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Annual Report on Remuneration
During the year, the basic fee for non-executive Directors increased by \u00a33,300 per annum to \u00a368,300, with effect
from 1 January 2024, with the Senior Independent Director and the Audit Committee Chairman receiving an
additional \u00a33,600 and \u00a33,900 per annum respectively. The Chairman\u2019s basic fee was also increased by \u00a35,700 to
\u00a3110,000 per annum.
The level of fees for Directors were benchmarked during the year by the Investment Manager. The Company is
the largest independent generator of renewable electricity in the UK. Its GAV has grown to \u00a35.7 billion through
acquisitions and equity raisings and, in the last 3 years, the Board and its committees have held 71 meetings.
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:
Paid in the year to 31 December 2024
Fixed
remuneration
Discretionary
remuneration
(1)
Total
remuneration
Lucinda Riches C.B.E. (Chairman) \u00a3115,700 \u2014 \u00a3115,700
Caoimhe Giblin (Audit Committee Chairman) \u00a378,900 \u2014 \u00a378,900
Nick Winser C.B.E. (Senior Independent Director) \u00a373,600 \u2014 \u00a373,600
Jim Smith \u00a368,300 \u2014 \u00a368,300
Abigail Rotheroe
(2)
\u00a357,260 \u2014 \u00a357,260
Martin McAdam
(3)
\u00a321,519 \u2014 \u00a321,519
Total \u00a3415,279 \u2014 \u00a3415,279
(1)
The Directors received no additional discretionary payment during the year.
(2)
Appointed to the Board with effect from 1 March 2024.
(3)
Retired with effect from 24 April 2024.
The table below (audited information) shows the total remuneration earned by each individual Director during
the prior year:
Paid in the year to 31 December 2023
Fixed
remuneration
Discretionary
remuneration
(1)
Total
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.
Annual Report on Remuneration continued
The table below (audited information) shows the change in total remuneration earned by each individual Director
over prior years:
Paid in the year to 31 December 2024
2024
% change
from prior
year
(1)
2023
% change
from prior
year
2022
% change
from prior
year
2020
% change
from prior
% change
Lucinda Riches C.B.E. (Chairman)
(2)
19% 66% 6% 10%
Caoimhe Giblin (Audit Committee Chairman) 5% 15% 0% 15%
Nick Winser C.B.E. (Senior Independent Director)
(3)
8% 24% 100% n/a
Jim Smith
(4)
57% 100% n/a n/a
Abigail Rotheroe
(5)
100% n/a n/a n/a
Martin McAdam -67% 18% 0% 10%
Shonaid Jemmett-Page
(6)
n/a -58% 0% 16%
William Rickett C.B.
(7)
n/a n/a 0% 9%
Tim Ingram
(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)
Appointed to the Board with effect from 1 March 2024.
(6)
Retired with effect from 28 April 2024.
(7)
Retired with effect from 28 April 2022.
(8)
Retired with effect from 30 April 2020.
Directors\u2019 Interests (audited information)
Directors who held office and had interests in the shares of the Company as at 31 December 2024 are given in the
table below. There were no changes to the interests of each Director as at the date of this report.
Ordinary shares
of 1p each held at
31 December 2024
Ordinary shares
of 1p each held at
31 December 2023
Martin McAdam
(1)
n/a 153,689
Lucinda Riches C.B.E. 10,000 120,000
Jim Smith 100,000 100,000
Caoimhe Giblin 70,000 70,000
Abigail Rotheroe
(2)
57,451 n/a
(1)
Retired with effect from 24 April 2024.
(2)
Appointed to the Board with effect from 1 March 2024.
Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 44 to 47. \u00a349,555 (2023: \u00a346,461) of employer\u2019s national insurance was paid on non-executive Directors\u2019 fees during the year ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "394715000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "422724000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "-341229000.0", "decimals": -3, 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"fact-193": { "value": "19783000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-194": { "value": "5795000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-195": { "value": "21805000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "1. 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 19 to the financial statements. As at 31 December 2024, the Group had net current assets of \u00a30.6 million (2023: net current liabilities of \u00a3454.6 million), cash balances of \u00a35.8 million (2023: \u00a321.8 million) (excluding cash balances within investee companies of \u00a3135.9 million (2023: \u00a3159.3 million)) and security cash deposits of \u00a313.3 million (2023: \u00a340.1 million). The Company had \u00a31,490 million (2023: \u00a31,390 million) of term debt as at 31 December 2024, with an additional \u00a3270 million drawn on its \u00a3400 million RCF. The covenants on the Group\u2019s banking facilities are limited to gearing, interest cover, and finance charges payable as a percentage of GAV and the Group 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 RCF, 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 14 per cent during the year, a continuation vote is to be proposed at the Company\u2019s AGM in April 2025 in line with its Articles of Association. The Board believes 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 believes 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 2026. 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 the majority of 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. During the year, the Company also sold a minority stake in 2 of its investments as detailed in the Investment Manager\u2019s Report, which offers an additional alternative exit strategy. 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 2024 and had an effect on the Group\u2019s or Company\u2019s financial statements: \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) 1. Material accounting policies continued New and amended standards and interpretations not applied At the date of authorisation of these financial statements, the following new standards had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2027: \u2022 IFRS 18 Presentation and Disclosures in Financial Statements. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. 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 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) Effective for accounting periods beginning on or after 1 January 2026: \u2022 Classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The impact of these new and amended 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 2024 and 2023, 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. The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as financial assets when the fair value is positive and as liabilities when the fair value is negative. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. 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 at 31 December 2024 principally comprise of investments and interest rate swaps 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. Financial assets held 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. 1. Material accounting policies continued Financial instruments continued Financial assets continued 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. 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 Where ordinary shares have been repurchased and cancelled, the nominal value of the ordinary share capital repurchased is transferred out of share capital and into the capital redemption reserve. The cost of repurchasing the ordinary shares is recognised in the Consolidated Statement of Changes in Equity and included within retained earnings. Where ordinary shares have been repurchased and held in treasury, the consideration paid is recognised in the Consolidated Statement of Changes in Equity and deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or sold. No gain or loss is recognised within the Consolidated Statement of Comprehensive Income on the purchase, sale, issue or cancellation of the Company\u2019s own equity investments. Share repurchase transactions are accounted for on a trade date basis. Costs in relation to the repurchase of ordinary shares, including the related stamp duty and transaction costs are recognised in the Consolidated Statement of Changes in Equity and included within the treasury reserve. 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 interest rate swaps or 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-203": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-204": { "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 19 to
the financial statements.
As at 31 December 2024, the Group had net current assets of \u00a30.6 million (2023: net current liabilities of
\u00a3454.6 million), cash balances of \u00a35.8 million (2023: \u00a321.8 million) (excluding cash balances within investee
companies of \u00a3135.9 million (2023: \u00a3159.3 million)) and security cash deposits of \u00a313.3 million (2023: \u00a340.1 million).
The Company had \u00a31,490 million (2023: \u00a31,390 million) of term debt as at 31 December 2024, with an additional
\u00a3270 million drawn on its \u00a3400 million RCF. The covenants on the Group\u2019s banking facilities are limited to gearing,
interest cover, and finance charges payable as a percentage of GAV and the Group 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 RCF, 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 14 per cent during the year, a continuation vote
is to be proposed at the Company\u2019s AGM in April 2025 in line with its Articles of Association. The Board believes
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 believes 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 2026. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-205": { "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 the majority of 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. During the year, the Company also sold a minority stake in 2 of its
investments as detailed in the Investment Manager\u2019s Report, which offers an additional alternative exit strategy.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "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 the majority of 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. During the year, the Company also sold a minority stake in 2 of its investments as detailed in the Investment Manager\u2019s Report, which offers an additional alternative exit strategy. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-206": { "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 2024 and had an effect on the Group\u2019s or Company\u2019s financial statements:
\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)
New and amended standards and interpretations not applied
At the date of authorisation of these financial statements, the following new standards had been published and
will be effective in future accounting periods.
Effective for accounting periods beginning on or after 1 January 2027:
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures.
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 2025:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates)
Effective for accounting periods beginning on or after 1 January 2026:
\u2022 Classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures.
The impact of these new and amended 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "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 2024 and had an effect on the Group\u2019s or Company\u2019s financial statements: \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) New and amended standards and interpretations not applied At the date of authorisation of these financial statements, the following new standards had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2027: \u2022 IFRS 18 Presentation and Disclosures in Financial Statements. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. 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 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) Effective for accounting periods beginning on or after 1 January 2026: \u2022 Classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The impact of these new and amended 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "value": "New and amended standards and interpretations not applied At the date of authorisation of these financial statements, the following new standards had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2027: \u2022 IFRS 18 Presentation and Disclosures in Financial Statements. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. 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 2025: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) Effective for accounting periods beginning on or after 1 January 2026: \u2022 Classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The impact of these new and amended standards is not expected to be material to the reported results and financial position of the Group. ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-207": { "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 2024 and 2023, 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.
The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as
financial assets when the fair value is positive and as liabilities when the fair value is negative. Gains or losses
resulting from the movement in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated
Statement of Comprehensive Income at each valuation point.
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 at 31 December 2024 principally comprise of investments and interest
rate swaps 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.
Financial assets held 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.
Financial instruments continued
Financial assets continued
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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "value": "The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as financial assets when the fair value is positive and as liabilities when the fair value is negative. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as financial assets when the fair value is positive and as liabilities when the fair value is negative. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-237": { "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 at 31 December 2024 principally comprise of investments and interest rate swaps 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. Financial assets held 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. Financial assets continued 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "Financial assets held 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "Financial assets held 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-238": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-208": { "value": "
Finance expenses
Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which
they relate on an accruals basis.
Income recognition
Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s
entitlement to receive payment is established.
Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps or 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-239": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-209": { "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
Where ordinary shares have been repurchased and cancelled, the nominal value of the ordinary share capital repurchased
is transferred out of share capital and into the capital redemption reserve. The cost of repurchasing the ordinary shares
is recognised in the Consolidated Statement of Changes in Equity and included within retained earnings.
Where ordinary shares have been repurchased and held in treasury, the consideration paid is recognised in the
Consolidated Statement of Changes in Equity and deducted from equity attributable to the Company\u2019s equity
holders until the shares are cancelled, reissued or sold.
No gain or loss is recognised within the Consolidated Statement of Comprehensive Income on the purchase, sale,
issue or cancellation of the Company\u2019s own equity investments. Share repurchase transactions are accounted for
on a trade date basis. Costs in relation to the repurchase of ordinary shares, including the related stamp duty and
transaction costs are recognised in the Consolidated Statement of Changes in Equity and included within the
treasury reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "value": "Repurchase of ordinary share capital Where ordinary shares have been repurchased and cancelled, the nominal value of the ordinary share capital repurchased is transferred out of share capital and into the capital redemption reserve. The cost of repurchasing the ordinary shares is recognised in the Consolidated Statement of Changes in Equity and included within retained earnings. Where ordinary shares have been repurchased and held in treasury, the consideration paid is recognised in the Consolidated Statement of Changes in Equity and deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or sold. No gain or loss is recognised within the Consolidated Statement of Comprehensive Income on the purchase, sale, issue or cancellation of the Company\u2019s own equity investments. Share repurchase transactions are accounted for on a trade date basis. Costs in relation to the repurchase of ordinary shares, including the related stamp duty and transaction costs are recognised in the Consolidated Statement of Changes in Equity and included within the treasury reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-210": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "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 interest rate swaps or 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "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 interest rate swaps or 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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-211": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-212": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "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. 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 periodically in the future when more meaningful information is available on average wind speeds in the UK, which can cause 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "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 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Cash Fee 29,543 31,344 Equity Element 1,500 1,500 31,043 32,844 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 relating to the quarter ended 31 December 2024 was accrued at year end. This is further detailed in note 20. In December 2024, the terms of the Investment Management Agreement were amended such that the basis of the investment management fee calculation will be the lower of the Company\u2019s market capitalisation and NAV, with effect from 1 January 2025. The fee thresholds and rates applied as set out above remain unchanged.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-213": { "value": "
4. Investment income
For the year ended
31 December 2024
\u00a3\u2019000
For the year ended
31 December 2023
\u00a3\u2019000
Dividends received (note 20) 323,609 359,939
Interest on shareholder loan investment received (note 20) 71,106 62,785
394,715 422,724
Group and Company For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Loan interest 94,069 58,787 Facility arrangement fees 7,725 4,350 Swap termination fees 3,374 \u2014 Commitment fees 1,159 2,289 Letter of credit fees 1,114 1,137 Professional fees 1,216 589 Other facility fees 188 244 108,845 67,396 Loan income (3,594) \u2014 Finance expense 105,251 67,396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "value": "4. Investment income For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Dividends received (note 20) 323,609 359,939 Interest on shareholder loan investment received (note 20) 71,106 62,785 394,715 422,724 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "value": "4. Investment income For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Dividends received (note 20) 323,609 359,939 Interest on shareholder loan investment received (note 20) 71,106 62,785 394,715 422,724
Group and Company
For the year ended
31 December 2024
\u00a3\u2019000
For the year ended
31 December 2023
\u00a3\u2019000
Loan interest 94,069 58,787
Facility arrangement fees 7,725 4,350
Swap termination fees 3,374 \u2014
Commitment fees 1,159 2,289
Letter of credit fees 1,114 1,137
Professional fees 1,216 589
Other facility fees 188 244
108,845 67,396
Loan income (3,594) \u2014
Finance expense 105,251 67,396
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "value": "4. Investment income For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Dividends received (note 20) 323,609 359,939 Interest on shareholder loan investment received (note 20) 71,106 62,785 394,715 422,724 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "4. Investment income For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Dividends received (note 20) 323,609 359,939 Interest on shareholder loan investment received (note 20) 71,106 62,785 394,715 422,724 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-214": { "value": "
5. Operating expenses
For the year ended
31 December 2024
\u00a3\u2019000
For the year ended
31 December 2023
\u00a3\u2019000
Management fees (note 3) 31,043 32,844
Group and SPV administration fees 1,330 1,231
Non-executive Directors\u2019 fees 415 385
Other expenses 4,174 2,895
Fees to the Group\u2019s Auditor:
for audit of the statutory financial statements 273 248
for other audit related services 5 5
37,240 37,608
Total fees payable to the Group\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December
2024 were \u00a35,100 (2023: \u00a34,800), payable in relation to a limited procedures on the half year report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "value": "5. Operating expenses For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Management fees (note 3) 31,043 32,844 Group and SPV administration fees 1,330 1,231 Non-executive Directors\u2019 fees 415 385 Other expenses 4,174 2,895 Fees to the Group\u2019s Auditor: for audit of the statutory financial statements 273 248 for other audit related services 5 5 37,240 37,608 Total fees payable to the Group\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December 2024 were \u00a35,100 (2023: \u00a34,800), payable in relation to a limited procedures on the half year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "5. Operating expenses For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Management fees (note 3) 31,043 32,844 Group and SPV administration fees 1,330 1,231 Non-executive Directors\u2019 fees 415 385 Other expenses 4,174 2,895 Fees to the Group\u2019s Auditor: for audit of the statutory financial statements 273 248 for other audit related services 5 5 37,240 37,608 Total fees payable to the Group\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December 2024 were \u00a35,100 (2023: \u00a34,800), payable in relation to a limited procedures on the half year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "6. Taxation For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 UK Corporation Tax charge \u2014 392 \u2014 392 The tax charge for the year shown in the Statement of Comprehensive Income is lower than the standard rate of corporation tax of 25 per cent (2023: 23.52 per cent). The differences are explained below. For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 (Loss)/profit for the year before taxation (55,415) 126,580 (Loss)/profit for the year multiplied by the standard rate of corporation tax of 25 per cent (2023: 23.52 per cent) (13,854) 29,772 Fair value movements (not subject to taxation) 87,463 47,667 Dividends received (not subject to taxation) (80,902) (84,660) Expenditure not deductible for tax purposes 422 658 Surrendering of tax losses to other group companies for nil consideration 5,375 5,042 Other net tax adjustments 1,496 1,521 Adjustment from previous period \u2014 392 Total tax charge \u2014 392", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "7. Earnings per share For the year ended 31 December 2024 For the year ended 31 December 2023 (Loss)/profit attributable to equity holders of the Company \u2013 \u00a3\u2019000 (55,415) 126,188 Weighted average number of ordinary shares in issue 2,282,844,863 2,317,758,378 Basic and diluted earnings from continuing operations in the year (pence) (2.43) 5.44 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "8. Dividends declared with respect to the year Interim dividends paid during the year ended 31 December 2024 Dividend per share pence Total dividend \u00a3\u2019000 With respect to the quarter ended 31 December 2023 3.43 79,114 With respect to the quarter ended 31 March 2024 2.50 57,268 With respect to the quarter ended 30 June 2024 2.50 56,843 With respect to the quarter ended 30 September 2024 2.50 56,552 10.93 249,777 Interim dividends declared after 31 December 2024 and not accrued in the year Dividend per share pence Total dividend \u00a3\u2019000 With respect to the quarter ended 31 December 2024 2.50 56,166 2.50 56,166 On 29 January 2025, the Company announced a dividend of 2.5 pence per share with respect to the quarter ended 31 December 2024, bringing the total dividend declared with respect to the year to 31 December 2024 to \u00a3226.8 million, equivalent to 10 pence per share. The record date for the dividend was 14 February 2025 and the payment date is 28 February 2025. The following table shows dividends paid in the prior year. Interim dividends paid during the year ended 31 December 2023 Dividend per share pence Total dividend \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", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-215": { "value": "0.1093", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-217": { "value": "0.025", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-218": { "value": "56166000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-216": { "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-219": { "value": "
9. Investments at fair value through profit or loss
Group
31 December
2024
\u00a3\u2019000
31 December
2023
\u00a3\u2019000
Opening balance 5,538,636 4,959,312
Additions 14,553 820,925
Disposals (41,276) \u2013
Repayment of shareholder loan investments (note 20) (28,439) (50,199)
Movement in fair value of investments (341,229) (191,402)
5,142,245 5,538,636
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 value of the shareholder loan investments as at 31 December 2024 including loan interest receivable
was \u00a31,437,028,860 (2023: \u00a31,484,003,180).
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:
Company
31 December
2024
\u00a3\u2019000
31 December
2023
\u00a3\u2019000
Opening balance 5,558,357 4,978,816
Loan advanced to Holdco (note 20) 17,061 680,800
Repayment of loan to Holdco (note 20) (482,467) (328,412)
Movement in fair value of investments 84,774 227,153
5,177,725 5,558,357
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 financial instruments held at fair value are the investments held by the Group in the SPVs and the interest
rate swaps associated with its term debt facilities, 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 2024.
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.
Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14.
9. Investments at fair value through profit or loss continued
Sensitivity analysis
The fair value of the Group\u2019s investments is \u00a35,142,244,619 (2023: \u00a35,538,635,628). 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 2024
Input Base case
Change
in input
Change in
fair value of
investments
\u00a3\u2019000
Change in
NAV
per share
pence
Discount rate 11 per cent levered + 0.5 per cent (149,622) (6.6)
portfolio IRR - 0.5 per cent 157,924 7.0
Long term inflation rate RPI: 3.5 per cent to 2030, - 0.5 per cent (149,036) (6.6)
2.5 per cent thereafter + 0.5 per cent 156,298 6.9
CPI: 2.5 per cent
Energy yield P50 10 year P90 (331,025) (14.7)
10 year P10 330,927 14.7
Power price Forecast by leading - 10 per cent (324,541) (14.4)
consultant + 10 per cent 321,437 14.3
Asset life 30 years - 5 years (330,080) (14.6)
+ 5 years 219,042 9.7
31 December 2023
Input Base case
Change
in input
Change in
fair value of
investments
\u00a3\u2019000
Change in
NAV
per share
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
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 interest rate 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.
14. Interest rate swaps held at fair value through profit or loss
As outlined in note 13, the Group holds interest rate swaps on \u00a31,200 million of its term loans, which effectively
set interest rates payable at fixed rates. As part of its debt refinancing during the year, the Company novated
its existing interest rate swaps to Holdco and entered into new interest rate swaps with Holdco. As a result, the
Company is no longer required to cash collateralise against any unfavourable positions of its interest rates swaps,
which was beneficial to the Company\u2019s use of capital.
The interest rate swaps have been recognised as separate financial instruments at fair value, as summarised in the
table below.
Group
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
Opening balance \u2014 \u2014
Fair value of interest rate swap liabilities on novation (21,932) \u2014
Movement in fair value of interest rate swap liabilities 8,150 \u2014
Fair value of interest rate swap liabilities on 31 December 2024 (13,782) \u2014
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance \u2014 \u2014
Fair value of interest rate swap assets on novation 28,462 \u2014
Movement in fair value of interest rate swap assets 11,537 \u2014
Fair value of interest rate swap assets on 31 December 2024 39,999 \u2014
Net movement on interest rate swaps held at fair value 26,217 \u2014
IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of
the interest rate swaps associated with the Group\u2019s term debt facilities are measured at each reporting date,
calculated as the present value of estimated future cash flows under the fixed and floating leg of each swap.
Therefore, these have been classified as level 2, because they contain inputs other than quoted prices that are
observable for the asset.
Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been
no transfers between levels during the year ended 31 December 2024.
Any transfers between the levels would be accounted for on the last day of each financial period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "value": "9. Investments at fair value through profit or loss Group 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance 5,538,636 4,959,312 Additions 14,553 820,925 Disposals (41,276) \u2013 Repayment of shareholder loan investments (note 20) (28,439) (50,199) Movement in fair value of investments (341,229) (191,402) 5,142,245 5,538,636 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 value of the shareholder loan investments as at 31 December 2024 including loan interest receivable was \u00a31,437,028,860 (2023: \u00a31,484,003,180). 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: Company 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance 5,558,357 4,978,816 Loan advanced to Holdco (note 20) 17,061 680,800 Repayment of loan to Holdco (note 20) (482,467) (328,412) Movement in fair value of investments 84,774 227,153 5,177,725 5,558,357 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 financial instruments held at fair value are the investments held by the Group in the SPVs and the interest rate swaps associated with its term debt facilities, 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 2024. 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. Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14. 9. Investments at fair value through profit or loss continued Sensitivity analysis The fair value of the Group\u2019s investments is \u00a35,142,244,619 (2023: \u00a35,538,635,628). 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 2024 Input Base case Change in input Change in fair value of investments \u00a3\u2019000 Change in NAV per share pence Discount rate 11 per cent levered + 0.5 per cent (149,622) (6.6) portfolio IRR - 0.5 per cent 157,924 7.0 Long term inflation rate RPI: 3.5 per cent to 2030, - 0.5 per cent (149,036) (6.6) 2.5 per cent thereafter + 0.5 per cent 156,298 6.9 CPI: 2.5 per cent Energy yield P50 10 year P90 (331,025) (14.7) 10 year P10 330,927 14.7 Power price Forecast by leading - 10 per cent (324,541) (14.4) consultant + 10 per cent 321,437 14.3 Asset life 30 years - 5 years (330,080) (14.6) + 5 years 219,042 9.7 31 December 2023 Input Base case Change in input Change in fair value of investments \u00a3\u2019000 Change in NAV per share 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 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 interest rate 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "9. Investments at fair value through profit or loss Group 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance 5,538,636 4,959,312 Additions 14,553 820,925 Disposals (41,276) \u2013 Repayment of shareholder loan investments (note 20) (28,439) (50,199) Movement in fair value of investments (341,229) (191,402) 5,142,245 5,538,636 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 value of the shareholder loan investments as at 31 December 2024 including loan interest receivable was \u00a31,437,028,860 (2023: \u00a31,484,003,180). 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: Company 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance 5,558,357 4,978,816 Loan advanced to Holdco (note 20) 17,061 680,800 Repayment of loan to Holdco (note 20) (482,467) (328,412) Movement in fair value of investments 84,774 227,153 5,177,725 5,558,357 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 financial instruments held at fair value are the investments held by the Group in the SPVs and the interest rate swaps associated with its term debt facilities, 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 2024. 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. Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14. 9. Investments at fair value through profit or loss continued Sensitivity analysis The fair value of the Group\u2019s investments is \u00a35,142,244,619 (2023: \u00a35,538,635,628). 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 2024 Input Base case Change in input Change in fair value of investments \u00a3\u2019000 Change in NAV per share pence Discount rate 11 per cent levered + 0.5 per cent (149,622) (6.6) portfolio IRR - 0.5 per cent 157,924 7.0 Long term inflation rate RPI: 3.5 per cent to 2030, - 0.5 per cent (149,036) (6.6) 2.5 per cent thereafter + 0.5 per cent 156,298 6.9 CPI: 2.5 per cent Energy yield P50 10 year P90 (331,025) (14.7) 10 year P10 330,927 14.7 Power price Forecast by leading - 10 per cent (324,541) (14.4) consultant + 10 per cent 321,437 14.3 Asset life 30 years - 5 years (330,080) (14.6) + 5 years 219,042 9.7 31 December 2023 Input Base case Change in input Change in fair value of investments \u00a3\u2019000 Change in NAV per share 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 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 interest rate 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 Group 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Security cash deposits 13,340 40,119 Swap interest receivable from counterparties 3,816 \u2014 VAT receivable 1,191 676 Prepayments 180 151 Amounts due from SPVs 10 \u2014 Interest income receivable \u2014 111 Other receivables \u2014 72 18,537 41,129 Company 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Security cash deposits 13,340 40,119 Prepayments 181 151 Interest income receivable \u2014 111 13,521 40,381 12. Payables Group 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Loan interest payable (note 13) 13,957 5,487 Commitment fees payable (note 13) 12 235 Letter of credit fees payable (note 13) \u2014 93 Investment management fee payable 6,737 8,090 Amounts due to SPVs (note 20) 821 2,508 Share buybacks payable 636 \u2014 Share buyback costs payable 13 \u2014 Transaction costs payable 347 55 Other payables 1,167 1,105 23,690 17,573 Company 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Loan interest payable (note 13) 13,957 5,487 Commitment fee payable (note 13) 12 235 Letter of credit fees payable (note 13) \u2014 93 Investment management fee payable 6,737 8,090 Share buybacks payable 636 \u2014 Share buyback costs payable 13 \u2014 Transaction costs payable 42 \u2014 Other payables 933 888 22,330 14,793 13. Loans and borrowings Group and Company 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance 1,790,000 1,100,000 Revolving credit facility Drawdowns 14,000 400,000 Derecognition of RCF on modification (400,000) \u2014 Recognition of RCF on modification 400,000 \u2014 Gain/(loss) on modification \u2014 \u2014 Repayments (144,000) (200,000) Term debt facilities Repayments (25,000) (150,000) Derecognition of term debt facilities on modification (1,365,000) \u2014 Drawdowns 125,000 640,000 Recognition of term debt facilities on modification 1,365,000 \u2014 Gain/(loss) on modification \u2014 \u2014 Closing balance 1,760,000 1,790,000 Reconciled as: Current liabilities \u2014 500,000 Non current liabilities 1,760,000 1,290,000 Group and Company For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Loan interest 94,069 58,787 Facility arrangement fees 7,725 4,350 Swap termination fees 3,374 \u2014 Commitment fees 1,159 2,289 Letter of credit fees 1,114 1,137 Professional fees 1,216 589 Other facility fees 188 244 108,845 67,396 Loan income (3,594) \u2014 Finance expense 105,251 67,396 The loan balance as at 31 December 2024 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. On 6 September 2024, an additional amount of \u00a314 million was drawn from the existing RCF and repaid on 30 September 2024. On 26 September 2024, the Company completed a modification of its debt facilities. The modification was conducted with the Company\u2019s existing set of lenders who were migrated to a Common Terms Agreement, offering the Company a consistent set of terms and a strong platform for future debt placements. As a result, the Company modified the \u00a3400 million drawn balance on its \u00a3600 million RCF and entered into a new \u00a3400 million RCF. The margin on the renewed facility has fallen from 1.75 per cent to 1.50 per cent and it now matures in October 2027. It is therefore classified as a non current liability. Other terms of the RCF remain unchanged, including a commitment fee of 0.65 per cent per annum of any undrawn facility. Subsequent to this, the Company repaid \u00a3130 million (\u00a3100 million on 26 September 2024 and \u00a330 million on 31 December 2024) of its RCF and as at 31 December 2024, amounts drawn under the RCF were \u00a3270 million (2023: \u00a3400 million), accrued interest payable was \u00a3nil (2023: \u00a3228,404) and the outstanding commitment fee payable was \u00a311,575 (2023: \u00a3235,068). 13. Loans and borrowings continued On 26 September 2024, as part of the same modification exercise, the Company also drew down an additional \u00a3125 million of term debt, using the proceeds to repay \u00a325 million of its existing facilities that were due to mature in the period to May 2026 as well as \u00a3100 million of its RCF, as noted above. The remainder of the existing term debt facilities of \u00a31,365 million were modified under the terms of the Common Terms Agreement on 26 September 2024. \u00a31,200 million of the term loans contain associated interest rate swaps which were novated from the Company to Holdco as part of the modification. The fair value of these swaps as at 31 December 2024 is set out in note 14. 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. \u00a3175 million term loan tranches with AXA have fixed all-in rates and have not been hedged by interest rate swaps. The Company\u2019s term debt has maturity dates of greater than 1 year and therefore is classified as non current liabilities. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares in Holdco, with fixed and floating charges in place over the assets of the Company and Holdco. At year end 31 December 2023, loans with maturity dates of less than 12 months amounted to \u00a3100 million and were classified as current liabilities. The remaining term debt of \u00a31,290 million was classified as non current liabilities. \u00a31,125 million of these term loans contained swaps. \u00a31,050 million of these instruments had 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 were directly linked, were executed at the same time and were not independently transferable; \u2022 there was a common counterparty for loan and swap instruments; and \u2022 all loan and swap instruments were co terminus and their commercial and financial terms reflected each other. The providers, maturity dates and interest rates of these term debt facilities are set out in the table below. These are held in conjunction with the swaps at Holdco, as set out in note 14. Provider Maturity date Loan margin % Loan Principal \u00a3\u2019000 Accrued interest at 31 December 2024 (1) \u00a3\u2019000 NAB 01-Nov-26 1.50% 75,000 737 NAB 01-Nov-26 1.50% 25,000 246 CIBC 14-Nov-26 1.40% 100,000 900 Lloyds 09-May-27 1.60% 150,000 \u2014 CBA 04-Nov-27 1.60% 100,000 998 ABN AMRO 02-May-28 1.75% 100,000 18 Virgin Money 03-May-28 1.75% 50,000 \u2014 ANZ 03-May-28 1.75% 75,000 13 Barclays 03-May-28 1.75% 25,000 4 NAB 26-Sep-29 1.55% 100,000 1,639 ANZ 26-Sep-29 1.60% 75,000 1,239 AXA 31-Jan-30 3.03% (2) 125,000 1,583 AXA 31-Jan-30 1.70% 75,000 2,007 CBA 26-Sep-30 1.65% 150,000 2,500 AXA 28-Apr-31 6.434% (2) 25,000 4 AXA 28-Apr-31 1.80% 115,000 20 AXA 26-Sep-31 5.442% (2) 25,000 357 CIBC 26-Sep-31 1.75% 100,000 1,692 1,490,000 13,957 (1) Loan interest is based on loan margin plus applicable SONIA rate or all in fixed rate. (2) All in fixed rate. 14. Interest rate swaps held at fair value through profit or loss As outlined in note 13, the Group holds interest rate swaps on \u00a31,200 million of its term loans, which effectively set interest rates payable at fixed rates. As part of its debt refinancing during the year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate swaps with Holdco. As a result, the Company is no longer required to cash collateralise against any unfavourable positions of its interest rates swaps, which was beneficial to the Company\u2019s use of capital. The interest rate swaps have been recognised as separate financial instruments at fair value, as summarised in the table below. Group 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance \u2014 \u2014 Fair value of interest rate swap liabilities on novation (21,932) \u2014 Movement in fair value of interest rate swap liabilities 8,150 \u2014 Fair value of interest rate swap liabilities on 31 December 2024 (13,782) \u2014 Group \u00a3\u2019000 \u00a3\u2019000 Opening balance \u2014 \u2014 Fair value of interest rate swap assets on novation 28,462 \u2014 Movement in fair value of interest rate swap assets 11,537 \u2014 Fair value of interest rate swap assets on 31 December 2024 39,999 \u2014 Net movement on interest rate swaps held at fair value 26,217 \u2014 IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of the interest rate swaps associated with the Group\u2019s term debt facilities are measured at each reporting date, calculated as the present value of estimated future cash flows under the fixed and floating leg of each swap. Therefore, these have been classified as level 2, because they contain inputs other than quoted prices that are observable for the asset. Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been no transfers between levels during the year ended 31 December 2024. Any transfers between the levels would be accounted for on the last day of each financial period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "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 financial instruments held at fair value are the investments held by the Group in the SPVs and the interest rate swaps associated with its term debt facilities, 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 2024. 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. Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14. IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of the interest rate swaps associated with the Group\u2019s term debt facilities are measured at each reporting date, calculated as the present value of estimated future cash flows under the fixed and floating leg of each swap. Therefore, these have been classified as level 2, because they contain inputs other than quoted prices that are observable for the asset. Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been no transfers between levels during the year ended 31 December 2024. Any transfers between the levels would be accounted for on the last day of each financial period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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:
Investment Place of Business
Ownership
Interest as at
31 December 2024
Ownership
Interest as at
31 December 2023
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%
Earl\u2019s Hall Farm England
(11)
100% 100%
Glen Kyllachy Scotland
(11)
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% 100%
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
(11)
75% 75%
Dunmaglass Holdco
(5)
Scotland
(11)
71.2% 71.2%
Stronelairg Holdco
(6)
Scotland
(11)
71.2% 71.2%
Kype Muir Extension
(13)
Scotland
(11)
65.5% 49.9%
Hoylake
(7)
England
(11)
63% 63%
Dalquhandy Scotland
(12)
60% 100%
Douglas West Scotland
(12)
60% 100%
London Array
(8)
England
(11)
54.9% 54.9%
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 Unit 4, The Legacy Building, Queens Road, Belfast, Northern Ireland, BT3 9DT.
(11)
The registered office address is 5th Floor, 20 Fenchurch Street, London, England, EC3M 3BY.
(12)
The registered office address is Dla Piper Scotland Llp Collins House, Rutland Square, Edinburgh, United Kingdom, EH1 2AA
(13)
Investment was an associate as at 31 December 2023
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:
Investment Place of Business
Ownership
Interest as at
31 December 2024
Ownership
Interest as at
31 December 2023
ML Wind
(1)
England
(3)
49% 49%
Little Cheyne Court England
(3)
41% 41%
Clyde Scotland
(4)
28.2% 28.2%
Hornsea 1 Holdco
(2)
England
(5)
25% 25%
Rhyl Flats Wales
(3)
24.95% 24.95%
(1)
The Group\u2019s investments in Middlemoor and Lindhurst are 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 Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB.
(4)
The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ.
(5)
The registered office address is 5 Howick Place, London, SW1P 1WG.
Loans advanced by Holdco to the investments are disclosed in note 20.
10. Unconsolidated subsidiaries, associates and joint ventures continued
Guarantees and counter indemnities provided by the Group on behalf of its investments are as follows:
Provider of security Investment Beneficiary Nature Purpose
Amount
\u00a3\u2019000
The Company Hornsea 1 National Westminster
Bank
Letter of credit Debt service \u2013 Senior DSRA 58,600
The Company London Array Orsted Guarantee Offtake guarantee 52,500
Holdco Clyde SSE Counter indemnity Grid, radar, decommissioning 21,771
The Company London Array Shareholders Guarantee JOA participants guarantee 20,000
The Company Glen Kyllachy RWE Counter indemnity (Decommissioning/Grid/Farr wind
farm wake compensation)
12,238
The Company North Hoyle The Crown Estate Guarantee Decommissioning & rent
obligations
11,843
The Company Burbo Orsted Counter indemnity Crown Estate Fees and NATS
Radar obligations
11,000
The Company London Array Blue Transmission
London Array Limited
Guarantee OFTO O&M obligations 11,000
The Company Twentyshilling Whiteside Hill Wind Farm Guarantee Land \u2013 Access \u2013 Cabling 10,000
The Company Hornsea 1 Orsted Letter of credit Lease obligations 8,410
The Company Hornsea 1 National Westminster
Bank
Letter of credit Debt service \u2013 Mezz DSRA 6,400
The Company Dalquhandy BT PLC Guarantee V-PPA PCG 5,897
The Company South Kyle Land owner Guarantee Decommissioning obligations 5,332
The Company South Kyle East Ayrshire Council Counter indemnity/
Letter of credit
Decommissioning obligations 5,000
The Company Humber RWE Guarantee Radar 4,900
The Company South Kyle FLS Scottish Ministers Counter indemnity/
Letter of credit
Decommissioning obligations 4,327
The Company South Kyle Dumfries and Galloway
Council
Counter indemnity/
Letter of credit
Decommissioning obligations 3,748
The Company Andershaw Statkraft Guarantee Decommissioning obligations 3,500
The Company Rhyl Flats The Crown Estate Guarantee Decommissioning obligations 3,401
The Company Glen Kyllachy National Grid Energy
System Operator Limited
Letter of credit Bilateral Connection Agreement
Security Cover
2,539
The Company Dalquhandy South Lanarkshire
Council
Counter indemnity/
Letter of credit
Decommissioning obligations 2,525
The Company Braes of Doune Land owner Guarantee Decommissioning obligations 2,000
The Company Twentyshilling Dumfries & Galloway
Council
Counter indemnity/
Letter of credit
Council \u2013 Decommissioning
Obligations
1,897
The Company Twentyshilling Ministry of Defence Guarantee Seismic Array Equipment 1,800
The Company South Kyle NATS Guarantee Radar 1,683
The Company Douglas West Land owner Guarantee Decommissioning obligations 1,610
The Company Windy Rig National Grid Counter indemnity/
Letter of credit
Access rights, grid
Decommissioning obligations
1,479
The Company Nanclach
Limited
Land owners Counter indemnity/
Letter of credit
Decommissioning obligations 1,348
The Company Twentyshilling NATS Guarantee Radar 1,286
The Company Windy Rig NATS Guarantee Radar 622
The Company Stroupster Land owners Counter indemnity/
Unsecured guarantee
Decommissioning obligations 338
Holdco Stronelairg SSE Guarantee SPVs\u2019 obligations under Elexon
and National Grid contracts
301
The Company Hornsea 1 National Westminster
Bank
Letter of credit Debt service \u2013 MRA reserve 300
Holdco Dunmaglass SSE Guarantee SPVs\u2019 obligations under Elexon
and National Grid contracts
201
The Company Cotton Farm Land owner Guarantee Decommissioning obligations 165
The Company Sixpenny Wood Land owner Guarantee Community fund obligations 150
The Company Twentyshilling Land owner Counter indemnity/
Letter of credit
Landowner \u2013 Decommissioning
obligations
101
The Company Yelvertoft Daventry District Council Guarantee Decommissioning obligations 82
The Company Langhope Rig Barclays Bank Plc/Land
owner
Counter indemnity/
Letter of credit
Decommissioning obligations 81
The Company Maerdy Natural Resources Wales Guarantee Access rights to neighbouring land n/a
280,375
The fair value of these guarantees and counter indemnities provided by the Group are considered to be \u00a3nil
(2023: \u00a3nil) as disclosed in note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "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: Investment Place of Business Ownership Interest as at 31 December 2024 Ownership Interest as at 31 December 2023 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% Earl\u2019s Hall Farm England (11) 100% 100% Glen Kyllachy Scotland (11) 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% 100% 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 (11) 75% 75% Dunmaglass Holdco (5) Scotland (11) 71.2% 71.2% Stronelairg Holdco (6) Scotland (11) 71.2% 71.2% Kype Muir Extension (13) Scotland (11) 65.5% 49.9% Hoylake (7) England (11) 63% 63% Dalquhandy Scotland (12) 60% 100% Douglas West Scotland (12) 60% 100% London Array (8) England (11) 54.9% 54.9% 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 Unit 4, The Legacy Building, Queens Road, Belfast, Northern Ireland, BT3 9DT. (11) The registered office address is 5th Floor, 20 Fenchurch Street, London, England, EC3M 3BY. (12) The registered office address is Dla Piper Scotland Llp Collins House, Rutland Square, Edinburgh, United Kingdom, EH1 2AA (13) Investment was an associate as at 31 December 2023 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: Investment Place of Business Ownership Interest as at 31 December 2024 Ownership Interest as at 31 December 2023 ML Wind (1) England (3) 49% 49% Little Cheyne Court England (3) 41% 41% Clyde Scotland (4) 28.2% 28.2% Hornsea 1 Holdco (2) England (5) 25% 25% Rhyl Flats Wales (3) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 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 Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (4) The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (5) The registered office address is 5 Howick Place, London, SW1P 1WG. Loans advanced by Holdco to the investments are disclosed in note 20. 10. Unconsolidated subsidiaries, associates and joint ventures continued Guarantees and counter indemnities provided by the Group on behalf of its investments are as follows: Provider of security Investment Beneficiary Nature Purpose Amount \u00a3\u2019000 The Company Hornsea 1 National Westminster Bank Letter of credit Debt service \u2013 Senior DSRA 58,600 The Company London Array Orsted Guarantee Offtake guarantee 52,500 Holdco Clyde SSE Counter indemnity Grid, radar, decommissioning 21,771 The Company London Array Shareholders Guarantee JOA participants guarantee 20,000 The Company Glen Kyllachy RWE Counter indemnity (Decommissioning/Grid/Farr wind farm wake compensation) 12,238 The Company North Hoyle The Crown Estate Guarantee Decommissioning & rent obligations 11,843 The Company Burbo Orsted Counter indemnity Crown Estate Fees and NATS Radar obligations 11,000 The Company London Array Blue Transmission London Array Limited Guarantee OFTO O&M obligations 11,000 The Company Twentyshilling Whiteside Hill Wind Farm Guarantee Land \u2013 Access \u2013 Cabling 10,000 The Company Hornsea 1 Orsted Letter of credit Lease obligations 8,410 The Company Hornsea 1 National Westminster Bank Letter of credit Debt service \u2013 Mezz DSRA 6,400 The Company Dalquhandy BT PLC Guarantee V-PPA PCG 5,897 The Company South Kyle Land owner Guarantee Decommissioning obligations 5,332 The Company South Kyle East Ayrshire Council Counter indemnity/ Letter of credit Decommissioning obligations 5,000 The Company Humber RWE Guarantee Radar 4,900 The Company South Kyle FLS Scottish Ministers Counter indemnity/ Letter of credit Decommissioning obligations 4,327 The Company South Kyle Dumfries and Galloway Council Counter indemnity/ Letter of credit Decommissioning obligations 3,748 The Company Andershaw Statkraft Guarantee Decommissioning obligations 3,500 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning obligations 3,401 The Company Glen Kyllachy National Grid Energy System Operator Limited Letter of credit Bilateral Connection Agreement Security Cover 2,539 The Company Dalquhandy South Lanarkshire Council Counter indemnity/ Letter of credit Decommissioning obligations 2,525 The Company Braes of Doune Land owner Guarantee Decommissioning obligations 2,000 The Company Twentyshilling Dumfries & Galloway Council Counter indemnity/ Letter of credit Council \u2013 Decommissioning Obligations 1,897 The Company Twentyshilling Ministry of Defence Guarantee Seismic Array Equipment 1,800 The Company South Kyle NATS Guarantee Radar 1,683 The Company Douglas West Land owner Guarantee Decommissioning obligations 1,610 The Company Windy Rig National Grid Counter indemnity/ Letter of credit Access rights, grid Decommissioning obligations 1,479 The Company Nanclach Limited Land owners Counter indemnity/ Letter of credit Decommissioning obligations 1,348 The Company Twentyshilling NATS Guarantee Radar 1,286 The Company Windy Rig NATS Guarantee Radar 622 The Company Stroupster Land owners Counter indemnity/ Unsecured guarantee Decommissioning obligations 338 Holdco Stronelairg SSE Guarantee SPVs\u2019 obligations under Elexon and National Grid contracts 301 The Company Hornsea 1 National Westminster Bank Letter of credit Debt service \u2013 MRA reserve 300 Holdco Dunmaglass SSE Guarantee SPVs\u2019 obligations under Elexon and National Grid contracts 201 The Company Cotton Farm Land owner Guarantee Decommissioning obligations 165 The Company Sixpenny Wood Land owner Guarantee Community fund obligations 150 The Company Twentyshilling Land owner Counter indemnity/ Letter of credit Landowner \u2013 Decommissioning obligations 101 The Company Yelvertoft Daventry District Council Guarantee Decommissioning obligations 82 The Company Langhope Rig Barclays Bank Plc/Land owner Counter indemnity/ Letter of credit Decommissioning obligations 81 The Company Maerdy Natural Resources Wales Guarantee Access rights to neighbouring land n/a 280,375 The fair value of these guarantees and counter indemnities provided by the Group are considered to be \u00a3nil (2023: \u00a3nil) as disclosed in note 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "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: Investment Place of Business Ownership Interest as at 31 December 2024 Ownership Interest as at 31 December 2023 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% Earl\u2019s Hall Farm England (11) 100% 100% Glen Kyllachy Scotland (11) 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% 100% 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 (11) 75% 75% Dunmaglass Holdco (5) Scotland (11) 71.2% 71.2% Stronelairg Holdco (6) Scotland (11) 71.2% 71.2% Kype Muir Extension (13) Scotland (11) 65.5% 49.9% Hoylake (7) England (11) 63% 63% Dalquhandy Scotland (12) 60% 100% Douglas West Scotland (12) 60% 100% London Array (8) England (11) 54.9% 54.9% 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 Unit 4, The Legacy Building, Queens Road, Belfast, Northern Ireland, BT3 9DT. (11) The registered office address is 5th Floor, 20 Fenchurch Street, London, England, EC3M 3BY. (12) The registered office address is Dla Piper Scotland Llp Collins House, Rutland Square, Edinburgh, United Kingdom, EH1 2AA (13) Investment was an associate as at 31 December 2023 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: Investment Place of Business Ownership Interest as at 31 December 2024 Ownership Interest as at 31 December 2023 ML Wind (1) England (3) 49% 49% Little Cheyne Court England (3) 41% 41% Clyde Scotland (4) 28.2% 28.2% Hornsea 1 Holdco (2) England (5) 25% 25% Rhyl Flats Wales (3) 24.95% 24.95% (1) The Group\u2019s investments in Middlemoor and Lindhurst are 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 Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (4) The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (5) The registered office address is 5 Howick Place, London, SW1P 1WG. Loans advanced by Holdco to the investments are disclosed in note 20. 10. Unconsolidated subsidiaries, associates and joint ventures continued Guarantees and counter indemnities provided by the Group on behalf of its investments are as follows: Provider of security Investment Beneficiary Nature Purpose Amount \u00a3\u2019000 The Company Hornsea 1 National Westminster Bank Letter of credit Debt service \u2013 Senior DSRA 58,600 The Company London Array Orsted Guarantee Offtake guarantee 52,500 Holdco Clyde SSE Counter indemnity Grid, radar, decommissioning 21,771 The Company London Array Shareholders Guarantee JOA participants guarantee 20,000 The Company Glen Kyllachy RWE Counter indemnity (Decommissioning/Grid/Farr wind farm wake compensation) 12,238 The Company North Hoyle The Crown Estate Guarantee Decommissioning & rent obligations 11,843 The Company Burbo Orsted Counter indemnity Crown Estate Fees and NATS Radar obligations 11,000 The Company London Array Blue Transmission London Array Limited Guarantee OFTO O&M obligations 11,000 The Company Twentyshilling Whiteside Hill Wind Farm Guarantee Land \u2013 Access \u2013 Cabling 10,000 The Company Hornsea 1 Orsted Letter of credit Lease obligations 8,410 The Company Hornsea 1 National Westminster Bank Letter of credit Debt service \u2013 Mezz DSRA 6,400 The Company Dalquhandy BT PLC Guarantee V-PPA PCG 5,897 The Company South Kyle Land owner Guarantee Decommissioning obligations 5,332 The Company South Kyle East Ayrshire Council Counter indemnity/ Letter of credit Decommissioning obligations 5,000 The Company Humber RWE Guarantee Radar 4,900 The Company South Kyle FLS Scottish Ministers Counter indemnity/ Letter of credit Decommissioning obligations 4,327 The Company South Kyle Dumfries and Galloway Council Counter indemnity/ Letter of credit Decommissioning obligations 3,748 The Company Andershaw Statkraft Guarantee Decommissioning obligations 3,500 The Company Rhyl Flats The Crown Estate Guarantee Decommissioning obligations 3,401 The Company Glen Kyllachy National Grid Energy System Operator Limited Letter of credit Bilateral Connection Agreement Security Cover 2,539 The Company Dalquhandy South Lanarkshire Council Counter indemnity/ Letter of credit Decommissioning obligations 2,525 The Company Braes of Doune Land owner Guarantee Decommissioning obligations 2,000 The Company Twentyshilling Dumfries & Galloway Council Counter indemnity/ Letter of credit Council \u2013 Decommissioning Obligations 1,897 The Company Twentyshilling Ministry of Defence Guarantee Seismic Array Equipment 1,800 The Company South Kyle NATS Guarantee Radar 1,683 The Company Douglas West Land owner Guarantee Decommissioning obligations 1,610 The Company Windy Rig National Grid Counter indemnity/ Letter of credit Access rights, grid Decommissioning obligations 1,479 The Company Nanclach Limited Land owners Counter indemnity/ Letter of credit Decommissioning obligations 1,348 The Company Twentyshilling NATS Guarantee Radar 1,286 The Company Windy Rig NATS Guarantee Radar 622 The Company Stroupster Land owners Counter indemnity/ Unsecured guarantee Decommissioning obligations 338 Holdco Stronelairg SSE Guarantee SPVs\u2019 obligations under Elexon and National Grid contracts 301 The Company Hornsea 1 National Westminster Bank Letter of credit Debt service \u2013 MRA reserve 300 Holdco Dunmaglass SSE Guarantee SPVs\u2019 obligations under Elexon and National Grid contracts 201 The Company Cotton Farm Land owner Guarantee Decommissioning obligations 165 The Company Sixpenny Wood Land owner Guarantee Community fund obligations 150 The Company Twentyshilling Land owner Counter indemnity/ Letter of credit Landowner \u2013 Decommissioning obligations 101 The Company Yelvertoft Daventry District Council Guarantee Decommissioning obligations 82 The Company Langhope Rig Barclays Bank Plc/Land owner Counter indemnity/ Letter of credit Decommissioning obligations 81 The Company Maerdy Natural Resources Wales Guarantee Access rights to neighbouring land n/a 280,375 The fair value of these guarantees and counter indemnities provided by the Group are considered to be \u00a3nil (2023: \u00a3nil) as disclosed in note 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-221": { "value": "
11. Receivables
Group
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
Security cash deposits 13,340 40,119
Swap interest receivable from counterparties 3,816 \u2014
VAT receivable 1,191 676
Prepayments 180 151
Amounts due from SPVs 10 \u2014
Interest income receivable \u2014 111
Other receivables \u2014 72
18,537 41,129
Company
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
Security cash deposits 13,340 40,119
Prepayments 181 151
Interest income receivable \u2014 111
13,521 40,381
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-222": { "value": "
12. Payables
Group
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
Loan interest payable (note 13) 13,957 5,487
Commitment fees payable (note 13) 12 235
Letter of credit fees payable (note 13) \u2014 93
Investment management fee payable 6,737 8,090
Amounts due to SPVs (note 20) 821 2,508
Share buybacks payable 636 \u2014
Share buyback costs payable 13 \u2014
Transaction costs payable 347 55
Other payables 1,167 1,105
23,690 17,573
Company
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
Loan interest payable (note 13) 13,957 5,487
Commitment fee payable (note 13) 12 235
Letter of credit fees payable (note 13) \u2014 93
Investment management fee payable 6,737 8,090
Share buybacks payable 636 \u2014
Share buyback costs payable 13 \u2014
Transaction costs payable 42 \u2014
Other payables 933 888
22,330 14,793
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "value": "13. Loans and borrowings Group and Company 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance 1,790,000 1,100,000 Revolving credit facility Drawdowns 14,000 400,000 Derecognition of RCF on modification (400,000) \u2014 Recognition of RCF on modification 400,000 \u2014 Gain/(loss) on modification \u2014 \u2014 Repayments (144,000) (200,000) Term debt facilities Repayments (25,000) (150,000) Derecognition of term debt facilities on modification (1,365,000) \u2014 Drawdowns 125,000 640,000 Recognition of term debt facilities on modification 1,365,000 \u2014 Gain/(loss) on modification \u2014 \u2014 Closing balance 1,760,000 1,790,000 Reconciled as: Current liabilities \u2014 500,000 Non current liabilities 1,760,000 1,290,000 Group and Company For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Loan interest 94,069 58,787 Facility arrangement fees 7,725 4,350 Swap termination fees 3,374 \u2014 Commitment fees 1,159 2,289 Letter of credit fees 1,114 1,137 Professional fees 1,216 589 Other facility fees 188 244 108,845 67,396 Loan income (3,594) \u2014 Finance expense 105,251 67,396 The loan balance as at 31 December 2024 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. On 6 September 2024, an additional amount of \u00a314 million was drawn from the existing RCF and repaid on 30 September 2024. On 26 September 2024, the Company completed a modification of its debt facilities. The modification was conducted with the Company\u2019s existing set of lenders who were migrated to a Common Terms Agreement, offering the Company a consistent set of terms and a strong platform for future debt placements. As a result, the Company modified the \u00a3400 million drawn balance on its \u00a3600 million RCF and entered into a new \u00a3400 million RCF. The margin on the renewed facility has fallen from 1.75 per cent to 1.50 per cent and it now matures in October 2027. It is therefore classified as a non current liability. Other terms of the RCF remain unchanged, including a commitment fee of 0.65 per cent per annum of any undrawn facility. Subsequent to this, the Company repaid \u00a3130 million (\u00a3100 million on 26 September 2024 and \u00a330 million on 31 December 2024) of its RCF and as at 31 December 2024, amounts drawn under the RCF were \u00a3270 million (2023: \u00a3400 million), accrued interest payable was \u00a3nil (2023: \u00a3228,404) and the outstanding commitment fee payable was \u00a311,575 (2023: \u00a3235,068).
13. Loans and borrowings continued
On 26 September 2024, as part of the same modification exercise, the Company also drew down an additional
\u00a3125 million of term debt, using the proceeds to repay \u00a325 million of its existing facilities that were due to
mature in the period to May 2026 as well as \u00a3100 million of its RCF, as noted above. The remainder of the
existing term debt facilities of \u00a31,365 million were modified under the terms of the Common Terms Agreement
on 26 September 2024.
\u00a31,200 million of the term loans contain associated interest rate swaps which were novated from the Company to
Holdco as part of the modification. The fair value of these swaps as at 31 December 2024 is set out in note 14. 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. \u00a3175 million term loan tranches with AXA have fixed all-in rates and have
not been hedged by interest rate swaps.
The Company\u2019s term debt has maturity dates of greater than 1 year and therefore is classified as non current
liabilities. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including
its shares in Holdco, with fixed and floating charges in place over the assets of the Company and Holdco.
At year end 31 December 2023, loans with maturity dates of less than 12 months amounted to \u00a3100 million
and were classified as current liabilities. The remaining term debt of \u00a31,290 million was classified as non current
liabilities. \u00a31,125 million of these term loans contained swaps. \u00a31,050 million of these instruments had 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 were directly linked, were executed at the same time and
were not independently transferable;
\u2022 there was a common counterparty for loan and swap instruments; and
\u2022 all loan and swap instruments were co terminus and their commercial and financial terms reflected each other.
The providers, maturity dates and interest rates of these term debt facilities are set out in the table below. These
are held in conjunction with the swaps at Holdco, as set out in note 14.
Provider Maturity date
Loan margin
%
Loan Principal
\u00a3\u2019000
Accrued interest at
31 December 2024
(1)
\u00a3\u2019000
NAB 01-Nov-26 1.50% 75,000 737
NAB 01-Nov-26 1.50% 25,000 246
CIBC 14-Nov-26 1.40% 100,000 900
Lloyds 09-May-27 1.60% 150,000 \u2014
CBA 04-Nov-27 1.60% 100,000 998
ABN AMRO 02-May-28 1.75% 100,000 18
Virgin Money 03-May-28 1.75% 50,000 \u2014
ANZ 03-May-28 1.75% 75,000 13
Barclays 03-May-28 1.75% 25,000 4
NAB 26-Sep-29 1.55% 100,000 1,639
ANZ 26-Sep-29 1.60% 75,000 1,239
AXA 31-Jan-30 3.03%
(2)
125,000 1,583
AXA 31-Jan-30 1.70% 75,000 2,007
CBA 26-Sep-30 1.65% 150,000 2,500
AXA 28-Apr-31 6.434%
(2)
25,000 4
AXA 28-Apr-31 1.80% 115,000 20
AXA 26-Sep-31 5.442%
(2)
25,000 357
CIBC 26-Sep-31 1.75% 100,000 1,692
1,490,000 13,957
(1)
Loan interest is based on loan margin plus applicable SONIA rate or all in fixed rate.
(2)
All in fixed rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "value": "Group and Company For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Loan interest 94,069 58,787 Facility arrangement fees 7,725 4,350 Swap termination fees 3,374 \u2014 Commitment fees 1,159 2,289 Letter of credit fees 1,114 1,137 Professional fees 1,216 589 Other facility fees 188 244 108,845 67,396 Loan income (3,594) \u2014 Finance expense 105,251 67,396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "value": "Group and Company For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Loan interest 94,069 58,787 Facility arrangement fees 7,725 4,350 Swap termination fees 3,374 \u2014 Commitment fees 1,159 2,289 Letter of credit fees 1,114 1,137 Professional fees 1,216 589 Other facility fees 188 244 108,845 67,396 Loan income (3,594) \u2014 Finance expense 105,251 67,396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "value": "14. Interest rate swaps held at fair value through profit or loss As outlined in note 13, the Group holds interest rate swaps on \u00a31,200 million of its term loans, which effectively set interest rates payable at fixed rates. As part of its debt refinancing during the year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate swaps with Holdco. As a result, the Company is no longer required to cash collateralise against any unfavourable positions of its interest rates swaps, which was beneficial to the Company\u2019s use of capital. The interest rate swaps have been recognised as separate financial instruments at fair value, as summarised in the table below. Group 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Opening balance \u2014 \u2014 Fair value of interest rate swap liabilities on novation (21,932) \u2014 Movement in fair value of interest rate swap liabilities 8,150 \u2014 Fair value of interest rate swap liabilities on 31 December 2024 (13,782) \u2014 Group \u00a3\u2019000 \u00a3\u2019000 Opening balance \u2014 \u2014 Fair value of interest rate swap assets on novation 28,462 \u2014 Movement in fair value of interest rate swap assets 11,537 \u2014 Fair value of interest rate swap assets on 31 December 2024 39,999 \u2014 Net movement on interest rate swaps held at fair value 26,217 \u2014 IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of the interest rate swaps associated with the Group\u2019s term debt facilities are measured at each reporting date, calculated as the present value of estimated future cash flows under the fixed and floating leg of each swap. Therefore, these have been classified as level 2, because they contain inputs other than quoted prices that are observable for the asset. Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been no transfers between levels during the year ended 31 December 2024. Any transfers between the levels would be accounted for on the last day of each financial period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-223": { "value": "
15. Contingencies and commitments
The Group had no contingencies and commitments for the year ended 31 December 2024 (2023: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "15. Contingencies and commitments The Group had no contingencies and commitments for the year ended 31 December 2024 (2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "value": "15. Contingencies and commitments The Group had no contingencies and commitments for the year ended 31 December 2024 (2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-224": { "value": "
16. Share capital \u2013 ordinary shares of \u00a30.01
Date
Authorised, issued
and fully paid
Number of
shares
issued
Share
capital
\u00a3\u2019000
Share
premium
\u00a3\u2019000
Capital
redemption
reserve
\u00a3\u2019000
Treasury
shares
\u00a3\u2019000
Total
\u00a3\u2019000
1 January 2024 2,312,131,799 23,121 2,471,515 66 \u2014 2,494,702
Share buybacks: Repurchased and
cancelled (4,683,143) (47) \u2014 47 \u2014 \u2014
Repurchased and
held in treasury (54,504,369) \u2014 \u2014 \u2014 (74,741) (74,741)
(59,187,512) (47) \u2014 47 (74,741) (74,741)
Shares allotted from treasury to the
Investment Manager
7 May 2024 True-up of 2023 and Q4
2023 Equity Element 230,238 \u2014 58 \u2014 317 375
7 May 2024 Q1 2024 Equity Element 228,532 \u2014 57 \u2014 318 375
7 May 2024 Q2 2024 Equity Element 234,415 \u2014 59 \u2014 316 375
31 July 2024 Q3 2024 Equity Element 235,420 \u2014 62 \u2014 313 375
6 November 2024 Q4 2024 Equity Element 236,414 \u2014 70 \u2014 305 375
1,165,019 \u2014 306 \u2014 1,569 1,875
31 December 2024 2,254,109,306 23,074 2,471,821 113 (73,172) 2,421,836
During the year, the Company purchased a total of 54,504,369 ordinary shares, to be held in treasury at an
aggregate cost of \u00a374,741,000 (including stamp duty and other fees of \u00a3476,000).
Date
Authorised, issued
and fully paid
Number of
shares
issued
Share
capital
\u00a3\u2019000
Share
premium
\u00a3\u2019000
Capital
redemption
reserve
\u00a3\u2019000
Total
\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
The Company announced a share buyback program at the end of October 2023 and during the year, 4.7 million
shares (2023: 6.6 million) were repurchased and cancelled at a cost of \u00a36,788,000 (2023: \u00a39,439,000). In addition,
54.5 million shares (2023: nil) have been repurchased and held in treasury at a cost of \u00a374,265,000 (2023: \u00a3nil).
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 allotted subsequent to 31 December 2024. During the year, 1.2 million
shares held in treasury were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager.
As at 31 December 2024, the Company had 53,339,350 shares held in treasury and the total number of ordinary
shares in issue, excluding the shares held in treasury, was 2,254,109,306.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "16. Share capital \u2013 ordinary shares of \u00a30.01 Date Authorised, issued and fully paid Number of shares issued Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Treasury shares \u00a3\u2019000 Total \u00a3\u2019000 1 January 2024 2,312,131,799 23,121 2,471,515 66 \u2014 2,494,702 Share buybacks: Repurchased and cancelled (4,683,143) (47) \u2014 47 \u2014 \u2014 Repurchased and held in treasury (54,504,369) \u2014 \u2014 \u2014 (74,741) (74,741) (59,187,512) (47) \u2014 47 (74,741) (74,741) Shares allotted from treasury to the Investment Manager 7 May 2024 True-up of 2023 and Q4 2023 Equity Element 230,238 \u2014 58 \u2014 317 375 7 May 2024 Q1 2024 Equity Element 228,532 \u2014 57 \u2014 318 375 7 May 2024 Q2 2024 Equity Element 234,415 \u2014 59 \u2014 316 375 31 July 2024 Q3 2024 Equity Element 235,420 \u2014 62 \u2014 313 375 6 November 2024 Q4 2024 Equity Element 236,414 \u2014 70 \u2014 305 375 1,165,019 \u2014 306 \u2014 1,569 1,875 31 December 2024 2,254,109,306 23,074 2,471,821 113 (73,172) 2,421,836 During the year, the Company purchased a total of 54,504,369 ordinary shares, to be held in treasury at an aggregate cost of \u00a374,741,000 (including stamp duty and other fees of \u00a3476,000). Date Authorised, issued and fully paid Number of shares issued Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Total \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 The Company announced a share buyback program at the end of October 2023 and during the year, 4.7 million shares (2023: 6.6 million) were repurchased and cancelled at a cost of \u00a36,788,000 (2023: \u00a39,439,000). In addition, 54.5 million shares (2023: nil) have been repurchased and held in treasury at a cost of \u00a374,265,000 (2023: \u00a3nil). 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 allotted subsequent to 31 December 2024. During the year, 1.2 million shares held in treasury were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager. As at 31 December 2024, the Company had 53,339,350 shares held in treasury and the total number of ordinary shares in issue, excluding the shares held in treasury, was 2,254,109,306. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "value": "16. Share capital \u2013 ordinary shares of \u00a30.01 Date Authorised, issued and fully paid Number of shares issued Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Treasury shares \u00a3\u2019000 Total \u00a3\u2019000 1 January 2024 2,312,131,799 23,121 2,471,515 66 \u2014 2,494,702 Share buybacks: Repurchased and cancelled (4,683,143) (47) \u2014 47 \u2014 \u2014 Repurchased and held in treasury (54,504,369) \u2014 \u2014 \u2014 (74,741) (74,741) (59,187,512) (47) \u2014 47 (74,741) (74,741) Shares allotted from treasury to the Investment Manager 7 May 2024 True-up of 2023 and Q4 2023 Equity Element 230,238 \u2014 58 \u2014 317 375 7 May 2024 Q1 2024 Equity Element 228,532 \u2014 57 \u2014 318 375 7 May 2024 Q2 2024 Equity Element 234,415 \u2014 59 \u2014 316 375 31 July 2024 Q3 2024 Equity Element 235,420 \u2014 62 \u2014 313 375 6 November 2024 Q4 2024 Equity Element 236,414 \u2014 70 \u2014 305 375 1,165,019 \u2014 306 \u2014 1,569 1,875 31 December 2024 2,254,109,306 23,074 2,471,821 113 (73,172) 2,421,836 During the year, the Company purchased a total of 54,504,369 ordinary shares, to be held in treasury at an aggregate cost of \u00a374,741,000 (including stamp duty and other fees of \u00a3476,000). Date Authorised, issued and fully paid Number of shares issued Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Total \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 The Company announced a share buyback program at the end of October 2023 and during the year, 4.7 million shares (2023: 6.6 million) were repurchased and cancelled at a cost of \u00a36,788,000 (2023: \u00a39,439,000). In addition, 54.5 million shares (2023: nil) have been repurchased and held in treasury at a cost of \u00a374,265,000 (2023: \u00a3nil). 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 allotted subsequent to 31 December 2024. During the year, 1.2 million shares held in treasury were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager. As at 31 December 2024, the Company had 53,339,350 shares held in treasury and the total number of ordinary shares in issue, excluding the shares held in treasury, was 2,254,109,306. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "value": "16. Share capital \u2013 ordinary shares of \u00a30.01 Date Authorised, issued and fully paid Number of shares issued Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Treasury shares \u00a3\u2019000 Total \u00a3\u2019000 1 January 2024 2,312,131,799 23,121 2,471,515 66 \u2014 2,494,702 Share buybacks: Repurchased and cancelled (4,683,143) (47) \u2014 47 \u2014 \u2014 Repurchased and held in treasury (54,504,369) \u2014 \u2014 \u2014 (74,741) (74,741) (59,187,512) (47) \u2014 47 (74,741) (74,741) Shares allotted from treasury to the Investment Manager 7 May 2024 True-up of 2023 and Q4 2023 Equity Element 230,238 \u2014 58 \u2014 317 375 7 May 2024 Q1 2024 Equity Element 228,532 \u2014 57 \u2014 318 375 7 May 2024 Q2 2024 Equity Element 234,415 \u2014 59 \u2014 316 375 31 July 2024 Q3 2024 Equity Element 235,420 \u2014 62 \u2014 313 375 6 November 2024 Q4 2024 Equity Element 236,414 \u2014 70 \u2014 305 375 1,165,019 \u2014 306 \u2014 1,569 1,875 31 December 2024 2,254,109,306 23,074 2,471,821 113 (73,172) 2,421,836 During the year, the Company purchased a total of 54,504,369 ordinary shares, to be held in treasury at an aggregate cost of \u00a374,741,000 (including stamp duty and other fees of \u00a3476,000). Date Authorised, issued and fully paid Number of shares issued Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Capital redemption reserve \u00a3\u2019000 Total \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 The Company announced a share buyback program at the end of October 2023 and during the year, 4.7 million shares (2023: 6.6 million) were repurchased and cancelled at a cost of \u00a36,788,000 (2023: \u00a39,439,000). In addition, 54.5 million shares (2023: nil) have been repurchased and held in treasury at a cost of \u00a374,265,000 (2023: \u00a3nil). 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 allotted subsequent to 31 December 2024. During the year, 1.2 million shares held in treasury were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager. As at 31 December 2024, the Company had 53,339,350 shares held in treasury and the total number of ordinary shares in issue, excluding the shares held in treasury, was 2,254,109,306. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "17. Net assets per share Group and Company 31 December 2024 31 December 2023 Net assets \u2013 \u00a3\u2019000 3,409,104 3,793,997 Number of ordinary shares issued 2,254,109,306 2,312,131,799 Total net assets \u2013 pence 151.2 164.1", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-225": { "value": "
18. Reconciliation of operating profit for the year to net cash from operating activities
Group
For the year ended
31 December 2024
\u00a3\u2019000
For the year ended
31 December 2023
\u00a3\u2019000
Operating profit for the year 23,619 193,976
Adjustments for:
Movement in fair value of investments (note 9) 341,229 191,402
Transaction costs 807 2,797
Decrease/(increase) in receivables 26,444 (38,639)
(Decrease)/increase in payables (2,588) 9,157
Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500
Tax paid \u2014 (392)
Net cash flows from operating activities 391,011 359,801
Company
For the year ended
31 December 2024
\u00a3\u2019000
For the year ended
31 December 2023
\u00a3\u2019000
Operating profit for the year 55,411 193,976
Adjustments for:
Movement in fair value of investments (note 9) (84,774) (227,153)
Decrease/(increase) in receivables 26,896 (40,253)
(Decrease)/increase in payables (880) 6,627
Equity Element of Investment Manager's fee (note 3) 1,500 1,500
Tax paid \u2014 (392)
Net cash flows from operating activities (1,847) (65,695)
Reconciliation of cash flows and non-cash flow changes in liabilities arising from financing activities
Group and Company
Loans and
borrowings
\u00a3\u2019000
Other liabilities
\u00a3\u2019000
As at 1 January 2024 1,790,000 5,791
Cash flows (net) (30,000) (100,946)
Movements in Statement of Comprehensive Income \u2014 105,251
As at 31 December 2024 1,760,000 10,096
Group and Company
Loans and
borrowings
\u00a3\u2019000
Other liabilities
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "18. Reconciliation of operating profit for the year to net cash from operating activities Group For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Operating profit for the year 23,619 193,976 Adjustments for: Movement in fair value of investments (note 9) 341,229 191,402 Transaction costs 807 2,797 Decrease/(increase) in receivables 26,444 (38,639) (Decrease)/increase in payables (2,588) 9,157 Equity Element of Investment Manager\u2019s fee (note 3) 1,500 1,500 Tax paid \u2014 (392) Net cash flows from operating activities 391,011 359,801 Company For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Operating profit for the year 55,411 193,976 Adjustments for: Movement in fair value of investments (note 9) (84,774) (227,153) Decrease/(increase) in receivables 26,896 (40,253) (Decrease)/increase in payables (880) 6,627 Equity Element of Investment Manager's fee (note 3) 1,500 1,500 Tax paid \u2014 (392) Net cash flows from operating activities (1,847) (65,695) Reconciliation of cash flows and non-cash flow changes in liabilities arising from financing activities Group and Company Loans and borrowings \u00a3\u2019000 Other liabilities \u00a3\u2019000 As at 1 January 2024 1,790,000 5,791 Cash flows (net) (30,000) (100,946) Movements in Statement of Comprehensive Income \u2014 105,251 As at 31 December 2024 1,760,000 10,096 Group and Company Loans and borrowings \u00a3\u2019000 Other liabilities \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", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "19. 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 RCF and the unhedged \u00a3115 million term loan tranche with AXA. An increase of 1 per cent (2023: 1 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 RCF and AXA term loan would increase by \u00a33,850,000 (2023: \u00a35,150,000) on the basis that the RCF is \u00a3270 million drawn (2023: \u00a3400 million). The Group\u2019s only other exposure to interest rate risk is due to the \u00a3150 million term loan with Lloyds, \u00a375 million term loan with AXA and \u00a350 million term loan with Virgin Money, all of which 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 Group also has exposure to interest rate risk due to floating interest rates with respect to the fair values of the associated interest rate swaps hedging variable interest rate risk on term debt tranches. Should the SONIA rate decrease by 1 per cent, the net fair value of the Group\u2019s interest rate swaps would decrease by \u00a345,923,000. The associated interest rate swaps on amounts drawn under the other term debt facilities detailed in note 14, effectively set interest payable at a fixed rate for the full term of the respective 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. The Group\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below: Group Fixed rate \u00a3\u2019000 Floating rate \u00a3\u2019000 Assets Security cash deposits (note 11) \u2014 13,340 Swap interest receivable from counterparties (note 11) \u2014 3,816 Interest rate swaps held at fair value through profit or loss \u2014 39,999 Investments 1,437,029 \u2014 1,437,029 57,155 Liabilities Loans and borrowings (note 13) (1,375,000) (385,000) Interest rate swaps held at fair value through profit or loss \u2014 (13,781) (1,375,000) (398,781) 19. Financial risk management continued Interest rate risk continued The Group\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below: Group Fixed rate \u00a3\u2019000 Floating rate \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 Company\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below: Company Fixed rate \u00a3\u2019000 Floating rate \u00a3\u2019000 Assets Security cash deposits (note 11) \u2014 13,340 \u2014 13,340 Liabilities Loans and borrowings (note 13) (1,375,000) (385,000) (1,375,000) (385,000) The Company\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below Group Fixed rate \u00a3\u2019000 Floating rate \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) 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. 19. Financial risk management continued 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: Group 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Other receivables (note 11) 1,191 859 Swap interest receivable from counterparties (note 11) 3,816 \u2014 Cash at bank 5,795 21,805 Security cash deposits (note 11) 13,340 40,119 Interest rate swaps held at fair value through profit or loss (note 14) 26,217 \u2014 Loan investments (note 9) 1,437,029 1,484,003 1,487,388 1,546,786 The table below details the Company\u2019s maximum exposure to credit risk: Company 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 Other receivables (note 11) \u2014 111 Cash at bank 188 52 Security cash deposits (note 11) 13,340 40,119 Loan investments (note 9) 2,230,698 2,696,103 2,244,226 2,736,385 The table below shows the cash balances of the Group and the credit rating for each counterparty: Group Rating 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 RBS International A 5,795 21,805 5,795 21,805 The table below shows the cash balances of the Company and the credit rating for each counterparty: Company Rating 31 December 2024 \u00a3\u2019000 31 December 2023 \u00a3\u2019000 RBS International A 188 52 188 52 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. 19. Financial risk management continued Liquidity risk continued 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: Group \u2013 31 December 2024 Less than 1 year \u00a3\u2019000 1 \u2013 5 years \u00a3\u2019000 5+ years \u00a3\u2019000 Total \u00a3\u2019000 Assets Other receivables (note 11) 1,191 \u2014 \u2014 1,191 Cash at bank 5,795 \u2014 \u2014 5,795 Security cash deposits (note 11) 13,340 \u2014 \u2014 13,340 Loan investments \u2014 \u2014 1,437,029 1,437,029 Swap interest receivable from counterparties (note 11) 3,816 \u2014 \u2014 3,816 Interest rate swaps held at fair value through profit or loss (note 14) \u2014 24,495 15,504 39,999 Liabilities Other payables (note 12) (23,690) \u2014 \u2014 (23,690) Loans and borrowings (106,901) (1,427,970) (648,337) (2,183,208) Interest rate swaps held at fair value through profit or loss (note 14) \u2014 (13,782) \u2014 (13,782) (106,449) (1,417,257) 804,196 (719,510) Group \u2013 31 December 2023 Less than 1 year \u00a3\u2019000 1 \u2013 5 years \u00a3\u2019000 5+ years \u00a3\u2019000 Total \u00a3\u2019000 Assets Other receivables (note 11) 859 \u2014 \u2014 859 Cash at bank 21,805 \u2014 \u2014 21,805 Security cash deposits (note 11) 40,119 \u2014 \u2014 40,119 Loan investments \u2014 \u2014 1,484,003 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) 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: Company \u2013 31 December 2024 Less than 1 year \u00a3\u2019000 1 \u2013 5 years \u00a3\u2019000 5+ years \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash at bank 188 \u2014 \u2014 188 Security cash deposits (note 11) 13,340 \u2014 \u2014 13,340 Loan investments \u2014 \u2014 2,230,698 2,230,698 Liabilities Other payables (note 12) (22,330) \u2014 \u2014 (22,330) Loans and borrowings (106,901) (1,427,970) (648,337) (2,183,208) (115,703) (1,427,970) 1,582,361 38,688 19. Financial risk management continued Liquidity risk continued Company \u2013 31 December 2023 Less than 1 year \u00a3\u2019000 1 \u2013 5 years \u00a3\u2019000 5+ years \u00a3\u2019000 Total \u00a3\u2019000 Assets Other receivables (note 11) 111 \u2014 \u2014 111 Cash at bank 52 \u2014 \u2014 52 Security cash deposits (note 11) 40,119 \u2014 \u2014 40,119 Loan investments \u2014 \u2014 2,696,103 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-226": { "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 RCF and the unhedged \u00a3115 million term loan tranche with AXA. An increase of
1 per cent (2023: 1 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 RCF and AXA
term loan would increase by \u00a33,850,000 (2023: \u00a35,150,000) on the basis that the RCF is \u00a3270 million drawn
(2023: \u00a3400 million). The Group\u2019s only other exposure to interest rate risk is due to the \u00a3150 million term loan
with Lloyds, \u00a375 million term loan with AXA and \u00a350 million term loan with Virgin Money, all of which 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 Group also has exposure to interest rate risk due to floating interest rates with respect to the fair values of
the associated interest rate swaps hedging variable interest rate risk on term debt tranches. Should the SONIA
rate decrease by 1 per cent, the net fair value of the Group\u2019s interest rate swaps would decrease by \u00a345,923,000.
The associated interest rate swaps on amounts drawn under the other term debt facilities detailed in note 14,
effectively set interest payable at a fixed rate for the full term of the respective 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.
The Group\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below:
Group
Fixed rate
\u00a3\u2019000
Floating rate
\u00a3\u2019000
Assets
Security cash deposits (note 11) \u2014 13,340
Swap interest receivable from counterparties (note 11) \u2014 3,816
Interest rate swaps held at fair value through profit or loss \u2014 39,999
Investments 1,437,029 \u2014
1,437,029 57,155
Liabilities
Loans and borrowings (note 13) (1,375,000) (385,000)
Interest rate swaps held at fair value through profit or loss \u2014 (13,781)
(1,375,000) (398,781)
Interest rate risk continued
The Group\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below:
Group
Fixed rate
\u00a3\u2019000
Floating rate
\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 Company\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below:
Company
Fixed rate
\u00a3\u2019000
Floating rate
\u00a3\u2019000
Assets
Security cash deposits (note 11) \u2014 13,340
\u2014 13,340
Liabilities
Loans and borrowings (note 13) (1,375,000) (385,000)
(1,375,000) (385,000)
The Company\u2019s interest bearing assets and liabilities as at 31 December 2023 are summarised below
Group
Fixed rate
\u00a3\u2019000
Floating rate
\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)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-227": { "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:
Group
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
Other receivables (note 11) 1,191 859
Swap interest receivable from counterparties (note 11) 3,816 \u2014
Cash at bank 5,795 21,805
Security cash deposits (note 11) 13,340 40,119
Interest rate swaps held at fair value through profit or loss (note 14) 26,217 \u2014
Loan investments (note 9) 1,437,029 1,484,003
1,487,388 1,546,786
The table below details the Company\u2019s maximum exposure to credit risk:
Company
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
Other receivables (note 11) \u2014 111
Cash at bank 188 52
Security cash deposits (note 11) 13,340 40,119
Loan investments (note 9) 2,230,698 2,696,103
2,244,226 2,736,385
The table below shows the cash balances of the Group and the credit rating for each counterparty:
Group Rating
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
RBS International A 5,795 21,805
5,795 21,805
The table below shows the cash balances of the Company and the credit rating for each counterparty:
Company Rating
31 December 2024
\u00a3\u2019000
31 December 2023
\u00a3\u2019000
RBS International A 188 52
188 52
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-228": { "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.
Liquidity risk continued
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:
Group \u2013 31 December 2024
Less than 1 year
\u00a3\u2019000
1 \u2013 5 years
\u00a3\u2019000
5+ years
\u00a3\u2019000
Total
\u00a3\u2019000
Assets
Other receivables (note 11) 1,191 \u2014 \u2014 1,191
Cash at bank 5,795 \u2014 \u2014 5,795
Security cash deposits (note 11) 13,340 \u2014 \u2014 13,340
Loan investments \u2014 \u2014 1,437,029 1,437,029
Swap interest receivable from counterparties
(note 11) 3,816 \u2014 \u2014 3,816
Interest rate swaps held at fair value through
profit or loss (note 14) \u2014 24,495 15,504 39,999
Liabilities
Other payables (note 12) (23,690) \u2014 \u2014 (23,690)
Loans and borrowings (106,901) (1,427,970) (648,337) (2,183,208)
Interest rate swaps held at fair value through
profit or loss (note 14) \u2014 (13,782) \u2014 (13,782)
(106,449) (1,417,257) 804,196 (719,510)
Group \u2013 31 December 2023
Less than 1 year
\u00a3\u2019000
1 \u2013 5 years
\u00a3\u2019000
5+ years
\u00a3\u2019000
Total
\u00a3\u2019000
Assets
Other receivables (note 11) 859 \u2014 \u2014 859
Cash at bank 21,805 \u2014 \u2014 21,805
Security cash deposits (note 11) 40,119 \u2014 \u2014 40,119
Loan investments \u2014 \u2014 1,484,003 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)
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:
Company \u2013 31 December 2024
Less than 1 year
\u00a3\u2019000
1 \u2013 5 years
\u00a3\u2019000
5+ years
\u00a3\u2019000
Total
\u00a3\u2019000
Assets
Cash at bank 188 \u2014 \u2014 188
Security cash deposits (note 11) 13,340 \u2014 \u2014 13,340
Loan investments \u2014 \u2014 2,230,698 2,230,698
Liabilities
Other payables (note 12) (22,330) \u2014 \u2014 (22,330)
Loans and borrowings (106,901) (1,427,970) (648,337) (2,183,208)
(115,703) (1,427,970) 1,582,361 38,688
Liquidity risk continued
Company \u2013 31 December 2023
Less than 1 year
\u00a3\u2019000
1 \u2013 5 years
\u00a3\u2019000
5+ years
\u00a3\u2019000
Total
\u00a3\u2019000
Assets
Other receivables (note 11) 111 \u2014 \u2014 111
Cash at bank 52 \u2014 \u2014 52
Security cash deposits (note 11) 40,119 \u2014 \u2014 40,119
Loan investments \u2014 \u2014 2,696,103 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
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "20. Related party transactions Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 44 to 47. \u00a349,555 (2023: \u00a346,461) 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 \u00a317,061,045 (2023: \u00a3680,800,000) and Holdco settled amounts of \u00a3482,466,847 (2023: \u00a3328,411,737). The amount outstanding at the year end was \u00a32,230,697,675 (31 December 2023: \u00a32,696,103,477). Under the terms of a Management Services Agreement with Holdco, the Company receives \u00a31,252,260 per annum in relation to management and administration services. During the year, \u00a32,665,488 (2023: \u00a3800,000) was paid from Holdco to the Company under this agreement, \u00a31,252,260 was in relation to the 2024 Management Services Agreement and \u00a31,413,228 was in relation to a 2023 Management Services agreement true up. Amounts due to the Company at the year end were \u00a3nil (2023: \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 \u00a33,398,808 (2023: \u00a31,861,994) in relation to renewables obligation certificate (ROC) proceeds on behalf of Bin Mountain, Carcant and Tappaghan. Amounts due to these investee companies as at 31 December 2024 were \u00a3nil (2023: \u00a33,246). As at 31 December 2024 \u00a3209,721 was due to Bicker Fen (2023: \u00a3182,698), \u00a3664,108 was due to Fenlands (2023: \u00a3(834,064)), \u00a32,798 was due to North Hoyle (2023: \u00a3924,611), \u00a3nil was due to Nanclach (2023: \u00a3147,295), \u00a3nil was due to Langhope Rig (2023: \u00a351,783), \u00a3nil was due to Douglas West (2023: \u00a327,133), \u00a3nil was due to Burbo (2023: \u00a3(1,017,709)), \u00a38,079 was due from Braes of Doune (2023: \u00a3nil), \u00a332,234 was due to London Array (2023: \u00a3nil) and \u00a31,839 was due from SYND (2023: \u00a3nil) in respect of tax payments/rebates paid/received by Holdco. As at 31 December 2024 \u00a35,095 was due to be recharged to KME Extension, \u00a33,375 was due to be recharged to each of the following SPVs; Bin Mountain, Braes of Doune, Carcant, Cotton Farm, Earl\u2019s Hall, Kildrummy, Maerdy, Stroupster, Tappaghan, Screggagh, Langhope Rig, Bishopthorpe, Slieve Divena, North Hoyle, Corriegarth, Brockaghboy, Crighshane, Church Hill, Slieve Divena 2, Andershaw, Windy Rig, Glen Kyllachy, Twenty Shilling and South Kyle and \u00a3250 was due to be recharged to each of the following SPVs; Drone Hill, North Rhins, Sixpenny, Yelvertoft, Douglas West and Dalquhandy in respect of professional fees paid by Holdco. As at 31 December 2024, under the terms of Management Services Agreements with the SPVs, Holdco was due to receive \u00a3958 from Fenlands and \u00a3958 from Bicker Fen (2023: \u00a3982 from Fenlands). 20. Related party transactions continued As at 31 December 2024, under the terms of the Investment Management Agreement, the Company owed the Investment Manager a Cash Fee of \u00a36,736,678. As at 31 December 2024, an amount of \u00a3nil (2023: \u00a31,539,501) was payable from the Group to Douglas West, being a return of a dividend received during the year. For the year ended 31 December 2024 Income received \u00a3 Expenses paid to the Investment Manager \u00a3 Expenses paid to the Administrator \u00a3 Andershaw, Bin Mountain, Bishopthorpe, Brockaghboy, Carcant, Church Hill, Cotton Farm, Corriegarth, Crighshane, Dalquhandy, Douglas West, Earl\u2019s Hall Farm, Glen Kyllachy, Kildrummy, Langhope Rig, Maerdy, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2, South Kyle Wind, Stroupster, Tappaghan, Tom Nan Clach, Twentyshilling, Windy Rig: \u00a359,194 income receivable per wind farm per annum \u00a329,597 expenses payable to the Investment Manager per wind farm per annum \u00a329,597 expenses payable to the Administrator per wind farm per annum 1,539,044 769,531 769,531 Braes of Doune, Drone Hill, North Rhins, Sixpenny Wood, Yelvertoft: \u00a344,396 income receivable per wind farm per annum \u00a329,597 expenses payable to the Investment Manager per wind farm per annum \u00a329,597 expenses payable to the Administrator per wind farm per annum 221,980 147,987 147,987 Dunmaglass Holdco, Stronelairg Holdco: \u00a38,917 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm per annum \u00a38,917 expenses payable to the Administrator per wind farm per annum 17,834 \u2014 17,834 Bicker Fen, Fenlands: \u00a33,356 income receivable per wind farm per annum \u00a33,380 expenses payable to the Investment Manager per wind farm per annum \u00a3341 expenses payable to the Administrator per wind farm per annum 6,712 6,760 682 Walney Holdco: \u00a322,434 income receivable per annum \u00a311,217 expenses payable to the Investment Manager per annum \u00a311,217 expenses payable to the Administrator per annum 22,434 11,217 11,217 Humber Holdco: \u00a38,798 income receivable per annum \u00a3nil expenses payable to the Investment Manager per annum \u00a38,798 expenses payable to the Administrator per annum 8,798 \u2014 8,798 Burbo Bank Extension: \u00a311,216 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm per annum \u00a311,216 expenses payable to the Administrator per wind farm per annum 11,216 \u2014 11,216 London Array Holdco: \u00a314,040 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per annum \u00a314,040 expenses payable to the Administrator per annum per annum 14,040 \u2014 14,040 London Array: \u00a320,514 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per annum \u00a320,280 expenses payable to the Administrator per annum 20,514 \u2014 20,280 For the year ended 31 December 2024 Income received \u00a3 Expenses paid to the Investment Manager \u00a3 Expenses paid to the Administrator \u00a3 SYND Holdco (1) : \u00a312,463 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per annum \u00a312,436 expenses payable to the Administrator per annum 12,463 \u2014 12,463 Breeze Bidco (1) : \u00a312,738 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per annum \u00a312,738 expenses payable to the Administrator per annum 12,738 \u2014 12,738 Hoylake Wind (1) : \u00a39.089 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per annum \u00a39,089 expenses payable to the Administrator per annum 9,089 \u2014 9,089 Total 1,896,861 935,495 1,035,875 (1) No Management Services Agreement in place. These relate to expenses paid to the Administrator that are recharged to the SPV. 20. Related party transactions continued 20. Related party transactions continued For the year ended 31 December 2023 Income received \u00a3 Expenses paid to the Investment Manager \u00a3 Expenses paid to the Administrator \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: \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 1,366,019 683,010 683,010 Braes of Doune, Drone Hill, North Rhins, Sixpenny Wood, Yelvertoft: \u00a342,688 income receivable per wind farm per annum \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 213,440 71,147 142,293 Dalquhandy: \u00a332,200 income receivable per annum \u00a316,100 expenses payable to the Investment Manager per annum \u00a316,100 expenses payable to the Administrator per annum 32,200 16,100 16,100 Dunmaglass Holdco, Stronelairg Holdco: \u00a38,574 income receivable per wind farm per annum \u00a3nil expenses payable to the Investment Manager per wind farm per annum \u00a38,574 expenses payable to the Administrator per wind farm per annum 17,148 \u2014 17,148 Bicker Fen, Fenlands: \u00a33,274 income receivable per wind farm per annum \u00a33,274 expenses payable to the Investment Manager per wind farm per annum \u00a3nil expenses payable to the Administrator per wind farm per annum 6,548 6,548 \u2014 Walney Holdco: \u00a321,570 income receivable per annum \u00a310,785 expenses payable to the Investment Manager per annum \u00a310,785 expenses payable to the Administrator per annum 21,570 10,785 10,785 Humber Holdco: \u00a38,459 income receivable per annum \u00a3nil expenses payable to the Investment Manager per annum \u00a38,459 expenses payable to the Administrator per annum 8,459 \u2014 8,459 Burbo Bank Extension: \u00a36,740 income receivable per annum \u00a36,740 expenses payable to the Investment Manager per annum \u00a3nil expenses payable to the Administrator per wind farm per annum 6,740 6,740 \u2014 Total 1,672,124 794,330 877,795 20. Related party transactions continued The table below shows dividends received in the year from the Group\u2019s investments. For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Humber Holdco (1) 36,936 53,436 London Array Holdco (2) 31,549 \u2014 Clyde 26,085 46,776 Walney Holdco (3) 22,146 25,298 Stronelairg Holdco (4) 19,200 26,154 Braes of Doune 15,653 14,361 Stroupster 13,917 6,610 North Hoyle 12,077 14,412 Corriegarth 11,028 13,097 Brockaghboy 10,639 13,804 SYND Holdco (5) 9,025 9,430 South Kyle Wind 7,850 \u2014 Fenlands (6) 6,800 9,515 ML Wind (7) 6,713 10,143 Andershaw 6,650 4,417 Rhyl Flats 5,714 8,258 Tappaghan 5,233 5,017 Little Cheyne Court 4,633 6,437 Cotton Farm 4,543 2,960 Hornsea 1 Holdco (9) 4,264 16,842 Kildrummy 4,237 2,359 Dunmaglass Holdco (10) 4,080 11,298 Windy Rig 4,080 5,277 Slieve Divena 4,046 4,345 Hoylake (8) 3,921 12,583 Langhope Rig 3,879 3,475 Bishopthorpe 3,757 3,944 Crighshane 3,684 2,201 Maerdy 3,594 4,318 Tom nan Clach (11) 3,260 \u2014 Bicker Fen 3,184 3,770 Slieve Divena 2 3,001 2,732 Glen Kyllachy 2,786 2,131 Earl\u2019s Hall Farm 2,578 1,788 Douglas West 2,547 1,500 Twentyshilling 1,757 4,046 Church Hill 1,662 1,201 Kype Muir Extension 1,585 \u2014 Carcant 1,446 1,340 Bin Mountain 1,384 1,260 Screggagh 1,379 3,404 Dalquhandy 1,107 \u2014 323,609 359,939 (1) The Group\u2019s investment in Humber Gateway is held through Humber Holdco. (2) The Group\u2019s investment in London Array is held through London Array Holdco. (3) The Group\u2019s investment in Walney is held through Walney Holdco. (4) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (5) The Group\u2019s investment in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco (6) The Group\u2019s investments in Deeping St.Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands (7) The Group\u2019s investments in Middlemoor and Lindhurst are held through ML Wind. (8) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (9) The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco. (10) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (11) The Group\u2019s investment in Tom nan Clach is held through Breeze Bidco. 20. Related party transactions continued The table below shows interest received in the year from the Group\u2019s shareholder loan investments. For the year ended 31 December 2024 \u00a3\u2019000 For the year ended 31 December 2023 \u00a3\u2019000 Walney Holdco (1) 10,733 9,994 Greencoat London Array Holdco (2) 9,233 2,605 Hoylake (3) 8,971 10,662 South Kyle 8,034 4,239 Stronelairg Holdco (4) 5,201 5,197 Clyde 4,291 4,283 Dunmaglass Holdco (5) 3,350 3,412 Dalquhandy 2,971 \u2014 Windy Rig 2,575 1,850 Corriegarth 2,469 2,805 Twentyshilling 2,395 1,473 Tom nan Clach 2,119 2,890 Andershaw 1,794 1,894 Kype Muir Extension 1,758 \u2014 Slieve Divena 2 1,220 1,340 Douglas West 1,105 2,532 Crighshane 1,093 1,257 Glen Kyllachy 696 2,886 Hornsea 1 Holdco (6) 689 2,206 Church Hill 409 843 Dalquhandy \u2014 417 71,106 62,785 (1) The Group\u2019s investment in Walney is held through Walney Holdco. (2) The Group\u2019s investment in London Array is held through London Array Holdco. (3) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (4) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (5) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (6) The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco. 20. Related party transactions continued The table below shows the Group\u2019s shareholder loans with the wind farm investments. Loans at 1 January 2024 (1) \u00a3\u2019000 Loans advanced in the year \u00a3\u2019000 Loan repayments in the year \u00a3\u2019000 Loan interest capitalised in the year \u00a3\u2019000 Disposals made in the year \u00a3\u2019000 Loans at 31 December 2024 \u00a3\u2019000 Accrued interest at 31 December 2024 \u00a3\u2019000 Total \u00a3\u2019000 Andershaw 29,946 \u2014 (790) \u2014 \u2014 29,156 96 29,252 Church Hill 12,654 \u2014 (226) \u2014 \u2014 12,428 340 12,768 Clyde 71,503 \u2014 \u2014 \u2014 \u2014 71,503 1,013 72,516 Corriegarth 42,553 \u2014 (1,044) \u2014 \u2014 41,509 116 41,625 Crighshane 18,527 \u2014 (345) \u2014 \u2014 18,182 \u2014 18,182 Dalquhandy 40,878 \u2014 \u2014 \u2014 (16,351) 24,527 281 24,808 Douglas West 40,109 \u2014 (1,308) \u2014 (15,520) 23,281 740 24,021 Dunmaglass Holdco (2) 56,864 \u2014 \u2014 \u2014 \u2014 56,864 921 57,785 Glen Kyllachy 46,630 \u2014 \u2014 \u2014 \u2014 46,630 2,102 48,732 Hornsea 1 Holdco (3) 101,331 \u2014 (6,708) 5,842 \u2014 100,465 34 100,499 Hoylake (4) 179,359 \u2014 (6,571) 3,007 \u2014 175,795 \u2014 175,795 Kype Muir Extension 30,159 \u2014 \u2014 \u2014 \u2014 30,159 813 30,972 London Array (5) 133,269 \u2014 (5,580) \u2014 \u2014 127,689 884 128,573 Slieve Divena 2 20,672 \u2014 (647) \u2014 \u2014 20,025 \u2014 20,025 South Kyle 206,791 \u2014 \u2014 \u2014 \u2014 206,791 4,374 211,165 Stronelairg 86,619 \u2014 \u2014 \u2014 \u2014 86,619 1,306 87,925 Tom nan Clach 65,824 \u2014 (5,220) \u2014 \u2014 60,604 93 60,697 Twentyshilling 32,190 \u2014 \u2014 \u2014 \u2014 32,190 \u2014 32,190 Walney Holdco (6) 172,727 \u2014 \u2014 \u2014 \u2014 172,727 \u2014 172,727 Windy Rig 36,772 \u2014 \u2014 \u2014 \u2014 36,772 \u2014 36,772 1,425,377 \u2014 (28,439) 8,849 (31,871) 1,373,916 13,113 1,387,029 (1) Excludes accrued interest at 31 December 2023 of \u00a37,327,479. (2) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (3) The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco. (4) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (5) The Group\u2019s investment in London Array is held through London Array Holdco. (6) The Group\u2019s investment in Walney is held through Walney Holdco. 21. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "22. Subsequent events On 29 January 2025, the Company announced a dividend of \u00a356.2 million, equivalent to 2.5 pence per share with respect to the quarter ended 31 December 2024, bringing the total dividend declared with respect to the year to 31 December 2024 to 10 pence per share. The record date for the dividend was 14 February 2025 and the payment date is 28 February 2025. On 15 January 2025, the Company announced that Taraneh Azad will join the Board effective from 1 February 2025. Post year end, the Company had announced cumulative buybacks of 7.7 million shares between 1 January and 14 February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "5th Floor 20 Fenchurch Street London EC3M 3BY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }