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principal activity is portfolio investment and that of its subsidiary, BlackRock World Mining Investment Company Limited
\n
(together the Group), is investment dealing. The Company was incorporated in England on 28 October 1993 and this is the
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"f7439": { "value": "0", "decimals": -3, "dimensions": { "concept": "brwm:DrawDownOrRepaymentOfLoans", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7442": { "value": "2359000", "decimals": -3, "dimensions": { "concept": "brwm:DrawDownOrRepaymentOfLoans", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7446": { "value": "9571000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7449": { "value": "4720000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7453": { "value": "15658000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7456": { "value": "34902000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7460": { "value": "75907000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7463": { "value": "80911000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7467": { "value": "-69820000", 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"scheme:LNFFPBEUZJBOSR6PW155", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7495": { "value": "10612000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7498": { "value": "29492000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7503": { "value": "10612000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7506": { "value": "29492000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7509": { "value": "10612000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7512": { "value": "29492000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f7527": { "value": "1. Principal activity
The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the
Corporation Tax Act 2010. The Company was incorporated in England on 28 October 1993 and this is the 30th Annual Report.
The principal activity of the subsidiary, BlackRock World Mining Investment Company Limited, is investment dealing.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7534": { "value": "2. Material accounting policies
The material accounting policies adopted by the Group and Company have been applied consistently, other than where new
policies have been adopted and are set out below.
(a) Basis of preparation
On 31 December 2020, International Financial Reporting Standards (IFRS) as adopted by the European Union at that date
were brought into UK law and became UK\u2011adopted International Accounting Standards (IAS), with future changes being
subject to endorsement by the UK Endorsement Board and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
The Group and Company financial statements have been prepared under the historic cost convention modified by the
revaluation of certain financial assets and financial liabilities held at fair value through profit or loss and in accordance with
UK\u2011adopted IAS. The Company has taken advantage of the exemption provided under Section 408 of the Companies Act 2006
not to publish its individual Statement of Comprehensive Income and related notes. All of the Group\u2019s operations are of a
continuing nature.
Insofar as the Statement of Recommended Practice (SORP) for investment trust companies and venture capital trusts, issued
by the Association of Investment Companies (AIC) in October 2019 and updated in July 2022, is compatible with UK\u2011adopted
IAS, the financial statements have been prepared in accordance with guidance set out in the SORP.
Substantially all of the assets of the Group consist of securities that are readily realisable and, accordingly, the Directors
believe that the Group has adequate resources to continue in operational existence for the foreseeable future for the period to
31 March 2024, being a period of at least twelve months from the date of approval of the financial statements and therefore
consider the going concern assumption to be appropriate. The Directors have reviewed compliance with the covenants
associated with the bank overdraft facility, loan facility, income and expense projections and the liquidity of the investment
portfolio in making their assessment.
The Directors have considered the impact of climate change on the value of the investments included in the financial
statements and have concluded that:
\u2022
there was no further impact of climate change to be considered as the investments are valued based on market pricing as
required by IFRS 13; and
\u2022
the risk is adequately captured in the assumptions and inputs used in measurement of Level 3 assets, as noted in note 18 of
the Financial Statements.
None of the Group's other assets and liabilities were considered to be potentially impacted by climate change.
The Group\u2019s financial statements are presented in Sterling, which is the currency of the primary economic environment in
which the Group operates. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where otherwise indicated.
Adoption of new and amended International Accounting Standards and interpretations:
IFRS 9 \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities
(effective 1 January 2022). The International
Accounting Standards Board (IASB) has amended IFRS 9 Financial Instruments to clarify the fees that a company includes
when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the
original financial liability.
IFRS 17 - Insurance contracts
(effective 1 January 2023). This standard replaces IFRS 4, which currently permits a wide
range of accounting practices in accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by all
entities that issue insurance contracts and investment contracts with discretionary participation features.
IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction
(effective 1 January 2023). The IASB
has amended IAS 12 Income Taxes to require companies to recognise deferred tax on particular transactions that, on initial
recognition, give rise to equal amounts of taxable and deductible temporary differences. According to the amended guidance,
a temporary difference that arises on initial recognition of an asset or liability is not subject to the initial recognition exemption
if that transaction gave rise to equal amounts of taxable and deductible temporary differences. These amendments might
have a significant impact on the preparation of financial statements by companies that have substantial balances of right\u2011
of\u2011use assets, lease liabilities, decommissioning, restoration and similar liabilities. The impact for those affected would be the
recognition of additional deferred tax assets and liabilities.
IAS 8 \u2013 Definition of accounting estimates
(effective 1 January 2023). The IASB has amended IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors to help distinguish between accounting policies and accounting estimates,
replacing the definition of accounting estimates.
IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies
(effective 1 January 2023). The IASB has amended
IAS 1 Presentation of Financial Statements to help preparers in deciding which accounting policies to disclose in their
financial statements by stating that an entity is now required to disclose material accounting policies instead of significant
accounting policies.
IAS 12 \u2013 International Tax Reform Pillar Two Model Rules
(effective 1 January 2023). The IASB has published amendments
to IAS 12 Income Taxes to respond to stakeholders\u2019 concerns about the potential implications of the imminent implementation
of the OECD pillar two rules on the accounting for income taxes. The amendment is an exception to the requirements in IAS 12
that an entity does not recognise and does not disclose information about deferred tax assets as liabilities related to the OECD
pillar two income taxes and a requirement that current tax expenses must be disclosed separately to pillar two income taxes.
Relevant International Accounting Standards that have yet to be adopted:
IAS 1 \u2013 Classification of liabilities as current or non-current
(effective 1 January 2024). The IASB has amended IAS 1
Presentation of Financial Statements to clarify its requirement for the presentation of liabilities depending on the rights that
exist at the end of the reporting period. The amendment requires liabilities to be classified as non current if the entity has a
substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers
to unconditional rights.
IAS 1 - Non-current liabilities with covenants
(effective 1 January 2024). The IASB has amended IAS 1 Presentation of
Financial Statements to introduce additional disclosures for liabilities with covenants within 12 months of the reporting
period. The additional disclosures include the nature of covenants, when the entity is required to comply with covenants, the
carrying amount of related liabilities and circumstances that may indicate that the entity will have difficulty complying with
the covenants.
None of the standards that have been issued, but are not yet effective, are expected to have a material impact on the Group.
(b) Basis of consolidation
The Group\u2019s financial statements are made up to 31 December each year and consolidate the financial statements of the
Company and its wholly owned subsidiary, which is registered and operates in England and Wales, BlackRock World Mining
Investment Company Limited (together \u2018the Group\u2019). The subsidiary company is not considered an investment entity. In the
financial statements of the Parent Company, the investment in the subsidiary company is held at fair value.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Company obtains control, and
continue to be consolidated until the date that such control ceases. The financial statements of subsidiaries used in the
preparation of the consolidated financial statements are based on consistent accounting policies. All intra\u2011group balances
and transactions, including unrealised profits arising therefrom, are eliminated.
(c) Presentation of the Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC,
supplementary information which analyses the Consolidated Statement of Comprehensive Income between items of a revenue
and a capital nature has been presented alongside the Consolidated Statement of Comprehensive Income.
(d) Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment of business being investment business.
(e) Income
Dividends receivable on equity shares are recognised as revenue for the year on an ex\u2011dividend basis. Where no ex\u2011dividend
date is available, dividends receivable on or before the year end are treated as revenue for the year. Provision is made for any
dividends and interest income not expected to be received. Special dividends, if any, are treated as a capital or a revenue
receipt depending on the facts or circumstances of each particular case. The return on a debt security is recognised on a time
apportionment basis so as to reflect the effective yield on the debt security. Interest income and deposit interest is accounted
for on an accruals basis.
Options may be purchased or written over securities held in the portfolio for generating or protecting capital returns, or for
generating or maintaining revenue returns. Where the purpose of the option is the generation of income, the premium is
treated as a revenue item. Where the purpose of the option is the maintenance of capital, the premium is treated as a capital
item.
Option premium income is recognised as revenue evenly over the life of the option contract and included in the revenue
account of the Consolidated Statement of Comprehensive Income unless the option has been written for the maintenance and
enhancement of the Group\u2019s investment portfolio and represents an incidental part of a larger capital transaction, in which
case any premia arising are allocated to the capital account of the Consolidated Statement of Comprehensive Income.
Royalty income from contractual rights is measured at the fair value of the consideration received or receivable where the
Investment Manager can reliably estimate the amount, pursuant to the terms of the agreement. Royalty income from contractual
rights received comprises of a return of income and a return of capital based on the underlying cost of the contract and,
accordingly, the return of income element is taken to the revenue account and the return of capital element is taken to the capital
account. These amounts are disclosed in the Consolidated Statement of Comprehensive Income within income from investments
and net profit on investments held at fair value through profit or loss, respectively.
The useful life of the contractual rights will be determined by reference to the contractual arrangements, the planned mine life
on commencement of mining and the underlying cost of the contractual rights will be revalued on a systematic basis using
the units of production method over the life of the contractual rights which is estimated using available estimated proved and
probable reserves specifically associated with the mine. The Investment Manager relies on public disclosures for information
on proven and probable reserves from the operators of the mine. Amortisation rates are adjusted on a prospective basis for all
changes to estimates of the life of contractual rights and iron ore reserves. These are disclosed in the Consolidated Statement
of Comprehensive Income within net profit on investments held at fair value through profit or loss.
Where the Group has elected to receive its dividends in the form of additional shares rather than in cash, the cash equivalent
of the dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is
recognised in capital.
Underwriting commission receivable is taken into account on an accruals basis.
(f) Expenses
All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the
revenue account of the Consolidated Statement of Comprehensive Income, except as follows:
\u2022
expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the
Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments
are disclosed within note 10 to the financial statements on page 111;
\u2022
expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments
can be demonstrated; and
\u2022
the investment management fee and finance costs have been allocated 75% to the capital account and 25% to the revenue
account of the Consolidated Statement of Comprehensive Income in line with the Board\u2019s expectations of the long\u2011term split of
returns, in the form of capital gains and income, respectively, from the investment portfolio.
(g) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the
taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of Comprehensive
Income because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that were applicable
at the balance sheet date.
Where expenses are allocated between capital and revenue accounts, any tax relief in respect of the expenses is allocated
between capital and revenue returns on the marginal basis using the Company\u2019s effective rate of corporation tax for the
accounting period.
Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the financial
reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay
less taxation in the future have occurred at the financial reporting date. This is subject to deferred taxation assets only being
recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the
temporary differences can be deducted. Deferred taxation assets and liabilities are measured at the rates applicable to the
legal jurisdictions in which they arise.
(h) Investments held at fair value through profit or loss
In accordance with IFRS 9, the Group classifies its investments at initial recognition as held at fair value through profit or loss and
are managed and evaluated on a fair value basis in accordance with its investment strategy and business model.
All investments, including contractual rights, are measured initially and subsequently at fair value through profit or loss. Purchases
of investments are recognised on a trade date basis. Contractual rights are recognised on the completion date, where a purchase
of the rights is under a contract, and are initially measured at fair value excluding transaction costs. Sales of investments are
recognised at the trade date of the disposal.
The fair value of the financial investments is based on their quoted bid price at the financial reporting date, without deduction
for the estimated future selling costs. This policy applies to all current and non\u2011current asset investments held by the Group.
The gains and losses from changes in fair value of contractual rights are taken to the Consolidated Statement of Comprehensive
Income and arise as a result of the revaluation of the underlying cost of the contractual rights, changes in commodity prices and
changes in estimates of proven and probable reserves specifically associated with the mine.
Under IAS, the investment in the subsidiary in the Company\u2019s Statement of Financial Position is fair valued which is deemed to
be the net asset value of the subsidiary.
Changes in the value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in
the Consolidated Statement of Comprehensive Income as \u2018Net profit on investments held at fair value through profit or loss\u2019. Also
included within the heading are transaction costs in relation to the purchase or sale of investments.
For all financial instruments not traded in an active market, the fair value is determined by using various valuation techniques.
Valuation techniques include market approach (i.e., using recent arm\u2019s length market transactions adjusted as necessary and
reference to the current market value of another instrument that is substantially the same) and the income approach (i.e.,
discounted cash flow analysis and option pricing models making as much use of available and supportable market data where
possible). See note 2(q) below.
(i) Options
Options are held at fair value through profit or loss based on the bid/offer prices of the options written to which the Group is
exposed. The value of the option is subsequently marked\u2011to\u2011market to reflect the fair value through profit or loss of the option
based on traded prices. Where the premium is taken to the revenue account, an appropriate amount is shown as capital return
such that the total return reflects the overall change in the fair value of the option. When an option is exercised, the gain or loss
is accounted for as a capital gain or loss. Any cost on closing out an option is transferred to the revenue account along with
any remaining unamortised premium.
(j) Other receivables and other payables
Other receivables and other payables do not carry any interest and are short\u2011term in nature and are accordingly stated on an
amortised cost basis.
(k) Dividends payable
Under IAS, final dividends should not be accrued in the financial statements unless they have been approved by shareholders
before the financial reporting date. Interim dividends should not be recognised in the financial statements unless they have
been paid.
Dividends payable to equity shareholders are recognised in the Consolidated and Parent Company Statements of Changes in
Equity.
(l) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at the date of the transaction. Foreign currency
monetary assets and liabilities and non\u2011monetary assets held at fair value are translated into Sterling at the rate ruling
on the financial reporting date. Foreign exchange differences arising on translation are recognised in the Consolidated
Statement of Comprehensive Income as a revenue or capital item depending on the income or expense to which they relate.
For investment transactions and investments held at the year end, denominated in a foreign currency, the resulting gains or
losses are included in the profit/(loss) on investments held at fair value through profit or loss in the Consolidated Statement of
Comprehensive Income.
(m) Cash and cash equivalents
Cash comprises cash in hand, bank overdrafts and on demand deposits. Cash equivalents are short\u2011term, highly liquid
investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in
value. Bank overdrafts are shown separately on the Consolidated and Parent Company Statements of Financial Position.
(n) Bank borrowings
Bank overdrafts and loans are recorded at the net proceeds received. Finance charges, including any premium payable on
settlement or redemption and direct issue costs, are accounted for on an accruals basis in the Consolidated Statement of
Comprehensive Income using the effective interest rate method and are added to the carrying amount of the instrument to the
extent that they are not settled in the period in which they arise.
(o) Offsetting
Financial assets and financial liabilities are offset and the net amount reported in the Consolidated and Parent Company
Statements of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.
(p) Share repurchases, share reissues and new share issues
Shares repurchased and subsequently cancelled \u2013 share capital is reduced by the nominal value of the shares repurchased
and the capital redemption reserve is correspondingly increased in accordance with Section 733 of the Companies Act 2006.
The full cost of the repurchase is charged to the special reserve.
Shares repurchased and held in treasury \u2013 the full cost of the repurchase is charged to the special reserve.
Where treasury shares are subsequently reissued:
\u2022
amounts received to the extent of the repurchase price are credited to the special reserve and capital reserves based on a
weighted average basis of amounts utilised from these reserves on repurchases; and
\u2022
any surplus received in excess of the repurchase price is taken to the share premium account.
Where new shares are issued, amounts received to the extent of any surplus received in excess of the par value are taken to the
share premium account.
Share issue costs are charged to the share premium account. Costs on share reissues are charged to the special reserve and
capital reserves.
(q) Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions
will, by definition, seldom equal the related actual results. Estimates and judgements are regularly evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are addressed below.
Fair value of unquoted financial instruments
When the fair values of financial assets and financial liabilities recorded in the Consolidated and Parent Company Statements
of Financial Position cannot be derived from active markets, their fair value is determined using a variety of valuation
techniques that include the use of valuation models.
(a)
The fair value of the BHP Brazil contractual rights was assessed by an independent valuer with a recognised and relevant
professional qualification. The inputs to these models are taken from observable markets where possible, but where this is
not feasible, estimation is required in establishing fair values. The estimates include considerations of production profiles,
commodity prices, cash flows and discount rates. Changes in assumptions about these factors could affect the reported
fair value of financial instruments in the Consolidated and Parent Company Statements of Financial Position and the level
where the instruments are disclosed in the fair value hierarchy. To assess the significance of a particular input to the entire
measurement, the external valuer performs sensitivity analysis.
(b)
The fair value of the investment in equity shares of Jetti Resources and MCC Mining were assessed by an independent
valuer with a recognised and relevant professional qualification.
The valuation is carried out based on market approach using earnings multiple and price of recent transactions. Changes
in assumptions about these factors could affect the reported fair value of financial instruments in the Consolidated
and Parent Company Statements of Financial Position and the level where the instruments are disclosed in the fair
value hierarchy. To assess the significance of a particular input to the entire measurement, the external valuer performs
sensitivity analysis.
(c)
The investment in the subsidiary company was valued based on the net assets of the subsidiary company, which is
considered appropriate based on the nature and volume of transactions in the subsidiary company.
The key assumptions used to determine the fair value of the unquoted financial instruments and sensitivity analyses are
provided in note 18(d).", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7539": { "value": "(a) Basis of preparation
On 31 December 2020, International Financial Reporting Standards (IFRS) as adopted by the European Union at that date
were brought into UK law and became UK\u2011adopted International Accounting Standards (IAS), with future changes being
subject to endorsement by the UK Endorsement Board and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
The Group and Company financial statements have been prepared under the historic cost convention modified by the
revaluation of certain financial assets and financial liabilities held at fair value through profit or loss and in accordance with
UK\u2011adopted IAS. The Company has taken advantage of the exemption provided under Section 408 of the Companies Act 2006
not to publish its individual Statement of Comprehensive Income and related notes. All of the Group\u2019s operations are of a
continuing nature.
Insofar as the Statement of Recommended Practice (SORP) for investment trust companies and venture capital trusts, issued
by the Association of Investment Companies (AIC) in October 2019 and updated in July 2022, is compatible with UK\u2011adopted
IAS, the financial statements have been prepared in accordance with guidance set out in the SORP.
Substantially all of the assets of the Group consist of securities that are readily realisable and, accordingly, the Directors
believe that the Group has adequate resources to continue in operational existence for the foreseeable future for the period to
31 March 2024, being a period of at least twelve months from the date of approval of the financial statements and therefore
consider the going concern assumption to be appropriate. The Directors have reviewed compliance with the covenants
associated with the bank overdraft facility, loan facility, income and expense projections and the liquidity of the investment
portfolio in making their assessment.
The Directors have considered the impact of climate change on the value of the investments included in the financial
statements and have concluded that:
\u2022
there was no further impact of climate change to be considered as the investments are valued based on market pricing as
required by IFRS 13; and
\u2022
the risk is adequately captured in the assumptions and inputs used in measurement of Level 3 assets, as noted in note 18 of
the Financial Statements.
None of the Group's other assets and liabilities were considered to be potentially impacted by climate change.
The Group\u2019s financial statements are presented in Sterling, which is the currency of the primary economic environment in
which the Group operates. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where otherwise indicated.
Adoption of new and amended International Accounting Standards and interpretations:
IFRS 9 \u2013 Fees in the \u201910 per cent\u2019 Test for Derecognition of Financial Liabilities
(effective 1 January 2022). The International
Accounting Standards Board (IASB) has amended IFRS 9 Financial Instruments to clarify the fees that a company includes
when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the
original financial liability.
IFRS 17 - Insurance contracts
(effective 1 January 2023). This standard replaces IFRS 4, which currently permits a wide
range of accounting practices in accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by all
entities that issue insurance contracts and investment contracts with discretionary participation features.
IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction
(effective 1 January 2023). The IASB
has amended IAS 12 Income Taxes to require companies to recognise deferred tax on particular transactions that, on initial
recognition, give rise to equal amounts of taxable and deductible temporary differences. According to the amended guidance,
a temporary difference that arises on initial recognition of an asset or liability is not subject to the initial recognition exemption
if that transaction gave rise to equal amounts of taxable and deductible temporary differences. These amendments might
have a significant impact on the preparation of financial statements by companies that have substantial balances of right\u2011
of\u2011use assets, lease liabilities, decommissioning, restoration and similar liabilities. The impact for those affected would be the
recognition of additional deferred tax assets and liabilities.
IAS 8 \u2013 Definition of accounting estimates
(effective 1 January 2023). The IASB has amended IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors to help distinguish between accounting policies and accounting estimates,
replacing the definition of accounting estimates.
IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of accounting policies
(effective 1 January 2023). The IASB has amended
IAS 1 Presentation of Financial Statements to help preparers in deciding which accounting policies to disclose in their
financial statements by stating that an entity is now required to disclose material accounting policies instead of significant
accounting policies.
IAS 12 \u2013 International Tax Reform Pillar Two Model Rules
(effective 1 January 2023). The IASB has published amendments
to IAS 12 Income Taxes to respond to stakeholders\u2019 concerns about the potential implications of the imminent implementation
of the OECD pillar two rules on the accounting for income taxes. The amendment is an exception to the requirements in IAS 12
that an entity does not recognise and does not disclose information about deferred tax assets as liabilities related to the OECD
pillar two income taxes and a requirement that current tax expenses must be disclosed separately to pillar two income taxes.
Relevant International Accounting Standards that have yet to be adopted:
IAS 1 \u2013 Classification of liabilities as current or non-current
(effective 1 January 2024). The IASB has amended IAS 1
Presentation of Financial Statements to clarify its requirement for the presentation of liabilities depending on the rights that
exist at the end of the reporting period. The amendment requires liabilities to be classified as non current if the entity has a
substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers
to unconditional rights.
IAS 1 - Non-current liabilities with covenants
(effective 1 January 2024). The IASB has amended IAS 1 Presentation of
Financial Statements to introduce additional disclosures for liabilities with covenants within 12 months of the reporting
period. The additional disclosures include the nature of covenants, when the entity is required to comply with covenants, the
carrying amount of related liabilities and circumstances that may indicate that the entity will have difficulty complying with
the covenants.
None of the standards that have been issued, but are not yet effective, are expected to have a material impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7569": { "value": "The Group\u2019s financial statements are presented in Sterling, which is the currency of the primary economic environment in which the Group operates. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where otherwise indicated.", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7579": { "value": "IFRS 17 - Insurance contracts
(effective 1 January 2023). This standard replaces IFRS 4, which currently permits a wide
range of accounting practices in accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by all
entities that issue insurance contracts and investment contracts with discretionary participation features. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7653": { "value": "(b) Basis of consolidation
The Group\u2019s financial statements are made up to 31 December each year and consolidate the financial statements of the
Company and its wholly owned subsidiary, which is registered and operates in England and Wales, BlackRock World Mining
Investment Company Limited (together \u2018the Group\u2019). The subsidiary company is not considered an investment entity. In the
financial statements of the Parent Company, the investment in the subsidiary company is held at fair value.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Company obtains control, and
continue to be consolidated until the date that such control ceases. The financial statements of subsidiaries used in the
preparation of the consolidated financial statements are based on consistent accounting policies. All intra\u2011group balances
and transactions, including unrealised profits arising therefrom, are eliminated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7682": { "value": "(d) Segmental reporting The Directors are of the opinion that the Group is engaged in a single segment of business being investment business.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7686": { "value": "(e) Income
Dividends receivable on equity shares are recognised as revenue for the year on an ex\u2011dividend basis. Where no ex\u2011dividend
date is available, dividends receivable on or before the year end are treated as revenue for the year. Provision is made for any
dividends and interest income not expected to be received. Special dividends, if any, are treated as a capital or a revenue
receipt depending on the facts or circumstances of each particular case. The return on a debt security is recognised on a time
apportionment basis so as to reflect the effective yield on the debt security. Interest income and deposit interest is accounted
for on an accruals basis.
Options may be purchased or written over securities held in the portfolio for generating or protecting capital returns, or for
generating or maintaining revenue returns. Where the purpose of the option is the generation of income, the premium is
treated as a revenue item. Where the purpose of the option is the maintenance of capital, the premium is treated as a capital
item.
Option premium income is recognised as revenue evenly over the life of the option contract and included in the revenue
account of the Consolidated Statement of Comprehensive Income unless the option has been written for the maintenance and
enhancement of the Group\u2019s investment portfolio and represents an incidental part of a larger capital transaction, in which
case any premia arising are allocated to the capital account of the Consolidated Statement of Comprehensive Income.
Royalty income from contractual rights is measured at the fair value of the consideration received or receivable where the
Investment Manager can reliably estimate the amount, pursuant to the terms of the agreement. Royalty income from contractual
rights received comprises of a return of income and a return of capital based on the underlying cost of the contract and,
accordingly, the return of income element is taken to the revenue account and the return of capital element is taken to the capital
account. These amounts are disclosed in the Consolidated Statement of Comprehensive Income within income from investments
and net profit on investments held at fair value through profit or loss, respectively.
The useful life of the contractual rights will be determined by reference to the contractual arrangements, the planned mine life
on commencement of mining and the underlying cost of the contractual rights will be revalued on a systematic basis using
the units of production method over the life of the contractual rights which is estimated using available estimated proved and
probable reserves specifically associated with the mine. The Investment Manager relies on public disclosures for information
on proven and probable reserves from the operators of the mine. Amortisation rates are adjusted on a prospective basis for all
changes to estimates of the life of contractual rights and iron ore reserves. These are disclosed in the Consolidated Statement
of Comprehensive Income within net profit on investments held at fair value through profit or loss.
Where the Group has elected to receive its dividends in the form of additional shares rather than in cash, the cash equivalent
of the dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is
recognised in capital.
Underwriting commission receivable is taken into account on an accruals basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7721": { "value": "(f) Expenses
All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the
revenue account of the Consolidated Statement of Comprehensive Income, except as follows:
\u2022
expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the
Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments
are disclosed within note 10 to the financial statements on page 111;
\u2022
expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments
can be demonstrated; and
\u2022
the investment management fee and finance costs have been allocated 75% to the capital account and 25% to the revenue
account of the Consolidated Statement of Comprehensive Income in line with the Board\u2019s expectations of the long\u2011term split of
returns, in the form of capital gains and income, respectively, from the investment portfolio.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7724": { "value": "All expenses, including finance costs, are accounted for on an accruals basis. Expenses have been charged wholly to the
revenue account of the Consolidated Statement of Comprehensive Income, except as follows:
\u2022
expenses which are incidental to the acquisition or sale of an investment are charged to the capital account of the
Consolidated Statement of Comprehensive Income. Details of transaction costs on the purchases and sales of investments
are disclosed within note 10 to the financial statements on page 111;
\u2022
expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments
can be demonstrated; and
\u2022
the investment management fee and finance costs have been allocated 75% to the capital account and 25% to the revenue
account of the Consolidated Statement of Comprehensive Income in line with the Board\u2019s expectations of the long\u2011term split of
returns, in the form of capital gains and income, respectively, from the investment portfolio.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7766": { "value": "(g) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the
taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement of Comprehensive
Income because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that were applicable
at the balance sheet date.
Where expenses are allocated between capital and revenue accounts, any tax relief in respect of the expenses is allocated
between capital and revenue returns on the marginal basis using the Company\u2019s effective rate of corporation tax for the
accounting period.
Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the financial
reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay
less taxation in the future have occurred at the financial reporting date. This is subject to deferred taxation assets only being
recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the
temporary differences can be deducted. Deferred taxation assets and liabilities are measured at the rates applicable to the
legal jurisdictions in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7777": { "value": "Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the financial
reporting date, where transactions or events that result in an obligation to pay more taxation in the future or right to pay
less taxation in the future have occurred at the financial reporting date. This is subject to deferred taxation assets only being
recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the
temporary differences can be deducted. Deferred taxation assets and liabilities are measured at the rates applicable to the
legal jurisdictions in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7787": { "value": "(h) Investments held at fair value through profit or loss
In accordance with IFRS 9, the Group classifies its investments at initial recognition as held at fair value through profit or loss and
are managed and evaluated on a fair value basis in accordance with its investment strategy and business model.
All investments, including contractual rights, are measured initially and subsequently at fair value through profit or loss. Purchases
of investments are recognised on a trade date basis. Contractual rights are recognised on the completion date, where a purchase
of the rights is under a contract, and are initially measured at fair value excluding transaction costs. Sales of investments are
recognised at the trade date of the disposal.
The fair value of the financial investments is based on their quoted bid price at the financial reporting date, without deduction
for the estimated future selling costs. This policy applies to all current and non\u2011current asset investments held by the Group.
The gains and losses from changes in fair value of contractual rights are taken to the Consolidated Statement of Comprehensive
Income and arise as a result of the revaluation of the underlying cost of the contractual rights, changes in commodity prices and
changes in estimates of proven and probable reserves specifically associated with the mine.
Under IAS, the investment in the subsidiary in the Company\u2019s Statement of Financial Position is fair valued which is deemed to
be the net asset value of the subsidiary.
Changes in the value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in
the Consolidated Statement of Comprehensive Income as \u2018Net profit on investments held at fair value through profit or loss\u2019. Also
included within the heading are transaction costs in relation to the purchase or sale of investments.
For all financial instruments not traded in an active market, the fair value is determined by using various valuation techniques.
Valuation techniques include market approach (i.e., using recent arm\u2019s length market transactions adjusted as necessary and
reference to the current market value of another instrument that is substantially the same) and the income approach (i.e.,
discounted cash flow analysis and option pricing models making as much use of available and supportable market data where
possible). See note 2(q) below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7819": { "value": "(j) Other receivables and other payables
Other receivables and other payables do not carry any interest and are short\u2011term in nature and are accordingly stated on an
amortised cost basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7820": { "value": "(j) Other receivables and other payables
Other receivables and other payables do not carry any interest and are short\u2011term in nature and are accordingly stated on an
amortised cost basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7841": { "value": "(k) Dividends payable
Under IAS, final dividends should not be accrued in the financial statements unless they have been approved by shareholders
before the financial reporting date. Interim dividends should not be recognised in the financial statements unless they have
been paid.
Dividends payable to equity shareholders are recognised in the Consolidated and Parent Company Statements of Changes in
Equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7850": { "value": "(l) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at the date of the transaction. Foreign currency
monetary assets and liabilities and non\u2011monetary assets held at fair value are translated into Sterling at the rate ruling
on the financial reporting date. Foreign exchange differences arising on translation are recognised in the Consolidated
Statement of Comprehensive Income as a revenue or capital item depending on the income or expense to which they relate.
For investment transactions and investments held at the year end, denominated in a foreign currency, the resulting gains or
losses are included in the profit/(loss) on investments held at fair value through profit or loss in the Consolidated Statement of
Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7861": { "value": "(m) Cash and cash equivalents
Cash comprises cash in hand, bank overdrafts and on demand deposits. Cash equivalents are short\u2011term, highly liquid
investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in
value. Bank overdrafts are shown separately on the Consolidated and Parent Company Statements of Financial Position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7868": { "value": "(n) Bank borrowings
Bank overdrafts and loans are recorded at the net proceeds received. Finance charges, including any premium payable on
settlement or redemption and direct issue costs, are accounted for on an accruals basis in the Consolidated Statement of
Comprehensive Income using the effective interest rate method and are added to the carrying amount of the instrument to the
extent that they are not settled in the period in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7876": { "value": "(o) Offsetting
Financial assets and financial liabilities are offset and the net amount reported in the Consolidated and Parent Company
Statements of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7883": { "value": "(p) Share repurchases, share reissues and new share issues
Shares repurchased and subsequently cancelled \u2013 share capital is reduced by the nominal value of the shares repurchased
and the capital redemption reserve is correspondingly increased in accordance with Section 733 of the Companies Act 2006.
The full cost of the repurchase is charged to the special reserve.
Shares repurchased and held in treasury \u2013 the full cost of the repurchase is charged to the special reserve.
Where treasury shares are subsequently reissued:
\u2022
amounts received to the extent of the repurchase price are credited to the special reserve and capital reserves based on a
weighted average basis of amounts utilised from these reserves on repurchases; and
\u2022
any surplus received in excess of the repurchase price is taken to the share premium account.
Where new shares are issued, amounts received to the extent of any surplus received in excess of the par value are taken to the
share premium account.
Share issue costs are charged to the share premium account. Costs on share reissues are charged to the special reserve and
capital reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7889": { "value": "Shares repurchased and held in treasury \u2013 the full cost of the repurchase is charged to the special reserve.
Where treasury shares are subsequently reissued:
\u2022
amounts received to the extent of the repurchase price are credited to the special reserve and capital reserves based on a
weighted average basis of amounts utilised from these reserves on repurchases; and
\u2022
any surplus received in excess of the repurchase price is taken to the share premium account.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7904": { "value": "(q) Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions
will, by definition, seldom equal the related actual results. Estimates and judgements are regularly evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are addressed below.
Fair value of unquoted financial instruments
When the fair values of financial assets and financial liabilities recorded in the Consolidated and Parent Company Statements
of Financial Position cannot be derived from active markets, their fair value is determined using a variety of valuation
techniques that include the use of valuation models.
(a)
The fair value of the BHP Brazil contractual rights was assessed by an independent valuer with a recognised and relevant
professional qualification. The inputs to these models are taken from observable markets where possible, but where this is
not feasible, estimation is required in establishing fair values. The estimates include considerations of production profiles,
commodity prices, cash flows and discount rates. Changes in assumptions about these factors could affect the reported
fair value of financial instruments in the Consolidated and Parent Company Statements of Financial Position and the level
where the instruments are disclosed in the fair value hierarchy. To assess the significance of a particular input to the entire
measurement, the external valuer performs sensitivity analysis.
(b)
The fair value of the investment in equity shares of Jetti Resources and MCC Mining were assessed by an independent
valuer with a recognised and relevant professional qualification.
The valuation is carried out based on market approach using earnings multiple and price of recent transactions. Changes
in assumptions about these factors could affect the reported fair value of financial instruments in the Consolidated
and Parent Company Statements of Financial Position and the level where the instruments are disclosed in the fair
value hierarchy. To assess the significance of a particular input to the entire measurement, the external valuer performs
sensitivity analysis.
(c)
The investment in the subsidiary company was valued based on the net assets of the subsidiary company, which is
considered appropriate based on the nature and volume of transactions in the subsidiary company.
The key assumptions used to determine the fair value of the unquoted financial instruments and sensitivity analyses are
provided in note 18(d).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7959": { "value": "(c)
The investment in the subsidiary company was valued based on the net assets of the subsidiary company, which is
considered appropriate based on the nature and volume of transactions in the subsidiary company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7978": { "value": "3. Income \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Investment income:
\u00a0 \u00a0
UK dividends
8,647
17,536
UK special dividends
\u2013
2,167
Overseas dividends
33,457
45,094
Overseas special dividends
17,736
3,808
Income from contractual rights (BHP Brazil Royalty)
4,186
3,096
Income from Vale debentures
2,608
3,863
Income from fixed income investments
1,683
2,523
Total investment income
68,317
78,087
Other income:
\u00a0 \u00a0
Option premium income
5,964
7,297
Deposit interest
678
513
Broker interest received
104
18
Stock lending income
81
81
\u00a0
6,827
7,909
Total income
75,144
85,996
\n
During the year, the Group received option premium income in cash totalling \u00a36,724,000 (2022: \u00a37,541,000) for writing put
and covered call options for the purposes of revenue generation.
Option premium income is amortised evenly over the life of the option contract and, accordingly, during the year, option
premiums of \u00a35,964,000 (2022: \u00a37,297,000) were amortised to revenue.
At 31 December 2023, there were three open positions (2022: three) with an associated liability of \u00a31,401,000 (2022:
\u00a31,227,000).
Dividends and interest received in cash during the year amounted to \u00a359,542,000 and \u00a35,159,000 (2022: \u00a368,630,000 and
\u00a35,918,000).
Special dividends of \u00a3630,000 have been recognised in capital during the year (2022: \u00a3811,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8124": { "value": "4. Investment management fee \n \n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Revenue
Capital
Total
Revenue
Capital
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Investment management fee
2,374
7,317
9,691
2,615
8,031
10,646
Total
2,374
7,317
9,691
2,615
8,031
10,646
\n
The investment management fee (which includes all services provided by BlackRock) is 0.80% of the Company\u2019s gross assets
(subject to certain adjustments). During the year, \u00a39,421,000 (2022: \u00a39,848,000) of the investment management fee was
generated from net assets and \u00a3270,000 (2022: \u00a3798,000) from the gearing effect on gross assets due to the quarter\u2013on\u2013
quarter increase in the NAV per share for the year as set out below:
\n \n
\u00a0
Cum income
Quarterly
Gearing effect
\u00a0
NAV per share
increase/
on management
Quarter end
(pence)
(decrease) %
fees (\u00a3\u2019000)
31 December 2021
622.21
\u2013
\u2013
31 March 2022
769.58
+23.7
267
30 June 2022
584.86
\u201324.0
\u2013
30 September 2022
602.65
+3.0
294
31 December 2022
688.35
+14.2
237
31 March 2023
664.51
\u20133.5
\u2013
30 June 2023
612.72
\u20137.8
\u2013
30 September 2023
601.47
\u20131.8
\u2013
31 December 2023
606.78
+0.9
270
\n
The daily average of the net assets under management during the year ended 31 December 2023 was \u00a31,203,977,000 (2022:
\u00a31,232,043,000).
The fee is allocated 25% to the revenue account and 75% to the capital account of the Consolidated Statement of
Comprehensive Income.
There is no additional fee for company secretarial and administration services.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8318": { "value": "5. Other operating expenses \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Allocated to revenue:
\u00a0 \u00a0
Custody fee
109
101
Auditors\u2019 remuneration:
\u00a0 \u00a0
\u2013 audit services
55
51
\u2013 non\u2011audit services
1
9
9
Registrar\u2019s fee
86
86
Directors\u2019 emoluments
2
179
197
AIC fees
21
21
Broker fees
25
24
Depositary fees
116
116
FCA fee
40
30
Directors\u2019 insurance
22
23
Marketing fees
144
132
Stock exchange fees
52
37
Legal and professional fees
147
35
Bank facility fees
3
85
97
Printing and postage fees
55
47
Directors\u2019 search fees
25
\u2013
Write back of prior year expenses
4
\u2013
(55)
Other administrative costs
108
86
\u00a0
1,278
1,037
Allocated to capital:
\u00a0 \u00a0
Transaction charges
5
15
28
\u00a0
1,293
1,065
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily net assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.91%
0.95%
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily gross assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.81%
0.84%
\n
\u00b9
Fees paid to the auditors for non\u2011audit services of \u00a39,350 excluding VAT (2022: \u00a38,925) relate to the review of the Condensed Half
Yearly Financial Report.
2
Details of the Directors\u2019 emoluments can be found in the Directors\u2019 Remuneration Report on page 64. The Company has no
employees.
3
There is a 4 basis point facility fee chargeable on the full loan facility whether drawn or undrawn.
4
No expenses have been written back during the year (2022: Directors' expenses, miscellaneous fees, legal fees and professional
services fees).
5
For the year ended 31 December 2023, expenses of \u00a315,000 (2022: \u00a328,000) were charged to the capital account of the
Consolidated Statement of Comprehensive Income. These include transaction costs charged by the custodian on sale and purchase
trades.
6
Alternative Performance Measure, see Glossary on page 150.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8319": { "value": "5. Other operating expenses \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Allocated to revenue:
\u00a0 \u00a0
Custody fee
109
101
Auditors\u2019 remuneration:
\u00a0 \u00a0
\u2013 audit services
55
51
\u2013 non\u2011audit services
1
9
9
Registrar\u2019s fee
86
86
Directors\u2019 emoluments
2
179
197
AIC fees
21
21
Broker fees
25
24
Depositary fees
116
116
FCA fee
40
30
Directors\u2019 insurance
22
23
Marketing fees
144
132
Stock exchange fees
52
37
Legal and professional fees
147
35
Bank facility fees
3
85
97
Printing and postage fees
55
47
Directors\u2019 search fees
25
\u2013
Write back of prior year expenses
4
\u2013
(55)
Other administrative costs
108
86
\u00a0
1,278
1,037
Allocated to capital:
\u00a0 \u00a0
Transaction charges
5
15
28
\u00a0
1,293
1,065
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily net assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.91%
0.95%
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily gross assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.81%
0.84%
\n
\u00b9
Fees paid to the auditors for non\u2011audit services of \u00a39,350 excluding VAT (2022: \u00a38,925) relate to the review of the Condensed Half
Yearly Financial Report.
2
Details of the Directors\u2019 emoluments can be found in the Directors\u2019 Remuneration Report on page 64. The Company has no
employees.
3
There is a 4 basis point facility fee chargeable on the full loan facility whether drawn or undrawn.
4
No expenses have been written back during the year (2022: Directors' expenses, miscellaneous fees, legal fees and professional
services fees).
5
For the year ended 31 December 2023, expenses of \u00a315,000 (2022: \u00a328,000) were charged to the capital account of the
Consolidated Statement of Comprehensive Income. These include transaction costs charged by the custodian on sale and purchase
trades.
6
Alternative Performance Measure, see Glossary on page 150.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8320": { "value": "5. Other operating expenses \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Allocated to revenue:
\u00a0 \u00a0
Custody fee
109
101
Auditors\u2019 remuneration:
\u00a0 \u00a0
\u2013 audit services
55
51
\u2013 non\u2011audit services
1
9
9
Registrar\u2019s fee
86
86
Directors\u2019 emoluments
2
179
197
AIC fees
21
21
Broker fees
25
24
Depositary fees
116
116
FCA fee
40
30
Directors\u2019 insurance
22
23
Marketing fees
144
132
Stock exchange fees
52
37
Legal and professional fees
147
35
Bank facility fees
3
85
97
Printing and postage fees
55
47
Directors\u2019 search fees
25
\u2013
Write back of prior year expenses
4
\u2013
(55)
Other administrative costs
108
86
\u00a0
1,278
1,037
Allocated to capital:
\u00a0 \u00a0
Transaction charges
5
15
28
\u00a0
1,293
1,065
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily net assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.91%
0.95%
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily gross assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.81%
0.84%
\n
\u00b9
Fees paid to the auditors for non\u2011audit services of \u00a39,350 excluding VAT (2022: \u00a38,925) relate to the review of the Condensed Half
Yearly Financial Report.
2
Details of the Directors\u2019 emoluments can be found in the Directors\u2019 Remuneration Report on page 64. The Company has no
employees.
3
There is a 4 basis point facility fee chargeable on the full loan facility whether drawn or undrawn.
4
No expenses have been written back during the year (2022: Directors' expenses, miscellaneous fees, legal fees and professional
services fees).
5
For the year ended 31 December 2023, expenses of \u00a315,000 (2022: \u00a328,000) were charged to the capital account of the
Consolidated Statement of Comprehensive Income. These include transaction costs charged by the custodian on sale and purchase
trades.
6
Alternative Performance Measure, see Glossary on page 150.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8321": { "value": "5. Other operating expenses \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Allocated to revenue:
\u00a0 \u00a0
Custody fee
109
101
Auditors\u2019 remuneration:
\u00a0 \u00a0
\u2013 audit services
55
51
\u2013 non\u2011audit services
1
9
9
Registrar\u2019s fee
86
86
Directors\u2019 emoluments
2
179
197
AIC fees
21
21
Broker fees
25
24
Depositary fees
116
116
FCA fee
40
30
Directors\u2019 insurance
22
23
Marketing fees
144
132
Stock exchange fees
52
37
Legal and professional fees
147
35
Bank facility fees
3
85
97
Printing and postage fees
55
47
Directors\u2019 search fees
25
\u2013
Write back of prior year expenses
4
\u2013
(55)
Other administrative costs
108
86
\u00a0
1,278
1,037
Allocated to capital:
\u00a0 \u00a0
Transaction charges
5
15
28
\u00a0
1,293
1,065
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily net assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.91%
0.95%
The Company\u2019s ongoing charges
6
, calculated as a percentage of average daily gross assets and
\u00a0 \u00a0
using the management fee and all other operating expenses, excluding finance costs, direct
\u00a0 \u00a0
transaction costs, transaction charges, VAT recovered, taxation, prior year expenses written back
\u00a0 \u00a0
and certain non\u2011recurring items were:
0.81%
0.84%
\n
\u00b9
Fees paid to the auditors for non\u2011audit services of \u00a39,350 excluding VAT (2022: \u00a38,925) relate to the review of the Condensed Half
Yearly Financial Report.
2
Details of the Directors\u2019 emoluments can be found in the Directors\u2019 Remuneration Report on page 64. The Company has no
employees.
3
There is a 4 basis point facility fee chargeable on the full loan facility whether drawn or undrawn.
4
No expenses have been written back during the year (2022: Directors' expenses, miscellaneous fees, legal fees and professional
services fees).
5
For the year ended 31 December 2023, expenses of \u00a315,000 (2022: \u00a328,000) were charged to the capital account of the
Consolidated Statement of Comprehensive Income. These include transaction costs charged by the custodian on sale and purchase
trades.
6
Alternative Performance Measure, see Glossary on page 150.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8594": { "value": "6. Finance costs \n \n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Revenue
Capital
Total
Revenue
Capital
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Interest paid on bank loans
2,370
7,151
9,521
1,177
3,505
4,682
Interest paid on bank overdraft
5
15
20
5
15
20
Total
2,375
7,166
9,541
1,182
3,520
4,702
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8595": { "value": "6. Finance costs \n \n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Revenue
Capital
Total
Revenue
Capital
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Interest paid on bank loans
2,370
7,151
9,521
1,177
3,505
4,682
Interest paid on bank overdraft
5
15
20
5
15
20
Total
2,375
7,166
9,541
1,182
3,520
4,702
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8598": { "value": "\n \n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Revenue
Capital
Total
Revenue
Capital
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Interest paid on bank loans
2,370
7,151
9,521
1,177
3,505
4,682
Interest paid on bank overdraft
5
15
20
5
15
20
Total
2,375
7,166
9,541
1,182
3,520
4,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8680": { "value": "7. Taxation
(a) Analysis of charge/(credit) in the year
\n \n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Revenue
Capital
Total
Revenue
Capital
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Current taxation:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Corporation taxation
2,178
(2,178)
\u2013
2,635
(2,144)
491
Prior years corporation taxation adjustment
(17)
\u2013
(17)
\u2013
\u2013
\u2013
Double taxation relief
(391)
391
\u2013
(839)
361
(478)
Overseas tax
2,697
95
2,792
3,210
\u2013
3,210
Peruvian capital gains tax (credit)/charge
\u2013
(20)
(20)
\u2013
116
116
Total current taxation charge/(credit)
4,467
(1,712)
2,755
5,006
(1,667)
3,339
Peruvian capital gains tax movement (note 7(c))
\u2013
183
183
\u2013
\u2013
\u2013
Deferred taxation movement (note 7(c))
(41)
(221)
(262)
143
(216)
(73)
Total taxation charge/(credit) (note 7(b))
4,426
(1,750)
2,676
5,149
(1,883)
3,266
\n
(b) Factors affecting total taxation charge/(credit) for the year
The taxation assessed for the year is higher (2022: lower) than the blended rate of corporation tax used of 23.52% (based
on a rate of 19.00% up to 31 March 2023 and a rate of 25.00% from 1 April 2023) (2022: standard rate of corporation tax of
19.00%). The differences are explained below:
\n \n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Revenue
Capital
Total
Revenue
Capital
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Profit/(loss) on ordinary activities before taxation
69,117
(145,426)
(76,309)
81,162
124,524
205,686
Profit on ordinary activities multiplied by blended rate
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of 23.52% (2022: standard rate of 19.00%)
16,256
(34,205)
(17,949)
15,421
23,660
39,081
Effects of:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Overseas tax suffered
2,697
95
2,792
3,210
\u2013
3,210
Foreign exchange (gain)/loss not taxable
\u2013
(2,121)
(2,121)
\u2013
3,399
3,399
Loss/(gain) on investments held at fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
through profit or loss not subject to tax
\u2013
33,181
33,181
\u2013
(29,208)
(29,208)
Non taxable capital special dividends
\u2013
(148)
(148)
\u2013
\u2013
\u2013
Impact of change in tax rates
(2)
(13)
(15)
63
\u2013
63
Non taxable UK dividends
(2,034)
\u2013
(2,034)
(3,744)
\u2013
(3,744)
Non taxable overseas dividends
(12,047)
\u2013
(12,047)
(8,962)
\u2013
(8,962)
Disallowed expenses
6
3
9
\u2013
5
5
Double taxation relief
(391)
299
(92)
(839)
361
(478)
Prior years corporation taxation adjustment
(17)
\u2013
(17)
\u2013
\u2013
\u2013
Peruvian capital gains tax (credit)/charge
\u2013
(20)
(20)
\u2013
116
116
Peruvian capital gains deferred tax movement
\u2013
183
183
\u2013
(216)
(216)
Group relief (received)/surrendered for no payment
(42)
42
\u2013
\u2013
\u2013
\u2013
Management expenses not relieved
\u2013
954
954
\u2013
\u2013
\u2013
\u00a0
(11,830)
32,455
20,625
(10,272)
(25,543)
(35,815)
Total taxation charge/(credit) (note 7(a))
4,426
(1,750)
2,676
5,149
(1,883)
3,266
The Company is exempt from corporation tax on capital gains provided it maintains its status as an investment trust under
Chapter 4 of Part 24 of the Corporation Tax Act 2010. Due to the Company\u2019s intention to meet the conditions required to
maintain its investment trust status, it has not provided for deferred tax on any capital gains or losses.
(c) Deferred taxation liability
Following the changes in Peruvian tax legislation effective from 1 January 2011, a capital gains tax is imposed on gains
realised by non\u2011residents at rates of 5% or 30% depending on whether the transaction took place inside or outside of Peru. As
at 31 December 2023, the Group has an accrued capital gains tax liability of \u00a3485,000 (2022: \u00a3302,000) for unrealised capital
gains arising on investments in stocks listed on the Peruvian stock exchange. The tax has been calculated at the rate of 5% of
the unrealised capital gains, being the difference between the market value of the investments at the year end and their average
purchase cost.
\n \n
\u00a0
Group and
Group and
\u00a0
Company
Company
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Deferred tax liabilities in respect of timing differences:
\u00a0 \u00a0
Deferred tax liability brought forward
(560)
(633)
Deferred tax charge in respect of taxable dividend income (note 7(a))
(183)
(143)
Other deferred tax differences
(4)
\u2013
Movement in Peruvian capital gains tax (note 7(a))
262
216
Deferred tax liability carried forward
(485)
(560)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9214": { "value": "(c) Deferred taxation liability
Following the changes in Peruvian tax legislation effective from 1 January 2011, a capital gains tax is imposed on gains
realised by non\u2011residents at rates of 5% or 30% depending on whether the transaction took place inside or outside of Peru. As
at 31 December 2023, the Group has an accrued capital gains tax liability of \u00a3485,000 (2022: \u00a3302,000) for unrealised capital
gains arising on investments in stocks listed on the Peruvian stock exchange. The tax has been calculated at the rate of 5% of
the unrealised capital gains, being the difference between the market value of the investments at the year end and their average
purchase cost.
\n \n
\u00a0
Group and
Group and
\u00a0
Company
Company
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Deferred tax liabilities in respect of timing differences:
\u00a0 \u00a0
Deferred tax liability brought forward
(560)
(633)
Deferred tax charge in respect of taxable dividend income (note 7(a))
(183)
(143)
Other deferred tax differences
(4)
\u2013
Movement in Peruvian capital gains tax (note 7(a))
262
216
Deferred tax liability carried forward
(485)
(560)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9288": { "value": "8. Dividends
Dividends paid on equity shares:
\n \n
\u00a0 \u00a0 \u00a0
2023
2022
\u00a0
Record date
Payment date
\u00a3\u2019000
\u00a3\u2019000
Final dividend of 23.50p per share for the year
\u00a0 \u00a0 \u00a0 \u00a0
ended 31 December 2022 (2021: 27.00p)
10 March 2023
26 April 2023
44,392
49,898
1st interim dividend of 5.50p per share for the
\u00a0 \u00a0 \u00a0 \u00a0
year ended 31 December 2023 (2022: 5.50p)
5 May 2023
31 May 2023
10,485
10,251
2nd interim dividend of 5.50p per share for the
\u00a0 \u00a0 \u00a0 \u00a0
year ended 31 December 2023 (2022: 5.50p)
8 September 2023
6 October 2023
10,515
10,381
3rd interim dividend of 5.50p per share for the
\u00a0 \u00a0 \u00a0 \u00a0
year ended 31 December 2023 (2022: 5.50p)
24 November 2023
22 December 2023
10,515
10,381
\u00a0 \u00a0 \u00a0
75,907
80,911
\n
The total dividends payable in respect of the year ended 31 December 2023 which form the basis of Section 1158 of the
Corporation Tax Act 2010 and Section 833 of the Companies Act 2006, and the amounts declared, meet the relevant
requirements as set out in this legislation.
Dividends paid or declared on equity shares:
\n \n
\u00a0
2023
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
1st quarterly interim dividend of 5.50p per share for the year ended 31 December 2023 (2022:
\u00a0 \u00a0
5.50p)
10,485
10,251
2nd quarterly interim dividend of 5.50p per share for the year ended 31 December 2023 (2022:
\u00a0 \u00a0
5.50p)
10,515
10,381
3rd quarterly interim dividend of 5.50p per share for the year ended 31 December 2023 (2022:
\u00a0 \u00a0
5.50p)
10,515
10,381
Final dividend of 17.00p per share for the year ended 31 December 2023 (2022: 23.50p)
32,501
44,392
\u00a0
64,016
75,405
\n
1
Based on 191,183,036 ordinary shares in issue on 7 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9473": { "value": "9. Consolidated earnings and net asset value per ordinary share
Total revenue, capital (loss)/earnings and net asset value per ordinary share are shown below and have been calculated using
the following:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
Net revenue profit attributable to ordinary shareholders (\u00a3\u2019000)
64,691
76,013
Net capital (loss)/profit attributable to ordinary shareholders (\u00a3\u2019000)
(143,676)
126,407
Total (loss)/profit attributable to ordinary shareholders (\u00a3\u2019000)
(78,985)
202,420
Equity shareholders\u2019 funds (\u00a3\u2019000)
1,160,051
1,299,285
The weighted average number of ordinary shares in issue during the year on which the earnings
\u00a0 \u00a0
per ordinary share was calculated was:
190,564,324
186,868,187
The actual number of ordinary shares in issue at the year end on which the net asset value per
\u00a0 \u00a0
ordinary share was calculated was:
191,183,036
188,753,036
Earnings per ordinary share
\u00a0 \u00a0
Revenue earnings per share (pence) \u2011 basic and diluted
33.95
40.68
Capital (loss)/earnings per share (pence) \u2011 basic and diluted
(75.40)
67.64
Total (loss)/earnings per share (pence) - basic and diluted
(41.45)
108.32
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
As at
As at
\u00a0
31 December
31 December
\u00a0
2023
2022
Net asset value per ordinary share (pence)
606.78
688.35
Ordinary share price (pence)
587.00
697.00
\nThere were no dilutive securities at the year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9607": { "value": "10. Investments held at fair value through profit or loss \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
UK listed equity investments held at fair value through
\u00a0 \u00a0 \u00a0 \u00a0
profit or loss
134,106
134,106
159,828
159,828
Overseas listed equity investments held at fair value
\u00a0 \u00a0 \u00a0 \u00a0
through profit or loss
1,092,558
1,092,558
1,126,857
1,126,857
Fixed income investments held at fair value through profit
\u00a0 \u00a0 \u00a0 \u00a0
or loss
53,440
53,440
116,960
116,960
Contractual rights held at fair value through profit or loss
18,316
18,316
21,199
21,199
Investment in subsidiary held at fair value through profit
\u00a0 \u00a0 \u00a0 \u00a0
or loss
1
\u2013
7,407
\u2013
7,231
Total value of financial asset investments
1,298,420
1,305,827
1,424,844
1,432,075
Derivative financial instruments \u2011 written option contracts
(1,401)
(1,401)
(1,227)
(1,227)
Total value of financial asset investments and
\u00a0 \u00a0 \u00a0 \u00a0
derivatives at 31 December
1,297,019
1,304,426
1,423,617
1,430,848
Opening book cost of investment and derivative holdings
983,103
983,103
859,298
859,298
Investment and derivative holding gains
440,514
447,745
396,836
404,014
Opening fair value
1,423,617
1,430,848
1,256,134
1,263,312
Analysis of transactions made during the year:
\u00a0 \u00a0 \u00a0 \u00a0
Purchases at cost
662,250
662,250
503,782
503,782
Sales proceeds received
(647,775)
(647,775)
(488,969)
(488,969)
Contractual rights \u2011 return of capital
(497)
(497)
(267)
(267)
Gains on investments and derivatives
2
(140,576)
(140,400)
152,937
152,990
Closing fair value
1,297,019
1,304,426
1,423,617
1,430,848
Closing book cost of investment and derivative holdings
1,082,258
1,082,258
983,103
983,103
Closing investment and derivative holding gains
214,761
222,168
440,514
447,745
Closing fair value
1,297,019
1,304,426
1,423,617
1,430,848
Comprising of:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 Equity investments
1,298,420
1,305,827
1,424,844
1,432,075
\u2013 Derivative financial instruments \u2011 written option contracts
(1,401)
(1,401)
(1,227)
(1,227)
Total
1,297,019
1,304,426
1,423,617
1,430,848
\n
1
Relates to wholly owned subsidiary, BlackRock World Mining Investment Company Limited.
2
Includes profit received in the subsidiary company of \u00a3176,000 (2022: \u00a353,000) included within income.
The Group and Company received \u00a3647,775,000 (2022: \u00a3488,969,000) from investments sold in the year. The book
cost of these
investments when they were purchased was \u00a3562,598,000 (2022: \u00a3379,710,000). These investments have been revalued over time
and until they were sold any unrealised gains/losses were included in the fair value of investments. Special dividends amounting to
\u00a3630,000 (2022: \u00a3811,000) have been recognised in capital during the year.
During the year, transaction costs of \u00a31,055,000 (2022: \u00a3828,000) were incurred on the acquisition of investments. Costs relating
to the disposal of investments during the year amounted to \u00a3182,000 (2022: \u00a3238,000). All transaction costs have been included
within the capital reserves.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
Securities lending
\u00a3\u2019000
\u00a3\u2019000
Aggregate value of securities on loan at year end
62,789
52,411
Maximum aggregate value of securities on loan during the year
130,797
189,191
Fee income from stock lending during the year
81
81
\n
In respect of securities on loan at the year end, securities of \u00a369,549,000 (2022: \u00a357,750,000) were held as collateral, the value
of which exceeded the value of securities on loan by \u00a36,760,000 (2022: \u00a35,339,000).
In respect of the maximum aggregate value of securities on loan during the year, securities of \u00a3146,885,000 (2022: \u00a3198,176,000)
were held as collateral, the value of which is more than the value of securities on loan by \u00a316,088,000 (\u00a38,985,000).
The value of securities on loan did not exceed the value of collateral held at any time during the year ended 31 December 2023
and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9608": { "value": "10. Investments held at fair value through profit or loss \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
UK listed equity investments held at fair value through
\u00a0 \u00a0 \u00a0 \u00a0
profit or loss
134,106
134,106
159,828
159,828
Overseas listed equity investments held at fair value
\u00a0 \u00a0 \u00a0 \u00a0
through profit or loss
1,092,558
1,092,558
1,126,857
1,126,857
Fixed income investments held at fair value through profit
\u00a0 \u00a0 \u00a0 \u00a0
or loss
53,440
53,440
116,960
116,960
Contractual rights held at fair value through profit or loss
18,316
18,316
21,199
21,199
Investment in subsidiary held at fair value through profit
\u00a0 \u00a0 \u00a0 \u00a0
or loss
1
\u2013
7,407
\u2013
7,231
Total value of financial asset investments
1,298,420
1,305,827
1,424,844
1,432,075
Derivative financial instruments \u2011 written option contracts
(1,401)
(1,401)
(1,227)
(1,227)
Total value of financial asset investments and
\u00a0 \u00a0 \u00a0 \u00a0
derivatives at 31 December
1,297,019
1,304,426
1,423,617
1,430,848
Opening book cost of investment and derivative holdings
983,103
983,103
859,298
859,298
Investment and derivative holding gains
440,514
447,745
396,836
404,014
Opening fair value
1,423,617
1,430,848
1,256,134
1,263,312
Analysis of transactions made during the year:
\u00a0 \u00a0 \u00a0 \u00a0
Purchases at cost
662,250
662,250
503,782
503,782
Sales proceeds received
(647,775)
(647,775)
(488,969)
(488,969)
Contractual rights \u2011 return of capital
(497)
(497)
(267)
(267)
Gains on investments and derivatives
2
(140,576)
(140,400)
152,937
152,990
Closing fair value
1,297,019
1,304,426
1,423,617
1,430,848
Closing book cost of investment and derivative holdings
1,082,258
1,082,258
983,103
983,103
Closing investment and derivative holding gains
214,761
222,168
440,514
447,745
Closing fair value
1,297,019
1,304,426
1,423,617
1,430,848
Comprising of:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 Equity investments
1,298,420
1,305,827
1,424,844
1,432,075
\u2013 Derivative financial instruments \u2011 written option contracts
(1,401)
(1,401)
(1,227)
(1,227)
Total
1,297,019
1,304,426
1,423,617
1,430,848
\n
1
Relates to wholly owned subsidiary, BlackRock World Mining Investment Company Limited.
2
Includes profit received in the subsidiary company of \u00a3176,000 (2022: \u00a353,000) included within income.
The Group and Company received \u00a3647,775,000 (2022: \u00a3488,969,000) from investments sold in the year. The book
cost of these
investments when they were purchased was \u00a3562,598,000 (2022: \u00a3379,710,000). These investments have been revalued over time
and until they were sold any unrealised gains/losses were included in the fair value of investments. Special dividends amounting to
\u00a3630,000 (2022: \u00a3811,000) have been recognised in capital during the year.
During the year, transaction costs of \u00a31,055,000 (2022: \u00a3828,000) were incurred on the acquisition of investments. Costs relating
to the disposal of investments during the year amounted to \u00a3182,000 (2022: \u00a3238,000). All transaction costs have been included
within the capital reserves.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2023
2022
Securities lending
\u00a3\u2019000
\u00a3\u2019000
Aggregate value of securities on loan at year end
62,789
52,411
Maximum aggregate value of securities on loan during the year
130,797
189,191
Fee income from stock lending during the year
81
81
\n
In respect of securities on loan at the year end, securities of \u00a369,549,000 (2022: \u00a357,750,000) were held as collateral, the value
of which exceeded the value of securities on loan by \u00a36,760,000 (2022: \u00a35,339,000).
In respect of the maximum aggregate value of securities on loan during the year, securities of \u00a3146,885,000 (2022: \u00a3198,176,000)
were held as collateral, the value of which is more than the value of securities on loan by \u00a316,088,000 (\u00a38,985,000).
The value of securities on loan did not exceed the value of collateral held at any time during the year ended 31 December 2023
and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10004": { "value": "11. Investment in subsidiary
At 31 December 2023, the Company had one wholly owned subsidiary which is registered and operating in England and Wales
and has been included in the consolidated financial statements. BlackRock World Mining Investment Company Limited was
incorporated on 11 November 1993. There are no non\u2011controlling interests in the subsidiary.
The principal activity of the subsidiary company is investment dealing. The registered address of the subsidiary company is
12 Throgmorton Avenue, London EC2N 2DL.
\n \n
\u00a0 \u00a0
Issued share capital
\u00a0
\u00a0
Description of shares
2023
2022
BlackRock World Mining Investment Company Limited
Ordinary shares of \u00a31
\u00a3100
\u00a3100
\n
Under IAS, the investment in the subsidiary is fair valued in the separate financial statements of the Company which is
deemed to be the total equity of the Company and equates to \u00a37,407,000 (2022: \u00a37,231,000). The subsidiary has not paid
dividends to the parent company during the year ended 31 December 2023 (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10039": { "value": "12. Other receivables \n \n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Amounts due from brokers
410
410
1
1
Prepayments and accrued income
3,182
3,182
4,430
4,430
\u00a0
3,592
3,592
4,431
4,431
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10041": { "value": "\n \n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Amounts due from brokers
410
410
1
1
Prepayments and accrued income
3,182
3,182
4,430
4,430
\u00a0
3,592
3,592
4,431
4,431
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10106": { "value": "13. Other payables \n \n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Accruals for expenses and interest payable
8,052
8,052
6,155
6,155
Amounts due to subsidiary
\u2013
1,056
\u2013
1,068
\u00a0
8,052
9,108
6,155
7,223
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10108": { "value": "\n \n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Accruals for expenses and interest payable
8,052
8,052
6,155
6,155
Amounts due to subsidiary
\u2013
1,056
\u2013
1,068
\u00a0
8,052
9,108
6,155
7,223
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10173": { "value": "14. Interest bearing loans and borrowings \n \n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Bank loan
149,828
149,828
158,783
158,783
\u00a0
149,828
149,828
158,783
158,783
\n
The Group has an overdraft facility of \u00a330 million (2022: \u00a330 million) and a multi\u2011currency loan facility of \u00a3200 million (2022:
\u00a3200 million) which are updated and renewed on an annual basis. Under the multi\u2011currency loan facility, the individual loan
drawdowns are taken with a three month maturity period. At 31 December 2023, the Group had a US Dollar loan outstanding
of US$191,000,000 which matures on 22 March 2024 (2022: US Dollar loan for US$191,000,000 which matured on 17
March 2023). The Group has no outstanding Pound Sterling loan at 31 December 2023 (2022: nil). The loans are provided
by The Bank of New York Mellon (International) Limited. The interest rate on bank loans is approximately 6.14% per annum
for US Dollar balances (2022: 3.30% per annum for US Dollar balances). The Company incurred a foreign currency gain of
\u00a39,018,000 (2022: foreign currency loss of \u00a317,645,000) of which the gain on the translation of US Dollar denominated loans
was \u00a38,955,000 (2022: loss of \u00a317,557,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10247": { "value": "15. Reconciliation of liabilities arising from financing activities \n \n
\u00a0
Group
Company
Group
Company
\u00a0
2023
2023
2022
2022
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Bank loan and overdraft at beginning of the year
158,783
158,783
139,223
139,223
Cash flows:
\u00a0 \u00a0 \u00a0 \u00a0
Movement in overdraft
\u2013
\u2013
(356)
(356)
Net drawdown of loan
\u2013
\u2013
2,359
2,359
Non cash flows:
\u00a0 \u00a0 \u00a0 \u00a0
Effects of foreign exchange (gain)/loss
(8,955)
(8,955)
17,557
17,557
Bank loan and overdraft at end of the year
149,828
149,828
158,783
158,783
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10350": { "value": "16. Called up share capital \n \n
\u00a0
Ordinary shares
\u00a0 \u00a0
Nominal
\u00a0
in issue
Treasury shares
Total shares
value
\u00a0
number
number
number
\u00a3\u2019000
Allotted, called up and fully paid share capital
\u00a0 \u00a0 \u00a0 \u00a0
comprised:
\u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares of 5p each
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
188,753,036
4,258,806
193,011,842
9,651
Ordinary shares reissued from treasury
2,430,000
(2,430,000)
\u2013
\u2013
At 31 December 2023
191,183,036
1,828,806
193,011,842
9,651
\n
During the year ended 31 December 2023 the Company:
\u2013 did not buy back shares into treasury (2022: none);
\u2013 reissued 2,430,000 shares (2022: 5,071,920 shares) from treasury for a net consideration after costs of \u00a315,658,000 (2022:
\u00a334,902,000).
Since the year end and up to 7 March 2024, the Company has not reissued or bought back any shares.
17. Reserves
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2022
148,107
22,779
180,736
428,323
440,514
69,175
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income/(loss):
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit/(loss) for the year
\u2013
\u2013
\u2013
82,077
(225,753)
64,691
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
3,386
\u2013
12,305
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(33)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(75,907)
At 31 December 2023
151,493
22,779
193,008
510,400
214,761
57,959
\n \n
\u00a0 \u00a0 \u00a0 \u00a0
Distributable reserves
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Company
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2022
148,107
22,779
180,736
426,822
447,745
63,445
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income/(loss):
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit/(loss) for the year
\u2013
\u2013
\u2013
82,077
(225,577)
64,515
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
3,386
\u2013
12,305
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(33)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(75,907)
At 31 December 2023
151,493
22,779
193,008
508,899
222,168
52,053
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2021
138,818
22,779
155,123
345,594
396,836
74,073
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit for the year
\u2013
\u2013
\u2013
82,729
43,678
76,013
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
9,289
\u2013
25,683
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(70)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(80,911)
At 31 December 2022
148,107
22,779
180,736
428,323
440,514
69,175
\u00a0 \u00a0 \u00a0 \u00a0
Distributable reserves
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Company
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2021
138,818
22,779
155,123
344,093
404,014
68,396
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit for the year
\u2013
\u2013
\u2013
82,729
43,731
75,960
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
9,289
\u2013
25,683
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(70)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(80,911)
At 31 December 2022
148,107
22,779
180,736
426,822
447,745
63,445
\n
Pursuant to a resolution of the Company passed at an Extraordinary General Meeting on 13 January 1998 and following
the Company\u2019s application to the Court for cancellation of its share premium account, the Court approval was received
on 27 January 1999 and \u00a3157,633,000 was transferred from the share premium account to a special reserve which is a
distributable reserve.
The share premium account and capital redemption reserve are not distributable reserves under the Companies Act 2006. In
accordance with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act
2006, the special reserve and capital reserves of the Parent Company may be used as distributable reserves for all purposes and,
in particular, the repurchase by the Parent Company of its ordinary shares and for payments such as dividends. In accordance
with the Company\u2019s Articles of Association, the special reserve, capital reserves and the revenue reserve may be distributed by
way of dividend. The Parent Company\u2019s capital gains of \u00a3731,067,000 (2022: \u00a3874,567,000) comprise a gain on the capital
reserve arising on investments sold of \u00a3508,899,000 (2022: \u00a3426,822,000), a gain on the capital reserve arising on revaluation
of listed investments of \u00a3189,283,000 (2022: \u00a3409,037,000) revaluation gains on unquoted investments of \u00a325,478,000 (2022:
\u00a331,477,000) and a revaluation gain on the investment in the subsidiary of \u00a37,407,000 (2022: gain of \u00a37,231,000). The capital
reserve arising on the revaluation of listed investments of \u00a3189,165,000 (2022: \u00a3409,037,000) is subject to fair value movements
and may not be readily realisable at short notice; as such it may not be entirely distributable. The investments are subject to
financial risks, as such capital reserves (arising on investments sold) and the revenue reserve may not be entirely distributable
if a loss occurred during the realisation of these investments. The reserves of the subsidiary company are not distributable until
distributed as a dividend to the Parent Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10351": { "value": "16. Called up share capital \n \n
\u00a0
Ordinary shares
\u00a0 \u00a0
Nominal
\u00a0
in issue
Treasury shares
Total shares
value
\u00a0
number
number
number
\u00a3\u2019000
Allotted, called up and fully paid share capital
\u00a0 \u00a0 \u00a0 \u00a0
comprised:
\u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares of 5p each
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
188,753,036
4,258,806
193,011,842
9,651
Ordinary shares reissued from treasury
2,430,000
(2,430,000)
\u2013
\u2013
At 31 December 2023
191,183,036
1,828,806
193,011,842
9,651
\n
During the year ended 31 December 2023 the Company:
\u2013 did not buy back shares into treasury (2022: none);
\u2013 reissued 2,430,000 shares (2022: 5,071,920 shares) from treasury for a net consideration after costs of \u00a315,658,000 (2022:
\u00a334,902,000).
Since the year end and up to 7 March 2024, the Company has not reissued or bought back any shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10354": { "value": "\n \n
\u00a0
Ordinary shares
\u00a0 \u00a0
Nominal
\u00a0
in issue
Treasury shares
Total shares
value
\u00a0
number
number
number
\u00a3\u2019000
Allotted, called up and fully paid share capital
\u00a0 \u00a0 \u00a0 \u00a0
comprised:
\u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares of 5p each
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2022
188,753,036
4,258,806
193,011,842
9,651
Ordinary shares reissued from treasury
2,430,000
(2,430,000)
\u2013
\u2013
At 31 December 2023
191,183,036
1,828,806
193,011,842
9,651
\n
During the year ended 31 December 2023 the Company:
\u2013 did not buy back shares into treasury (2022: none);
\u2013 reissued 2,430,000 shares (2022: 5,071,920 shares) from treasury for a net consideration after costs of \u00a315,658,000 (2022:
\u00a334,902,000).
Since the year end and up to 7 March 2024, the Company has not reissued or bought back any shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10467": { "value": "17. Reserves \n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2022
148,107
22,779
180,736
428,323
440,514
69,175
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income/(loss):
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit/(loss) for the year
\u2013
\u2013
\u2013
82,077
(225,753)
64,691
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
3,386
\u2013
12,305
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(33)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(75,907)
At 31 December 2023
151,493
22,779
193,008
510,400
214,761
57,959
\n \n
\u00a0 \u00a0 \u00a0 \u00a0
Distributable reserves
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Company
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2022
148,107
22,779
180,736
426,822
447,745
63,445
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income/(loss):
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit/(loss) for the year
\u2013
\u2013
\u2013
82,077
(225,577)
64,515
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
3,386
\u2013
12,305
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(33)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(75,907)
At 31 December 2023
151,493
22,779
193,008
508,899
222,168
52,053
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2021
138,818
22,779
155,123
345,594
396,836
74,073
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit for the year
\u2013
\u2013
\u2013
82,729
43,678
76,013
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
9,289
\u2013
25,683
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(70)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(80,911)
At 31 December 2022
148,107
22,779
180,736
428,323
440,514
69,175
\u00a0 \u00a0 \u00a0 \u00a0
Distributable reserves
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
reserve
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capital
arising on
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0
reserve
revaluation
\u00a0
\u00a0
Share
Capital
\u00a0
arising on
of
\u00a0
\u00a0
premium
redemption
Special
investments
investments
Revenue
\u00a0
account
reserve
reserve
sold
held
reserve
Company
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2021
138,818
22,779
155,123
344,093
404,014
68,396
Movement during the year:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total comprehensive income:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net profit for the year
\u2013
\u2013
\u2013
82,729
43,731
75,960
Transactions with owners, recorded
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
directly to equity:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares reissued from treasury
9,289
\u2013
25,683
\u2013
\u2013
\u2013
Share reissue costs
\u2013
\u2013
(70)
\u2013
\u2013
\u2013
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(80,911)
At 31 December 2022
148,107
22,779
180,736
426,822
447,745
63,445
\n
Pursuant to a resolution of the Company passed at an Extraordinary General Meeting on 13 January 1998 and following
the Company\u2019s application to the Court for cancellation of its share premium account, the Court approval was received
on 27 January 1999 and \u00a3157,633,000 was transferred from the share premium account to a special reserve which is a
distributable reserve.
The share premium account and capital redemption reserve are not distributable reserves under the Companies Act 2006. In
accordance with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act
2006, the special reserve and capital reserves of the Parent Company may be used as distributable reserves for all purposes and,
in particular, the repurchase by the Parent Company of its ordinary shares and for payments such as dividends. In accordance
with the Company\u2019s Articles of Association, the special reserve, capital reserves and the revenue reserve may be distributed by
way of dividend. The Parent Company\u2019s capital gains of \u00a3731,067,000 (2022: \u00a3874,567,000) comprise a gain on the capital
reserve arising on investments sold of \u00a3508,899,000 (2022: \u00a3426,822,000), a gain on the capital reserve arising on revaluation
of listed investments of \u00a3189,283,000 (2022: \u00a3409,037,000) revaluation gains on unquoted investments of \u00a325,478,000 (2022:
\u00a331,477,000) and a revaluation gain on the investment in the subsidiary of \u00a37,407,000 (2022: gain of \u00a37,231,000). The capital
reserve arising on the revaluation of listed investments of \u00a3189,165,000 (2022: \u00a3409,037,000) is subject to fair value movements
and may not be readily realisable at short notice; as such it may not be entirely distributable. The investments are subject to
financial risks, as such capital reserves (arising on investments sold) and the revenue reserve may not be entirely distributable
if a loss occurred during the realisation of these investments. The reserves of the subsidiary company are not distributable until
distributed as a dividend to the Parent Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11410": { "value": "18. Risk management policies and procedures
The Group\u2019s investment activities expose it to various types of risks which are associated with the financial instruments
and markets in which it invests. The following information is not intended to be a comprehensive summary of all risks and
shareholders should refer to the Alternative Investment Fund Managers\u2019 Directive FUND 3.2.2R Disclosures which can be
found at
www.blackrock.com/uk/brwm
for a more detailed discussion of the risks inherent in investing in the Group.
Risk management framework
The following information refers to the risk management framework of the Alternative Investment Fund Manager (AIFM).
However, as disclosed in the Corporate Governance Statement on pages 73 and 74 and in the Statement of Directors\u2019
Responsibilities on pages 81 and 82, it is the ultimate responsibility of the Board to ensure that the Group\u2019s risks are
appropriately monitored, and to the extent that elements of this are delegated to third\u2011party service providers, the Board is
responsible for ensuring that the relevant parties are discharging their duties in accordance with the terms of the relevant
agreements and taking appropriate action to the extent issues are identified.
The Directors of the AIFM review quarterly investment performance reports and receive semi\u2011annual presentations in
person from the Investment Manager covering the Group\u2019s performance and risk profile during the year. The AIFM has
delegated the day\u2011to\u2011day administration of the investment programme to the Investment Manager. The Investment
Manager is also responsible for ensuring that the Group is managed within the terms of its investment guidelines and
limits set out in the Alternative Investment Fund Managers\u2019 Directive FUND 3.2.2R Disclosures which can be found at
www.blackrock.com/uk/brwm
.
The AIFM is responsible for monitoring investment performance, product risk monitoring and oversight and has the
responsibility for the monitoring and oversight of regulatory and operational risk for the Group. The Directors of the AIFM
have appointed a Risk Manager who has responsibility for the daily risk management process with assistance from key risk
management personnel of the Investment Manager, including members of the Risk and Quantitative Analysis Group (RQA)
which is a centralised group which performs an independent risk management function. RQA independently identifies,
measures and monitors investment risk, including climate related risk, and tracks the actual risk management practices
being deployed across the Group. By breaking down the components of the process, RQA has the ability to determine if the
appropriate risk management processes are in place. This captures the risk management tools employed, how the levels of risk
are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes.
The AIFM reports to the Audit Committee twice yearly on key risk metrics and risk management processes; in addition, the
Depositary monitors the performance of the AIFM and reports to the Audit Committee semi\u2011annually. Any significant issues
are reported to the Board as they arise.
Risk Exposures
The risk exposures of the Group and Company are set out as follows:
(a) Market risk
Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and
interest rate movements. It represents the potential loss the Group may suffer through holding market positions in financial
instruments in the face of market movements.
A key metric the RQA Group uses to measure market risk is Value\u2011at-Risk (VaR) which encompasses price, currency and
interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in
an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional
sensitivity analysis.
The VaR calculations are based on a confidence level of 99%, with a holding period of not greater than one day and a historical
observation period of not less than one year (250 days). A VaR number is defined at a specified probability and a specified
time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one\u2011day period the Company will
lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use
of VaR methodology has limitations, namely assumptions that risk factor returns are normally distributed and that the use of
historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those
that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses
that occur beyond this level. There is some probability that the loss could be greater than the VaR percentage amounts. These
limitations, and the nature of the VaR measure, mean that the Company can neither guarantee that losses will not exceed the
VaR amounts indicated, nor that losses in excess of the VaR amounts will not occur more frequently.
The one\u2011day VaR for the Group and Company as of 31 December 2023 and 31 December 2022 (based on a 99% confidence
level) was 2.13% and 5.28% respectively.
(i) Market risk arising from other price risk
Exposure to other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors
specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the
market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, climate change, or other events could have a significant impact on the Group and the market price of its
investments and could result in increased premiums or discounts to the Group\u2019s net asset value.
The Group is exposed to market price risk arising from its equity investments, fixed income investments and written options.
The movements in the prices of these investments result in movements in the performance of the Group. Other price risk
sensitivity has been covered by the VaR analysis under the market risk section above.
The Group\u2019s exposure to other changes in market prices at 31 December 2023 on its equity and fixed interest investments
was \u00a31,298,420,000 (2022: \u00a31,424,844,000). In addition, the Group\u2019s gross notional market exposure to these price changes
through its option portfolio was \u00a372,182,000 (2022: \u00a333,232,000).
Management of other price risk
By diversifying the portfolio, where this is appropriate and consistent with the Group\u2019s objectives, the risk that a price change
of a particular investment will have a material impact on the NAV of the Group is minimised which is in line with the investment
objectives of the Group.
Use of derivatives
The Group may utilise both exchange traded and over\u2011the\u2011counter (OTC) option contracts as part of its investment policy.
Options written by the Group provide the purchaser with the opportunity to purchase from or sell the Group the underlying
asset at an agreed\u2011upon value either on or before the expiration of the option. Options are generally settled on a net basis.
During the year ended 31 December 2023 and 2022 the Group wrote covered call and put option contracts to generate
revenue income for the Group. As the call and put options are covered by dedicated cash resources and no call and put option
contracts were written to manage price risk, there is no impact on the Group\u2019s exposure to gearing or leverage as a result of
writing covered call and put options. The notional amount of the three put options written that were open (2022: three put
options) at 31 December 2023 was \u00a372,182,000 (2022: \u00a333,232,000).
Management of OTC financial derivative instruments
Economic exposure through option writing is restricted such that no more than 10% of the Group\u2019s portfolio shall be under
option at any given time. Exposures are monitored daily by the Investment Manager, BlackRock, and its independent risk
management team. The Board also reviews the exposures regularly.
The option positions are diversified across sectors and geographies comprising three positions as at 31 December 2023
(2022: three).
The economic exposures to options can be closed out at any time by the Group with immediate effect. Details of securities and
exposures to market risk and credit risk implicit within the options portfolio are given above and on page 29.
Concentration of exposure to market price risks
An analysis of the Group\u2019s investment portfolio is shown on pages 29 to 31. At 31 December 2023 this shows that the
portfolio had significant levels of investments in the United States of America, Latin America, Australasia, Africa and Canada.
Accordingly, there is a concentration of exposure to those regions, though it is recognised that an investment\u2019s country of
domicile or listing does not necessarily equate its exposure to the economic conditions in that country.
(ii) Market risk arising from foreign currency risk
Exposure to foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. Foreign currency sensitivity risk has been covered by the VaR analysis under the market
risk section.
The fair values of the Group\u2019s and Company\u2019s monetary items which have foreign currency exposure at 31 December 2023
and 31 December 2022 are shown below. Where the equity investments which are not monetary items are denominated in a
foreign currency, they have been included separately in the analysis so as to show the overall level of exposure.
\n \n
\u00a0
US
Canadian
Australian
Brazilian
\u00a0 \u00a0
\u00a0
Dollar
Dollar
Dollar
Real
Others
Total
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Receivables (due from brokers, dividends and other income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
receivable)
1,844
595
409
1,421
172
4,441
Cash and cash equivalents
4,613
72
\u2013
\u2013
\u2013
4,685
Bank loans
(149,828)
\u2013
\u2013
\u2013
\u2013
(149,828)
Payables (due to brokers and other payables)
(533)
\u2013
\u2013
\u2013
\u2013
(533)
Total foreign currency exposure on net monetary items
(143,904)
667
409
1,421
172
(141,235)
Investments at fair value through profit or loss
489,481
251,654
215,896
36,516
70,107
1,063,654
Derivative financial liabilities at fair value through profit or loss
(1,302)
\u2013
\u2013
\u2013
\u2013
(1,302)
Total net foreign currency exposure
344,275
252,321
216,305
37,937
70,279
921,117
\u00a0 \n \n
US
Canadian
Australian
Brazilian
Dollar
Dollar
Dollar
Real
Others
Total
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Receivables (due from brokers, dividends and other income
receivable)
7,035
671
\u2013
2,159
158
10,023
Cash and cash equivalents
411
94
\u2013
\u2013
\u2013
505
Bank loans
(158,783)
\u2013
\u2013
\u2013
\u2013
(158,783)
Payables (due to brokers and other payables)
(610)
\u2013
\u2013
\u2013
\u2013
(610)
Derivative financial liabilities at fair value through profit or loss
(544)
\u2013
\u2013
\u2013
\u2013
(544)
Total foreign currency exposure on net monetary items
(152,491)
765
\u2013
2,159
158
(149,409)
Investments at fair value through profit or loss
487,897
278,664
286,992
37,339
69,922 1,160,814
Total net foreign currency exposure
335,406
279,429
286,992
39,498
70,080 1,011,405
\u00a0\n
Management of foreign currency risk
The Investment Manager monitors the Group\u2019s exposure to foreign currencies on a daily basis and reports to the Board of the
Company on a regular basis.
The Investment Manager measures the risk to the Group of the foreign currency exposure by considering the effect on the
Group\u2019s net asset value and income of a movement in the exchange rate to which the Group\u2019s assets, liabilities, income and
expenses are exposed.
The Group does not use financial instruments to mitigate the currency exposure in the period between the time that income
is included in the financial statements and its receipt. Derivative contracts are not used to hedge against exposure to foreign
currency risk.
Consequently, the Group is exposed to risks that the exchange rate of its reporting currencies, relative to other currencies, may
change in a manner which has an adverse effect on the value of the portion of the Group\u2019s assets which are denominated in
currencies other than their own currencies.
(iii) Market risk arising from interest rate risk
Exposure to interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market interest rates.
The Group is exposed to interest rate risk specifically through its fixed income investments, cash holdings and its borrowing
facility for investment purposes. Interest rate movements may affect the level of income receivable from any cash at bank
and on deposits. The effect of interest rate changes on the earnings of the companies held within the portfolio may have
a significant impact on the valuation of the Group\u2019s investments. Interest rate sensitivity risk has been covered by the VaR
analysis under the market risk section.
Interest rate exposure
The exposure for Group and Company at 31 December 2023 and 31 December 2022 of financial assets and liabilities to
interest rate risk is shown by reference to:
\u2013
floating interest rates \u2013 when the interest rate is due to be re\u2011set; and
\u2013
fixed interest rates \u2013 when the financial instrument is due for repayment.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Within one
More than
\u00a0
Within one
More than
\u00a0
\u00a0
year
one year
Total
year
one year
Total
Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Exposure to floating interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash collateral held with brokers
6,269
\u2013
6,269
6,795
\u2013
6,795
Cash and cash equivalents
10,612
\u2013
10,612
29,492
\u2013
29,492
Bank loans
(149,828)
\u2013
(149,828)
(158,783)
\u2013
(158,783)
Exposure to fixed interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed income investments
\u2013
53,440
53,440
\u2013
116,960
116,960
Total exposure to interest rates
(132,947)
53,440
(79,507)
(122,496)
116,960
(5,536)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Within one
More than
\u00a0
Within one
More than
\u00a0
\u00a0
year
one year
Total
year
one year
Total
Company
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Exposure to floating interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash collateral held with brokers
6,269
\u2013
6,269
6,795
\u2013
6,795
Cash and cash equivalents
4,261
\u2013
4,261
23,317
\u2013
23,317
Bank loans
(149,828)
\u2013
(149,828)
(158,783)
\u2013
(158,783)
Exposure to fixed interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed income investments
\u2013
53,440
53,440
\u2013
116,960
116,960
Total exposure to interest rates
(139,298)
53,440
(85,858)
(128,671)
116,960
(11,711)
\n
Interest rates received on cash balances are approximately 4.82% for US Dollar balances and 4.37% per annum for Sterling
balances (2022: 1.51% for US Dollar balances and 1.13% for Sterling balances). Interest rates paid on bank loans are
approximately 6.14% per annum for US Dollar balances (2022: 3.30% per annum). There is no Sterling bank loan (2022:
no Sterling bank loan). Effective interest rates on fixed income investments ranged from 2.00% to 8.75% (2022: 2.00% to
7.50%).
Management of interest rate risk
The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account
when making investment decisions and borrowings under the loan and overdraft facilities.
The Group finances part of its activities through borrowings at levels approved and monitored by the Board of the Company.
Derivative contracts are not used to hedge against the exposure to interest rate risk.
(b) Counterparty credit risk
Counterparty credit risk is the risk that the issuer of a financial instrument will fail to fulfil an obligation or commitment that it
has entered into with the Group.
The Group is exposed to counterparty credit risk from the parties with which it trades and will bear the risk of settlement
default. Counterparty credit risk to the Group arises from transactions to purchase or sell investments, fixed income
investments and through option writing transactions on equity investments held within the portfolio.
The major counterparties engaged with the Group and Company are all widely recognised and regulated entities.
Depositary
The Group\u2019s Depositary is The Bank of New York Mellon (International) Limited (BNYM or the Depositary) (S&P long\u2011term
credit rating as at 31 December 2023: AA- (2022: AA-)). The Group\u2019s listed investments are held on its behalf by The Bank of
New York Mellon (International) Limited (BNYM) as the Group\u2019s Custodian (as sub\u2011delegated by the Depositary). All of the
equity and fixed income assets and cash of the Group are held within the custodial network of the global custodian appointed
by the Depositary. Bankruptcy or insolvency of the Depositary/Custodian may cause the Group\u2019s rights with respect to its
investments held by the Depositary/Custodian to be delayed or limited. The maximum exposure to this risk at 31 December
2023 is the total value of equity and fixed income investments held with the Depositary/Custodian and cash and cash
equivalents in the Consolidated and Parent Company Statements of Financial Position.
In accordance with the requirements of the depositary agreement, the Depositary will ensure that any agents it appoints
to assist in safekeeping the equity and fixed income investments of the Group will segregate the equity and fixed income
investments of the Group. Thus, in the event of insolvency or bankruptcy of the Depositary/Custodian, the Group\u2019s non\u2011cash
assets are segregated and this reduces counterparty credit risk. The Group will, however, be exposed to the counterparty credit
risk of the Depositary in relation to the Group\u2019s cash held by the Depositary. In the event of the insolvency or bankruptcy of
the Depositary, the Group will be treated as a general creditor of the Depositary in relation to cash holdings of the Group. The
Board monitors the Group\u2019s risk by reviewing the custodian\u2019s internal control reports.
Securities lending
All securities lending transactions entered into by the Company are subject to a written legal agreement between the Company
and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Company, and separately between
the Securities Lending Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is
transferred under a title transfer arrangement and is delivered to and held in an account with a tri\u2011party collateral manager
in the name of the Depositary, The Bank of New York Mellon (International) Limited, on behalf of the Company. Collateral
received is segregated from the assets belonging to the Company\u2019s Depositary or the Lending Agent.
The value of securities on loan as a proportion of the Group and Company\u2019s total lendable assets as at 31 December 2023 was
5.4% (2022: 4.48%) and as a proportion of the Group\u2019s net assets as at 31 December 2023 was 5.4% (2022: 4.04%). Income
earned from securities lending during the year ended 31 December 2023 is set out in note 3 of the financial statements.
Total lendable assets represent the aggregate value of assets forming part of the Group and Company\u2019s securities lending
programme. This excludes any assets held by the Company that are not considered lendable due to any market, regulatory,
investment or other restriction.
The following table details the value of securities on loan and associated collateral received, analysed by counterparty as at
31 December 2023 and 31 December 2022.
\n \n
Stock
Collateral
Country of
lending
received
2023
establishment
\u00a3\u2019000
\u00a3\u2019000
Barclays Bank plc
United Kingdom
15,137
17,013
Barclays Capital Securities Limited
United Kingdom
1,767
1,901
BNP Paribas Arbitrage
France
910
1,009
Citigroup Global Markets Limited
United Kingdom
233
249
Goldman Sachs International
United Kingdom
6,857
7,427
HSBC Bank plc
United Kingdom
1,519
1,675
J.P. Morgan Securities plc
United Kingdom
14,683
16,215
Macquarie Bank Limited
Australia
13,701
15,132
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
France
4,547
5,088
UBS AG
Switzerland
3,435
3,840
62,789
69,549
\n \n
Stock
Collateral
Country of
lending
received
2022
establishment
\u00a3\u2019000
\u00a3\u2019000
Barclays Bank plc
United Kingdom
29,587
32,905
Barclays Capital Securities Limited
United Kingdom
1,230
1,341
BNP Paribas Arbitrage
France
638
697
Citigroup Global Markets Limited
United Kingdom
1,402
1,454
Goldman Sachs International
United Kingdom
3,392
3,657
J.P. Morgan Securities plc
United Kingdom
1,729
1,892
Macquarie Bank Limited
Australia
12,166
13,311
UBS AG
Switzerland
2,267
2,493
52,411
57,750
Collateral
The Company engages in securities lending transactions for which it may hold collateral received from a counterparty.
The following table provides an analysis by currency of the underlying non\u2011cash collateral received by way of a title
transfer collateral arrangement by the Company, in respect of securities lending transactions as at 31 December 2023 and
31 December 2022:
\n \n
\u00a0
Non-cash
\u00a0
collateral
2023
\u00a0
received
Currency
\u00a3\u2019000
Australian Dollar
382
Canadian Dollar
204
Chinese Yuan
11,456
Danish Krone
55
Euro
4,642
UK Sterling
3,215
Hong Kong Dollar
1,256
Japanese Yen
747
Norwegian Krone
371
Swedish Krone
49
Singapore Dollar
18
US Dollar
47,154
Total
69,549
\n \n
\u00a0
Non-cash
\u00a0
collateral
\u00a0
2022
received
Currency
\u00a3\u2019000
Canadian Dollar
217
Chinese Yuan
1,815
Euro
3,084
Hong Kong Dollar
2,468
Japanese Yen
1,542
Singapore Dollar
26
Swiss Franc
1,115
UK Sterling
2,561
US Dollar
44,817
Other
105
Total
57,750
\n
Non\u2011cash collateral received by way of a title transfer collateral arrangement in relation to securities lending transactions
cannot be sold, reinvested or pledged.
The following table provides an analysis of the type, quality and maturity tenor of non\u2011cash collateral received and posted by
the Group and Company by way of a title transfer collateral arrangement in respect of securities lending transactions as at
31 December 2023 and 31 December 2022.
\n \n
Maturity Tenor
91 to 365
More than
Open
8 to 30 days
days
365 days
Transactions
Total
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Collateral received \u2013 securities lending
Fixed income
Investment grade
\u2013
\u2013
5,100
\u2013
5,100
Equities
Recognised equities
\u2013
\u2013
\u2013
64,449
64,449
Total
\u2013
\u2013
5,100
64,449
69,549
\n \n
Maturity Tenor
91 to 365
More than
Open
8 to 30 days
days
365 days
Transactions
Total
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Collateral received \u2013 securities lending
Fixed income
Investment grade
\u2013
\u2013
3,170
\u2013
3,170
Equities
Recognised equities
\u2013
\u2013
\u2013
54,580
54,580
Total
\u2013
\u2013
3,170
54,580
57,750
Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one
globally recognised credit rating agency; Standard & Poor\u2019s, Moody\u2019s or Fitch.
The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity
date, while equity securities received as collateral are presented as open transactions as they are not subject to a contractual
maturity date.
As at 31 December 2023 and 2022, all non\u2011cash collateral (equity and debt securities) received by the Group and Company in
respect of securities lending transactions is held by the Group\u2019s Depositary (or through its delegates).
The following table lists the ten largest issuers by value of non\u2011cash collateral (equity and debt securities) received by the
Group and Company by way of a title transfer collateral arrangement across securities lending transactions as at 31 December
2023 and 2022.
\n \n
Value
% of the
2023
Company\u2019s
Non cash collateral issuer \u2013 securities
\u00a3\u2019000
NAV
Alibaba Group
2,324
0.20
Merck
1,990
0.17
Agricultural Bank Of China
1,798
0.15
Pepsico
1,696
0.15
Meta Platforms
1,696
0.15
Thermo Fisher Scientific
1,696
0.15
Unitedhealth Group
1,689
0.15
Germany Federal Republic Of (Government)
1,626
0.14
China Construction Bank
1,621
0.14
Encompass Health
1,406
0.12
Other issuers
52,007
4.48
Total
69,549
6.00
\n \n
Value
% of the
2022
Company\u2019s
Non cash collateral issuer \u2013 securities
\u00a3\u2019000
NAV
Southwest Airlines
3,286
0.25
Marvell Technology Inc
3,286
0.25
Cisco Systems Inc
2,320
0.18
JD Health International Inc
1,873
0.14
Cf Industries Holdings Inc
1,217
0.09
Vale ADR Representing One Sa
1,207
0.09
Abbott Laboratories
1,207
0.09
Becton Dickinson
1,207
0.09
Meta Platforms Inc Class A
1,207
0.09
China Resources
1,204
0.09
Other issuers
39,736
3.06
Total
57,750
4.42
Counterparties/brokers
The Group only invests directly in markets that operate on a delivery versus payment basis and consequently most investment
transactions in listed securities involve simultaneous delivery of securities against cash payment using an approved broker.
The risk of default is considered minimal and the trade will fail if either party fails to meet its obligation.
For a few markets that the Group invests in from time to time, although they operate on a delivery versus payment basis, there
may be a very short time gap between stock delivery and payment, giving a potential rise to counterparty credit risk with the
broker in relation to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the
short settlement period involved and the high credit quality of the brokers used for those markets. The Group monitors the
credit rating and financial position of the broker used to further mitigate this risk.
Cash held by a counterparty to financial derivative contracts is subject to the credit risk of the counterparty. The following table
details the total number of counterparties to which the Group is exposed, the maximum exposure to any one counterparty,
any collateral held by the Group against this exposure, the total exposure to all other counterparties and the lowest long\u2011term
credit rating of any one counterparty (or its ultimate parent if unrated).
\n \n
Maximum
exposure
Total exposure
to any one
to all other
Lowest credit
Total number of
counterparty
1
Collateral held
1
counterparties
1
rating of any one
counterparties
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
counterparty
2
2023
3
10,612
6,269
410
A+
2022
3
29,492
6,795
1
A+
1
Calculated on a net basis.
2
Standard & Poor\u2019s ratings.
The Group may also be exposed to counterparty risk should there be any rehypothecation of pledged collateral. Collateral
is received/paid where the client service agreement states that there should be collateral movements agreed with the
counterparty, where there is a requirement for a mark\u2011to\u2011market process or collateralisation to ensure that the Group is
protected against any counterparty default.
Collateral
The Group engages in activities which may require collateral to be provided to a counterparty (pledged collateral) or may hold
collateral received (Inbound Collateral) from a counterparty. The Group uses Inbound Collateral received from a counterparty
to reduce the counterparty credit risk associated with any trading activity in which the Group has engaged.
Cash collateral pledged by the Group is separately identified as an asset in the Consolidated and Parent Company Statements
of Financial Position and is not included as a component of cash and cash equivalents. The cash is subject to certain
counterparty credit risk as the Group\u2019s access to its cash could be delayed should the counterparties become insolvent or
bankrupt. Collateral received in the form of securities is not reflected in the Consolidated and Parent Company Statements of
Financial Position. The Group has the right to sell or re\u2011pledge collateral received in the form of securities in circumstances
such as default.
The fair value of inbound cash collateral and cash collateral pledged is reflected in the table below:
\n \n
Liability for
Pledged collateral
inbound collateral
As at
As at
As at
As at
31 December
31 December
31 December
31 December
2023
2022
2023
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cash collateral \u2011 Bank of America Merrill Lynch (2022: Bank of America
Merrill Lynch)
6,269
6,795
\u2013
\u2013
Receivables
Amounts due from debtors are disclosed in the Consolidated and Parent Company Statements of Financial Position as
receivables. The counterparties included in receivables are the same counterparties discussed previously under counterparty
credit risk and subject to the same scrutiny by the BlackRock RQA Counterparty & Concentration Risk Team (RQA CCR). The
Group monitors the ageing of receivables to mitigate the risk of debtor balances becoming overdue.
In summary, the exposure to credit risk at 31 December 2023 and 2022 was as follows:
\n \n
2023
2022
Group
\u00a3\u2019000
\u00a3\u2019000
Investment in contractual rights
18,316
21,199
Fixed income investments
53,440
116,960
Cash collateral held with brokers
6,269
6,795
Cash and cash equivalents
10,612
29,492
Other receivables (amounts due from brokers, dividends and interest receivable)
3,592
4,431
92,229
178,877
\n \n
2023
2022
Company
\u00a3\u2019000
\u00a3\u2019000
Investment in contractual rights
18,316
21,199
Fixed income investments
53,440
116,960
Cash collateral held with brokers
6,269
6,795
Cash and cash equivalents
4,261
23,317
Other receivables (amounts due from brokers, dividends and interest receivable)
3,592
4,431
85,878
172,702
Management of counterparty credit risk
Credit risk is monitored and managed by RQA CCR. The team is headed by BlackRock\u2019s Chief Credit Officer who reports to the
Global Head of RQA. Credit authority resides with the Chief Credit Officer and selected team members to whom specific credit
authority has been delegated. As such, counterparty approvals may be granted by the Chief Credit Officer, or by identified RQA
Credit Risk Officers who have been formally delegated authority by the Chief Credit Officer.
The counterparty/credit risk is managed as follows:
\u2013
transactions are only entered into with those counterparties approved by RQA CCR, with a formal review carried out for
each new counterparty and with counterparties selected by RQA CCR on the basis of a number of risk mitigation criteria
designed to reduce the risk to the Group of default;
\u2013
the creditworthiness of financial institutions with whom cash and fixed income instruments are held is reviewed regularly
by RQA CCR; and
\u2013
RQA CCR review the credit standard of the Group\u2019s brokers on a periodic basis and set limits on the amount that may be
due from any one broker.
The Board monitors the Group\u2019s counterparty risk by reviewing:
\u2013
the semi\u2011annual report from the Depositary, which includes the results of periodic site visits to the Group\u2019s Custodian
where controls are reviewed and tested;
\u2013
the Custodian's Service Organisation Control (SOC 1) reports which include a report by the Custodian's auditor. This report
sets out any exceptions or issues noted as a result of the auditor\u2019s review of the custodian\u2019s control processes;
\u2013
the Manager\u2019s internal control reports which include a report by the Manager\u2019s auditor. This report sets out any exceptions
or issues noted as a result of the auditor\u2019s review of the Manager\u2019s control processes; and
\u2013
in addition, the Depositary and the Manager report any significant breaches or issues arising to the Board as soon as these
are identified.
There were no past due or impaired assets as of 31 December 2023 (2022: nil). The major counterparties engaged with the
Group are all widely recognised and regulated entities.
Offsetting disclosures
In order to better define its contractual rights and to secure rights that will help the Group mitigate its counterparty risk, the
Group may enter into an ISDA Master Agreement or similar agreement with its OTC derivative contract counterparties. An
ISDA Master Agreement is an agreement between the Group and the counterparty that governs OTC derivative contracts
and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or
termination event. Under an ISDA Master Agreement, the Group has a contractual right to offset with the counterparty certain
derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net
payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency
laws of a particular jurisdiction may impose restrictions on, or prohibitions against, the right of offset in bankruptcy, insolvency
or other events.
For financial reporting purposes, the Group does not offset derivative assets and derivative liabilities that are subject to netting
arrangements in the Statements of Financial Position. The disclosures set out in the following tables include financial assets
and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement.
At 31 December 2023 and 2022, the Group\u2019s and Company\u2019s derivative assets and liabilities (by type) are as follows:
\n \n
\u00a0
At 31 December 2023
\u00a0
At 31 December 2022
\u00a0
\u00a0
Assets
Liabilities
Assets
Liabilities
Derivatives
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Written option contracts
\u2013
(1,401)
\u2013
(1,227)
Total derivative assets and liabilities in the Consolidated and Parent
\u00a0 \u00a0 \u00a0 \u00a0
Company Statements of Financial Position
\u2013
(1,401)
\u2013
(1,227)
Total assets and liabilities subject to a master netting agreement
\u2013
(1,401)
\u2013
(1,227)
The following table presents the Group\u2019s and Company\u2019s derivative liabilities by counterparty, net of amounts available for
offset, under a master netting agreement and net of any related collateral paid/(received) by the Group at 31 December 2023
and 2022:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Derivative
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
liabilities
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
subject to a
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
master netting
Derivatives
\u00a0 \u00a0
Net amount
\u00a0
agreement by a
available for
Non-cash
Pledged cash
of derivative
\u00a0
counterparty
offset
collateral given
collateral
liabilities
Counterparty
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank of America Merrill Lynch
(1,401)
\u2013
\u2013
1,401
\u2013
At 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank of America Merrill Lynch
(1,227)
\u2013
\u2013
1,227
\u2013
\n
Offsetting and cash pooling arrangements
The Company and its subsidiary have a legally enforceable right under the bank overdraft agreement with The Bank of New
York Mellon (International) Limited to set off the cash held in the subsidiary and bank overdraft balance in the Company. The
cash and overdraft balances are held in the same currency and are managed under a compensated group arrangement with
the same bank where interest is received/charged on the net cash/overdraft balance.
In practice, the Group has not and does not expect the cash and overdraft balances to settle on a net basis and, accordingly, we
have presented the cash and cash equivalents and bank overdraft balances in the Statement of Financial Position on a gross
basis before offsetting the positive cash balances held in the subsidiary company against the bank overdraft balance in the
Company.
(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with financial liabilities.
The Group is also exposed to the liquidity risk for margin calls on derivative instruments. The Group has an overdraft facility
of \u00a330 million (2022: \u00a330 million) and a multi\u2011currency loan facility of \u00a3200 million (2022: \u00a3200 million) which are updated
and renewed on an annual basis. As per the borrowing agreements, borrowings under the overdraft and loan facilities shall
at no time exceed \u00a3230 million or 25% of the Group\u2019s net asset value (whichever is the lower) (2022: \u00a3230 million or 25% of
the Group\u2019s net asset value (whichever is lower)) and this covenant was complied with during the year. For details of the loan
facility, refer to note 14.
Liquidity risk exposure
The remaining undiscounted gross cash flows of the financial liabilities as at 31 December 2023 and 2022, based on the
earliest date on which payment can be required, were as follows:
\n \n
2023
2022
3 months or
3 months or
less
less
Group
\u00a3\u2019000
\u00a3\u2019000
Current liabilities:
Amounts due to brokers, accruals and provisions
8,052
6,528
Derivative financial liabilities at fair value through profit or loss
1,401
1,227
Bank loans
149,828
158,783
159,281
166,538
\n \n
\u00a0
2023
2022
\u00a0
3 months or
3 months or
\u00a0
less
less
Company
\u00a3\u2019000
\u00a3\u2019000
Current liabilities:
\u00a0 \u00a0
Amounts due to brokers, accruals and provisions
9,108
7,584
Derivative financial liabilities at fair value through profit or loss
1,401
1,227
Bank loans
149,828
158,783
\u00a0
160,337
167,594
\n
Management of liquidity risk
Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands.
Asset disposals may also be required to meet liquidity needs. However, the timely sale of trading positions can be impaired
by many factors including decreased trading volume and increased price volatility. As a result, the Group may experience
difficulties in disposing of assets to satisfy liquidity demands. Liquidity risk is not significant as the majority of the Group\u2019s
assets are investments in listed securities that are readily realisable.
The Board gives guidance to the Investment Manager as to the maximum amounts of the Group\u2019s resources that should be
invested in any one company. The policy is that the Group should remain 90% invested in normal market conditions and that
25% of the Group\u2019s assets may be invested in cash or cash equivalents. Short\u2011term borrowings may be used to manage short\u2011
term cash requirements.
The Group\u2019s liquidity risk is managed on a daily basis by the Investment Manager in accordance with established policies
and procedures in place. The Investment Manager reviews daily forward\u2011looking cash reports which project cash obligations.
These reports allow them to manage their obligations.
For the avoidance of doubt, none of the assets of the Group are subject to special liquidity arrangements.
(d) Valuation of financial instruments
Financial assets and financial liabilities are either carried in the Consolidated and Parent Company Statements of Financial
Position at their fair value (investment and derivatives) or at amortised cost (due from brokers, dividends and interest
receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13 requires the Group to classify fair value
measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The
valuation techniques used by the Group are explained in the accounting policies note 2(h) to the Financial Statements on
page 102.
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair
value measurement of the relevant asset.
The fair value hierarchy has the following levels:
Level 1 \u2013 Quoted market price for identical instruments in active markets
A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer,
broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market
transactions on an arm\u2019s length basis. The Group does not adjust the quoted price for these instruments.
Level 2 \u2013 Valuation techniques using observable inputs
This category includes instruments valued using quoted prices for similar instruments in markets that are considered less
than active, or other valuation techniques where all significant inputs are directly or indirectly observable from market data.
Valuation techniques used for non\u2011standardised financial instruments such as options, currency swaps and other over\u2011the\u2011
counter derivatives include the use of comparable recent arm\u2019s length transactions, reference to other instruments that are
substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used
by market participants making the maximum use of market inputs and relying as little as possible on entity specific inputs.
Over\u2011the\u2011counter derivative option contracts have been classified as Level 2 investments as their valuation has been based on
market observable inputs represented by the underlying quoted securities to which these contracts expose the Group.
Level 3 \u2013 Valuation techniques using significant unobservable inputs
This category includes all instruments where the valuation technique includes inputs not based on market data and these
inputs could have a significant impact on the instrument\u2019s valuation.
This category also includes instruments that are valued based on quoted prices for similar instruments where significant
entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments
for which there is no active market. The Investment Manager considers observable data to be that market data that is readily
available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that
are actively involved in the relevant market.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the
basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses observable
inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.
Assessing the significance of a particular input to the fair value measurement requires judgement, considering factors
specific to the asset or liability including an assessment of the relevant risks including but not limited to credit risk, market
risk, liquidity risk, business risk and sustainability risk. The determination of what constitutes \u2018observable\u2019 inputs requires
significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs
used in measurement of Level 3 assets or liabilities.
Valuation process and techniques for Level 3 valuations
(a) BHP Brazil Royalty
The Directors engage a mining consultant, an independent valuer with a recognised and relevant professional qualification, to
conduct a periodic valuation of the contractual rights and the fair value of the contractual rights is assessed with reference to
relevant factors. At the reporting date the income streams from contractual rights have been valued on the net present value
of the pre\u2011tax cash flows discounted at a rate the external valuer considers reflects the risk associated with the project. The
valuation model uses discounted cash flow analysis which incorporates both observable and non\u2011observable data. Observable
inputs include assumptions regarding current rates of interest and commodity prices. Unobservable inputs include
assumptions regarding production profiles, price realisations, cost of capital and discount rates. In determining the discount
rate to be applied, the external valuer considers the country and sovereign risk associated with the project, together with the
time horizon to the commencement of production and the success or failure of projects of a similar nature. To assess the
significance of a particular input to the entire measurement, the external valuer performs a sensitivity analysis. The external
valuer has undertaken an analysis of the impact of using alternative discount rates on the fair value of contractual rights.
This investment in contractual rights is reviewed regularly to ensure that the initial classification remains correct given the
asset\u2019s characteristics and the Group\u2019s investment policies. The contractual rights are initially recognised using the transaction
price as it was indicative of the best evidence of fair value at acquisition and are subsequently measured at fair value, taking
into consideration the relevant IFRS 13 requirements. In arriving at their estimates of market values, the valuers have used their
market knowledge and professional judgement. The Group classifies the fair value of this investment as Level 3.
Valuations are the responsibility of the Directors of the Company. In arriving at a final valuation, the Directors consider the
independent valuer\u2019s report, the significant assumptions used in the fair valuation and the review process undertaken by
BlackRock\u2019s Pricing Committee. The valuation of unquoted investments is performed on a quarterly basis by the Investment
Manager and reviewed by the Pricing Committee of the Manager. On a quarterly basis the Investment Manager will review the
valuation of the contractual rights and inputs for significant changes. A valuation of contractual rights is performed annually
by an external valuer, SRK Consulting (UK) Limited, and reviewed by the Pricing Committee of the Manager. The valuations
are also subject to quality assurance procedures performed within the Pricing Committee. On a semi\u2011annual basis, after the
checks above have been performed, the Investment Manager presents the valuation results to the Directors. This includes a
discussion of the major assumptions used in the valuations. There were no changes in valuation techniques during the year.
(b) Jetti Resources and MCC Mining equity shares
The fair value of the investment equity shares of Jetti Resources and MCC Mining were assessed by an independent valuer
with a recognised and relevant professional qualification. The valuation is carried out based on market approach using
earnings multiple and price of recent transactions. Changes in assumptions about these factors could affect the reported
fair value of financial instruments in the Consolidated and Parent Company Statements of Financial Position and the level
where the instruments are disclosed in the fair value hierarchy. To assess the significance of a particular input to the entire
measurement, the external valuer performs a sensitivity analysis.
Fair values of financial assets and financial liabilities
The table below sets out fair value measurements using the IFRS 13 fair value hierarchy.
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2023 \u2013 Group
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,193,969
\u2013
32,695
1,226,664
Fixed income securities
16,924
36,516
\u2013
53,440
Investment in contractual rights
\u2013
\u2013
18,316
18,316
Total assets
1,210,893
36,516
51,011
1,298,420
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,401)
\u2013
(1,401)
Total
1,210,893
35,115
51,011
1,297,019
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2022 \u2013 Group
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,250,984
9
35,692
1,286,685
Fixed income securities
68,894
48,066
\u2013
116,960
Investment in contractual rights
\u2013
\u2013
21,199
21,199
Total assets
1,319,878
48,075
56,891
1,424,844
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,227)
\u2013
(1,227)
Total
1,319,878
46,848
56,891
1,423,617
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2023 \u2013 Company
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,193,969
\u2013
40,102
1,234,071
Fixed income securities
16,924
36,516
\u2013
53,440
Investment in contractual rights
\u2013
\u2013
18,316
18,316
Total assets
1,210,893
36,516
58,418
1,305,827
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,401)
\u2013
(1,401)
Total
1,210,893
35,115
58,418
1,304,426
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2022 \u2013 Company
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,250,984
9
42,923
1,293,916
Fixed income securities
68,894
48,066
\u2013
116,960
Investment in contractual rights
\u2013
\u2013
21,199
21,199
Total assets
1,319,878
48,075
64,122
1,432,075
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,227)
\u2013
(1,227)
Total
1,319,878
46,848
64,122
1,430,848
A reconciliation of fair value measurement in Level 3 is set out below.
\n \n
Level 3 Financial assets at fair value through profit or loss
Group
Company
at 31 December
2023
2022
2023
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening fair value
56,891
33,413
64,122
40,591
Return of capital \u2013 royalty
(497)
(267)
(497)
(267)
Additions at cost
\u2013
20,106
\u2013
20,106
Transfer of equities from Level 1 to Level 3
\u2013
2
\u2013
2
Conversion of equity and transfer to Level 1
\u2013
(2,546)
\u2013
(2,546)
Conversion of convertible bonds to equity and transfer to Level 2
\u2013
(10,160)
\u2013
(10,160)
Transfer of equities and convertible bonds to Level 2
\u2013
(19,305)
\u2013
(19,305)
Total profit or loss included in net profit on investments in the
Consolidated Statement of Comprehensive Income:
\u2011 assets transferred to Level 1 during the period
\u2013
169
\u2013
169
\u2011 assets transferred to Level 2 during the period
\u2013
14,212
\u2013
14,212
\u2011 assets held at the end of the period
(5,383)
21,267
(5,207)
21,320
Closing balance
51,011
56,891
58,418
64,122
The Level 3 valuation process and techniques used are explained in the accounting policies in note 2(h). A more detailed
description of the techniques is found on pages 129 and 130 under \u2018Valuation process and techniques\u2019 for Level 3 valuations.
The Level 3 investments as at 31 December 2023 in the table that follows relate to the BHP Brazil Royalty, convertible bonds
and equity shares of Jetti Resources and MCC Mining. In accordance with IFRS 13, these investments were categorised as
Level 3.
In arriving at the fair value of the BHP Brazil Royalty, the key inputs are the underlying commodity prices and illiquidity
discount. In arriving at the fair value of Jetti Resources and MCC Mining securities, the key inputs are shown on page 132.
The Level 3 valuation process and techniques used by the Company are explained in the accounting policies in notes 2(h)
and 2(q) and a detailed explanation of the techniques is also available on pages 129 and 130 under \u2018Valuation process and
techniques\u2019.
The Lifezone SPAC Pipe commitment held at nil value as at 31 December 2022 was transferred to Level 1 on completion of the
merger transaction and the successful initial public offering during the year.
Quantitative information of significant unobservable inputs \u2013 Level 3 \u2013 Group and Company
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value
hierarchy, together with an estimated quantitative sensitivity analysis, as at 31 December 2023 and 31 December 2022 are
as shown below.
\n \n
As at
Range of
31 December
weighted
Reasonable
2023
Valuation
Unobservable
average
possible
Impact on
Description
\u00a3\u2019000
technique
input
inputs
shift\u00b9 +/-
fair value
Discounted rate\u2013
weighted average
Discounted
cost
BHP Brazil Royalty
18,316
cash flows
of capital
5.0% \u2011 8.0%
1.0%
\u00a31.0m
US$1,706-
Average
US$1,780
gold prices
per ounce
10.0%
\u00a31.8m
US$8,397-
Average
US$8,469
copper prices
per tonne
10.0%
\u00a31.2m
Market
Jetti Resources
27,204
approach
Earnings multiple
6.00x
5.0%
\u00a31.4m
Market
Price of recent
MCC Mining
5,491
approach
transaction
5.0%
\u00a30.3m
Listing
suspended
\u2013 valued
at nominal
Polyus
\u2013
US$0.01
Delisted \u2011
valued at
nominal
Polymetal International
\u2013
US$0.01
Total
51,011
1
The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.
\n \n
As at
Range of
31 December
weighted
Reasonable
2022
Valuation
Unobservable
average
possible
Impact on
Description
\u00a3\u2019000
technique
input
inputs
shift\u00b9 +/-
fair value
Discounted rate\u2013
weighted average
Discounted
cost
OZ Minerals Brazil Royalty
21,199
cash flows
of capital
5.0% \u2011 8.0%
1.0%
\u00a31.0m
US$1,400-
Average
US$1,600
gold prices
per ounce
10.0%
\u00a31.5m
US$7,209-
Average
US$8,510
copper prices
per tonne
10.0%
\u00a31.0m
Market
Jetti Resources
29,873
approach
Earnings multiple
5.93x
5.0%
\u00a30.6m
Market
Price of recent
MCC Mining
5,819
approach
transaction
5.0%
\u00a30.3m
Lifezone commitment (see Note 21)
\u2013
Listing
suspended
\u2013 valued
at nominal
Polyus
\u2013
US$0.01
Total
56,891
1
The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.
The sensitivity impact on fair value is calculated based on the sensitivity estimates set out by the independent valuer in its
report on the valuation of contractual rights. Significant increases/(decreases) in estimated commodity prices and discount
rates in isolation would result in a significantly higher/(lower) fair value measurement. Generally, a change in the assumption
made for the estimated value is accompanied by a directionally similar change in the commodity prices and discount rates.
For exchange listed equity investments, the quoted price is the bid price. Substantially, all investments are valued based on
unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not
required to be assessed or adjusted for any price related risks, including climate risk, in accordance with the fair value related
requirements of the Company\u2019s financial reporting framework.
(e) Capital management policies and procedures
The Group\u2019s capital management objectives are:
\u2013
to ensure it will be able to continue as a going concern; and
\u2013
to achieve a balanced return of dividends and capital growth over the longer term, by investing primarily in securities of
companies in the mining and metals sectors.
This is to be achieved through an appropriate balance of equity capital and gearing. The Company operates a flexible gearing
policy which depends on prevailing conditions. The policy is that debt should not be more than 25% of the Group\u2019s net assets.
The Group\u2019s total invested capital at 31 December 2023 was \u00a31,309,879,000 (2022: \u00a31,458,068,000) comprising of bank loans
and an overdraft of \u00a3149,828,000 (2022: \u00a3158,783,000) and equity shares, capital and reserves of \u00a31,160,051,000 (2022:
\u00a31,299,285,000).
Under the terms of the overdraft and loan facility agreement, the Group\u2019s total indebtedness shall at no time exceed
\u00a3230 million or 25% of the Group\u2019s net asset value (whichever is the lowest).
The cash and bank overdraft accounts of the Company and subsidiary in the same currency are managed under a
compensated group arrangement and are therefore presented on a net basis in the Group financial statements.
The Board with the assistance of the Investment Manager monitors and reviews the broad structure of the Group\u2019s capital on
an ongoing basis. This review includes:
\u2013
the planned level of gearing, which takes into account the Investment Manager\u2019s view on the market; and
\u2013
the need to buy back equity shares, either for cancellation or to be held in treasury, which takes account of the difference
between the NAV per share and the share price (i.e. the level of share price discount or premium).
The Group is subject to externally imposed capital requirements:
\u2013
as a public company, the Group has a minimum share capital of \u00a350,000; and
\u2013
in order to be able to pay dividends out of profits available for distribution, the Group has to be able to meet one of the two
capital restrictions tests imposed on investment companies by law.
During the year, the Group complied with the externally imposed capital requirements to which it was subject.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11447": { "value": "(a) Market risk
Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and
interest rate movements. It represents the potential loss the Group may suffer through holding market positions in financial
instruments in the face of market movements.
A key metric the RQA Group uses to measure market risk is Value\u2011at-Risk (VaR) which encompasses price, currency and
interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in
an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional
sensitivity analysis.
The VaR calculations are based on a confidence level of 99%, with a holding period of not greater than one day and a historical
observation period of not less than one year (250 days). A VaR number is defined at a specified probability and a specified
time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one\u2011day period the Company will
lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use
of VaR methodology has limitations, namely assumptions that risk factor returns are normally distributed and that the use of
historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those
that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses
that occur beyond this level. There is some probability that the loss could be greater than the VaR percentage amounts. These
limitations, and the nature of the VaR measure, mean that the Company can neither guarantee that losses will not exceed the
VaR amounts indicated, nor that losses in excess of the VaR amounts will not occur more frequently.
The one\u2011day VaR for the Group and Company as of 31 December 2023 and 31 December 2022 (based on a 99% confidence
level) was 2.13% and 5.28% respectively.
(i) Market risk arising from other price risk
Exposure to other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors
specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the
market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, climate change, or other events could have a significant impact on the Group and the market price of its
investments and could result in increased premiums or discounts to the Group\u2019s net asset value.
The Group is exposed to market price risk arising from its equity investments, fixed income investments and written options.
The movements in the prices of these investments result in movements in the performance of the Group. Other price risk
sensitivity has been covered by the VaR analysis under the market risk section above.
The Group\u2019s exposure to other changes in market prices at 31 December 2023 on its equity and fixed interest investments
was \u00a31,298,420,000 (2022: \u00a31,424,844,000). In addition, the Group\u2019s gross notional market exposure to these price changes
through its option portfolio was \u00a372,182,000 (2022: \u00a333,232,000).
Management of other price risk
By diversifying the portfolio, where this is appropriate and consistent with the Group\u2019s objectives, the risk that a price change
of a particular investment will have a material impact on the NAV of the Group is minimised which is in line with the investment
objectives of the Group.
Use of derivatives
The Group may utilise both exchange traded and over\u2011the\u2011counter (OTC) option contracts as part of its investment policy.
Options written by the Group provide the purchaser with the opportunity to purchase from or sell the Group the underlying
asset at an agreed\u2011upon value either on or before the expiration of the option. Options are generally settled on a net basis.
During the year ended 31 December 2023 and 2022 the Group wrote covered call and put option contracts to generate
revenue income for the Group. As the call and put options are covered by dedicated cash resources and no call and put option
contracts were written to manage price risk, there is no impact on the Group\u2019s exposure to gearing or leverage as a result of
writing covered call and put options. The notional amount of the three put options written that were open (2022: three put
options) at 31 December 2023 was \u00a372,182,000 (2022: \u00a333,232,000).
Management of OTC financial derivative instruments
Economic exposure through option writing is restricted such that no more than 10% of the Group\u2019s portfolio shall be under
option at any given time. Exposures are monitored daily by the Investment Manager, BlackRock, and its independent risk
management team. The Board also reviews the exposures regularly.
The option positions are diversified across sectors and geographies comprising three positions as at 31 December 2023
(2022: three).
The economic exposures to options can be closed out at any time by the Group with immediate effect. Details of securities and
exposures to market risk and credit risk implicit within the options portfolio are given above and on page 29.
Concentration of exposure to market price risks
An analysis of the Group\u2019s investment portfolio is shown on pages 29 to 31. At 31 December 2023 this shows that the
portfolio had significant levels of investments in the United States of America, Latin America, Australasia, Africa and Canada.
Accordingly, there is a concentration of exposure to those regions, though it is recognised that an investment\u2019s country of
domicile or listing does not necessarily equate its exposure to the economic conditions in that country.
(ii) Market risk arising from foreign currency risk
Exposure to foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. Foreign currency sensitivity risk has been covered by the VaR analysis under the market
risk section.
The fair values of the Group\u2019s and Company\u2019s monetary items which have foreign currency exposure at 31 December 2023
and 31 December 2022 are shown below. Where the equity investments which are not monetary items are denominated in a
foreign currency, they have been included separately in the analysis so as to show the overall level of exposure.
\n \n
\u00a0
US
Canadian
Australian
Brazilian
\u00a0 \u00a0
\u00a0
Dollar
Dollar
Dollar
Real
Others
Total
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Receivables (due from brokers, dividends and other income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
receivable)
1,844
595
409
1,421
172
4,441
Cash and cash equivalents
4,613
72
\u2013
\u2013
\u2013
4,685
Bank loans
(149,828)
\u2013
\u2013
\u2013
\u2013
(149,828)
Payables (due to brokers and other payables)
(533)
\u2013
\u2013
\u2013
\u2013
(533)
Total foreign currency exposure on net monetary items
(143,904)
667
409
1,421
172
(141,235)
Investments at fair value through profit or loss
489,481
251,654
215,896
36,516
70,107
1,063,654
Derivative financial liabilities at fair value through profit or loss
(1,302)
\u2013
\u2013
\u2013
\u2013
(1,302)
Total net foreign currency exposure
344,275
252,321
216,305
37,937
70,279
921,117
\u00a0 \n \n
US
Canadian
Australian
Brazilian
Dollar
Dollar
Dollar
Real
Others
Total
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Receivables (due from brokers, dividends and other income
receivable)
7,035
671
\u2013
2,159
158
10,023
Cash and cash equivalents
411
94
\u2013
\u2013
\u2013
505
Bank loans
(158,783)
\u2013
\u2013
\u2013
\u2013
(158,783)
Payables (due to brokers and other payables)
(610)
\u2013
\u2013
\u2013
\u2013
(610)
Derivative financial liabilities at fair value through profit or loss
(544)
\u2013
\u2013
\u2013
\u2013
(544)
Total foreign currency exposure on net monetary items
(152,491)
765
\u2013
2,159
158
(149,409)
Investments at fair value through profit or loss
487,897
278,664
286,992
37,339
69,922 1,160,814
Total net foreign currency exposure
335,406
279,429
286,992
39,498
70,080 1,011,405
\u00a0\n
Management of foreign currency risk
The Investment Manager monitors the Group\u2019s exposure to foreign currencies on a daily basis and reports to the Board of the
Company on a regular basis.
The Investment Manager measures the risk to the Group of the foreign currency exposure by considering the effect on the
Group\u2019s net asset value and income of a movement in the exchange rate to which the Group\u2019s assets, liabilities, income and
expenses are exposed.
The Group does not use financial instruments to mitigate the currency exposure in the period between the time that income
is included in the financial statements and its receipt. Derivative contracts are not used to hedge against exposure to foreign
currency risk.
Consequently, the Group is exposed to risks that the exchange rate of its reporting currencies, relative to other currencies, may
change in a manner which has an adverse effect on the value of the portion of the Group\u2019s assets which are denominated in
currencies other than their own currencies.
(iii) Market risk arising from interest rate risk
Exposure to interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market interest rates.
The Group is exposed to interest rate risk specifically through its fixed income investments, cash holdings and its borrowing
facility for investment purposes. Interest rate movements may affect the level of income receivable from any cash at bank
and on deposits. The effect of interest rate changes on the earnings of the companies held within the portfolio may have
a significant impact on the valuation of the Group\u2019s investments. Interest rate sensitivity risk has been covered by the VaR
analysis under the market risk section.
Interest rate exposure
The exposure for Group and Company at 31 December 2023 and 31 December 2022 of financial assets and liabilities to
interest rate risk is shown by reference to:
\u2013
floating interest rates \u2013 when the interest rate is due to be re\u2011set; and
\u2013
fixed interest rates \u2013 when the financial instrument is due for repayment.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Within one
More than
\u00a0
Within one
More than
\u00a0
\u00a0
year
one year
Total
year
one year
Total
Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Exposure to floating interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash collateral held with brokers
6,269
\u2013
6,269
6,795
\u2013
6,795
Cash and cash equivalents
10,612
\u2013
10,612
29,492
\u2013
29,492
Bank loans
(149,828)
\u2013
(149,828)
(158,783)
\u2013
(158,783)
Exposure to fixed interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed income investments
\u2013
53,440
53,440
\u2013
116,960
116,960
Total exposure to interest rates
(132,947)
53,440
(79,507)
(122,496)
116,960
(5,536)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Within one
More than
\u00a0
Within one
More than
\u00a0
\u00a0
year
one year
Total
year
one year
Total
Company
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Exposure to floating interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash collateral held with brokers
6,269
\u2013
6,269
6,795
\u2013
6,795
Cash and cash equivalents
4,261
\u2013
4,261
23,317
\u2013
23,317
Bank loans
(149,828)
\u2013
(149,828)
(158,783)
\u2013
(158,783)
Exposure to fixed interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed income investments
\u2013
53,440
53,440
\u2013
116,960
116,960
Total exposure to interest rates
(139,298)
53,440
(85,858)
(128,671)
116,960
(11,711)
\n
Interest rates received on cash balances are approximately 4.82% for US Dollar balances and 4.37% per annum for Sterling
balances (2022: 1.51% for US Dollar balances and 1.13% for Sterling balances). Interest rates paid on bank loans are
approximately 6.14% per annum for US Dollar balances (2022: 3.30% per annum). There is no Sterling bank loan (2022:
no Sterling bank loan). Effective interest rates on fixed income investments ranged from 2.00% to 8.75% (2022: 2.00% to
7.50%).
Management of interest rate risk
The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account
when making investment decisions and borrowings under the loan and overdraft facilities.
The Group finances part of its activities through borrowings at levels approved and monitored by the Board of the Company.
Derivative contracts are not used to hedge against the exposure to interest rate risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11484": { "value": "(i) Market risk arising from other price risk
Exposure to other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors
specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the
market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health
issues, recessions, climate change, or other events could have a significant impact on the Group and the market price of its
investments and could result in increased premiums or discounts to the Group\u2019s net asset value.
The Group is exposed to market price risk arising from its equity investments, fixed income investments and written options.
The movements in the prices of these investments result in movements in the performance of the Group. Other price risk
sensitivity has been covered by the VaR analysis under the market risk section above.
The Group\u2019s exposure to other changes in market prices at 31 December 2023 on its equity and fixed interest investments
was \u00a31,298,420,000 (2022: \u00a31,424,844,000). In addition, the Group\u2019s gross notional market exposure to these price changes
through its option portfolio was \u00a372,182,000 (2022: \u00a333,232,000).
Management of other price risk
By diversifying the portfolio, where this is appropriate and consistent with the Group\u2019s objectives, the risk that a price change
of a particular investment will have a material impact on the NAV of the Group is minimised which is in line with the investment
objectives of the Group.
Use of derivatives
The Group may utilise both exchange traded and over\u2011the\u2011counter (OTC) option contracts as part of its investment policy.
Options written by the Group provide the purchaser with the opportunity to purchase from or sell the Group the underlying
asset at an agreed\u2011upon value either on or before the expiration of the option. Options are generally settled on a net basis.
During the year ended 31 December 2023 and 2022 the Group wrote covered call and put option contracts to generate
revenue income for the Group. As the call and put options are covered by dedicated cash resources and no call and put option
contracts were written to manage price risk, there is no impact on the Group\u2019s exposure to gearing or leverage as a result of
writing covered call and put options. The notional amount of the three put options written that were open (2022: three put
options) at 31 December 2023 was \u00a372,182,000 (2022: \u00a333,232,000).
Management of OTC financial derivative instruments
Economic exposure through option writing is restricted such that no more than 10% of the Group\u2019s portfolio shall be under
option at any given time. Exposures are monitored daily by the Investment Manager, BlackRock, and its independent risk
management team. The Board also reviews the exposures regularly.
The option positions are diversified across sectors and geographies comprising three positions as at 31 December 2023
(2022: three).
The economic exposures to options can be closed out at any time by the Group with immediate effect. Details of securities and
exposures to market risk and credit risk implicit within the options portfolio are given above and on page 29.
Concentration of exposure to market price risks
An analysis of the Group\u2019s investment portfolio is shown on pages 29 to 31. At 31 December 2023 this shows that the
portfolio had significant levels of investments in the United States of America, Latin America, Australasia, Africa and Canada.
Accordingly, there is a concentration of exposure to those regions, though it is recognised that an investment\u2019s country of
domicile or listing does not necessarily equate its exposure to the economic conditions in that country.
(ii) Market risk arising from foreign currency risk
Exposure to foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. Foreign currency sensitivity risk has been covered by the VaR analysis under the market
risk section.
The fair values of the Group\u2019s and Company\u2019s monetary items which have foreign currency exposure at 31 December 2023
and 31 December 2022 are shown below. Where the equity investments which are not monetary items are denominated in a
foreign currency, they have been included separately in the analysis so as to show the overall level of exposure.
\n \n
\u00a0
US
Canadian
Australian
Brazilian
\u00a0 \u00a0
\u00a0
Dollar
Dollar
Dollar
Real
Others
Total
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Receivables (due from brokers, dividends and other income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
receivable)
1,844
595
409
1,421
172
4,441
Cash and cash equivalents
4,613
72
\u2013
\u2013
\u2013
4,685
Bank loans
(149,828)
\u2013
\u2013
\u2013
\u2013
(149,828)
Payables (due to brokers and other payables)
(533)
\u2013
\u2013
\u2013
\u2013
(533)
Total foreign currency exposure on net monetary items
(143,904)
667
409
1,421
172
(141,235)
Investments at fair value through profit or loss
489,481
251,654
215,896
36,516
70,107
1,063,654
Derivative financial liabilities at fair value through profit or loss
(1,302)
\u2013
\u2013
\u2013
\u2013
(1,302)
Total net foreign currency exposure
344,275
252,321
216,305
37,937
70,279
921,117
\u00a0 \n \n
US
Canadian
Australian
Brazilian
Dollar
Dollar
Dollar
Real
Others
Total
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Receivables (due from brokers, dividends and other income
receivable)
7,035
671
\u2013
2,159
158
10,023
Cash and cash equivalents
411
94
\u2013
\u2013
\u2013
505
Bank loans
(158,783)
\u2013
\u2013
\u2013
\u2013
(158,783)
Payables (due to brokers and other payables)
(610)
\u2013
\u2013
\u2013
\u2013
(610)
Derivative financial liabilities at fair value through profit or loss
(544)
\u2013
\u2013
\u2013
\u2013
(544)
Total foreign currency exposure on net monetary items
(152,491)
765
\u2013
2,159
158
(149,409)
Investments at fair value through profit or loss
487,897
278,664
286,992
37,339
69,922 1,160,814
Total net foreign currency exposure
335,406
279,429
286,992
39,498
70,080 1,011,405
\u00a0\n
Management of foreign currency risk
The Investment Manager monitors the Group\u2019s exposure to foreign currencies on a daily basis and reports to the Board of the
Company on a regular basis.
The Investment Manager measures the risk to the Group of the foreign currency exposure by considering the effect on the
Group\u2019s net asset value and income of a movement in the exchange rate to which the Group\u2019s assets, liabilities, income and
expenses are exposed.
The Group does not use financial instruments to mitigate the currency exposure in the period between the time that income
is included in the financial statements and its receipt. Derivative contracts are not used to hedge against exposure to foreign
currency risk.
Consequently, the Group is exposed to risks that the exchange rate of its reporting currencies, relative to other currencies, may
change in a manner which has an adverse effect on the value of the portion of the Group\u2019s assets which are denominated in
currencies other than their own currencies.
(iii) Market risk arising from interest rate risk
Exposure to interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market interest rates.
The Group is exposed to interest rate risk specifically through its fixed income investments, cash holdings and its borrowing
facility for investment purposes. Interest rate movements may affect the level of income receivable from any cash at bank
and on deposits. The effect of interest rate changes on the earnings of the companies held within the portfolio may have
a significant impact on the valuation of the Group\u2019s investments. Interest rate sensitivity risk has been covered by the VaR
analysis under the market risk section.
Interest rate exposure
The exposure for Group and Company at 31 December 2023 and 31 December 2022 of financial assets and liabilities to
interest rate risk is shown by reference to:
\u2013
floating interest rates \u2013 when the interest rate is due to be re\u2011set; and
\u2013
fixed interest rates \u2013 when the financial instrument is due for repayment.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Within one
More than
\u00a0
Within one
More than
\u00a0
\u00a0
year
one year
Total
year
one year
Total
Group
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Exposure to floating interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash collateral held with brokers
6,269
\u2013
6,269
6,795
\u2013
6,795
Cash and cash equivalents
10,612
\u2013
10,612
29,492
\u2013
29,492
Bank loans
(149,828)
\u2013
(149,828)
(158,783)
\u2013
(158,783)
Exposure to fixed interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed income investments
\u2013
53,440
53,440
\u2013
116,960
116,960
Total exposure to interest rates
(132,947)
53,440
(79,507)
(122,496)
116,960
(5,536)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2023
\u00a0		 \u00a0
2022
\u00a0
\u00a0
Within one
More than
\u00a0
Within one
More than
\u00a0
\u00a0
year
one year
Total
year
one year
Total
Company
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Exposure to floating interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash collateral held with brokers
6,269
\u2013
6,269
6,795
\u2013
6,795
Cash and cash equivalents
4,261
\u2013
4,261
23,317
\u2013
23,317
Bank loans
(149,828)
\u2013
(149,828)
(158,783)
\u2013
(158,783)
Exposure to fixed interest rates:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fixed income investments
\u2013
53,440
53,440
\u2013
116,960
116,960
Total exposure to interest rates
(139,298)
53,440
(85,858)
(128,671)
116,960
(11,711)
\n
Interest rates received on cash balances are approximately 4.82% for US Dollar balances and 4.37% per annum for Sterling
balances (2022: 1.51% for US Dollar balances and 1.13% for Sterling balances). Interest rates paid on bank loans are
approximately 6.14% per annum for US Dollar balances (2022: 3.30% per annum). There is no Sterling bank loan (2022:
no Sterling bank loan). Effective interest rates on fixed income investments ranged from 2.00% to 8.75% (2022: 2.00% to
7.50%).
Management of interest rate risk
The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account
when making investment decisions and borrowings under the loan and overdraft facilities.
The Group finances part of its activities through borrowings at levels approved and monitored by the Board of the Company.
Derivative contracts are not used to hedge against the exposure to interest rate risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11513": { "value": "Management of OTC financial derivative instruments
Economic exposure through option writing is restricted such that no more than 10% of the Group\u2019s portfolio shall be under
option at any given time. Exposures are monitored daily by the Investment Manager, BlackRock, and its independent risk
management team. The Board also reviews the exposures regularly.
The option positions are diversified across sectors and geographies comprising three positions as at 31 December 2023
(2022: three).
The economic exposures to options can be closed out at any time by the Group with immediate effect. Details of securities and
exposures to market risk and credit risk implicit within the options portfolio are given above and on page 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12276": { "value": "(b) Counterparty credit risk
Counterparty credit risk is the risk that the issuer of a financial instrument will fail to fulfil an obligation or commitment that it
has entered into with the Group.
The Group is exposed to counterparty credit risk from the parties with which it trades and will bear the risk of settlement
default. Counterparty credit risk to the Group arises from transactions to purchase or sell investments, fixed income
investments and through option writing transactions on equity investments held within the portfolio.
The major counterparties engaged with the Group and Company are all widely recognised and regulated entities.
Depositary
The Group\u2019s Depositary is The Bank of New York Mellon (International) Limited (BNYM or the Depositary) (S&P long\u2011term
credit rating as at 31 December 2023: AA- (2022: AA-)). The Group\u2019s listed investments are held on its behalf by The Bank of
New York Mellon (International) Limited (BNYM) as the Group\u2019s Custodian (as sub\u2011delegated by the Depositary). All of the
equity and fixed income assets and cash of the Group are held within the custodial network of the global custodian appointed
by the Depositary. Bankruptcy or insolvency of the Depositary/Custodian may cause the Group\u2019s rights with respect to its
investments held by the Depositary/Custodian to be delayed or limited. The maximum exposure to this risk at 31 December
2023 is the total value of equity and fixed income investments held with the Depositary/Custodian and cash and cash
equivalents in the Consolidated and Parent Company Statements of Financial Position.
In accordance with the requirements of the depositary agreement, the Depositary will ensure that any agents it appoints
to assist in safekeeping the equity and fixed income investments of the Group will segregate the equity and fixed income
investments of the Group. Thus, in the event of insolvency or bankruptcy of the Depositary/Custodian, the Group\u2019s non\u2011cash
assets are segregated and this reduces counterparty credit risk. The Group will, however, be exposed to the counterparty credit
risk of the Depositary in relation to the Group\u2019s cash held by the Depositary. In the event of the insolvency or bankruptcy of
the Depositary, the Group will be treated as a general creditor of the Depositary in relation to cash holdings of the Group. The
Board monitors the Group\u2019s risk by reviewing the custodian\u2019s internal control reports.
Securities lending
All securities lending transactions entered into by the Company are subject to a written legal agreement between the Company
and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Company, and separately between
the Securities Lending Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is
transferred under a title transfer arrangement and is delivered to and held in an account with a tri\u2011party collateral manager
in the name of the Depositary, The Bank of New York Mellon (International) Limited, on behalf of the Company. Collateral
received is segregated from the assets belonging to the Company\u2019s Depositary or the Lending Agent.
The value of securities on loan as a proportion of the Group and Company\u2019s total lendable assets as at 31 December 2023 was
5.4% (2022: 4.48%) and as a proportion of the Group\u2019s net assets as at 31 December 2023 was 5.4% (2022: 4.04%). Income
earned from securities lending during the year ended 31 December 2023 is set out in note 3 of the financial statements.
Total lendable assets represent the aggregate value of assets forming part of the Group and Company\u2019s securities lending
programme. This excludes any assets held by the Company that are not considered lendable due to any market, regulatory,
investment or other restriction.
The following table details the value of securities on loan and associated collateral received, analysed by counterparty as at
31 December 2023 and 31 December 2022.
\n \n
Stock
Collateral
Country of
lending
received
2023
establishment
\u00a3\u2019000
\u00a3\u2019000
Barclays Bank plc
United Kingdom
15,137
17,013
Barclays Capital Securities Limited
United Kingdom
1,767
1,901
BNP Paribas Arbitrage
France
910
1,009
Citigroup Global Markets Limited
United Kingdom
233
249
Goldman Sachs International
United Kingdom
6,857
7,427
HSBC Bank plc
United Kingdom
1,519
1,675
J.P. Morgan Securities plc
United Kingdom
14,683
16,215
Macquarie Bank Limited
Australia
13,701
15,132
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale
France
4,547
5,088
UBS AG
Switzerland
3,435
3,840
62,789
69,549
\n \n
Stock
Collateral
Country of
lending
received
2022
establishment
\u00a3\u2019000
\u00a3\u2019000
Barclays Bank plc
United Kingdom
29,587
32,905
Barclays Capital Securities Limited
United Kingdom
1,230
1,341
BNP Paribas Arbitrage
France
638
697
Citigroup Global Markets Limited
United Kingdom
1,402
1,454
Goldman Sachs International
United Kingdom
3,392
3,657
J.P. Morgan Securities plc
United Kingdom
1,729
1,892
Macquarie Bank Limited
Australia
12,166
13,311
UBS AG
Switzerland
2,267
2,493
52,411
57,750
Collateral
The Company engages in securities lending transactions for which it may hold collateral received from a counterparty.
The following table provides an analysis by currency of the underlying non\u2011cash collateral received by way of a title
transfer collateral arrangement by the Company, in respect of securities lending transactions as at 31 December 2023 and
31 December 2022:
\n \n
\u00a0
Non-cash
\u00a0
collateral
2023
\u00a0
received
Currency
\u00a3\u2019000
Australian Dollar
382
Canadian Dollar
204
Chinese Yuan
11,456
Danish Krone
55
Euro
4,642
UK Sterling
3,215
Hong Kong Dollar
1,256
Japanese Yen
747
Norwegian Krone
371
Swedish Krone
49
Singapore Dollar
18
US Dollar
47,154
Total
69,549
\n \n
\u00a0
Non-cash
\u00a0
collateral
\u00a0
2022
received
Currency
\u00a3\u2019000
Canadian Dollar
217
Chinese Yuan
1,815
Euro
3,084
Hong Kong Dollar
2,468
Japanese Yen
1,542
Singapore Dollar
26
Swiss Franc
1,115
UK Sterling
2,561
US Dollar
44,817
Other
105
Total
57,750
\n
Non\u2011cash collateral received by way of a title transfer collateral arrangement in relation to securities lending transactions
cannot be sold, reinvested or pledged.
The following table provides an analysis of the type, quality and maturity tenor of non\u2011cash collateral received and posted by
the Group and Company by way of a title transfer collateral arrangement in respect of securities lending transactions as at
31 December 2023 and 31 December 2022.
\n \n
Maturity Tenor
91 to 365
More than
Open
8 to 30 days
days
365 days
Transactions
Total
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Collateral received \u2013 securities lending
Fixed income
Investment grade
\u2013
\u2013
5,100
\u2013
5,100
Equities
Recognised equities
\u2013
\u2013
\u2013
64,449
64,449
Total
\u2013
\u2013
5,100
64,449
69,549
\n \n
Maturity Tenor
91 to 365
More than
Open
8 to 30 days
days
365 days
Transactions
Total
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Collateral received \u2013 securities lending
Fixed income
Investment grade
\u2013
\u2013
3,170
\u2013
3,170
Equities
Recognised equities
\u2013
\u2013
\u2013
54,580
54,580
Total
\u2013
\u2013
3,170
54,580
57,750
Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one
globally recognised credit rating agency; Standard & Poor\u2019s, Moody\u2019s or Fitch.
The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity
date, while equity securities received as collateral are presented as open transactions as they are not subject to a contractual
maturity date.
As at 31 December 2023 and 2022, all non\u2011cash collateral (equity and debt securities) received by the Group and Company in
respect of securities lending transactions is held by the Group\u2019s Depositary (or through its delegates).
The following table lists the ten largest issuers by value of non\u2011cash collateral (equity and debt securities) received by the
Group and Company by way of a title transfer collateral arrangement across securities lending transactions as at 31 December
2023 and 2022.
\n \n
Value
% of the
2023
Company\u2019s
Non cash collateral issuer \u2013 securities
\u00a3\u2019000
NAV
Alibaba Group
2,324
0.20
Merck
1,990
0.17
Agricultural Bank Of China
1,798
0.15
Pepsico
1,696
0.15
Meta Platforms
1,696
0.15
Thermo Fisher Scientific
1,696
0.15
Unitedhealth Group
1,689
0.15
Germany Federal Republic Of (Government)
1,626
0.14
China Construction Bank
1,621
0.14
Encompass Health
1,406
0.12
Other issuers
52,007
4.48
Total
69,549
6.00
\n \n
Value
% of the
2022
Company\u2019s
Non cash collateral issuer \u2013 securities
\u00a3\u2019000
NAV
Southwest Airlines
3,286
0.25
Marvell Technology Inc
3,286
0.25
Cisco Systems Inc
2,320
0.18
JD Health International Inc
1,873
0.14
Cf Industries Holdings Inc
1,217
0.09
Vale ADR Representing One Sa
1,207
0.09
Abbott Laboratories
1,207
0.09
Becton Dickinson
1,207
0.09
Meta Platforms Inc Class A
1,207
0.09
China Resources
1,204
0.09
Other issuers
39,736
3.06
Total
57,750
4.42
Counterparties/brokers
The Group only invests directly in markets that operate on a delivery versus payment basis and consequently most investment
transactions in listed securities involve simultaneous delivery of securities against cash payment using an approved broker.
The risk of default is considered minimal and the trade will fail if either party fails to meet its obligation.
For a few markets that the Group invests in from time to time, although they operate on a delivery versus payment basis, there
may be a very short time gap between stock delivery and payment, giving a potential rise to counterparty credit risk with the
broker in relation to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the
short settlement period involved and the high credit quality of the brokers used for those markets. The Group monitors the
credit rating and financial position of the broker used to further mitigate this risk.
Cash held by a counterparty to financial derivative contracts is subject to the credit risk of the counterparty. The following table
details the total number of counterparties to which the Group is exposed, the maximum exposure to any one counterparty,
any collateral held by the Group against this exposure, the total exposure to all other counterparties and the lowest long\u2011term
credit rating of any one counterparty (or its ultimate parent if unrated).
\n \n
Maximum
exposure
Total exposure
to any one
to all other
Lowest credit
Total number of
counterparty
1
Collateral held
1
counterparties
1
rating of any one
counterparties
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
counterparty
2
2023
3
10,612
6,269
410
A+
2022
3
29,492
6,795
1
A+
1
Calculated on a net basis.
2
Standard & Poor\u2019s ratings.
The Group may also be exposed to counterparty risk should there be any rehypothecation of pledged collateral. Collateral
is received/paid where the client service agreement states that there should be collateral movements agreed with the
counterparty, where there is a requirement for a mark\u2011to\u2011market process or collateralisation to ensure that the Group is
protected against any counterparty default.
Collateral
The Group engages in activities which may require collateral to be provided to a counterparty (pledged collateral) or may hold
collateral received (Inbound Collateral) from a counterparty. The Group uses Inbound Collateral received from a counterparty
to reduce the counterparty credit risk associated with any trading activity in which the Group has engaged.
Cash collateral pledged by the Group is separately identified as an asset in the Consolidated and Parent Company Statements
of Financial Position and is not included as a component of cash and cash equivalents. The cash is subject to certain
counterparty credit risk as the Group\u2019s access to its cash could be delayed should the counterparties become insolvent or
bankrupt. Collateral received in the form of securities is not reflected in the Consolidated and Parent Company Statements of
Financial Position. The Group has the right to sell or re\u2011pledge collateral received in the form of securities in circumstances
such as default.
The fair value of inbound cash collateral and cash collateral pledged is reflected in the table below:
\n \n
Liability for
Pledged collateral
inbound collateral
As at
As at
As at
As at
31 December
31 December
31 December
31 December
2023
2022
2023
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cash collateral \u2011 Bank of America Merrill Lynch (2022: Bank of America
Merrill Lynch)
6,269
6,795
\u2013
\u2013
Receivables
Amounts due from debtors are disclosed in the Consolidated and Parent Company Statements of Financial Position as
receivables. The counterparties included in receivables are the same counterparties discussed previously under counterparty
credit risk and subject to the same scrutiny by the BlackRock RQA Counterparty & Concentration Risk Team (RQA CCR). The
Group monitors the ageing of receivables to mitigate the risk of debtor balances becoming overdue.
In summary, the exposure to credit risk at 31 December 2023 and 2022 was as follows:
\n \n
2023
2022
Group
\u00a3\u2019000
\u00a3\u2019000
Investment in contractual rights
18,316
21,199
Fixed income investments
53,440
116,960
Cash collateral held with brokers
6,269
6,795
Cash and cash equivalents
10,612
29,492
Other receivables (amounts due from brokers, dividends and interest receivable)
3,592
4,431
92,229
178,877
\n \n
2023
2022
Company
\u00a3\u2019000
\u00a3\u2019000
Investment in contractual rights
18,316
21,199
Fixed income investments
53,440
116,960
Cash collateral held with brokers
6,269
6,795
Cash and cash equivalents
4,261
23,317
Other receivables (amounts due from brokers, dividends and interest receivable)
3,592
4,431
85,878
172,702
Management of counterparty credit risk
Credit risk is monitored and managed by RQA CCR. The team is headed by BlackRock\u2019s Chief Credit Officer who reports to the
Global Head of RQA. Credit authority resides with the Chief Credit Officer and selected team members to whom specific credit
authority has been delegated. As such, counterparty approvals may be granted by the Chief Credit Officer, or by identified RQA
Credit Risk Officers who have been formally delegated authority by the Chief Credit Officer.
The counterparty/credit risk is managed as follows:
\u2013
transactions are only entered into with those counterparties approved by RQA CCR, with a formal review carried out for
each new counterparty and with counterparties selected by RQA CCR on the basis of a number of risk mitigation criteria
designed to reduce the risk to the Group of default;
\u2013
the creditworthiness of financial institutions with whom cash and fixed income instruments are held is reviewed regularly
by RQA CCR; and
\u2013
RQA CCR review the credit standard of the Group\u2019s brokers on a periodic basis and set limits on the amount that may be
due from any one broker.
The Board monitors the Group\u2019s counterparty risk by reviewing:
\u2013
the semi\u2011annual report from the Depositary, which includes the results of periodic site visits to the Group\u2019s Custodian
where controls are reviewed and tested;
\u2013
the Custodian's Service Organisation Control (SOC 1) reports which include a report by the Custodian's auditor. This report
sets out any exceptions or issues noted as a result of the auditor\u2019s review of the custodian\u2019s control processes;
\u2013
the Manager\u2019s internal control reports which include a report by the Manager\u2019s auditor. This report sets out any exceptions
or issues noted as a result of the auditor\u2019s review of the Manager\u2019s control processes; and
\u2013
in addition, the Depositary and the Manager report any significant breaches or issues arising to the Board as soon as these
are identified.
There were no past due or impaired assets as of 31 December 2023 (2022: nil). The major counterparties engaged with the
Group are all widely recognised and regulated entities.
Offsetting disclosures
In order to better define its contractual rights and to secure rights that will help the Group mitigate its counterparty risk, the
Group may enter into an ISDA Master Agreement or similar agreement with its OTC derivative contract counterparties. An
ISDA Master Agreement is an agreement between the Group and the counterparty that governs OTC derivative contracts
and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or
termination event. Under an ISDA Master Agreement, the Group has a contractual right to offset with the counterparty certain
derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net
payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency
laws of a particular jurisdiction may impose restrictions on, or prohibitions against, the right of offset in bankruptcy, insolvency
or other events.
For financial reporting purposes, the Group does not offset derivative assets and derivative liabilities that are subject to netting
arrangements in the Statements of Financial Position. The disclosures set out in the following tables include financial assets
and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement.
At 31 December 2023 and 2022, the Group\u2019s and Company\u2019s derivative assets and liabilities (by type) are as follows:
\n \n
\u00a0
At 31 December 2023
\u00a0
At 31 December 2022
\u00a0
\u00a0
Assets
Liabilities
Assets
Liabilities
Derivatives
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Written option contracts
\u2013
(1,401)
\u2013
(1,227)
Total derivative assets and liabilities in the Consolidated and Parent
\u00a0 \u00a0 \u00a0 \u00a0
Company Statements of Financial Position
\u2013
(1,401)
\u2013
(1,227)
Total assets and liabilities subject to a master netting agreement
\u2013
(1,401)
\u2013
(1,227)
The following table presents the Group\u2019s and Company\u2019s derivative liabilities by counterparty, net of amounts available for
offset, under a master netting agreement and net of any related collateral paid/(received) by the Group at 31 December 2023
and 2022:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Derivative
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
liabilities
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
subject to a
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
master netting
Derivatives
\u00a0 \u00a0
Net amount
\u00a0
agreement by a
available for
Non-cash
Pledged cash
of derivative
\u00a0
counterparty
offset
collateral given
collateral
liabilities
Counterparty
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank of America Merrill Lynch
(1,401)
\u2013
\u2013
1,401
\u2013
At 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank of America Merrill Lynch
(1,227)
\u2013
\u2013
1,227
\u2013
\n
Offsetting and cash pooling arrangements
The Company and its subsidiary have a legally enforceable right under the bank overdraft agreement with The Bank of New
York Mellon (International) Limited to set off the cash held in the subsidiary and bank overdraft balance in the Company. The
cash and overdraft balances are held in the same currency and are managed under a compensated group arrangement with
the same bank where interest is received/charged on the net cash/overdraft balance.
In practice, the Group has not and does not expect the cash and overdraft balances to settle on a net basis and, accordingly, we
have presented the cash and cash equivalents and bank overdraft balances in the Statement of Financial Position on a gross
basis before offsetting the positive cash balances held in the subsidiary company against the bank overdraft balance in the
Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12584": { "value": "Collateral
The Company engages in securities lending transactions for which it may hold collateral received from a counterparty.
The following table provides an analysis by currency of the underlying non\u2011cash collateral received by way of a title
transfer collateral arrangement by the Company, in respect of securities lending transactions as at 31 December 2023 and
31 December 2022:
\n \n
\u00a0
Non-cash
\u00a0
collateral
2023
\u00a0
received
Currency
\u00a3\u2019000
Australian Dollar
382
Canadian Dollar
204
Chinese Yuan
11,456
Danish Krone
55
Euro
4,642
UK Sterling
3,215
Hong Kong Dollar
1,256
Japanese Yen
747
Norwegian Krone
371
Swedish Krone
49
Singapore Dollar
18
US Dollar
47,154
Total
69,549
\n \n
\u00a0
Non-cash
\u00a0
collateral
\u00a0
2022
received
Currency
\u00a3\u2019000
Canadian Dollar
217
Chinese Yuan
1,815
Euro
3,084
Hong Kong Dollar
2,468
Japanese Yen
1,542
Singapore Dollar
26
Swiss Franc
1,115
UK Sterling
2,561
US Dollar
44,817
Other
105
Total
57,750
\n
Non\u2011cash collateral received by way of a title transfer collateral arrangement in relation to securities lending transactions
cannot be sold, reinvested or pledged.
The following table provides an analysis of the type, quality and maturity tenor of non\u2011cash collateral received and posted by
the Group and Company by way of a title transfer collateral arrangement in respect of securities lending transactions as at
31 December 2023 and 31 December 2022.
\n \n
Maturity Tenor
91 to 365
More than
Open
8 to 30 days
days
365 days
Transactions
Total
2023
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Collateral received \u2013 securities lending
Fixed income
Investment grade
\u2013
\u2013
5,100
\u2013
5,100
Equities
Recognised equities
\u2013
\u2013
\u2013
64,449
64,449
Total
\u2013
\u2013
5,100
64,449
69,549
\n \n
Maturity Tenor
91 to 365
More than
Open
8 to 30 days
days
365 days
Transactions
Total
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Collateral received \u2013 securities lending
Fixed income
Investment grade
\u2013
\u2013
3,170
\u2013
3,170
Equities
Recognised equities
\u2013
\u2013
\u2013
54,580
54,580
Total
\u2013
\u2013
3,170
54,580
57,750
Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one
globally recognised credit rating agency; Standard & Poor\u2019s, Moody\u2019s or Fitch.
The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity
date, while equity securities received as collateral are presented as open transactions as they are not subject to a contractual
maturity date.
As at 31 December 2023 and 2022, all non\u2011cash collateral (equity and debt securities) received by the Group and Company in
respect of securities lending transactions is held by the Group\u2019s Depositary (or through its delegates).
The following table lists the ten largest issuers by value of non\u2011cash collateral (equity and debt securities) received by the
Group and Company by way of a title transfer collateral arrangement across securities lending transactions as at 31 December
2023 and 2022.
\n \n
Value
% of the
2023
Company\u2019s
Non cash collateral issuer \u2013 securities
\u00a3\u2019000
NAV
Alibaba Group
2,324
0.20
Merck
1,990
0.17
Agricultural Bank Of China
1,798
0.15
Pepsico
1,696
0.15
Meta Platforms
1,696
0.15
Thermo Fisher Scientific
1,696
0.15
Unitedhealth Group
1,689
0.15
Germany Federal Republic Of (Government)
1,626
0.14
China Construction Bank
1,621
0.14
Encompass Health
1,406
0.12
Other issuers
52,007
4.48
Total
69,549
6.00
\n \n
Value
% of the
2022
Company\u2019s
Non cash collateral issuer \u2013 securities
\u00a3\u2019000
NAV
Southwest Airlines
3,286
0.25
Marvell Technology Inc
3,286
0.25
Cisco Systems Inc
2,320
0.18
JD Health International Inc
1,873
0.14
Cf Industries Holdings Inc
1,217
0.09
Vale ADR Representing One Sa
1,207
0.09
Abbott Laboratories
1,207
0.09
Becton Dickinson
1,207
0.09
Meta Platforms Inc Class A
1,207
0.09
China Resources
1,204
0.09
Other issuers
39,736
3.06
Total
57,750
4.42
Collateral
The Group engages in activities which may require collateral to be provided to a counterparty (pledged collateral) or may hold
collateral received (Inbound Collateral) from a counterparty. The Group uses Inbound Collateral received from a counterparty
to reduce the counterparty credit risk associated with any trading activity in which the Group has engaged.
Cash collateral pledged by the Group is separately identified as an asset in the Consolidated and Parent Company Statements
of Financial Position and is not included as a component of cash and cash equivalents. The cash is subject to certain
counterparty credit risk as the Group\u2019s access to its cash could be delayed should the counterparties become insolvent or
bankrupt. Collateral received in the form of securities is not reflected in the Consolidated and Parent Company Statements of
Financial Position. The Group has the right to sell or re\u2011pledge collateral received in the form of securities in circumstances
such as default.
The fair value of inbound cash collateral and cash collateral pledged is reflected in the table below:
\n \n
Liability for
Pledged collateral
inbound collateral
As at
As at
As at
As at
31 December
31 December
31 December
31 December
2023
2022
2023
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cash collateral \u2011 Bank of America Merrill Lynch (2022: Bank of America
Merrill Lynch)
6,269
6,795
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13600": { "value": "Offsetting disclosures
In order to better define its contractual rights and to secure rights that will help the Group mitigate its counterparty risk, the
Group may enter into an ISDA Master Agreement or similar agreement with its OTC derivative contract counterparties. An
ISDA Master Agreement is an agreement between the Group and the counterparty that governs OTC derivative contracts
and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or
termination event. Under an ISDA Master Agreement, the Group has a contractual right to offset with the counterparty certain
derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net
payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency
laws of a particular jurisdiction may impose restrictions on, or prohibitions against, the right of offset in bankruptcy, insolvency
or other events.
For financial reporting purposes, the Group does not offset derivative assets and derivative liabilities that are subject to netting
arrangements in the Statements of Financial Position. The disclosures set out in the following tables include financial assets
and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement.
At 31 December 2023 and 2022, the Group\u2019s and Company\u2019s derivative assets and liabilities (by type) are as follows:
\n \n
\u00a0
At 31 December 2023
\u00a0
At 31 December 2022
\u00a0
\u00a0
Assets
Liabilities
Assets
Liabilities
Derivatives
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Written option contracts
\u2013
(1,401)
\u2013
(1,227)
Total derivative assets and liabilities in the Consolidated and Parent
\u00a0 \u00a0 \u00a0 \u00a0
Company Statements of Financial Position
\u2013
(1,401)
\u2013
(1,227)
Total assets and liabilities subject to a master netting agreement
\u2013
(1,401)
\u2013
(1,227)
The following table presents the Group\u2019s and Company\u2019s derivative liabilities by counterparty, net of amounts available for
offset, under a master netting agreement and net of any related collateral paid/(received) by the Group at 31 December 2023
and 2022:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Derivative
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
liabilities
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
subject to a
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
master netting
Derivatives
\u00a0 \u00a0
Net amount
\u00a0
agreement by a
available for
Non-cash
Pledged cash
of derivative
\u00a0
counterparty
offset
collateral given
collateral
liabilities
Counterparty
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank of America Merrill Lynch
(1,401)
\u2013
\u2013
1,401
\u2013
At 31 December 2022
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bank of America Merrill Lynch
(1,227)
\u2013
\u2013
1,227
\u2013
\n
Offsetting and cash pooling arrangements
The Company and its subsidiary have a legally enforceable right under the bank overdraft agreement with The Bank of New
York Mellon (International) Limited to set off the cash held in the subsidiary and bank overdraft balance in the Company. The
cash and overdraft balances are held in the same currency and are managed under a compensated group arrangement with
the same bank where interest is received/charged on the net cash/overdraft balance.
In practice, the Group has not and does not expect the cash and overdraft balances to settle on a net basis and, accordingly, we
have presented the cash and cash equivalents and bank overdraft balances in the Statement of Financial Position on a gross
basis before offsetting the positive cash balances held in the subsidiary company against the bank overdraft balance in the
Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13831": { "value": "(c) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulties in meeting obligations associated with financial liabilities.
The Group is also exposed to the liquidity risk for margin calls on derivative instruments. The Group has an overdraft facility
of \u00a330 million (2022: \u00a330 million) and a multi\u2011currency loan facility of \u00a3200 million (2022: \u00a3200 million) which are updated
and renewed on an annual basis. As per the borrowing agreements, borrowings under the overdraft and loan facilities shall
at no time exceed \u00a3230 million or 25% of the Group\u2019s net asset value (whichever is the lower) (2022: \u00a3230 million or 25% of
the Group\u2019s net asset value (whichever is lower)) and this covenant was complied with during the year. For details of the loan
facility, refer to note 14.
Liquidity risk exposure
The remaining undiscounted gross cash flows of the financial liabilities as at 31 December 2023 and 2022, based on the
earliest date on which payment can be required, were as follows:
\n \n
2023
2022
3 months or
3 months or
less
less
Group
\u00a3\u2019000
\u00a3\u2019000
Current liabilities:
Amounts due to brokers, accruals and provisions
8,052
6,528
Derivative financial liabilities at fair value through profit or loss
1,401
1,227
Bank loans
149,828
158,783
159,281
166,538
\n \n
\u00a0
2023
2022
\u00a0
3 months or
3 months or
\u00a0
less
less
Company
\u00a3\u2019000
\u00a3\u2019000
Current liabilities:
\u00a0 \u00a0
Amounts due to brokers, accruals and provisions
9,108
7,584
Derivative financial liabilities at fair value through profit or loss
1,401
1,227
Bank loans
149,828
158,783
\u00a0
160,337
167,594
\n
Management of liquidity risk
Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands.
Asset disposals may also be required to meet liquidity needs. However, the timely sale of trading positions can be impaired
by many factors including decreased trading volume and increased price volatility. As a result, the Group may experience
difficulties in disposing of assets to satisfy liquidity demands. Liquidity risk is not significant as the majority of the Group\u2019s
assets are investments in listed securities that are readily realisable.
The Board gives guidance to the Investment Manager as to the maximum amounts of the Group\u2019s resources that should be
invested in any one company. The policy is that the Group should remain 90% invested in normal market conditions and that
25% of the Group\u2019s assets may be invested in cash or cash equivalents. Short\u2011term borrowings may be used to manage short\u2011
term cash requirements.
The Group\u2019s liquidity risk is managed on a daily basis by the Investment Manager in accordance with established policies
and procedures in place. The Investment Manager reviews daily forward\u2011looking cash reports which project cash obligations.
These reports allow them to manage their obligations.
For the avoidance of doubt, none of the assets of the Group are subject to special liquidity arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14003": { "value": "(d) Valuation of financial instruments
Financial assets and financial liabilities are either carried in the Consolidated and Parent Company Statements of Financial
Position at their fair value (investment and derivatives) or at amortised cost (due from brokers, dividends and interest
receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13 requires the Group to classify fair value
measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The
valuation techniques used by the Group are explained in the accounting policies note 2(h) to the Financial Statements on
page 102.
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair
value measurement of the relevant asset.
The fair value hierarchy has the following levels:
Level 1 \u2013 Quoted market price for identical instruments in active markets
A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer,
broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market
transactions on an arm\u2019s length basis. The Group does not adjust the quoted price for these instruments.
Level 2 \u2013 Valuation techniques using observable inputs
This category includes instruments valued using quoted prices for similar instruments in markets that are considered less
than active, or other valuation techniques where all significant inputs are directly or indirectly observable from market data.
Valuation techniques used for non\u2011standardised financial instruments such as options, currency swaps and other over\u2011the\u2011
counter derivatives include the use of comparable recent arm\u2019s length transactions, reference to other instruments that are
substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used
by market participants making the maximum use of market inputs and relying as little as possible on entity specific inputs.
Over\u2011the\u2011counter derivative option contracts have been classified as Level 2 investments as their valuation has been based on
market observable inputs represented by the underlying quoted securities to which these contracts expose the Group.
Level 3 \u2013 Valuation techniques using significant unobservable inputs
This category includes all instruments where the valuation technique includes inputs not based on market data and these
inputs could have a significant impact on the instrument\u2019s valuation.
This category also includes instruments that are valued based on quoted prices for similar instruments where significant
entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments
for which there is no active market. The Investment Manager considers observable data to be that market data that is readily
available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that
are actively involved in the relevant market.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the
basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses observable
inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.
Assessing the significance of a particular input to the fair value measurement requires judgement, considering factors
specific to the asset or liability including an assessment of the relevant risks including but not limited to credit risk, market
risk, liquidity risk, business risk and sustainability risk. The determination of what constitutes \u2018observable\u2019 inputs requires
significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs
used in measurement of Level 3 assets or liabilities.
Valuation process and techniques for Level 3 valuations
(a) BHP Brazil Royalty
The Directors engage a mining consultant, an independent valuer with a recognised and relevant professional qualification, to
conduct a periodic valuation of the contractual rights and the fair value of the contractual rights is assessed with reference to
relevant factors. At the reporting date the income streams from contractual rights have been valued on the net present value
of the pre\u2011tax cash flows discounted at a rate the external valuer considers reflects the risk associated with the project. The
valuation model uses discounted cash flow analysis which incorporates both observable and non\u2011observable data. Observable
inputs include assumptions regarding current rates of interest and commodity prices. Unobservable inputs include
assumptions regarding production profiles, price realisations, cost of capital and discount rates. In determining the discount
rate to be applied, the external valuer considers the country and sovereign risk associated with the project, together with the
time horizon to the commencement of production and the success or failure of projects of a similar nature. To assess the
significance of a particular input to the entire measurement, the external valuer performs a sensitivity analysis. The external
valuer has undertaken an analysis of the impact of using alternative discount rates on the fair value of contractual rights.
This investment in contractual rights is reviewed regularly to ensure that the initial classification remains correct given the
asset\u2019s characteristics and the Group\u2019s investment policies. The contractual rights are initially recognised using the transaction
price as it was indicative of the best evidence of fair value at acquisition and are subsequently measured at fair value, taking
into consideration the relevant IFRS 13 requirements. In arriving at their estimates of market values, the valuers have used their
market knowledge and professional judgement. The Group classifies the fair value of this investment as Level 3.
Valuations are the responsibility of the Directors of the Company. In arriving at a final valuation, the Directors consider the
independent valuer\u2019s report, the significant assumptions used in the fair valuation and the review process undertaken by
BlackRock\u2019s Pricing Committee. The valuation of unquoted investments is performed on a quarterly basis by the Investment
Manager and reviewed by the Pricing Committee of the Manager. On a quarterly basis the Investment Manager will review the
valuation of the contractual rights and inputs for significant changes. A valuation of contractual rights is performed annually
by an external valuer, SRK Consulting (UK) Limited, and reviewed by the Pricing Committee of the Manager. The valuations
are also subject to quality assurance procedures performed within the Pricing Committee. On a semi\u2011annual basis, after the
checks above have been performed, the Investment Manager presents the valuation results to the Directors. This includes a
discussion of the major assumptions used in the valuations. There were no changes in valuation techniques during the year.
(b) Jetti Resources and MCC Mining equity shares
The fair value of the investment equity shares of Jetti Resources and MCC Mining were assessed by an independent valuer
with a recognised and relevant professional qualification. The valuation is carried out based on market approach using
earnings multiple and price of recent transactions. Changes in assumptions about these factors could affect the reported
fair value of financial instruments in the Consolidated and Parent Company Statements of Financial Position and the level
where the instruments are disclosed in the fair value hierarchy. To assess the significance of a particular input to the entire
measurement, the external valuer performs a sensitivity analysis.
Fair values of financial assets and financial liabilities
The table below sets out fair value measurements using the IFRS 13 fair value hierarchy.
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2023 \u2013 Group
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,193,969
\u2013
32,695
1,226,664
Fixed income securities
16,924
36,516
\u2013
53,440
Investment in contractual rights
\u2013
\u2013
18,316
18,316
Total assets
1,210,893
36,516
51,011
1,298,420
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,401)
\u2013
(1,401)
Total
1,210,893
35,115
51,011
1,297,019
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2022 \u2013 Group
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,250,984
9
35,692
1,286,685
Fixed income securities
68,894
48,066
\u2013
116,960
Investment in contractual rights
\u2013
\u2013
21,199
21,199
Total assets
1,319,878
48,075
56,891
1,424,844
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,227)
\u2013
(1,227)
Total
1,319,878
46,848
56,891
1,423,617
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2023 \u2013 Company
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,193,969
\u2013
40,102
1,234,071
Fixed income securities
16,924
36,516
\u2013
53,440
Investment in contractual rights
\u2013
\u2013
18,316
18,316
Total assets
1,210,893
36,516
58,418
1,305,827
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,401)
\u2013
(1,401)
Total
1,210,893
35,115
58,418
1,304,426
\n \n
Financial assets/(liabilities) at fair value through profit or loss
at 31 December 2022 \u2013 Company
Level 1
Level 2
Level 3
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Assets:
Equity investments
1,250,984
9
42,923
1,293,916
Fixed income securities
68,894
48,066
\u2013
116,960
Investment in contractual rights
\u2013
\u2013
21,199
21,199
Total assets
1,319,878
48,075
64,122
1,432,075
Liabilities:
Derivative financial instruments \u2013 written options
\u2013
(1,227)
\u2013
(1,227)
Total
1,319,878
46,848
64,122
1,430,848
A reconciliation of fair value measurement in Level 3 is set out below.
\n \n
Level 3 Financial assets at fair value through profit or loss
Group
Company
at 31 December
2023
2022
2023
2022
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening fair value
56,891
33,413
64,122
40,591
Return of capital \u2013 royalty
(497)
(267)
(497)
(267)
Additions at cost
\u2013
20,106
\u2013
20,106
Transfer of equities from Level 1 to Level 3
\u2013
2
\u2013
2
Conversion of equity and transfer to Level 1
\u2013
(2,546)
\u2013
(2,546)
Conversion of convertible bonds to equity and transfer to Level 2
\u2013
(10,160)
\u2013
(10,160)
Transfer of equities and convertible bonds to Level 2
\u2013
(19,305)
\u2013
(19,305)
Total profit or loss included in net profit on investments in the
Consolidated Statement of Comprehensive Income:
\u2011 assets transferred to Level 1 during the period
\u2013
169
\u2013
169
\u2011 assets transferred to Level 2 during the period
\u2013
14,212
\u2013
14,212
\u2011 assets held at the end of the period
(5,383)
21,267
(5,207)
21,320
Closing balance
51,011
56,891
58,418
64,122
The Level 3 valuation process and techniques used are explained in the accounting policies in note 2(h). A more detailed
description of the techniques is found on pages 129 and 130 under \u2018Valuation process and techniques\u2019 for Level 3 valuations.
The Level 3 investments as at 31 December 2023 in the table that follows relate to the BHP Brazil Royalty, convertible bonds
and equity shares of Jetti Resources and MCC Mining. In accordance with IFRS 13, these investments were categorised as
Level 3.
In arriving at the fair value of the BHP Brazil Royalty, the key inputs are the underlying commodity prices and illiquidity
discount. In arriving at the fair value of Jetti Resources and MCC Mining securities, the key inputs are shown on page 132.
The Level 3 valuation process and techniques used by the Company are explained in the accounting policies in notes 2(h)
and 2(q) and a detailed explanation of the techniques is also available on pages 129 and 130 under \u2018Valuation process and
techniques\u2019.
The Lifezone SPAC Pipe commitment held at nil value as at 31 December 2022 was transferred to Level 1 on completion of the
merger transaction and the successful initial public offering during the year.
Quantitative information of significant unobservable inputs \u2013 Level 3 \u2013 Group and Company
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value
hierarchy, together with an estimated quantitative sensitivity analysis, as at 31 December 2023 and 31 December 2022 are
as shown below.
\n \n
As at
Range of
31 December
weighted
Reasonable
2023
Valuation
Unobservable
average
possible
Impact on
Description
\u00a3\u2019000
technique
input
inputs
shift\u00b9 +/-
fair value
Discounted rate\u2013
weighted average
Discounted
cost
BHP Brazil Royalty
18,316
cash flows
of capital
5.0% \u2011 8.0%
1.0%
\u00a31.0m
US$1,706-
Average
US$1,780
gold prices
per ounce
10.0%
\u00a31.8m
US$8,397-
Average
US$8,469
copper prices
per tonne
10.0%
\u00a31.2m
Market
Jetti Resources
27,204
approach
Earnings multiple
6.00x
5.0%
\u00a31.4m
Market
Price of recent
MCC Mining
5,491
approach
transaction
5.0%
\u00a30.3m
Listing
suspended
\u2013 valued
at nominal
Polyus
\u2013
US$0.01
Delisted \u2011
valued at
nominal
Polymetal International
\u2013
US$0.01
Total
51,011
1
The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.
\n \n
As at
Range of
31 December
weighted
Reasonable
2022
Valuation
Unobservable
average
possible
Impact on
Description
\u00a3\u2019000
technique
input
inputs
shift\u00b9 +/-
fair value
Discounted rate\u2013
weighted average
Discounted
cost
OZ Minerals Brazil Royalty
21,199
cash flows
of capital
5.0% \u2011 8.0%
1.0%
\u00a31.0m
US$1,400-
Average
US$1,600
gold prices
per ounce
10.0%
\u00a31.5m
US$7,209-
Average
US$8,510
copper prices
per tonne
10.0%
\u00a31.0m
Market
Jetti Resources
29,873
approach
Earnings multiple
5.93x
5.0%
\u00a30.6m
Market
Price of recent
MCC Mining
5,819
approach
transaction
5.0%
\u00a30.3m
Lifezone commitment (see Note 21)
\u2013
Listing
suspended
\u2013 valued
at nominal
Polyus
\u2013
US$0.01
Total
56,891
1
The sensitivity analysis refers to a percentage amount added or deducted from the input and the effect this has on the fair value.
The sensitivity impact on fair value is calculated based on the sensitivity estimates set out by the independent valuer in its
report on the valuation of contractual rights. Significant increases/(decreases) in estimated commodity prices and discount
rates in isolation would result in a significantly higher/(lower) fair value measurement. Generally, a change in the assumption
made for the estimated value is accompanied by a directionally similar change in the commodity prices and discount rates.
For exchange listed equity investments, the quoted price is the bid price. Substantially, all investments are valued based on
unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not
required to be assessed or adjusted for any price related risks, including climate risk, in accordance with the fair value related
requirements of the Company\u2019s financial reporting framework.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15382": { "value": "(e) Capital management policies and procedures
The Group\u2019s capital management objectives are:
\u2013
to ensure it will be able to continue as a going concern; and
\u2013
to achieve a balanced return of dividends and capital growth over the longer term, by investing primarily in securities of
companies in the mining and metals sectors.
This is to be achieved through an appropriate balance of equity capital and gearing. The Company operates a flexible gearing
policy which depends on prevailing conditions. The policy is that debt should not be more than 25% of the Group\u2019s net assets.
The Group\u2019s total invested capital at 31 December 2023 was \u00a31,309,879,000 (2022: \u00a31,458,068,000) comprising of bank loans
and an overdraft of \u00a3149,828,000 (2022: \u00a3158,783,000) and equity shares, capital and reserves of \u00a31,160,051,000 (2022:
\u00a31,299,285,000).
Under the terms of the overdraft and loan facility agreement, the Group\u2019s total indebtedness shall at no time exceed
\u00a3230 million or 25% of the Group\u2019s net asset value (whichever is the lowest).
The cash and bank overdraft accounts of the Company and subsidiary in the same currency are managed under a
compensated group arrangement and are therefore presented on a net basis in the Group financial statements.
The Board with the assistance of the Investment Manager monitors and reviews the broad structure of the Group\u2019s capital on
an ongoing basis. This review includes:
\u2013
the planned level of gearing, which takes into account the Investment Manager\u2019s view on the market; and
\u2013
the need to buy back equity shares, either for cancellation or to be held in treasury, which takes account of the difference
between the NAV per share and the share price (i.e. the level of share price discount or premium).
The Group is subject to externally imposed capital requirements:
\u2013
as a public company, the Group has a minimum share capital of \u00a350,000; and
\u2013
in order to be able to pay dividends out of profits available for distribution, the Group has to be able to meet one of the two
capital restrictions tests imposed on investment companies by law.
During the year, the Group complied with the externally imposed capital requirements to which it was subject.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15429": { "value": "19. Transactions with the Investment Manager and AIFM
BlackRock Fund Managers Limited (BFM) provides management and administration services to the Company under a
contract which is terminable on six months\u2019 notice. BFM has (with the Group\u2019s consent) delegated certain portfolio and risk
management services, and other ancillary services to BlackRock Investment Management (UK) Limited (BIM (UK)). Further
details of the investment management contract are disclosed in the Directors\u2019 Report on page 56.
The investment management fee due for the year ended 31 December 2023 amounted to \u00a39,691,000 (2022: \u00a310,646,000).
At the year end, \u00a37,262,000 was outstanding in respect of the management fee (2022: \u00a35,443,000).
In addition to the above services, BIM (UK) has provided the Group with marketing services. The total fees paid or payable for
these services for the year ended 31 December 2023 amounted to \u00a3144,000 excluding VAT (2022: \u00a3132,000). Marketing fees
of \u00a355,000 were outstanding as at 31 December 2023 (2022: \u00a362,000).
The ultimate holding company of the Manager and the Investment Manager is BlackRock, Inc., a company incorporated in
Delaware, USA.", "dimensions": { "concept": "brwm:DisclosureOfTransactionsWithTheInvestmentManagerAndAifm", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15444": { "value": "20. Related party disclosure
Directors\u2019 emoluments
At the date of this report, the Board consists of five non\u2011executive Directors, all of whom are considered to be independent of
the Manager by the Board. Following the conclusion of the Annual General Meeting on 9 May 2024, the Board will consist of
five non\u2011executive Directors.
Disclosures of the Directors\u2019 interests in the ordinary shares of the Company and fees and expenses payable to the Directors
are set out in the Directors\u2019 Remuneration Report on pages 64 to 66. As at 31 December 2023, \u00a317,000 (2022: \u00a316,000) was
outstanding in respect of Directors\u2019 fees.
Significant holdings
The following investors are:
a.
funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (Related BlackRock Funds); or
b.
investors (other than those listed in (a) above) who held more than 20% of the voting shares in issue in the Company and
are, as a result, considered to be related parties to the Company (Significant Investors).
As at 31 December 2023
\u00a0 \u00a0
Total % of shares held by Related
Total % of shares held by Significant
Number of Significant Investors who
BlackRock Funds
Investors who are not affiliates of
are not affiliates of BlackRock Group or
\u00a0
BlackRock Group or BlackRock, Inc.
BlackRock, Inc.
1.29
n/a
n/a
As at 31 December 2022
\u00a0 \u00a0
Total % of shares held by Related
Total % of shares held by Significant
Number of Significant Investors who
BlackRock Funds
Investors who are not affiliates of
are not affiliates of BlackRock Group or
\u00a0
BlackRock Group or BlackRock, Inc.
BlackRock, Inc.
2.27
n/a
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15526": { "value": "21. Capital commitment
There was no capital commitment at 31 December 2023 (2022: one commitment for US$10,000,000 in relation to the SPAC
PIPE commitment for investment in Lifezone SPAC).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15527": { "value": "21. Capital commitment
There was no capital commitment at 31 December 2023 (2022: one commitment for US$10,000,000 in relation to the SPAC
PIPE commitment for investment in Lifezone SPAC).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17005": { "value": "12 Throgmorton Avenue London EC2N 2DL", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:LNFFPBEUZJBOSR6PW155", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }