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ICG is one of the world\u2019s leading alternative
asset managers. We create sustainable value by
partnering with ambitious businesses.
We deliver outstanding investment performance
to our clients, provide wide\u2010ranging capital
solutions for corporates and owners of real
assets, and create value for stakeholders,
shareholders and communities.
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The financial statements of Intermediate Capital Group plc (Company Registration Number: 02234775) were
approved and authorised for issue by the Board of Directors on 27 May 2024 and were signed on its behalf by:
Beno\u00eet Durteste David Bicarregui
Chief Executive Officer Chief Financial Officer
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General information
Intermediate Capital Group plc (the \u2018Parent Company\u2019, \u2018Company\u2019 or \u2018ICG plc\u2019) is a public company limited
by shares, incorporated, domiciled and registered in England and Wales under the Companies Act, with
the company registration number 02234775. The registered office is Procession House, 55 Ludgate Hill,
New Bridge Street, London EC4M 7JW.
The consolidated financial statements for the year to 31 March 2024 comprise the financial statements
of the Parent Company and its consolidated subsidiaries (collectively, the \u2018Group\u2019). The nature of the
Group\u2019s operations and its principal activities are detailed in the Strategic Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-3": { "value": "Intermediate Capital Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-435": { "value": "Intermediate Capital Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-4": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-436": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-6": { "value": "Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-441": { "value": "
Basis of preparation
The consolidated financial statements of the Group and Company are prepared in accordance with
UK-adopted international accounting standards (\u2018UK-adopted IAS\u2019) and, as regards the Parent
Company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
The Company has taken advantage of section 408 of the Companies Act 2006 not to present the Parent
Company profit and loss account.
The financial statements have been prepared on a going concern basis and under the historical cost
convention, except for financial instruments and investment property that are measured at fair value through
profit and loss at the end of the reporting period, as detailed in note 5 and note 18, respectively, and certain
investments in associates and joint ventures held for venture capital purposes, as detailed in note 29.
In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from these estimates.
The judgements, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision affects only
that period, or in the period of the revision and future periods if the revision affects both current and future
periods. Details of the critical judgements made, and key sources of estimation uncertainty, are included
in note 1 and in the note to which the critical judgement or source of estimation uncertainty relates.
In preparing the financial statements, the Directors have considered the impact of potential climate-related
risks on a number of key estimates within the financial statements, including:
\u2013 the valuation of financial assets; and
\u2013 the application of the Group\u2019s revenue recognition policy, primarily the impact on the net asset value
(\u2018NAV\u2019) of funds on which performance-related fees are generated.
Overall, the Directors concluded that climate-related risks do not have a material impact on the financial
reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not
expected to have a significant impact on the Group\u2019s short-term cash flows including those considered in the
going concern and viability assessments.
The accounting policies as set out in the notes to the accounts have been applied consistently to all periods
presented in these consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-475": { "value": "The consolidated financial statements of the Group and Company are prepared in accordance with UK-adopted international accounting standards (\u2018UK-adopted IAS\u2019) and, as regards the Parent Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the Parent Company profit and loss account. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-442": { "value": "
Basis of consolidation
The Group\u2019s financial statements consolidate the results of Intermediate Capital Group plc and entities
controlled by the Company for the period to 31 March each year. Control is achieved when the Company
has power over the relevant activities of the investee, exposure to variable returns from the investee,
and the ability to affect those returns through its power over the investee.
The assessment of control is based on all relevant facts and circumstances and the Group reassesses
its conclusion if there is an indication that there are changes in facts and circumstances. Subsidiaries are
included in the consolidated financial statements from the date that control commences, until the date that
control ceases. See note 27 which lists the Group\u2019s subsidiaries and controlled structured entities.
Each component of other comprehensive income and profit or loss is attributed to the owners of the Company
and to the non-controlling interests.
Adjustments are made where required to the financial statements of subsidiaries for consistency with the
accounting policies of the Group. All intra-group transactions, balances, unrealised income and expenses
are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-443": { "value": "
Key accounting judgements and estimates in the application of accounting policies
Key accounting judgements
In preparing the financial statements, apart from those involving estimations, two key accounting judgements
have been made by the Directors in the application of the Group\u2019s accounting policies which have the most
significant effect on the amounts recognised in the consolidated financial statements:
i. The Group\u2019s assessment as to whether it controls certain investee entities, including third-party funds
and carried interest partnerships, and is therefore required to consolidate the investee, as detailed above.
The Group\u2019s assessment of this critical judgement is discussed further in note 27.
ii. The application of the Group\u2019s revenue recognition policy in respect of the performance fee component of
management fees. Judgement is primarily applied in considering the timings of when expected performance
conditions will be met and the appropriate constraint to be applied. The Group\u2019s assessment of this key
accounting judgement is discussed further in note 3.
Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting date, that may have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next financial year, results from
the Group\u2019s assessment of fair value of its financial assets and liabilities (discussed further in note 5 and note
7) and the impact of this assessment on trade and other payables related to the Deal Vintage Bonus (\u2018DVB\u2019)
\u2013 see notes 12 and 20.
Key accounting judgements and the Group\u2019s assessment of fair value of its financial assets and liabilities are
reviewed by the Audit Committee during the year and its involvement in the process is included in its report
on page 84.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-437": { "value": "Key accounting judgements and estimates in the application of accounting policies Key accounting judgements In preparing the financial statements, apart from those involving estimations, two key accounting judgements have been made by the Directors in the application of the Group\u2019s accounting policies which have the most significant effect on the amounts recognised in the consolidated financial statements: i. The Group\u2019s assessment as to whether it controls certain investee entities, including third-party funds and carried interest partnerships, and is therefore required to consolidate the investee, as detailed above. The Group\u2019s assessment of this critical judgement is discussed further in note 27. ii. The application of the Group\u2019s revenue recognition policy in respect of the performance fee component of management fees. Judgement is primarily applied in considering the timings of when expected performance conditions will be met and the appropriate constraint to be applied. The Group\u2019s assessment of this key accounting judgement is discussed further in note 3. Key sources of estimation uncertainty The key sources of estimation uncertainty at the reporting date, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, results from the Group\u2019s assessment of fair value of its financial assets and liabilities (discussed further in note 5 and note 7) and the impact of this assessment on trade and other payables related to the Deal Vintage Bonus (\u2018DVB\u2019) \u2013 see notes 12 and 20. Key accounting judgements and the Group\u2019s assessment of fair value of its financial assets and liabilities are reviewed by the Audit Committee during the year and its involvement in the process is included in its report on page 84. Foreign currencies The functional currency of the Company is sterling as the Company\u2019s shares are denominated in sterling and the Company\u2019s costs are primarily incurred in sterling. The Group has determined the presentational currency of the Group is the functional currency of the Company. Information is presented to the nearest million (\u00a3m). Transactions denominated in foreign currencies are translated using the exchange rates prevailing at the date of the transactions. At each reporting date, monetary assets and liabilities denominated in a foreign currency are retranslated at the rates prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated at the rate prevailing at the date the fair value was determined. Non-monetary items that are measured at historical cost are translated using rates prevailing at the date of the transaction. The assets and liabilities of the Group\u2019s foreign operations are translated using the exchange rates prevailing at the reporting date. Income and expense items are translated using the average exchange rates during the year. Exchange differences arising from the translation of foreign operations are taken directly to the foreign currency translation reserve. On disposal of a foreign operation, exchange differences previously recognised in other comprehensive income are reclassified to the income statement. Going concern The financial statements are prepared on a going concern basis, as the Board is satisfied that the Group have the resources to continue in business for a period of at least 18 months from approval of the financial statements. In assessing the Group\u2019s ability to continue in its capacity as a going concern, the Board considered a wide range of information relating to present and future projections of profitability and liquidity. The assessment also incorporates internally generated stress tests, including reverse stress testing, on key areas including fund performance risk and external environmental risk. The stress tests used were based upon an assessment of reasonably possible downside economic scenarios that the Group could be exposed to. Further information can be found in the Viability Statement on page 46. The review showed the Group has sufficient liquidity in place to support its business operations for the foreseeable future. Accordingly, the Directors have a reasonable expectation the Group has resources to continue as a going concern to 30 November 2025, an 18 month period from the date of approval of the financial statements. 2. Changes in accounting policies and disclosures New and amended standards and interpretations The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. These new standards are not expected to have a material impact on the Group. No new standard implemented during the year had a material impact on the Group financial statements.
Accounting periods
IFRS/IAS commencing on or after
IAS 12
International Tax Reform - Pillar Two Model Rules
1 January 2024
IAS 1
Classification of Liabilities as Current or Non-current
1 January 2024
IAS 1
Non-current Liabilities with Covenants
1 January 2024
IFRS 16
Lease Liability in a Sale and Leaseback
1 January 2024
IAS 7 and IFRS 7
Supplier finance arrangements
1 January 2024
Changes in material accounting policy information No changes to material accounting policies were implemented. Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (\u2018FVTPL\u2019) and Fair Value Through Other Comprehensive Income (\u2018FVOCI\u2019). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (\u2019IPEV\u2019) Valuation Guidelines - December 2022, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Recognition of financial assets When the Group invests in the capital structure of a portfolio company, these assets are initially recognised and subsequently measured at fair value, and transaction costs are recognised in the consolidated income statement immediately. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction at the reporting date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with IFRS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institute of Chartered Surveyors Valuation \u2013 Global Standards 2020 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in this note on page 147. Given the subjectivity of investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee. The unobservable inputs relative to these investments are further detailed below. Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability. Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group\u2019s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities at FVTPL are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities as such liabilities are managed by the Group on a fair value basis. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire. Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned. Accounting policy The Group recognises net gains and losses on investments comprising realised and unrealised gains and losses from disposals and revaluations of financial assets and financial liabilities measured at fair value. Accounting policy Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17). Accounting policy The Deal Vintage Bonus (\u2018DVB\u2019) scheme forms part of the Group\u2019s Remuneration Policy for investment executives. DVB is reported within Wages and salaries. Payments of DVB are made in respect of plan years, which are aligned to the Group\u2019s financial year. Payments of DVB are made only when the performance threshold for the plan year has been achieved on a cash basis and proceeds are received by the Group. An estimate of the DVB liability for a plan year is developed based on the following inputs: expected realisation proceeds; expected timing of realisations; and allocations of DVB to qualifying investment professionals. The Group accrues the estimated DVB cost associated with that plan year evenly over five years on average, reflecting the average holding period for the underlying investments and therefore the period over which services are provided by the scheme participants. Accounting policy The tax expense comprises current and deferred tax. Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity. Accounting policy Dividends are distributions of profit to holders of Intermediate Capital Group plc\u2019s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid. Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. Accounting policy The Group\u2019s property, plant and equipment provide the infrastructure to enable the Group to operate. Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as an amortisation charge on a straight line basis over the estimated useful life, determined as three years for furniture and equipment and five years for short leasehold premises. Right of Use (\u2018ROU\u2019) assets and associated leasehold improvements are amortised over the full contractual lease term. Group as a lessee Included within the Group\u2019s property, plant and equipment are its ROU assets. ROU assets are the present value of the Group\u2019s global leases and comprise all future lease payments, and all expenditure associated with acquiring the lease. The Group\u2019s leases are primarily made up of its global offices. The Group has elected to capitalise initial costs associated with acquiring a lease before commencement as a ROU asset. The cost of the ROU asset is recognised in the income statement as an amortisation charge on a straight line basis over the life of the lease term. Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases (those that have a lease term of 12 months or less from the commencement date which do not contain a purchase option). The Group also applies the recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as administrative expenses on a straight line basis over the lease term. Accounting policy Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group has entered into sub-lease agreements of certain office buildings (see note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year was \u00a30.4m (2023: \u00a30.4m). Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows: Accounting policy The Group holds investment property for the development of the Group\u2019s long-term real assets strategy. Properties are being held with a purpose to earn rental income and/or for capital appreciation and are not occupied by the Group. IAS 40 Investment Property requires that the property be measured initially at cost, including transaction costs, and subsequently measured at fair value. Gains or losses from changes in the fair values of investment properties are included in the profit or loss in the period in which they arise. The fair value of the investment properties (Level 3) has been recorded based on independent valuations prepared by Knight Frank, third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards 2020. A market and income approach was performed to estimate the fair value of the Group\u2019s investments. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in note 5. Accounting policy Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled by the Group include performance fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 30. Trade and other receivables within structured entities controlled by the Group relate principally to unsettled trades on the sale of financial assets. Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current, reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26. The carrying value of trade and other receivables reported within current assets approximates fair value as these are short term and do not contain any significant financing components. The carrying value of trade and other receivables reported within non-current assets approximates fair value as these do not contain any significant financing components. The Company has adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (\u2018ECL\u2019), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the simplified approach is deemed most appropriate. Accounting policy Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies are repayable on demand. The carrying value of trade and other payables approximates fair value as these are short term and do not contain any significant financing components. Trade and other payables from Group entities are considered related party transactions as stated in note 26. Key sources of estimation uncertainty on trade and other payables excluding those held in structured entities controlled by the Group. Payables related to the DVB scheme are key estimates based on the inputs described in note 12. The sensitivity of the DVB to a 10% increase in the fair value of the underlying investments is an increase of \u00a313.13m (2023: \u00a310.25m) and to a decrease of 10% is a decrease of \u00a313.13m (2023: \u00a310.25m). Accounting policy Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (\u2018EBT\u2019). The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company for the hedging of future liabilities arising as a result of the employee share-based compensation schemes (see note 24), in a way that does not dilute the percentage holdings of existing shareholders. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. Accounting policy The Group issues compensation to its employees under both equity-settled and cash-settled share-based payment plans. Equity-settled share-based payments are measured at the fair value of the awards at grant date. The fair value includes the effect of non-market-based vesting conditions. The fair value determined at the date of grant is expensed on a straight-line basis over the vesting period. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity . Accounting policy Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as \u2018ICG\u2019 or the \u2018Group\u2019. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors\u2019 assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group\u2019s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager ICG participates in carried interest partnerships (CIPs), the participants of which are the Group, certain of the Group\u2019s employees and others connected to the underlying fund. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS10 and have considered whether the CIP participants were providing a service for the benefit of the Group. In undertaking this assessment the Directors took account of the following key considerations: \u2013 the Group\u2019s exposure to the variable returns of the CIP is limited to the amounts allocated to the Group (see \u2019Other information\u2019). Such allocations are typically 20% or less of total returns realised by the CIP with the balance attributable to other participants \u2013 CIPs are used to facilitate substantial co-investment by individuals in the underlying funds. These individuals are exposed to the risk of personal financial loss \u2013 fund investors can, in certain conditions, veto changes in the key persons managing the fund The Directors have assessed that certain CIPs are controlled, and they are included within the list of controlled structured entities below. The Directors conclude that other CIPs are not controlled by the Group. Accounting policy Non-current financial assets held for sale and disposal groups The Group may make an investment and hold the asset on its balance sheet prior to it being transferred into a fund or sold to third-party investors. When assets are expected to be held for a period for up to a year, these assets may be classified as held for sale. Where the investment is held through a controlled investee the investee entity is classified as a disposal group held for sale. The conditions for disposal groups held for sale are regarded as met only when the asset is available for immediate sale, the Directors are committed to the sale, and the sale is expected to be completed within one year from the date of classification. Assets within disposal groups held for sale are recognised at the lower of fair value less cost to sell and their carrying amount as required by IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, except where the asset is a financial instrument or investment property. The measurement of these assets is determined by IFRS 9 Financial Instruments and IAS 40 Investment Property respectively. The Group\u2019s measurement of these assets is detailed in note 5. Subsidiaries within disposal groups held for sale which were acquired with a view to resale are assessed as discontinued operations. Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group\u2019s share of the joint venture\u2019s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group\u2019s operations and contributing to achieving the Group\u2019s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities. Accounting policy Cash flows arising from the acquisition and disposal of assets to seed new investment strategies are classified as operating, as this activity is undertaken to establish new sources of fund management fee income, growing the operating activities of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-444": { "value": "
Foreign currencies
The functional currency of the Company is sterling as the Company\u2019s shares are denominated in sterling and the
Company\u2019s costs are primarily incurred in sterling. The Group has determined the presentational currency of
the Group is the functional currency of the Company. Information is presented to the nearest million (\u00a3m).
Transactions denominated in foreign currencies are translated using the exchange rates prevailing at the date
of the transactions. At each reporting date, monetary assets and liabilities denominated in a foreign currency
are retranslated at the rates prevailing at the reporting date. Non-monetary assets and liabilities denominated
in foreign currencies that are measured at fair value are translated at the rate prevailing at the date the fair value
was determined. Non-monetary items that are measured at historical cost are translated using rates prevailing
at the date of the transaction.
The assets and liabilities of the Group\u2019s foreign operations are translated using the exchange rates prevailing
at the reporting date. Income and expense items are translated using the average exchange rates during the
year. Exchange differences arising from the translation of foreign operations are taken directly to the foreign
currency translation reserve. On disposal of a foreign operation, exchange differences previously recognised
in other comprehensive income are reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-476": { "value": "The functional currency of the Company is sterling as the Company\u2019s shares are denominated in sterling and the Company\u2019s costs are primarily incurred in sterling. The Group has determined the presentational currency of the Group is the functional currency of the Company. Information is presented to the nearest million (\u00a3m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-445": { "value": "
Going concern
The financial statements are prepared on a going concern basis, as the Board is satisfied that the Group
have the resources to continue in business for a period of at least 18 months from approval of the financial
statements.
In assessing the Group\u2019s ability to continue in its capacity as a going concern, the Board considered a wide
range of information relating to present and future projections of profitability and liquidity. The assessment
also incorporates internally generated stress tests, including reverse stress testing, on key areas including
fund performance risk and external environmental risk. The stress tests used were based upon an assessment
of reasonably possible downside economic scenarios that the Group could be exposed to. Further information
can be found in the Viability Statement on page 46.
The review showed the Group has sufficient liquidity in place to support its business operations for the
foreseeable future. Accordingly, the Directors have a reasonable expectation the Group has resources to
continue as a going concern to 30 November 2025, an 18 month period from the date of approval of the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-446": { "value": "
2. Changes in accounting policies and disclosures
New and amended standards and interpretations
The new and amended standards and interpretations that are issued, but not yet effective, up to the date
of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these
standards, if applicable, when they become effective. These new standards are not expected to have a
material impact on the Group. No new standard implemented during the year had a material impact on the
Group financial statements.
Accounting periods
IFRS/IAS commencing on or after
IAS 12
International Tax Reform - Pillar Two Model Rules
1 January 2024
IAS 1
Classification of Liabilities as Current or Non-current
1 January 2024
IAS 1
Non-current Liabilities with Covenants
1 January 2024
IFRS 16
Lease Liability in a Sale and Leaseback
1 January 2024
IAS 7 and IFRS 7
Supplier finance arrangements
1 January 2024
Changes in material accounting policy information
No changes to material accounting policies were implemented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-502": { "value": "New and amended standards and interpretations The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. These new standards are not expected to have a material impact on the Group. No new standard implemented during the year had a material impact on the Group financial statements. Accounting periods IFRS/IAS commencing on or after IAS 12 International Tax Reform - Pillar Two Model Rules 1 January 2024 IAS 1 Classification of Liabilities as Current or Non-current 1 January 2024 IAS 1 Non-current Liabilities with Covenants 1 January 2024 IFRS 16 Lease Liability in a Sale and Leaseback 1 January 2024 IAS 7 and IFRS 7 Supplier finance arrangements ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-477": { "value": "New and amended standards and interpretations The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. These new standards are not expected to have a material impact on the Group. No new standard implemented during the year had a material impact on the Group financial statements.
Accounting periods
IFRS/IAS commencing on or after
IAS 12
International Tax Reform - Pillar Two Model Rules
1 January 2024
IAS 1
Classification of Liabilities as Current or Non-current
1 January 2024
IAS 1
Non-current Liabilities with Covenants
1 January 2024
IFRS 16
Lease Liability in a Sale and Leaseback
1 January 2024
IAS 7 and IFRS 7
Supplier finance arrangements
1 January 2024
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-447": { "value": "
3. Revenue
Revenue and its related cash flows, within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019, are
derived from the Group\u2019s fund management company activities and are presented net of any consideration
payable to a customer in the form of rebates. The significant components of the Group\u2019s fund management
revenues are as follows:
Year ended Year ended
31 March 2024 31 March 2023
Type of contract/service \u00a3m \u00a3m
Management fees
552.7
481.6
Other income
2.1
2.0
Fee and other operating income
554.8
483.6
1
1. Included within management fees is \u00a376.2m (2023: \u00a322.4m) of performance related fees.
Management fees
The Group earns management fees from its investment management services. Management fees are charged on
third-party capital managed by the Group and are based on an agreed percentage of either committed capital,
invested capital or NAV, dependent on the fund. Management fees comprise both non-performance and
performance-related fee elements related to one contract obligation. Non-performance-related management
fees for the year of \u00a3476.5m (2023: \u00a3459.2m) are charged in arrears and are recognised in the period services
are performed.
Performance-related management fees (\u2018performance fees\u2019) are recognised only to the extent it is highly
probable that there will not be a significant reversal of the revenue recognised in the future. This is generally
towards the end of the contract period or upon early liquidation of a fund. The estimate of performance fees
is made with reference to the liquidation profile of the fund, which factors in portfolio exits and timeframes.
For certain funds the estimate of performance fees is made with reference to specific requirements. A constraint
is applied to the estimate to reflect uncertainty of future fund performance. Performance fees of \u00a376.2m (2023:
\u00a322.4m) have been recognised in the year. Performance fees will only be crystallised and received in cash when
the relevant fund performance hurdle is met.
There are no other individually significant components of revenue from contracts with customers.
Key accounting judgement
A key judgement for the Group is whether performance fees will meet their expected performance conditions
within the expected timeframes. The Group bases its assessment on the best available information pertaining to
the funds and the activity of the underlying assets within that fund. The valuation of the underlying assets within
a fund will be subject to fluctuations in the future, including the impact of macroeconomic factors outside the
Group\u2019s control. The information on which this judgement is based is the liquidation NAV of the relevant funds
(which are subject to annual audit).
The Directors base their projected views on a 24-month look-forward basis, the \u2018forecast period\u2019, from the year
end. The Directors believe they have a reasonable basis on which to judge expected exits and value within a
24-month horizon, but not beyond that.
Within this forecast period, the Directors will consider funds that have either reached their hurdle rate or are
expected to reach the hurdle rate in the forecast period. In determining whether a fund is expected to reach
the hurdle rate, the key inputs are the latest expected repayment dates of the underlying assets and expected
proceeds on realisation, as approved by the Fund Investment Committees.
Where the hurdle date is expected to be reached within 24 months of the year end but performance fees
are not yet paid, a constraint will be applied within the determination of the performance fee receivable.
Application of the constraint limits the revenue recognised. This is assessed on a case-by-case basis.
The weighted-average constraint at the reporting date is 56% (2023: 43%). If the average constraint were to
increase by 10 percentage points to 66% (2023: 53%) this would result in a reduction in revenue of \u00a315.88m
(2023: \u00a31.13m). Conversely, a 10% decrease in constraint would result in an increase in revenue of \u00a315.88m
(2023: \u00a31.13m) being recognised in the income statement. In certain limited circumstances performance fees
received may be subject to clawback provisions if the performance of the fund deteriorates materially following
the receipt of performance fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-478": { "value": "3. Revenue Revenue and its related cash flows, within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019, are derived from the Group\u2019s fund management company activities and are presented net of any consideration payable to a customer in the form of rebates. The significant components of the Group\u2019s fund management revenues are as follows:
Year ended Year ended
31 March 2024 31 March 2023
Type of contract/service \u00a3m \u00a3m
Management fees
552.7
481.6
Other income
2.1
2.0
Fee and other operating income
554.8
483.6
1 1. Included within management fees is \u00a376.2m (2023: \u00a322.4m) of performance related fees. Management fees The Group earns management fees from its investment management services. Management fees are charged on third-party capital managed by the Group and are based on an agreed percentage of either committed capital, invested capital or NAV, dependent on the fund. Management fees comprise both non-performance and performance-related fee elements related to one contract obligation. Non-performance-related management fees for the year of \u00a3476.5m (2023: \u00a3459.2m) are charged in arrears and are recognised in the period services are performed. Performance-related management fees (\u2018performance fees\u2019) are recognised only to the extent it is highly probable that there will not be a significant reversal of the revenue recognised in the future. This is generally towards the end of the contract period or upon early liquidation of a fund. The estimate of performance fees is made with reference to the liquidation profile of the fund, which factors in portfolio exits and timeframes. For certain funds the estimate of performance fees is made with reference to specific requirements. A constraint is applied to the estimate to reflect uncertainty of future fund performance. Performance fees of \u00a376.2m (2023: \u00a322.4m) have been recognised in the year. Performance fees will only be crystallised and received in cash when the relevant fund performance hurdle is met. There are no other individually significant components of revenue from contracts with customers. Key accounting judgement A key judgement for the Group is whether performance fees will meet their expected performance conditions within the expected timeframes. The Group bases its assessment on the best available information pertaining to the funds and the activity of the underlying assets within that fund. The valuation of the underlying assets within a fund will be subject to fluctuations in the future, including the impact of macroeconomic factors outside the Group\u2019s control. The information on which this judgement is based is the liquidation NAV of the relevant funds (which are subject to annual audit). The Directors base their projected views on a 24-month look-forward basis, the \u2018forecast period\u2019, from the year end. The Directors believe they have a reasonable basis on which to judge expected exits and value within a 24-month horizon, but not beyond that. Within this forecast period, the Directors will consider funds that have either reached their hurdle rate or are expected to reach the hurdle rate in the forecast period. In determining whether a fund is expected to reach the hurdle rate, the key inputs are the latest expected repayment dates of the underlying assets and expected proceeds on realisation, as approved by the Fund Investment Committees. Where the hurdle date is expected to be reached within 24 months of the year end but performance fees are not yet paid, a constraint will be applied within the determination of the performance fee receivable. Application of the constraint limits the revenue recognised. This is assessed on a case-by-case basis. The weighted-average constraint at the reporting date is 56% (2023: 43%). If the average constraint were to increase by 10 percentage points to 66% (2023: 53%) this would result in a reduction in revenue of \u00a315.88m (2023: \u00a31.13m). Conversely, a 10% decrease in constraint would result in an increase in revenue of \u00a315.88m (2023: \u00a31.13m) being recognised in the income statement. In certain limited circumstances performance fees received may be subject to clawback provisions if the performance of the fund deteriorates materially following the receipt of performance fees.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-448": { "value": "
4. Segmental reporting
For management purposes, the Group is organised into two operating segments, the Fund Management Company (\u2018FMC\u2019) and the Investment Company (\u2018IC\u2019) which are also reportable segments. In identifying the Group\u2019s
reportable segments, management considered the basis of organisation of the Group\u2019s activities, the economic characteristics of the operating segments, and the type of products and services from which each reportable
segment derives its revenues. Total reportable segment figures are alternative performance measures (\u2018APM\u2019).
The Executive Directors, the chief operating decision makers, monitor the operating results of the FMC and the IC for the purpose of making decisions about resource allocation and performance assessment. The Group does
not aggregate the FMC and IC as those segments do not have similar economic characteristics. Information about these segments is presented below.
The FMC earns fee income for the provision of investment management services and recognises the fair value movement on any associated hedging derivatives and incurs the majority of the Group\u2019s costs in delivering these
services, including the cost of the investment teams and the cost of support functions, primarily marketing, operations, information technology and human resources.
The IC is charged a management fee of 1% of the carrying value of the average balance sheet investment portfolio by the FMC and this is shown below as the Inter-segmental fee. It also recognises the fair value movement on any
hedging derivatives. The costs of finance, treasury and legal teams, and other Group costs primarily related to being a listed entity, are allocated to the IC. The remuneration of the Executive Directors is allocated equally to the
FMC and the IC.
The amounts reported for management purposes in the tables below are reconciled to the UK-adopted IAS reported amounts on the following pages.
Year ended 31 March 2024
Year ended 31 March 2023
Reportable Reportable
FMC IC segments Total FMC IC segments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
External fee income
579.1
\u2013
579.1
501.0
2.6
503.6
Inter-segmental fee
25.0
(25.0)
\u2013
25.0
(25.0)
\u2013
Other operating income
0.9
1.0
1.9
0.5
1.7
2.2
Fund management fee income
605.0
(24.0)
581.0
526.5
(20.7)
505.8
Net investment returns
\u2013
379.3
379.3
\u2013
102.3
102.3
Dividend income
47.0
\u2013
47.0
40.2
\u2013
40.2
Net fair value (loss)/gain on derivatives
\u2013
(7.3)
(7.3)
(26.8)
16.8
(10.0)
Total revenue
652.0
348.0
1,000.0
539.9
98.4
638.3
Interest income
\u2013
21.5
21.5
\u2013
13.9
13.9
Interest expense
(2.2)
(45.8)
(48.0)
(2.2)
(61.8)
(64.0)
Staff costs
(101.0)
(21.4)
(122.4)
(85.0)
(20.0)
(105.0)
Incentive scheme costs
(113.3)
(58.6)
(171.9)
(92.2)
(59.6)
(151.8)
Other administrative expenses
(61.0)
(20.4)
(81.4)
(49.8)
(23.5)
(73.3)
Profit before tax and discontinued operations
374.5
223.3
597.8
310.7
(52.6)
258.1
Reconciliation of APM amounts reported for management purposes to the financial statements reported under UK-adopted IAS
Included in the following tables within Consolidated entities are statutory adjustments made to the following. The impact of these adjustments on profit before tax is shown in the table on the following page:
\u2013 All income generated from the balance sheet investment portfolio is presented as net investment returns for Reportable segments purposes, under UK-adopted IAS it is presented within gains on investments and other
operating income.
\u2013 Structured entities controlled by the Group are presented as fair value investments for Reportable segments, these entities are consolidated under UK-adopted IAS within Consolidated entities.
\u2013 Seed investments are presented as current financial assets for Reportable segments, these assets are presented under UK-adopted IAS as current financial assets, non-current financial assets or investment property
within Consolidated entities.
\u2013 Other adjustments necessary to comply with UK-adopted IAS, including in respect of a fair value gain of \u00a360m recognised in FY23 within Consolidated entities and subsequently recognised in FY24 within Reportable
segments as this asset is now expected to be sold to a third party and not transferred to a fund.
Consolidated income statement
Year ended 31 March 2024
Year ended 31 March 2023
Reportable Consolidated Financial Reportable Consolidated Financial
segments entities statements segments entities statements
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fund management fee income
579.1
(26.4)
552.7
503.6
(22.0)
481.6
Other operating income
1.9
0.2
2.1
2.2
(0.2)
2.0
Fee and other income
581.0
(26.2)
554.8
505.8
(22.2)
483.6
Dividend income
47.0
(47.0)
\u2013
40.2
(40.2)
\u2013
Net fair value loss on derivatives
(7.3)
(3.2)
(10.5)
(10.0)
(7.1)
(17.1)
Finance income/(loss)
39.7
(50.2)
(10.5)
30.2
(47.3)
(17.1)
Net investment returns/gains on investments
379.3
26.0
405.3
102.3
70.2
172.5
Total revenue
1,000.0
(50.4)
949.6
638.3
0.7
639.0
Other income
21.5
0.1
21.6
13.9
1.6
15.5
Finance costs
(48.0)
(1.5)
(49.5)
(64.0)
(0.6)
(64.6)
Staff costs
(122.4)
\u2013
(122.4)
(105.0)
(0.1)
(105.1)
Incentive scheme costs
(171.9)
\u2013
(171.9)
(151.8)
0.2
(151.6)
Other administrative expenses
(81.4)
(14.8)
(96.2)
(73.3)
(13.3)
(86.6)
Administrative expenses
(375.7)
(14.8)
(390.5)
(330.1)
(13.2)
(343.3)
Share of results of joint ventures accounted for using equity method
\u2013
(0.4)
(0.4)
\u2013
4.4
4.4
Profit before tax and discontinued operations
597.8
(67.0)
530.8
258.1
(7.1)
251.0
Tax charge
(78.5)
16.1
(62.4)
(28.8)
(0.6)
(29.4)
Profit after tax from discontinued operations
\u2013
6.0
6.0
\u2013
56.8
56.8
Profit after tax and discontinued operations
519.3
(44.9)
474.4
229.3
49.1
278.4
Consolidated statement of financial position
2024
2023
Reportable Consolidated Financial Reportable Consolidated Financial
segments entities statements segments entities statements
Year ended 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current financial assets
2,713.7
4,682.7
7,396.4
2,642.2
4,402.8
7,045.0
Other non-current assets
166.5
82.9
249.4
158.4
6.0
164.4
Cash
627.4
362.6
990.0
550.0
407.5
957.5
Current financial assets
366.6
(289.0)
77.6
282.4
(264.1)
18.3
Other current assets
299.1
109.6
408.7
243.7
623.6
867.3
Total assets
4,173.3
4,948.8
9,122.1
3,876.7
5,175.8
9,052.5
Non-current financial liabilities
1,266.4
4,632.1
5,898.5
1,558.0
4,573.4
6,131.4
Other non-current liabilities
87. 3
1.1
88.4
104.5
2.1
106.6
Current financial liabilities
268.4
0.1
268.5
79.1
\u2013
79.1
Other current liabilities
255.8
311.2
567.0
157.7
532.5
690.2
Total liabilities
1,877.9
4,944.5
6,822.4
1,899.3
5,108.0
7,007.3
Equity
2,295.4
4.3
2,299.7
1,977.4
67.8
2,045.2
Total equity and liabilities
4,173.3
4,948.8
9,122.1
3,876.7
5,175.8
9,052.5
Consolidated statement of cash flows
2024
Reportable Consolidated Financial
segments entities Statements
\u00a3m \u00a3m \u00a3m
Profit/(loss) before tax from continuing operations
597.8
(67.0)
530.8
Adjustments for non-cash items:
Fee and other operating (income)/expense
(581.0)
26.2
(554.8)
Net investment returns
(379.3)
(26.0)
(405.3)
Net fair value (gain)/loss on derivatives
(23.5)
0.7
(22.8)
Impact of movement in foreign exchange rates
30.9
2.4
33.3
Interest income
(68.5)
46.9
(21.6)
Interest expense
48.0
1.5
49.5
Depreciation, amortisation and impairment of property,
plant, equipment and intangible assets
18.0
\u2013
18.0
Share-based payment expense
43.9
\u2013
43.9
Working capital changes:
Increase in trade receivables
(8.5)
(80.2)
(88.7)
Increase/(decrease) in trade and other payables
50.5
(68.2)
(17.7)
(271.7)
(163.7)
(435.4)
Proceeds from sale of current financial assets and
disposal groups held for sale
319.2
\u2013
319.2
Purchase of current financial assets and disposal groups\ue005
held for sale
(312.1)
\u2013
(312.1)
Purchase of investments
(322.5)
(1,407.2)
(1,729.7)
Proceeds from sales and maturities of investments
403.0
1,830.1
2,233.1
Redemption of CLO notes1
\u2013
(389.1)
(389.1)
Interest and dividend income received
122.2
372.0
494.2
Fee and other operating income received
492.0
4.4
496.4
Interest paid
(49.3)
(330.2)
(379.5)
Cash flow generated from/(used in) operations
380.8
(83.7)
297.1
Taxes paid
(41.2)
\u2013
(41.2)
Net cash flows from/(used in) operating activities
339.6
(83.7)
255.9
2024
Reportable Consolidated Financial
segments entities Statements
\u00a3m \u00a3m \u00a3m
Investing activities
Purchase of intangible assets
(6.3)
\u2013
(6.3)
Purchase of property, plant and equipment
(3.2)
\u2013
(3.2)
Net cash flow from derivative financial instruments
31.5
\u2013
31.5
Cash flow as a result of acquisition of subsidiaries
\u2013
49.5
49.5
Net cash flows from investing activities
22.0
49.5
71.5
Financing activities
Payment of principal portion of lease liabilities
(8.4)
\u2013
(8.4)
Repayment of long-term borrowings
(50.7)
\u2013
(50.7)
Dividends paid to equity holders of the parent
(223.4)
\u2013
(223.4)
Net cash flows used in financing activities
(282.5)
\u2013
(282.5)
Net increase/decrease in cash and cash equivalents
79.1
(34.2)
44.9
Effects of exchange rate differences on cash and cash
equivalents
(1.7)
(10.7)
(12.4)
Cash and cash equivalents at 1 April
550.0
407.5
957.5
Cash and cash equivalents at 31 March
627.4
362.6
990.0
1. The prior period has been re-presented to separately disclose the gross amounts of issuance and redemption of CLO notes,
previously included within the \u201cPurchase of Investment\u201d and \u201cProceeds from sales and maturities of investments\u201d lines respectively.
2023
Reportable Consolidated Financial
segments entities Statements
\u00a3m \u00a3m \u00a3m
Profit/(loss) before tax from continuing operations
258.1
(7.1)
251
Adjustments for non-cash items:
Fee and other operating (income)/expense
(505.8)
22.2
(483.6)
Net investment returns
(102.3)
(70.2)
(172.5)
Net fair value loss on derivatives
34.9
\u2013
34.9
Impact of movement in foreign exchange rates
(24.9)
7.1
(17.8)
Interest income
(13.9)
(1.6)
(15.5)
Interest expense
64.0
0.6
64.6
Depreciation, amortisation and impairment of property,
plant, equipment and intangible assets
18.2
\u2013
18.2
Share-based payment expense
39.5
0
39. 5
Change in disposal groups held for sale
\u2013
(8.8)
(8.8)
Working capital changes:
(Increase)/decrease in trade receivables
(48.3)
36.3
(12.0)
Decrease in trade and other payables
(41.3)
(155.6)
(196.9)
(321.8)
(177.1)
(498.9)
Proceeds from sale of current financial assets and
disposal groups held for sale
45.5
\u2013
45.5
Purchase of current financial assets and disposal groups\ue005
held for sale
(211.9)
\u2013
(211.9)
Purchase of investments
(453.8)
(920.8)
(1,374.6)
Proceeds from sales and maturities of investments
689.4
1,032.4
1,721.8
Issuance of CLO notes1
\u2013
0.4
0.4
Redemption of CLO notes1
\u2013
(45.6)
(45.6)
Interest and dividend income received
106.8
256.0
362.8
Fee and other operating income received
573.3
14.6
587.9
Interest paid
(63.5)
(199.9)
(263.4)
Cash flow generated from/(used in) operations
363.9
(39.9)
324.0
Taxes paid
(32.4)
\u2013
(32.4)
Net cash flows from/(used in) operating activities
331.5
(39.9)
291.6
2023
Reportable Consolidated Financial
segments entities Statements
\u00a3m \u00a3m \u00a3m
Investing activities
Purchase of intangible assets
(4.7)
\u2013
(4.7)
Purchase of property, plant and equipment
(6.5)
\u2013
(6.5)
Net cash flow from derivative financial instruments
(58.8)
\u2013
(58.8)
Cash flow as a result of acquisition of subsidiaries
\u2013
200.8
200.8
Net cash flows (used in)/from investing activities
(70.0)
200.8
130.8
Financing activities
Purchase of Own Shares
(38.9)
\u2013
(38.9)
Payment of principal portion of lease liabilities
(6.8)
\u2013
(6.8)
Repayment of long-term borrowings
(194.6)
\u2013
(194.6)
Dividends paid to equity holders of the parent
(236.4)
\u2013
(236.4)
Net cash flows used in financing activities
(476.7)
\u2013
(476.7)
Net (decrease)/increase in cash and cash equivalents
(215.2)
160.9
(54.3)
Effects of exchange rate differences on cash and cash
equivalents
3.7
16.3
20.0
Cash and cash equivalents at 1 April
761.5
230.3
991.8
Cash and cash equivalents at 31 March
550.0
407.5
957.5
1. The prior period has been re-presented to separately disclose the gross amounts of issuance and redemption of CLO notes,
previously included within the \u201cPurchase of Investment\u201d and \u201cProceeds from sales and maturities of investments\u201d lines respectively.
Geographical analysis of non-current assets
Asset Analysis by Geography
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Europe (including UK)
132.5
116.4
Asia Pacific
62.5
7.3
North America
54.4
40.7
Total
249.4
164.4
Geographical analysis of Group revenue
Year ended Year ended
31 March 2024 31 March 2023
Income Analysis by Geography \u00a3m \u00a3m
Europe (including UK)
726.5
415.3
Asia Pacific
87.2
58.6
North America
135.9
165.1
Total
949.6
639.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-479": { "value": "Geographical analysis of non-current assets Asset Analysis by Geography
Year ended Year ended
31 March 2024 31 March 2023
\u00a3m \u00a3m
Europe (including UK)
132.5
116.4
Asia Pacific
62.5
7.3
North America
54.4
40.7
Total
249.4
164.4
Geographical analysis of Group revenue
Year ended Year ended
31 March 2024 31 March 2023
Income Analysis by Geography \u00a3m \u00a3m
Europe (including UK)
726.5
415.3
Asia Pacific
87.2
58.6
North America
135.9
165.1
Total
949.6
639.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-449": { "value": "
5. Financial assets and liabilities
Accounting policy
Financial assets
Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (\u2018FVTPL\u2019) and Fair Value Through Other Comprehensive Income (\u2018FVOCI\u2019). The Group has classified
all invested financial assets as FVTPL.
Financial assets at FVTPL are initially recognised and subsequently measured at fair value. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised
through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments.
Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry
standard valuation guidelines such as the International Private Equity and Venture Capital (\u2019IPEV\u2019) Valuation Guidelines - December 2022, allow for a level of aggregation where there are a number of financial instruments
held within a portfolio company.
Recognition of financial assets
When the Group invests in the capital structure of a portfolio company, these assets are initially recognised and subsequently measured at fair value, and transaction costs are recognised in the consolidated
income statement immediately.
Derecognition of financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party.
On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss.
Key sources of estimation uncertainty on financial assets
Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction at the reporting date. The fair value of investments is based on quoted
prices, where available. Where quoted prices are not available, the fair value is estimated in line with IFRS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal
Institute of Chartered Surveyors Valuation \u2013 Global Standards 2020 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details
of the valuation techniques and the associated sensitivities are further disclosed in this note on page 147.
Given the subjectivity of investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty,
and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee. The unobservable inputs relative to these investments are further detailed below.
Fair value measurements recognised in the statement of financial position
The information set out below provides information about how the Group and Company determines fair values of various financial assets and financial liabilities, grouped into Levels 1 to 3 based on the degree
to which the fair value is observable.
\u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices)
\u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)
The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment in or alongside managed funds
5.7
3.6
2,300.7
2,310.0
7.2
1.8
2,144.3
2,153.3
Consolidated CLOs and credit funds
\u2013
4,154.9
462.6
4,617.5
\u2013
4,101.4
567.7
4,669.1
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
401.7
401.7
\u2013
\u2013
100.4
100.4
Investment in public companies
4.5
\u2013
\u2013
4.5
5.1
\u2013
\u2013
5.1
Non-consolidated CLOs and credit funds
\u2013
111.3
19.7
131.0
\u2013
105.8
7. 5
113.3
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
163.2
163.2
Total financial assets
10.2
4,279.1
3,184.7
7,474.0
12.3
4,231.0
2,983.1
7,226.4
Financial liabilities
Liabilities of consolidated CLOs and credit funds
\u2013
(4,415.6)
(186.7)
(4,602.3)
\u2013
(4,508.0)
(64.7)
(4,572.7)
Derivative liabilities
\u2013
(9.2)
\u2013
(9.2)
\u2013
(15.7)
\u2013
(15.7)
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
\u2013
(4,424.8)
(186.7)
(4,611.5)
\u2013
(4,523.7)
(64.7)
(4,588.4)
1
2
3
1. Level 3 investments in or alongside managed funds includes \u00a31,212.3m Corporate Investments & US Mid Market, \u00a3517.9m Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, \u00a358.2m Senior Debt Partners, \u00a382.1m North America Credit Partners, \u00a3399.6m real estate
funds, and \u00a316.8m credit funds.
2. Level 3 Investment in private companies includes \u00a3359.9m subordinated debt and equity (2023: \u00a391.3m) and \u00a341.8m of real estate funds (2023: \u00a39.1m), including assets reclassified from Disposal groups held for sale.
3. Total financial assets correspond to the sum of non-current and current financial assets at fair value and the sum of non-current and current financial derivatives on the face of the balance sheet.
Fair value hierarchy The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy.
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial Assets
Investment in or alongside managed funds
5.8
\u2013
128.3
134.1
7.2
\u2013
171.6
178.8
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
87.1
87.1
\u2013
\u2013
86.1
86.1
Senior and subordinated notes of CLO vehicles
\u2013
\u2013
21.8
21.8
\u2013
\u2013
23.8
23.8
Total assets
5.8
9.3
237.2
252.3
7.2
22.0
281.5
310.7
Financial Liabilities
Derivative liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Total liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Valuations Valuation process The Group Valuation Committee (\u2018GVC\u2019) is responsible for reviewing and concluding on the fair value of the Group\u2019s balance sheet investment positions in accordance with the Group\u2019s Valuation Policy. This includes consideration of the valuations received from the underlying funds. The GVC reviews its fair values on a quarterly basis and reports to the Audit Committee semi-annually. The GVC is independent of the boards of directors of the funds, and no member of the GVC is a member of either the Group\u2019s investment teams or fund Investment Committees (\u2018ICs\u2019). The ICs are responsible for the review, challenge, and approval of the underlying funds\u2019 valuations of their assets. Sources of the valuation reviewed by the ICs include the ICG investment team, third-party valuation services and third-party fund administrators as appropriate. The IC provides those valuations to the Group, as an investor in the fund assets. The IC is also responsible for escalating significant events regarding the valuation to the Group (as an investor in the fund assets), for example change in valuation methodologies, potential impairment events, or material judgements. The table on page 147 outlines in more detail the range of valuation techniques, as well as the key unobservable inputs for each category of Level 3 assets and liabilities. Investment in or alongside managed funds When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy. The Group values these investments at bid price for long positions and ask price for short positions. The Group also co-invests with funds, including credit and private equity secondary funds, which are not quoted in an active market. The Group considers the valuation techniques and inputs used by these funds to ensure they are reasonable, appropriate and consistent with the principles of fair value. The latest available NAV of these funds are generally used as an input into measuring their fair value. The NAV of the funds are adjusted, as necessary, to reflect restrictions on redemptions, and other specific factors relevant to the funds. In measuring fair value, consideration is also given to any transactions in the interests of the funds. The Group classifies these funds as Level 3.
Investment in private companies
The Group takes debt and equity stakes in private companies that are, other than on very rare occasions, not quoted in an active market and uses either a market-based valuation technique or a discounted cash flow technique
to value these positions.
The Group\u2019s investments in private companies are held at fair value using the most appropriate valuation technique based on the nature, facts and circumstances of the private company. The first of two principal valuation
techniques is a market comparable companies technique. The enterprise value (\u2018EV\u2019) of the portfolio company is determined by applying an earnings multiple, taken from comparable companies, to the profits of the portfolio
company. The Group determines comparable private and public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate multiple for each comparable company identified. The second
principal valuation technique is a discounted cash flow (\u2018DCF\u2019) approach. Fair value is determined by discounting the expected future cash flows of the portfolio company to the present value. Various assumptions are utilised
as inputs, such as terminal value and the appropriate discount rate to apply. Typically, the DCF is then calibrated alongside a market comparable companies approach. Alternate valuation techniques may be used where there
is a recent offer or a recent comparable market transaction, which may provide an observable market price and an approximation to fair value of the private company. The Group classified these assets as Level 3.
Investment in public companies
Quoted investments are held at the last traded bid price on the reporting date. When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant market, the contract
is reflected on the trade date.
Investment in loans held in consolidated structured entities
The loan asset portfolios of the consolidated structured entities are valued using observable inputs such as recently executed transaction prices in securities of the issuer or comparable issuers and from independent loan
pricing sources. To the extent that the significant inputs are observable the Group classifies these assets as Level 2 and other assets are classified as Level 3. Level 3 assets are valued using a discounted cash flow technique
and the key inputs under this approach are detailed on page 147.
Derivative assets and liabilities
The Group uses market-standard valuation models for determining fair values of over-the-counter interest rate swaps, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques
include forward pricing and swap models, using present value calculations. The models incorporate various inputs including both credit and debit valuation adjustments for counterparty and own credit risk, foreign exchange
spot and forward rates and interest rate curves. For these financial instruments, significant inputs into models are market observable and are included within Level 2.
Senior and subordinated notes of CLO vehicles
The Group holds investments in the senior and subordinated notes of the CLOs it manages, predominately driven by European Union risk-retention requirements. The Group employs DCF analysis to fair value these investments,
using several inputs including constant annual default rates, prepayments rates, reinvestment rates, recovery rates and discount rates. The DCF analysis at the reporting date shows that the senior notes are typically expected to
recover all contractual cash flows, including under stressed scenarios, over the life of the CLOs. Observable inputs are used in determining the fair value of senior notes and these instruments are therefore classified as Level 2.
Unobservable inputs are used in determining the fair value of subordinated notes, which are therefore classified as Level 3 instruments.
Liabilities of consolidated CLO vehicles
Rated debt liabilities of consolidated CLOs are generally valued at par plus accrued interest, which we assess as fair value. Observable inputs are used in determining the fair value of these instruments, including the valuation
of the CLO loan asset portfolio. As a result we deem these liabilities as Level 2.
Unrated/subordinated debt liabilities of consolidated CLOs are valued directly in line with the fair value of the CLO loan asset portfolios. These underlying assets mostly comprise observable loan securities traded in active
markets. The underlying assets are reported in both Level 2 and Level 3. As a result of this methodology of deriving the valuation of unrated/subordinated debt liabilities from a combination of Level 2 and Level 3 asset values,
we deem these liabilities to be Level 3.
Real estate assets
To the extent that the Group invests in real estate assets, whether through an investment in a managed fund or an investment in a private company, the underlying assets may be classified as either a financial asset or investment
property in accordance with IAS 40 \u2018Investment Property\u2019. The fair values of the directly held material investment properties have been recorded based on independent valuations prepared by third-party real estate valuation
specialists in line with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards 2020. At the end of each reporting period, the Group reviews its assessment of the fair value of each property, taking into account
the most recent independent valuations. The Directors determine a property value within a range of reasonable fair value estimates, based on information provided.
All resulting fair value estimates for properties are included in Level 3.
Reconciliation of Level 3 fair value measurement of financial assets
The following tables set out the movements in recurring financial assets valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within
gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers between levels take place when there are changes to the observability of inputs used in the valuation of these assets.
This is determined based on the year-end valuation and transfers therefore take place at the end of the reporting period.
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
Total gains or losses in the income statement
\u2013 Net investment return
284.0
11.5
14.4
2.9
63.3
376.1
\u2013 Foreign exchange
(50.7)
(14.0)
(4.3)
(0.4)
3.4
(66.0)
Purchases
301.8
234.2
74.5
9.7
213.1
833.3
Exit proceeds
(378.7)
(195.6)
(19.1)
\u2013
(207.2)
(800.6)
Transfers in
\u2013
96.9
\u2013
\u2013
\u2013
96.9
Transfers out
\u2013
(238.1)
\u2013
\u2013
\u2013
(238.1)
Reclassification
\u2013
\u2013
235.8
\u2013
(235.8)
\u2013
At 31 March 2024
2,300.7
462.6
401.7
19.7
\u2013
3,184.7
2
1
1
3
1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as a transfers in or transfers out in the year.
2. Included within net investment returns are \u00a3345.1m of unrealised gains (which includes accrued interest).
3. During the year the group reclassified all its financial assets previously included in disposal groups held for sale into investments in private companies (see note 28).
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2022
2,112.9
145.2
122.7
9.1
89.2
2,479.1
Total gains or losses in the income statement
\u2013 Net investment return
172.9
(9.6)
(21.2)
(1.3)
(7.1)
133.7
\u2013 Foreign exchange
67.4
15.5
13.2
0.5
5.8
102.4
Purchases
416.2
60.2
6.7
\u2013
158.7
641.8
Exit proceeds
(625.1)
(100.7)
(21.0)
(0.8)
(23.8)
(771.4)
Transfers in
\u2013
457.1
\u2013
\u2013
\u2013
457.1
Transfers out
\u2013
\u2013
\u2013
\u2013
(59.6)
(59.6)
At 31 March 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
2
1,3
1,3
1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) and these changes are reported as a transfer in the year. Transfers out of Disposal groups held for sale represented the re-designation of an asset as
Investment Property (see note 28)
2. Included within net investment returns are \u00a3141.8m of unrealised gains (which includes accrued interest)
3. The prior period transfers between levels have been re-presented to separately disclose transfers in and transfers out of Level 3.
2024 2023 Investment in or Investment in Subordinated Investment in or Investment in Subordinated alongside private notes of CLO alongside private notes of CLO managed funds companies vehicles Total managed funds companies vehicles Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 171.6 86.1 23.8 281.5 160.7 158.9 0.2 319.8 Total gains or losses in the income statement \u2013 Net investment return (1.0) 4.6 (1.4) 2.2 3.1 10.1 (0.2) 13.0 \u2013 Foreign exchange (2.7) (3.0) (0.6) (6.3) 5.9 18.6 \u2013 24.5 Purchases 27.4 \u2013 \u2013 27.4 49.8 120.9 23.8 194.5 Exit proceeds (66.9) (0.6) \u2013 (67.5) (47.9) (222.4) \u2013 (270.3) At 31 March 128.4 87.1 21.8 237.3 171.6 86.1 23.8 281.5 Reconciliation of Level 3 fair value measurements of financial liabilities The following tables sets out the movements in reoccurring financial liabilities valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers in and out of Level 3 financial liabilities were due to changes to the observability of inputs used in the valuation of these liabilities. During the year ended 31 March 2024 changes in the fair value of the assets of consolidated credit funds resulted in a reduction in the fair value of the financial liabilities of those consolidated credit funds, reported as a \u2018fair value gain\u2019 in the table below.
2024 2023
Financial Financial
liabilities liabilities
designated as designated as
FVTPL FVTPL
Group \u00a3m \u00a3m
At 1 April
64.7
239.6
Total gains or losses in the income statement
\u2013 Fair value gains
102.3
(178.2)
\u2013 Foreign exchange losses
(1.7)
12.8
Purchases
21.4
23.8
Disposal groups held for sale
\u2013
(5.0)
Transfer between levels
\u2013
(28.3)
At 31 March
186.7
64.7
Valuation inputs and sensitivity analysis
The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis:
Fair Value Fair Value Effect on Fair
As at As at Weighted Value
31 March 2024 31 March 2023 Key Unobservable Average/ Fair Sensitivity/ 31 March 2024
Group assets \u00a3m
\u00a3m
Primary Valuation Technique
Inputs
Range
Value Inputs Scenarios \u00a3m
Structured & Private Equity: Corporate
1,490.6
1,341.3
Market comparable companies
Earnings multiple
5.0x \u2013 29.0x
15.1x
'+10% Earnings multiple2
187.6
Investments & US Mid-Market Discounted cash flow
Discount rate
7.5% - 20.5%
11.2%
'-10% Earnings multiple2
(187.6)
Earnings multiple
6.1x \u2013 21.5x
11.8x
Structured & Private Equity: Strategic Equity, LP\ue005
589.9
589.4
Third-party valuation / funding
N/A
N/A
N/A
+10% valuation
59.0
Secondaries, Recovery Fund, Life Sciences\ue005 round value
-10% valuation (59.0)
Private Debt: North American Credit Partners
91.7
120.7
Market comparable companies
Earnings multiple
5.5x \u2013 29.0x
14.1x
'+10% Earnings multiple
9.7
'-10% Earnings multiple (9.7)
Private Debt: Senior Debt Partners
58.2
47.8
Probability of default
1.0%-2.2%
1.0%
Upside case
\u2013
Loss given default
32.2%
32.2%
Downside case
(0.5)
Discounted cash flow
Maturity of loan
3 years
3 years
Effective interest
9.6%-11.5%
11.2%
rate
Real Assets
441.4
293.6
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation
44.1
LTV-based impairment model
N/A
N/A
N/A
-10% Third-party valuation
(44.1)
Credit: Non-consolidated CLOs and credit funds
19.7
7. 5
Discount rate
15.0% - 15.5%
15.1%
Default rate
3% - 4.5%
3.3%
Upside case
22.8
Discounted cash flow
Prepayment rate %
15% -20%
19.5%
Downside case
(23.8)
Recovery rate %
75.0%
75.0%
Reinvestment price
99.5%
99.5%
Credit: Consolidated CLOs and credit funds
462.6
567.7
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 46.3
-10% Third-party valuation (46.3)
Credit: Liquid Funds
30.6
15.1
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 3.1
-10% Third-party valuation (3.1)
Total financial assets
3,184.7
2,983.1
Total Upside sensitivity
372.5
Total Downside sensitivity
(374.1)
Liabilities of Consolidated CLOs and credit funds
(186.7)
(64.7)
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation (18.7)
-10% Third-party valuation 18.7
Total financial liabilities
(186.7)
(64.7)
1
2
2
3
3
1. Where the Group has co-invested with its managed funds, it is the type of the underlying investment, and the valuation techniques used for these underlying investments, that is set out here.
2. Investments in the following strategies are sensitised using the actual or implied earnings multiple to provide a consistent, comparable basis for this analysis: Corporate Investments, US Mid-Market, North America Credit Partners.
3. The sensitivity analysis is performed on the entire portfolio of subordinated notes of CLO vehicles that the Group has invested in with total value of \u00a3187.7m (2023: \u00a3182.8m). The default rate applied was set at 4.5% until 2025, reducing by 0.5% semi-annually during 2025 and
reverting to 3% in 2026. The upside case is based on the default rate being lowered to 2.5% p.a. for the next 21 months then to 2.0% for the 3 following months, keeping all other parameters consistent. The downside case is based on the default rate being increased over the
next 21 months to 6.5% then to 6.0% for the 3 following months, keeping all other parameters consistent.
Derivative financial instruments
Accounting policy
Derivative financial instruments for economic hedging
The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices.
Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement.
A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability
if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability.
2024
2023
Contract or
Fair values
Contract or
Fair values
underlying underlying
principal amount Asset Liability principal amount Asset Liability
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
118.8
6.2
(5.5)
121.6
7. 5
(8.5)
Forward foreign exchange contracts
1,201.8
3.1
(3.7)
1,365.1
14.5
(7.2)
Total
1,320.6
9.3
(9.2)
1,486.7
22.0
(15.7)
2024
2023
Contract or
Fair values
Contract or
Fair values
underlying underlying
principal amount Asset Liability principal amount Asset Liability
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
118.8
6.2
(5.5)
121.6
7. 5
(8.5)
Forward foreign exchange contracts
1,201.8
3.1
(3.7)
1,365.1
14.5
(7.2)
Total
1,320.6
9.3
(9.2)
1,486.7
22.0
(15.7)
The Group holds \u00a35.5m of cash pledged as collateral by its counterparties as at 31 March 2024 (31 March 2023: \u00a38.5m). All the Credit Support Annexes that have been agreed with our counterparties are fully compliant
with European Market Infrastructure Regulation \u2018EMIR\u2019.
The fair value movements in derivatives during the year is \u00a3(10.5)m (2023: \u00a3(17.1)m). There was no change in fair value related to credit risk in relation to derivatives as at 31 March 2024 (31 March 2023: \u00a3nil).
Within the International Swaps and Derivatives Association (\u2018ISDA\u2019) Master Agreements in place with our counterparties, in the event of a default, the close-out netting provision would result in all obligations
under a contract being terminated with a subsequent combining of positive and negative replacement values into a single net payable or receivable.
7. Financial liabilities
Accounting policy
Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently
measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities.
Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group\u2019s centrally
determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease
is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset.
Financial liabilities at FVTPL are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance
loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has
designated financial liabilities at fair value relating to consolidated structured entities as such liabilities are managed by the Group on a fair value basis.
The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire.
2024
2023
Interest rate Current Non-current Current Non-current
Group
%
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities held at amortised cost
\u2013 Private placement
2.02% - 5.35%
2024 - 2029
248.7
346.4
56.8
604.8
\u2013\ue005Listed notes and bonds
1.63% - 2.50%
2027 - 2030
2.5
851.3
2.5
874.9
\u2013 Unsecured bank debt
SONIA +1.38%
2026
(0.8)
(0.7)
(0.8)
(1.5)
Total Liabilities held at amortised cost
250.4
1,197.0
58.5
1,478.2
Lease liabilities
2.85% - 7.09%
2024 - 2034
8.9
69. 3
5.8
79.6
Other financial liabilities
1.34% - 6.20%
2024 - 2028
\u2013
29.9
\u2013
\u2013
Liabilities held at FVTPL:
\u2013\ue005Derivative financial liabilities
9.2
\u2013
14.8
0.9
\u2013 Structured entities controlled by the Group
0.60% - 10.90%
2030-2038
\u2013
4,602.3
\u2013
4,572.7
268.5
5,898.5
79.1
6,131.4
1
1. Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility.
2024
2023
Interest rate Current Non-current Current Non-current
Company
%
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities held at amortised cost
\u2013 Private placement
2.02% - 5.35%
2024 - 2029
248.7
346.4
56.8
604.8
\u2013\ue005Listed notes and bonds
1.63% - 2.50%
2027 - 2030
2.5
851.3
2.5
874.9
\u2013 Unsecured bank debt\u00b9
SONIA +1.38%
2026
(0.8)
(0.7)
(0.8)
(1.5)
Total Liabilities held at amortised cost
250.4
1,197.0
58.5
1,478.2
Lease liabilities
2.85% - 7.09%
2024 - 2034
4.4
34.9
4.3
39. 3
Liabilities held at FVTPL
\u2013\ue005Derivative financial liabilities
9.2
\u2013
14.8
0.9
264.0
1,231.9
77.6
1,518.4
1. Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility.
The fair value of the Listed notes and bonds, being the market price of the outstanding bonds is \u00a3788.9m (2023: \u00a3613.1m).
Other financial liabilities are borrowings related to seed investments.
Details of the cash outflows related to leases are in the Consolidated statement of cash flows, interest expenses associated with lease liabilities are in note 10, the Right of Use (\u2018ROU\u2019) assets and the income from subleasing
ROU assets are in note 17 and the maturity analysis of the lease liabilities are in note 21 .
Movement in financial liabilities arising from financing activities
The following table sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,622.1
1,712.1
1,580.3
1,701.3
Movement as a result of change in control of subsidiary
21.5
\u2013
\u2013
\u2013
Repayment of long term borrowings
(50.7)
(194.6)
(50.7)
(194.6)
Reclassification1
7.7
\u2013
\u2013
\u2013
Payment of principal portion of lease liabilities
(8.4)
(6.8)
(5.8)
(4.1)
Establishment of lease liability
1.2
33.0
\u2013
\u2013
Net interest movement
1.7
1.0
(0.9)
0.3
Foreign exchange movement
(39.6)
77.4
(36.2)
77.4
At 31 March
1,555.5
1,622.1
1,486.7
1,580.3
1. Borrowings related to seed investments acquired during the year .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-516": { "value": "5. Financial assets and liabilities Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (\u2018FVTPL\u2019) and Fair Value Through Other Comprehensive Income (\u2018FVOCI\u2019). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (\u2019IPEV\u2019) Valuation Guidelines - December 2022, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Recognition of financial assets When the Group invests in the capital structure of a portfolio company, these assets are initially recognised and subsequently measured at fair value, and transaction costs are recognised in the consolidated income statement immediately. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction at the reporting date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with IFRS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institute of Chartered Surveyors Valuation \u2013 Global Standards 2020 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in this note on page 147. Given the subjectivity of investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee. The unobservable inputs relative to these investments are further detailed below. Fair value measurements recognised in the statement of financial position The information set out below provides information about how the Group and Company determines fair values of various financial assets and financial liabilities, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment in or alongside managed funds
5.7
3.6
2,300.7
2,310.0
7.2
1.8
2,144.3
2,153.3
Consolidated CLOs and credit funds
\u2013
4,154.9
462.6
4,617.5
\u2013
4,101.4
567.7
4,669.1
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
401.7
401.7
\u2013
\u2013
100.4
100.4
Investment in public companies
4.5
\u2013
\u2013
4.5
5.1
\u2013
\u2013
5.1
Non-consolidated CLOs and credit funds
\u2013
111.3
19.7
131.0
\u2013
105.8
7. 5
113.3
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
163.2
163.2
Total financial assets
10.2
4,279.1
3,184.7
7,474.0
12.3
4,231.0
2,983.1
7,226.4
Financial liabilities
Liabilities of consolidated CLOs and credit funds
\u2013
(4,415.6)
(186.7)
(4,602.3)
\u2013
(4,508.0)
(64.7)
(4,572.7)
Derivative liabilities
\u2013
(9.2)
\u2013
(9.2)
\u2013
(15.7)
\u2013
(15.7)
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
\u2013
(4,424.8)
(186.7)
(4,611.5)
\u2013
(4,523.7)
(64.7)
(4,588.4)
1 2 3 1. Level 3 investments in or alongside managed funds includes \u00a31,212.3m Corporate Investments & US Mid Market, \u00a3517.9m Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, \u00a358.2m Senior Debt Partners, \u00a382.1m North America Credit Partners, \u00a3399.6m real estate funds, and \u00a316.8m credit funds. 2. Level 3 Investment in private companies includes \u00a3359.9m subordinated debt and equity (2023: \u00a391.3m) and \u00a341.8m of real estate funds (2023: \u00a39.1m), including assets reclassified from Disposal groups held for sale. 3. Total financial assets correspond to the sum of non-current and current financial assets at fair value and the sum of non-current and current financial derivatives on the face of the balance sheet. Fair value hierarchy The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy.
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial Assets
Investment in or alongside managed funds
5.8
\u2013
128.3
134.1
7.2
\u2013
171.6
178.8
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
87.1
87.1
\u2013
\u2013
86.1
86.1
Senior and subordinated notes of CLO vehicles
\u2013
\u2013
21.8
21.8
\u2013
\u2013
23.8
23.8
Total assets
5.8
9.3
237.2
252.3
7.2
22.0
281.5
310.7
Financial Liabilities
Derivative liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Total liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Valuations Valuation process The Group Valuation Committee (\u2018GVC\u2019) is responsible for reviewing and concluding on the fair value of the Group\u2019s balance sheet investment positions in accordance with the Group\u2019s Valuation Policy. This includes consideration of the valuations received from the underlying funds. The GVC reviews its fair values on a quarterly basis and reports to the Audit Committee semi-annually. The GVC is independent of the boards of directors of the funds, and no member of the GVC is a member of either the Group\u2019s investment teams or fund Investment Committees (\u2018ICs\u2019). The ICs are responsible for the review, challenge, and approval of the underlying funds\u2019 valuations of their assets. Sources of the valuation reviewed by the ICs include the ICG investment team, third-party valuation services and third-party fund administrators as appropriate. The IC provides those valuations to the Group, as an investor in the fund assets. The IC is also responsible for escalating significant events regarding the valuation to the Group (as an investor in the fund assets), for example change in valuation methodologies, potential impairment events, or material judgements. The table on page 147 outlines in more detail the range of valuation techniques, as well as the key unobservable inputs for each category of Level 3 assets and liabilities. Investment in or alongside managed funds When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy. The Group values these investments at bid price for long positions and ask price for short positions. The Group also co-invests with funds, including credit and private equity secondary funds, which are not quoted in an active market. The Group considers the valuation techniques and inputs used by these funds to ensure they are reasonable, appropriate and consistent with the principles of fair value. The latest available NAV of these funds are generally used as an input into measuring their fair value. The NAV of the funds are adjusted, as necessary, to reflect restrictions on redemptions, and other specific factors relevant to the funds. In measuring fair value, consideration is also given to any transactions in the interests of the funds. The Group classifies these funds as Level 3. Investment in private companies The Group takes debt and equity stakes in private companies that are, other than on very rare occasions, not quoted in an active market and uses either a market-based valuation technique or a discounted cash flow technique to value these positions. The Group\u2019s investments in private companies are held at fair value using the most appropriate valuation technique based on the nature, facts and circumstances of the private company. The first of two principal valuation techniques is a market comparable companies technique. The enterprise value (\u2018EV\u2019) of the portfolio company is determined by applying an earnings multiple, taken from comparable companies, to the profits of the portfolio company. The Group determines comparable private and public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate multiple for each comparable company identified. The second principal valuation technique is a discounted cash flow (\u2018DCF\u2019) approach. Fair value is determined by discounting the expected future cash flows of the portfolio company to the present value. Various assumptions are utilised as inputs, such as terminal value and the appropriate discount rate to apply. Typically, the DCF is then calibrated alongside a market comparable companies approach. Alternate valuation techniques may be used where there is a recent offer or a recent comparable market transaction, which may provide an observable market price and an approximation to fair value of the private company. The Group classified these assets as Level 3. Investment in public companies Quoted investments are held at the last traded bid price on the reporting date. When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant market, the contract is reflected on the trade date. Investment in loans held in consolidated structured entities The loan asset portfolios of the consolidated structured entities are valued using observable inputs such as recently executed transaction prices in securities of the issuer or comparable issuers and from independent loan pricing sources. To the extent that the significant inputs are observable the Group classifies these assets as Level 2 and other assets are classified as Level 3. Level 3 assets are valued using a discounted cash flow technique and the key inputs under this approach are detailed on page 147. Derivative assets and liabilities The Group uses market-standard valuation models for determining fair values of over-the-counter interest rate swaps, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including both credit and debit valuation adjustments for counterparty and own credit risk, foreign exchange spot and forward rates and interest rate curves. For these financial instruments, significant inputs into models are market observable and are included within Level 2. Senior and subordinated notes of CLO vehicles The Group holds investments in the senior and subordinated notes of the CLOs it manages, predominately driven by European Union risk-retention requirements. The Group employs DCF analysis to fair value these investments, using several inputs including constant annual default rates, prepayments rates, reinvestment rates, recovery rates and discount rates. The DCF analysis at the reporting date shows that the senior notes are typically expected to recover all contractual cash flows, including under stressed scenarios, over the life of the CLOs. Observable inputs are used in determining the fair value of senior notes and these instruments are therefore classified as Level 2. Unobservable inputs are used in determining the fair value of subordinated notes, which are therefore classified as Level 3 instruments. Liabilities of consolidated CLO vehicles Rated debt liabilities of consolidated CLOs are generally valued at par plus accrued interest, which we assess as fair value. Observable inputs are used in determining the fair value of these instruments, including the valuation of the CLO loan asset portfolio. As a result we deem these liabilities as Level 2. Unrated/subordinated debt liabilities of consolidated CLOs are valued directly in line with the fair value of the CLO loan asset portfolios. These underlying assets mostly comprise observable loan securities traded in active markets. The underlying assets are reported in both Level 2 and Level 3. As a result of this methodology of deriving the valuation of unrated/subordinated debt liabilities from a combination of Level 2 and Level 3 asset values, we deem these liabilities to be Level 3. Real estate assets To the extent that the Group invests in real estate assets, whether through an investment in a managed fund or an investment in a private company, the underlying assets may be classified as either a financial asset or investment property in accordance with IAS 40 \u2018Investment Property\u2019. The fair values of the directly held material investment properties have been recorded based on independent valuations prepared by third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards 2020. At the end of each reporting period, the Group reviews its assessment of the fair value of each property, taking into account the most recent independent valuations. The Directors determine a property value within a range of reasonable fair value estimates, based on information provided. All resulting fair value estimates for properties are included in Level 3. Reconciliation of Level 3 fair value measurement of financial assets The following tables set out the movements in recurring financial assets valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers between levels take place when there are changes to the observability of inputs used in the valuation of these assets. This is determined based on the year-end valuation and transfers therefore take place at the end of the reporting period.
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
Total gains or losses in the income statement
\u2013 Net investment return
284.0
11.5
14.4
2.9
63.3
376.1
\u2013 Foreign exchange
(50.7)
(14.0)
(4.3)
(0.4)
3.4
(66.0)
Purchases
301.8
234.2
74.5
9.7
213.1
833.3
Exit proceeds
(378.7)
(195.6)
(19.1)
\u2013
(207.2)
(800.6)
Transfers in
\u2013
96.9
\u2013
\u2013
\u2013
96.9
Transfers out
\u2013
(238.1)
\u2013
\u2013
\u2013
(238.1)
Reclassification
\u2013
\u2013
235.8
\u2013
(235.8)
\u2013
At 31 March 2024
2,300.7
462.6
401.7
19.7
\u2013
3,184.7
2 1 1 3 1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as a transfers in or transfers out in the year. 2. Included within net investment returns are \u00a3345.1m of unrealised gains (which includes accrued interest). 3. During the year the group reclassified all its financial assets previously included in disposal groups held for sale into investments in private companies (see note 28).
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2022
2,112.9
145.2
122.7
9.1
89.2
2,479.1
Total gains or losses in the income statement
\u2013 Net investment return
172.9
(9.6)
(21.2)
(1.3)
(7.1)
133.7
\u2013 Foreign exchange
67.4
15.5
13.2
0.5
5.8
102.4
Purchases
416.2
60.2
6.7
\u2013
158.7
641.8
Exit proceeds
(625.1)
(100.7)
(21.0)
(0.8)
(23.8)
(771.4)
Transfers in
\u2013
457.1
\u2013
\u2013
\u2013
457.1
Transfers out
\u2013
\u2013
\u2013
\u2013
(59.6)
(59.6)
At 31 March 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
2 1,3 1,3 1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) and these changes are reported as a transfer in the year. Transfers out of Disposal groups held for sale represented the re-designation of an asset as Investment Property (see note 28) 2. Included within net investment returns are \u00a3141.8m of unrealised gains (which includes accrued interest) 3. The prior period transfers between levels have been re-presented to separately disclose transfers in and transfers out of Level 3.
2024
2023
Investment in or Investment in Subordinated Investment in or Investment in Subordinated
alongside private notes of CLO alongside private notes of CLO
managed funds companies vehicles Total managed funds companies vehicles Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
171.6
86.1
23.8
281.5
160.7
158.9
0.2
319.8
Total gains or losses in the income statement
\u2013 Net investment return
(1.0)
4.6
(1.4)
2.2
3.1
10.1
(0.2)
13.0
\u2013 Foreign exchange
(2.7)
(3.0)
(0.6)
(6.3)
5.9
18.6
\u2013
24.5
Purchases
27.4
\u2013
\u2013
27.4
49.8
120.9
23.8
194.5
Exit proceeds
(66.9)
(0.6)
\u2013
(67.5)
(47.9)
(222.4)
\u2013
(270.3)
At 31 March
128.4
87.1
21.8
237.3
171.6
86.1
23.8
281.5
Reconciliation of Level 3 fair value measurements of financial liabilities The following tables sets out the movements in reoccurring financial liabilities valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers in and out of Level 3 financial liabilities were due to changes to the observability of inputs used in the valuation of these liabilities. During the year ended 31 March 2024 changes in the fair value of the assets of consolidated credit funds resulted in a reduction in the fair value of the financial liabilities of those consolidated credit funds, reported as a \u2018fair value gain\u2019 in the table below.
2024 2023
Financial Financial
liabilities liabilities
designated as designated as
FVTPL FVTPL
Group \u00a3m \u00a3m
At 1 April
64.7
239.6
Total gains or losses in the income statement
\u2013 Fair value gains
102.3
(178.2)
\u2013 Foreign exchange losses
(1.7)
12.8
Purchases
21.4
23.8
Disposal groups held for sale
\u2013
(5.0)
Transfer between levels
\u2013
(28.3)
At 31 March
186.7
64.7
Valuation inputs and sensitivity analysis The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis:
Fair Value Fair Value Effect on Fair
As at As at Weighted Value
31 March 2024 31 March 2023 Key Unobservable Average/ Fair Sensitivity/ 31 March 2024
Group assets \u00a3m
\u00a3m
Primary Valuation Technique
Inputs
Range
Value Inputs Scenarios \u00a3m
Structured & Private Equity: Corporate
1,490.6
1,341.3
Market comparable companies
Earnings multiple
5.0x \u2013 29.0x
15.1x
'+10% Earnings multiple2
187.6
Investments & US Mid-Market Discounted cash flow
Discount rate
7.5% - 20.5%
11.2%
'-10% Earnings multiple2
(187.6)
Earnings multiple
6.1x \u2013 21.5x
11.8x
Structured & Private Equity: Strategic Equity, LP\ue005
589.9
589.4
Third-party valuation / funding
N/A
N/A
N/A
+10% valuation
59.0
Secondaries, Recovery Fund, Life Sciences\ue005 round value
-10% valuation (59.0)
Private Debt: North American Credit Partners
91.7
120.7
Market comparable companies
Earnings multiple
5.5x \u2013 29.0x
14.1x
'+10% Earnings multiple
9.7
'-10% Earnings multiple (9.7)
Private Debt: Senior Debt Partners
58.2
47.8
Probability of default
1.0%-2.2%
1.0%
Upside case
\u2013
Loss given default
32.2%
32.2%
Downside case
(0.5)
Discounted cash flow
Maturity of loan
3 years
3 years
Effective interest
9.6%-11.5%
11.2%
rate
Real Assets
441.4
293.6
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation
44.1
LTV-based impairment model
N/A
N/A
N/A
-10% Third-party valuation
(44.1)
Credit: Non-consolidated CLOs and credit funds
19.7
7. 5
Discount rate
15.0% - 15.5%
15.1%
Default rate
3% - 4.5%
3.3%
Upside case
22.8
Discounted cash flow
Prepayment rate %
15% -20%
19.5%
Downside case
(23.8)
Recovery rate %
75.0%
75.0%
Reinvestment price
99.5%
99.5%
Credit: Consolidated CLOs and credit funds
462.6
567.7
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 46.3
-10% Third-party valuation (46.3)
Credit: Liquid Funds
30.6
15.1
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 3.1
-10% Third-party valuation (3.1)
Total financial assets
3,184.7
2,983.1
Total Upside sensitivity
372.5
Total Downside sensitivity
(374.1)
Liabilities of Consolidated CLOs and credit funds
(186.7)
(64.7)
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation (18.7)
-10% Third-party valuation 18.7
Total financial liabilities
(186.7)
(64.7)
1 2 2 3 3 1. Where the Group has co-invested with its managed funds, it is the type of the underlying investment, and the valuation techniques used for these underlying investments, that is set out here. 2. Investments in the following strategies are sensitised using the actual or implied earnings multiple to provide a consistent, comparable basis for this analysis: Corporate Investments, US Mid-Market, North America Credit Partners. 3. The sensitivity analysis is performed on the entire portfolio of subordinated notes of CLO vehicles that the Group has invested in with total value of \u00a3187.7m (2023: \u00a3182.8m). The default rate applied was set at 4.5% until 2025, reducing by 0.5% semi-annually during 2025 and reverting to 3% in 2026. The upside case is based on the default rate being lowered to 2.5% p.a. for the next 21 months then to 2.0% for the 3 following months, keeping all other parameters consistent. The downside case is based on the default rate being increased over the next 21 months to 6.5% then to 6.0% for the 3 following months, keeping all other parameters consistent. 7. Financial liabilities Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group\u2019s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities at FVTPL are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities as such liabilities are managed by the Group on a fair value basis. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire.
2024
2023
Interest rate Current Non-current Current Non-current
Group
%
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities held at amortised cost
\u2013 Private placement
2.02% - 5.35%
2024 - 2029
248.7
346.4
56.8
604.8
\u2013\ue005Listed notes and bonds
1.63% - 2.50%
2027 - 2030
2.5
851.3
2.5
874.9
\u2013 Unsecured bank debt
SONIA +1.38%
2026
(0.8)
(0.7)
(0.8)
(1.5)
Total Liabilities held at amortised cost
250.4
1,197.0
58.5
1,478.2
Lease liabilities
2.85% - 7.09%
2024 - 2034
8.9
69. 3
5.8
79.6
Other financial liabilities
1.34% - 6.20%
2024 - 2028
\u2013
29.9
\u2013
\u2013
Liabilities held at FVTPL:
\u2013\ue005Derivative financial liabilities
9.2
\u2013
14.8
0.9
\u2013 Structured entities controlled by the Group
0.60% - 10.90%
2030-2038
\u2013
4,602.3
\u2013
4,572.7
268.5
5,898.5
79.1
6,131.4
1 1. Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility.
2024
2023
Interest rate Current Non-current Current Non-current
Company
%
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities held at amortised cost
\u2013 Private placement
2.02% - 5.35%
2024 - 2029
248.7
346.4
56.8
604.8
\u2013\ue005Listed notes and bonds
1.63% - 2.50%
2027 - 2030
2.5
851.3
2.5
874.9
\u2013 Unsecured bank debt\u00b9
SONIA +1.38%
2026
(0.8)
(0.7)
(0.8)
(1.5)
Total Liabilities held at amortised cost
250.4
1,197.0
58.5
1,478.2
Lease liabilities
2.85% - 7.09%
2024 - 2034
4.4
34.9
4.3
39. 3
Liabilities held at FVTPL
\u2013\ue005Derivative financial liabilities
9.2
\u2013
14.8
0.9
264.0
1,231.9
77.6
1,518.4
1. Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility. The fair value of the Listed notes and bonds, being the market price of the outstanding bonds is \u00a3788.9m (2023: \u00a3613.1m). Other financial liabilities are borrowings related to seed investments. Details of the cash outflows related to leases are in the Consolidated statement of cash flows, interest expenses associated with lease liabilities are in note 10, the Right of Use (\u2018ROU\u2019) assets and the income from subleasing ROU assets are in note 17 and the maturity analysis of the lease liabilities are in note 21 . Movement in financial liabilities arising from financing activities The following table sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,622.1
1,712.1
1,580.3
1,701.3
Movement as a result of change in control of subsidiary
21.5
\u2013
\u2013
\u2013
Repayment of long term borrowings
(50.7)
(194.6)
(50.7)
(194.6)
Reclassification1
7.7
\u2013
\u2013
\u2013
Payment of principal portion of lease liabilities
(8.4)
(6.8)
(5.8)
(4.1)
Establishment of lease liability
1.2
33.0
\u2013
\u2013
Net interest movement
1.7
1.0
(0.9)
0.3
Foreign exchange movement
(39.6)
77.4
(36.2)
77.4
At 31 March
1,555.5
1,622.1
1,486.7
1,580.3
1. Borrowings related to seed investments acquired during the year ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-503": { "value": "5. Financial assets and liabilities Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (\u2018FVTPL\u2019) and Fair Value Through Other Comprehensive Income (\u2018FVOCI\u2019). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (\u2019IPEV\u2019) Valuation Guidelines - December 2022, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Recognition of financial assets When the Group invests in the capital structure of a portfolio company, these assets are initially recognised and subsequently measured at fair value, and transaction costs are recognised in the consolidated income statement immediately. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction at the reporting date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with IFRS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institute of Chartered Surveyors Valuation \u2013 Global Standards 2020 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in this note on page 147. Given the subjectivity of investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee. The unobservable inputs relative to these investments are further detailed below. Fair value measurements recognised in the statement of financial position The information set out below provides information about how the Group and Company determines fair values of various financial assets and financial liabilities, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment in or alongside managed funds
5.7
3.6
2,300.7
2,310.0
7.2
1.8
2,144.3
2,153.3
Consolidated CLOs and credit funds
\u2013
4,154.9
462.6
4,617.5
\u2013
4,101.4
567.7
4,669.1
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
401.7
401.7
\u2013
\u2013
100.4
100.4
Investment in public companies
4.5
\u2013
\u2013
4.5
5.1
\u2013
\u2013
5.1
Non-consolidated CLOs and credit funds
\u2013
111.3
19.7
131.0
\u2013
105.8
7. 5
113.3
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
163.2
163.2
Total financial assets
10.2
4,279.1
3,184.7
7,474.0
12.3
4,231.0
2,983.1
7,226.4
Financial liabilities
Liabilities of consolidated CLOs and credit funds
\u2013
(4,415.6)
(186.7)
(4,602.3)
\u2013
(4,508.0)
(64.7)
(4,572.7)
Derivative liabilities
\u2013
(9.2)
\u2013
(9.2)
\u2013
(15.7)
\u2013
(15.7)
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
\u2013
(4,424.8)
(186.7)
(4,611.5)
\u2013
(4,523.7)
(64.7)
(4,588.4)
1 2 3 1. Level 3 investments in or alongside managed funds includes \u00a31,212.3m Corporate Investments & US Mid Market, \u00a3517.9m Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, \u00a358.2m Senior Debt Partners, \u00a382.1m North America Credit Partners, \u00a3399.6m real estate funds, and \u00a316.8m credit funds. 2. Level 3 Investment in private companies includes \u00a3359.9m subordinated debt and equity (2023: \u00a391.3m) and \u00a341.8m of real estate funds (2023: \u00a39.1m), including assets reclassified from Disposal groups held for sale. 3. Total financial assets correspond to the sum of non-current and current financial assets at fair value and the sum of non-current and current financial derivatives on the face of the balance sheet.
Fair value hierarchy
The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy.
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial Assets
Investment in or alongside managed funds
5.8
\u2013
128.3
134.1
7.2
\u2013
171.6
178.8
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
87.1
87.1
\u2013
\u2013
86.1
86.1
Senior and subordinated notes of CLO vehicles
\u2013
\u2013
21.8
21.8
\u2013
\u2013
23.8
23.8
Total assets
5.8
9.3
237.2
252.3
7.2
22.0
281.5
310.7
Financial Liabilities
Derivative liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Total liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Valuations
Valuation process
The Group Valuation Committee (\u2018GVC\u2019) is responsible for reviewing and concluding on the fair value of the Group\u2019s balance sheet investment positions in accordance with the Group\u2019s Valuation Policy. This includes
consideration of the valuations received from the underlying funds. The GVC reviews its fair values on a quarterly basis and reports to the Audit Committee semi-annually. The GVC is independent of the boards of directors
of the funds, and no member of the GVC is a member of either the Group\u2019s investment teams or fund Investment Committees (\u2018ICs\u2019).
The ICs are responsible for the review, challenge, and approval of the underlying funds\u2019 valuations of their assets. Sources of the valuation reviewed by the ICs include the ICG investment team, third-party valuation services
and third-party fund administrators as appropriate. The IC provides those valuations to the Group, as an investor in the fund assets. The IC is also responsible for escalating significant events regarding the valuation to the
Group (as an investor in the fund assets), for example change in valuation methodologies, potential impairment events, or material judgements.
The table on page 147 outlines in more detail the range of valuation techniques, as well as the key unobservable inputs for each category of Level 3 assets and liabilities.
Investment in or alongside managed funds
When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the
hierarchy. The Group values these investments at bid price for long positions and ask price for short positions.
The Group also co-invests with funds, including credit and private equity secondary funds, which are not quoted in an active market. The Group considers the valuation techniques and inputs used by these funds to ensure they
are reasonable, appropriate and consistent with the principles of fair value. The latest available NAV of these funds are generally used as an input into measuring their fair value. The NAV of the funds are adjusted, as necessary, to
reflect restrictions on redemptions, and other specific factors relevant to the funds. In measuring fair value, consideration is also given to any transactions in the interests of the funds. The Group classifies these funds as Level 3.
Investment in private companies The Group takes debt and equity stakes in private companies that are, other than on very rare occasions, not quoted in an active market and uses either a market-based valuation technique or a discounted cash flow technique to value these positions. The Group\u2019s investments in private companies are held at fair value using the most appropriate valuation technique based on the nature, facts and circumstances of the private company. The first of two principal valuation techniques is a market comparable companies technique. The enterprise value (\u2018EV\u2019) of the portfolio company is determined by applying an earnings multiple, taken from comparable companies, to the profits of the portfolio company. The Group determines comparable private and public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate multiple for each comparable company identified. The second principal valuation technique is a discounted cash flow (\u2018DCF\u2019) approach. Fair value is determined by discounting the expected future cash flows of the portfolio company to the present value. Various assumptions are utilised as inputs, such as terminal value and the appropriate discount rate to apply. Typically, the DCF is then calibrated alongside a market comparable companies approach. Alternate valuation techniques may be used where there is a recent offer or a recent comparable market transaction, which may provide an observable market price and an approximation to fair value of the private company. The Group classified these assets as Level 3. Investment in public companies Quoted investments are held at the last traded bid price on the reporting date. When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant market, the contract is reflected on the trade date. Investment in loans held in consolidated structured entities The loan asset portfolios of the consolidated structured entities are valued using observable inputs such as recently executed transaction prices in securities of the issuer or comparable issuers and from independent loan pricing sources. To the extent that the significant inputs are observable the Group classifies these assets as Level 2 and other assets are classified as Level 3. Level 3 assets are valued using a discounted cash flow technique and the key inputs under this approach are detailed on page 147. Derivative assets and liabilities The Group uses market-standard valuation models for determining fair values of over-the-counter interest rate swaps, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including both credit and debit valuation adjustments for counterparty and own credit risk, foreign exchange spot and forward rates and interest rate curves. For these financial instruments, significant inputs into models are market observable and are included within Level 2. Senior and subordinated notes of CLO vehicles The Group holds investments in the senior and subordinated notes of the CLOs it manages, predominately driven by European Union risk-retention requirements. The Group employs DCF analysis to fair value these investments, using several inputs including constant annual default rates, prepayments rates, reinvestment rates, recovery rates and discount rates. The DCF analysis at the reporting date shows that the senior notes are typically expected to recover all contractual cash flows, including under stressed scenarios, over the life of the CLOs. Observable inputs are used in determining the fair value of senior notes and these instruments are therefore classified as Level 2. Unobservable inputs are used in determining the fair value of subordinated notes, which are therefore classified as Level 3 instruments. Liabilities of consolidated CLO vehicles Rated debt liabilities of consolidated CLOs are generally valued at par plus accrued interest, which we assess as fair value. Observable inputs are used in determining the fair value of these instruments, including the valuation of the CLO loan asset portfolio. As a result we deem these liabilities as Level 2. Unrated/subordinated debt liabilities of consolidated CLOs are valued directly in line with the fair value of the CLO loan asset portfolios. These underlying assets mostly comprise observable loan securities traded in active markets. The underlying assets are reported in both Level 2 and Level 3. As a result of this methodology of deriving the valuation of unrated/subordinated debt liabilities from a combination of Level 2 and Level 3 asset values, we deem these liabilities to be Level 3. Real estate assets To the extent that the Group invests in real estate assets, whether through an investment in a managed fund or an investment in a private company, the underlying assets may be classified as either a financial asset or investment property in accordance with IAS 40 \u2018Investment Property\u2019. The fair values of the directly held material investment properties have been recorded based on independent valuations prepared by third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards 2020. At the end of each reporting period, the Group reviews its assessment of the fair value of each property, taking into account the most recent independent valuations. The Directors determine a property value within a range of reasonable fair value estimates, based on information provided. All resulting fair value estimates for properties are included in Level 3. 144 ICG Annual Report & Accounts 2024 Overview Strategic report Governance report Auditor\u2019s report and financial statements Other information Reconciliation of Level 3 fair value measurement of financial assets The following tables set out the movements in recurring financial assets valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers between levels take place when there are changes to the observability of inputs used in the valuation of these assets. This is determined based on the year-end valuation and transfers therefore take place at the end of the reporting period.
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
Total gains or losses in the income statement
\u2013 Net investment return
284.0
11.5
14.4
2.9
63.3
376.1
\u2013 Foreign exchange
(50.7)
(14.0)
(4.3)
(0.4)
3.4
(66.0)
Purchases
301.8
234.2
74.5
9.7
213.1
833.3
Exit proceeds
(378.7)
(195.6)
(19.1)
\u2013
(207.2)
(800.6)
Transfers in
\u2013
96.9
\u2013
\u2013
\u2013
96.9
Transfers out
\u2013
(238.1)
\u2013
\u2013
\u2013
(238.1)
Reclassification
\u2013
\u2013
235.8
\u2013
(235.8)
\u2013
At 31 March 2024
2,300.7
462.6
401.7
19.7
\u2013
3,184.7
2 1 1 3 1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as a transfers in or transfers out in the year. 2. Included within net investment returns are \u00a3345.1m of unrealised gains (which includes accrued interest). 3. During the year the group reclassified all its financial assets previously included in disposal groups held for sale into investments in private companies (see note 28).
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2022
2,112.9
145.2
122.7
9.1
89.2
2,479.1
Total gains or losses in the income statement
\u2013 Net investment return
172.9
(9.6)
(21.2)
(1.3)
(7.1)
133.7
\u2013 Foreign exchange
67.4
15.5
13.2
0.5
5.8
102.4
Purchases
416.2
60.2
6.7
\u2013
158.7
641.8
Exit proceeds
(625.1)
(100.7)
(21.0)
(0.8)
(23.8)
(771.4)
Transfers in
\u2013
457.1
\u2013
\u2013
\u2013
457.1
Transfers out
\u2013
\u2013
\u2013
\u2013
(59.6)
(59.6)
At 31 March 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
2 1,3 1,3 1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) and these changes are reported as a transfer in the year. Transfers out of Disposal groups held for sale represented the re-designation of an asset as Investment Property (see note 28) 2. Included within net investment returns are \u00a3141.8m of unrealised gains (which includes accrued interest) 3. The prior period transfers between levels have been re-presented to separately disclose transfers in and transfers out of Level 3. 2024 2023 Investment in or Investment in Subordinated Investment in or Investment in Subordinated alongside private notes of CLO alongside private notes of CLO managed funds companies vehicles Total managed funds companies vehicles Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 171.6 86.1 23.8 281.5 160.7 158.9 0.2 319.8 Total gains or losses in the income statement \u2013 Net investment return (1.0) 4.6 (1.4) 2.2 3.1 10.1 (0.2) 13.0 \u2013 Foreign exchange (2.7) (3.0) (0.6) (6.3) 5.9 18.6 \u2013 24.5 Purchases 27.4 \u2013 \u2013 27.4 49.8 120.9 23.8 194.5 Exit proceeds (66.9) (0.6) \u2013 (67.5) (47.9) (222.4) \u2013 (270.3) At 31 March 128.4 87.1 21.8 237.3 171.6 86.1 23.8 281.5 Reconciliation of Level 3 fair value measurements of financial liabilities The following tables sets out the movements in reoccurring financial liabilities valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers in and out of Level 3 financial liabilities were due to changes to the observability of inputs used in the valuation of these liabilities. During the year ended 31 March 2024 changes in the fair value of the assets of consolidated credit funds resulted in a reduction in the fair value of the financial liabilities of those consolidated credit funds, reported as a \u2018fair value gain\u2019 in the table below.
2024 2023
Financial Financial
liabilities liabilities
designated as designated as
FVTPL FVTPL
Group \u00a3m \u00a3m
At 1 April
64.7
239.6
Total gains or losses in the income statement
\u2013 Fair value gains
102.3
(178.2)
\u2013 Foreign exchange losses
(1.7)
12.8
Purchases
21.4
23.8
Disposal groups held for sale
\u2013
(5.0)
Transfer between levels
\u2013
(28.3)
At 31 March
186.7
64.7
Valuation inputs and sensitivity analysis The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis:
Fair Value Fair Value Effect on Fair
As at As at Weighted Value
31 March 2024 31 March 2023 Key Unobservable Average/ Fair Sensitivity/ 31 March 2024
Group assets \u00a3m
\u00a3m
Primary Valuation Technique
Inputs
Range
Value Inputs Scenarios \u00a3m
Structured & Private Equity: Corporate
1,490.6
1,341.3
Market comparable companies
Earnings multiple
5.0x \u2013 29.0x
15.1x
'+10% Earnings multiple2
187.6
Investments & US Mid-Market Discounted cash flow
Discount rate
7.5% - 20.5%
11.2%
'-10% Earnings multiple2
(187.6)
Earnings multiple
6.1x \u2013 21.5x
11.8x
Structured & Private Equity: Strategic Equity, LP\ue005
589.9
589.4
Third-party valuation / funding
N/A
N/A
N/A
+10% valuation
59.0
Secondaries, Recovery Fund, Life Sciences\ue005 round value
-10% valuation (59.0)
Private Debt: North American Credit Partners
91.7
120.7
Market comparable companies
Earnings multiple
5.5x \u2013 29.0x
14.1x
'+10% Earnings multiple
9.7
'-10% Earnings multiple (9.7)
Private Debt: Senior Debt Partners
58.2
47.8
Probability of default
1.0%-2.2%
1.0%
Upside case
\u2013
Loss given default
32.2%
32.2%
Downside case
(0.5)
Discounted cash flow
Maturity of loan
3 years
3 years
Effective interest
9.6%-11.5%
11.2%
rate
Real Assets
441.4
293.6
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation
44.1
LTV-based impairment model
N/A
N/A
N/A
-10% Third-party valuation
(44.1)
Credit: Non-consolidated CLOs and credit funds
19.7
7. 5
Discount rate
15.0% - 15.5%
15.1%
Default rate
3% - 4.5%
3.3%
Upside case
22.8
Discounted cash flow
Prepayment rate %
15% -20%
19.5%
Downside case
(23.8)
Recovery rate %
75.0%
75.0%
Reinvestment price
99.5%
99.5%
Credit: Consolidated CLOs and credit funds
462.6
567.7
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 46.3
-10% Third-party valuation (46.3)
Credit: Liquid Funds
30.6
15.1
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 3.1
-10% Third-party valuation (3.1)
Total financial assets
3,184.7
2,983.1
Total Upside sensitivity
372.5
Total Downside sensitivity
(374.1)
Liabilities of Consolidated CLOs and credit funds
(186.7)
(64.7)
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation (18.7)
-10% Third-party valuation 18.7
Total financial liabilities
(186.7)
(64.7)
1 2 2 3 3 1. Where the Group has co-invested with its managed funds, it is the type of the underlying investment, and the valuation techniques used for these underlying investments, that is set out here. 2. Investments in the following strategies are sensitised using the actual or implied earnings multiple to provide a consistent, comparable basis for this analysis: Corporate Investments, US Mid-Market, North America Credit Partners. 3. The sensitivity analysis is performed on the entire portfolio of subordinated notes of CLO vehicles that the Group has invested in with total value of \u00a3187.7m (2023: \u00a3182.8m). The default rate applied was set at 4.5% until 2025, reducing by 0.5% semi-annually during 2025 and reverting to 3% in 2026. The upside case is based on the default rate being lowered to 2.5% p.a. for the next 21 months then to 2.0% for the 3 following months, keeping all other parameters consistent. The downside case is based on the default rate being increased over the next 21 months to 6.5% then to 6.0% for the 3 following months, keeping all other parameters consistent. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-531": { "value": "Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (\u2018FVTPL\u2019) and Fair Value Through Other Comprehensive Income (\u2018FVOCI\u2019). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (\u2019IPEV\u2019) Valuation Guidelines - December 2022, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Recognition of financial assets When the Group invests in the capital structure of a portfolio company, these assets are initially recognised and subsequently measured at fair value, and transaction costs are recognised in the consolidated income statement immediately. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction at the reporting date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with IFRS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institute of Chartered Surveyors Valuation \u2013 Global Standards 2020 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in this note on page 147. Given the subjectivity of investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant Fund Investment Committees and Group Valuation Committee. The unobservable inputs relative to these investments are further detailed below. Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability. Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group\u2019s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities at FVTPL are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities as such liabilities are managed by the Group on a fair value basis. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-549": { "value": "Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (\u2018FVTPL\u2019) and Fair Value Through Other Comprehensive Income (\u2018FVOCI\u2019). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through net gains on investments in the consolidated income statement. Dividends or interest earned on the financial assets are also included in the net gains on investments. Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (\u2019IPEV\u2019) Valuation Guidelines - December 2022, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Recognition of financial assets When the Group invests in the capital structure of a portfolio company, these assets are initially recognised and subsequently measured at fair value, and transaction costs are recognised in the consolidated income statement immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-550": { "value": "Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-480": { "value": "Fair value measurements recognised in the statement of financial position The information set out below provides information about how the Group and Company determines fair values of various financial assets and financial liabilities, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2013 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) The following table summarises the valuation of the Group\u2019s financial assets and liabilities by fair value hierarchy:
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Investment in or alongside managed funds
5.7
3.6
2,300.7
2,310.0
7.2
1.8
2,144.3
2,153.3
Consolidated CLOs and credit funds
\u2013
4,154.9
462.6
4,617.5
\u2013
4,101.4
567.7
4,669.1
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
401.7
401.7
\u2013
\u2013
100.4
100.4
Investment in public companies
4.5
\u2013
\u2013
4.5
5.1
\u2013
\u2013
5.1
Non-consolidated CLOs and credit funds
\u2013
111.3
19.7
131.0
\u2013
105.8
7. 5
113.3
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
163.2
163.2
Total financial assets
10.2
4,279.1
3,184.7
7,474.0
12.3
4,231.0
2,983.1
7,226.4
Financial liabilities
Liabilities of consolidated CLOs and credit funds
\u2013
(4,415.6)
(186.7)
(4,602.3)
\u2013
(4,508.0)
(64.7)
(4,572.7)
Derivative liabilities
\u2013
(9.2)
\u2013
(9.2)
\u2013
(15.7)
\u2013
(15.7)
Disposal groups held for sale
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total financial liabilities
\u2013
(4,424.8)
(186.7)
(4,611.5)
\u2013
(4,523.7)
(64.7)
(4,588.4)
1 2 3 1. Level 3 investments in or alongside managed funds includes \u00a31,212.3m Corporate Investments & US Mid Market, \u00a3517.9m Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, \u00a358.2m Senior Debt Partners, \u00a382.1m North America Credit Partners, \u00a3399.6m real estate funds, and \u00a316.8m credit funds. 2. Level 3 Investment in private companies includes \u00a3359.9m subordinated debt and equity (2023: \u00a391.3m) and \u00a341.8m of real estate funds (2023: \u00a39.1m), including assets reclassified from Disposal groups held for sale. 3. Total financial assets correspond to the sum of non-current and current financial assets at fair value and the sum of non-current and current financial derivatives on the face of the balance sheet. Fair value hierarchy The following table summarises the valuation of the Company\u2019s financial assets and liabilities by fair value hierarchy.
As at 31 March 2024
As at 31 March 2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial Assets
Investment in or alongside managed funds
5.8
\u2013
128.3
134.1
7.2
\u2013
171.6
178.8
Derivative assets
\u2013
9.3
\u2013
9.3
\u2013
22.0
\u2013
22.0
Investment in private companies
\u2013
\u2013
87.1
87.1
\u2013
\u2013
86.1
86.1
Senior and subordinated notes of CLO vehicles
\u2013
\u2013
21.8
21.8
\u2013
\u2013
23.8
23.8
Total assets
5.8
9.3
237.2
252.3
7.2
22.0
281.5
310.7
Financial Liabilities
Derivative liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Total liabilities
\u2013
9.2
\u2013
9.2
\u2013
15.7
\u2013
15.7
Valuations Valuation process The Group Valuation Committee (\u2018GVC\u2019) is responsible for reviewing and concluding on the fair value of the Group\u2019s balance sheet investment positions in accordance with the Group\u2019s Valuation Policy. This includes consideration of the valuations received from the underlying funds. The GVC reviews its fair values on a quarterly basis and reports to the Audit Committee semi-annually. The GVC is independent of the boards of directors of the funds, and no member of the GVC is a member of either the Group\u2019s investment teams or fund Investment Committees (\u2018ICs\u2019). The ICs are responsible for the review, challenge, and approval of the underlying funds\u2019 valuations of their assets. Sources of the valuation reviewed by the ICs include the ICG investment team, third-party valuation services and third-party fund administrators as appropriate. The IC provides those valuations to the Group, as an investor in the fund assets. The IC is also responsible for escalating significant events regarding the valuation to the Group (as an investor in the fund assets), for example change in valuation methodologies, potential impairment events, or material judgements. The table on page 147 outlines in more detail the range of valuation techniques, as well as the key unobservable inputs for each category of Level 3 assets and liabilities. Investment in or alongside managed funds When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy. The Group values these investments at bid price for long positions and ask price for short positions. The Group also co-invests with funds, including credit and private equity secondary funds, which are not quoted in an active market. The Group considers the valuation techniques and inputs used by these funds to ensure they are reasonable, appropriate and consistent with the principles of fair value. The latest available NAV of these funds are generally used as an input into measuring their fair value. The NAV of the funds are adjusted, as necessary, to reflect restrictions on redemptions, and other specific factors relevant to the funds. In measuring fair value, consideration is also given to any transactions in the interests of the funds. The Group classifies these funds as Level 3. Investment in private companies The Group takes debt and equity stakes in private companies that are, other than on very rare occasions, not quoted in an active market and uses either a market-based valuation technique or a discounted cash flow technique to value these positions. The Group\u2019s investments in private companies are held at fair value using the most appropriate valuation technique based on the nature, facts and circumstances of the private company. The first of two principal valuation techniques is a market comparable companies technique. The enterprise value (\u2018EV\u2019) of the portfolio company is determined by applying an earnings multiple, taken from comparable companies, to the profits of the portfolio company. The Group determines comparable private and public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate multiple for each comparable company identified. The second principal valuation technique is a discounted cash flow (\u2018DCF\u2019) approach. Fair value is determined by discounting the expected future cash flows of the portfolio company to the present value. Various assumptions are utilised as inputs, such as terminal value and the appropriate discount rate to apply. Typically, the DCF is then calibrated alongside a market comparable companies approach. Alternate valuation techniques may be used where there is a recent offer or a recent comparable market transaction, which may provide an observable market price and an approximation to fair value of the private company. The Group classified these assets as Level 3. Investment in public companies Quoted investments are held at the last traded bid price on the reporting date. When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant market, the contract is reflected on the trade date. Investment in loans held in consolidated structured entities The loan asset portfolios of the consolidated structured entities are valued using observable inputs such as recently executed transaction prices in securities of the issuer or comparable issuers and from independent loan pricing sources. To the extent that the significant inputs are observable the Group classifies these assets as Level 2 and other assets are classified as Level 3. Level 3 assets are valued using a discounted cash flow technique and the key inputs under this approach are detailed on page 147. Reconciliation of Level 3 fair value measurement of financial assets The following tables set out the movements in recurring financial assets valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers between levels take place when there are changes to the observability of inputs used in the valuation of these assets. This is determined based on the year-end valuation and transfers therefore take place at the end of the reporting period.
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
Total gains or losses in the income statement
\u2013 Net investment return
284.0
11.5
14.4
2.9
63.3
376.1
\u2013 Foreign exchange
(50.7)
(14.0)
(4.3)
(0.4)
3.4
(66.0)
Purchases
301.8
234.2
74.5
9.7
213.1
833.3
Exit proceeds
(378.7)
(195.6)
(19.1)
\u2013
(207.2)
(800.6)
Transfers in
\u2013
96.9
\u2013
\u2013
\u2013
96.9
Transfers out
\u2013
(238.1)
\u2013
\u2013
\u2013
(238.1)
Reclassification
\u2013
\u2013
235.8
\u2013
(235.8)
\u2013
At 31 March 2024
2,300.7
462.6
401.7
19.7
\u2013
3,184.7
2 1 1 3 1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as a transfers in or transfers out in the year. 2. Included within net investment returns are \u00a3345.1m of unrealised gains (which includes accrued interest). 3. During the year the group reclassified all its financial assets previously included in disposal groups held for sale into investments in private companies (see note 28).
Investment in
Investment in or loans held in Investment in Subordinated
alongside consolidated private notes of CLO Disposal groups
managed funds entities companies vehicles held for sale Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April 2022
2,112.9
145.2
122.7
9.1
89.2
2,479.1
Total gains or losses in the income statement
\u2013 Net investment return
172.9
(9.6)
(21.2)
(1.3)
(7.1)
133.7
\u2013 Foreign exchange
67.4
15.5
13.2
0.5
5.8
102.4
Purchases
416.2
60.2
6.7
\u2013
158.7
641.8
Exit proceeds
(625.1)
(100.7)
(21.0)
(0.8)
(23.8)
(771.4)
Transfers in
\u2013
457.1
\u2013
\u2013
\u2013
457.1
Transfers out
\u2013
\u2013
\u2013
\u2013
(59.6)
(59.6)
At 31 March 2023
2,144.3
567.7
100.4
7. 5
163.2
2,983.1
2 1,3 1,3 1. During the year certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) and these changes are reported as a transfer in the year. Transfers out of Disposal groups held for sale represented the re-designation of an asset as Investment Property (see note 28) 2. Included within net investment returns are \u00a3141.8m of unrealised gains (which includes accrued interest) 3. The prior period transfers between levels have been re-presented to separately disclose transfers in and transfers out of Level 3.
2024
2023
Investment in or Investment in Subordinated Investment in or Investment in Subordinated
alongside private notes of CLO alongside private notes of CLO
managed funds companies vehicles Total managed funds companies vehicles Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
171.6
86.1
23.8
281.5
160.7
158.9
0.2
319.8
Total gains or losses in the income statement
\u2013 Net investment return
(1.0)
4.6
(1.4)
2.2
3.1
10.1
(0.2)
13.0
\u2013 Foreign exchange
(2.7)
(3.0)
(0.6)
(6.3)
5.9
18.6
\u2013
24.5
Purchases
27.4
\u2013
\u2013
27.4
49.8
120.9
23.8
194.5
Exit proceeds
(66.9)
(0.6)
\u2013
(67.5)
(47.9)
(222.4)
\u2013
(270.3)
At 31 March
128.4
87.1
21.8
237.3
171.6
86.1
23.8
281.5
Reconciliation of Level 3 fair value measurements of financial liabilities
The following tables sets out the movements in reoccurring financial liabilities valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included
within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers in and out of Level 3 financial liabilities were due to changes to the observability of inputs used in the valuation
of these liabilities. During the year ended 31 March 2024 changes in the fair value of the assets of consolidated credit funds resulted in a reduction in the fair value of the financial liabilities of those consolidated credit funds,
reported as a \u2018fair value gain\u2019 in the table below.
2024 2023
Financial Financial
liabilities liabilities
designated as designated as
FVTPL FVTPL
Group \u00a3m \u00a3m
At 1 April
64.7
239.6
Total gains or losses in the income statement
\u2013 Fair value gains
102.3
(178.2)
\u2013 Foreign exchange losses
(1.7)
12.8
Purchases
21.4
23.8
Disposal groups held for sale
\u2013
(5.0)
Transfer between levels
\u2013
(28.3)
At 31 March
186.7
64.7
Valuation inputs and sensitivity analysis The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis:
Fair Value Fair Value Effect on Fair
As at As at Weighted Value
31 March 2024 31 March 2023 Key Unobservable Average/ Fair Sensitivity/ 31 March 2024
Group assets \u00a3m
\u00a3m
Primary Valuation Technique
Inputs
Range
Value Inputs Scenarios \u00a3m
Structured & Private Equity: Corporate
1,490.6
1,341.3
Market comparable companies
Earnings multiple
5.0x \u2013 29.0x
15.1x
'+10% Earnings multiple2
187.6
Investments & US Mid-Market Discounted cash flow
Discount rate
7.5% - 20.5%
11.2%
'-10% Earnings multiple2
(187.6)
Earnings multiple
6.1x \u2013 21.5x
11.8x
Structured & Private Equity: Strategic Equity, LP\ue005
589.9
589.4
Third-party valuation / funding
N/A
N/A
N/A
+10% valuation
59.0
Secondaries, Recovery Fund, Life Sciences\ue005 round value
-10% valuation (59.0)
Private Debt: North American Credit Partners
91.7
120.7
Market comparable companies
Earnings multiple
5.5x \u2013 29.0x
14.1x
'+10% Earnings multiple
9.7
'-10% Earnings multiple (9.7)
Private Debt: Senior Debt Partners
58.2
47.8
Probability of default
1.0%-2.2%
1.0%
Upside case
\u2013
Loss given default
32.2%
32.2%
Downside case
(0.5)
Discounted cash flow
Maturity of loan
3 years
3 years
Effective interest
9.6%-11.5%
11.2%
rate
Real Assets
441.4
293.6
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation
44.1
LTV-based impairment model
N/A
N/A
N/A
-10% Third-party valuation
(44.1)
Credit: Non-consolidated CLOs and credit funds
19.7
7. 5
Discount rate
15.0% - 15.5%
15.1%
Default rate
3% - 4.5%
3.3%
Upside case
22.8
Discounted cash flow
Prepayment rate %
15% -20%
19.5%
Downside case
(23.8)
Recovery rate %
75.0%
75.0%
Reinvestment price
99.5%
99.5%
Credit: Consolidated CLOs and credit funds
462.6
567.7
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 46.3
-10% Third-party valuation (46.3)
Credit: Liquid Funds
30.6
15.1
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation 3.1
-10% Third-party valuation (3.1)
Total financial assets
3,184.7
2,983.1
Total Upside sensitivity
372.5
Total Downside sensitivity
(374.1)
Liabilities of Consolidated CLOs and credit funds
(186.7)
(64.7)
Third-party valuation
N/A
N/A
N/A
+10% Third-party valuation (18.7)
-10% Third-party valuation 18.7
Total financial liabilities
(186.7)
(64.7)
1 2 2 3 3 1. Where the Group has co-invested with its managed funds, it is the type of the underlying investment, and the valuation techniques used for these underlying investments, that is set out here. 2. Investments in the following strategies are sensitised using the actual or implied earnings multiple to provide a consistent, comparable basis for this analysis: Corporate Investments, US Mid-Market, North America Credit Partners. 3. The sensitivity analysis is performed on the entire portfolio of subordinated notes of CLO vehicles that the Group has invested in with total value of \u00a3187.7m (2023: \u00a3182.8m). The default rate applied was set at 4.5% until 2025, reducing by 0.5% semi-annually during 2025 and reverting to 3% in 2026. The upside case is based on the default rate being lowered to 2.5% p.a. for the next 21 months then to 2.0% for the 3 following months, keeping all other parameters consistent. The downside case is based on the default rate being increased over the next 21 months to 6.5% then to 6.0% for the 3 following months, keeping all other parameters consistent. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-481": { "value": "Derivative assets and liabilities The Group uses market-standard valuation models for determining fair values of over-the-counter interest rate swaps, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including both credit and debit valuation adjustments for counterparty and own credit risk, foreign exchange spot and forward rates and interest rate curves. For these financial instruments, significant inputs into models are market observable and are included within Level 2. Derivative financial instruments Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability.
2024
2023
Contract or
Fair values
Contract or
Fair values
underlying underlying
principal amount Asset Liability principal amount Asset Liability
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
118.8
6.2
(5.5)
121.6
7. 5
(8.5)
Forward foreign exchange contracts
1,201.8
3.1
(3.7)
1,365.1
14.5
(7.2)
Total
1,320.6
9.3
(9.2)
1,486.7
22.0
(15.7)
2024
2023
Contract or
Fair values
Contract or
Fair values
underlying underlying
principal amount Asset Liability principal amount Asset Liability
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
118.8
6.2
(5.5)
121.6
7. 5
(8.5)
Forward foreign exchange contracts
1,201.8
3.1
(3.7)
1,365.1
14.5
(7.2)
Total
1,320.6
9.3
(9.2)
1,486.7
22.0
(15.7)
The Group holds \u00a35.5m of cash pledged as collateral by its counterparties as at 31 March 2024 (31 March 2023: \u00a38.5m). All the Credit Support Annexes that have been agreed with our counterparties are fully compliant with European Market Infrastructure Regulation \u2018EMIR\u2019. The fair value movements in derivatives during the year is \u00a3(10.5)m (2023: \u00a3(17.1)m). There was no change in fair value related to credit risk in relation to derivatives as at 31 March 2024 (31 March 2023: \u00a3nil). Within the International Swaps and Derivatives Association (\u2018ISDA\u2019) Master Agreements in place with our counterparties, in the event of a default, the close-out netting provision would result in all obligations under a contract being terminated with a subsequent combining of positive and negative replacement values into a single net payable or receivable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-517": { "value": "Derivative financial instruments Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability.
2024
2023
Contract or
Fair values
Contract or
Fair values
underlying underlying
principal amount Asset Liability principal amount Asset Liability
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
118.8
6.2
(5.5)
121.6
7. 5
(8.5)
Forward foreign exchange contracts
1,201.8
3.1
(3.7)
1,365.1
14.5
(7.2)
Total
1,320.6
9.3
(9.2)
1,486.7
22.0
(15.7)
2024
2023
Contract or
Fair values
Contract or
Fair values
underlying underlying
principal amount Asset Liability principal amount Asset Liability
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cross currency swaps
118.8
6.2
(5.5)
121.6
7. 5
(8.5)
Forward foreign exchange contracts
1,201.8
3.1
(3.7)
1,365.1
14.5
(7.2)
Total
1,320.6
9.3
(9.2)
1,486.7
22.0
(15.7)
The Group holds \u00a35.5m of cash pledged as collateral by its counterparties as at 31 March 2024 (31 March 2023: \u00a38.5m). All the Credit Support Annexes that have been agreed with our counterparties are fully compliant with European Market Infrastructure Regulation \u2018EMIR\u2019. The fair value movements in derivatives during the year is \u00a3(10.5)m (2023: \u00a3(17.1)m). There was no change in fair value related to credit risk in relation to derivatives as at 31 March 2024 (31 March 2023: \u00a3nil). Within the International Swaps and Derivatives Association (\u2018ISDA\u2019) Master Agreements in place with our counterparties, in the event of a default, the close-out netting provision would result in all obligations under a contract being terminated with a subsequent combining of positive and negative replacement values into a single net payable or receivable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-551": { "value": "Accounting policy Derivative financial instruments for economic hedging The Group holds derivative financial instruments to hedge foreign currency and interest rate exposures. Derivatives are recognised at fair value determined using independent third-party valuations or quoted market prices. Changes in fair values of derivatives are recognised immediately in Finance loss in the Income Statement. A derivative with a positive fair value is recognised as a financial asset while a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months from the reporting date, otherwise a derivative will be presented as a current asset or current liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-450": { "value": "
6. Cash and cash equivalents
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
Cash at bank and in hand
990.0
957.5
464.4
409.8
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Cash and cash equivalents
at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as shown above.
The Group\u2019s cash and cash equivalents include \u00a3362.6m (2023: \u00a3407.5m) of restricted cash, held principally by structured entities controlled by the Group. The Group does not have legal recourse to these balances
as their sole purpose is to service the interests of the investors in these structured entities.
In the prior year \u00a35.5m of cash and cash equivalents were included in disposal groups held for sale (note 28).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-504": { "value": "6. Cash and cash equivalents
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
Cash at bank and in hand
990.0
957.5
464.4
409.8
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as shown above. The Group\u2019s cash and cash equivalents include \u00a3362.6m (2023: \u00a3407.5m) of restricted cash, held principally by structured entities controlled by the Group. The Group does not have legal recourse to these balances as their sole purpose is to service the interests of the investors in these structured entities. In the prior year \u00a35.5m of cash and cash equivalents were included in disposal groups held for sale (note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-482": { "value": "6. Cash and cash equivalents
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
Cash at bank and in hand
990.0
957.5
464.4
409.8
Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as shown above. The Group\u2019s cash and cash equivalents include \u00a3362.6m (2023: \u00a3407.5m) of restricted cash, held principally by structured entities controlled by the Group. The Group does not have legal recourse to these balances as their sole purpose is to service the interests of the investors in these structured entities. In the prior year \u00a35.5m of cash and cash equivalents were included in disposal groups held for sale (note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-483": { "value": "7. Financial liabilities Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group\u2019s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities at FVTPL are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities as such liabilities are managed by the Group on a fair value basis. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire.
2024
2023
Interest rate Current Non-current Current Non-current
Group
%
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities held at amortised cost
\u2013 Private placement
2.02% - 5.35%
2024 - 2029
248.7
346.4
56.8
604.8
\u2013\ue005Listed notes and bonds
1.63% - 2.50%
2027 - 2030
2.5
851.3
2.5
874.9
\u2013 Unsecured bank debt
SONIA +1.38%
2026
(0.8)
(0.7)
(0.8)
(1.5)
Total Liabilities held at amortised cost
250.4
1,197.0
58.5
1,478.2
Lease liabilities
2.85% - 7.09%
2024 - 2034
8.9
69. 3
5.8
79.6
Other financial liabilities
1.34% - 6.20%
2024 - 2028
\u2013
29.9
\u2013
\u2013
Liabilities held at FVTPL:
\u2013\ue005Derivative financial liabilities
9.2
\u2013
14.8
0.9
\u2013 Structured entities controlled by the Group
0.60% - 10.90%
2030-2038
\u2013
4,602.3
\u2013
4,572.7
268.5
5,898.5
79.1
6,131.4
1 1. Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility.
2024
2023
Interest rate Current Non-current Current Non-current
Company
%
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities held at amortised cost
\u2013 Private placement
2.02% - 5.35%
2024 - 2029
248.7
346.4
56.8
604.8
\u2013\ue005Listed notes and bonds
1.63% - 2.50%
2027 - 2030
2.5
851.3
2.5
874.9
\u2013 Unsecured bank debt\u00b9
SONIA +1.38%
2026
(0.8)
(0.7)
(0.8)
(1.5)
Total Liabilities held at amortised cost
250.4
1,197.0
58.5
1,478.2
Lease liabilities
2.85% - 7.09%
2024 - 2034
4.4
34.9
4.3
39. 3
Liabilities held at FVTPL
\u2013\ue005Derivative financial liabilities
9.2
\u2013
14.8
0.9
264.0
1,231.9
77.6
1,518.4
1. Unsecured bank debt represents the value of associated fees which are amortised over the life of the facility. The fair value of the Listed notes and bonds, being the market price of the outstanding bonds is \u00a3788.9m (2023: \u00a3613.1m). Other financial liabilities are borrowings related to seed investments. Details of the cash outflows related to leases are in the Consolidated statement of cash flows, interest expenses associated with lease liabilities are in note 10, the Right of Use (\u2018ROU\u2019) assets and the income from subleasing ROU assets are in note 17 and the maturity analysis of the lease liabilities are in note 21 . Movement in financial liabilities arising from financing activities The following table sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 April
1,622.1
1,712.1
1,580.3
1,701.3
Movement as a result of change in control of subsidiary
21.5
\u2013
\u2013
\u2013
Repayment of long term borrowings
(50.7)
(194.6)
(50.7)
(194.6)
Reclassification1
7.7
\u2013
\u2013
\u2013
Payment of principal portion of lease liabilities
(8.4)
(6.8)
(5.8)
(4.1)
Establishment of lease liability
1.2
33.0
\u2013
\u2013
Net interest movement
1.7
1.0
(0.9)
0.3
Foreign exchange movement
(39.6)
77.4
(36.2)
77.4
At 31 March
1,555.5
1,622.1
1,486.7
1,580.3
1. Borrowings related to seed investments acquired during the year .", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-552": { "value": "Accounting policy Financial liabilities, which include borrowings and listed notes and bonds (with the exception of financial liabilities designated as FVTPL), are initially recognised at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest rate method. Arrangement and commitment fees are included within the carrying value of financial liabilities. Lease liabilities are initially measured at the present value of all the future lease payments. The present value at the inception of the lease is determined by discounting all future lease payments at the Group\u2019s centrally determined incremental borrowing rate at the date of inception of the lease. In calculating the present value of lease payments, the Group uses its incremental borrowing rate because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Financial liabilities at FVTPL are initially recognised and subsequently measured at fair value on a recurring basis. Gains or losses arising from changes in fair value of derivative financial liabilities are recognised in Finance loss in the income statement. Gains or losses arising from changes in fair value of liabilities of Structured entities controlled by the Group recognised through gains on investments in the income statement. The Group has designated financial liabilities at fair value relating to consolidated structured entities as such liabilities are managed by the Group on a fair value basis. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-451": { "value": "
8. Other income
Accounting policy
The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned.
2024 2023
\u00a3m \u00a3m
Interest income on bank deposits
21.6
15.5
21.6
15.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-525": { "value": "8. Other income Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned.
2024 2023
\u00a3m \u00a3m
Interest income on bank deposits
21.6
15.5
21.6
15.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-518": { "value": "8. Other income Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned.
2024 2023
\u00a3m \u00a3m
Interest income on bank deposits
21.6
15.5
21.6
15.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-505": { "value": "8. Other income Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned.
2024 2023
\u00a3m \u00a3m
Interest income on bank deposits
21.6
15.5
21.6
15.5
10. Finance costs Accounting policy Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17).
2024 2023
Finance costs \u00a3m \u00a3m
Interest expense recognised on financial liabilities held at amortised cost
42.2
57. 3
Arrangement and commitment fees
4.6
4.7
Interest expense associated with lease obligations
2.7
2.6
49.5
64.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-484": { "value": "8. Other income Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned.
2024 2023
\u00a3m \u00a3m
Interest income on bank deposits
21.6
15.5
21.6
15.5
10. Finance costs Accounting policy Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17).
2024 2023
Finance costs \u00a3m \u00a3m
Interest expense recognised on financial liabilities held at amortised cost
42.2
57. 3
Arrangement and commitment fees
4.6
4.7
Interest expense associated with lease obligations
2.7
2.6
49.5
64.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-532": { "value": "Accounting policy The Group earns interest on its cash balances, excluding balances within structured entities controlled by the Group. These amounts are recognised as income in the period in which it is earned. ", "dimensions": { "concept": "icg:DescriptionOfAccountingPolicyForOtherIncome", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-452": { "value": "
9. Net gains on investments
Accounting policy
The Group recognises net gains and losses on investments comprising realised and unrealised gains and losses from disposals and revaluations of financial assets and financial liabilities measured at fair value.
2024 2023
\u00a3m \u00a3m
Financial assets
Change in fair value of financial instruments designated at FVTPL
933.5
167.6
Financial liabilities
Change in fair value of financial instruments designated at FVTPL
(528.2)
4.9
Net gains arising on investments
405.3
172.5
", "dimensions": { "concept": "icg:DisclosureOfNetGainsOnInvestments", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-533": { "value": "Accounting policy The Group recognises net gains and losses on investments comprising realised and unrealised gains and losses from disposals and revaluations of financial assets and financial liabilities measured at fair value. ", "dimensions": { "concept": "icg:DescriptionOfAccountingPolicyForNetGainsOnInvestments", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-453": { "value": "
10. Finance costs
Accounting policy
Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows
of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9).
Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17).
2024 2023
Finance costs \u00a3m \u00a3m
Interest expense recognised on financial liabilities held at amortised cost
42.2
57. 3
Arrangement and commitment fees
4.6
4.7
Interest expense associated with lease obligations
2.7
2.6
49.5
64.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-519": { "value": "10. Finance costs Accounting policy Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17).
2024 2023
Finance costs \u00a3m \u00a3m
Interest expense recognised on financial liabilities held at amortised cost
42.2
57. 3
Arrangement and commitment fees
4.6
4.7
Interest expense associated with lease obligations
2.7
2.6
49.5
64.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-558": { "value": "Accounting policy Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-553": { "value": "Accounting policy Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-534": { "value": "Accounting policy Interest expense on the Group\u2019s debt, excluding financial liabilities within structured entities controlled by the Group, is recognised using the effective interest rate method based on the expected future cash flows of the liabilities over their expected life. Financial liabilities within structured entities controlled by the Group are accounted for within Net gains and losses arising on investment (see note 9). Interest expense associated with lease obligations represents the unwinding of the lease liability discount, are accounted for in accordance with IFRS 16 (see note 17). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-454": { "value": "11. Administrative expenses Further detail in respect of material administrative expenses reported on the income statement is set out below:
2024 2023
\u00a3m \u00a3m
Staff costs
294.3
256.7
Amortisation and depreciation
17.9
18.2
Operating lease expenses
1.9
2.8
Auditor's remuneration
2.4
2.3
Auditor\u2019s remuneration includes fees for audit and non-audit services payable to the Group\u2019s auditor, Ernst and Young LLP, and are analysed as below.
2024 2023
\u00a3m \u00a3m
ICG Group
Audit fees
Group audit of the annual accounts
1.7
1.5
Audit of subsidiaries' annual accounts
0.3
0.3
Audit of controlled CLOs
0.1
0.1
Total audit fees
2.1
1.9
Non audit fees
Audit-related assurance services
0.2
0.3
Other assurance services
0.1
0.1
Total non audit fees
0.3
0.4
Total auditor's remuneration incurred by the Group
2.4
2.3
1 1. The 2023 fees relating to the audit of controlled CLOs have been updated for engagements agreed subsequent to the approval of the prior year financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-520": { "value": "11. Administrative expenses Further detail in respect of material administrative expenses reported on the income statement is set out below:
2024 2023
\u00a3m \u00a3m
Staff costs
294.3
256.7
Amortisation and depreciation
17.9
18.2
Operating lease expenses
1.9
2.8
Auditor's remuneration
2.4
2.3
Auditor\u2019s remuneration includes fees for audit and non-audit services payable to the Group\u2019s auditor, Ernst and Young LLP, and are analysed as below.
2024 2023
\u00a3m \u00a3m
ICG Group
Audit fees
Group audit of the annual accounts
1.7
1.5
Audit of subsidiaries' annual accounts
0.3
0.3
Audit of controlled CLOs
0.1
0.1
Total audit fees
2.1
1.9
Non audit fees
Audit-related assurance services
0.2
0.3
Other assurance services
0.1
0.1
Total non audit fees
0.3
0.4
Total auditor's remuneration incurred by the Group
2.4
2.3
1 1. The 2023 fees relating to the audit of controlled CLOs have been updated for engagements agreed subsequent to the approval of the prior year financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-506": { "value": "11. Administrative expenses Further detail in respect of material administrative expenses reported on the income statement is set out below:
2024 2023
\u00a3m \u00a3m
Staff costs
294.3
256.7
Amortisation and depreciation
17.9
18.2
Operating lease expenses
1.9
2.8
Auditor's remuneration
2.4
2.3
Auditor\u2019s remuneration includes fees for audit and non-audit services payable to the Group\u2019s auditor, Ernst and Young LLP, and are analysed as below.
2024 2023
\u00a3m \u00a3m
ICG Group
Audit fees
Group audit of the annual accounts
1.7
1.5
Audit of subsidiaries' annual accounts
0.3
0.3
Audit of controlled CLOs
0.1
0.1
Total audit fees
2.1
1.9
Non audit fees
Audit-related assurance services
0.2
0.3
Other assurance services
0.1
0.1
Total non audit fees
0.3
0.4
Total auditor's remuneration incurred by the Group
2.4
2.3
1 1. The 2023 fees relating to the audit of controlled CLOs have been updated for engagements agreed subsequent to the approval of the prior year financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-485": { "value": "
Further detail in respect of material administrative expenses reported on the income statement is set out below:
2024 2023
\u00a3m \u00a3m
Staff costs
294.3
256.7
Amortisation and depreciation
17.9
18.2
Operating lease expenses
1.9
2.8
Auditor's remuneration
2.4
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-486": { "value": "
Auditor\u2019s remuneration includes fees for audit and non-audit services payable to the Group\u2019s auditor, Ernst and Young LLP, and are analysed as below.
2024 2023
\u00a3m \u00a3m
ICG Group
Audit fees
Group audit of the annual accounts
1.7
1.5
Audit of subsidiaries' annual accounts
0.3
0.3
Audit of controlled CLOs
0.1
0.1
Total audit fees
2.1
1.9
Non audit fees
Audit-related assurance services
0.2
0.3
Other assurance services
0.1
0.1
Total non audit fees
0.3
0.4
Total auditor's remuneration incurred by the Group
2.4
2.3
1
1. The 2023 fees relating to the audit of controlled CLOs have been updated for engagements agreed subsequent to the approval of the prior year financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-455": { "value": "
12. Employees and Directors
Accounting policy
The Deal Vintage Bonus (\u2018DVB\u2019) scheme forms part of the Group\u2019s Remuneration Policy for investment executives. DVB is reported within Wages and salaries.
Payments of DVB are made in respect of plan years, which are aligned to the Group\u2019s financial year. Payments of DVB are made only when the performance threshold for the plan year has been achieved on a cash basis and
proceeds are received by the Group. An estimate of the DVB liability for a plan year is developed based on the following inputs: expected realisation proceeds; expected timing of realisations; and allocations of DVB to
qualifying investment professionals. The Group accrues the estimated DVB cost associated with that plan year evenly over five years on average, reflecting the average holding period for the underlying investments and
therefore the period over which services are provided by the scheme participants.
2024 2023
\u00a3m \u00a3m
Directors\u2019 emoluments
5.1
4.9
Employee costs during the year including Directors:
Wages and salaries
253.4
228.7
Social security costs
30.7
20.5
Pension costs
10.2
7. 5
Total employee costs (note 11)
294.3
256.7
The monthly average number of employees (including Executive Directors) was:
Investment Executives
289
268
Marketing and support functions
350
293
Executive Directors
3
3
642
564
ICG plc, the Company, does not have any employees but relies on the expertise and knowledge of employees of ICG FMC Limited, Intermediate Capital Group Inc., Intermediate Capital Group SAS, Intermediate Capital Asia
Pacific Limited, ICG (Singapore) Pte Ltd, ICG Beratungsgesellschaft mbH, ICG Europe S.a.r.l, Intermediate Capital Managers (Aus) PTY Ltd and Intermediate Capital Group Polska Sp. z.o.o, subsidiaries of ICG plc.
Contributions to the Group\u2019s defined contribution pension schemes are charged to the consolidated income statement as incurred.
The performance related element included in employee costs is \u00a3171.9m (2023: \u00a3151.6m) which represents the annual bonus scheme, Omnibus Scheme, the Growth Incentive Scheme and the DVB Scheme. Please refer
to the report of the Remuneration Committee on page 95.
In addition, during the year, third-party funds have paid \u00a343.7m (2023: \u00a346.0m) to former employees and \u00a346.0m (2023: \u00a393.4m) to current employees, including Executive Directors, relating to distributions from investments
in carried interest partnerships (\u2018CIPs\u2019) made by these employees in prior periods. Such amounts become due over time if, and when, specified performance targets are ultimately realised in cash by the funds and paid by the
carried interest partnerships of the funds (see note 27). As these funds and CIPs are not consolidated, these amounts are not included in the Group\u2019s consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-535": { "value": "Accounting policy The Deal Vintage Bonus (\u2018DVB\u2019) scheme forms part of the Group\u2019s Remuneration Policy for investment executives. DVB is reported within Wages and salaries. Payments of DVB are made in respect of plan years, which are aligned to the Group\u2019s financial year. Payments of DVB are made only when the performance threshold for the plan year has been achieved on a cash basis and proceeds are received by the Group. An estimate of the DVB liability for a plan year is developed based on the following inputs: expected realisation proceeds; expected timing of realisations; and allocations of DVB to qualifying investment professionals. The Group accrues the estimated DVB cost associated with that plan year evenly over five years on average, reflecting the average holding period for the underlying investments and therefore the period over which services are provided by the scheme participants. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-456": { "value": "
13. Tax expense
Accounting policy
The tax expense comprises current and deferred tax.
Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date.
Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised.
Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination,
that affects neither the tax nor the accounting profit.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity, in which case the
related deferred tax is also charged or credited directly to equity.
2024 2023
\u00a3m \u00a3m
Current tax:
Current year
86.0
16.9
Prior year adjustment
15.4
(9.7)
101.4
7.2
Deferred tax:
Current year
(28.1)
14.1
Prior year adjustments
(10.9)
8.1
(39.0)
22.2
Tax on profit on ordinary activities
62.4
29.4
The Group is an international business and operates across many different tax jurisdictions. Income and expenses are allocated to these jurisdictions based on transfer pricing methodologies set out both (i) in the laws
of the jurisdictions in which the Group operates, and (ii) under guidelines set out by the Organisation for Economic Co-operation and Development (\u2018OECD\u2019).
The effective tax rate reported by the Group for the period ended 31 March 2024 of 11.7% (2023: 11.7%) is lower than the statutory UK corporation tax rate of 25% (2023:19%).
The FMC activities are subject to tax at the relevant statutory rates ruling in the jurisdictions in which the income is earned. The lower effective tax rate compared to the statutory UK rate is largely driven by the IC activities.
The IC benefits from statutory UK tax exemptions on certain forms of income arising from both foreign dividend receipts and gains from assets qualifying for the substantial shareholdings exemption. The effect of these
exemptions means that the effective tax rate of the Group is highly sensitive to the relative mix of IC income, and composition of such income, in any one period.
Due to the application of tax law requiring a degree of judgement, the accounting thereon involves a level of estimation uncertainty which tax authorities may ultimately dispute. Tax liabilities are recognised based on the best
estimates of probable outcomes and with regard to external advice where appropriate. The principal factors which may influence the Group\u2019s future tax rate are changes in tax legislation in the territories in which the Group
operates, the relative mix of FMC and IC income, the mix of income and expenses earned and incurred by jurisdiction and the timing of recognition of available deferred tax assets and liabilities.
A reconciliation between the statutory UK corporation tax rate applied to the Group\u2019s profit before tax and the reported effective tax rate is provided below.
2024 2023
\u00a3m \u00a3m
Profit on ordinary activities before tax
530.8
251.0
Tax at 25% (2023:19%)
132.7
47.7
Effects of
Prior year adjustment to current tax
15.4
(9.6)
Prior year adjustment to deferred tax
(10.9)
8.1
137.2
46.2
Non-taxable and non-deductible items
1.7
(0.3)
Non-taxable investment company income
(59.9)
(22.5)
Trading income generated by overseas subsidiaries subject to different tax rates
(16.6)
4.0
Deferred tax adjustment
\u2013
2.0
Tax charge for the period
62.4
29.4
Deferred tax
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Tax losses carried Other temporary
Investments paid forward differences Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
36.1
(38.1)
(2.0)
(5.9)
(9.9)
Prior year adjustment
2.0
0.2
2.2
5.2
9.6
Impact of changes to statutory tax rates
0.3
(1.1)
(0.7)
1.1
0.6
Charge / (Credit) to equity
2.2
3.4
\u2013
1.0
5.6
Charge / (Credit) to income
5.2
(0.7)
0.1
9.5
14.1
Movement in Foreign Exchange on retranslation
\u2013
\u2013
\u2013
(0.4)
(0.4)
Reclassification to current tax
\u2013
\u2013
\u2013
(1.7)
(1.7)
As at 31 March 2023
45.8
(36.3)
(0.4)
8.8
17.9
Reclassification between categories
2.7
1.7
\u2013
(4.4)
\u2013
Reclassification of deferred tax liability out of discontinued operations
14.0
\u2013
\u2013
\u2013
14.0
Prior year adjustment
(4.1)
\u2013
(1.6)
(5.2)
(10.9)
Charge / (Credit) to equity
0.2
(6.9)
\u2013
(6.7)
Charge / (Credit) to income
(11.4)
(10.0)
(5.3)
(1.4)
(28.1)
Movement in foreign exchange on retranslation
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 March 2024
47.2
(51.5)
(7.3)
(2.4)
(14.0)
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Other temporary
Investments paid Derivatives differences Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
8.6
(8.2)
(0.8)
(0.5)
(0.9)
Prior year adjustment
\u2013
\u2013
\u2013
0.6
0.6
Impact of changes to statutory tax rates
0.2
(0.3)
0.4
0.5
0.8
Charge / (Credit) to income
(0.5)
0.2
1.6
1.1
2.4
As at 31 March 2023
8.3
(8.3)
1.2
1.7
2.9
Reclassification between categories
(0.4)
0.3
0.2
(0.1)
\u2013
Transfer
\u2013
8.0
\u2013
\u2013
8.0
Prior year adjustment
(1.0)
\u2013
\u2013
(1.7)
(2.7)
Charge / (Credit) to income
(0.6)
\u2013
(0.5)
0.6
(0.5)
As at 31 March 2024
6.3
\u2013
0.9
0.5
7.7
During the year deferred tax assets that reversed, due to timing differences, were mainly due to the utilisation of tax losses and unpaid interest expense in the Group\u2019s US business. As set out in the table above in column \u2018Share based payments and compensation deductible as paid\u2019, deferred tax assets at the reporting date were solely due to employee remuneration schemes in the UK and US. The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full. There are no deferred tax assets recognised on the basis of losses. In its March 2021 Budget, the UK Government announced that the UK rate of corporation tax would increase from 19% to 25% from 1 April 2023 . This legislative change has been substantively enacted, and has been considered when calculating the closing deferred tax balances at the reporting date. The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD\u2019s Pillar Two model rules has been applied. The OECD's Pillar II model rules, which establish a global minimum tax rate of 15% apply for financial years beginning on or after 31 December 2023. The first period the rules are implemented for the Group are from 1 April 2024 (financial year ending 31 March 2025). The Group has performed an impact analysis and does not expect the implementation to be significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-554": { "value": "The tax expense comprises current and deferred tax. Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-536": { "value": "The tax expense comprises current and deferred tax. Current tax assets and liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax assets can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction, other than a business combination, that affects neither the tax nor the accounting profit. Deferred tax assets and liabilities are calculated at the tax rates that are expected to be applied to their respective period of realisation, provided they are enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right of set off, when they relate to income taxes levied by the same tax authority and the Group intends to settle on a net basis. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited directly to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-526": { "value": "Deferred tax
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Tax losses carried Other temporary
Investments paid forward differences Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
36.1
(38.1)
(2.0)
(5.9)
(9.9)
Prior year adjustment
2.0
0.2
2.2
5.2
9.6
Impact of changes to statutory tax rates
0.3
(1.1)
(0.7)
1.1
0.6
Charge / (Credit) to equity
2.2
3.4
\u2013
1.0
5.6
Charge / (Credit) to income
5.2
(0.7)
0.1
9.5
14.1
Movement in Foreign Exchange on retranslation
\u2013
\u2013
\u2013
(0.4)
(0.4)
Reclassification to current tax
\u2013
\u2013
\u2013
(1.7)
(1.7)
As at 31 March 2023
45.8
(36.3)
(0.4)
8.8
17.9
Reclassification between categories
2.7
1.7
\u2013
(4.4)
\u2013
Reclassification of deferred tax liability out of discontinued operations
14.0
\u2013
\u2013
\u2013
14.0
Prior year adjustment
(4.1)
\u2013
(1.6)
(5.2)
(10.9)
Charge / (Credit) to equity
0.2
(6.9)
\u2013
(6.7)
Charge / (Credit) to income
(11.4)
(10.0)
(5.3)
(1.4)
(28.1)
Movement in foreign exchange on retranslation
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 March 2024
47.2
(51.5)
(7.3)
(2.4)
(14.0)
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Other temporary
Investments paid Derivatives differences Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
8.6
(8.2)
(0.8)
(0.5)
(0.9)
Prior year adjustment
\u2013
\u2013
\u2013
0.6
0.6
Impact of changes to statutory tax rates
0.2
(0.3)
0.4
0.5
0.8
Charge / (Credit) to income
(0.5)
0.2
1.6
1.1
2.4
As at 31 March 2023
8.3
(8.3)
1.2
1.7
2.9
Reclassification between categories
(0.4)
0.3
0.2
(0.1)
\u2013
Transfer
\u2013
8.0
\u2013
\u2013
8.0
Prior year adjustment
(1.0)
\u2013
\u2013
(1.7)
(2.7)
Charge / (Credit) to income
(0.6)
\u2013
(0.5)
0.6
(0.5)
As at 31 March 2024
6.3
\u2013
0.9
0.5
7.7
During the year deferred tax assets that reversed, due to timing differences, were mainly due to the utilisation of tax losses and unpaid interest expense in the Group\u2019s US business. As set out in the table above in column \u2018Share based payments and compensation deductible as paid\u2019, deferred tax assets at the reporting date were solely due to employee remuneration schemes in the UK and US. The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full. There are no deferred tax assets recognised on the basis of losses. In its March 2021 Budget, the UK Government announced that the UK rate of corporation tax would increase from 19% to 25% from 1 April 2023 . This legislative change has been substantively enacted, and has been considered when calculating the closing deferred tax balances at the reporting date. The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD\u2019s Pillar Two model rules has been applied. The OECD's Pillar II model rules, which establish a global minimum tax rate of 15% apply for financial years beginning on or after 31 December 2023. The first period the rules are implemented for the Group are from 1 April 2024 (financial year ending 31 March 2025). The Group has performed an impact analysis and does not expect the implementation to be significant. 19. Trade and other receivables Accounting policy Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled by the Group include performance fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 30. Trade and other receivables within structured entities controlled by the Group relate principally to unsettled trades on the sale of financial assets. Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current, reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26. The carrying value of trade and other receivables reported within current assets approximates fair value as these are short term and do not contain any significant financing components. The carrying value of trade and other receivables reported within non-current assets approximates fair value as these do not contain any significant financing components. The Company has adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (\u2018ECL\u2019), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the simplified approach is deemed most appropriate.
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables within structured entities controlled by the Group
107.6
43.7
\u2013
\u2013
Trade and other receivables excluding those held in structured entities controlled by the Group
240.2
178.3
27.8
33.2
Amount owed by Group companies
\u2013
\u2013
0.9
169.2
Prepayments
41.8
10.0
8.6
8.1
Total current assets
389.6
232.0
37. 3
210.5
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group
36.1
37.1
24.3
7.6
Amounts owed by Group companies
\u2013
\u2013
734.4
758.7
Total non-current assets
36.1
37.1
758.7
766.3
Non-current trade and other receivables excluding those held in structured entities controlled by the Group comprises performance-related fees (see note 3).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-521": { "value": "Deferred tax
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Tax losses carried Other temporary
Investments paid forward differences Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
36.1
(38.1)
(2.0)
(5.9)
(9.9)
Prior year adjustment
2.0
0.2
2.2
5.2
9.6
Impact of changes to statutory tax rates
0.3
(1.1)
(0.7)
1.1
0.6
Charge / (Credit) to equity
2.2
3.4
\u2013
1.0
5.6
Charge / (Credit) to income
5.2
(0.7)
0.1
9.5
14.1
Movement in Foreign Exchange on retranslation
\u2013
\u2013
\u2013
(0.4)
(0.4)
Reclassification to current tax
\u2013
\u2013
\u2013
(1.7)
(1.7)
As at 31 March 2023
45.8
(36.3)
(0.4)
8.8
17.9
Reclassification between categories
2.7
1.7
\u2013
(4.4)
\u2013
Reclassification of deferred tax liability out of discontinued operations
14.0
\u2013
\u2013
\u2013
14.0
Prior year adjustment
(4.1)
\u2013
(1.6)
(5.2)
(10.9)
Charge / (Credit) to equity
0.2
(6.9)
\u2013
(6.7)
Charge / (Credit) to income
(11.4)
(10.0)
(5.3)
(1.4)
(28.1)
Movement in foreign exchange on retranslation
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 March 2024
47.2
(51.5)
(7.3)
(2.4)
(14.0)
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Other temporary
Investments paid Derivatives differences Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
8.6
(8.2)
(0.8)
(0.5)
(0.9)
Prior year adjustment
\u2013
\u2013
\u2013
0.6
0.6
Impact of changes to statutory tax rates
0.2
(0.3)
0.4
0.5
0.8
Charge / (Credit) to income
(0.5)
0.2
1.6
1.1
2.4
As at 31 March 2023
8.3
(8.3)
1.2
1.7
2.9
Reclassification between categories
(0.4)
0.3
0.2
(0.1)
\u2013
Transfer
\u2013
8.0
\u2013
\u2013
8.0
Prior year adjustment
(1.0)
\u2013
\u2013
(1.7)
(2.7)
Charge / (Credit) to income
(0.6)
\u2013
(0.5)
0.6
(0.5)
As at 31 March 2024
6.3
\u2013
0.9
0.5
7.7
During the year deferred tax assets that reversed, due to timing differences, were mainly due to the utilisation of tax losses and unpaid interest expense in the Group\u2019s US business. As set out in the table above in column \u2018Share based payments and compensation deductible as paid\u2019, deferred tax assets at the reporting date were solely due to employee remuneration schemes in the UK and US. The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full. There are no deferred tax assets recognised on the basis of losses. In its March 2021 Budget, the UK Government announced that the UK rate of corporation tax would increase from 19% to 25% from 1 April 2023 . This legislative change has been substantively enacted, and has been considered when calculating the closing deferred tax balances at the reporting date. The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD\u2019s Pillar Two model rules has been applied. The OECD's Pillar II model rules, which establish a global minimum tax rate of 15% apply for financial years beginning on or after 31 December 2023. The first period the rules are implemented for the Group are from 1 April 2024 (financial year ending 31 March 2025). The Group has performed an impact analysis and does not expect the implementation to be significant. 20. Trade and other payables Accounting policy Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies are repayable on demand. The carrying value of trade and other payables approximates fair value as these are short term and do not contain any significant financing components. Trade and other payables from Group entities are considered related party transactions as stated in note 26. Key sources of estimation uncertainty on trade and other payables excluding those held in structured entities controlled by the Group. Payables related to the DVB scheme are key estimates based on the inputs described in note 12. The sensitivity of the DVB to a 10% increase in the fair value of the underlying investments is an increase of \u00a313.13m (2023: \u00a310.25m) and to a decrease of 10% is a decrease of \u00a313.13m (2023: \u00a310.25m).
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables within structured entities controlled by the Group
316.3
328.1
\u2013
Trade and other payables excluding those held in structured entities controlled by the Group
209.6
140.2
19.5
121.2
Amounts owed to Group companies
\u2013
\u2013
1,098.9
1,035.0
Social security tax
3.3
3.1
2.4
2.5
Total current trade and other payables
529.2
471.4
1,120.8
1,158.7
Non-current liabilities
Trade and other payables excluding those held in structured entities controlled by the Group
66.0
71.1
0.3
71.3
Total non-current trade and other payables
66.0
71.1
0.3
71.3
Current trade and other payables excluding those held in structured entities controlled by the Group includes \u00a378.0m (2023: \u00a367.5m) in respect of other compensation costs and \u00a365.3m (2023: \u00a331.4m) in respect of DVB, (see note 12) and non-current Trade and other payables excluding those held in structured entities controlled by the Group is entirely comprised of amounts payable in respect of DVB (2023: all DVB).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-507": { "value": "Deferred tax
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Tax losses carried Other temporary
Investments paid forward differences Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
36.1
(38.1)
(2.0)
(5.9)
(9.9)
Prior year adjustment
2.0
0.2
2.2
5.2
9.6
Impact of changes to statutory tax rates
0.3
(1.1)
(0.7)
1.1
0.6
Charge / (Credit) to equity
2.2
3.4
\u2013
1.0
5.6
Charge / (Credit) to income
5.2
(0.7)
0.1
9.5
14.1
Movement in Foreign Exchange on retranslation
\u2013
\u2013
\u2013
(0.4)
(0.4)
Reclassification to current tax
\u2013
\u2013
\u2013
(1.7)
(1.7)
As at 31 March 2023
45.8
(36.3)
(0.4)
8.8
17.9
Reclassification between categories
2.7
1.7
\u2013
(4.4)
\u2013
Reclassification of deferred tax liability out of discontinued operations
14.0
\u2013
\u2013
\u2013
14.0
Prior year adjustment
(4.1)
\u2013
(1.6)
(5.2)
(10.9)
Charge / (Credit) to equity
0.2
(6.9)
\u2013
(6.7)
Charge / (Credit) to income
(11.4)
(10.0)
(5.3)
(1.4)
(28.1)
Movement in foreign exchange on retranslation
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 March 2024
47.2
(51.5)
(7.3)
(2.4)
(14.0)
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Other temporary
Investments paid Derivatives differences Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
8.6
(8.2)
(0.8)
(0.5)
(0.9)
Prior year adjustment
\u2013
\u2013
\u2013
0.6
0.6
Impact of changes to statutory tax rates
0.2
(0.3)
0.4
0.5
0.8
Charge / (Credit) to income
(0.5)
0.2
1.6
1.1
2.4
As at 31 March 2023
8.3
(8.3)
1.2
1.7
2.9
Reclassification between categories
(0.4)
0.3
0.2
(0.1)
\u2013
Transfer
\u2013
8.0
\u2013
\u2013
8.0
Prior year adjustment
(1.0)
\u2013
\u2013
(1.7)
(2.7)
Charge / (Credit) to income
(0.6)
\u2013
(0.5)
0.6
(0.5)
As at 31 March 2024
6.3
\u2013
0.9
0.5
7.7
During the year deferred tax assets that reversed, due to timing differences, were mainly due to the utilisation of tax losses and unpaid interest expense in the Group\u2019s US business. As set out in the table above in column \u2018Share based payments and compensation deductible as paid\u2019, deferred tax assets at the reporting date were solely due to employee remuneration schemes in the UK and US. The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full. There are no deferred tax assets recognised on the basis of losses. In its March 2021 Budget, the UK Government announced that the UK rate of corporation tax would increase from 19% to 25% from 1 April 2023 . This legislative change has been substantively enacted, and has been considered when calculating the closing deferred tax balances at the reporting date. The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD\u2019s Pillar Two model rules has been applied. The OECD's Pillar II model rules, which establish a global minimum tax rate of 15% apply for financial years beginning on or after 31 December 2023. The first period the rules are implemented for the Group are from 1 April 2024 (financial year ending 31 March 2025). The Group has performed an impact analysis and does not expect the implementation to be significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-487": { "value": "Deferred tax
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Tax losses carried Other temporary
Investments paid forward differences Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
36.1
(38.1)
(2.0)
(5.9)
(9.9)
Prior year adjustment
2.0
0.2
2.2
5.2
9.6
Impact of changes to statutory tax rates
0.3
(1.1)
(0.7)
1.1
0.6
Charge / (Credit) to equity
2.2
3.4
\u2013
1.0
5.6
Charge / (Credit) to income
5.2
(0.7)
0.1
9.5
14.1
Movement in Foreign Exchange on retranslation
\u2013
\u2013
\u2013
(0.4)
(0.4)
Reclassification to current tax
\u2013
\u2013
\u2013
(1.7)
(1.7)
As at 31 March 2023
45.8
(36.3)
(0.4)
8.8
17.9
Reclassification between categories
2.7
1.7
\u2013
(4.4)
\u2013
Reclassification of deferred tax liability out of discontinued operations
14.0
\u2013
\u2013
\u2013
14.0
Prior year adjustment
(4.1)
\u2013
(1.6)
(5.2)
(10.9)
Charge / (Credit) to equity
0.2
(6.9)
\u2013
(6.7)
Charge / (Credit) to income
(11.4)
(10.0)
(5.3)
(1.4)
(28.1)
Movement in foreign exchange on retranslation
\u2013
\u2013
\u2013
(0.2)
(0.2)
As at 31 March 2024
47.2
(51.5)
(7.3)
(2.4)
(14.0)
Share based
payments and
compensation
Deferred tax (asset)/liability deductible as Other temporary
Investments paid Derivatives differences Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 31 March 2022
8.6
(8.2)
(0.8)
(0.5)
(0.9)
Prior year adjustment
\u2013
\u2013
\u2013
0.6
0.6
Impact of changes to statutory tax rates
0.2
(0.3)
0.4
0.5
0.8
Charge / (Credit) to income
(0.5)
0.2
1.6
1.1
2.4
As at 31 March 2023
8.3
(8.3)
1.2
1.7
2.9
Reclassification between categories
(0.4)
0.3
0.2
(0.1)
\u2013
Transfer
\u2013
8.0
\u2013
\u2013
8.0
Prior year adjustment
(1.0)
\u2013
\u2013
(1.7)
(2.7)
Charge / (Credit) to income
(0.6)
\u2013
(0.5)
0.6
(0.5)
As at 31 March 2024
6.3
\u2013
0.9
0.5
7.7
During the year deferred tax assets that reversed, due to timing differences, were mainly due to the utilisation of tax losses and unpaid interest expense in the Group\u2019s US business. As set out in the table above in column
\u2018Share based payments and compensation deductible as paid\u2019, deferred tax assets at the reporting date were solely due to employee remuneration schemes in the UK and US.
The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full. There are no deferred tax assets recognised on the
basis of losses.
In its March 2021 Budget, the UK Government announced that the UK rate of corporation tax would increase from 19% to 25% from 1 April 2023 . This legislative change has been substantively enacted, and has been
considered when calculating the closing deferred tax balances at the reporting date.
The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD\u2019s Pillar Two model rules has been applied. The OECD's Pillar II model rules, which
establish a global minimum tax rate of 15% apply for financial years beginning on or after 31 December 2023. The first period the rules are implemented for the Group are from 1 April 2024 (financial year ending 31 March 2025).
The Group has performed an impact analysis and does not expect the implementation to be significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-457": { "value": "
14. Dividends
Accounting policy
Dividends are distributions of profit to holders of Intermediate Capital Group plc\u2019s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts
and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid.
2024
2023
Per share pence
\u00a3m
Per share pence
\u00a3m
Ordinary dividends paid
Final
52.2
149.5
57. 3
164.4
Interim
25.8
73.9
25.3
72.0
78.0
223.4
82.6
236.4
Proposed final dividend
53.2
152.6
52.2
148.8
Of the \u00a3223.4m (2023: \u00a3236.4m) of ordinary dividends paid during the year, \u00a31.8m (2023: \u00a34.3m) were reinvested under the dividend reinvestment plan offered to shareholders.
22. Called up share capital and share premium
Share capital represents the number of issued ordinary shares in Intermediate Capital Group plc multiplied by their nominal value of 26\u00bcp each.
Under the Company\u2019s Articles of Association, any share in the Company may be issued with such rights or restrictions, whether in regard to dividend, voting, transfer, return of capital or otherwise as the Company may from time
to time by ordinary resolution determine or, in the absence of any such determination, as the Board may determine. All shares currently in issue are ordinary shares of 26\u00bcp each carrying equal rights. The Articles of Association
of the Company cannot be amended without shareholder approval.
The Directors may refuse to register any transfer of any share which is not a fully paid share, although such discretion may not be exercised in a way which the Financial Conduct Authority regards as preventing dealings in the
shares of the relevant class or classes from taking place on an open and proper basis. The Directors may likewise refuse to register any transfer of a share in favour of more than four persons jointly.
The Company is not aware of any other restrictions on the transfer of ordinary shares in the Company other than:
\u2013 Certain restrictions that may from time to time be imposed by laws and regulations (for example, insider trading laws or the UK Takeover Code)
\u2013 Pursuant to the Listing Rules of the Financial Conduct Authority whereby certain employees of the Company require approval of the Company to deal in the Company\u2019s shares
The Company has the authority limited by shareholder resolution to issue, buy back, or cancel ordinary shares in issue (including those held in trust, described below). New shares are issued when share options are exercised
by employees. The Company has 294,365,326 authorised shares (2023: 294,332,182)
Number of
ordinary
shares of 26\u00bcp
allotted,
called up and Share Capital Share Premium
Group and Company fully paid \u00a3m \u00a3m
1 April 2023
294,332,182
77. 3
180.9
Shares issued
33,144
\u2013
0.4
31 March 2024
294,365,326
77. 3
181.3
Number of
ordinary
shares of 26\u00bcp
allotted,
called up and Share Capital Share Premium
Group and Company fully paid \u00a3m \u00a3m
1 April 2022
294,285,804
77. 3
180.3
Shares issued
46,378
\u2013
0.6
31 March 2023
294,332,182
77. 3
180.9
23. Own shares reserve Accounting policy Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (\u2018EBT\u2019). The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company for the hedging of future liabilities arising as a result of the employee share-based compensation schemes (see note 24), in a way that does not dilute the percentage holdings of existing shareholders. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. The movement in the year is as follows:
2024 2023 2024 2023
\u00a3m \u00a3m Number Number
1 April
103.4
93
9,249,895
7,734,849
Purchased (ordinary shares of 26\u00bcp)
\u2013
38.9
\u2013
3,000,000
Options/awards exercised
(24.2)
(28.5)
(1,583,032)
(1,484,954)
As at 31 March
79.2
103.4
7,666,863
9,249,895
Of the total shares held by the Group, 3,733,333 shares were held by the Company in the Own Share Reserve at 31 March 2024 and 31 March 2023 at a cost of \u00a321.3m. These shares were purchased through a share buy back programme in prior years. The number of shares held by the Group at the balance sheet date represented 2.6% (2023: 3.1%) of the Parent Company\u2019s allotted, called up and fully paid share capital ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-508": { "value": "14. Dividends Accounting policy Dividends are distributions of profit to holders of Intermediate Capital Group plc\u2019s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid.
2024
2023
Per share pence
\u00a3m
Per share pence
\u00a3m
Ordinary dividends paid
Final
52.2
149.5
57. 3
164.4
Interim
25.8
73.9
25.3
72.0
78.0
223.4
82.6
236.4
Proposed final dividend
53.2
152.6
52.2
148.8
Of the \u00a3223.4m (2023: \u00a3236.4m) of ordinary dividends paid during the year, \u00a31.8m (2023: \u00a34.3m) were reinvested under the dividend reinvestment plan offered to shareholders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-537": { "value": "Accounting policy Dividends are distributions of profit to holders of Intermediate Capital Group plc\u2019s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual Report and Accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half Year Results and are recognised when they are paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-489": { "value": "0.532", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-488": { "value": "0.522", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-458": { "value": "
15. Earnings per share
Year ended Year ended
31 March 2024 31 March 2023
Earnings \u00a3m \u00a3m
Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the Parent
Continuing operations
467.4
221.6
Discontinued operations
6.0
59.0
473.4
280.6
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings per share
286,123,236
285,613,961
Effect of dilutive potential ordinary share options
5,888,040
3,698,954
Weighted average number of ordinary shares for the purposes of diluted earnings per share
292,011,276
289,312,915
Earnings per share for continuing operations
1
Basic, profit from continuing operations attributable to equity holders of the parent (pence)
163.4p
77.6p
Diluted, profit from continuing operations attributable to equity holders of the parent (pence)
160.1p
76.6p
Earnings per share for discontinued operations
1
Basic, profit from discontinued operations attributable to equity holders of the parent (pence)
2.1p
20.6p
Diluted, profit from discontinued operations attributable to equity holders of the parent (pence)
2.0p
20.4p
1. The prior period has been re-presented to separately disclose Earnings per share for continuing operations and Earnings per share for discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-459": { "value": "
16. Intangible assets
Accounting policy
Business combinations
Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value
at the acquisition date.
The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined
to be goodwill. Goodwill is reviewed at least annually for impairment.
Investment management contracts
Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured
at cost and are amortised on a straight line basis over the expected life of the contract (eight years).
Computer software
Research costs associated with computer software are expensed as they are incurred.
Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated:
\u2013 An asset is created that can be separately identified;
\u2013 It is probable that the asset created will generate future economic benefits; and
\u2013 The development cost of the asset can be measured reliably.
Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset
is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative
expenses in the income statement and detailed in note 11.
Impairment of non-financial assets and goodwill
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s
recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate
cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
Computer software
Goodwill
Investment management contracts
Total
2024 2023 2024 2023 2024 2023 2024 2023
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
25.0
20.5
4.3
4.3
19.1
26.3
48.4
51.1
Reclassified
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
\u2013
Additions
6.3
4.7
\u2013
\u2013
\u2013
\u2013
6.3
4.7
Derecognised
(12.5)
(0.3)
\u2013
\u2013
(18.3)
(7.1)
(30.8)
(7.4)
Exchange differences
(0.1)
0.1
\u2013
\u2013
0.3
(0.1)
0.2
\u2013
At 31 March
17.9
25.0
4.3
4.3
1.1
19.1
23.3
48.4
Amortisation
At 1 April
16.4
12.4
\u2013
\u2013
17.1
21.6
33.5
34.0
Charge for the year
3.4
4.0
\u2013
\u2013
2.2
2.7
5.6
6.7
Derecognised
(12.5)
\u2013
\u2013
(18.3)
(7.2)
(30.8)
(7.2)
At 31 March
7.3
16.4
\u2013
\u2013
1.0
17.1
8.3
33.5
Net book value
10.6
8.6
4.3
4.3
0.1
2.0
15.0
14.9
1
3
2
2
1. Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business combination and represents a single cash generating unit. The recoverable amount of the real estate cash generating unit is based on fair value less costs to sell where the fair value equates
to a multiple of adjusted net income, in line with the original consideration methodology. The significant headroom on the recoverable amount is not sensitive to any individual assumption.
2. Investment management contracts and Computer Software derecognised represented fully amortised balances.
3. During the year, assets previously classified as computer software were determined to relate to leasehold improvements. These assets were transferred at book value and there was no profit or loss arising on transfer.
Computer software
Investment management contracts
Total
2024 2023 2024 2023 2024 2023
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
23.8
20.4
18.3
19.9
42.1
40.3
Additions
6.2
3.6
\u2013
\u2013
6.2
3.6
Derecognised
(12.9)
(0.2)
(18.3)
(1.6)
(31.2)
(1.8)
At 31 March
17.1
23.8
\u2013
18.3
17.1
42.1
Amortisation
At 1 April
16.5
12.5
16.4
15.7
32.9
28.2
Charge for the year
3.4
4.0
1.9
2.3
5.3
6.3
Derecognised
(12.5)
\u2013
(18.3)
(1.6)
(30.8)
(1.6)
At 31 March
7.4
16.5
\u2013
16.4
7.4
32.9
Net book value
9.7
7. 3
\u2013
1.9
9.7
9.2
1
1
1. Investment management contracts derecognised represented fully amortised balances.
During the financial year ended 31 March 2024, the Group recognised an expense of \u00a30.1m (2023: \u00a30.5m) in respect of research and development expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-522": { "value": "16. Intangible assets Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. Impairment of non-financial assets and goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
Computer software
Goodwill
Investment management contracts
Total
2024 2023 2024 2023 2024 2023 2024 2023
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
25.0
20.5
4.3
4.3
19.1
26.3
48.4
51.1
Reclassified
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
\u2013
Additions
6.3
4.7
\u2013
\u2013
\u2013
\u2013
6.3
4.7
Derecognised
(12.5)
(0.3)
\u2013
\u2013
(18.3)
(7.1)
(30.8)
(7.4)
Exchange differences
(0.1)
0.1
\u2013
\u2013
0.3
(0.1)
0.2
\u2013
At 31 March
17.9
25.0
4.3
4.3
1.1
19.1
23.3
48.4
Amortisation
At 1 April
16.4
12.4
\u2013
\u2013
17.1
21.6
33.5
34.0
Charge for the year
3.4
4.0
\u2013
\u2013
2.2
2.7
5.6
6.7
Derecognised
(12.5)
\u2013
\u2013
(18.3)
(7.2)
(30.8)
(7.2)
At 31 March
7.3
16.4
\u2013
\u2013
1.0
17.1
8.3
33.5
Net book value
10.6
8.6
4.3
4.3
0.1
2.0
15.0
14.9
1 3 2 2 1. Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business combination and represents a single cash generating unit. The recoverable amount of the real estate cash generating unit is based on fair value less costs to sell where the fair value equates to a multiple of adjusted net income, in line with the original consideration methodology. The significant headroom on the recoverable amount is not sensitive to any individual assumption. 2. Investment management contracts and Computer Software derecognised represented fully amortised balances. 3. During the year, assets previously classified as computer software were determined to relate to leasehold improvements. These assets were transferred at book value and there was no profit or loss arising on transfer.
Computer software
Investment management contracts
Total
2024 2023 2024 2023 2024 2023
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
23.8
20.4
18.3
19.9
42.1
40.3
Additions
6.2
3.6
\u2013
\u2013
6.2
3.6
Derecognised
(12.9)
(0.2)
(18.3)
(1.6)
(31.2)
(1.8)
At 31 March
17.1
23.8
\u2013
18.3
17.1
42.1
Amortisation
At 1 April
16.5
12.5
16.4
15.7
32.9
28.2
Charge for the year
3.4
4.0
1.9
2.3
5.3
6.3
Derecognised
(12.5)
\u2013
(18.3)
(1.6)
(30.8)
(1.6)
At 31 March
7.4
16.5
\u2013
16.4
7.4
32.9
Net book value
9.7
7. 3
\u2013
1.9
9.7
9.2
1 1 1. Investment management contracts derecognised represented fully amortised balances. During the financial year ended 31 March 2024, the Group recognised an expense of \u00a30.1m (2023: \u00a30.5m) in respect of research and development expenditure.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-490": { "value": "16. Intangible assets Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. Impairment of non-financial assets and goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
Computer software
Goodwill
Investment management contracts
Total
2024 2023 2024 2023 2024 2023 2024 2023
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
25.0
20.5
4.3
4.3
19.1
26.3
48.4
51.1
Reclassified
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
\u2013
Additions
6.3
4.7
\u2013
\u2013
\u2013
\u2013
6.3
4.7
Derecognised
(12.5)
(0.3)
\u2013
\u2013
(18.3)
(7.1)
(30.8)
(7.4)
Exchange differences
(0.1)
0.1
\u2013
\u2013
0.3
(0.1)
0.2
\u2013
At 31 March
17.9
25.0
4.3
4.3
1.1
19.1
23.3
48.4
Amortisation
At 1 April
16.4
12.4
\u2013
\u2013
17.1
21.6
33.5
34.0
Charge for the year
3.4
4.0
\u2013
\u2013
2.2
2.7
5.6
6.7
Derecognised
(12.5)
\u2013
\u2013
(18.3)
(7.2)
(30.8)
(7.2)
At 31 March
7.3
16.4
\u2013
\u2013
1.0
17.1
8.3
33.5
Net book value
10.6
8.6
4.3
4.3
0.1
2.0
15.0
14.9
1 3 2 2 1. Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business combination and represents a single cash generating unit. The recoverable amount of the real estate cash generating unit is based on fair value less costs to sell where the fair value equates to a multiple of adjusted net income, in line with the original consideration methodology. The significant headroom on the recoverable amount is not sensitive to any individual assumption. 2. Investment management contracts and Computer Software derecognised represented fully amortised balances. 3. During the year, assets previously classified as computer software were determined to relate to leasehold improvements. These assets were transferred at book value and there was no profit or loss arising on transfer.
Computer software
Investment management contracts
Total
2024 2023 2024 2023 2024 2023
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
23.8
20.4
18.3
19.9
42.1
40.3
Additions
6.2
3.6
\u2013
\u2013
6.2
3.6
Derecognised
(12.9)
(0.2)
(18.3)
(1.6)
(31.2)
(1.8)
At 31 March
17.1
23.8
\u2013
18.3
17.1
42.1
Amortisation
At 1 April
16.5
12.5
16.4
15.7
32.9
28.2
Charge for the year
3.4
4.0
1.9
2.3
5.3
6.3
Derecognised
(12.5)
\u2013
(18.3)
(1.6)
(30.8)
(1.6)
At 31 March
7.4
16.5
\u2013
16.4
7.4
32.9
Net book value
9.7
7. 3
\u2013
1.9
9.7
9.2
1 1 1. Investment management contracts derecognised represented fully amortised balances. During the financial year ended 31 March 2024, the Group recognised an expense of \u00a30.1m (2023: \u00a30.5m) in respect of research and development expenditure.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-538": { "value": "Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-527": { "value": "Accounting policy Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-559": { "value": "Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-555": { "value": "Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. Investment management contracts Intangible assets with finite useful lives that are acquired separately, including investment management contracts, are carried at cost less accumulated depreciation and impairment losses. These are measured at cost and are amortised on a straight line basis over the expected life of the contract (eight years). Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-529": { "value": "Business combinations Business combinations are accounted for using the acquisition method. The acquisition method involves the recognition of all assets, liabilities and contingent liabilities of the acquired business at their fair value at the acquisition date. The excess of the fair value at the date of acquisition of the cost of investments in subsidiaries over the fair value of the net assets acquired which is not allocated to individual assets and liabilities is determined to be goodwill. Goodwill is reviewed at least annually for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-530": { "value": "Computer software Research costs associated with computer software are expensed as they are incurred. Other expenditure incurred in developing computer software is capitalised only if all of the following criteria are demonstrated: \u2013 An asset is created that can be separately identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Following the initial recognition of development expenditure, the cost is amortised over the estimated useful life of the asset created, which is determined as three years. Amortisation commences on the date that the asset is brought into use. Work-in-progress assets are not amortised until they are brought into use and transferred to the appropriate category of intangible assets. Amortisation of intangible assets is included in administrative expenses in the income statement and detailed in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-509": { "value": "Impairment of non-financial assets and goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-510": { "value": "
Computer software
Goodwill
Investment management contracts
Total
2024 2023 2024 2023 2024 2023 2024 2023
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
25.0
20.5
4.3
4.3
19.1
26.3
48.4
51.1
Reclassified
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
\u2013
Additions
6.3
4.7
\u2013
\u2013
\u2013
\u2013
6.3
4.7
Derecognised
(12.5)
(0.3)
\u2013
\u2013
(18.3)
(7.1)
(30.8)
(7.4)
Exchange differences
(0.1)
0.1
\u2013
\u2013
0.3
(0.1)
0.2
\u2013
At 31 March
17.9
25.0
4.3
4.3
1.1
19.1
23.3
48.4
Amortisation
At 1 April
16.4
12.4
\u2013
\u2013
17.1
21.6
33.5
34.0
Charge for the year
3.4
4.0
\u2013
\u2013
2.2
2.7
5.6
6.7
Derecognised
(12.5)
\u2013
\u2013
(18.3)
(7.2)
(30.8)
(7.2)
At 31 March
7.3
16.4
\u2013
\u2013
1.0
17.1
8.3
33.5
Net book value
10.6
8.6
4.3
4.3
0.1
2.0
15.0
14.9
1 3 2 2 1. Goodwill was acquired in the ICG-Longbow Real Estate Capital LLP business combination and represents a single cash generating unit. The recoverable amount of the real estate cash generating unit is based on fair value less costs to sell where the fair value equates to a multiple of adjusted net income, in line with the original consideration methodology. The significant headroom on the recoverable amount is not sensitive to any individual assumption. 2. Investment management contracts and Computer Software derecognised represented fully amortised balances. 3. During the year, assets previously classified as computer software were determined to relate to leasehold improvements. These assets were transferred at book value and there was no profit or loss arising on transfer.
Computer software
Investment management contracts
Total
2024 2023 2024 2023 2024 2023
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
23.8
20.4
18.3
19.9
42.1
40.3
Additions
6.2
3.6
\u2013
\u2013
6.2
3.6
Derecognised
(12.9)
(0.2)
(18.3)
(1.6)
(31.2)
(1.8)
At 31 March
17.1
23.8
\u2013
18.3
17.1
42.1
Amortisation
At 1 April
16.5
12.5
16.4
15.7
32.9
28.2
Charge for the year
3.4
4.0
1.9
2.3
5.3
6.3
Derecognised
(12.5)
\u2013
(18.3)
(1.6)
(30.8)
(1.6)
At 31 March
7.4
16.5
\u2013
16.4
7.4
32.9
Net book value
9.7
7. 3
\u2013
1.9
9.7
9.2
1 1 1. Investment management contracts derecognised represented fully amortised balances. During the financial year ended 31 March 2024, the Group recognised an expense of \u00a30.1m (2023: \u00a30.5m) in respect of research and development expenditure.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-460": { "value": "
17. Property, plant and equipment
Accounting policy
The Group\u2019s property, plant and equipment provide the infrastructure to enable the Group to operate. Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is
recognised in the income statement as an amortisation charge on a straight line basis over the estimated useful life, determined as three years for furniture and equipment and five years for short leasehold premises.
Right of Use (\u2018ROU\u2019) assets and associated leasehold improvements are amortised over the full contractual lease term.
Group as a lessee
Included within the Group\u2019s property, plant and equipment are its ROU assets. ROU assets are the present value of the Group\u2019s global leases and comprise all future lease payments, and all expenditure associated
with acquiring the lease. The Group\u2019s leases are primarily made up of its global offices. The Group has elected to capitalise initial costs associated with acquiring a lease before commencement as a ROU asset.
The cost of the ROU asset is recognised in the income statement as an amortisation charge on a straight line basis over the life of the lease term.
Short-term leases and leases of low value assets
The Group applies the short-term lease recognition exemption to its short-term leases (those that have a lease term of 12 months or less from the commencement date which do not contain a purchase option).
The Group also applies the recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as administrative expenses
on a straight line basis over the lease term.
Furniture and equipment
ROU asset
Leasehold improvements
Total
2024 2023 2024 2023 2024 2023 2024 2023
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
7. 5
4.5
90.0
67.7
14.7
11.3
112.2
83.5
Reclassified
\u2013
\u2013
\u2013
\u2013
0.8
\u2013
0.8
\u2013
Additions
1.3
3.1
1.2
33.8
1.9
3.4
4.4
40.3
Disposals
(2.9)
(0.4)
(1.2)
(11.7)
(0.6)
\u2013
(4.7)
(12.1)
Exchange differences
\u2013
0.3
(0.9)
0.2
\u2013
\u2013
(0.9)
0.5
At 31 March
5.9
7. 5
89.1
90.0
16.8
14.7
111.8
112.2
Depreciation
At 1 April
4.2
2.9
16.8
18.2
3.0
2.0
24.0
23.1
Charge for the year
1.7
1.4
9.2
9.1
1.5
1.0
12.4
11.5
Disposals
(3.1)
(0.1)
(0.3)
(10.5)
(0.4)
\u2013
(3.8)
(10.6)
At 31 March
2.8
4.2
25.7
16.8
4.1
3.0
32.6
24.0
Net book value
3.1
3.3
63.4
73.2
12.7
11.7
79.2
88.2
1
1. During the year, assets previously classified as computer software were determined to relate to leasehold improvements. These assets were transferred at book value and there was no profit or loss arising on transfer.
Furniture and equipment
ROU asset
Leasehold improvements
Total
2024 2023 2024 2023 2024 2023 2024 2023
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April
3.1
2.8
47. 5
50.1
9.9
9.5
60.5
62.4
Additions
0.3
0.3
\u2013
\u2013
0.3
0.4
0.6
0.7
Disposals
(2.3)
\u2013
\u2013
(2.6)
\u2013
\u2013
(2.3)
(2.6)
At 31 March
1.1
3.1
47. 5
47. 5
10.2
9.9
58.8
60.5
Depreciation
At 1 April
2.4
1.6
12.2
9.8
1.9
1.1
16.5
12.5
Charge for the year
0.4
0.8
4.2
4.0
1.0
0.8
5.6
5.6
Disposals
(2.3)
\u2013
\u2013
(1.6)
\u2013
\u2013
(2.3)
(1.6)
At 31 March
0.5
2.4
16.4
12.2
2.9
1.9
19.8
16.5
Net book value
0.6
0.7
31.1
35.3
7. 3
8.0
39.0
44.0
Group as Lessor
Accounting policy
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over
the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount
of the leased asset and amortised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
The Group has entered into sub-lease agreements of certain office buildings (see note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year
was \u00a30.4m (2023: \u00a30.4m). Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:
2024 2023
Group \u00a3m \u00a3m
Within one year
0.4
0.4
After one year but not more than five years
0.4
0.8
At 31 March
0.8
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-539": { "value": "The Group\u2019s property, plant and equipment provide the infrastructure to enable the Group to operate. Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as an amortisation charge on a straight line basis over the estimated useful life, determined as three years for furniture and equipment and five years for short leasehold premises. Right of Use (\u2018ROU\u2019) assets and associated leasehold improvements are amortised over the full contractual lease term. Group as a lessee Included within the Group\u2019s property, plant and equipment are its ROU assets. ROU assets are the present value of the Group\u2019s global leases and comprise all future lease payments, and all expenditure associated with acquiring the lease. The Group\u2019s leases are primarily made up of its global offices. The Group has elected to capitalise initial costs associated with acquiring a lease before commencement as a ROU asset. The cost of the ROU asset is recognised in the income statement as an amortisation charge on a straight line basis over the life of the lease term. Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases (those that have a lease term of 12 months or less from the commencement date which do not contain a purchase option). The Group also applies the recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as administrative expenses on a straight line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-491": { "value": "Group as Lessor Accounting policy Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group has entered into sub-lease agreements of certain office buildings (see note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year was \u00a30.4m (2023: \u00a30.4m). Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows:
2024 2023
Group \u00a3m \u00a3m
Within one year
0.4
0.4
After one year but not more than five years
0.4
0.8
At 31 March
0.8
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-540": { "value": "Accounting policy Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease term and is included in other income in the consolidated income statement due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and amortised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group has entered into sub-lease agreements of certain office buildings (see note 17 above). These leases have terms of between two and five years. Rental income recognised by the Group during the year was \u00a30.4m (2023: \u00a30.4m). Future minimum rentals receivable under non-cancellable operating leases as at 31 March are as follows: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-461": { "value": "
18. Investment property
Accounting policy
The Group holds investment property for the development of the Group\u2019s long-term real assets strategy. Properties are being held with a purpose to earn rental income and/or for capital appreciation and are not occupied by
the Group. IAS 40 Investment Property requires that the property be measured initially at cost, including transaction costs, and subsequently measured at fair value. Gains or losses from changes in the fair values of investment
properties are included in the profit or loss in the period in which they arise. The fair value of the investment properties (Level 3) has been recorded based on independent valuations prepared by Knight Frank, third-party
real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards 2020. A market and income approach was performed to estimate the fair value of the Group\u2019s investments.
These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in note 5.
2024 2023
Group \u00a3m \u00a3m
Investment property at fair value
At 1 April
0.8
1.5
Additions
51.9
\u2013
Reclassified
54.5
\u2013
Fair value loss
(24.5)
(0.7)
At 31 March
82.7
0.8
1
1. Prior to the financial year end, the Group reclassified \u00a354.5m of disposal groups held for sale to investment property.
During the year, the Group held \u00a30.0m (2023: \u00a3284.0m) of investment property within discontinued operations (see note 28).
The losses arising from investment properties carried at fair value is \u00a3(24.5)m (2023: \u00a3(0.7)m).
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-541": { "value": "The Group holds investment property for the development of the Group\u2019s long-term real assets strategy. Properties are being held with a purpose to earn rental income and/or for capital appreciation and are not occupied by the Group. IAS 40 Investment Property requires that the property be measured initially at cost, including transaction costs, and subsequently measured at fair value. Gains or losses from changes in the fair values of investment properties are included in the profit or loss in the period in which they arise. The fair value of the investment properties (Level 3) has been recorded based on independent valuations prepared by Knight Frank, third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation \u2013 Global Standards 2020. A market and income approach was performed to estimate the fair value of the Group\u2019s investments. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in note 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-462": { "value": "
19. Trade and other receivables
Accounting policy
Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled
by the Group include performance fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 30. Trade and other receivables within
structured entities controlled by the Group relate principally to unsettled trades on the sale of financial assets.
Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current,
reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26.
The carrying value of trade and other receivables reported within current assets approximates fair value as these are short term and do not contain any significant financing components. The carrying value of trade
and other receivables reported within non-current assets approximates fair value as these do not contain any significant financing components.
The Company has adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (\u2018ECL\u2019), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions
with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the simplified approach is deemed most appropriate.
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables within structured entities controlled by the Group
107.6
43.7
\u2013
\u2013
Trade and other receivables excluding those held in structured entities controlled by the Group
240.2
178.3
27.8
33.2
Amount owed by Group companies
\u2013
\u2013
0.9
169.2
Prepayments
41.8
10.0
8.6
8.1
Total current assets
389.6
232.0
37. 3
210.5
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group
36.1
37.1
24.3
7.6
Amounts owed by Group companies
\u2013
\u2013
734.4
758.7
Total non-current assets
36.1
37.1
758.7
766.3
Non-current trade and other receivables excluding those held in structured entities controlled by the Group comprises performance-related fees (see note 3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-542": { "value": "Trade and other receivables represent amounts the Group is due to receive in the normal course of business and are held at amortised cost. Trade and other receivables excluding those held in structured entities controlled by the Group include performance fees, which are considered contract assets under IFRS 15 and will only be received after realisation of the underlying assets, see note 3 and note 30. Trade and other receivables within structured entities controlled by the Group relate principally to unsettled trades on the sale of financial assets. Amounts owed by Group companies are repayable on demand. To the extent that amounts are owed by Group companies engaged in investment activities the Company has assessed these receivables as non-current, reflecting the illiquidity of the underlying investments. Trade and other receivables from Group entities are considered related party transactions as stated in note 26. The carrying value of trade and other receivables reported within current assets approximates fair value as these are short term and do not contain any significant financing components. The carrying value of trade and other receivables reported within non-current assets approximates fair value as these do not contain any significant financing components. The Company has adopted the simplified approach to measuring the loss allowance as lifetime Expected Credit Loss (\u2018ECL\u2019), as permitted under IFRS 9. The ECL of trade and other receivables arising from transactions with Group entities or its affiliates are expected to be nil or close to nil. The assets do not contain any significant financing components, therefore the simplified approach is deemed most appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-492": { "value": "
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables within structured entities controlled by the Group
107.6
43.7
\u2013
\u2013
Trade and other receivables excluding those held in structured entities controlled by the Group
240.2
178.3
27.8
33.2
Amount owed by Group companies
\u2013
\u2013
0.9
169.2
Prepayments
41.8
10.0
8.6
8.1
Total current assets
389.6
232.0
37. 3
210.5
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group
36.1
37.1
24.3
7.6
Amounts owed by Group companies
\u2013
\u2013
734.4
758.7
Total non-current assets
36.1
37.1
758.7
766.3
Non-current trade and other receivables excluding those held in structured entities controlled by the Group comprises performance-related fees (see note 3).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-511": { "value": "
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables within structured entities controlled by the Group
107.6
43.7
\u2013
\u2013
Trade and other receivables excluding those held in structured entities controlled by the Group
240.2
178.3
27.8
33.2
Amount owed by Group companies
\u2013
\u2013
0.9
169.2
Prepayments
41.8
10.0
8.6
8.1
Total current assets
389.6
232.0
37. 3
210.5
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group
36.1
37.1
24.3
7.6
Amounts owed by Group companies
\u2013
\u2013
734.4
758.7
Total non-current assets
36.1
37.1
758.7
766.3
Non-current trade and other receivables excluding those held in structured entities controlled by the Group comprises performance-related fees (see note 3).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-523": { "value": "
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables within structured entities controlled by the Group
107.6
43.7
\u2013
\u2013
Trade and other receivables excluding those held in structured entities controlled by the Group
240.2
178.3
27.8
33.2
Amount owed by Group companies
\u2013
\u2013
0.9
169.2
Prepayments
41.8
10.0
8.6
8.1
Total current assets
389.6
232.0
37. 3
210.5
Non-current assets
Trade and other receivables excluding those held in structured entities controlled by the Group
36.1
37.1
24.3
7.6
Amounts owed by Group companies
\u2013
\u2013
734.4
758.7
Total non-current assets
36.1
37.1
758.7
766.3
Non-current trade and other receivables excluding those held in structured entities controlled by the Group comprises performance-related fees (see note 3).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-463": { "value": "
20. Trade and other payables
Accounting policy
Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other
payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies
are repayable on demand. The carrying value of trade and other payables approximates fair value as these are short term and do not contain any significant financing components.
Trade and other payables from Group entities are considered related party transactions as stated in note 26.
Key sources of estimation uncertainty on trade and other payables excluding those held in structured entities controlled by the Group.
Payables related to the DVB scheme are key estimates based on the inputs described in note 12. The sensitivity of the DVB to a 10% increase in the fair value of the underlying investments is an increase of \u00a313.13m
(2023: \u00a310.25m) and to a decrease of 10% is a decrease of \u00a313.13m (2023: \u00a310.25m).
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables within structured entities controlled by the Group
316.3
328.1
\u2013
Trade and other payables excluding those held in structured entities controlled by the Group
209.6
140.2
19.5
121.2
Amounts owed to Group companies
\u2013
\u2013
1,098.9
1,035.0
Social security tax
3.3
3.1
2.4
2.5
Total current trade and other payables
529.2
471.4
1,120.8
1,158.7
Non-current liabilities
Trade and other payables excluding those held in structured entities controlled by the Group
66.0
71.1
0.3
71.3
Total non-current trade and other payables
66.0
71.1
0.3
71.3
Current trade and other payables excluding those held in structured entities controlled by the Group includes \u00a378.0m (2023: \u00a367.5m) in respect of other compensation costs and \u00a365.3m (2023: \u00a331.4m) in respect of DVB,
(see note 12) and non-current Trade and other payables excluding those held in structured entities controlled by the Group is entirely comprised of amounts payable in respect of DVB (2023: all DVB).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-543": { "value": "Trade and other payables within structured entities controlled by the Group relate principally to unsettled trades on the purchase of financial assets within structured entities controlled by the Group. Trade and other payables excluding those held in structured entities controlled by the Group are held at amortised cost and represent amounts the Group is due to pay in the normal course of business. Amounts owed to Group companies are repayable on demand. The carrying value of trade and other payables approximates fair value as these are short term and do not contain any significant financing components. Trade and other payables from Group entities are considered related party transactions as stated in note 26. Key sources of estimation uncertainty on trade and other payables excluding those held in structured entities controlled by the Group. Payables related to the DVB scheme are key estimates based on the inputs described in note 12. The sensitivity of the DVB to a 10% increase in the fair value of the underlying investments is an increase of \u00a313.13m (2023: \u00a310.25m) and to a decrease of 10% is a decrease of \u00a313.13m (2023: \u00a310.25m). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-464": { "value": "
21. Financial risk management
The Group has identified financial risk, comprising market and liquidity risk, as a principal risk. Further details are set out on page 43. The Group has exposure to market risk (including exposure to interest rates and foreign
currency), liquidity risk and credit risk arising from financial instruments.
Interest rate risk
The Group\u2019s assets include both fixed and floating rate loans.
The Group\u2019s operations are financed with a combination of its shareholders\u2019 funds, bank borrowings, private placement notes, public bonds, and fixed and floating rate notes. The Group manages its exposure to market interest
rate movements by matching, to the extent possible, the interest rate profiles of assets and liabilities and by using derivative financial instruments.
The sensitivity of floating rate financial assets to a 100 basis points interest rate increase is \u00a356.0m (2023: \u00a356.5m) and to a decrease is \u00a356.0m (2023: \u00a3(56.5)m). The sensitivity of financial liabilities to a 100 basis point interest
rate increase is \u00a346.9m (2023: \u00a347.1m) and to a decrease is \u00a346.9m (2023: \u00a3(47.1)m). These amounts would be reported within Net gains on investments. There is an indirect exposure to interest rate risk through the impact on
the performance of the portfolio companies of the funds that the Group has invested in, and therefore the fair valuations. There is no interest rate risk exposure on fixed rate financial assets or liabilities.
Exposure to interest rate risk
Group
2024
2023
Floating Fixed Total Floating Fixed Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets (excluding investments in loans held in consolidated entities)
839.5
3,023.4
3,862.9
744.4
3,049.1
3,793.5
Investments in loans held in consolidated entities
4,762.4
319.9
5,082.3
4,901.1
253.9
5,155.0
Financial liabilities (excluding borrowings and loans held in consolidated entities)
\u2013
(1,734.6)
(1,734.6)
\u2013
(1,929.2)
(1,929.2)
Borrowings and loans held in consolidated entities
(4,688.9)
(391.2)
(5,080.1)
(4,706.6)
(371.5)
(5,078.1)
913.0
1,217.5
2,130.5
938.9
1,002.3
1,941.2
Foreign exchange risk
The Group is exposed to currency risk in relation to non-sterling currency transactions and the translation of non-sterling net assets. The Group\u2019s most significant exposures are to the euro and the US dollar.
Exposure to currency risk is managed by matching assets with liabilities to the extent possible and through the use of derivative instruments.
The Group regards its interest in overseas subsidiaries as long-term investments. Consequently, it does not hedge the translation effect of exchange rate movements on the financial statements of these businesses.
The Group is also exposed to currency risk arising on the translation of fund management fee income receipts, which are primarily denominated in euro and US dollar.
The effect of fluctuations in other currencies is considered by the Directors to be insignificant in the current and prior year. The net assets/(liabilities) by currency and the sensitivity of the balances to a strengthening
of foreign currencies against sterling are shown below:
2024
Net statement of Forward
financial Position exchange Sensitivity to Increase in net
exposure contracts Net exposure strengthening assets
Market risk - Foreign exchange risk \u00a3m \u00a3m \u00a3m % \u00a3m
Sterling
401.7
1,121.1
1,522.8
\u2013
\u2013
Euro
804.0
(450.7)
353.3
15%
53.0
US dollar
710.3
(492.1)
218.2
20%
43.6
Other currencies
206.7
(178.2)
28.5
10-25%
\u2013
2,122.7
0.1
2,122.8
\u2013
96.6
2023
Net statement of Forward
financial Position exchange Sensitivity to Increase in net
exposure contracts Net exposure strengthening assets
\u00a3m \u00a3m \u00a3m % \u00a3m
Sterling
726.8
772.7
1,499.5
\u2013
\u2013
Euro
552.0
(259.3)
292.7
15%
43.9
US dollar
564.5
(324.9)
239.6
20%
47.9
Other currencies
195.6
(182.2)
13.4
10-25%
\u2013
2,038.9
6.3
2,045.2
\u2013
91.8
The weakening of the above currencies would have resulted in an equal but opposite impact, being a decrease in net assets.
Liquidity risk
The Group makes commitments to its managed funds in advance of that capital being invested. These commitments are typically drawn over a five-year investment period (see note 25 for outstanding commitments).
Funds typically have a 10-year contractual life. The Group manages its liquidity risk by maintaining headroom on its financing facilities.
The table below shows the liquidity profile of the Group\u2019s financial liabilities, based on contractual repayment dates of principal and interest payments. Future interest and principal cash flows have been calculated based on
exchange rates and floating rate interest rates as at 31 March 2024. It is assumed that Group borrowings under its senior debt facilities remain at the same level as at 31 March 2024 until contractual maturity. Included in financial
liabilities are contractual interest payments. All financial liabilities, excluding structured entities controlled by the Group, are held by the Company.
Liquidity profile
Contractual maturity analysis
Less than one One to two Two to five y More than five
year years ears years Total
As at 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private placements
267.0
194.7
185.2
\u2013
646.9
Listed notes and bonds
17.6
17.6
466.5
438.1
939.8
Debt issued by controlled structured entities
576.8
262.6
2,065.3
4,362.8
7,267.5
Derivative financial instruments
0.9
(4.8)
\u2013
\u2013
(3.9)
Lease liabilities
10.8
10.4
30.1
34.6
85.9
Other financial liabilities
9.2
1.4
23.2
0.0
33.8
882.3
481.9
2,770.3
4,835.5
8,970.0
As at 31 March 2024 the Group has liquidity of \u00a31,177.4m (2023: \u00a31,099.9m) which consists of undrawn debt facility of \u00a3550m (2023: \u00a3550m) and \u00a3627.4m (2023: \u00a3549.9m) of unencumbered cash. Unencumbered cash excludes
\u00a3362.6m (2023: \u00a3407.6m) of restricted cash held principally by structured entities controlled by the Group.
Contractual maturity analysis
Less than one One to two Two to five More than five
year years years years Total
As at 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private placements
78.2
273.5
282.2
106.7
740.6
Listed notes and bonds
18.1
18.1
486.8
461.5
984.5
Debt issued by controlled structured entities
176.3
204.6
2,430.4
3,748.0
6,559.3
Derivative financial instruments
(1.6)
(3.1)
(4.4)
\u2013
(9.1)
Lease liabilities
8.5
11.3
32.0
46.1
97.9
279.5
504.4
3,227.0
4,362.3
8,373.2
The Group\u2019s policy is to maintain continuity of funding. Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturity of its debt instruments is matched to the expected maturity of its assets.
Credit risk
Credit risk is the risk of financial loss to the Group as a result of a counterparty failing to meet its contractual obligations. This risk is principally in connection with the Group\u2019s investments.
This risk is mitigated by the disciplined credit procedures that the relevant Fund Investment Committees have in place prior to making an investment and the ongoing monitoring of investments throughout the ownership
period. In addition, the risk of significant credit loss is further mitigated by the Group\u2019s diversified investment portfolio in terms of geography and industry sector. The Group is exposed to credit risk through its financial
assets (see note 5) and investment in joint ventures reported at fair value.
Exposure to credit risk
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Investment in private and public companies
406.2
267.3
87.1
86.1
Investment in managed funds
2,310.0
2,153.4
134.2
178.8
Non-consolidated CLOs and credit funds
131.0
113.3
21.8
23.8
Consolidated CLOs and credit funds
4,617.5
4,669.1
\u2013
\u2013
Derivatives assets
9.3
22.0
9. 3
22.0
Investment in joint venture
\u2013
5.8
\u2013
\u2013
Total financial assets at fair value
7,474.0
7,230.9
252.4
310.7
The Group manages its operational cash balance by the regular forecasting of cash flow requirements, debt management and cash pooling arrangements. Credit risk exposure on cash and derivative instruments is managed in
accordance with the Group\u2019s treasury policy which provides limits on exposures with any single financial institution. The majority of the Group\u2019s surplus cash is held in AAA rated Money Market funds. Other credit exposures
arise from outstanding derivatives with financial institutions rated from A- to A+.
The Group is exposed to credit risk as a result of financing guarantees provided. The maximum exposure to guarantees is \u00a37.3m (2023: \u00a37.9m). No liability has been recognised in respect of these guarantees.
The Directors consider the Group\u2019s credit exposure to trade and other receivables to be low and as such no further analysis has been presented. The Directors consider the credit risk of consolidated CLOs
and credit funds to be low.
The Group\u2019s investments in consolidated CLOs and credit funds controlled by the Group principally comprise senior loans. The Group\u2019s exposure to the credit risk of this collateral, in these consolidated entities,
is limited to its investment into these entities, which at 31 March 2024 was \u00a3297.8m (2023: \u00a3339.4m).
The carrying amount of financial assets at fair value through profit and loss represents the Directors\u2019 assessment of the maximum credit risk exposure of the Group and Company at the balance sheet date.
Other than the Group investments in non-consolidated CLOs and consolidated CLOs, the Group has no direct exposure to defaulted and past due financial assets.
Capital management
Managing capital is the ongoing process of determining and maintaining the quantity and quality of capital appropriate for the Group and ensuring capital is deployed in a manner consistent with the expectations
of our stakeholders. The primary objectives of the Group\u2019s capital management are (i) align the Group\u2019s interests with its clients, (ii) grow third-party fee income in the FMC and (iii) maintain robust capitalisation,
including ensuring that the Group complies with externally imposed capital requirements by the Financial Conduct Authority (the FCA). The Group\u2019s strategy has remained unchanged from the year ended 31 March 2024.
(i) Regulatory capital requirements
The Group is required to hold capital resources to cover its regulatory capital requirements. The Group\u2019s capital for regulatory purposes comprises the capital and reserves of the Company, comprising called up share capital,
reserves and retained earnings as disclosed in the Statement of Changes in Equity (see page 128). The full Pillar 3 disclosures are available on the Group\u2019s website: www.icgam.com.
(ii) Capital and risk management policies
The formal procedures for identifying and assessing risks that could affect the capital position of the Group are described in the Strategic Report on page 40. The capital structure of the Group under UK-adopted IAS consists
of cash and cash equivalents, \u00a3990m (2023: \u00a3957.5m) (see note 6); debt, which includes borrowings, \u00a31,447.4m, (2023: \u00a31,536.7m) (see note 7) and the capital and reserves of the Company, comprising called up share capital,
reserves and retained earnings as disclosed in the Statement of Changes in Equity, \u00a3896.5m (2023: \u00a3825.8m). Details of the Reportable segment capital structure are set out in note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-493": { "value": "Interest rate risk The Group\u2019s assets include both fixed and floating rate loans. The Group\u2019s operations are financed with a combination of its shareholders\u2019 funds, bank borrowings, private placement notes, public bonds, and fixed and floating rate notes. The Group manages its exposure to market interest rate movements by matching, to the extent possible, the interest rate profiles of assets and liabilities and by using derivative financial instruments. The sensitivity of floating rate financial assets to a 100 basis points interest rate increase is \u00a356.0m (2023: \u00a356.5m) and to a decrease is \u00a356.0m (2023: \u00a3(56.5)m). The sensitivity of financial liabilities to a 100 basis point interest rate increase is \u00a346.9m (2023: \u00a347.1m) and to a decrease is \u00a346.9m (2023: \u00a3(47.1)m). These amounts would be reported within Net gains on investments. There is an indirect exposure to interest rate risk through the impact on the performance of the portfolio companies of the funds that the Group has invested in, and therefore the fair valuations. There is no interest rate risk exposure on fixed rate financial assets or liabilities. Exposure to interest rate risk Group
2024
2023
Floating Fixed Total Floating Fixed Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets (excluding investments in loans held in consolidated entities)
839.5
3,023.4
3,862.9
744.4
3,049.1
3,793.5
Investments in loans held in consolidated entities
4,762.4
319.9
5,082.3
4,901.1
253.9
5,155.0
Financial liabilities (excluding borrowings and loans held in consolidated entities)
\u2013
(1,734.6)
(1,734.6)
\u2013
(1,929.2)
(1,929.2)
Borrowings and loans held in consolidated entities
(4,688.9)
(391.2)
(5,080.1)
(4,706.6)
(371.5)
(5,078.1)
913.0
1,217.5
2,130.5
938.9
1,002.3
1,941.2
Foreign exchange risk The Group is exposed to currency risk in relation to non-sterling currency transactions and the translation of non-sterling net assets. The Group\u2019s most significant exposures are to the euro and the US dollar. Exposure to currency risk is managed by matching assets with liabilities to the extent possible and through the use of derivative instruments. The Group regards its interest in overseas subsidiaries as long-term investments. Consequently, it does not hedge the translation effect of exchange rate movements on the financial statements of these businesses. The Group is also exposed to currency risk arising on the translation of fund management fee income receipts, which are primarily denominated in euro and US dollar. The effect of fluctuations in other currencies is considered by the Directors to be insignificant in the current and prior year. The net assets/(liabilities) by currency and the sensitivity of the balances to a strengthening of foreign currencies against sterling are shown below:
2024
Net statement of Forward
financial Position exchange Sensitivity to Increase in net
exposure contracts Net exposure strengthening assets
Market risk - Foreign exchange risk \u00a3m \u00a3m \u00a3m % \u00a3m
Sterling
401.7
1,121.1
1,522.8
\u2013
\u2013
Euro
804.0
(450.7)
353.3
15%
53.0
US dollar
710.3
(492.1)
218.2
20%
43.6
Other currencies
206.7
(178.2)
28.5
10-25%
\u2013
2,122.7
0.1
2,122.8
\u2013
96.6
2023
Net statement of Forward
financial Position exchange Sensitivity to Increase in net
exposure contracts Net exposure strengthening assets
\u00a3m \u00a3m \u00a3m % \u00a3m
Sterling
726.8
772.7
1,499.5
\u2013
\u2013
Euro
552.0
(259.3)
292.7
15%
43.9
US dollar
564.5
(324.9)
239.6
20%
47.9
Other currencies
195.6
(182.2)
13.4
10-25%
\u2013
2,038.9
6.3
2,045.2
\u2013
91.8
The weakening of the above currencies would have resulted in an equal but opposite impact, being a decrease in net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-512": { "value": "Foreign exchange risk The Group is exposed to currency risk in relation to non-sterling currency transactions and the translation of non-sterling net assets. The Group\u2019s most significant exposures are to the euro and the US dollar. Exposure to currency risk is managed by matching assets with liabilities to the extent possible and through the use of derivative instruments. The Group regards its interest in overseas subsidiaries as long-term investments. Consequently, it does not hedge the translation effect of exchange rate movements on the financial statements of these businesses. The Group is also exposed to currency risk arising on the translation of fund management fee income receipts, which are primarily denominated in euro and US dollar. The effect of fluctuations in other currencies is considered by the Directors to be insignificant in the current and prior year. The net assets/(liabilities) by currency and the sensitivity of the balances to a strengthening of foreign currencies against sterling are shown below:
2024
Net statement of Forward
financial Position exchange Sensitivity to Increase in net
exposure contracts Net exposure strengthening assets
Market risk - Foreign exchange risk \u00a3m \u00a3m \u00a3m % \u00a3m
Sterling
401.7
1,121.1
1,522.8
\u2013
\u2013
Euro
804.0
(450.7)
353.3
15%
53.0
US dollar
710.3
(492.1)
218.2
20%
43.6
Other currencies
206.7
(178.2)
28.5
10-25%
\u2013
2,122.7
0.1
2,122.8
\u2013
96.6
2023
Net statement of Forward
financial Position exchange Sensitivity to Increase in net
exposure contracts Net exposure strengthening assets
\u00a3m \u00a3m \u00a3m % \u00a3m
Sterling
726.8
772.7
1,499.5
\u2013
\u2013
Euro
552.0
(259.3)
292.7
15%
43.9
US dollar
564.5
(324.9)
239.6
20%
47.9
Other currencies
195.6
(182.2)
13.4
10-25%
\u2013
2,038.9
6.3
2,045.2
\u2013
91.8
The weakening of the above currencies would have resulted in an equal but opposite impact, being a decrease in net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-494": { "value": "Liquidity risk The Group makes commitments to its managed funds in advance of that capital being invested. These commitments are typically drawn over a five-year investment period (see note 25 for outstanding commitments). Funds typically have a 10-year contractual life. The Group manages its liquidity risk by maintaining headroom on its financing facilities. The table below shows the liquidity profile of the Group\u2019s financial liabilities, based on contractual repayment dates of principal and interest payments. Future interest and principal cash flows have been calculated based on exchange rates and floating rate interest rates as at 31 March 2024. It is assumed that Group borrowings under its senior debt facilities remain at the same level as at 31 March 2024 until contractual maturity. Included in financial liabilities are contractual interest payments. All financial liabilities, excluding structured entities controlled by the Group, are held by the Company. Liquidity profile
Contractual maturity analysis
Less than one One to two Two to five y More than five
year years ears years Total
As at 31 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private placements
267.0
194.7
185.2
\u2013
646.9
Listed notes and bonds
17.6
17.6
466.5
438.1
939.8
Debt issued by controlled structured entities
576.8
262.6
2,065.3
4,362.8
7,267.5
Derivative financial instruments
0.9
(4.8)
\u2013
\u2013
(3.9)
Lease liabilities
10.8
10.4
30.1
34.6
85.9
Other financial liabilities
9.2
1.4
23.2
0.0
33.8
882.3
481.9
2,770.3
4,835.5
8,970.0
As at 31 March 2024 the Group has liquidity of \u00a31,177.4m (2023: \u00a31,099.9m) which consists of undrawn debt facility of \u00a3550m (2023: \u00a3550m) and \u00a3627.4m (2023: \u00a3549.9m) of unencumbered cash. Unencumbered cash excludes \u00a3362.6m (2023: \u00a3407.6m) of restricted cash held principally by structured entities controlled by the Group.
Contractual maturity analysis
Less than one One to two Two to five More than five
year years years years Total
As at 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities
Private placements
78.2
273.5
282.2
106.7
740.6
Listed notes and bonds
18.1
18.1
486.8
461.5
984.5
Debt issued by controlled structured entities
176.3
204.6
2,430.4
3,748.0
6,559.3
Derivative financial instruments
(1.6)
(3.1)
(4.4)
\u2013
(9.1)
Lease liabilities
8.5
11.3
32.0
46.1
97.9
279.5
504.4
3,227.0
4,362.3
8,373.2
The Group\u2019s policy is to maintain continuity of funding. Due to the long-term nature of the Group\u2019s assets, the Group seeks to ensure that the maturity of its debt instruments is matched to the expected maturity of its assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-513": { "value": "Credit risk Credit risk is the risk of financial loss to the Group as a result of a counterparty failing to meet its contractual obligations. This risk is principally in connection with the Group\u2019s investments. This risk is mitigated by the disciplined credit procedures that the relevant Fund Investment Committees have in place prior to making an investment and the ongoing monitoring of investments throughout the ownership period. In addition, the risk of significant credit loss is further mitigated by the Group\u2019s diversified investment portfolio in terms of geography and industry sector. The Group is exposed to credit risk through its financial assets (see note 5) and investment in joint ventures reported at fair value. Exposure to credit risk
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Investment in private and public companies
406.2
267.3
87.1
86.1
Investment in managed funds
2,310.0
2,153.4
134.2
178.8
Non-consolidated CLOs and credit funds
131.0
113.3
21.8
23.8
Consolidated CLOs and credit funds
4,617.5
4,669.1
\u2013
\u2013
Derivatives assets
9.3
22.0
9. 3
22.0
Investment in joint venture
\u2013
5.8
\u2013
\u2013
Total financial assets at fair value
7,474.0
7,230.9
252.4
310.7
The Group manages its operational cash balance by the regular forecasting of cash flow requirements, debt management and cash pooling arrangements. Credit risk exposure on cash and derivative instruments is managed in accordance with the Group\u2019s treasury policy which provides limits on exposures with any single financial institution. The majority of the Group\u2019s surplus cash is held in AAA rated Money Market funds. Other credit exposures arise from outstanding derivatives with financial institutions rated from A- to A+. The Group is exposed to credit risk as a result of financing guarantees provided. The maximum exposure to guarantees is \u00a37.3m (2023: \u00a37.9m). No liability has been recognised in respect of these guarantees. The Directors consider the Group\u2019s credit exposure to trade and other receivables to be low and as such no further analysis has been presented. The Directors consider the credit risk of consolidated CLOs and credit funds to be low. The Group\u2019s investments in consolidated CLOs and credit funds controlled by the Group principally comprise senior loans. The Group\u2019s exposure to the credit risk of this collateral, in these consolidated entities, is limited to its investment into these entities, which at 31 March 2024 was \u00a3297.8m (2023: \u00a3339.4m). The carrying amount of financial assets at fair value through profit and loss represents the Directors\u2019 assessment of the maximum credit risk exposure of the Group and Company at the balance sheet date. Other than the Group investments in non-consolidated CLOs and consolidated CLOs, the Group has no direct exposure to defaulted and past due financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-495": { "value": "Credit risk Credit risk is the risk of financial loss to the Group as a result of a counterparty failing to meet its contractual obligations. This risk is principally in connection with the Group\u2019s investments. This risk is mitigated by the disciplined credit procedures that the relevant Fund Investment Committees have in place prior to making an investment and the ongoing monitoring of investments throughout the ownership period. In addition, the risk of significant credit loss is further mitigated by the Group\u2019s diversified investment portfolio in terms of geography and industry sector. The Group is exposed to credit risk through its financial assets (see note 5) and investment in joint ventures reported at fair value. Exposure to credit risk
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Investment in private and public companies
406.2
267.3
87.1
86.1
Investment in managed funds
2,310.0
2,153.4
134.2
178.8
Non-consolidated CLOs and credit funds
131.0
113.3
21.8
23.8
Consolidated CLOs and credit funds
4,617.5
4,669.1
\u2013
\u2013
Derivatives assets
9.3
22.0
9. 3
22.0
Investment in joint venture
\u2013
5.8
\u2013
\u2013
Total financial assets at fair value
7,474.0
7,230.9
252.4
310.7
The Group manages its operational cash balance by the regular forecasting of cash flow requirements, debt management and cash pooling arrangements. Credit risk exposure on cash and derivative instruments is managed in accordance with the Group\u2019s treasury policy which provides limits on exposures with any single financial institution. The majority of the Group\u2019s surplus cash is held in AAA rated Money Market funds. Other credit exposures arise from outstanding derivatives with financial institutions rated from A- to A+. The Group is exposed to credit risk as a result of financing guarantees provided. The maximum exposure to guarantees is \u00a37.3m (2023: \u00a37.9m). No liability has been recognised in respect of these guarantees. The Directors consider the Group\u2019s credit exposure to trade and other receivables to be low and as such no further analysis has been presented. The Directors consider the credit risk of consolidated CLOs and credit funds to be low. The Group\u2019s investments in consolidated CLOs and credit funds controlled by the Group principally comprise senior loans. The Group\u2019s exposure to the credit risk of this collateral, in these consolidated entities, is limited to its investment into these entities, which at 31 March 2024 was \u00a3297.8m (2023: \u00a3339.4m). The carrying amount of financial assets at fair value through profit and loss represents the Directors\u2019 assessment of the maximum credit risk exposure of the Group and Company at the balance sheet date. Other than the Group investments in non-consolidated CLOs and consolidated CLOs, the Group has no direct exposure to defaulted and past due financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-496": { "value": "Capital management Managing capital is the ongoing process of determining and maintaining the quantity and quality of capital appropriate for the Group and ensuring capital is deployed in a manner consistent with the expectations of our stakeholders. The primary objectives of the Group\u2019s capital management are (i) align the Group\u2019s interests with its clients, (ii) grow third-party fee income in the FMC and (iii) maintain robust capitalisation, including ensuring that the Group complies with externally imposed capital requirements by the Financial Conduct Authority (the FCA). The Group\u2019s strategy has remained unchanged from the year ended 31 March 2024. (i) Regulatory capital requirements The Group is required to hold capital resources to cover its regulatory capital requirements. The Group\u2019s capital for regulatory purposes comprises the capital and reserves of the Company, comprising called up share capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity (see page 128). The full Pillar 3 disclosures are available on the Group\u2019s website: www.icgam.com. (ii) Capital and risk management policies The formal procedures for identifying and assessing risks that could affect the capital position of the Group are described in the Strategic Report on page 40. The capital structure of the Group under UK-adopted IAS consists of cash and cash equivalents, \u00a3990m (2023: \u00a3957.5m) (see note 6); debt, which includes borrowings, \u00a31,447.4m, (2023: \u00a31,536.7m) (see note 7) and the capital and reserves of the Company, comprising called up share capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity, \u00a3896.5m (2023: \u00a3825.8m). Details of the Reportable segment capital structure are set out in note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-497": { "value": "22. Called up share capital and share premium Share capital represents the number of issued ordinary shares in Intermediate Capital Group plc multiplied by their nominal value of 26\u00bcp each. Under the Company\u2019s Articles of Association, any share in the Company may be issued with such rights or restrictions, whether in regard to dividend, voting, transfer, return of capital or otherwise as the Company may from time to time by ordinary resolution determine or, in the absence of any such determination, as the Board may determine. All shares currently in issue are ordinary shares of 26\u00bcp each carrying equal rights. The Articles of Association of the Company cannot be amended without shareholder approval. The Directors may refuse to register any transfer of any share which is not a fully paid share, although such discretion may not be exercised in a way which the Financial Conduct Authority regards as preventing dealings in the shares of the relevant class or classes from taking place on an open and proper basis. The Directors may likewise refuse to register any transfer of a share in favour of more than four persons jointly. The Company is not aware of any other restrictions on the transfer of ordinary shares in the Company other than: \u2013 Certain restrictions that may from time to time be imposed by laws and regulations (for example, insider trading laws or the UK Takeover Code) \u2013 Pursuant to the Listing Rules of the Financial Conduct Authority whereby certain employees of the Company require approval of the Company to deal in the Company\u2019s shares The Company has the authority limited by shareholder resolution to issue, buy back, or cancel ordinary shares in issue (including those held in trust, described below). New shares are issued when share options are exercised by employees. The Company has 294,365,326 authorised shares (2023: 294,332,182)
Number of
ordinary
shares of 26\u00bcp
allotted,
called up and Share Capital Share Premium
Group and Company fully paid \u00a3m \u00a3m
1 April 2023
294,332,182
77. 3
180.9
Shares issued
33,144
\u2013
0.4
31 March 2024
294,365,326
77. 3
181.3
Number of
ordinary
shares of 26\u00bcp
allotted,
called up and Share Capital Share Premium
Group and Company fully paid \u00a3m \u00a3m
1 April 2022
294,285,804
77. 3
180.3
Shares issued
46,378
\u2013
0.6
31 March 2023
294,332,182
77. 3
180.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-498": { "value": "23. Own shares reserve Accounting policy Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (\u2018EBT\u2019). The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company for the hedging of future liabilities arising as a result of the employee share-based compensation schemes (see note 24), in a way that does not dilute the percentage holdings of existing shareholders. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares. The movement in the year is as follows:
2024 2023 2024 2023
\u00a3m \u00a3m Number Number
1 April
103.4
93
9,249,895
7,734,849
Purchased (ordinary shares of 26\u00bcp)
\u2013
38.9
\u2013
3,000,000
Options/awards exercised
(24.2)
(28.5)
(1,583,032)
(1,484,954)
As at 31 March
79.2
103.4
7,666,863
9,249,895
Of the total shares held by the Group, 3,733,333 shares were held by the Company in the Own Share Reserve at 31 March 2024 and 31 March 2023 at a cost of \u00a321.3m. These shares were purchased through a share buy back programme in prior years. The number of shares held by the Group at the balance sheet date represented 2.6% (2023: 3.1%) of the Parent Company\u2019s allotted, called up and fully paid share capital .", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-544": { "value": "
Accounting policy
Own shares are recorded by the Group when ordinary shares are purchased in the market by ICG plc or through the ICG Employee Benefit Trust 2015 (\u2018EBT\u2019).
The EBT is a special purpose vehicle, with the purpose of purchasing and holding shares of the Company for the hedging of future liabilities arising as a result of the employee share-based compensation schemes
(see note 24), in a way that does not dilute the percentage holdings of existing shareholders.
Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest or are cancelled, they are transferred from own shares to the retained earnings reserve at their
weighted average cost. No gain or loss is recognised on the purchase, sale, issue or cancellation of the Company\u2019s own shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-465": { "value": "24. Share-based payments Accounting policy The Group issues compensation to its employees under both equity-settled and cash-settled share-based payment plans. Equity-settled share-based payments are measured at the fair value of the awards at grant date. The fair value includes the effect of non-market-based vesting conditions. The fair value determined at the date of grant is expensed on a straight-line basis over the vesting period. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity . The total charge to the income statement for the year was \u00a343.9m (2023: \u00a339.5m) and this was credited to the share-based payments reserve. Details of the different types of awards are as follows: Intermediate Capital Group plc Omnibus Plan The Omnibus Plan provides for three different award types: Deferred Share Awards, PLC Equity Awards and Special Recognition Awards. Deferred Share Awards Awards are made after the end of the financial year (and in a small number of cases during the year) to reward employees for delivering cash profits, managing the cost base, and employing sound risk and business management. These share awards typically vest one-third at the end of the first, second and third years following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on performance against the individual\u2019s objectives. There are no further performance conditions.
PLC Equity Awards
Awards are made after the end of the financial year to reward employees, including Executive Directors, for increasing long-term shareholder value. These share awards typically vest one-third at the end of the third,
fourth and fifth years following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date.
Awards are based on performance against the individual\u2019s objectives. There are no further performance conditions.
Special Recognition Awards
Awards are made after the end of the financial year to reward employees for delivering cash profits, managing the cost base, and employing sound risk and business management. These share awards vest at the end of the
first year following the year of grant, unless the individual leaves for cause or to join a competitor. Dividend equivalents accrue to participants during the vesting period and are paid at the vesting date. Awards are based on
performance against the individual\u2019s objectives. There are no further performance conditions.
Share awards outstanding under the Omnibus Plan were as follows:
Number
Weighted average fair value
Deferred share awards
2024
2023
2024
2023
Outstanding at 1 April
2,964,516
2,470,280
15.75
16.52
Granted
2,316,207
1,811,061
13.35
14.27
Vested
(1,476,697)
(1,316,825)
15.62
15.00
Outstanding as at 31 March
3,804,026
2,964,516
14.35
15.75
Number
Weighted average fair value
PLC Equity awards
2024
2023
2024
2023
Outstanding at 1 April
2,142,252
2,139,210
12.2
10.3
Granted
982,261
777,577
13.4
14.3
Vested
471,806
(774,535)
12.2
9.8
Outstanding as at 31 March
3,596,319
2,142,252
14.7
12.2
Number
Weighted average fair value
Special Recognition Awards
2024
2023
2024
2023
Outstanding as at 1 April
46,154
\u2013
14.27
\u2013
Granted
\u2013
46,154
0.00
14.27
Vesting
(46,154)
\u2013
14.27
\u2013
Outstanding as at 31 March
\u2013
46,154
\u2013
14.27
The fair values of awards granted under the ICG plc Omnibus Plan are determined by the average share price for the five business days prior to grant
Intermediate Capital Group plc Buy Out Awards
Buy Out Awards are shares awarded to new employees in lieu of prior awards forfeited. These share awards shall vest or be forfeited according to the schedule and terms of the forfeited awards, and any performance
conditions detailed in the individual\u2019s employment contract. Buy Out Awards may be cash settled. Buy Out Awards outstanding were as follows:
Number
Weighted average fair value
Buy Out Awards
2024
2023
2024
2023
Outstanding as at 1 April
1,097,088
155,940
12.96
12.85
Granted
180,336
1,307,916
14.46
12.68
Vesting
(468,121)
(366,768)
13.55
13.35
Outstanding as at 31 March
809,303
1,097,088
13.41
12.96
The fair values of the Buy Out Awards granted are determined by the average share price for the five business days prior to grant.
Save As You Earn
The Group offers a Sharesave Scheme (\u2018SAYE\u2019) to its UK employees. Options are granted at a 20% discount to the prevailing market price at the date of issue. Options to this equity-settled scheme are exercisable
at the end of a three-year savings contract. Participants are not entitled to dividends prior to the exercise of the options. The maximum amount that can be saved by a participant in this way is \u00a36,000 in any tax year.
Fair value is measured using the Black\u2013Scholes valuation model, which considers the current share price of the Group, the risk-free interest rate and the expected volatility of the share price over the life of the award.
The expected volatility was calculated by analysing three years of historic share price data of the Group.
The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards and options at grant date, which is remeasured at each reporting date. The total amount to be
expensed during the year is \u00a3169,587 (2023: \u00a3210,031).
Number
Weighted average fair value
Save As You Earn
2024
2023
2024
2023
Outstanding as at 1 April
103,818
199,737
5.0
4.5
Granted
197,452
\u2013
4.0
\u2013
Vesting
(32,851)
(46,378)
3.3
3.3
Forfeited
(46,298)
(49,541)
5.5
4.3
Outstanding as at 31 March
222,121
103,818
4.3
5.0
Growth Incentive Award
The Growth Incentive Award ('GIA\u2019) is a market-value share option. Grants of options are made following the end of the financial year to reward employees for performance and to enhance alignment of interests.
The GIA is a right to acquire shares during the exercise period (seven years following the vesting date) for a price equal to the market value of those shares on the grant date. These options vest at the end of the third
year following the year of grant, unless the individual leaves for cause or to join a competitor. Awards are based on performance against the individual\u2019s objectives.
Number
Weighted average fair value
Growth Incentive Award
2024
2023
2024
2023
Outstanding as at 1 April
463,000
\u2013
3.13
\u2013
Granted
\u2013
480,000
\u2013
3.13
Vesting
\u2013
\u2013
\u2013
\u2013
Forfeited
(52,000)
(17,000)
3.13
\u2013
Outstanding as at 31 March
411,000
463,000
3.13
3.13
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-545": { "value": "Accounting policy The Group issues compensation to its employees under both equity-settled and cash-settled share-based payment plans. Equity-settled share-based payments are measured at the fair value of the awards at grant date. The fair value includes the effect of non-market-based vesting conditions. The fair value determined at the date of grant is expensed on a straight-line basis over the vesting period. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement with a corresponding adjustment to equity ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-466": { "value": "
25. Financial commitments
As described in the Strategic Report, the Group invests balance sheet capital alongside the funds it manages to grow the business and create long-term shareholder value. Commitments are made at the time of a fund\u2019s launch
and are drawn down with the fund as it invests (typically over five years). Commitments may increase where distributions made are recallable. Commitments are irrevocable. At the balance sheet date the Group had undrawn
commitments, which can be called on over the commitment period, as follows:
2024 2023
\u00a3m \u00a3m
ICG Europe Fund V
24.2
29.9
ICG Europe Fund VI
79.8
82.0
ICG Europe Fund VII
105.2
111.7
ICG Europe Fund VIII
192.4
185.5
ICG Mid-Market Fund
14.3
25.1
ICG Mid-Market Fund II
64.1
\u2013
Intermediate Capital Asia Pacific Fund III
60.7
45.4
ICG Asia Pacific Fund IV
52.3
93.5
ICG Strategic Secondaries Fund II
32.1
33.1
ICG Strategic Equity Fund III
95.9
72.3
ICG Strategic Equity Fund IV
35.6
38.8
ICG Strategic Equity Fund V
79.2
\u2013
ICG Recovery Fund II
40.8
34.3
LP Secondaries
20.8
47.4
ICG Senior Debt Partners II
4.0
3.8
ICG Senior Debt Partners III
5.1
5.8
ICG Senior Debt Partners IV
6.7
7. 3
Senior Debt Partners V
26.6
42.3
Senior Debt Partners NYCERS
1.6
\u2013
ICG North American Private Debt Fund
26.9
27. 5
ICG North American Private Debt Fund II
24.6
27.9
ICG North American Credit Partners III
79.2
38.1
ICG-Longbow UK Real Estate Debt Investments V
0.2
0.2
ICG-Longbow UK Real Estate Debt Investments VI
12.4
13.9
ICG-Longbow Development Fund
6.8
6.8
ICG Living
20.9
21.8
ICG Infrastructure Equity Fund I
31.7
59.8
ICG Infrastructure Equity Fund II
10.1
\u2013
ICG Private Markets Pooling - Sale and Leaseback
18.4
35.9
ICG Sale & Leaseback II
16.5
17.00
ICG Metropolitan 2
36.8
\u2013
1,225.9
1,107.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-467": { "value": "
26. Related party transactions
Subsidiaries
The Group is not deemed to be controlled or jointly controlled by any party directly or through intermediaries. The Group consists of the Parent Company, Intermediate Capital Group plc, incorporated in the UK, and its
subsidiaries listed in note 27. All entities meeting the definition of a controlled entity as set out in IFRS 10 are consolidated within the results of the Group. All transactions between the Parent Company and its subsidiary
undertakings are classified as related party transactions for the Parent Company financial statements and are eliminated on consolidation. Significant transactions with subsidiary undertakings relate to dividends received,
the aggregate amount received during the year is \u00a3240.0m (2023: \u00a3386.6m) and recharge of costs to a subsidiary of \u00a393.2m (2023: \u00a3168.5m)
Associates and joint ventures
An associate is an entity over which the Group has significant influence, but not control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they
are designated at fair value through profit or loss. A joint venture is an arrangement whereby the parties have joint control over the arrangements, see note 29. Where the investment is held for venture capital purposes they are
designated as fair value through profit or loss. These entities are related parties and the significant transactions with associates and joint ventures are as follows:
2024 2023
\u00a3m \u00a3m
Income statement
Net gains/(losses) on investments
84.5
(17.2)
84.5
(17.2)
2024 2023
\u00a3m \u00a3m
Statement of financial position
Trade and other receivables
179.2
66.8
Trade and other payables
(155.0)
(52.3)
24.2
14.5
Unconsolidated structured entities
The Group has determined that, where the Group holds an investment, loan, fee receivable, guarantee or commitment with an investment fund, carried interest partnership or CLO, this represents an interest in a structured entity
in accordance with IFRS 12 Disclosure of Interest in Other Entities (see note 30). The Group provides investment management services and receives management fees (including performance-related fees) and dividend income
from these structured entities, which are related parties. Amounts receivable and payable from these structured entities arising in the normal course of business remain outstanding. At 31 March 2023, the Group\u2019s interest in and
exposure to unconsolidated structured entities are as follows:
2024 2023
\u00a3m \u00a3m
Income statement
Management fees
502.5
473.5
Performance fees
75.7
19.4
Dividend income
\u2013
0.1
578.2
493.0
2024 2023
\u00a3m \u00a3m
Statement of financial position
Performance fees receivable
83.7
37. 5
Trade and other receivables
848.1
781.9
Trade and other payables
(807.4)
(718.3)
124.4
101.1
Key management personnel
Key management personnel are defined as the Executive Directors. The Executive Directors of the Group are Beno\u00eet Durteste , David Bicarregui and Antje Hensel-Roth.
The compensation of key management personnel during the year was as follows:
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
3.7
3.7
Post-employment benefits
0.2
0.1
Other long-term benefits
0.2
0.9
Share-based payment benefits
6.9
7.0
11.0
11.7
Fees paid to Non-Executive Directors were as follows:
2024 2023
\u00a3000 \u00a3000
William Rucker
375.0
63.9
Andrew Sykes
120.0
290.5
Rosemary Leith
134.5
113.9
Matthew Lester
120.5
116.5
Virginia Holmes
120.5
120.5
Stephen Welton
90.5
90.5
Amy Schioldager
125.0
125.0
Rusty Nelligan
104.5
108.5
Kathryn Purves
\u2013
134.5
The remuneration of Directors and key executives and Non-Executive Directors is determined by the Remuneration Committee having regard to the performance of individuals and market rates. The Remuneration Policy
is described in more detail in the Remuneration Committee Report on page 95.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-499": { "value": "26. Related party transactions Subsidiaries The Group is not deemed to be controlled or jointly controlled by any party directly or through intermediaries. The Group consists of the Parent Company, Intermediate Capital Group plc, incorporated in the UK, and its subsidiaries listed in note 27. All entities meeting the definition of a controlled entity as set out in IFRS 10 are consolidated within the results of the Group. All transactions between the Parent Company and its subsidiary undertakings are classified as related party transactions for the Parent Company financial statements and are eliminated on consolidation. Significant transactions with subsidiary undertakings relate to dividends received, the aggregate amount received during the year is \u00a3240.0m (2023: \u00a3386.6m) and recharge of costs to a subsidiary of \u00a393.2m (2023: \u00a3168.5m) Associates and joint ventures An associate is an entity over which the Group has significant influence, but not control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. A joint venture is an arrangement whereby the parties have joint control over the arrangements, see note 29. Where the investment is held for venture capital purposes they are designated as fair value through profit or loss. These entities are related parties and the significant transactions with associates and joint ventures are as follows:
2024 2023
\u00a3m \u00a3m
Income statement
Net gains/(losses) on investments
84.5
(17.2)
84.5
(17.2)
2024 2023
\u00a3m \u00a3m
Statement of financial position
Trade and other receivables
179.2
66.8
Trade and other payables
(155.0)
(52.3)
24.2
14.5
Unconsolidated structured entities The Group has determined that, where the Group holds an investment, loan, fee receivable, guarantee or commitment with an investment fund, carried interest partnership or CLO, this represents an interest in a structured entity in accordance with IFRS 12 Disclosure of Interest in Other Entities (see note 30). The Group provides investment management services and receives management fees (including performance-related fees) and dividend income from these structured entities, which are related parties. Amounts receivable and payable from these structured entities arising in the normal course of business remain outstanding. At 31 March 2023, the Group\u2019s interest in and exposure to unconsolidated structured entities are as follows:
2024 2023
\u00a3m \u00a3m
Income statement
Management fees
502.5
473.5
Performance fees
75.7
19.4
Dividend income
\u2013
0.1
578.2
493.0
2024 2023
\u00a3m \u00a3m
Statement of financial position
Performance fees receivable
83.7
37. 5
Trade and other receivables
848.1
781.9
Trade and other payables
(807.4)
(718.3)
124.4
101.1
Key management personnel Key management personnel are defined as the Executive Directors. The Executive Directors of the Group are Beno\u00eet Durteste , David Bicarregui and Antje Hensel-Roth. The compensation of key management personnel during the year was as follows:
2024 2023
\u00a3m \u00a3m
Short-term employee benefits
3.7
3.7
Post-employment benefits
0.2
0.1
Other long-term benefits
0.2
0.9
Share-based payment benefits
6.9
7.0
11.0
11.7
Fees paid to Non-Executive Directors were as follows:
2024 2023
\u00a3000 \u00a3000
William Rucker
375.0
63.9
Andrew Sykes
120.0
290.5
Rosemary Leith
134.5
113.9
Matthew Lester
120.5
116.5
Virginia Holmes
120.5
120.5
Stephen Welton
90.5
90.5
Amy Schioldager
125.0
125.0
Rusty Nelligan
104.5
108.5
Kathryn Purves
\u2013
134.5
The remuneration of Directors and key executives and Non-Executive Directors is determined by the Remuneration Committee having regard to the performance of individuals and market rates. The Remuneration Policy is described in more detail in the Remuneration Committee Report on page 95.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-468": { "value": "
27. Subsidiaries
Accounting policy
Investment in subsidiaries
The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as \u2018ICG\u2019 or the \u2018Group\u2019. Investments in subsidiaries in the Parent Company statement of financial
position are recorded at cost less provision for impairments or at fair value through profit or loss.
Key accounting judgement
A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors\u2019 assessment
of decision making authority, rights held by other parties, remuneration and exposure to returns.
When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor.
An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit.
A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where
the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require
consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the
capacity of principal the fund has been consolidated into the Group\u2019s results.
Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent
of the Group, the Trust and its related subsidiaries have been consolidated into the Group.
As a fund manager ICG participates in carried interest partnerships (CIPs), the participants of which are the Group, certain of the Group\u2019s employees and others connected to the underlying fund. These vehicles
have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control
assessment of each CIP in accordance with IFRS10 and have considered whether the CIP participants were providing a service for the benefit of the Group. In undertaking this assessment the Directors took account
of the following key considerations:
\u2013 the Group\u2019s exposure to the variable returns of the CIP is limited to the amounts allocated to the Group (see \u2019Other information\u2019). Such allocations are typically 20% or less of total returns realised by the CIP
with the balance attributable to other participants
\u2013 CIPs are used to facilitate substantial co-investment by individuals in the underlying funds. These individuals are exposed to the risk of personal financial loss
\u2013 fund investors can, in certain conditions, veto changes in the key persons managing the fund
The Directors have assessed that certain CIPs are controlled, and they are included within the list of controlled structured entities below. The Directors conclude that other CIPs are not controlled by the Group.
The Group consists of a Parent Company, Intermediate Capital Group plc, incorporated in the UK, and a number of subsidiaries held directly or indirectly by ICG plc, which operate and are incorporated around the world. The
subsidiary undertakings of the Group are shown below. All are wholly owned, and the Group\u2019s holding is in the ordinary share class, except where stated. The Companies Act 2006 requires disclosure of certain information
about the Group\u2019s related undertakings. Related undertakings are subsidiaries, joint ventures and associates.
The registered office of all related undertakings at 31 March 2024 was Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless otherwise stated.
The financial year end of all related undertakings is 31 March, unless otherwise stated.
All entities are consolidated as at 31 March.
Directly held subsidiaries
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Asset Management Limited
United Kingdom
Holding company
Ordinary shares
100%
ICG FMC Limited
England & Wales
Holding company
Ordinary shares
100%
Intermediate Capital Investments Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Global Investment UK Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Carbon Funding Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Longbow Richmond Limited
England & Wales
Holding company
Ordinary shares
100%
ICG-Longbow BTR Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Japan (Funding 2)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Longbow Development (Brighton)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
LREC Partners Investments No. 2 Limited
England & Wales
Investment company
Ordinary shares
55%
ICG Longbow Senior Debt I GP Limited
England & Wales
General partner
Ordinary shares
100%
ICG Debt Advisors (Cayman) Ltd
4
Cayman Islands
Advisory company
Ordinary shares
100%
ICG Re Holding (Germany) GmbH
9
Germany
Special purpose vehicle
Ordinary shares
100%
ICG Watch Jersey GP Limited
19
Jersey
General partner
Ordinary shares
100%
Intermediate Investments Jersey Limited
19
Jersey
Investment company
Ordinary shares
100%
Intermediate Capital Group Espana SL
33
Spain
Advisory company
Ordinary shares
100%
1. Registered addresses are disclosed in pages 186.
Indirectly held subsidiaries 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Alternative Investment Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Managers Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Asia Pacific Limited
12
Hong Kong
Advisory company
Ordinary shares
100%
ICG Europe S.\u00e0 r.l.
23
Luxembourg
Advisory company
Ordinary shares
100%
ICG Enterprise Co-Investment GP Limited
England & Wales
General Partner
Ordinary shares
100%
ICG-Longbow B Investments L.P.
England & Wales
Investment company
N/A
50%
ICG-Longbow Development GP LLP
England & Wales
General Partner
N/A
\u2013%
Longbow Real Estate Capital LLP
England & Wales
Advisory company
N/A
\u2013%
ICG Senior Debt Partners UK GP Limited
England & Wales
General Partner
Ordinary shares
100%
Intermediate Capital Group SAS
8
France
Advisory company
Ordinary shares
100%
ICG Nordic AB
34
Sweden
Advisory company
Ordinary shares
100%
Intermediate Capital Group Dienstleistungsgesellschaft mbH
9
Germany
Service company
Ordinary shares
100%
Intermediate Capital Group Benelux B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
Intermediate Capital Group Inc.
17
United States
Advisory company
Ordinary shares
100%
Intermediate Capital GP 2003 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital GP 2003 No.1 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine Opportunity 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific 2008 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund V GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Beratungsgesellschaft GmbH
9
Germany
Advisory company
Ordinary shares
100%
Intermediate Capital Group (Singapore) Pte. Limited
32
Singapore
Advisory company
Ordinary shares
100%
ICG North America Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Japan KK
14
Japan
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund III GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Alternative Credit (Luxembourg)\ue005GP\ue005S.A.
25
Luxembourg
General Partner
Ordinary shares
100%
ICG Alternative Credit (Cayman) GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Senior Debt Partners
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Secondaries Carbon Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG European Fund 2006 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VI GP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG Total Credit (Global) GP, S.\u00e0 r.l.
24
Luxembourg
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186 .
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG EFV MLP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG-Longbow IV GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Fund VI Lux GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Centre Street Partnership GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Polska Sp. z.o.o
31
Poland
Service company
Ordinary shares
100%
ICG Recovery Fund 2008 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG - Longbow Fund V GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Private Markets GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Inc
17
Delaware
Dormant
Ordinary shares
100%
ICG MF 2003 No.1 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.1 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No. 3 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.3 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG Private Credit GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Group (Italy) S.r.l
13
Italy
Advisory company
Ordinary shares
100%
ICG-LONGBOW SENIOR GP LLP
England & Wales
General Partner
N/A
\u2013%
ICG Alternative Credit Warehouse Fund I GP, LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Alternative Credit (Jersey)\ue005GP\ue005Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Enterprise Carry GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Senior Debt Partners Performance GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Structured Special Opportunities GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Asia Pacific Fund IV GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG European Credit Mandate GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP S.a.r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG LP Secondaries Fund Associates I S.a. r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG US Senior Loan Fund GP Ltd
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Recovery Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt (Offshore) GP Limited Partnership
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Europe Fund VI GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
1. Registered addresses are disclosed in page 186.
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Strategic Secondaries Carbon (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II (Offshore)\ue005GP\ue005LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Japan Cayman Performance GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity III (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Australian Senior Debt GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Equity I GP LP
21
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Debt VI GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Excelsior GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Life Sciences GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates IV S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG RE AUSTRALIA GROUP PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG (DIFC) Limited
26
United Arab Emirates
Service company
Ordinary shares
100%
ICG Metropolitan GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Senior Debt Partners GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Senior Debt V GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG SRE GP II S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Living GP S.a r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Fund II GP S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Fund Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Alternative Credit LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Strategic Equity Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Debt Administration LLC
17
Delaware
Service company
Ordinary shares
100%
ICG Strategic Equity Associates II LLC
16
Delaware
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186.
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Velocity Co-Investor Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Debt Advisors LLC - Manager Series
17
Delaware
Advisory company
Ordinary shares
100%
ICG North America Associates II LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates III LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Augusta Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG STRATEGIC EQUITY ASSOCIATES IV LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG LP Secondaries Associates I LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG North America Associates III LLC
17
United States
General Partner
Ordinary shares
100%
ICG Global Investment Jersey Limited
18
Jersey
Investment company
Ordinary shares
100%
ICG North America Holdings Limited
5
Cayman Islands
Investment company
Ordinary shares
100%
ICG Global Nominee Jersey Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Global Nominee Jersey 2 Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG RE CORPORATE AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD
3
Australia
Advisory company
Ordinary shares
100%
ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
Intermediate Capital Managers (Australia)\ue005PTY Limited
2
Australia
Advisory company
Ordinary shares
100%
Intermediate Capital Australia PTY Limited
1
Australia
Advisory company
Ordinary shares
100%
ICG Alternative Investment (Netherlands) B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund IV GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Augusta GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG NA Debt Co-Invest Limited
15
England & Wales
Investment company
Ordinary shares
100%
ICG Debt Advisors LLC \u2013 Holdings Series
17
Delaware
Investment company
Ordinary shares
100%
ICG EFV MLP GP LIMITED
England & Wales
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Mid-Market Fund GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG European Credit Mandate GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG EXCELSIOR GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Executive Financing Limited
19
Jersey
Service company
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
Avanton Richmond Developments Limited
7
England & Wales
Special purpose vehicle
Ordinary shares
70%
1. Registered addresses are disclosed in page 186.
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG LP Secondaries I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Employee Benefit Trust 2015
11
Guernsey
N/A
Ordinary shares
100%
ICG Private Markets General Partner SCSp
27
Luxembourg
General Partner
N/A
\u2013%
ICG Real Estate Debt VI GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Recovery Fund II GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
Wise Living Homes Limited
6
England & Wales
Special purpose vehicle
Ordinary shares
83%
Wise Limited Amber Langley Mill Limited
6
United Kingdom
Special purpose vehicle
Ordinary shares
83%
ICG Longbow Development Debt Limited
England & Wales
Investment company
Ordinary shares
100%
ICG-Longbow Investment 3 LLP
England & Wales
Special purpose vehicle
N/A
\u2013%
ICG Asia Pacific Fund III GP Limited Partnership
19
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Fund V GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Copenhagen, filial af ICG Europe S.\u00e0 r.l.
35
Denmark
Branch
N/A
100%
ICG Europe SARL - Frankfurt Branch
36
Germany
Branch
N/A
100%
ICG Europe SARL - Milan Branch
37
Italy
Branch
N/A
100%
ICG Europe SARL - Paris Branch
38
France
Branch
N/A
100%
ICG North America Associates III S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Debt GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Opportunities APAC GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V LLC
16
Delaware
General Partner
Ordinary shares
100%
Intermediate Capital Managers Limited (France Branch)
38
France
Branch
N/A
100%
ICG Infrastructure APAC I GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
Rock Investments GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Debt VII GP Sarl
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Seed Asset Founder LP Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG North American Private Equity Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate E Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Life Sciences Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
1. Registered addresses are disclosed in page 186.
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG North American Private Equity Associates I LLC
21
Delaware
General Partner
Ordinary shares
100%
ICG North American Private Equity Fund I LP
21
Delaware
Special purpose vehicle
N/A
\u2013%
ICG Life Sciences SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences Feeder SCSp
27
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Funding Lux S.\u00e0 r.l.
22
Luxembourg
Special purpose vehicle
Ordinary shares
100%
Atlanta Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Infrastructure APAC Fund SCSp
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Infrastructure APAC Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero PTE Ltd\ue005
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate Opportunities APAC Fund SCSP
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
Yangju Investment PTE. LTD.
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Japan Master Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 1 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 2 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 1
0
South Korea
Portfolio Company
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 2\ue005
0
South Korea
Portfolio Company
Ordinary shares
100%
Rifa Private Real Estate Trust No. 24
0
South Korea
Portfolio Company
Ordinary shares
100%
1. Registered addresses are disclosed in page 186
Registered offices
1
Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia
2
Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia
3
Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia
4
75 Fort Street, Clifton House, c/o Estera Trust (Cayman)\ue005Limited,\ue005PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands
5
PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands
6
17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales
7
Brock House, 19 Langham Street, London, England, W1W 6BP
8
1 rue de la Paix, Paris, 75002, France
9
12th Floor, An der Welle 5, Frankfurt, 60322, Germany
10
9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore
11
c/o Zedra Trust Company (Guernsey)\ue005Limited,\ue0053rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey
12
Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong
13
Corso Giacomo Matteotti 3, Milan, 20121, Italy
14
Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
15
25 Farringdon Street, London, EC4A 4AB
16
c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States
17
c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
18
IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey
19
Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey
20
12E, rue Guillaume Kroll, L - 1882 Luxembourg
21
c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, 19809, United States
22
3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg
23
32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg
24
49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg
25
5 All\u00e9e Scheffer, Luxembourg, L-2520, Luxembourg
26
Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates
27
6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg
28
60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg
29
6H Route de Tr\u00e8ves, Senningerberg, L-2633, Luxembourg
30
Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands
31
Spark B, Aleja Solidarno\u015bci 171, Warsaw, 00-877, Poland
32
8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore
33
Serrano 30-3\u00ba, 28001 Madrid, Spain
34
David Bagares Gata 3, 111 38 Stockholm
35
Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark
36
12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany
37
Corso Giacomo Matteotti 3, Milan, 20121, Italy
38
1 rue de la Paix, Paris, 75002, France
The table below shows details of structured entities that the Group is deemed to control:
Name of subsidiary
Country of incorporation
% of ownership interests and voting rights
ICG US CLO 2014-1, Ltd.
Cayman Islands
50%
ICG US CLO 2014-2, Ltd.
Cayman Islands
72%
ICG US CLO 2014-3, Ltd.
Cayman Islands
51%
ICG US CLO 2015-1, Ltd.
Cayman Islands
50%
ICG US CLO 2015-2R, Ltd.
Cayman Islands
83%
ICG US CLO 2016-1, Ltd.
Cayman Islands
63%
ICG US CLO 2017-1, Ltd.
Cayman Islands
60%
ICG US CLO 2020-1, Ltd.
Cayman Islands
52%
ICG EURO CLO 2021-1 DAC
Ireland
67%
ICG EURO CLO 2023-2 DAC
Ireland
100%
St. Paul's CLO II DAC
Ireland
85%
St. Paul's CLO III-R DAC
Ireland
62%
St. Paul's CLO VI DAC
Ireland
53%
St. Paul's CLO VIII DAC
Ireland
53%
St. Paul's CLO XI DAC
Ireland
57%
ICG Euro CLO 2023-1 DAC
Ireland
100%
ICG Enterprise Carry (1)\ue005LP
Jersey
100%
ICG Enterprise Carry (2)\ue005LP
Jersey
50%
ICG US Senior Loan Fund
Cayman Islands
100%
ICG Total Credit (Global) SCA
Luxembourg
100%
ICG Newground RE Finance Trust 1
Australia
100%
The structured entities controlled by the Group include \u00a35,089.7m (2023: \u00a35,160.8m) of assets and \u00a35,087.7m (2023: \u00a35,109.2m) of liabilities within 21 funds listed above. These assets are restricted in their use to being
the sole means by which the related fund liabilities can be settled. All other assets can be accessed or used to settle the other liabilities of the Group without significant restrictions.
The Group has not provided contractual or non-contractual financial or other support to a consolidated structured entity during the period. It is not the current intention to provide such support, including the intention
to assist the structured entity in obtaining financial support.
Subsidiary audit exemption
For the period ended 31 March 2024, the following companies were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The member(s)
1
of the following companies
have not required them to obtain an audit of their financial statements for the period ended 31 March 2024.
Company
Registered number
Member(s)
ICG FMC Limited
7266173
Intermediate Capital Group plc
ICG Global Investment UK Limited
7647419
Intermediate Capital Group plc
ICG Japan (Funding 2)\ue005Limited
9125779
Intermediate Capital Group plc
ICG Longbow Development (Brighton)\ue005Limited
8802752
Intermediate Capital Group plc
ICG Longbow Richmond Limited
11210259
Intermediate Capital Group plc
ICG Longbow BTR Limited
11177993
Intermediate Capital Group plc
ICG Longbow Senior Debt I GP Limited
2276839
Intermediate Capital Group plc
Intermediate Capital Investments Limited
2327070
Intermediate Capital Group plc
LREC Partners Investments No. 2 Limited
7428335
Intermediate Capital Group plc
ICG Longbow Development Debt Limited
9907841
ICG-Longbow Development GP LLP
ICG IC Holdco Limited
14542130
Intermediate Capital Group plc
ICG-Longbow Development GP LLP
OC396833
Intermediate Capital Group plc, ICG FMC Limited
ICG-Longbow Investment 3 LLP
OC395389
ICG FMC Limited, Intermediate Capital Managers Limited
ICG-Longbow Senior GP LLP
OC427634
Intermediate Capital Group plc, ICG FMC Limited
1. Shareholders or Partners, as appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-524": { "value": "27. Subsidiaries Accounting policy Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as \u2018ICG\u2019 or the \u2018Group\u2019. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors\u2019 assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group\u2019s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager ICG participates in carried interest partnerships (CIPs), the participants of which are the Group, certain of the Group\u2019s employees and others connected to the underlying fund. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS10 and have considered whether the CIP participants were providing a service for the benefit of the Group. In undertaking this assessment the Directors took account of the following key considerations: \u2013 the Group\u2019s exposure to the variable returns of the CIP is limited to the amounts allocated to the Group (see \u2019Other information\u2019). Such allocations are typically 20% or less of total returns realised by the CIP with the balance attributable to other participants \u2013 CIPs are used to facilitate substantial co-investment by individuals in the underlying funds. These individuals are exposed to the risk of personal financial loss \u2013 fund investors can, in certain conditions, veto changes in the key persons managing the fund The Directors have assessed that certain CIPs are controlled, and they are included within the list of controlled structured entities below. The Directors conclude that other CIPs are not controlled by the Group. The Group consists of a Parent Company, Intermediate Capital Group plc, incorporated in the UK, and a number of subsidiaries held directly or indirectly by ICG plc, which operate and are incorporated around the world. The subsidiary undertakings of the Group are shown below. All are wholly owned, and the Group\u2019s holding is in the ordinary share class, except where stated. The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings. Related undertakings are subsidiaries, joint ventures and associates. The registered office of all related undertakings at 31 March 2024 was Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless otherwise stated. The financial year end of all related undertakings is 31 March, unless otherwise stated. All entities are consolidated as at 31 March. Directly held subsidiaries 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Asset Management Limited
United Kingdom
Holding company
Ordinary shares
100%
ICG FMC Limited
England & Wales
Holding company
Ordinary shares
100%
Intermediate Capital Investments Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Global Investment UK Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Carbon Funding Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Longbow Richmond Limited
England & Wales
Holding company
Ordinary shares
100%
ICG-Longbow BTR Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Japan (Funding 2)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Longbow Development (Brighton)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
LREC Partners Investments No. 2 Limited
England & Wales
Investment company
Ordinary shares
55%
ICG Longbow Senior Debt I GP Limited
England & Wales
General partner
Ordinary shares
100%
ICG Debt Advisors (Cayman) Ltd
4
Cayman Islands
Advisory company
Ordinary shares
100%
ICG Re Holding (Germany) GmbH
9
Germany
Special purpose vehicle
Ordinary shares
100%
ICG Watch Jersey GP Limited
19
Jersey
General partner
Ordinary shares
100%
Intermediate Investments Jersey Limited
19
Jersey
Investment company
Ordinary shares
100%
Intermediate Capital Group Espana SL
33
Spain
Advisory company
Ordinary shares
100%
1. Registered addresses are disclosed in pages 186. Indirectly held subsidiaries 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Alternative Investment Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Managers Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Asia Pacific Limited
12
Hong Kong
Advisory company
Ordinary shares
100%
ICG Europe S.\u00e0 r.l.
23
Luxembourg
Advisory company
Ordinary shares
100%
ICG Enterprise Co-Investment GP Limited
England & Wales
General Partner
Ordinary shares
100%
ICG-Longbow B Investments L.P.
England & Wales
Investment company
N/A
50%
ICG-Longbow Development GP LLP
England & Wales
General Partner
N/A
\u2013%
Longbow Real Estate Capital LLP
England & Wales
Advisory company
N/A
\u2013%
ICG Senior Debt Partners UK GP Limited
England & Wales
General Partner
Ordinary shares
100%
Intermediate Capital Group SAS
8
France
Advisory company
Ordinary shares
100%
ICG Nordic AB
34
Sweden
Advisory company
Ordinary shares
100%
Intermediate Capital Group Dienstleistungsgesellschaft mbH
9
Germany
Service company
Ordinary shares
100%
Intermediate Capital Group Benelux B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
Intermediate Capital Group Inc.
17
United States
Advisory company
Ordinary shares
100%
Intermediate Capital GP 2003 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital GP 2003 No.1 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine Opportunity 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific 2008 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund V GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Beratungsgesellschaft GmbH
9
Germany
Advisory company
Ordinary shares
100%
Intermediate Capital Group (Singapore) Pte. Limited
32
Singapore
Advisory company
Ordinary shares
100%
ICG North America Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Japan KK
14
Japan
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund III GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Alternative Credit (Luxembourg)\ue005GP\ue005S.A.
25
Luxembourg
General Partner
Ordinary shares
100%
ICG Alternative Credit (Cayman) GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Senior Debt Partners
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Secondaries Carbon Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG European Fund 2006 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VI GP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG Total Credit (Global) GP, S.\u00e0 r.l.
24
Luxembourg
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186 . 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG EFV MLP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG-Longbow IV GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Fund VI Lux GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Centre Street Partnership GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Polska Sp. z.o.o
31
Poland
Service company
Ordinary shares
100%
ICG Recovery Fund 2008 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG - Longbow Fund V GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Private Markets GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Inc
17
Delaware
Dormant
Ordinary shares
100%
ICG MF 2003 No.1 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.1 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No. 3 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.3 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG Private Credit GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Group (Italy) S.r.l
13
Italy
Advisory company
Ordinary shares
100%
ICG-LONGBOW SENIOR GP LLP
England & Wales
General Partner
N/A
\u2013%
ICG Alternative Credit Warehouse Fund I GP, LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Alternative Credit (Jersey)\ue005GP\ue005Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Enterprise Carry GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Senior Debt Partners Performance GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Structured Special Opportunities GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Asia Pacific Fund IV GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG European Credit Mandate GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP S.a.r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG LP Secondaries Fund Associates I S.a. r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG US Senior Loan Fund GP Ltd
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Recovery Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt (Offshore) GP Limited Partnership
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Europe Fund VI GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Strategic Secondaries Carbon (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II (Offshore)\ue005GP\ue005LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Japan Cayman Performance GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity III (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Australian Senior Debt GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Equity I GP LP
21
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Debt VI GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Excelsior GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Life Sciences GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates IV S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG RE AUSTRALIA GROUP PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG (DIFC) Limited
26
United Arab Emirates
Service company
Ordinary shares
100%
ICG Metropolitan GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Senior Debt Partners GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Senior Debt V GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG SRE GP II S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Living GP S.a r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Fund II GP S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Fund Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Alternative Credit LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Strategic Equity Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Debt Administration LLC
17
Delaware
Service company
Ordinary shares
100%
ICG Strategic Equity Associates II LLC
16
Delaware
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Velocity Co-Investor Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Debt Advisors LLC - Manager Series
17
Delaware
Advisory company
Ordinary shares
100%
ICG North America Associates II LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates III LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Augusta Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG STRATEGIC EQUITY ASSOCIATES IV LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG LP Secondaries Associates I LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG North America Associates III LLC
17
United States
General Partner
Ordinary shares
100%
ICG Global Investment Jersey Limited
18
Jersey
Investment company
Ordinary shares
100%
ICG North America Holdings Limited
5
Cayman Islands
Investment company
Ordinary shares
100%
ICG Global Nominee Jersey Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Global Nominee Jersey 2 Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG RE CORPORATE AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD
3
Australia
Advisory company
Ordinary shares
100%
ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
Intermediate Capital Managers (Australia)\ue005PTY Limited
2
Australia
Advisory company
Ordinary shares
100%
Intermediate Capital Australia PTY Limited
1
Australia
Advisory company
Ordinary shares
100%
ICG Alternative Investment (Netherlands) B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund IV GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Augusta GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG NA Debt Co-Invest Limited
15
England & Wales
Investment company
Ordinary shares
100%
ICG Debt Advisors LLC \u2013 Holdings Series
17
Delaware
Investment company
Ordinary shares
100%
ICG EFV MLP GP LIMITED
England & Wales
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Mid-Market Fund GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG European Credit Mandate GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG EXCELSIOR GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Executive Financing Limited
19
Jersey
Service company
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
Avanton Richmond Developments Limited
7
England & Wales
Special purpose vehicle
Ordinary shares
70%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG LP Secondaries I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Employee Benefit Trust 2015
11
Guernsey
N/A
Ordinary shares
100%
ICG Private Markets General Partner SCSp
27
Luxembourg
General Partner
N/A
\u2013%
ICG Real Estate Debt VI GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Recovery Fund II GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
Wise Living Homes Limited
6
England & Wales
Special purpose vehicle
Ordinary shares
83%
Wise Limited Amber Langley Mill Limited
6
United Kingdom
Special purpose vehicle
Ordinary shares
83%
ICG Longbow Development Debt Limited
England & Wales
Investment company
Ordinary shares
100%
ICG-Longbow Investment 3 LLP
England & Wales
Special purpose vehicle
N/A
\u2013%
ICG Asia Pacific Fund III GP Limited Partnership
19
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Fund V GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Copenhagen, filial af ICG Europe S.\u00e0 r.l.
35
Denmark
Branch
N/A
100%
ICG Europe SARL - Frankfurt Branch
36
Germany
Branch
N/A
100%
ICG Europe SARL - Milan Branch
37
Italy
Branch
N/A
100%
ICG Europe SARL - Paris Branch
38
France
Branch
N/A
100%
ICG North America Associates III S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Debt GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Opportunities APAC GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V LLC
16
Delaware
General Partner
Ordinary shares
100%
Intermediate Capital Managers Limited (France Branch)
38
France
Branch
N/A
100%
ICG Infrastructure APAC I GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
Rock Investments GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Debt VII GP Sarl
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Seed Asset Founder LP Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG North American Private Equity Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate E Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Life Sciences Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG North American Private Equity Associates I LLC
21
Delaware
General Partner
Ordinary shares
100%
ICG North American Private Equity Fund I LP
21
Delaware
Special purpose vehicle
N/A
\u2013%
ICG Life Sciences SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences Feeder SCSp
27
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Funding Lux S.\u00e0 r.l.
22
Luxembourg
Special purpose vehicle
Ordinary shares
100%
Atlanta Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Infrastructure APAC Fund SCSp
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Infrastructure APAC Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero PTE Ltd\ue005
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate Opportunities APAC Fund SCSP
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
Yangju Investment PTE. LTD.
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Japan Master Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 1 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 2 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 1
0
South Korea
Portfolio Company
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 2\ue005
0
South Korea
Portfolio Company
Ordinary shares
100%
Rifa Private Real Estate Trust No. 24
0
South Korea
Portfolio Company
Ordinary shares
100%
1. Registered addresses are disclosed in page 186 .
Registered offices
1
Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia
2
Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia
3
Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia
4
75 Fort Street, Clifton House, c/o Estera Trust (Cayman)\ue005Limited,\ue005PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands
5
PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands
6
17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales
7
Brock House, 19 Langham Street, London, England, W1W 6BP
8
1 rue de la Paix, Paris, 75002, France
9
12th Floor, An der Welle 5, Frankfurt, 60322, Germany
10
9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore
11
c/o Zedra Trust Company (Guernsey)\ue005Limited,\ue0053rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey
12
Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong
13
Corso Giacomo Matteotti 3, Milan, 20121, Italy
14
Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
15
25 Farringdon Street, London, EC4A 4AB
16
c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States
17
c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
18
IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey
19
Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey
20
12E, rue Guillaume Kroll, L - 1882 Luxembourg
21
c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, 19809, United States
22
3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg
23
32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg
24
49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg
25
5 All\u00e9e Scheffer, Luxembourg, L-2520, Luxembourg
26
Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates
27
6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg
28
60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg
29
6H Route de Tr\u00e8ves, Senningerberg, L-2633, Luxembourg
30
Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands
31
Spark B, Aleja Solidarno\u015bci 171, Warsaw, 00-877, Poland
32
8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore
33
Serrano 30-3\u00ba, 28001 Madrid, Spain
34
David Bagares Gata 3, 111 38 Stockholm
35
Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark
36
12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany
37
Corso Giacomo Matteotti 3, Milan, 20121, Italy
38
1 rue de la Paix, Paris, 75002, France
The table below shows details of structured entities that the Group is deemed to control:
Name of subsidiary
Country of incorporation
% of ownership interests and voting rights
ICG US CLO 2014-1, Ltd.
Cayman Islands
50%
ICG US CLO 2014-2, Ltd.
Cayman Islands
72%
ICG US CLO 2014-3, Ltd.
Cayman Islands
51%
ICG US CLO 2015-1, Ltd.
Cayman Islands
50%
ICG US CLO 2015-2R, Ltd.
Cayman Islands
83%
ICG US CLO 2016-1, Ltd.
Cayman Islands
63%
ICG US CLO 2017-1, Ltd.
Cayman Islands
60%
ICG US CLO 2020-1, Ltd.
Cayman Islands
52%
ICG EURO CLO 2021-1 DAC
Ireland
67%
ICG EURO CLO 2023-2 DAC
Ireland
100%
St. Paul's CLO II DAC
Ireland
85%
St. Paul's CLO III-R DAC
Ireland
62%
St. Paul's CLO VI DAC
Ireland
53%
St. Paul's CLO VIII DAC
Ireland
53%
St. Paul's CLO XI DAC
Ireland
57%
ICG Euro CLO 2023-1 DAC
Ireland
100%
ICG Enterprise Carry (1)\ue005LP
Jersey
100%
ICG Enterprise Carry (2)\ue005LP
Jersey
50%
ICG US Senior Loan Fund
Cayman Islands
100%
ICG Total Credit (Global) SCA
Luxembourg
100%
ICG Newground RE Finance Trust 1
Australia
100%
The structured entities controlled by the Group include \u00a35,089.7m (2023: \u00a35,160.8m) of assets and \u00a35,087.7m (2023: \u00a35,109.2m) of liabilities within 21 funds listed above. These assets are restricted in their use to being the sole means by which the related fund liabilities can be settled. All other assets can be accessed or used to settle the other liabilities of the Group without significant restrictions. The Group has not provided contractual or non-contractual financial or other support to a consolidated structured entity during the period. It is not the current intention to provide such support, including the intention to assist the structured entity in obtaining financial support. Subsidiary audit exemption For the period ended 31 March 2024, the following companies were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The member(s)1 of the following companies have not required them to obtain an audit of their financial statements for the period ended 31 March 2024.
Company
Registered number
Member(s)
ICG FMC Limited
7266173
Intermediate Capital Group plc
ICG Global Investment UK Limited
7647419
Intermediate Capital Group plc
ICG Japan (Funding 2)\ue005Limited
9125779
Intermediate Capital Group plc
ICG Longbow Development (Brighton)\ue005Limited
8802752
Intermediate Capital Group plc
ICG Longbow Richmond Limited
11210259
Intermediate Capital Group plc
ICG Longbow BTR Limited
11177993
Intermediate Capital Group plc
ICG Longbow Senior Debt I GP Limited
2276839
Intermediate Capital Group plc
Intermediate Capital Investments Limited
2327070
Intermediate Capital Group plc
LREC Partners Investments No. 2 Limited
7428335
Intermediate Capital Group plc
ICG Longbow Development Debt Limited
9907841
ICG-Longbow Development GP LLP
ICG IC Holdco Limited
14542130
Intermediate Capital Group plc
ICG-Longbow Development GP LLP
OC396833
Intermediate Capital Group plc, ICG FMC Limited
ICG-Longbow Investment 3 LLP
OC395389
ICG FMC Limited, Intermediate Capital Managers Limited
ICG-Longbow Senior GP LLP
OC427634
Intermediate Capital Group plc, ICG FMC Limited
1. Shareholders or Partners, as appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-514": { "value": "27. Subsidiaries Accounting policy Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as \u2018ICG\u2019 or the \u2018Group\u2019. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors\u2019 assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group\u2019s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager ICG participates in carried interest partnerships (CIPs), the participants of which are the Group, certain of the Group\u2019s employees and others connected to the underlying fund. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS10 and have considered whether the CIP participants were providing a service for the benefit of the Group. In undertaking this assessment the Directors took account of the following key considerations: \u2013 the Group\u2019s exposure to the variable returns of the CIP is limited to the amounts allocated to the Group (see \u2019Other information\u2019). Such allocations are typically 20% or less of total returns realised by the CIP with the balance attributable to other participants \u2013 CIPs are used to facilitate substantial co-investment by individuals in the underlying funds. These individuals are exposed to the risk of personal financial loss \u2013 fund investors can, in certain conditions, veto changes in the key persons managing the fund The Directors have assessed that certain CIPs are controlled, and they are included within the list of controlled structured entities below. The Directors conclude that other CIPs are not controlled by the Group. The Group consists of a Parent Company, Intermediate Capital Group plc, incorporated in the UK, and a number of subsidiaries held directly or indirectly by ICG plc, which operate and are incorporated around the world. The subsidiary undertakings of the Group are shown below. All are wholly owned, and the Group\u2019s holding is in the ordinary share class, except where stated. The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings. Related undertakings are subsidiaries, joint ventures and associates. The registered office of all related undertakings at 31 March 2024 was Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless otherwise stated. The financial year end of all related undertakings is 31 March, unless otherwise stated. All entities are consolidated as at 31 March. Directly held subsidiaries 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Asset Management Limited
United Kingdom
Holding company
Ordinary shares
100%
ICG FMC Limited
England & Wales
Holding company
Ordinary shares
100%
Intermediate Capital Investments Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Global Investment UK Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Carbon Funding Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Longbow Richmond Limited
England & Wales
Holding company
Ordinary shares
100%
ICG-Longbow BTR Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Japan (Funding 2)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Longbow Development (Brighton)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
LREC Partners Investments No. 2 Limited
England & Wales
Investment company
Ordinary shares
55%
ICG Longbow Senior Debt I GP Limited
England & Wales
General partner
Ordinary shares
100%
ICG Debt Advisors (Cayman) Ltd
4
Cayman Islands
Advisory company
Ordinary shares
100%
ICG Re Holding (Germany) GmbH
9
Germany
Special purpose vehicle
Ordinary shares
100%
ICG Watch Jersey GP Limited
19
Jersey
General partner
Ordinary shares
100%
Intermediate Investments Jersey Limited
19
Jersey
Investment company
Ordinary shares
100%
Intermediate Capital Group Espana SL
33
Spain
Advisory company
Ordinary shares
100%
1. Registered addresses are disclosed in pages 186.
Indirectly held subsidiaries
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Alternative Investment Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Managers Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Asia Pacific Limited
12
Hong Kong
Advisory company
Ordinary shares
100%
ICG Europe S.\u00e0 r.l.
23
Luxembourg
Advisory company
Ordinary shares
100%
ICG Enterprise Co-Investment GP Limited
England & Wales
General Partner
Ordinary shares
100%
ICG-Longbow B Investments L.P.
England & Wales
Investment company
N/A
50%
ICG-Longbow Development GP LLP
England & Wales
General Partner
N/A
\u2013%
Longbow Real Estate Capital LLP
England & Wales
Advisory company
N/A
\u2013%
ICG Senior Debt Partners UK GP Limited
England & Wales
General Partner
Ordinary shares
100%
Intermediate Capital Group SAS
8
France
Advisory company
Ordinary shares
100%
ICG Nordic AB
34
Sweden
Advisory company
Ordinary shares
100%
Intermediate Capital Group Dienstleistungsgesellschaft mbH
9
Germany
Service company
Ordinary shares
100%
Intermediate Capital Group Benelux B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
Intermediate Capital Group Inc.
17
United States
Advisory company
Ordinary shares
100%
Intermediate Capital GP 2003 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital GP 2003 No.1 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine Opportunity 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific 2008 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund V GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Beratungsgesellschaft GmbH
9
Germany
Advisory company
Ordinary shares
100%
Intermediate Capital Group (Singapore) Pte. Limited
32
Singapore
Advisory company
Ordinary shares
100%
ICG North America Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Japan KK
14
Japan
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund III GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Alternative Credit (Luxembourg)\ue005GP\ue005S.A.
25
Luxembourg
General Partner
Ordinary shares
100%
ICG Alternative Credit (Cayman) GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Senior Debt Partners
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Secondaries Carbon Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG European Fund 2006 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VI GP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG Total Credit (Global) GP, S.\u00e0 r.l.
24
Luxembourg
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186 .
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG EFV MLP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG-Longbow IV GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Fund VI Lux GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Centre Street Partnership GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Polska Sp. z.o.o
31
Poland
Service company
Ordinary shares
100%
ICG Recovery Fund 2008 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG - Longbow Fund V GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Private Markets GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Inc
17
Delaware
Dormant
Ordinary shares
100%
ICG MF 2003 No.1 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.1 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No. 3 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.3 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG Private Credit GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Group (Italy) S.r.l
13
Italy
Advisory company
Ordinary shares
100%
ICG-LONGBOW SENIOR GP LLP
England & Wales
General Partner
N/A
\u2013%
ICG Alternative Credit Warehouse Fund I GP, LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Alternative Credit (Jersey)\ue005GP\ue005Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Enterprise Carry GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Senior Debt Partners Performance GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Structured Special Opportunities GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Asia Pacific Fund IV GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG European Credit Mandate GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP S.a.r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG LP Secondaries Fund Associates I S.a. r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG US Senior Loan Fund GP Ltd
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Recovery Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt (Offshore) GP Limited Partnership
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Europe Fund VI GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Strategic Secondaries Carbon (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II (Offshore)\ue005GP\ue005LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Japan Cayman Performance GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity III (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Australian Senior Debt GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Equity I GP LP
21
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Debt VI GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Excelsior GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Life Sciences GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates IV S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG RE AUSTRALIA GROUP PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG (DIFC) Limited
26
United Arab Emirates
Service company
Ordinary shares
100%
ICG Metropolitan GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Senior Debt Partners GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Senior Debt V GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG SRE GP II S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Living GP S.a r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Fund II GP S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Fund Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Alternative Credit LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Strategic Equity Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Debt Administration LLC
17
Delaware
Service company
Ordinary shares
100%
ICG Strategic Equity Associates II LLC
16
Delaware
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Velocity Co-Investor Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Debt Advisors LLC - Manager Series
17
Delaware
Advisory company
Ordinary shares
100%
ICG North America Associates II LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates III LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Augusta Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG STRATEGIC EQUITY ASSOCIATES IV LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG LP Secondaries Associates I LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG North America Associates III LLC
17
United States
General Partner
Ordinary shares
100%
ICG Global Investment Jersey Limited
18
Jersey
Investment company
Ordinary shares
100%
ICG North America Holdings Limited
5
Cayman Islands
Investment company
Ordinary shares
100%
ICG Global Nominee Jersey Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Global Nominee Jersey 2 Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG RE CORPORATE AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD
3
Australia
Advisory company
Ordinary shares
100%
ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
Intermediate Capital Managers (Australia)\ue005PTY Limited
2
Australia
Advisory company
Ordinary shares
100%
Intermediate Capital Australia PTY Limited
1
Australia
Advisory company
Ordinary shares
100%
ICG Alternative Investment (Netherlands) B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund IV GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Augusta GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG NA Debt Co-Invest Limited
15
England & Wales
Investment company
Ordinary shares
100%
ICG Debt Advisors LLC \u2013 Holdings Series
17
Delaware
Investment company
Ordinary shares
100%
ICG EFV MLP GP LIMITED
England & Wales
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Mid-Market Fund GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG European Credit Mandate GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG EXCELSIOR GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Executive Financing Limited
19
Jersey
Service company
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
Avanton Richmond Developments Limited
7
England & Wales
Special purpose vehicle
Ordinary shares
70%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG LP Secondaries I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Employee Benefit Trust 2015
11
Guernsey
N/A
Ordinary shares
100%
ICG Private Markets General Partner SCSp
27
Luxembourg
General Partner
N/A
\u2013%
ICG Real Estate Debt VI GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Recovery Fund II GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
Wise Living Homes Limited
6
England & Wales
Special purpose vehicle
Ordinary shares
83%
Wise Limited Amber Langley Mill Limited
6
United Kingdom
Special purpose vehicle
Ordinary shares
83%
ICG Longbow Development Debt Limited
England & Wales
Investment company
Ordinary shares
100%
ICG-Longbow Investment 3 LLP
England & Wales
Special purpose vehicle
N/A
\u2013%
ICG Asia Pacific Fund III GP Limited Partnership
19
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Fund V GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Copenhagen, filial af ICG Europe S.\u00e0 r.l.
35
Denmark
Branch
N/A
100%
ICG Europe SARL - Frankfurt Branch
36
Germany
Branch
N/A
100%
ICG Europe SARL - Milan Branch
37
Italy
Branch
N/A
100%
ICG Europe SARL - Paris Branch
38
France
Branch
N/A
100%
ICG North America Associates III S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Debt GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Opportunities APAC GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V LLC
16
Delaware
General Partner
Ordinary shares
100%
Intermediate Capital Managers Limited (France Branch)
38
France
Branch
N/A
100%
ICG Infrastructure APAC I GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
Rock Investments GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Debt VII GP Sarl
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Seed Asset Founder LP Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG North American Private Equity Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate E Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Life Sciences Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG North American Private Equity Associates I LLC
21
Delaware
General Partner
Ordinary shares
100%
ICG North American Private Equity Fund I LP
21
Delaware
Special purpose vehicle
N/A
\u2013%
ICG Life Sciences SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences Feeder SCSp
27
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Funding Lux S.\u00e0 r.l.
22
Luxembourg
Special purpose vehicle
Ordinary shares
100%
Atlanta Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Infrastructure APAC Fund SCSp
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Infrastructure APAC Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero PTE Ltd\ue005
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate Opportunities APAC Fund SCSP
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
Yangju Investment PTE. LTD.
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Japan Master Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 1 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 2 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 1
0
South Korea
Portfolio Company
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 2\ue005
0
South Korea
Portfolio Company
Ordinary shares
100%
Rifa Private Real Estate Trust No. 24
0
South Korea
Portfolio Company
Ordinary shares
100%
1. Registered addresses are disclosed in page 186 .
Registered offices
1
Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia
2
Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia
3
Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia
4
75 Fort Street, Clifton House, c/o Estera Trust (Cayman)\ue005Limited,\ue005PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands
5
PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands
6
17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales
7
Brock House, 19 Langham Street, London, England, W1W 6BP
8
1 rue de la Paix, Paris, 75002, France
9
12th Floor, An der Welle 5, Frankfurt, 60322, Germany
10
9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore
11
c/o Zedra Trust Company (Guernsey)\ue005Limited,\ue0053rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey
12
Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong
13
Corso Giacomo Matteotti 3, Milan, 20121, Italy
14
Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
15
25 Farringdon Street, London, EC4A 4AB
16
c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States
17
c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
18
IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey
19
Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey
20
12E, rue Guillaume Kroll, L - 1882 Luxembourg
21
c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, 19809, United States
22
3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg
23
32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg
24
49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg
25
5 All\u00e9e Scheffer, Luxembourg, L-2520, Luxembourg
26
Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates
27
6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg
28
60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg
29
6H Route de Tr\u00e8ves, Senningerberg, L-2633, Luxembourg
30
Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands
31
Spark B, Aleja Solidarno\u015bci 171, Warsaw, 00-877, Poland
32
8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore
33
Serrano 30-3\u00ba, 28001 Madrid, Spain
34
David Bagares Gata 3, 111 38 Stockholm
35
Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark
36
12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany
37
Corso Giacomo Matteotti 3, Milan, 20121, Italy
38
1 rue de la Paix, Paris, 75002, France
The table below shows details of structured entities that the Group is deemed to control:
Name of subsidiary
Country of incorporation
% of ownership interests and voting rights
ICG US CLO 2014-1, Ltd.
Cayman Islands
50%
ICG US CLO 2014-2, Ltd.
Cayman Islands
72%
ICG US CLO 2014-3, Ltd.
Cayman Islands
51%
ICG US CLO 2015-1, Ltd.
Cayman Islands
50%
ICG US CLO 2015-2R, Ltd.
Cayman Islands
83%
ICG US CLO 2016-1, Ltd.
Cayman Islands
63%
ICG US CLO 2017-1, Ltd.
Cayman Islands
60%
ICG US CLO 2020-1, Ltd.
Cayman Islands
52%
ICG EURO CLO 2021-1 DAC
Ireland
67%
ICG EURO CLO 2023-2 DAC
Ireland
100%
St. Paul's CLO II DAC
Ireland
85%
St. Paul's CLO III-R DAC
Ireland
62%
St. Paul's CLO VI DAC
Ireland
53%
St. Paul's CLO VIII DAC
Ireland
53%
St. Paul's CLO XI DAC
Ireland
57%
ICG Euro CLO 2023-1 DAC
Ireland
100%
ICG Enterprise Carry (1)\ue005LP
Jersey
100%
ICG Enterprise Carry (2)\ue005LP
Jersey
50%
ICG US Senior Loan Fund
Cayman Islands
100%
ICG Total Credit (Global) SCA
Luxembourg
100%
ICG Newground RE Finance Trust 1
Australia
100%
The structured entities controlled by the Group include \u00a35,089.7m (2023: \u00a35,160.8m) of assets and \u00a35,087.7m (2023: \u00a35,109.2m) of liabilities within 21 funds listed above. These assets are restricted in their use to being the sole means by which the related fund liabilities can be settled. All other assets can be accessed or used to settle the other liabilities of the Group without significant restrictions. The Group has not provided contractual or non-contractual financial or other support to a consolidated structured entity during the period. It is not the current intention to provide such support, including the intention to assist the structured entity in obtaining financial support. Subsidiary audit exemption For the period ended 31 March 2024, the following companies were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The member(s)1 of the following companies have not required them to obtain an audit of their financial statements for the period ended 31 March 2024.
Company
Registered number
Member(s)
ICG FMC Limited
7266173
Intermediate Capital Group plc
ICG Global Investment UK Limited
7647419
Intermediate Capital Group plc
ICG Japan (Funding 2)\ue005Limited
9125779
Intermediate Capital Group plc
ICG Longbow Development (Brighton)\ue005Limited
8802752
Intermediate Capital Group plc
ICG Longbow Richmond Limited
11210259
Intermediate Capital Group plc
ICG Longbow BTR Limited
11177993
Intermediate Capital Group plc
ICG Longbow Senior Debt I GP Limited
2276839
Intermediate Capital Group plc
Intermediate Capital Investments Limited
2327070
Intermediate Capital Group plc
LREC Partners Investments No. 2 Limited
7428335
Intermediate Capital Group plc
ICG Longbow Development Debt Limited
9907841
ICG-Longbow Development GP LLP
ICG IC Holdco Limited
14542130
Intermediate Capital Group plc
ICG-Longbow Development GP LLP
OC396833
Intermediate Capital Group plc, ICG FMC Limited
ICG-Longbow Investment 3 LLP
OC395389
ICG FMC Limited, Intermediate Capital Managers Limited
ICG-Longbow Senior GP LLP
OC427634
Intermediate Capital Group plc, ICG FMC Limited
1. Shareholders or Partners, as appropriate. 29. Associates and joint ventures Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group\u2019s share of the joint venture\u2019s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group\u2019s operations and contributing to achieving the Group\u2019s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities. Details of associates and joint ventures Details of each of the Group\u2019s associates at the end of the reporting period are as follows:
Proportion of Proportion of
ownership Income ownership Income
interest/voting distributions interest/voting distributions
rights held by the received from rights held by the received from
Group associate Group associate
Name of associate
Principal activity
Country of incorporation
2024 2024 2023 2023
ICG Europe Fund V Jersey Limited
Investment company
Jersey
20%
4.5
20%
11.0
ICG Europe Fund VI Jersey Limited
Investment company
Jersey
17%
(3)
17%
24.7
ICG North American Private Debt Fund
Investment company
United States of America
20%
1.1
20%
5.5
ICG Asia Pacific Fund III Singapore Pte. Limited
Investment company
Singapore
20%
4.1
20%
(1.2)
Ambient Enterprises LLC
Investment company
United States of America
43%
\u2013
50%
\u2013
KIK Equity Co-invest LLC
Investment company
United States of America
25%
\u2013
25%
\u2013
Seaway Topco, LP
Investment company
United States of America
49%
\u2013
\u2013%
\u2013
1 1 2 3 2 2 2 1. The registered address for this entity is IFC 1 \u2013 The Esplanade, St Helier, Jersey JE1 4BP. 2. The registered address for this entity is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States 3. The registered address for this entity is 9 Raffles Place. #26-01. Republic Plaza, 048619, Singapore During the year the Group\u2019s investments in Seaway Topco, LP was assessed as an associate. All associates are accounted for at fair value. The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest LLC arising from its co-investment with a fund. The Group appoints the General Partner (GP) to each of these funds. The investors have substantive rights to remove the GP without cause. The Funds also each have an Advisory Council, nominated by the investors, whose function is to ensure that the GP is acting in the interest of investors. As the Group has a 17%\u201325% holding, and therefore significant influence in each entity, they have been considered as associates The proportion of ownership interest in this Ambient Enterprises LLC has reduced in the year as a result of dilution. Details of each of the Group\u2019s joint ventures at the end of the reporting period are as follows:
Proportion of ownership Proportion of voting
interest held by the Group rights held by the Group
Name of joint venture
Accounting method
Principal activity
Country of incorporation
2024 2024
Nomura ICG KK
Equity
Advisory company
Japan
\u2013%
\u2013%
Brighton Marina Group Limited
Fair value
Investment company
United Kingdom
70%
70%
Brighton Marina Group Limited is accounted for at fair value in accordance with IAS28 and IFRS9 and the Group\u2019s accounting policy in note 5 to the financial statements. The Group holds 70% of the ordinary shares of Brighton Marina Group Limited and the management of this entity is jointly controlled with a third party who the Group does not control and therefore the Group is unable to execute decisions without the consent of the third party. Summarised financial information for equity accounted joint ventures During the year the Group disposed of its interest in Nomura ICG KK. Nomura ICG KK made no profit from continuing operations and total comprehensive income for the year ended 31 March 2024 (2023: \u00a38.8m), of which the Group\u2019s share of results accounted for using the equity method is (\u00a30.4m) for the year ended 31 March 2024 (2023: \u00a34.4m). Significant restriction There are no significant restrictions on the ability of associates and joint ventures to transfer funds to the Group other than having sufficient distributable reserves. Summarised financial information for associates material to the reporting entity The Group\u2019s only material associate is ICG Europe Fund VI Jersey Limited which is an associate measured at fair value through profit and loss. The information below is derived from the IFRS financial statements of the entities. Materiality has been determined by the carrying value of the associate as a percentage of total Group assets. The entity allows the Group to co-invest with ICG Europe Fund VI, aligning interests with other investors. In addition to the returns on its co-investment the Group receives performance-related fee income from the funds (see note 3). This is industry standard and is in line with other funds in the industry.
ICG Fund VI Jersey Limited
2024 2023
\u00a3m \u00a3m
Current assets
0.6
8.1
Non-current assets
975.4
1,023.9
Current liabilities
\u2013
(55.8)
976.0
976.2
Revenue
185.0
47. 3
Expenses
(0.2)
(24.1)
Total comprehensive income
184.8
23.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-500": { "value": "27. Subsidiaries Accounting policy Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as \u2018ICG\u2019 or the \u2018Group\u2019. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors\u2019 assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group\u2019s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager ICG participates in carried interest partnerships (CIPs), the participants of which are the Group, certain of the Group\u2019s employees and others connected to the underlying fund. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS10 and have considered whether the CIP participants were providing a service for the benefit of the Group. In undertaking this assessment the Directors took account of the following key considerations: \u2013 the Group\u2019s exposure to the variable returns of the CIP is limited to the amounts allocated to the Group (see \u2019Other information\u2019). Such allocations are typically 20% or less of total returns realised by the CIP with the balance attributable to other participants \u2013 CIPs are used to facilitate substantial co-investment by individuals in the underlying funds. These individuals are exposed to the risk of personal financial loss \u2013 fund investors can, in certain conditions, veto changes in the key persons managing the fund The Directors have assessed that certain CIPs are controlled, and they are included within the list of controlled structured entities below. The Directors conclude that other CIPs are not controlled by the Group. The Group consists of a Parent Company, Intermediate Capital Group plc, incorporated in the UK, and a number of subsidiaries held directly or indirectly by ICG plc, which operate and are incorporated around the world. The subsidiary undertakings of the Group are shown below. All are wholly owned, and the Group\u2019s holding is in the ordinary share class, except where stated. The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings. Related undertakings are subsidiaries, joint ventures and associates. The registered office of all related undertakings at 31 March 2024 was Procession House, 55 Ludgate Hill, New Bridge Street, London EC4M 7JW, unless otherwise stated. The financial year end of all related undertakings is 31 March, unless otherwise stated. All entities are consolidated as at 31 March. Directly held subsidiaries 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Asset Management Limited
United Kingdom
Holding company
Ordinary shares
100%
ICG FMC Limited
England & Wales
Holding company
Ordinary shares
100%
Intermediate Capital Investments Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Global Investment UK Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Carbon Funding Limited
England & Wales
Investment company
Ordinary shares
100%
ICG Longbow Richmond Limited
England & Wales
Holding company
Ordinary shares
100%
ICG-Longbow BTR Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Japan (Funding 2)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
ICG Longbow Development (Brighton)\ue005Limited
England & Wales
Holding company
Ordinary shares
100%
LREC Partners Investments No. 2 Limited
England & Wales
Investment company
Ordinary shares
55%
ICG Longbow Senior Debt I GP Limited
England & Wales
General partner
Ordinary shares
100%
ICG Debt Advisors (Cayman) Ltd
4
Cayman Islands
Advisory company
Ordinary shares
100%
ICG Re Holding (Germany) GmbH
9
Germany
Special purpose vehicle
Ordinary shares
100%
ICG Watch Jersey GP Limited
19
Jersey
General partner
Ordinary shares
100%
Intermediate Investments Jersey Limited
19
Jersey
Investment company
Ordinary shares
100%
Intermediate Capital Group Espana SL
33
Spain
Advisory company
Ordinary shares
100%
1. Registered addresses are disclosed in pages 186. Indirectly held subsidiaries 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Alternative Investment Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Managers Limited
England & Wales
Advisory company
Ordinary shares
100%
Intermediate Capital Asia Pacific Limited
12
Hong Kong
Advisory company
Ordinary shares
100%
ICG Europe S.\u00e0 r.l.
23
Luxembourg
Advisory company
Ordinary shares
100%
ICG Enterprise Co-Investment GP Limited
England & Wales
General Partner
Ordinary shares
100%
ICG-Longbow B Investments L.P.
England & Wales
Investment company
N/A
50%
ICG-Longbow Development GP LLP
England & Wales
General Partner
N/A
\u2013%
Longbow Real Estate Capital LLP
England & Wales
Advisory company
N/A
\u2013%
ICG Senior Debt Partners UK GP Limited
England & Wales
General Partner
Ordinary shares
100%
Intermediate Capital Group SAS
8
France
Advisory company
Ordinary shares
100%
ICG Nordic AB
34
Sweden
Advisory company
Ordinary shares
100%
Intermediate Capital Group Dienstleistungsgesellschaft mbH
9
Germany
Service company
Ordinary shares
100%
Intermediate Capital Group Benelux B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
Intermediate Capital Group Inc.
17
United States
Advisory company
Ordinary shares
100%
Intermediate Capital GP 2003 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital GP 2003 No.1 Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific Mezzanine Opportunity 2005 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Asia Pacific 2008 GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund V GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Beratungsgesellschaft GmbH
9
Germany
Advisory company
Ordinary shares
100%
Intermediate Capital Group (Singapore) Pte. Limited
32
Singapore
Advisory company
Ordinary shares
100%
ICG North America Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Japan KK
14
Japan
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund III GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Alternative Credit (Luxembourg)\ue005GP\ue005S.A.
25
Luxembourg
General Partner
Ordinary shares
100%
ICG Alternative Credit (Cayman) GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Senior Debt Partners
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Secondaries Carbon Associates LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG European Fund 2006 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VI GP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG Total Credit (Global) GP, S.\u00e0 r.l.
24
Luxembourg
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG EFV MLP Limited
18
Jersey
General Partner
Ordinary shares
100%
ICG-Longbow IV GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Fund VI Lux GP S.\u00e0 r.l.
20
Luxembourg
General Partner
Ordinary shares
100%
ICG Centre Street Partnership GP Limited
18
Jersey
General Partner
Ordinary shares
100%
Intermediate Capital Group Polska Sp. z.o.o
31
Poland
Service company
Ordinary shares
100%
ICG Recovery Fund 2008 B GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG - Longbow Fund V GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Private Markets GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Inc
17
Delaware
Dormant
Ordinary shares
100%
ICG MF 2003 No.1 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.1 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No. 3 EGP 1 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG MF 2003 No.3 EGP 2 Limited
England & Wales
General Partner
Ordinary shares
100%
ICG Private Credit GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
Intermediate Capital Group (Italy) S.r.l
13
Italy
Advisory company
Ordinary shares
100%
ICG-LONGBOW SENIOR GP LLP
England & Wales
General Partner
N/A
\u2013%
ICG Alternative Credit Warehouse Fund I GP, LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Alternative Credit (Jersey)\ue005GP\ue005Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Enterprise Carry GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Senior Debt Partners Performance GP Limited
19
Jersey
General Partner
Ordinary shares
100%
ICG Structured Special Opportunities GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Asia Pacific Fund IV GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG European Credit Mandate GP S.\u00e0 r.l.
28
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP S.a.r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG LP Secondaries Fund Associates I S.a. r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG US Senior Loan Fund GP Ltd
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Recovery Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt (Offshore) GP Limited Partnership
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Europe Fund VI GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Strategic Secondaries Carbon (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II (Offshore)\ue005GP\ue005LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Secondaries II GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG North American Private Debt II (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Japan Cayman Performance GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity III (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Australian Senior Debt GP Limited
5
Cayman Islands
General Partner
Ordinary shares
100%
ICG Strategic Equity Side Car (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Equity I GP LP
21
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Debt VI GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Excelsior GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Life Sciences GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates IV S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity IV GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG RE AUSTRALIA GROUP PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG (DIFC) Limited
26
United Arab Emirates
Service company
Ordinary shares
100%
ICG Metropolitan GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Senior Debt Partners GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Senior Debt V GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG SRE GP II S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Living GP S.a r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Europe Mid-Market Fund II GP S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Infrastructure Fund II GP S.\u00e0 r.l
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V S.\u00e0 r.l.
29
Luxembourg
General Partner
Ordinary shares
100%
ICG Fund Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Alternative Credit LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Strategic Equity Advisors LLC
17
Delaware
Advisory company
Ordinary shares
100%
ICG Debt Administration LLC
17
Delaware
Service company
Ordinary shares
100%
ICG Strategic Equity Associates II LLC
16
Delaware
General Partner
Ordinary shares
100%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG Velocity Co-Investor Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Debt Advisors LLC - Manager Series
17
Delaware
Advisory company
Ordinary shares
100%
ICG North America Associates II LLC
17
Delaware
General Partner
Ordinary shares
100%
ICG Strategic Equity Associates III LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG Augusta Associates LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG STRATEGIC EQUITY ASSOCIATES IV LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG LP Secondaries Associates I LLC
16
Delaware
General Partner
Ordinary shares
100%
ICG North America Associates III LLC
17
United States
General Partner
Ordinary shares
100%
ICG Global Investment Jersey Limited
18
Jersey
Investment company
Ordinary shares
100%
ICG North America Holdings Limited
5
Cayman Islands
Investment company
Ordinary shares
100%
ICG Global Nominee Jersey Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Global Nominee Jersey 2 Limited
18
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG RE CORPORATE AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
ICG RE CAPITAL PARTNERS AUSTRALIA PTY LTD
3
Australia
Advisory company
Ordinary shares
100%
ICG RE FUNDS MANAGEMENT AUSTRALIA PTY LTD
3
Australia
Service company
Ordinary shares
100%
Intermediate Capital Managers (Australia)\ue005PTY Limited
2
Australia
Advisory company
Ordinary shares
100%
Intermediate Capital Australia PTY Limited
1
Australia
Advisory company
Ordinary shares
100%
ICG Alternative Investment (Netherlands) B.V.
30
Netherlands
Advisory company
Ordinary shares
100%
ICG Asia Pacific Fund IV GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Augusta GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG NA Debt Co-Invest Limited
15
England & Wales
Investment company
Ordinary shares
100%
ICG Debt Advisors LLC \u2013 Holdings Series
17
Delaware
Investment company
Ordinary shares
100%
ICG EFV MLP GP LIMITED
England & Wales
General Partner
Ordinary shares
100%
ICG Europe Fund VII GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Fund VIII GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Europe Mid-Market Fund GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG European Credit Mandate GP LP SCSp
28
Luxembourg
Limited Partner
N/A
\u2013%
ICG EXCELSIOR GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Executive Financing Limited
19
Jersey
Service company
Ordinary shares
100%
ICG Infrastructure Equity Fund I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
Avanton Richmond Developments Limited
7
England & Wales
Special purpose vehicle
Ordinary shares
70%
1. Registered addresses are disclosed in page 186. 1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG LP Secondaries I GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Employee Benefit Trust 2015
11
Guernsey
N/A
Ordinary shares
100%
ICG Private Markets General Partner SCSp
27
Luxembourg
General Partner
N/A
\u2013%
ICG Real Estate Debt VI GP LP SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Recovery Fund II GP LP SCSp
29
Luxembourg
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
ICG Strategic Equity Side Car II (Onshore) GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor GP LP
16
Delaware
Limited Partner
N/A
\u2013%
ICG Velocity Co-Investor (Offshore) GP LP
5
Cayman Islands
Limited Partner
N/A
\u2013%
Wise Living Homes Limited
6
England & Wales
Special purpose vehicle
Ordinary shares
83%
Wise Limited Amber Langley Mill Limited
6
United Kingdom
Special purpose vehicle
Ordinary shares
83%
ICG Longbow Development Debt Limited
England & Wales
Investment company
Ordinary shares
100%
ICG-Longbow Investment 3 LLP
England & Wales
Special purpose vehicle
N/A
\u2013%
ICG Asia Pacific Fund III GP Limited Partnership
19
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Fund V GP Limited Partnership
18
Jersey
Limited Partner
N/A
\u2013%
ICG Europe Copenhagen, filial af ICG Europe S.\u00e0 r.l.
35
Denmark
Branch
N/A
100%
ICG Europe SARL - Frankfurt Branch
36
Germany
Branch
N/A
100%
ICG Europe SARL - Milan Branch
37
Italy
Branch
N/A
100%
ICG Europe SARL - Paris Branch
38
France
Branch
N/A
100%
ICG North America Associates III S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG North American Private Debt GP LP
17
Delaware
Limited Partner
N/A
\u2013%
ICG Real Estate Opportunities APAC GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Strategic Equity GP V LLC
16
Delaware
General Partner
Ordinary shares
100%
Intermediate Capital Managers Limited (France Branch)
38
France
Branch
N/A
100%
ICG Infrastructure APAC I GP S.\u00e0 r.l.
22
Luxembourg
General Partner
Ordinary shares
100%
Rock Investments GP S.\u00e0 r.l.
27
Luxembourg
General Partner
Ordinary shares
100%
ICG Real Estate Debt VII GP Sarl
22
Luxembourg
General Partner
Ordinary shares
100%
ICG Seed Asset Founder LP Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG North American Private Equity Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate E Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
ICG Life Sciences Debt Limited
19
Jersey
Special purpose vehicle
Ordinary shares
100%
1. Registered addresses are disclosed in page 186.
1
% Voting rights
Name
Ref
Country of incorporation
Principal activity
Share class
held
ICG North American Private Equity Associates I LLC
21
Delaware
General Partner
Ordinary shares
100%
ICG North American Private Equity Fund I LP
21
Delaware
Special purpose vehicle
N/A
\u2013%
ICG Life Sciences SCSp
27
Luxembourg
Limited Partner
N/A
\u2013%
ICG Life Sciences Feeder SCSp
27
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Funding Lux S.\u00e0 r.l.
22
Luxembourg
Special purpose vehicle
Ordinary shares
100%
Atlanta Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Infrastructure APAC Fund SCSp
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
ICG Infrastructure APAC Investment PTE. Limited
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero PTE Ltd\ue005
10
Singapore
Special purpose vehicle
Ordinary shares
100%
ICG Real Estate Opportunities APAC Fund SCSP
22
Luxembourg
Special purpose vehicle
N/A
\u2013%
Yangju Investment PTE. LTD.
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Japan Master Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 1 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Montero Cruise JP 2 Pte. Ltd
10
Singapore
Special purpose vehicle
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 1
0
South Korea
Portfolio Company
Ordinary shares
100%
Capstone Living and Stay General Private Investment Company No. 2\ue005
0
South Korea
Portfolio Company
Ordinary shares
100%
Rifa Private Real Estate Trust No. 24
0
South Korea
Portfolio Company
Ordinary shares
100%
1. Registered addresses are disclosed in page 186 .
Registered offices
1
Level 18, 88 Phillip Street, Sydney, NSW 2000, Australia
2
Level 31, 88 Phillip Street, Sydney, NSW 2000, Australia
3
Level 9, 88 Phillip Street, Sydney, NSW 2000, Australia
4
75 Fort Street, Clifton House, c/o Estera Trust (Cayman)\ue005Limited,\ue005PO Box 1350, Grand Cayman, KY1-1108, Cayman Islands
5
PO Box 309, Ugland House, C/o Maples Corporate Services Limited, Grand Cayman, KY1-1104, Cayman Islands
6
17 Regan Way, Chetwynd Business Park, Chilwell, Nottingham, NG9 6RZ, England & Wales
7
Brock House, 19 Langham Street, London, England, W1W 6BP
8
1 rue de la Paix, Paris, 75002, France
9
12th Floor, An der Welle 5, Frankfurt, 60322, Germany
10
9 Temasek Boulevard, #12-01/02. Suntec Tower Two, 038989, Singapore
11
c/o Zedra Trust Company (Guernsey)\ue005Limited,\ue0053rd Floor, Cambridge House, Le Truchot, St Peter Port, GY1 1WD, Guernsey
12
Suites 1301-02, 13/F, AIA Central, 1 Connaught Road Central, Hong Kong
13
Corso Giacomo Matteotti 3, Milan, 20121, Italy
14
Level 23, Otemachi Nomura Building, 2-1-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
15
25 Farringdon Street, London, EC4A 4AB
16
c/o Maples Fiduciary Services (Delaware) Inc., Suite 302, 4001 Kennett Pike, Wilmington, DE, 19807, United States
17
c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
18
IFC 1, The Esplanade, St. Helier, JE1 4BP, Jersey
19
Ogier House,44 The Esplanade, St. Helier, JE4 9WG, Jersey
20
12E, rue Guillaume Kroll, L - 1882 Luxembourg
21
c/o Intertrust Corporate Services Delaware LTD, Suite 210, 200 Bellevue Parkway, Wilmington, DE, 19809, United States
22
3, rue Gabriel Lippmann, L - 5365 Munsbach, Luxembourg
23
32-36, boulevard d'Avranches L - 1160 Luxembourg, 1160, Luxembourg
24
49 Avenue John F. Kennedy, Luxembourg, L-1855, Luxembourg
25
5 All\u00e9e Scheffer, Luxembourg, L-2520, Luxembourg
26
Index Tower, Floor 4, Unit 404, Dubai International Financial Centre, Dubai, United Arab Emirates
27
6, rue Eugene Ruppert, Luxembourg, L-2453, Luxembourg
28
60, Avenue J.F. Kennedy, Luxembourg, L-1855, Luxembourg
29
6H Route de Tr\u00e8ves, Senningerberg, L-2633, Luxembourg
30
Paulus Potterstraat 20, 2hg., Amsterdam, 1071 DA, Netherlands
31
Spark B, Aleja Solidarno\u015bci 171, Warsaw, 00-877, Poland
32
8 Marina View, #32-06. Asia Square Tower 1, 018960, Singapore
33
Serrano 30-3\u00ba, 28001 Madrid, Spain
34
David Bagares Gata 3, 111 38 Stockholm
35
Female Founders House Bredgade 45B, 3., kontor, Copenhagen, 607 1260, Denmark
36
12th Floor, Stockwerk, An der Welle 5, Frankfurt, 60322, Germany
37
Corso Giacomo Matteotti 3, Milan, 20121, Italy
38
1 rue de la Paix, Paris, 75002, France
The table below shows details of structured entities that the Group is deemed to control:
Name of subsidiary
Country of incorporation
% of ownership interests and voting rights
ICG US CLO 2014-1, Ltd.
Cayman Islands
50%
ICG US CLO 2014-2, Ltd.
Cayman Islands
72%
ICG US CLO 2014-3, Ltd.
Cayman Islands
51%
ICG US CLO 2015-1, Ltd.
Cayman Islands
50%
ICG US CLO 2015-2R, Ltd.
Cayman Islands
83%
ICG US CLO 2016-1, Ltd.
Cayman Islands
63%
ICG US CLO 2017-1, Ltd.
Cayman Islands
60%
ICG US CLO 2020-1, Ltd.
Cayman Islands
52%
ICG EURO CLO 2021-1 DAC
Ireland
67%
ICG EURO CLO 2023-2 DAC
Ireland
100%
St. Paul's CLO II DAC
Ireland
85%
St. Paul's CLO III-R DAC
Ireland
62%
St. Paul's CLO VI DAC
Ireland
53%
St. Paul's CLO VIII DAC
Ireland
53%
St. Paul's CLO XI DAC
Ireland
57%
ICG Euro CLO 2023-1 DAC
Ireland
100%
ICG Enterprise Carry (1)\ue005LP
Jersey
100%
ICG Enterprise Carry (2)\ue005LP
Jersey
50%
ICG US Senior Loan Fund
Cayman Islands
100%
ICG Total Credit (Global) SCA
Luxembourg
100%
ICG Newground RE Finance Trust 1
Australia
100%
The structured entities controlled by the Group include \u00a35,089.7m (2023: \u00a35,160.8m) of assets and \u00a35,087.7m (2023: \u00a35,109.2m) of liabilities within 21 funds listed above. These assets are restricted in their use to being the sole means by which the related fund liabilities can be settled. All other assets can be accessed or used to settle the other liabilities of the Group without significant restrictions. The Group has not provided contractual or non-contractual financial or other support to a consolidated structured entity during the period. It is not the current intention to provide such support, including the intention to assist the structured entity in obtaining financial support. Subsidiary audit exemption For the period ended 31 March 2024, the following companies were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The member(s)1 of the following companies have not required them to obtain an audit of their financial statements for the period ended 31 March 2024.
Company
Registered number
Member(s)
ICG FMC Limited
7266173
Intermediate Capital Group plc
ICG Global Investment UK Limited
7647419
Intermediate Capital Group plc
ICG Japan (Funding 2)\ue005Limited
9125779
Intermediate Capital Group plc
ICG Longbow Development (Brighton)\ue005Limited
8802752
Intermediate Capital Group plc
ICG Longbow Richmond Limited
11210259
Intermediate Capital Group plc
ICG Longbow BTR Limited
11177993
Intermediate Capital Group plc
ICG Longbow Senior Debt I GP Limited
2276839
Intermediate Capital Group plc
Intermediate Capital Investments Limited
2327070
Intermediate Capital Group plc
LREC Partners Investments No. 2 Limited
7428335
Intermediate Capital Group plc
ICG Longbow Development Debt Limited
9907841
ICG-Longbow Development GP LLP
ICG IC Holdco Limited
14542130
Intermediate Capital Group plc
ICG-Longbow Development GP LLP
OC396833
Intermediate Capital Group plc, ICG FMC Limited
ICG-Longbow Investment 3 LLP
OC395389
ICG FMC Limited, Intermediate Capital Managers Limited
ICG-Longbow Senior GP LLP
OC427634
Intermediate Capital Group plc, ICG FMC Limited
1. Shareholders or Partners, as appropriate. 29. Associates and joint ventures Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group\u2019s share of the joint venture\u2019s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group\u2019s operations and contributing to achieving the Group\u2019s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities. Details of associates and joint ventures Details of each of the Group\u2019s associates at the end of the reporting period are as follows:
Proportion of Proportion of
ownership Income ownership Income
interest/voting distributions interest/voting distributions
rights held by the received from rights held by the received from
Group associate Group associate
Name of associate
Principal activity
Country of incorporation
2024 2024 2023 2023
ICG Europe Fund V Jersey Limited
Investment company
Jersey
20%
4.5
20%
11.0
ICG Europe Fund VI Jersey Limited
Investment company
Jersey
17%
(3)
17%
24.7
ICG North American Private Debt Fund
Investment company
United States of America
20%
1.1
20%
5.5
ICG Asia Pacific Fund III Singapore Pte. Limited
Investment company
Singapore
20%
4.1
20%
(1.2)
Ambient Enterprises LLC
Investment company
United States of America
43%
\u2013
50%
\u2013
KIK Equity Co-invest LLC
Investment company
United States of America
25%
\u2013
25%
\u2013
Seaway Topco, LP
Investment company
United States of America
49%
\u2013
\u2013%
\u2013
1 1 2 3 2 2 2 1. The registered address for this entity is IFC 1 \u2013 The Esplanade, St Helier, Jersey JE1 4BP. 2. The registered address for this entity is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States 3. The registered address for this entity is 9 Raffles Place. #26-01. Republic Plaza, 048619, Singapore During the year the Group\u2019s investments in Seaway Topco, LP was assessed as an associate. All associates are accounted for at fair value. The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest LLC arising from its co-investment with a fund. The Group appoints the General Partner (GP) to each of these funds. The investors have substantive rights to remove the GP without cause. The Funds also each have an Advisory Council, nominated by the investors, whose function is to ensure that the GP is acting in the interest of investors. As the Group has a 17%\u201325% holding, and therefore significant influence in each entity, they have been considered as associates The proportion of ownership interest in this Ambient Enterprises LLC has reduced in the year as a result of dilution. Details of each of the Group\u2019s joint ventures at the end of the reporting period are as follows:
Proportion of ownership Proportion of voting
interest held by the Group rights held by the Group
Name of joint venture
Accounting method
Principal activity
Country of incorporation
2024 2024
Nomura ICG KK
Equity
Advisory company
Japan
\u2013%
\u2013%
Brighton Marina Group Limited
Fair value
Investment company
United Kingdom
70%
70%
Brighton Marina Group Limited is accounted for at fair value in accordance with IAS28 and IFRS9 and the Group\u2019s accounting policy in note 5 to the financial statements. The Group holds 70% of the ordinary shares of Brighton Marina Group Limited and the management of this entity is jointly controlled with a third party who the Group does not control and therefore the Group is unable to execute decisions without the consent of the third party. Summarised financial information for equity accounted joint ventures During the year the Group disposed of its interest in Nomura ICG KK. Nomura ICG KK made no profit from continuing operations and total comprehensive income for the year ended 31 March 2024 (2023: \u00a38.8m), of which the Group\u2019s share of results accounted for using the equity method is (\u00a30.4m) for the year ended 31 March 2024 (2023: \u00a34.4m). Significant restriction There are no significant restrictions on the ability of associates and joint ventures to transfer funds to the Group other than having sufficient distributable reserves. Summarised financial information for associates material to the reporting entity The Group\u2019s only material associate is ICG Europe Fund VI Jersey Limited which is an associate measured at fair value through profit and loss. The information below is derived from the IFRS financial statements of the entities. Materiality has been determined by the carrying value of the associate as a percentage of total Group assets. The entity allows the Group to co-invest with ICG Europe Fund VI, aligning interests with other investors. In addition to the returns on its co-investment the Group receives performance-related fee income from the funds (see note 3). This is industry standard and is in line with other funds in the industry.
ICG Fund VI Jersey Limited
2024 2023
\u00a3m \u00a3m
Current assets
0.6
8.1
Non-current assets
975.4
1,023.9
Current liabilities
\u2013
(55.8)
976.0
976.2
Revenue
185.0
47. 3
Expenses
(0.2)
(24.1)
Total comprehensive income
184.8
23.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-546": { "value": "Investment in subsidiaries The Group consists of the Parent Company, Intermediate Capital Group plc, and its subsidiaries, described collectively herein as \u2018ICG\u2019 or the \u2018Group\u2019. Investments in subsidiaries in the Parent Company statement of financial position are recorded at cost less provision for impairments or at fair value through profit or loss. Key accounting judgement A key judgement for the Group is whether the Group controls an investee or fund and is required to consolidate the investee or fund into the results of the Group. Control is determined by the Directors\u2019 assessment of decision making authority, rights held by other parties, remuneration and exposure to returns. When assessing whether the Group controls any fund it manages (or any entity associated with a fund) it is necessary to determine whether the Group acts in the capacity of principal or agent for the third-party investor. An agent is a party primarily engaged to act on behalf and for the benefit of another party or parties, whereas a principal is primarily engaged to act for its own benefit. A key judgement when determining that the Group acts in the capacity of principal or agent is the kick-out rights of the third-party fund investors. We have reviewed these kick-out rights, across each of the entities where the Group has an interest. Where fund investors have substantive rights to remove the Group as the investment manager it has been concluded that the Group is an agent to the fund and thus the fund does not require consolidation into the Group. We consider if the Group has significant influence over these entities and, where we conclude it does, we recognise them as associates. Where the conclusion is that the Group acts in the capacity of principal the fund has been consolidated into the Group\u2019s results. Where the Group has Trust entities in investment deals or fund structures, a key judgement is whether the Trust is acting on behalf of the Group or another third party. Where the Trust is considered to act as an agent of the Group, the Trust and its related subsidiaries have been consolidated into the Group. As a fund manager ICG participates in carried interest partnerships (CIPs), the participants of which are the Group, certain of the Group\u2019s employees and others connected to the underlying fund. These vehicles have two purposes: 1) to facilitate payments of carried interest from the fund to carried interest participants, and 2) to facilitate individual co-investment into the funds. The Directors have undertaken a control assessment of each CIP in accordance with IFRS10 and have considered whether the CIP participants were providing a service for the benefit of the Group. In undertaking this assessment the Directors took account of the following key considerations: \u2013 the Group\u2019s exposure to the variable returns of the CIP is limited to the amounts allocated to the Group (see \u2019Other information\u2019). Such allocations are typically 20% or less of total returns realised by the CIP with the balance attributable to other participants \u2013 CIPs are used to facilitate substantial co-investment by individuals in the underlying funds. These individuals are exposed to the risk of personal financial loss \u2013 fund investors can, in certain conditions, veto changes in the key persons managing the fund The Directors have assessed that certain CIPs are controlled, and they are included within the list of controlled structured entities below. The Directors conclude that other CIPs are not controlled by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-469": { "value": "
28. Disposal groups held for sale and discontinued operations
Accounting policy
Non-current financial assets held for sale and disposal groups
The Group may make an investment and hold the asset on its balance sheet prior to it being transferred into a fund or sold to third-party investors. When assets are expected to be held for a period for up to a year,
these assets may be classified as held for sale. Where the investment is held through a controlled investee the investee entity is classified as a disposal group held for sale.
The conditions for disposal groups held for sale are regarded as met only when the asset is available for immediate sale, the Directors are committed to the sale, and the sale is expected to be completed within one year
from the date of classification.
Assets within disposal groups held for sale are recognised at the lower of fair value less cost to sell and their carrying amount as required by IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, except
where the asset is a financial instrument or investment property. The measurement of these assets is determined by IFRS 9 Financial Instruments and IAS 40 Investment Property respectively. The Group\u2019s measurement
of these assets is detailed in note 5.
Subsidiaries within disposal groups held for sale which were acquired with a view to resale are assessed as discontinued operations.
Financial year ended 31 March 2024
As at 31 March 2024, management have assessed that it is no longer highly probable that the remaining assets classified as disposal groups held for sale at the prior reporting date will be disposed of in the next 12 months
and therefore have ceased to classify these assets as held for sale.
As at 31 March 2024 these assets are now classified either as financial assets at fair value through profit and loss in accordance with IFRS 9 (see note 5) or investment properties at fair value through profit and loss in
accordance with IAS 40 (see note 18). Assets were reclassified at fair value.
During the year the majority of discontinued operations were derecognised following the sale of controlling interests in the subsidiaries to third-party investors (see note 31 for details of full realisations). A loss on disposal of
\u00a39.3m was recognised in respect of a full disposal of a discontinued operation and a loss of \u00a33.9m was recognised in respect of a partial disposal of a discontinued operation, both to third parties. The retained interests do not
meet the definition of held for sale and are classified as continuing operations. Prior year profit after tax of those discontinued operations not disposed during the year is immaterial and have not been re-presented to continuing
operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-515": { "value": "28. Disposal groups held for sale and discontinued operations Accounting policy Non-current financial assets held for sale and disposal groups The Group may make an investment and hold the asset on its balance sheet prior to it being transferred into a fund or sold to third-party investors. When assets are expected to be held for a period for up to a year, these assets may be classified as held for sale. Where the investment is held through a controlled investee the investee entity is classified as a disposal group held for sale. The conditions for disposal groups held for sale are regarded as met only when the asset is available for immediate sale, the Directors are committed to the sale, and the sale is expected to be completed within one year from the date of classification. Assets within disposal groups held for sale are recognised at the lower of fair value less cost to sell and their carrying amount as required by IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, except where the asset is a financial instrument or investment property. The measurement of these assets is determined by IFRS 9 Financial Instruments and IAS 40 Investment Property respectively. The Group\u2019s measurement of these assets is detailed in note 5. Subsidiaries within disposal groups held for sale which were acquired with a view to resale are assessed as discontinued operations. Financial year ended 31 March 2024 As at 31 March 2024, management have assessed that it is no longer highly probable that the remaining assets classified as disposal groups held for sale at the prior reporting date will be disposed of in the next 12 months and therefore have ceased to classify these assets as held for sale. As at 31 March 2024 these assets are now classified either as financial assets at fair value through profit and loss in accordance with IFRS 9 (see note 5) or investment properties at fair value through profit and loss in accordance with IAS 40 (see note 18). Assets were reclassified at fair value. During the year the majority of discontinued operations were derecognised following the sale of controlling interests in the subsidiaries to third-party investors (see note 31 for details of full realisations). A loss on disposal of \u00a39.3m was recognised in respect of a full disposal of a discontinued operation and a loss of \u00a33.9m was recognised in respect of a partial disposal of a discontinued operation, both to third parties. The retained interests do not meet the definition of held for sale and are classified as continuing operations. Prior year profit after tax of those discontinued operations not disposed during the year is immaterial and have not been re-presented to continuing operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-501": { "value": "28. Disposal groups held for sale and discontinued operations Accounting policy Non-current financial assets held for sale and disposal groups The Group may make an investment and hold the asset on its balance sheet prior to it being transferred into a fund or sold to third-party investors. When assets are expected to be held for a period for up to a year, these assets may be classified as held for sale. Where the investment is held through a controlled investee the investee entity is classified as a disposal group held for sale. The conditions for disposal groups held for sale are regarded as met only when the asset is available for immediate sale, the Directors are committed to the sale, and the sale is expected to be completed within one year from the date of classification. Assets within disposal groups held for sale are recognised at the lower of fair value less cost to sell and their carrying amount as required by IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, except where the asset is a financial instrument or investment property. The measurement of these assets is determined by IFRS 9 Financial Instruments and IAS 40 Investment Property respectively. The Group\u2019s measurement of these assets is detailed in note 5. Subsidiaries within disposal groups held for sale which were acquired with a view to resale are assessed as discontinued operations. Financial year ended 31 March 2024 As at 31 March 2024, management have assessed that it is no longer highly probable that the remaining assets classified as disposal groups held for sale at the prior reporting date will be disposed of in the next 12 months and therefore have ceased to classify these assets as held for sale. As at 31 March 2024 these assets are now classified either as financial assets at fair value through profit and loss in accordance with IFRS 9 (see note 5) or investment properties at fair value through profit and loss in accordance with IAS 40 (see note 18). Assets were reclassified at fair value. During the year the majority of discontinued operations were derecognised following the sale of controlling interests in the subsidiaries to third-party investors (see note 31 for details of full realisations). A loss on disposal of \u00a39.3m was recognised in respect of a full disposal of a discontinued operation and a loss of \u00a33.9m was recognised in respect of a partial disposal of a discontinued operation, both to third parties. The retained interests do not meet the definition of held for sale and are classified as continuing operations. Prior year profit after tax of those discontinued operations not disposed during the year is immaterial and have not been re-presented to continuing operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-547": { "value": "Non-current financial assets held for sale and disposal groups The Group may make an investment and hold the asset on its balance sheet prior to it being transferred into a fund or sold to third-party investors. When assets are expected to be held for a period for up to a year, these assets may be classified as held for sale. Where the investment is held through a controlled investee the investee entity is classified as a disposal group held for sale. The conditions for disposal groups held for sale are regarded as met only when the asset is available for immediate sale, the Directors are committed to the sale, and the sale is expected to be completed within one year from the date of classification. Assets within disposal groups held for sale are recognised at the lower of fair value less cost to sell and their carrying amount as required by IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations, except where the asset is a financial instrument or investment property. The measurement of these assets is determined by IFRS 9 Financial Instruments and IAS 40 Investment Property respectively. The Group\u2019s measurement of these assets is detailed in note 5. Subsidiaries within disposal groups held for sale which were acquired with a view to resale are assessed as discontinued operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-470": { "value": "
29. Associates and joint ventures
Accounting policy
Investment in associates
An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes
they are designated at fair value through profit or loss.
Investment in joint ventures
A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated
in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are
designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise
the Group\u2019s share of the joint venture\u2019s profit or loss.
The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group\u2019s operations and contributing to achieving the Group\u2019s overall strategy.
The remaining associates and joint ventures are portfolio companies not involved in investment activities.
Details of associates and joint ventures
Details of each of the Group\u2019s associates at the end of the reporting period are as follows:
Proportion of Proportion of
ownership Income ownership Income
interest/voting distributions interest/voting distributions
rights held by the received from rights held by the received from
Group associate Group associate
Name of associate
Principal activity
Country of incorporation
2024 2024 2023 2023
ICG Europe Fund V Jersey Limited
Investment company
Jersey
20%
4.5
20%
11.0
ICG Europe Fund VI Jersey Limited
Investment company
Jersey
17%
(3)
17%
24.7
ICG North American Private Debt Fund
Investment company
United States of America
20%
1.1
20%
5.5
ICG Asia Pacific Fund III Singapore Pte. Limited
Investment company
Singapore
20%
4.1
20%
(1.2)
Ambient Enterprises LLC
Investment company
United States of America
43%
\u2013
50%
\u2013
KIK Equity Co-invest LLC
Investment company
United States of America
25%
\u2013
25%
\u2013
Seaway Topco, LP
Investment company
United States of America
49%
\u2013
\u2013%
\u2013
1
1
2
3
2
2
2
1. The registered address for this entity is IFC 1 \u2013 The Esplanade, St Helier, Jersey JE1 4BP.
2. The registered address for this entity is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States
3. The registered address for this entity is 9 Raffles Place. #26-01. Republic Plaza, 048619, Singapore
During the year the Group\u2019s investments in Seaway Topco, LP was assessed as an associate. All associates are accounted for at fair value.
The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest
LLC arising from its co-investment with a fund. The Group appoints the General Partner (GP) to each of these funds. The investors have substantive rights to remove the GP without cause. The Funds also each have an Advisory
Council, nominated by the investors, whose function is to ensure that the GP is acting in the interest of investors. As the Group has a 17%\u201325% holding, and therefore significant influence in each entity, they have been considered
as associates
The proportion of ownership interest in this Ambient Enterprises LLC has reduced in the year as a result of dilution.
Details of each of the Group\u2019s joint ventures at the end of the reporting period are as follows:
Proportion of ownership Proportion of voting
interest held by the Group rights held by the Group
Name of joint venture
Accounting method
Principal activity
Country of incorporation
2024 2024
Nomura ICG KK
Equity
Advisory company
Japan
\u2013%
\u2013%
Brighton Marina Group Limited
Fair value
Investment company
United Kingdom
70%
70%
Brighton Marina Group Limited is accounted for at fair value in accordance with IAS28 and IFRS9 and the Group\u2019s accounting policy in note 5 to the financial statements.
The Group holds 70% of the ordinary shares of Brighton Marina Group Limited and the management of this entity is jointly controlled with a third party who the Group does not control and therefore the Group is unable
to execute decisions without the consent of the third party.
Summarised financial information for equity accounted joint ventures
During the year the Group disposed of its interest in Nomura ICG KK. Nomura ICG KK made no profit from continuing operations and total comprehensive income for the year ended 31 March 2024 (2023: \u00a38.8m),
of which the Group\u2019s share of results accounted for using the equity method is (\u00a30.4m) for the year ended 31 March 2024 (2023: \u00a34.4m).
Significant restriction
There are no significant restrictions on the ability of associates and joint ventures to transfer funds to the Group other than having sufficient distributable reserves.
Summarised financial information for associates material to the reporting entity
The Group\u2019s only material associate is ICG Europe Fund VI Jersey Limited which is an associate measured at fair value through profit and loss. The information below is derived from the IFRS financial statements of the entities.
Materiality has been determined by the carrying value of the associate as a percentage of total Group assets.
The entity allows the Group to co-invest with ICG Europe Fund VI, aligning interests with other investors. In addition to the returns on its co-investment the Group receives performance-related fee income from the funds
(see note 3). This is industry standard and is in line with other funds in the industry.
ICG Fund VI Jersey Limited
2024 2023
\u00a3m \u00a3m
Current assets
0.6
8.1
Non-current assets
975.4
1,023.9
Current liabilities
\u2013
(55.8)
976.0
976.2
Revenue
185.0
47. 3
Expenses
(0.2)
(24.1)
Total comprehensive income
184.8
23.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-528": { "value": "29. Associates and joint ventures Accounting policy Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group\u2019s share of the joint venture\u2019s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group\u2019s operations and contributing to achieving the Group\u2019s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities. Details of associates and joint ventures Details of each of the Group\u2019s associates at the end of the reporting period are as follows:
Proportion of Proportion of
ownership Income ownership Income
interest/voting distributions interest/voting distributions
rights held by the received from rights held by the received from
Group associate Group associate
Name of associate
Principal activity
Country of incorporation
2024 2024 2023 2023
ICG Europe Fund V Jersey Limited
Investment company
Jersey
20%
4.5
20%
11.0
ICG Europe Fund VI Jersey Limited
Investment company
Jersey
17%
(3)
17%
24.7
ICG North American Private Debt Fund
Investment company
United States of America
20%
1.1
20%
5.5
ICG Asia Pacific Fund III Singapore Pte. Limited
Investment company
Singapore
20%
4.1
20%
(1.2)
Ambient Enterprises LLC
Investment company
United States of America
43%
\u2013
50%
\u2013
KIK Equity Co-invest LLC
Investment company
United States of America
25%
\u2013
25%
\u2013
Seaway Topco, LP
Investment company
United States of America
49%
\u2013
\u2013%
\u2013
1 1 2 3 2 2 2 1. The registered address for this entity is IFC 1 \u2013 The Esplanade, St Helier, Jersey JE1 4BP. 2. The registered address for this entity is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, DE, 19801, United States 3. The registered address for this entity is 9 Raffles Place. #26-01. Republic Plaza, 048619, Singapore During the year the Group\u2019s investments in Seaway Topco, LP was assessed as an associate. All associates are accounted for at fair value. The Group has a shareholding in each of ICG Europe Fund V Jersey Limited, ICG Europe Fund VI Jersey Limited, ICG North American Private Debt Fund, ICG Asia Pacific Fund III Singapore Pte. Limited and KIK Equity Co-invest LLC arising from its co-investment with a fund. The Group appoints the General Partner (GP) to each of these funds. The investors have substantive rights to remove the GP without cause. The Funds also each have an Advisory Council, nominated by the investors, whose function is to ensure that the GP is acting in the interest of investors. As the Group has a 17%\u201325% holding, and therefore significant influence in each entity, they have been considered as associates The proportion of ownership interest in this Ambient Enterprises LLC has reduced in the year as a result of dilution. Details of each of the Group\u2019s joint ventures at the end of the reporting period are as follows:
Proportion of ownership Proportion of voting
interest held by the Group rights held by the Group
Name of joint venture
Accounting method
Principal activity
Country of incorporation
2024 2024
Nomura ICG KK
Equity
Advisory company
Japan
\u2013%
\u2013%
Brighton Marina Group Limited
Fair value
Investment company
United Kingdom
70%
70%
Brighton Marina Group Limited is accounted for at fair value in accordance with IAS28 and IFRS9 and the Group\u2019s accounting policy in note 5 to the financial statements. The Group holds 70% of the ordinary shares of Brighton Marina Group Limited and the management of this entity is jointly controlled with a third party who the Group does not control and therefore the Group is unable to execute decisions without the consent of the third party. Summarised financial information for equity accounted joint ventures During the year the Group disposed of its interest in Nomura ICG KK. Nomura ICG KK made no profit from continuing operations and total comprehensive income for the year ended 31 March 2024 (2023: \u00a38.8m), of which the Group\u2019s share of results accounted for using the equity method is (\u00a30.4m) for the year ended 31 March 2024 (2023: \u00a34.4m). Significant restriction There are no significant restrictions on the ability of associates and joint ventures to transfer funds to the Group other than having sufficient distributable reserves. Summarised financial information for associates material to the reporting entity The Group\u2019s only material associate is ICG Europe Fund VI Jersey Limited which is an associate measured at fair value through profit and loss. The information below is derived from the IFRS financial statements of the entities. Materiality has been determined by the carrying value of the associate as a percentage of total Group assets. The entity allows the Group to co-invest with ICG Europe Fund VI, aligning interests with other investors. In addition to the returns on its co-investment the Group receives performance-related fee income from the funds (see note 3). This is industry standard and is in line with other funds in the industry.
ICG Fund VI Jersey Limited
2024 2023
\u00a3m \u00a3m
Current assets
0.6
8.1
Non-current assets
975.4
1,023.9
Current liabilities
\u2013
(55.8)
976.0
976.2
Revenue
185.0
47. 3
Expenses
(0.2)
(24.1)
Total comprehensive income
184.8
23.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-556": { "value": "Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-548": { "value": "Investment in associates An associate is an entity over which the Group has significant influence, but no control, over the financial and operating policy decisions of the entity. As the investments in associates are held for venture capital purposes they are designated at fair value through profit or loss. Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group\u2019s share of the joint venture\u2019s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group\u2019s operations and contributing to achieving the Group\u2019s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-557": { "value": "Investment in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control over the arrangement have rights to the net assets of the arrangements. The results and assets and liabilities of joint ventures are incorporated in these financial statements using the equity method of accounting from the date on which the investee becomes a joint venture, except when the investment is held for venture capital purposes in which case they are designated as fair value through profit and loss. Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost, and adjusted thereafter to recognise the Group\u2019s share of the joint venture\u2019s profit or loss. The nature of some of the activities of the Group associates and joint ventures are investment related which are seen as complementing the Group\u2019s operations and contributing to achieving the Group\u2019s overall strategy. The remaining associates and joint ventures are portfolio companies not involved in investment activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-471": { "value": "
30. Unconsolidated structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and
the relevant activities are directed by means of contractual arrangements. The Group has determined that it has an interest in a structured entity where the Group holds an investment, loan, fee receivable or commitment
with an investment fund or CLO. Where the Group does not hold an investment in the structured entity, management has determined that the characteristics of control, in accordance with IFRS 10, are not met.
The Group, as fund manager, acts in accordance with the pre-defined parameters set out in various agreements. The decision-making authority of the Group and the rights of third parties are documented. These agreements
include management fees that are commensurate with the services provided and performance fee arrangements that are industry standard. As such, the Group is acting as agent on behalf of these investors and therefore these
entities are not consolidated into the Group\u2019s results. Consolidated structured entities are detailed in note 27.
At 31 March 2024, the Group\u2019s interest in and exposure to unconsolidated structured entities including outstanding management and performance fees are detailed in the table below, and recognised within financial assets
at FVTPL and trade and other receivables in the statement of financial position:
2024
Investment in Management fees Performance fees Maximum
Fund receivable Management fee rates receivable Performance fee rates exposure to loss
Funds \u00a3m \u00a3m % \u00a3m % \u00a3m
CLOs
295.9
4.2
0.19% to 0.50%
\u2013
0.05% to 0.20%
300.1
Credit Funds
22.1
9. 3
0.29% to 1.50%
13.0
20% of returns in excess of 0% for Alternative Credit Fund only
44.4
Corporate Investment Funds
1,402.7
61.6
0.43% to 1.50%
66.4
20%\u201325% of total performance fee of 10%\u201320% of profit over the threshold
1,530.7
Real Asset Funds
401.6
17.7
0.30% to 1.24%
\u2013
20% of total performance fee of 15%\u201320% of profit over the threshold
419.3
Secondaries Funds
455.8
38.5
0.75% to 1.37%
4.3
20% of total performance fee of 12.5%\u201320% of profit over the threshold
498.6
Total
2,578.1
131.3
83.7
2,793.1
2023
Investment in Management fees Performance fees Maximum
Fund receivable Management fee rates receivable Performance fee rates exposure to loss
Funds \u00a3m \u00a3m % \u00a3m % \u00a3m
CLOs
298.3
4.1
0.19% to 0.50%
\u2013
0.05% to 0.20%
302.4
Credit Funds
65.9
8.6
0.29% to 1.50%
(0.3)
20% of returns in excess of 0% for Alternative Credit Fund only
74.2
Corporate Investment Funds
1,341.5
55.9
0.43% to 1.50%
37.6
20%\u201325% of total performance fee of 20% of profit over the threshold
1,435.0
Real Asset Funds
288.5
12.0
0.30% to 1.24%
\u2013
20% of returns in excess of 9% IRR
300.5
Secondaries Funds
441.1
20.2
0.75% to 1.37%
0.2
10%\u201320% of total performance fee of 8%\u201320% of profit over the threshold
461.5
Total
2,435.3
100.8
37. 5
2,573.6
The Group\u2019s maximum exposure to loss is equal to the value of any investments held and unpaid management fees and performance fees.
The Group has not provided non-contractual financial or other support to the unconsolidated structured entities during the year. It is not the current intention to provide such support, including the intention
to assist the structured entity in obtaining financial support.
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-472": { "value": "31. Net cash flows from operating activities Accounting policy Cash flows arising from the acquisition and disposal of assets to seed new investment strategies are classified as operating, as this activity is undertaken to establish new sources of fund management fee income, growing the operating activities of the Group.
Year ended Year ended
31 March 2024 31 March 2023
Group Group
Notes \u00a3m \u00a3m
Profit before tax from continuing operations
530.8
251.0
Adjustments for non-cash items:
Fee and other operating income
3
(554.8)
(483.6)
Net investment returns
9
(405.3)
(172.5)
Interest income
8
(21.6)
(15.5)
Net fair value (gain)/loss on derivatives
(22.8)
34.9
Impact of movement in foreign exchange rates
33.3
(17.8)
Interest expense
10
49.5
64.6
Depreciation, amortisation and impairment of property, plant, equipment and intangible assets
16, 17
18.0
18.2
Share-based payment expense
43.9
39. 5
Change in disposal groups held for sale
\u2013
(8.8)
Working capital changes:
Increase in trade and other receivables
(88.7)
(12.0)
Decrease in trade and other payables
(17.7)
(196.9)
(435.4)
(498.9)
Proceeds from sale of current financial assets and disposal groups held for sale
319.2
45.5
Purchase of current financial assets and disposal groups held for sale
(312.1)
(211.9)
Purchase of investments
(1,729.7)
(1,374.6)
Proceeds from sales and maturities of investments
2,233.1
1,721.8
Issuance of CLO notes1
\u2013
0.4
Redemption of CLO notes1
(389.1)
(45.6)
Interest received2
447.2
322.6
Dividends received2
47.0
40.2
Fee and other operating income received
496.4
587.9
Interest paid
(379.5)
(263.4)
Cash flows generated from operations
297.1
324.0
Taxes paid
(41.2)
(32.4)
Net cash flows from operating activities
255.9
291.6
1. The prior period has been re-presented to separately disclose the gross amounts of issuance and redemption of CLO notes, previously included within the \u201cPurchase of Investment\u201d and \u201cProceeds from sales and maturities of investments\u201d lines respectively. 2. The prior period has been re-presented to separately disclose Interest received and Dividends received, previously disclosed as \u201cInterest and dividend income received\u201d
Included within Proceeds from sale of current financial assets and disposal groups held for sale is i) cash consideration received of \u00a3240.0m in respect of the disposals of the Group's real estate seed investments in Metropolitan
SCSp and Metropolitan 2 SCSp resulting in a loss of control by the Group in those entities. Immediately prior to the disposal the net asset value of these interests was \u00a3247.1m, predominantly comprised of investment property;
ii) cash consideration received of \u00a344.8m in respect of the disposal of the Group\u2019s interest in an LP Secondaries transaction, resulting in a loss of control by the Group in that entity. Immediately prior to the disposal the net asset
value of this interest was \u00a326.6m, comprised of interests in private equity funds; and iii) cash consideration of \u00a31.7m and non-cash consideration of \u00a315.2m in respect of the partial disposal of the Group's seed investment in
Seaway Topco LP resulting in a loss of control by the Group. Immediately prior to the disposal the net asset value of this interest was \u00a340.1m, predominantly comprised of goodwill (see note 28).
Purchase of current financial assets and disposal groups held for sale includes \u00a3123.1m (FY23: \u00a356.4m) of financial assets and \u00a3169.5m (FY23: \u00a3100.6m) of investment property held by controlled subsidiaries.
Year ended Year ended
31 March 2024 31 March 2023
Company Company
Notes \u00a3m \u00a3m
Profit before tax from continuing operations
298.2
51.5
Adjustments for non-cash items:
Fee and other operating income
(16.3)
(3.9)
Dividend income
(240.0)
(386.6)
Interest income
(75.1)
(53.7)
Net investment returns
(8.9)
(0.7)
Net fair value (gain)/loss on derivatives
(23.5)
7. 5
Impact of movement in foreign exchange rates
(99.7)
141.1
Interest expense
124.4
124.9
Depreciation, amortisation and impairment of property, equipment and intangible assets
16, 17
10.9
12.0
Write-down of intercompany loan balance
12.2
12.7
Share-based payment expense
43.9
39. 5
Intragroup reallocation of incurred costs
(80.6)
(152.0)
Working capital changes:
Decrease in trade and other receivables
7. 3
4.5
Decrease in trade and other payables
(118.0)
(15.8)
(165.2)
(219.0)
Proceeds from sale of current financial assets
\u2013
34.2
Purchase of current financial assets
\u2013
(134.6)
Purchase of investments
(28.0)
(73.1)
Proceeds from sales and maturities of investments
70.1
127.5
Interest received
21.4
6.0
Fee and other operating income received
11.7
5.0
Interest paid
(46.8)
(60.3)
Cash flows used in operations
(136.8)
(314.3)
Taxes paid
(24.2)
(20.8)
Net cash flows used in operating activities
(161.0)
(335.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-473": { "value": "
32. Contingent liabilities
The Parent Company and its subsidiaries may be party to legal claims arising in the course of business. The Directors do not anticipate that the outcome of any such potential proceedings and claims will have a material adverse
effect on the Group\u2019s financial position and at present there are no such claims where their financial impact can be reasonably estimated. The Parent Company and its subsidiaries may be able to recover any monies paid out in
settlement of claims from third parties.
There are no other material contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-474": { "value": "
33. Post balance sheet events
There have been no material events since the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300OGASR5WRKJ8R68", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }