{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "greencoatukwindplc": "http://greencoatukwindplc.com/xbrl/2023", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://greencoatukwindplc.com/xbrl/2023/213800ZPBBK8H51RX165-2023-12-31.xsd" ] }, "facts": { "fact-1": { "value": "Greencoat UK Wind PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-171": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-172": { "value": "Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in UK wind farms. The Company\u2019s aim is to provide investors with an annual dividend that increases in line with RPI inflation while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow. The Company provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Annual Report on Remuneration During the year, the basic fee for non-executive Directors increased by \u00a310,000 per annum to \u00a365,000, with effect from 1 January 2023, with the Senior Independent Director and the Audit Committee Chairman receiving an additional \u00a35,000 and \u00a310,000 per annum respectively. The Chairman\u2019s basic fee was also increased by \u00a325,000 to \u00a3110,000 per annum. The level of fees for Directors were benchmarked during the year by independent consultants, Heidrick & Struggles, as in line with the market. The Company is the largest independent generator of renewable electricity in the UK. Its GAV has grown to \u00a36.2 billion through acquisitions and equity raisings and, in the last 3 years, the Board and its committees have held 84 meetings. For the first time since listing in 2013, the Board will be proposing a resolution to increase the aggregate amount of fees to be paid to Directors per annum to \u00a3500,000, up from \u00a3400,000, via an amendment to Article 85 of the Company\u2019s Articles of Association at the 2024 AGM. The Directors remain eligible to receive discretionary payments where significant additional work is incurred, however, no discretionary payments were made during the year. The table below (audited information) shows the total remuneration earned by each individual Director during the current year: Fixed Discretionary Total Paid in the year to 31 December 2023 remuneration remuneration (1) remuneration Lucinda Riches C.B.E. (Chairman) (2) \u00a397,178 \u2014 \u00a397,178 Caoimhe Giblin (Audit Committee Chairman) \u00a375,000 \u2014 \u00a375,000 Nick Winser C.B.E. (Senior Independent Director) (3) \u00a368,397 \u2014 \u00a368,397 Martin McAdam \u00a365,000 \u2014 \u00a365,000 Jim Smith (4) \u00a343,630 \u2014 \u00a343,630 Shonaid Jemmett-Page (5) \u00a335,562 \u2014 \u00a335,562 Total \u00a3384,767 \u2014 \u00a3384,767 (1) The Directors received no additional discretionary payment during the year. (2) Appointed as Chairman with effect from 28 April 2023. (3) Appointed as Senior Independent Director with effect from 28 April 2023. (4) Appointed to the Board with effect from 1 May 2023. (5) Retired with effect from 28 April 2023. The table below (audited information) shows the total remuneration earned by each individual Director during the prior year: Fixed Discretionary Total Paid in the year to 31 December 2022 remuneration remuneration (1) remuneration Shonaid Jemmett-Page (Chairman) \u00a385,000 \u2014 \u00a385,000 Caoimhe Giblin (Audit Committee Chairman) \u00a365,000 \u2014 \u00a365,000 Lucinda Riches C.B.E. (Senior Independent Director) (2) \u00a358,397 \u2014 \u00a358,397 Martin McAdam \u00a355,000 \u2014 \u00a355,000 Nick Winser C.B.E. \u00a355,000 \u2014 \u00a355,000 William Rickett C.B. (3) \u00a319,397 \u2014 \u00a319,397 Total \u00a3337,794 \u2014 \u00a3337,794 (1) The Directors received no additional discretionary payment during the year. (2) Appointed as Senior Independent Director with effect from 28 April 2022. (3) Retired with effect from 28 April 2022. Annual Report on Remuneration continued The table below (audited information) shows the change in total remuneration earned by each individual Director over prior years: 2023 2022 2021 2020 % change % change % change % change from prior from prior from prior from prior Paid in the year to 31 December 2023 year (1) year year % change Lucinda Riches C.B.E. (Chairman) (2) 66% 6% 10% 11% Caoimhe Giblin (Audit Committee Chairman) 15% 0% 15% 42% Nick Winser C.B.E. (Senior Independent Director) (3) 24% 100% n/a n/a Martin McAdam 18% 0% 10% 0% Jim Smith (4) 100% n/a n/a n/a Shonaid Jemmett-Page (5) -58% 0% 16% 22% William Rickett C.B. (6) n/a 0% 9% 0% Tim Ingram (7) n/a n/a -100% -13% Dan Badger (8) n/a n/a n/a -100% (1) Movement in individual Director\u2019s salary based on annualised total figures. (2) Appointed as Chairman with effect from 28 April 2023. (3) Appointed as Senior Independent Director with effect from 28 April 2023. (4) Appointed to the Board with effect from 1 May 2023. (5) Retired with effect from 28 April 2023. (6) Retired with effect from 28 April 2022. (7) Retired with effect from 30 April 2020. (8) Retired with effect from 31 July 2019. Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 45 to 48. \u00a346,461 (2022: \u00a339,927) of employer\u2019s national insurance was paid on non-executive Directors\u2019 fees during the year. 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Material accounting policies Basis of accounting The consolidated annual financial 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 financial statements have been prepared on the historical cost basis, as modified for the measurement of certain financial instruments at fair value through profit or loss. The principal accounting policies are set out below. These consolidated financial 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 20 to 22. The financial 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 financial statements. As at 31 December 2023, the Group had net current liabilities of \u00a3454.6 million (2022: \u00a3136.1 million), cash balances of \u00a321.8 million (2022: \u00a319.8 million) (excluding cash balances within investee companies of \u00a3159.3 million) and security cash deposits of \u00a340.1 million (2022: \u00a3nil). The significant net current liabilities position of the Group at 31 December 2023 is due to both the Company\u2019s revolving credit facility and two of the Company\u2019s term debt tranches with NAB and CBA maturing within 12 months of the year end and therefore being classified as current liabilities. The Company expects to refinance the maturing term debt during 2024. The Company had \u00a31,390 million (2022: \u00a31,100 million) of term debt as at 31 December 2023, with an additional \u00a3400 million drawn on its \u00a3600 million 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 outflows of the Group are the payment of dividends, costs relating to the acquisition of new assets and purchases of its own shares, all of which are discretionary. The Group has sufficient access to debt, including its revolving credit facility, in order to fund any future wind farm investment within the parameters of its Investment Policy. As the Company\u2019s shares traded at an average discount to NAV of 10.5 per cent during the year, a continuation vote is to be proposed at the Company\u2019s AGM in April 2024 in line with its Articles of Association. The Board believe that the Company\u2019s share price performance during the year is reflective of its macroeconomic environment, and not of the financial prospects of the Company. The Board believe that the outcome of the shareholder continuation vote will not impair the Company\u2019s ability to operate as a going concern. The Board has reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report. On the basis of this review, taking into account foreseeable changes in investment and trading performance, 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 2025. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 1. Material 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 defined 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 indefinitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an indefinite 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 profit or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The financial 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 financial statements include the consolidated financial 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 financial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The financial statements of subsidiaries that are included in the consolidated financial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s financial statements, investments in subsidiaries are measured at fair value through profit 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 significant influence, 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 The following new standards or interpretations are effective for the first time for periods beginning on or after 1 January 2023 and had an effect on the Group\u2019s or Company\u2019s financial statements: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements); \u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors); and \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes). 1. Material accounting policies continued New and amended standards and interpretations not applied At the date of authorisation of these financial statements, the following amendments had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2024: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures) Effective for accounting periods beginning on or after 1 January 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) The impact of these standards is not expected to be material to the reported results and financial position of the Group. Financial instruments Financial assets and financial 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 2023 and 2022, the carrying amounts of cash at bank, security cash deposits, receivables, payables, accrued expenses and short term borrowings reflected in the financial 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 classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All financial assets are initially recognised at fair value. All purchases of financial assets are recorded at the date on which the Group became party to the contractual requirements of the financial asset. The Group\u2019s and Company\u2019s financial assets principally comprise of investments held at fair value through profit or loss and receivables. Receivables at amortised cost Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. Investments at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit 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. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit 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 defined 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 a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. 1. Material accounting policies continued Financial instruments continued Financial assets continued 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 financial 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 flow has expired. Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the financial 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. Loan balances as at the year end have not been discounted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. 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 classified 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. Repurchase of ordinary share capital The cost of repurchasing ordinary shares including the related stamp duty and transaction costs are recognised in the Consolidated Statement of Changes in Equity and included within retained earnings. Share repurchase transactions are accounted for on a trade date basis. The nominal value of ordinary share capital repurchased and cancelled is transferred out of share capital and into the capital redemption reserve. Cash at bank Cash at bank comprises cash balances held at bank. Security cash deposits Security cash deposits comprise amounts held on call with banks and other short term highly liquid deposits, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These balances have been included within receivables. 1. Material accounting policies continued Dividends Dividends payable are recognised as distributions in the financial 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. Gains or losses resulting from the movement in fair value of the Group\u2019s and Company\u2019s investments held at fair value through profit 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 definition 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. 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. 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-177": { "value": "
Basis of accounting
The consolidated annual financial 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 financial statements have been prepared on the historical cost basis, as modified for the measurement
of certain financial instruments at fair value through profit or loss. The principal accounting policies are set
out below.
These consolidated financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-223": { "value": "Basis of accounting The consolidated annual financial 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 financial statements have been prepared on the historical cost basis, as modified for the measurement of certain financial instruments at fair value through profit or loss. The principal accounting policies are set out below. These consolidated financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-206": { "value": "The consolidated annual financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-207": { "value": "These consolidated financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-178": { "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 20 to 22. The financial 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 financial statements.
As at 31 December 2023, the Group had net current liabilities of \u00a3454.6 million (2022: \u00a3136.1 million), cash
balances of \u00a321.8 million (2022: \u00a319.8 million) (excluding cash balances within investee companies of
\u00a3159.3 million) and security cash deposits of \u00a340.1 million (2022: \u00a3nil). The significant net current liabilities position
of the Group at 31 December 2023 is due to both the Company\u2019s revolving credit facility and two of the
Company\u2019s term debt tranches with NAB and CBA maturing within 12 months of the year end and therefore
being classified as current liabilities. The Company expects to refinance the maturing term debt during 2024.
The Company had \u00a31,390 million (2022: \u00a31,100 million) of term debt as at 31 December 2023, with an additional
\u00a3400 million drawn on its \u00a3600 million 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 outflows of the Group are the payment of dividends, costs relating to the acquisition of new
assets and purchases of its own shares, all of which are discretionary. The Group has sufficient access to debt,
including its revolving credit facility, in order to fund any future wind farm investment within the parameters of
its Investment Policy.
As the Company\u2019s shares traded at an average discount to NAV of 10.5 per cent during the year, a continuation
vote is to be proposed at the Company\u2019s AGM in April 2024 in line with its Articles of Association. The Board
believe that the Company\u2019s share price performance during the year is reflective of its macroeconomic
environment, and not of the financial prospects of the Company. The Board believe that the outcome of the
shareholder continuation vote will not impair the Company\u2019s ability to operate as a going concern.
The Board has reviewed Group forecasts and projections which cover a period of at least 12 months from the date
of approval of this report. On the basis of this review, taking into account foreseeable changes in investment and
trading performance, 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 2025. Accordingly, they continue to adopt the going concern basis in preparing
the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-179": { "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 defined 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 indefinitely but should have an exit strategy for their realisation. Although the
Company has invested in equity interests in wind farms that have an indefinite 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 profit or loss, in accordance with IFRS 13 \u201cFair Value
Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The financial 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 financial statements include the consolidated
financial 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 financial statements. Unrealised losses are
eliminated unless the costs cannot be recovered. The financial statements of subsidiaries that are included in the
consolidated financial statements are included from the date that control commences until the dates that
control ceases.
In the Parent Company\u2019s financial statements, investments in subsidiaries are measured at fair value through profit
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
significant influence, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-208": { "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 defined 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 indefinitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an indefinite 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 profit or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The financial 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 financial statements include the consolidated financial 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 financial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The financial statements of subsidiaries that are included in the consolidated financial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s financial statements, investments in subsidiaries are measured at fair value through profit or loss in accordance with IFRS 9, as permitted by IAS 27. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "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 significant influence, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-224": { "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 significant influence, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-209": { "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 significant influence, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-180": { "value": "
New and amended standards and interpretations applied
The following new standards or interpretations are effective for the first time for periods beginning on or after
1 January 2023 and had an effect on the Group\u2019s or Company\u2019s financial statements:
\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS
Practice Statement 2 Making Materiality Judgements);
\u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors); and
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income
Taxes).
New and amended standards and interpretations not applied
At the date of authorisation of these financial statements, the following amendments had been published and will
be effective in future accounting periods.
Effective for accounting periods beginning on or after 1 January 2024:
\u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial
Statements);
\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
Instruments: Disclosures)
Effective for accounting periods beginning on or after 1 January 2025:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates)
The impact of these standards is not expected to be material to the reported results and financial position of
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-210": { "value": "New and amended standards and interpretations applied The following new standards or interpretations are effective for the first time for periods beginning on or after 1 January 2023 and had an effect on the Group\u2019s or Company\u2019s financial statements: \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements); \u2022 Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors); and \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes). New and amended standards and interpretations not applied At the date of authorisation of these financial statements, the following amendments had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2024: \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures) Effective for accounting periods beginning on or after 1 January 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) The impact of these standards is not expected to be material to the reported results and financial position of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-181": { "value": "
Financial instruments
Financial assets and financial 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 2023 and 2022, the carrying amounts of cash at bank, security cash deposits, receivables,
payables, accrued expenses and short term borrowings reflected in the financial 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 classification of financial assets at initial recognition depends on the purpose for which the financial asset was
acquired and its characteristics.
All financial assets are initially recognised at fair value. All purchases of financial assets are recorded at the date
on which the Group became party to the contractual requirements of the financial asset.
The Group\u2019s and Company\u2019s financial assets principally comprise of investments held at fair value through profit
or loss and receivables.
Receivables at amortised cost
Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. All
financial assets assessed under this model are immaterial to the financial statements.
Investments at fair value through profit or loss
Investments are designated upon initial recognition as held at fair value through profit 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.
The Company\u2019s loan and equity investments in Holdco are held at fair value through profit 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 defined 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 a discounted cash flow basis in accordance with IFRS 13
and IFRS 9.
Financial instruments continued
Financial assets continued
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 financial 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 flow has expired.
Financial liabilities
Financial liabilities are classified according to the substance of the contractual agreements entered into and are
recorded on the date on which the Group becomes party to the contractual requirements of the financial 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. Loan balances as at the year end have not
been discounted to reflect amortised cost, as the amounts are not materially different from the outstanding
balances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-211": { "value": "Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All financial assets are initially recognised at fair value. All purchases of financial assets are recorded at the date on which the Group became party to the contractual requirements of the financial asset. The Group\u2019s and Company\u2019s financial assets principally comprise of investments held at fair value through profit or loss and receivables. Receivables at amortised cost Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. Investments at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit 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. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit 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 defined 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 a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. Financial assets continued 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 financial 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 flow has expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-225": { "value": "Receivables at amortised cost Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements.
Security cash deposits
Security cash deposits comprise amounts held on call with banks and other short term highly liquid deposits, that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These
balances have been included within receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "value": "Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-236": { "value": "Impairment provisions for receivables are recognised based on a forward-looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-235": { "value": "Investments at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit 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. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit 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 defined 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 a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-226": { "value": "Investments at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit 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. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit 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 defined 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 a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-227": { "value": "A financial 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 flow has expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-212": { "value": "Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the financial 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. Loan balances as at the year end have not been discounted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "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. Loan balances as at the year end have not been discounted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-182": { "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.
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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-213": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-230": { "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 classified 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.
Repurchase of ordinary share capital
The cost of repurchasing ordinary shares including the related stamp duty and transaction costs are recognised
in the Consolidated Statement of Changes in Equity and included within retained earnings. Share repurchase
transactions are accounted for on a trade date basis. The nominal value of ordinary share capital repurchased and
cancelled is transferred out of share capital and into the capital redemption reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-231": { "value": "
Cash at bank
Cash at bank comprises cash balances held at bank.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-183": { "value": "
Dividends
Dividends payable are recognised as distributions in the financial statements when the Company\u2019s obligation to
make payment has been established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "value": "Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Gains or losses resulting from the movement in fair value of the Group\u2019s and Company\u2019s investments held at fair value through profit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-214": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-184": { "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 definition of
investment management fees in the Investment Management Agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-215": { "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 definition of investment management fees in the Investment Management Agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-185": { "value": "
Taxation
Under the current system of taxation in the UK, the Group is liable to taxation on its operations in the UK.
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-216": { "value": "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires the application of estimates and assumptions which may affect the results reported in the financial 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 definition of an investment entity as defined 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 significant 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 financial statements. The key assumptions that have a significant impact on the carrying value of investments that are valued by reference to the discounted value of future cash flows are the useful life of the assets, the discount rates, the level of wind resource, the rate of inflation, the price at which the power and associated benefits 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 financial statements, on page 84. 2. Critical accounting judgements, estimates and assumptions continued Significant judgement 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. 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 flows 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 inflation 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, and may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. These third party forecasts take the form of specialist consultancy reports, reflecting various factors including gas prices, carbon prices and renewables deployment, each of which reflect 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. Specifically 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 flows to crystalise as a result of these guarantees or counter-indemnities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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. 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. 3. Investment management fees continued 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. Investment management fees paid or accrued in the year were as follows: For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Cash Fee 31,344 29,848 Equity Element 1,500 1,500 32,844 31,348 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. The Cash Fee and Equity Element relating to the quarter ended 31 December 2023 were accrued at year end. This is further detailed in note 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-186": { "value": "
4. Investment income
For the year ended For the year ended
31 December 2023 31 December 2022
\u00a3\u2019000 \u00a3\u2019000
Dividends received (note 19) 359,939 525,897
Interest on shareholder loan investment received (note 19) 62,785 51,259
422,724 577,156
For the year ended For the year ended
31 December 2023 31 December 2022
Group and Company \u00a3\u2019000 \u00a3\u2019000
Loan interest 58,787 27,489
Facility arrangement fees 4,350 500
Commitment fees 2,289 3,114
Letter of credit fees 1,137 324
Professional fees 589 1,163
Other facility fees 244 185
Finance expense 67,396 32,775
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "value": "4. Investment income For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 359,939 525,897 Interest on shareholder loan investment received (note 19) 62,785 51,259 422,724 577,156 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "value": "4. Investment income For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 359,939 525,897 Interest on shareholder loan investment received (note 19) 62,785 51,259 422,724 577,156 For the year ended For the year ended 31 December 2023 31 December 2022 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 58,787 27,489 Facility arrangement fees 4,350 500 Commitment fees 2,289 3,114 Letter of credit fees 1,137 324 Professional fees 589 1,163 Other facility fees 244 185 Finance expense 67,396 32,775 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-217": { "value": "4. Investment income For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 359,939 525,897 Interest on shareholder loan investment received (note 19) 62,785 51,259 422,724 577,156 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "4. Investment income For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Dividends received (note 19) 359,939 525,897 Interest on shareholder loan investment received (note 19) 62,785 51,259 422,724 577,156 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-187": { "value": "
5. Operating expenses
For the year ended For the year ended
31 December 2023 31 December 2022
\u00a3\u2019000 \u00a3\u2019000
Management fees (note 3) 32,844 31,348
Group and SPV administration fees 1,231 1,000
Non-executive Directors\u2019 fees 385 338
Other expenses 2,895 2,469
Fees to the Company\u2019s Auditor:
for audit of the statutory financial statements 248 187
for other audit related services 5 4
37,608 35,346
Total fees payable to the Company\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December
2023 were \u00a34,800 (2022: \u00a34,290), payable in relation to a limited review of the half year report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-218": { "value": "5. Operating expenses For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Management fees (note 3) 32,844 31,348 Group and SPV administration fees 1,231 1,000 Non-executive Directors\u2019 fees 385 338 Other expenses 2,895 2,469 Fees to the Company\u2019s Auditor: for audit of the statutory financial statements 248 187 for other audit related services 5 4 37,608 35,346 Total fees payable to the Company\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December 2023 were \u00a34,800 (2022: \u00a34,290), payable in relation to a limited review of the half year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "5. Operating expenses For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Management fees (note 3) 32,844 31,348 Group and SPV administration fees 1,231 1,000 Non-executive Directors\u2019 fees 385 338 Other expenses 2,895 2,469 Fees to the Company\u2019s Auditor: for audit of the statutory financial statements 248 187 for other audit related services 5 4 37,608 35,346 Total fees payable to the Company\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December 2023 were \u00a34,800 (2022: \u00a34,290), payable in relation to a limited review of the half year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "6. Taxation For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 UK Corporation Tax charge 392 \u2014 392 \u2014 The corporation tax rate increased from 19 per cent to 25 per cent (for companies with profits over \u00a3250,000), from 1 April 2023. The tax charge for the year shown in the Statement of Comprehensive Income is lower than the standard rate of corporation tax of 23.52 per cent (2022: 19 per cent). The differences are explained below. For the year ended For the year ended 31 December 2023 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 Profit for the year before taxation 126,580 953,863 Profit for the year multiplied by the standard rate of corporation tax of 23.52 per cent (2022: 19 per cent) 29,772 181,234 Fair value movements (not subject to taxation) 47,667 (83,484) Dividends received (not subject to taxation) (84,660) (99,920) Expenditure not deductible for tax purposes 658 603 Surrendering of tax losses to other group companies for nil consideration 5,042 819 Other net tax adjustments 1,521 748 Adjustment from previous period 392 \u2014 Total tax charge 392 \u2014", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "7. Earnings per share For the year ended For the year ended 31 December 2023 31 December 2022 Profit attributable to equity holders of the Company \u2013 \u00a3\u2019000 126,188 953,863 Weighted average number of ordinary shares in issue 2,317,758,378 2,317,629,517 Basic and diluted earnings from continuing operations in the year (pence) 5.44 41.16 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 significant impact on the basic earnings per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 2023 pence \u00a3\u2019000 With respect to the quarter ended 31 December 2022 1.93 44,742 With respect to the quarter ended 31 March 2023 2.19 50,775 With respect to the quarter ended 30 June 2023 2.19 50,780 With respect to the quarter ended 30 September 2023 2.19 50,746 8.50 197,043 Dividend Total per share dividend Interim dividends declared after 31 December 2023 and not accrued in the year pence \u00a3\u2019000 With respect to the quarter ended 31 December 2023 3.43 79,114 3.43 79,114 On 29 January 2024, the Company announced a dividend of 3.43 pence per share with respect to the quarter ended 31 December 2023, bringing the total dividend declared with respect to the year to 31 December 2023 to \u00a3231.4 million, equivalent to 10 pence per share. The record date for the dividend is 16 February 2024 and the payment date is 29 February 2024. The following table shows dividends paid in the prior 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", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-188": { "value": "0.085", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-190": { "value": "0.0343", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-191": { "value": "79114000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-189": { "value": "0.07585", "decimals": 5, "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-192": { "value": "
9. Investments at fair value through profit or loss
31 December 2023 31 December 2022
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance 4,959,312 4,042,545
Additions 820,925 484,153
Repayment of shareholder loan investments (note 19) (50,199) (13,482)
Unrealised movement in fair value of investments (191,402) 446,096
5,538,636 4,959,312
The investments made in underlying assets are carried at fair value through profit and loss. The investments
are typically made through a combination of shareholder loans and equity into the SPVs which own the
underlying asset. The nominal value of the shareholder loan investments as at 31 December 2023 was
\u00a31,484,003,180 (2022: \u00a31,087,080,412).
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:
31 December 31 December
2023 2022
Company \u00a3\u2019000 \u00a3\u2019000
Opening balance 4,978,816 4,046,365
Loan advanced to Holdco (note 19) 680,800 260,811
Repayment of loan to Holdco (note 19) (328,412) (347,862)
Unrealised movement in fair value of investments 227,153 1,019,502
5,558,357 4,978,816
The Company\u2019s shareholder loan investment in Holdco is repayable on demand.
Fair value measurements
IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial
assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value
measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following
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 significant judgement by the Group. The Group
considers observable data to be market data that is readily available, regularly distributed or updated, reliable and
verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The only financial 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 classified 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 classified as Level 3. There have been no
transfers between levels during the year ended 31 December 2023.
Any transfers between the levels would be accounted for on the last day of each financial period.
Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take
into account, inter alia, the following:
\u2022 due diligence findings 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
Sensitivity analysis
The fair value of the Group\u2019s investments is \u00a35,538,635,628 (2022: \u00a34,959,311,361). 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.
31 December 2023
Change in Change in
fair value of NAV
Change investments per share
Input Base case in input \u00a3\u2019000 pence
Discount rate 11 per cent levered + 0.5 per cent (170,310) (7.4)
portfolio IRR - 0.5 per cent 179,963 7.8
Long term inflation rate RPI: 3.5 per cent to 2030, - 0.5 per cent (162,604) (7.0)
2.5 per cent thereafter + 0.5 per cent 170,870 7.4
CPI: 2.5 per cent
Energy yield P50 10 year P90 (352,901) (15.3)
10 year P10 352,854 15.3
Power price Forecast by leading - 10 per cent (335,334) (14.5)
consultant + 10 per cent 316,943 13.7
Asset life 30 years - 5 years (313,935) (13.6)
+ 5 years 204,932 8.9
31 December 2022
Change in Change in
fair value of NAV
Change investments per share
Input Base case in input \u00a3\u2019000 pence
Discount rate 10 per cent levered + 0.5 per cent (155,166) (6.7)
portfolio IRR - 0.5 per cent 163,665 7.1
Long term inflation rate RPI: 3.5 per cent to 2030, - 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 - 10 per cent (249,393) (10.8)
consultant + 10 per cent 236,130 10.2
Asset life 30 years - 5 years (229,237) (9.9)
+ 5 years 148,321 6.4
The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount
rate for merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio
IRR is calculated assuming 35 per cent gearing and an all-in interest cost of 5 per cent.
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 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "value": "9. Investments at fair value through profit or loss 31 December 2023 31 December 2022 Group \u00a3\u2019000 \u00a3\u2019000 Opening balance 4,959,312 4,042,545 Additions 820,925 484,153 Repayment of shareholder loan investments (note 19) (50,199) (13,482) Unrealised movement in fair value of investments (191,402) 446,096 5,538,636 4,959,312 The investments made in underlying assets are carried at fair value through profit and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset. The nominal value of the shareholder loan investments as at 31 December 2023 was \u00a31,484,003,180 (2022: \u00a31,087,080,412). 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: 31 December 31 December 2023 2022 Company \u00a3\u2019000 \u00a3\u2019000 Opening balance 4,978,816 4,046,365 Loan advanced to Holdco (note 19) 680,800 260,811 Repayment of loan to Holdco (note 19) (328,412) (347,862) Unrealised movement in fair value of investments 227,153 1,019,502 5,558,357 4,978,816 The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following 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 significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only financial 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 classified 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 classified as Level 3. There have been no transfers between levels during the year ended 31 December 2023. Any transfers between the levels would be accounted for on the last day of each financial period. Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence findings 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 Sensitivity analysis The fair value of the Group\u2019s investments is \u00a35,538,635,628 (2022: \u00a34,959,311,361). 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. 31 December 2023 Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 11 per cent levered + 0.5 per cent (170,310) (7.4) portfolio IRR - 0.5 per cent 179,963 7.8 Long term inflation rate RPI: 3.5 per cent to 2030, - 0.5 per cent (162,604) (7.0) 2.5 per cent thereafter + 0.5 per cent 170,870 7.4 CPI: 2.5 per cent Energy yield P50 10 year P90 (352,901) (15.3) 10 year P10 352,854 15.3 Power price Forecast by leading - 10 per cent (335,334) (14.5) consultant + 10 per cent 316,943 13.7 Asset life 30 years - 5 years (313,935) (13.6) + 5 years 204,932 8.9 31 December 2022 Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 10 per cent levered + 0.5 per cent (155,166) (6.7) portfolio IRR - 0.5 per cent 163,665 7.1 Long term inflation rate RPI: 3.5 per cent to 2030, - 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 - 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years - 5 years (229,237) (9.9) + 5 years 148,321 6.4 The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount rate for merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio IRR is calculated assuming 35 per cent gearing and an all-in interest cost of 5 per cent. 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 33.
11. Receivables
31 December 2023 31 December 2022
Group \u00a3\u2019000 \u00a3\u2019000
Security cash deposits 40,119 \u2014
VAT receivable 676 527
Interest income receivable 111 \u2014
Prepayments 151 122
Other receivables 72 190
Amounts due from SPVs (note 19) \u2014 1,648
41,129 2,487
31 December 2023 31 December 2022
Company \u00a3\u2019000 \u00a3\u2019000
Security cash deposits 40,119 \u2014
Prepayments 151 122
Interest income receivable 111 \u2014
Other receivables \u2014 3
40,381 125
12. Payables
31 December 2023 31 December 2022
Group \u00a3\u2019000 \u00a3\u2019000
Investment management fee payable 8,090 1,364
Loan interest payable (note 13) 5,487 5,490
Commitment fee payable (note 13) 235 402
Letter of credit fees payable (note 13) 93 324
Amounts due to SPVs (note 19) 2,508 \u2014
Acquisition costs payable 55 \u2014
Other payables 1,105 774
17,573 8,354
31 December 2023 31 December 2022
Company \u00a3\u2019000 \u00a3\u2019000
Investment management fee payable 8,090 1,364
Loan interest payable (note 13) 5,487 5,490
Commitment fee payable (note 13) 235 402
Letter of credit fees payable (note 13) 93 324
Other payables 888 579
14,793 8,159
13. Loans and borrowings 31 December 2023 31 December 2022 Group and Company \u00a3\u2019000 \u00a3\u2019000 Opening balance 1,100,000 950,000 Revolving credit facility Drawdowns 400,000 260,000 Repayments (200,000) (310,000) Term debt facilities Drawdowns 640,000 200,000 Repayments (150,000) \u2014 Closing balance 1,790,000 1,100,000 Reconciled as: Current liabilities 500,000 150,000 Non current liabilities 1,290,000 950,000 For the year ended For the year ended 31 December 2023 31 December 2022 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 58,787 27,489 Facility arrangement fees 4,350 500 Commitment fees 2,289 3,114 Letter of credit fees 1,137 324 Professional fees 589 1,163 Other facility fees 244 185 Finance expense 67,396 32,775 The loan balance as at 31 December 2023 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. 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 2023, the Company has a total revolving credit facility of \u00a3600 million (2022: \u00a3600 million), of which amounts drawn were \u00a3400 million (2022: \u00a3200 million), accrued interest payable was \u00a3228,404 (2022: \u00a352,675) and the outstanding commitment fee payable was \u00a3235,068 (2022: \u00a3401,753). The facility has a maturity date of 29 October 2024 and is classified as a current liability. In the prior year, 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 2023, was \u00a393,400 (2022: \u00a3324,221). On 31 August 2023, the Company placed a letter of credit facility provided by ANZ. The fee for this facility is 0.24 per cent per annum.
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 rate/SONIA All-in rate Loan principal 31 December 2023
Provider Maturity date % %%\u00a3\u2019000 \u00a3\u2019000
NAB 4 Nov 2024 1.15 1.06 2.21 50,000 179
CBA 14 Nov 2024 1.35 0.81 2.16 50,000 166
CBA 6 Mar 2025 1.55 1.53 3.08 50,000 236
CIBC 3 Nov 2025 1.50 1.51 3.01 100,000 454
ANZ 3 May 2026 1.45 5.92 7.37 75,000 45
NAB 1 Nov 2026 1.50 1.60 3.10 75,000 376
NAB 1 Nov 2026 1.50 0.84 2.34 25,000 95
CIBC 14 Nov 2026 1.40 0.81 2.21 100,000 334
Lloyds 9 May 2027 1.60 5.65 7.25 150,000 89
CBA 4 Nov 2027 1.60 1.37 2.97 100,000 455
ABN AMRO 2 May 2028 1.75 5.04 6.79 100,000 57
ANZ 3 May 2028 1.75 5.38 7.13 75,000 44
Barclays 3 May 2028 1.75 4.99 6.74 100,000 57
AXA 31 Jan 2030 \u2014 \u2014 3.03 125,000 1,598
AXA 31 Jan 2030 1.70 1.45 3.15 75,000 995
AXA 28 Apr 2031 \u2014 \u2014 6.43 25,000 13
AXA 28 Apr 2031 1.80 5.20
(1)
7.00 115,000 66
1,390,000 5,259
(1)
Facility pays SONIA as variable rate.
Loans with maturity dates of less than 12 months amount to \u00a3100 million and are classified as current liabilities.
The remaining term debt of \u00a31,290 million is classified as non current liabilities.
\u00a31,125 million of these term loans contain swaps. \u00a31,050 million of these instruments have been treated as a
single fixed rate loan agreement, which effectively set interest rates payable at fixed 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;
\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 financial terms reflect each other.
The \u00a375 million term loan with AXA is hedged with an interest rate swap with NAB, which demonstrates consistent
characteristics with the other term loans and swaps other than the common counterparty. Similarly, the
\u00a3150 million term loan with Lloyds is hedged with an interest rate swap with a different Lloyds counterparty. In
such cases, the interest rate swaps have not been recognised as separate instruments at fair value and the Board
is of the view that their fair values are not sufficiently material to be separately recognised.
The \u00a3115 million term loan tranche with AXA has not been hedged with an interest rate swap and so the loan will
be fully variable until maturity of the loan.
\u00a3150 million term loan tranches with AXA have fixed all-in rates and have not been hedged by interest rate swaps.
All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares
in Holdco, and a floating charge over Holdco\u2019s bank accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "9. Investments at fair value through profit or loss 31 December 2023 31 December 2022 Group \u00a3\u2019000 \u00a3\u2019000 Opening balance 4,959,312 4,042,545 Additions 820,925 484,153 Repayment of shareholder loan investments (note 19) (50,199) (13,482) Unrealised movement in fair value of investments (191,402) 446,096 5,538,636 4,959,312 The investments made in underlying assets are carried at fair value through profit and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset. The nominal value of the shareholder loan investments as at 31 December 2023 was \u00a31,484,003,180 (2022: \u00a31,087,080,412). 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: 31 December 31 December 2023 2022 Company \u00a3\u2019000 \u00a3\u2019000 Opening balance 4,978,816 4,046,365 Loan advanced to Holdco (note 19) 680,800 260,811 Repayment of loan to Holdco (note 19) (328,412) (347,862) Unrealised movement in fair value of investments 227,153 1,019,502 5,558,357 4,978,816 The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following 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 significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only financial 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 classified 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 classified as Level 3. There have been no transfers between levels during the year ended 31 December 2023. Any transfers between the levels would be accounted for on the last day of each financial period. Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence findings 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 Sensitivity analysis The fair value of the Group\u2019s investments is \u00a35,538,635,628 (2022: \u00a34,959,311,361). 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. 31 December 2023 Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 11 per cent levered + 0.5 per cent (170,310) (7.4) portfolio IRR - 0.5 per cent 179,963 7.8 Long term inflation rate RPI: 3.5 per cent to 2030, - 0.5 per cent (162,604) (7.0) 2.5 per cent thereafter + 0.5 per cent 170,870 7.4 CPI: 2.5 per cent Energy yield P50 10 year P90 (352,901) (15.3) 10 year P10 352,854 15.3 Power price Forecast by leading - 10 per cent (335,334) (14.5) consultant + 10 per cent 316,943 13.7 Asset life 30 years - 5 years (313,935) (13.6) + 5 years 204,932 8.9 31 December 2022 Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 10 per cent levered + 0.5 per cent (155,166) (6.7) portfolio IRR - 0.5 per cent 163,665 7.1 Long term inflation rate RPI: 3.5 per cent to 2030, - 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 - 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years - 5 years (229,237) (9.9) + 5 years 148,321 6.4 The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount rate for merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio IRR is calculated assuming 35 per cent gearing and an all-in interest cost of 5 per cent. 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 33. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-219": { "value": "Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following 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 significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The only financial 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 classified 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 classified as Level 3. There have been no transfers between levels during the year ended 31 December 2023. Any transfers between the levels would be accounted for on the last day of each financial period. Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence findings 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. Sensitivity analysis The fair value of the Group\u2019s investments is \u00a35,538,635,628 (2022: \u00a34,959,311,361). 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. 31 December 2023 Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 11 per cent levered + 0.5 per cent (170,310) (7.4) portfolio IRR - 0.5 per cent 179,963 7.8 Long term inflation rate RPI: 3.5 per cent to 2030, - 0.5 per cent (162,604) (7.0) 2.5 per cent thereafter + 0.5 per cent 170,870 7.4 CPI: 2.5 per cent Energy yield P50 10 year P90 (352,901) (15.3) 10 year P10 352,854 15.3 Power price Forecast by leading - 10 per cent (335,334) (14.5) consultant + 10 per cent 316,943 13.7 Asset life 30 years - 5 years (313,935) (13.6) + 5 years 204,932 8.9 31 December 2022 Change in Change in fair value of NAV Change investments per share Input Base case in input \u00a3\u2019000 pence Discount rate 10 per cent levered + 0.5 per cent (155,166) (6.7) portfolio IRR - 0.5 per cent 163,665 7.1 Long term inflation rate RPI: 3.5 per cent to 2030, - 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 - 10 per cent (249,393) (10.8) consultant + 10 per cent 236,130 10.2 Asset life 30 years - 5 years (229,237) (9.9) + 5 years 148,321 6.4 The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount rate for merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio IRR is calculated assuming 35 per cent gearing and an all-in interest cost of 5 per cent. 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 33. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-193": { "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 financial statements:
Ownership Ownership
Interest as at Interest as at
Investment Place of Business 31 December 2023 31 December 2022
Andershaw Scotland
(11)
100% 100%
Bin Mountain Northern Ireland
(10)
100% 100%
Bishopthorpe England
(11)
100% 100%
Braes of Doune Scotland
(12)
100% 100%
Breeze Bidco
(1)
Scotland
(11)
100% 100%
Brockaghboy Northern Ireland
(10)
100% 100%
Carcant Scotland
(12)
100% 100%
Church Hill Northern Ireland
(10)
100% 100%
Corriegarth Scotland
(12)
100% 100%
Cotton Farm England
(11)
100% 100%
Crighshane Northern Ireland
(10)
100% 100%
Dalquhandy Scotland
(12)
100% \u2014
Douglas West Scotland
(12)
100% 100%
Earl\u2019s Hall Farm England
(11)
100% 100%
Glen Kyllachy Scotland
(10)
100% 100%
Kildrummy Scotland
(11)
100% 100%
Langhope Rig Scotland
(11)
100% 100%
Maerdy Wales
(11)
100% 100%
North Hoyle Wales
(11)
100% 100%
Screggagh Northern Ireland
(10)
100% 100%
Slieve Divena Northern Ireland
(10)
100% 100%
Slieve Divena 2 Northern Ireland
(10)
100% 100%
South Kyle Scotland
(12)
100% \u2014
Stroupster Scotland
(11)
100% 100%
Tappaghan Northern Ireland
(10)
100% 100%
Twentyshilling Scotland
(11)
100% 100%
Walney Holdco
(2)
England
(11)
100% 100%
Windy Rig Scotland
(11)
100% 100%
Bicker Fen England
(11)
80% 80%
Fenlands
(3)
England
(11)
80% 80%
Humber Holdco
(4)
England
(11)
77.2% 77.2%
Nanclach
(1)
Scotland
(12)
75% 75%
Dunmaglass Holdco
(5)
Scotland
(12)
71.2% 71.2%
Stronelairg Holdco
(6)
Scotland
(12)
71.2% 71.2%
Hoylake
(7)
England
(12)
63% 63%
London Array
(8)
England
(12)
54.9% \u2014
Drone Hill Scotland
(12)
51.6% 51.6%
North Rhins Scotland
(11)
51.6% 51.6%
Sixpenny Wood England
(11)
51.6% 51.6%
Yelvertoft England
(11)
51.6% 51.6%
SYND Holdco
(9)
UK
(11)
51.6% 51.6%
10. Unconsolidated subsidiaries, associates and joint ventures continued
(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.
(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 holds 62.7 per cent of Hoylake, which owns 25 per cent of Burbo Bank Extension, resulting in the Group holding a 15.7 per
cent indirect investment in Burbo Bank Extension.
(8)
The Group holds 54.9 per cent of London Array Holdco, which owns 25 per cent of London Array Limited, resulting in the Group holding
a 13.7 per cent indirect investment in London Array Limited.
(9)
The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco.
(10)
The registered office address is The Legacy Building, Northern Ireland Science Park, Belfast, BT3 9DT.
(11)
The registered office address is 5th Floor, 20 Fenchurch Street, London, EC3M 3BY.
(12)
The registered office address is Collins House, Rutland Square, Edinburgh, EH1 2AA.
There are no significant 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 2023 31 December 2022
Kype Muir Extension Scotland
(3)
49.9% \u2014
ML Wind
(1)
England
(4)
49% 49%
Little Cheyne Court England
(4)
41% 41%
Clyde Scotland
(5)
28.2% 28.2%
Hornsea 1 Holdco
(2)
England
(6)
25% 25%
Rhyl Flats Wales
(4)
24.95% 24.95%
(1)
The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent (2022: 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 office address is Inkerman House St John\u2019s Road, Meadowfield, Durham, DH7 8XL.
(4)
The registered office address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB.
(5)
The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ.
(6)
The registered office 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
The Company London Array Orsted Guarantee PPA 60,000
Holdco Clyde SSE Counter- Grid, radar, 21,771
indemnity decommissioning
The Company London Array Shareholders Guarantee JOA participants 20,000
guarantee
The Company North Hoyle The Crown Estate Guarantee Decommissioning, rent 14,744
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 8,410
Credit
The Company London Array Orsted Counter- OFTO, O&M 8,300
indemnity
The Company Dalquhandy BT Guarantee PPA 5,897
The Company South Kyle Land owner Guarantee Decommissioning 5,332
The Company South Kyle East Ayrshire Counter- Decommissioning 5,000
Council indemnity
The Company Humber Gateway RWE Guarantee Radar 4,900
The Company South Kyle Scottish Counter- Decommissioning 4,327
Ministers indemnity
The Company South Kyle Dumfries and Counter- Decommissioning 3,748
Galloway Council indemnity
The Company Andershaw Statkraft Guarantee Decommissioning 3,500
Holdco Kype Muir Extension Nordex Guarantee Turbine supply 3,185
Holdco Dalquhandy BayWa Counter- Decommissioning 2,525
indemnity
The Company Braes of Doune Land owner Guarantee Decommissioning 2,000
The Company Rhyl Flats The Crown Estate Guarantee Decommissioning 1,829
The Company Twentyshilling Santander Counter- Decommissioning 1,807
indemnity
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 601
The Company Stroupster RBS Unsecured Decommissioning 366
guarantee
Holdco Stronelairg SSE Guarantee Grid 301
The Company South Kyle NATS Guarantee Radar 285
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
285,142
The fair value of these guarantees and counter-indemnities provided by the Group are considered to be \u00a3nil
(2022: \u00a3nil) as disclosed in note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-220": { "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 financial statements: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2023 31 December 2022 Andershaw Scotland (11) 100% 100% Bin Mountain Northern Ireland (10) 100% 100% Bishopthorpe England (11) 100% 100% Braes of Doune Scotland (12) 100% 100% Breeze Bidco (1) Scotland (11) 100% 100% Brockaghboy Northern Ireland (10) 100% 100% Carcant Scotland (12) 100% 100% Church Hill Northern Ireland (10) 100% 100% Corriegarth Scotland (12) 100% 100% Cotton Farm England (11) 100% 100% Crighshane Northern Ireland (10) 100% 100% Dalquhandy Scotland (12) 100% \u2014 Douglas West Scotland (12) 100% 100% Earl\u2019s Hall Farm England (11) 100% 100% Glen Kyllachy Scotland (10) 100% 100% Kildrummy Scotland (11) 100% 100% Langhope Rig Scotland (11) 100% 100% Maerdy Wales (11) 100% 100% North Hoyle Wales (11) 100% 100% Screggagh Northern Ireland (10) 100% 100% Slieve Divena Northern Ireland (10) 100% 100% Slieve Divena 2 Northern Ireland (10) 100% 100% South Kyle Scotland (12) 100% \u2014 Stroupster Scotland (11) 100% 100% Tappaghan Northern Ireland (10) 100% 100% Twentyshilling Scotland (11) 100% 100% Walney Holdco (2) England (11) 100% 100% Windy Rig Scotland (11) 100% 100% Bicker Fen England (11) 80% 80% Fenlands (3) England (11) 80% 80% Humber Holdco (4) England (11) 77.2% 77.2% Nanclach (1) Scotland (12) 75% 75% Dunmaglass Holdco (5) Scotland (12) 71.2% 71.2% Stronelairg Holdco (6) Scotland (12) 71.2% 71.2% Hoylake (7) England (12) 63% 63% London Array (8) England (12) 54.9% \u2014 Drone Hill Scotland (12) 51.6% 51.6% North Rhins Scotland (11) 51.6% 51.6% Sixpenny Wood England (11) 51.6% 51.6% Yelvertoft England (11) 51.6% 51.6% SYND Holdco (9) UK (11) 51.6% 51.6% 10. Unconsolidated subsidiaries, associates and joint ventures continued (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. (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 holds 62.7 per cent of Hoylake, which owns 25 per cent of Burbo Bank Extension, resulting in the Group holding a 15.7 per cent indirect investment in Burbo Bank Extension. (8) The Group holds 54.9 per cent of London Array Holdco, which owns 25 per cent of London Array Limited, resulting in the Group holding a 13.7 per cent indirect investment in London Array Limited. (9) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (10) The registered office address is The Legacy Building, Northern Ireland Science Park, Belfast, BT3 9DT. (11) The registered office address is 5th Floor, 20 Fenchurch Street, London, EC3M 3BY. (12) The registered office address is Collins House, Rutland Square, Edinburgh, EH1 2AA. There are no significant 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 2023 31 December 2022 Kype Muir Extension Scotland (3) 49.9% \u2014 ML Wind (1) England (4) 49% 49% Little Cheyne Court England (4) 41% 41% Clyde Scotland (5) 28.2% 28.2% Hornsea 1 Holdco (2) England (6) 25% 25% Rhyl Flats Wales (4) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent (2022: 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 office address is Inkerman House St John\u2019s Road, Meadowfield, Durham, DH7 8XL. (4) The registered office address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (5) The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (6) The registered office 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 The Company London Array Orsted Guarantee PPA 60,000 Holdco Clyde SSE Counter- Grid, radar, 21,771 indemnity decommissioning The Company London Array Shareholders Guarantee JOA participants 20,000 guarantee The Company North Hoyle The Crown Estate Guarantee Decommissioning, rent 14,744 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 8,410 Credit The Company London Array Orsted Counter- OFTO, O&M 8,300 indemnity The Company Dalquhandy BT Guarantee PPA 5,897 The Company South Kyle Land owner Guarantee Decommissioning 5,332 The Company South Kyle East Ayrshire Counter- Decommissioning 5,000 Council indemnity The Company Humber Gateway RWE Guarantee Radar 4,900 The Company South Kyle Scottish Counter- Decommissioning 4,327 Ministers indemnity The Company South Kyle Dumfries and Counter- Decommissioning 3,748 Galloway Council indemnity The Company Andershaw Statkraft Guarantee Decommissioning 3,500 Holdco Kype Muir Extension Nordex Guarantee Turbine supply 3,185 Holdco Dalquhandy BayWa Counter- Decommissioning 2,525 indemnity The Company Braes of Doune Land owner Guarantee Decommissioning 2,000 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning 1,829 The Company Twentyshilling Santander Counter- Decommissioning 1,807 indemnity 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 601 The Company Stroupster RBS Unsecured Decommissioning 366 guarantee Holdco Stronelairg SSE Guarantee Grid 301 The Company South Kyle NATS Guarantee Radar 285 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 285,142 The fair value of these guarantees and counter-indemnities provided by the Group are considered to be \u00a3nil (2022: \u00a3nil) as disclosed in note 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 financial statements: Ownership Ownership Interest as at Interest as at Investment Place of Business 31 December 2023 31 December 2022 Andershaw Scotland (11) 100% 100% Bin Mountain Northern Ireland (10) 100% 100% Bishopthorpe England (11) 100% 100% Braes of Doune Scotland (12) 100% 100% Breeze Bidco (1) Scotland (11) 100% 100% Brockaghboy Northern Ireland (10) 100% 100% Carcant Scotland (12) 100% 100% Church Hill Northern Ireland (10) 100% 100% Corriegarth Scotland (12) 100% 100% Cotton Farm England (11) 100% 100% Crighshane Northern Ireland (10) 100% 100% Dalquhandy Scotland (12) 100% \u2014 Douglas West Scotland (12) 100% 100% Earl\u2019s Hall Farm England (11) 100% 100% Glen Kyllachy Scotland (10) 100% 100% Kildrummy Scotland (11) 100% 100% Langhope Rig Scotland (11) 100% 100% Maerdy Wales (11) 100% 100% North Hoyle Wales (11) 100% 100% Screggagh Northern Ireland (10) 100% 100% Slieve Divena Northern Ireland (10) 100% 100% Slieve Divena 2 Northern Ireland (10) 100% 100% South Kyle Scotland (12) 100% \u2014 Stroupster Scotland (11) 100% 100% Tappaghan Northern Ireland (10) 100% 100% Twentyshilling Scotland (11) 100% 100% Walney Holdco (2) England (11) 100% 100% Windy Rig Scotland (11) 100% 100% Bicker Fen England (11) 80% 80% Fenlands (3) England (11) 80% 80% Humber Holdco (4) England (11) 77.2% 77.2% Nanclach (1) Scotland (12) 75% 75% Dunmaglass Holdco (5) Scotland (12) 71.2% 71.2% Stronelairg Holdco (6) Scotland (12) 71.2% 71.2% Hoylake (7) England (12) 63% 63% London Array (8) England (12) 54.9% \u2014 Drone Hill Scotland (12) 51.6% 51.6% North Rhins Scotland (11) 51.6% 51.6% Sixpenny Wood England (11) 51.6% 51.6% Yelvertoft England (11) 51.6% 51.6% SYND Holdco (9) UK (11) 51.6% 51.6% 10. Unconsolidated subsidiaries, associates and joint ventures continued (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. (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 holds 62.7 per cent of Hoylake, which owns 25 per cent of Burbo Bank Extension, resulting in the Group holding a 15.7 per cent indirect investment in Burbo Bank Extension. (8) The Group holds 54.9 per cent of London Array Holdco, which owns 25 per cent of London Array Limited, resulting in the Group holding a 13.7 per cent indirect investment in London Array Limited. (9) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (10) The registered office address is The Legacy Building, Northern Ireland Science Park, Belfast, BT3 9DT. (11) The registered office address is 5th Floor, 20 Fenchurch Street, London, EC3M 3BY. (12) The registered office address is Collins House, Rutland Square, Edinburgh, EH1 2AA. There are no significant 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 2023 31 December 2022 Kype Muir Extension Scotland (3) 49.9% \u2014 ML Wind (1) England (4) 49% 49% Little Cheyne Court England (4) 41% 41% Clyde Scotland (5) 28.2% 28.2% Hornsea 1 Holdco (2) England (6) 25% 25% Rhyl Flats Wales (4) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent (2022: 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 office address is Inkerman House St John\u2019s Road, Meadowfield, Durham, DH7 8XL. (4) The registered office address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (5) The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (6) The registered office 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 The Company London Array Orsted Guarantee PPA 60,000 Holdco Clyde SSE Counter- Grid, radar, 21,771 indemnity decommissioning The Company London Array Shareholders Guarantee JOA participants 20,000 guarantee The Company North Hoyle The Crown Estate Guarantee Decommissioning, rent 14,744 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 8,410 Credit The Company London Array Orsted Counter- OFTO, O&M 8,300 indemnity The Company Dalquhandy BT Guarantee PPA 5,897 The Company South Kyle Land owner Guarantee Decommissioning 5,332 The Company South Kyle East Ayrshire Counter- Decommissioning 5,000 Council indemnity The Company Humber Gateway RWE Guarantee Radar 4,900 The Company South Kyle Scottish Counter- Decommissioning 4,327 Ministers indemnity The Company South Kyle Dumfries and Counter- Decommissioning 3,748 Galloway Council indemnity The Company Andershaw Statkraft Guarantee Decommissioning 3,500 Holdco Kype Muir Extension Nordex Guarantee Turbine supply 3,185 Holdco Dalquhandy BayWa Counter- Decommissioning 2,525 indemnity The Company Braes of Doune Land owner Guarantee Decommissioning 2,000 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning 1,829 The Company Twentyshilling Santander Counter- Decommissioning 1,807 indemnity 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 601 The Company Stroupster RBS Unsecured Decommissioning 366 guarantee Holdco Stronelairg SSE Guarantee Grid 301 The Company South Kyle NATS Guarantee Radar 285 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 285,142 The fair value of these guarantees and counter-indemnities provided by the Group are considered to be \u00a3nil (2022: \u00a3nil) as disclosed in note 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "11. Receivables 31 December 2023 31 December 2022 Group \u00a3\u2019000 \u00a3\u2019000 Security cash deposits 40,119 \u2014 VAT receivable 676 527 Interest income receivable 111 \u2014 Prepayments 151 122 Other receivables 72 190 Amounts due from SPVs (note 19) \u2014 1,648 41,129 2,487 31 December 2023 31 December 2022 Company \u00a3\u2019000 \u00a3\u2019000 Security cash deposits 40,119 \u2014 Prepayments 151 122 Interest income receivable 111 \u2014 Other receivables \u2014 3 40,381 125 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-15": { "value": "12. Payables 31 December 2023 31 December 2022 Group \u00a3\u2019000 \u00a3\u2019000 Investment management fee payable 8,090 1,364 Loan interest payable (note 13) 5,487 5,490 Commitment fee payable (note 13) 235 402 Letter of credit fees payable (note 13) 93 324 Amounts due to SPVs (note 19) 2,508 \u2014 Acquisition costs payable 55 \u2014 Other payables 1,105 774 17,573 8,354 31 December 2023 31 December 2022 Company \u00a3\u2019000 \u00a3\u2019000 Investment management fee payable 8,090 1,364 Loan interest payable (note 13) 5,487 5,490 Commitment fee payable (note 13) 235 402 Letter of credit fees payable (note 13) 93 324 Other payables 888 579 14,793 8,159 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "13. Loans and borrowings 31 December 2023 31 December 2022 Group and Company \u00a3\u2019000 \u00a3\u2019000 Opening balance 1,100,000 950,000 Revolving credit facility Drawdowns 400,000 260,000 Repayments (200,000) (310,000) Term debt facilities Drawdowns 640,000 200,000 Repayments (150,000) \u2014 Closing balance 1,790,000 1,100,000 Reconciled as: Current liabilities 500,000 150,000 Non current liabilities 1,290,000 950,000 For the year ended For the year ended 31 December 2023 31 December 2022 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 58,787 27,489 Facility arrangement fees 4,350 500 Commitment fees 2,289 3,114 Letter of credit fees 1,137 324 Professional fees 589 1,163 Other facility fees 244 185 Finance expense 67,396 32,775 The loan balance as at 31 December 2023 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. 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 2023, the Company has a total revolving credit facility of \u00a3600 million (2022: \u00a3600 million), of which amounts drawn were \u00a3400 million (2022: \u00a3200 million), accrued interest payable was \u00a3228,404 (2022: \u00a352,675) and the outstanding commitment fee payable was \u00a3235,068 (2022: \u00a3401,753). The facility has a maturity date of 29 October 2024 and is classified as a current liability. In the prior year, 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 2023, was \u00a393,400 (2022: \u00a3324,221). On 31 August 2023, the Company placed a letter of credit facility provided by ANZ. The fee for this facility is 0.24 per cent per annum. 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 rate/SONIA All-in rate Loan principal 31 December 2023 Provider Maturity date % %%\u00a3\u2019000 \u00a3\u2019000 NAB 4 Nov 2024 1.15 1.06 2.21 50,000 179 CBA 14 Nov 2024 1.35 0.81 2.16 50,000 166 CBA 6 Mar 2025 1.55 1.53 3.08 50,000 236 CIBC 3 Nov 2025 1.50 1.51 3.01 100,000 454 ANZ 3 May 2026 1.45 5.92 7.37 75,000 45 NAB 1 Nov 2026 1.50 1.60 3.10 75,000 376 NAB 1 Nov 2026 1.50 0.84 2.34 25,000 95 CIBC 14 Nov 2026 1.40 0.81 2.21 100,000 334 Lloyds 9 May 2027 1.60 5.65 7.25 150,000 89 CBA 4 Nov 2027 1.60 1.37 2.97 100,000 455 ABN AMRO 2 May 2028 1.75 5.04 6.79 100,000 57 ANZ 3 May 2028 1.75 5.38 7.13 75,000 44 Barclays 3 May 2028 1.75 4.99 6.74 100,000 57 AXA 31 Jan 2030 \u2014 \u2014 3.03 125,000 1,598 AXA 31 Jan 2030 1.70 1.45 3.15 75,000 995 AXA 28 Apr 2031 \u2014 \u2014 6.43 25,000 13 AXA 28 Apr 2031 1.80 5.20 (1) 7.00 115,000 66 1,390,000 5,259 (1) Facility pays SONIA as variable rate. Loans with maturity dates of less than 12 months amount to \u00a3100 million and are classified as current liabilities. The remaining term debt of \u00a31,290 million is classified as non current liabilities. \u00a31,125 million of these term loans contain swaps. \u00a31,050 million of these instruments have been treated as a single fixed rate loan agreement, which effectively set interest rates payable at fixed 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; \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 financial terms reflect each other. The \u00a375 million term loan with AXA is hedged with an interest rate swap with NAB, which demonstrates consistent characteristics with the other term loans and swaps other than the common counterparty. Similarly, the \u00a3150 million term loan with Lloyds is hedged with an interest rate swap with a different Lloyds counterparty. In such cases, the interest rate swaps have not been recognised as separate instruments at fair value and the Board is of the view that their fair values are not sufficiently material to be separately recognised. The \u00a3115 million term loan tranche with AXA has not been hedged with an interest rate swap and so the loan will be fully variable until maturity of the loan. \u00a3150 million term loan tranches with AXA have fixed all-in rates and have not been hedged by interest rate swaps. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares in Holdco, and a floating charge over Holdco\u2019s bank accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "value": "For the year ended For the year ended 31 December 2023 31 December 2022 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 58,787 27,489 Facility arrangement fees 4,350 500 Commitment fees 2,289 3,114 Letter of credit fees 1,137 324 Professional fees 589 1,163 Other facility fees 244 185 Finance expense 67,396 32,775 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-221": { "value": "For the year ended For the year ended 31 December 2023 31 December 2022 Group and Company \u00a3\u2019000 \u00a3\u2019000 Loan interest 58,787 27,489 Facility arrangement fees 4,350 500 Commitment fees 2,289 3,114 Letter of credit fees 1,137 324 Professional fees 589 1,163 Other facility fees 244 185 Finance expense 67,396 32,775 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-194": { "value": "
14. Contingencies and commitments
The Group had no contingencies and commitments for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-222": { "value": "14. Contingencies and commitments The Group had no contingencies and commitments for the year ended 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-17": { "value": "14. Contingencies and commitments The Group had no contingencies and commitments for the year ended 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-195": { "value": "
15. Share capital \u2013 ordinary shares of \u00a30.01
Capital
Number of Share Share redemption
shares capital premium reserve Total
Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2023 2,318,089,989 23,181 2,470,396 \u2014 2,493,577
Shares issued to the Investment Manager
3 February 2023 True-up of 2022 and
Q1 2023 Equity Element 167,923 2 373 \u2014 375
5 May 2023 Q2 2023 Equity Element 225,441 2 373 \u2014 375
4 August 2023 Q3 2023 Equity Element 226,182 2 373 \u2014 375
619,546 6 1,119 \u2014 1,125
Share buybacks (6,577,736) (66) \u2014 66 \u2014
31 December 2023 2,312,131,799 23,121 2,471,515 66 2,494,702
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
Q1 2022 Equity Element 254,855 3 372 375
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
Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has
satisfied all of its liabilities, the shareholders are entitled to all of the residual assets of the Company.
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 figures 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 2023.
Following the commencement of the share buyback programme at the end of October 2023, the Company
repurchased and cancelled 6.6 million shares in the final 2 months of the year. Further details regarding the
Company\u2019s purchase of its own shares are included in the Chairman\u2019s Statement on page 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-18": { "value": "15. Share capital \u2013 ordinary shares of \u00a30.01 Capital Number of Share Share redemption shares capital premium reserve Total Date Authorised, issued and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 1 January 2023 2,318,089,989 23,181 2,470,396 \u2014 2,493,577 Shares issued to the Investment Manager 3 February 2023 True-up of 2022 and Q1 2023 Equity Element 167,923 2 373 \u2014 375 5 May 2023 Q2 2023 Equity Element 225,441 2 373 \u2014 375 4 August 2023 Q3 2023 Equity Element 226,182 2 373 \u2014 375 619,546 6 1,119 \u2014 1,125 Share buybacks (6,577,736) (66) \u2014 66 \u2014 31 December 2023 2,312,131,799 23,121 2,471,515 66 2,494,702 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 Q1 2022 Equity Element 254,855 3 372 375 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 Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all of its liabilities, the shareholders are entitled to all of the residual assets of the Company. 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 figures 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 2023. Following the commencement of the share buyback programme at the end of October 2023, the Company repurchased and cancelled 6.6 million shares in the final 2 months of the year. Further details regarding the Company\u2019s purchase of its own shares are included in the Chairman\u2019s Statement on page 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-19": { "value": "16. Net assets per share Group and Company 31 December 2023 31 December 2022 Net assets \u2013 \u00a3\u2019000 3,793,997 3,873,228 Number of ordinary shares issued 2,312,131,799 2,318,089,989 Total net assets \u2013 pence 164.1 167.1", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-196": { "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 2023 31 December 2022
Group \u00a3\u2019000 \u00a3\u2019000
Operating profit for the year 193,976 986,638
Adjustments for:
Unrealised movement in fair value of investments (note 9) 191,402 (446,096)
Investment acquisition costs 2,797 3,146
(Increase)/decrease in receivables (38,639) 144
Increase in payables 9,157 519
Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500
Tax paid (392) \u2014
Net cash flows from operating activities 359,801 545,851
For the year ended For the year ended
31 December 2023 31 December 2022
Company \u00a3\u2019000 \u00a3\u2019000
Operating profit for the year 193,976 986,638
Adjustments for:
Unrealised movement in fair value of investments (note 9) (227,153) (1,019,502)
Increase in receivables (40,253) (19)
Increase in payables 6,627 434
Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500
Tax paid (392) \u2014
Net cash flows from operating activities (65,695) (30,949)
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 2023 1,100,000 6,168
Cash flows (net) 690,000 (67,773)
Movements in Statement of Comprehensive Income \u2014 67,396
As at 31 December 2023 1,790,000 5,791
Loans and
borrowings Other liabilities
Group and Company \u00a3\u2019000 \u00a3\u2019000
As at 1 January 2022 950,000 3,082
Cash flows (net) 150,000 (29,689)
Movements in Statement of Comprehensive Income \u2014 32,775
As at 31 December 2022 1,100,000 6,168
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 2023 31 December 2022 Group \u00a3\u2019000 \u00a3\u2019000 Operating profit for the year 193,976 986,638 Adjustments for: Unrealised movement in fair value of investments (note 9) 191,402 (446,096) Investment acquisition costs 2,797 3,146 (Increase)/decrease in receivables (38,639) 144 Increase in payables 9,157 519 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Tax paid (392) \u2014 Net cash flows from operating activities 359,801 545,851 For the year ended For the year ended 31 December 2023 31 December 2022 Company \u00a3\u2019000 \u00a3\u2019000 Operating profit for the year 193,976 986,638 Adjustments for: Unrealised movement in fair value of investments (note 9) (227,153) (1,019,502) Increase in receivables (40,253) (19) Increase in payables 6,627 434 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Tax paid (392) \u2014 Net cash flows from operating activities (65,695) (30,949) 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 2023 1,100,000 6,168 Cash flows (net) 690,000 (67,773) Movements in Statement of Comprehensive Income \u2014 67,396 As at 31 December 2023 1,790,000 5,791 Loans and borrowings Other liabilities Group and Company \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2022 950,000 3,082 Cash flows (net) 150,000 (29,689) Movements in Statement of Comprehensive Income \u2014 32,775 As at 31 December 2022 1,100,000 6,168", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 financial risks relating to its operations. The Group\u2019s activities expose it to a variety of financial 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 defined as the risk that the fair value of a financial instrument held by the Group will fluctuate. Investments are measured at fair value through profit or loss and are valued on a discounted cash flow basis. Therefore, the value of these investments will be (amongst other risk factors) a function of the discounted value of their expected cash flows 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 financial assets is limited to interest earned on security cash deposits. The Group also has exposure to interest rate risk due to floating interest rates required to service external borrowings through the revolving credit facility and the unhedged \u00a3115 million term loan tranche with AXA. An increase of 1 per cent (2022: 3 per cent) represents the Investment Manager\u2019s assessment of a reasonably possible change in interest rates. Should the SONIA rate increase by 1 per cent, the annual interest due on the facility and term loan would increase by \u00a35,150,000 (2022: \u00a36,000,000) on the basis that the revolving credit facility is \u00a3400 million drawn (2022: \u00a3200 million). The Group\u2019s only other exposure to interest rate risk is due to the \u00a375 million term loan with AXA and \u00a3150 million term loan with Lloyds that are hedged by different counterparties. No material impact is expected for these swaps. The Investment Manager regularly monitors interest rates to ensure the Group has adequate provisions in place in the event of significant fluctuations. The associated interest rate swaps on amounts drawn under the other term debt facilities detailed in note 13, effectively set interest payable at a fixed rate for the full term of the loans, thereby mitigating the risks associated with the variability of cash flows arising from interest rate fluctuations. The Board considers that, as shareholder loan investments bear interest at a fixed rate, they do not carry any interest rate risk. 18. Financial risk management continued Interest rate risk continued The Group\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below: Fixed rate Floating rate Group \u00a3\u2019000 \u00a3\u2019000 Assets Security cash deposits (note 11) \u2014 40,119 Other receivables (note 11) \u2014 111 Investments 1,484,003 \u2014 1,484,003 40,230 Liabilities Loans and borrowings (note 13) (1,275,000) (515,000) (1,275,000) (515,000) The Group\u2019s interest bearing assets and liabilities as at 31 December 2022 are summarised below: Fixed rate Floating rate Group \u00a3\u2019000 \u00a3\u2019000 Assets Investments 1,087,081 \u2014 1,087,081 \u2014 Liabilities Loans and borrowings (note 13) (900,000) (200,000) (900,000) (200,000) The Company\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below: Fixed rate Floating rate Company \u00a3\u2019000 \u00a3\u2019000 Assets Security cash deposits (note 11) \u2014 40,119 Other receivables (note 11) \u2014 111 \u2014 40,230 Liabilities Loans and borrowings (note 13) (1,275,000) (515,000) (1,275,000) (515,000) The Company\u2019s interest bearing assets and liabilities as at 31 December 2022 are summarised below: Fixed rate Floating rate Company \u00a3\u2019000 \u00a3\u2019000 Liabilities Loans and borrowings (note 13) (900,000) (200,000) (900,000) (200,000) 18. Financial risk management continued Foreign currency risk Foreign currency risk is defined as the risk that the fair values of future cash flows will fluctuate because of changes in foreign exchange rates. The Group\u2019s financial 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 fulfil its contractual obligations. The Group is exposed to credit risk in respect of other receivables, cash at bank, security cash deposits, loan investments and loan advances. The Group\u2019s credit risk exposure is minimised by dealing with financial institutions with investment grade credit ratings and making loan investments which are equity in nature. As loan investments are carried at fair value, any credit risk movement is reflected in the fair value. The Investment Manager regularly reviews the future cash flows and valuations of the investee companies, to gain comfort as to the recoverability of the loans. No balances are past due or impaired. The table below details the Group\u2019s maximum exposure to credit risk: 31 December 2023 31 December 2022 Group \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 859 717 Cash at bank 21,805 19,783 Security cash deposits (note 11) 40,119 \u2014 Loan investments 1,484,003 1,087,081 1,546,786 1,107,581 The table below details the Company\u2019s maximum exposure to credit risk: 31 December 2023 31 December 2022 Company \u00a3\u2019000 \u00a3\u2019000 Other receivables (note 11) 111 3 Cash at bank 52 2,446 Security cash deposits (note 11) 40,119 \u2014 Loan investments 2,696,103 2,343,715 2,736,385 2,346,164 The table below shows the cash balances of the Group and the credit rating for each counterparty: 31 December 2023 31 December 2022 Group Rating \u00a3\u2019000 \u00a3\u2019000 RBS International A 21,805 17,505 The Crown Estate n/a \u2014 2,278 21,805 19,783 The table below shows the cash balances of the Company and the credit rating for each counterparty: 31 December 2023 31 December 2022 Company Rating \u00a3\u2019000 \u00a3\u2019000 RBS International A 52 168 The Crown Estate n/a \u2014 2,278 52 2,446 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 flows from operating, financing and investing activities to consider payment of dividends, the repurchase of ordinary shares, repayment of the Company\u2019s outstanding debt or further investing activities. The significant net current liabilities position of the Group at 31 December 2023 is due to both the Company\u2019s revolving credit facility and two of the Company\u2019s term debt tranches with NAB and CBA maturing within 12 months of the year end and therefore being classified as current liabilities. The Company expects to refinance the maturing term debt during 2024. The following tables detail the Group\u2019s expected maturity for its financial assets (excluding equity) and liabilities together with the contractual undiscounted cash flow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Group \u2013 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 859 \u2014 \u2014859 Cash at bank 21,805 \u2014 \u201421,805 Security cash deposits (note 11) 40,119 \u2014 \u201440,119 Loan investments \u2014\u20141,484,003 1,484,003 Liabilities Other payables (note 12) (17,573) \u2014 \u2014(17,573) Loans and borrowings (589,744) (1,129,977) (369,089) (2,088,810) (544,534) (1,129,977) 1,114,914 (559,597) 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 \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) The shareholder loan investments are repayable on demand. The following tables detail the Company\u2019s expected maturity for its financial assets (excluding equity) and liabilities together with the contractual undiscounted cash flow amounts: Less than 1 year 1 \u2013 5 years 5+ years Total Company \u2013 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Assets Other receivables (note 11) 111 \u2014 \u2014111 Cash at bank 52 \u2014 \u201452 Security cash deposits (note 11) 40,119 \u2014 \u201440,119 Loan investments \u2014\u20142,696,103 2,696,103 Liabilities Other payables (note 12) (14,793) \u2014 \u2014(14,793) Loans and borrowings (589,744) (1,129,977) (369,089) (2,088,810) (564,255) (1,129,977) 2,327,014 632,782 18. Financial risk management continued Liquidity risk continued 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 \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 The Group and Company will use cash flow generation, equity placings, debt refinancing 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 financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-197": { "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 defined as the risk that the fair value of a financial instrument held by the Group will fluctuate.
Investments are measured at fair value through profit or loss and are valued on a discounted cash flow basis.
Therefore, the value of these investments will be (amongst other risk factors) a function of the discounted value
of their expected cash flows 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 financial assets is limited to interest earned on security cash
deposits. The Group also has exposure to interest rate risk due to floating interest rates required to service
external borrowings through the revolving credit facility and the unhedged \u00a3115 million term loan tranche with
AXA. An increase of 1 per cent (2022: 3 per cent) represents the Investment Manager\u2019s assessment of a reasonably
possible change in interest rates. Should the SONIA rate increase by 1 per cent, the annual interest due on the
facility and term loan would increase by \u00a35,150,000 (2022: \u00a36,000,000) on the basis that the revolving credit
facility is \u00a3400 million drawn (2022: \u00a3200 million). The Group\u2019s only other exposure to interest rate risk is due to
the \u00a375 million term loan with AXA and \u00a3150 million term loan with Lloyds that are hedged by different
counterparties. No material impact is expected for these swaps. The Investment Manager regularly monitors
interest rates to ensure the Group has adequate provisions in place in the event of significant fluctuations.
The associated interest rate swaps on amounts drawn under the other term debt facilities detailed in note 13,
effectively set interest payable at a fixed rate for the full term of the loans, thereby mitigating the risks associated
with the variability of cash flows arising from interest rate fluctuations.
The Board considers that, as shareholder loan investments bear interest at a fixed rate, they do not carry any
interest rate risk.
Interest rate risk continued
The Group\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below:
Fixed rate Floating rate
Group \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11) \u2014 40,119
Other receivables (note 11) \u2014 111
Investments 1,484,003 \u2014
1,484,003 40,230
Liabilities
Loans and borrowings (note 13) (1,275,000) (515,000)
(1,275,000) (515,000)
The Group\u2019s interest bearing assets and liabilities as at 31 December 2022 are summarised below:
Fixed rate Floating rate
Group \u00a3\u2019000 \u00a3\u2019000
Assets
Investments 1,087,081 \u2014
1,087,081 \u2014
Liabilities
Loans and borrowings (note 13) (900,000) (200,000)
(900,000) (200,000)
The Company\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below:
Fixed rate Floating rate
Company \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11) \u2014 40,119
Other receivables (note 11) \u2014 111
\u2014 40,230
Liabilities
Loans and borrowings (note 13) (1,275,000) (515,000)
(1,275,000) (515,000)
The Company\u2019s interest bearing assets and liabilities as at 31 December 2022 are summarised below:
Fixed rate Floating rate
Company \u00a3\u2019000 \u00a3\u2019000
Liabilities
Loans and borrowings (note 13) (900,000) (200,000)
(900,000) (200,000)
Foreign currency risk
Foreign currency risk is defined as the risk that the fair values of future cash flows will fluctuate because of changes
in foreign exchange rates. The Group\u2019s financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-198": { "value": "
Credit risk
Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfil its contractual obligations.
The Group is exposed to credit risk in respect of other receivables, cash at bank, security cash deposits, loan
investments and loan advances. The Group\u2019s credit risk exposure is minimised by dealing with financial institutions
with investment grade credit ratings and making loan investments which are equity in nature. As loan investments
are carried at fair value, any credit risk movement is reflected in the fair value. The Investment Manager regularly
reviews the future cash flows and valuations of the investee companies, to gain comfort as to the recoverability
of the loans. No balances are past due or impaired.
The table below details the Group\u2019s maximum exposure to credit risk:
31 December 2023 31 December 2022
Group \u00a3\u2019000 \u00a3\u2019000
Other receivables (note 11) 859 717
Cash at bank 21,805 19,783
Security cash deposits (note 11) 40,119 \u2014
Loan investments 1,484,003 1,087,081
1,546,786 1,107,581
The table below details the Company\u2019s maximum exposure to credit risk:
31 December 2023 31 December 2022
Company \u00a3\u2019000 \u00a3\u2019000
Other receivables (note 11) 111 3
Cash at bank 52 2,446
Security cash deposits (note 11) 40,119 \u2014
Loan investments 2,696,103 2,343,715
2,736,385 2,346,164
The table below shows the cash balances of the Group and the credit rating for each counterparty:
31 December 2023 31 December 2022
Group Rating \u00a3\u2019000 \u00a3\u2019000
RBS International A 21,805 17,505
The Crown Estate n/a \u2014 2,278
21,805 19,783
The table below shows the cash balances of the Company and the credit rating for each counterparty:
31 December 2023 31 December 2022
Company Rating \u00a3\u2019000 \u00a3\u2019000
RBS International A 52 168
The Crown Estate n/a \u2014 2,278
52 2,446
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-199": { "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
flows from operating, financing and investing activities to consider payment of dividends, the repurchase of
ordinary shares, repayment of the Company\u2019s outstanding debt or further investing activities.
The significant net current liabilities position of the Group at 31 December 2023 is due to both the Company\u2019s
revolving credit facility and two of the Company\u2019s term debt tranches with NAB and CBA maturing within 12
months of the year end and therefore being classified as current liabilities. The Company expects to refinance the
maturing term debt during 2024.
The following tables detail the Group\u2019s expected maturity for its financial assets (excluding equity) and liabilities
together with the contractual undiscounted cash flow amounts:
Less than 1 year 1 \u2013 5 years 5+ years Total
Group \u2013 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Other receivables (note 11) 859 \u2014 \u2014859
Cash at bank 21,805 \u2014 \u201421,805
Security cash deposits (note 11) 40,119 \u2014 \u201440,119
Loan investments \u2014\u20141,484,003 1,484,003
Liabilities
Other payables (note 12) (17,573) \u2014 \u2014(17,573)
Loans and borrowings (589,744) (1,129,977) (369,089) (2,088,810)
(544,534) (1,129,977) 1,114,914 (559,597)
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 \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)
The shareholder loan investments are repayable on demand.
The following tables detail the Company\u2019s expected maturity for its financial assets (excluding equity) and liabilities
together with the contractual undiscounted cash flow amounts:
Less than 1 year 1 \u2013 5 years 5+ years Total
Company \u2013 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Other receivables (note 11) 111 \u2014 \u2014111
Cash at bank 52 \u2014 \u201452
Security cash deposits (note 11) 40,119 \u2014 \u201440,119
Loan investments \u2014\u20142,696,103 2,696,103
Liabilities
Other payables (note 12) (14,793) \u2014 \u2014(14,793)
Loans and borrowings (589,744) (1,129,977) (369,089) (2,088,810)
(564,255) (1,129,977) 2,327,014 632,782
Liquidity risk continued
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 \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
The Group and Company will use cash flow generation, equity placings, debt refinancing 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-200": { "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 financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-201": { "value": "
19. Related party transactions
Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 45
to 48. \u00a346,461 (2022: \u00a339,927) 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 \u00a3680,800,000 (2022: \u00a3260,811,425) and Holdco
settled amounts of \u00a3328,411,737 (2022: \u00a3347,862,031). The amount outstanding at the year end was
\u00a32,696,103,477 (31 December 2022: \u00a32,343,715,214).
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 (2022: \u00a3800,000) was paid from
Holdco to the Company under this agreement and amounts due to the Company at the year end were \u00a3nil
(2022: \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.
During the year, Holdco received \u00a31,861,994 (2022: \u00a32,847,873) in relation to renewables obligation proceeds on
behalf of Bin Mountain, Carcant and Tappaghan. Amounts due to these investee companies as at 31 December
2023 were \u00a33,246 (2022: \u00a3nil).
As at 31 December 2023, \u00a3182,698 was due to Bicker Fen (2022: \u00a3230,214 due from Bicker Fen), \u00a3834,064 was
due to Fenlands (2022: \u00a3120,135 due from Fenlands), \u00a3924,611 was due to North Hoyle (2022: \u00a3869,799 due from
North Hoyle), \u00a3147,295 was due to Nanclach (2022: \u00a3nil), \u00a351,783 was due to Langhope Rig (2022: \u00a3nil), \u00a327,133
was due to Douglas West (2022: \u00a3nil) and \u00a31,017,709 was due from Burbo (2022: \u00a3nil) in respect of tax
payments/rebates paid/received by Holdco.
As at 31 December 2023, under the terms of Management Services Agreements with the SPVs, Holdco was due
to receive \u00a3982 from Fenlands (2022: \u00a3899 from Bicker Fen, \u00a3899 from Fenlands and \u00a332,588 from Windy Rig).
19. Related party transactions continued
As at 31 December 2023, under the terms of the Investment Management Agreement, the Company owed the
Investment Manager a Cash Fee of \u00a37,715,319 and an Equity Element of \u00a3375,000, relating to the final quarter
of the year and a 2023 true-up.
As at 31 December 2023, an amount of \u00a31,539,501 (2022: \u00a3nil) was payable from the Group to Douglas West,
being a return of a dividend received during the year.
For the year ended 31 December 2023
Expenses paid
to the Expenses paid
Income Investment to the
received Manager Administrator
\u00a3 \u00a3 \u00a3
Andershaw, Bin Mountain, Bishopthorpe, Brockaghboy, Carcant,
Church Hill, Cotton Farm, Corriegarth, Crighshane, Douglas West,
Earl\u2019s Hall Farm, Glen Kyllachy, Kildrummy, Langhope Rig, Maerdy,
North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2,
Stroupster, Tappaghan, Tom nan Clach, Twentyshilling, Windy Rig: 1,366,019 683,010 683,010
\u00a356,918 income receivable per wind farm per annum
\u00a328,459 expenses payable to the Investment Manager per wind farm
per annum
\u00a328,459 expenses payable to the Administrator per wind farm per annum
Braes of Doune, Drone Hill, North Rhins, Sixpenny Wood,
Yelvertoft:
\u00a342,688 income receivable per wind farm per annum 213,440 71,147 142,293
\u00a314,229 expenses payable to the Investment Manager per wind farm
per annum
\u00a328,459 expenses payable to the Administrator per wind farm per annum
Dalquhandy:
\u00a332,200 income receivable per annum
32,200 16,100 16,100
\u00a316,100 expenses payable to the Investment Manager per annum
\u00a316,100 expenses payable to the Administrator per annum
Dunmaglass Holdco, Stronelairg Holdco:
\u00a38,574 income receivable per wind farm per annum
\u00a3nil expenses payable to the Investment Manager per wind farm
17,148 \u2014 17,148
per annum
\u00a38,574 expenses payable to the Administrator per wind farm per annum
Bicker Fen, Fenlands:
\u00a33,274 income receivable per wind farm per annum
\u00a33,274 expenses payable to the Investment Manager per wind farm
6,548 6,548 \u2014
per annum
\u00a3nil expenses payable to the Administrator per wind farm per annum
Walney Holdco:
\u00a321,570 income receivable per annum
21,570 10,785 10,785
\u00a310,785 expenses payable to the Investment Manager per annum
\u00a310,785 expenses payable to the Administrator per annum
Humber Holdco:
\u00a38,459 income receivable per annum
8,459 \u2014 8,459
\u00a3nil expenses payable to the Investment Manager per annum
\u00a38,459 expenses payable to the Administrator per annum
Burbo Bank Extension:
\u00a36,740 income receivable per annum
6,740 6,740 \u2014
\u00a36,740 expenses payable to the Investment Manager per annum
\u00a3nil expenses payable to the Administrator per wind farm per annum
Total 1,672,124 794,329 877,795
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
15,697 \u2014 15,697
\u00a3nil expenses payable to the Investment Manager per wind farm
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
5,994 5,994 \u2014
\u00a32,997 expenses payable to the Investment Manager per wind farm
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
The table below shows dividends received in the year from the Group\u2019s investments.
For the year ended For the year ended
31 December 2023 31 December 2022
\u00a3\u2019000 \u00a3\u2019000
Humber Holdco
(1)
53,436 53,017
Clyde 46,776 51,055
Stronelairg Holdco
(2)
26,154 33,733
Walney Holdco
(3)
25,298 28,890
Hornsea 1 Holdco
(4)
16,842 \u2014
North Hoyle 14,412 27,730
Braes of Doune 14,361 28,724
Brockaghboy 13,804 18,763
Corriegarth 13,097 32,463
Hoylake
(5)
12,583 7,342
Dunmaglass Holdco
(6)
11,298 13,177
ML Wind
(7)
10,143 16,317
Fenlands
(8)
9,515 16,937
SYND Holdco
(9)
9,430 18,695
Rhyl Flats 8,258 13,099
Stroupster 6,610 3,021
Little Cheyne Court 6,437 9,184
Windy Rig 5,277 14,942
Tappaghan 5,017 9,221
Andershaw 4,417 15,599
Slieve Divena 4,345 7,951
Maerdy 4,318 9,038
Twentyshilling 4,046 8,384
Bishopthorpe 3,944 7,952
Bicker Fen 3,770 6,382
Langhope Rig 3,475 9,287
Screggagh 3,404 6,477
Cotton Farm 2,960 4,467
Slieve Divena 2 2,732 5,490
Kildrummy 2,359 4,614
Crighshane 2,201 5,677
Glen Kyllachy 2,131 11,300
Earl's Hall Farm 1,788 2,264
Douglas West 1,500 14,250
Carcant 1,340 3,237
Bin Mountain 1,260 3,168
Church Hill 1,201 4,050
359,939 525,897
(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 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 Dunmaglass is held through Dunmaglass Holdco.
(7)
The Group\u2019s investments in Middlemoor and Lindhurst are held through ML Wind.
(8)
The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands.
(9)
The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco.
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 2023 31 December 2022
\u00a3\u2019000 \u00a3\u2019000
Hoylake
(1)
10,662 6,706
Walney Holdco
(2)
9,994 11,244
Stronelairg Holdco
(3)
5,197 5,197
Clyde 4,283 4,206
South Kyle 4,239 \u2014
Dunmaglass Holdco
(4)
3,412 3,412
Tom nan Clach 2,890 2,809
Glen Kyllachy 2,886 3,085
Corriegarth 2,805 2,658
London Array
(5)
2,605 \u2014
Douglas West 2,532 2,947
Hornsea 1 Holdco
(6)
2,206 \u2014
Andershaw 1,894 2,125
Windy Rig 1,850 2,309
Twentyshilling 1,473 1,005
Slieve Divena 2 1,340 1,329
Crighshane 1,257 1,283
Church Hill 843 944
Dalquhandy 417 \u2014
62,785 51,259
(1)
The Group\u2019s investment in Burbo Bank Extension is held through Hoylake.
(2)
The Group\u2019s investment in Walney is held through Walney Holdco.
(3)
The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco.
(4)
The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco.
(5)
The Group\u2019s investment in London Array is held through London Array Holdco.
(6)
The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco.
19. Related party transactions continued
The table below shows the Group\u2019s shareholder loans with the wind farm investments.
Accrued
Loans at Loans Loans Loan Loans at interest at
1 January advanced restructured repayments 31 December 31 December
2023
(1)
in the year
(2)
in the year in the year 2023 2023 Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Andershaw 32,641 \u2014 \u2014 (2,695) 29,946 135 30,081
Church Hill 13,830 \u2014 \u2014 (1,176) 12,654 2 12,656
Clyde 71,503 \u2014 \u2014 \u2014 71,503 1,022 72,525
Corriegarth 42,553 \u2014 \u2014 \u2014 42,553 70 42,623
Crighshane 20,497 \u2014 \u2014 (1,970) 18,527 \u2014 18,527
Dalquhandy \u2014 40,878 \u2014 \u2014 40,878 987 41,865
Douglas West 43,248 \u2014 \u2014 (3,139) 40,109 \u2014 40,109
Dunmaglass Holdco
(3)
56,864 \u2014 \u2014 \u2014 56,864 860 57,724
Glen Kyllachy 48,776 \u2014 \u2014 (2,146) 46,630 \u2014 46,630
Hornsea 1 Holdco
(4)
109,475 6,906 \u2014 (15,050) 101,331 34 101,365
Hoylake
(5)
178,120 1,239 \u2014 \u2014 179,359 \u2014 179,359
Kype Muir Extension 39,415 6,553 (15,809) \u2014 30,159 152 30,311
London Array
(6)
\u2014 146,987 \u2014 (13,718) 133,269 1,542 134,811
Slieve Divena 2 21,378 \u2014 \u2014 (706) 20,672 \u2014 20,672
South Kyle \u2014 208,505 \u2014 (1,714) 206,791 \u2014 206,791
Stronelairg 86,619 \u2014 \u2014 \u2014 86,619 1,310 87,929
Tom nan Clach 73,709 \u2014 \u2014 (7,885) 65,824 11 65,835
Twentyshilling 32,190 \u2014 \u2014 \u2014 32,190 464 32,654
Walney Holdco
(7)
172,727 \u2014 \u2014 \u2014 172,727 369 173,096
Windy Rig 36,772 \u2014 \u2014 \u2014 36,772 369 37,141
1,080,317 411,068 (15,809) (50,199) 1,425,377 7,327 1,432,704
(1)
Excludes accrued interest at 31 December 2022 of \u00a36,763,541.
(2)
Includes capitalised interest of \u00a32,074,396 for Kype Muir Extension, \u00a31,239,406 for Hoylake and \u00a35,070,644 for Hornsea 1, plus a true-up
of \u00a31,835,512 relating to the Hornsea 1 loan.
(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 London Array is held through London Array Holdco.
(7)
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-202": { "value": "
21. Subsequent events
On 29 January 2024, the Company announced a dividend of \u00a379.1 million, equivalent to 3.43 pence per share
with respect to the quarter ended 31 December 2023, bringing the total dividend declared with respect to the
year to 31 December 2023 to 10 pence per share. The record date for the dividend was 16 February 2024 and
the payment date is 29 February 2024.
On 30 January 2024, the Company announced that Abigail Rotheroe will join the Board, effective from 1 March
2024.
Post year end, the Company had announced cumulative buybacks of 14 million shares between 1 January and
27 February 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-203": { "value": "5th Floor 20 Fenchurch Street London EC3M 3BY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }