00a3899 from Bicker Fen, \u00a3899 from Fenlands and \u00a332,588 from Windy Rig (2021: \u00a315,171 from Andershaw). 19. Related party transactions continued For the year ended 31 December 2022 Expenses paid to the Expenses paid Income Investment to the received Manager Administrator \u00a3 \u00a3 \u00a3 Andershaw, Bishopthorpe, Brockaghboy, Church Hill, Corriegarth, Crighshane, Douglas West, Glen Kyllachy (1) , Langhope Rig, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2, Stroupster, Tom Nan Clach, Twentyshilling (2) , Windy Rig (3) : 864,312 432,156 432,156 \u00a352,102 income receivable per wind farm per annum \u00a326,051 expenses payable to the Investment Manager per wind farm per annum \u00a326,051 expenses payable to the Administrator per wind farm per annum Bin Mountain, Braes of Doune, Carcant, Cotton Farm, Drone Hill, Earl\u2019s Hall Farm, Kildrummy, Maerdy, North Rhins, Sixpenny Wood, Tappaghan, Yelvertoft: \u00a339,077 income receivable per wind farm per annum 468,922 156,307 312,615 \u00a313,026 expenses payable to the Investment Manager per wind farm per annum \u00a326,051 expenses payable to the Administrator per wind farm per annum Dunmaglass Holdco, Stronelairg Holdco: \u00a37,848 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 15,697 \u2014 15,697 per annum \u00a37,848 expenses payable to the Administrator per wind farm per annum Bicker Fen, Fenlands: \u00a32,997 income receivable per wind farm per annum \u00a32,997 expenses payable to the Investment Manager per wind farm 5,994 5,994 \u2014 per annum \u00a3nil expenses payable to the Administrator per wind farm per annum Walney Holdco: \u00a319,746 income receivable per annum 19,746 9,873 9,873 \u00a39,873 expenses payable to the Investment Manager per annum \u00a39,873 expenses payable to the Administrator per annum Humber Holdco: \u00a37,744 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 7,744 \u2014 7,744 per annum \u00a37,744 expenses payable to the Administrator per wind farm per annum Total 1,382,415 604,330 778,085 (1) Acquired in December 2021. \u00a353,396 income received and \u00a326,698 paid to the Investment Manager during the year. (2) Acquired in June 2022. \u00a327,157 income received and \u00a313,579 paid to the Investment Manager during the year. (3) Acquired in December 2021. \u00a354,326 income received and \u00a327,163 paid to the Investment Manager during the year. 19. Related party transactions continued For the year ended 31 December 2021 Expenses paid to the Expenses paid Income Investment to the received Manager Administrator \u00a3 \u00a3 \u00a3 Andershaw (1) , Bishopthorpe, Brockaghboy, Church Hill, Corriegarth, Crighshane, Langhope Rig, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2, Stroupster, Tom Nan Clach: \u00a348,445 income receivable per wind farm per annum 593,984 296,992 296,992 \u00a324,223 expenses payable to the Investment Manager per wind farm per annum \u00a324,223 expenses payable to the Administrator per wind farm per annum Bin Mountain, Braes of Doune, Carcant, Cotton Farm, Drone Hill, Earl\u2019s Hall Farm, Kildrummy, Maerdy, North Rhins, Sixpenny Wood, Tappaghan, Yelvertoft: \u00a336,334 income receivable per wind farm per annum 436,007 145,336 290,671 \u00a312,111 expenses payable to the Investment Manager per wind farm per annum \u00a324,223 expenses payable to the Administrator per wind farm per annum Douglas West: Q1-3: \u00a326,582 income receivable per annum \u00a318,167 expenses payable to the Investment Manager per annum \u00a38,415 expenses payable to the Administrator per annum 38,694 24,223 14,471 Q4: \u00a312,111 income receivable per annum \u00a36,056 expenses payable to the Investment Manager per annum \u00a36,056 expenses payable to the Administrator per annum Dunmaglass Holdco, Stronelairg Holdco: \u00a314,595 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 14,595 \u2014 14,595 per annum \u00a314,595 expenses payable to the Administrator per wind farm per annum Bicker Fen, Fenlands: \u00a35,573 income receivable per wind farm per annum \u00a35,573 expenses payable to the Investment Manager per wind farm 5,574 5,574 \u2014 per annum \u00a3nil expenses payable to the Administrator per wind farm per annum Walney Holdco: \u00a319,790 income receivable per annum 19,790 9,895 9,895 \u00a39,895 expenses payable to the Investment Manager per annum \u00a39,895 expenses payable to the Administrator per annum Humber Holdco (2) : \u00a37,969 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm 7,969 \u2014 7,969 per annum \u00a37,969 expenses payable to the Administrator per wind farm per annum Total 1,116,613 482,020 634,593 (1) Acquired in September 2021. \u00a312,642 income received and \u00a36,321 paid to the Investment Manager during the year. (2) Acquired in December 2020. \u00a37,969 income received and \u00a3nil paid to the Investment Manager during the year . 19. Related party transactions continued The table below shows dividends received in the year from the Group\u2019s investments. For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Humber Holdco (1) 53,017 31,853 Clyde 51,055 21,654 Stronelairg Holdco (2) 33,733 7,019 Corriegarth 32,463 13,778 Walney Holdco (3) 28,890 14,441 Braes of Doune 28,724 11,110 North Hoyle 27,730 8,193 Brockaghboy 18,763 14,331 SYND Holdco (4) 18,695 8,303 Fenlands (5) 16,937 7,993 ML Wind (6) 16,317 6,664 Andershaw 15,599 15,150 Windy Rig 14,942 \u2014 Douglas West 14,250 \u2014 Dunmaglass Holdco (7) 13,177 3,801 Rhyl Flats 13,099 6,163 Glen Kyllachy 11,300 \u2014 Langhope Rig 9,287 3,075 Tappaghan 9,221 4,484 Little Cheyne Court 9,184 3,649 Maerdy 9,038 4,382 Twentyshilling 8,384 \u2014 Bishopthorpe 7,952 4,208 Slieve Divena 7,951 3,295 Hoylake (8) 7,342 \u2014 Screggagh 6,477 2,427 Bicker Fen 6,382 2,566 Crighshane 5,677 820 Slieve Divena 2 5,490 2,714 Kildrummy 4,614 3,407 Cotton Farm 4,467 4,621 Church Hill 4,050 903 Carcant 3,237 1,601 Bin Mountain 3,168 1,764 Stroupster 3,021 8,491 Earl\u2019s Hall Farm 2,264 3,468 525,897 226,328 (1) The Group\u2019s investment in Humber Gateway is held through Humber Holdco. (2) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (3) The Group\u2019s investment in Walney is held through Walney Holdco. (4) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (5) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. (6) The Group\u2019s investments in Middlemoor and Lindhurst are held through ML Wind. (7) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (8) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. 19. Related party transactions continued The table below shows interest received in the year from the Group\u2019s shareholder loan investments. For the year ended For the year ended 31 December 2022 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 Walney Holdco (1) 11,244 13,051 Hoylake (2) 6,706 \u2014 Stronelairg Holdco (3) 5,197 5,194 Clyde 4,206 4,394 Dunmaglass Holdco (4) 3,412 3,410 Glen Kyllachy 3,085 \u2014 Douglas West 2,947 2,505 Tom nan Clach 2,809 2,996 Corriegarth 2,658 3,410 Windy Rig 2,309 \u2014 Andershaw 2,125 182 Slieve Divena 2 1,329 1,714 Crighshane 1,283 1,906 Twentyshilling 1,005 \u2014 Church Hill 944 1,042 51,259 39,804 (1) The Group\u2019s investment in Walney is held through Walney Holdco. (2) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (3) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (4) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. The table below shows the Group\u2019s shareholder loans with the wind farm investments. Accrued Loans at Loans Loan Loans at interest at 1 January advanced repayments 31 December 31 December 2022 (1) in the period (2) in the year 2022 2022 Total \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Andershaw 32,641 \u2014 \u2014 32,641 166 32,807 Church Hill 14,702 \u2014 (872) 13,830 50 13,880 Clyde 71,503 \u2014 \u2014 71,503 1,026 72,529 Corriegarth 42,553 \u2014 \u2014 42,553 322 42,875 Crighshane 22,264 \u2014 (1,767) 20,497 74 20,571 Douglas West 43,648 \u2014 (400) 43,248 15 43,263 Dunmaglass Holdco (3) 56,864 \u2014 \u2014 56,864 860 57,724 Glen Kyllachy 51,470 \u2014 (2,694) 48,776 7 48,783 Hornsea 1 Holdco (4) \u2014 109,475 \u2014 109,475 2,354 111,829 Hoylake (5) 172,279 5,841 \u2014 178,120 \u2014 178,120 Kype Muir 10,606 28,809 \u2014 39,415 \u2014 39,415 Slieve Divena 2 22,182 \u2014 (804) 21,378 87 21,465 Stronelairg 86,619 \u2014 \u2014 86,619 1,310 87,929 Tom nan Clach 80,654 \u2014 (6,945) 73,709 476 74,185 Twentyshilling \u2014 32,190 \u2014 32,190 5 32,195 Walney Holdco (6) 172,727 \u2014 \u2014 172,727 \u2014 172,727 Windy Rig 36,772 \u2014 \u2014 36,772 12 36,784 917,484 176,315 (13,482) 1,080,317 6,764 1,087,081 (1) Excludes accrued interest at 31 December 2021 of \u00a37,264,193. (2) Includes capitalised interest of \u00a31,367,912 for Kype Muir Extension and \u00a35,841,418 for Hoylake. (3) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (4) The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco. (5) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (6) The Group\u2019s investment in Walney is held through Walney Holdco. 20. Ultimate controlling party In the opinion of the Board, on the basis of the shareholdings advised to them, the Company has no ultimate controlling party. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-23": { "value": "21. Subsequent events On 23 January 2023, the Company announced a dividend of \u00a344.7 million, equivalent to 1.93 pence per share with respect to the quarter ended 31 December 2022, bringing the total dividend declared with respect to the year to 31 December 2022 to 7.72 pence per share. The record date for the dividend was 10 February 2023 and the payment date is 24 February 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-24": { "value": "5th Floor 20 Fenchurch Street London EC3M 3BY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }