{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"ritplc": "http://ritplc.com/xbrl/2022",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://ritplc.com/xbrl/2022/ritplc-2022-12-31.xsd"
]
},
"facts": {
"fact-1": {
"value": "RIT Capital Partners plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "UK public listed company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "To deliver long-term capital growth, while preserving shareholders\u2019 capital; to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of the relevant indices over time.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "19100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-7": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-8": {
"value": "19100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-9": {
"value": "12700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-10": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-11": {
"value": "12700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-12": {
"value": "7600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-13": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-14": {
"value": "7600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-15": {
"value": "3800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-16": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-17": {
"value": "3800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-18": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnFairValueInvestments",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-19": {
"value": "-555500000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnFairValueInvestments",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-20": {
"value": "-555500000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnFairValueInvestments",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-21": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnFairValueInvestments",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-22": {
"value": "901800000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnFairValueInvestments",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-23": {
"value": "901800000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnFairValueInvestments",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-24": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnMonetaryItemsAndBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-25": {
"value": "20200000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnMonetaryItemsAndBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-26": {
"value": "20200000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnMonetaryItemsAndBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-27": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnMonetaryItemsAndBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-28": {
"value": "18000000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnMonetaryItemsAndBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-29": {
"value": "18000000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:GainsLossesOnMonetaryItemsAndBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-30": {
"value": "26700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-31": {
"value": "-535300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-32": {
"value": "-508600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-33": {
"value": "16500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-34": {
"value": "919800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-35": {
"value": "936300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-36": {
"value": "36000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-37": {
"value": "7600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-38": {
"value": "43600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-39": {
"value": "29600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-40": {
"value": "24800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-41": {
"value": "54400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-42": {
"value": "-9300000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:ProfitLossBeforeFinanceCostsAndTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-43": {
"value": "-542900000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:ProfitLossBeforeFinanceCostsAndTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-44": {
"value": "-552200000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:ProfitLossBeforeFinanceCostsAndTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-45": {
"value": "-13100000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:ProfitLossBeforeFinanceCostsAndTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-46": {
"value": "895000000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:ProfitLossBeforeFinanceCostsAndTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-47": {
"value": "881900000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:ProfitLossBeforeFinanceCostsAndTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-48": {
"value": "5000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-49": {
"value": "20000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-50": {
"value": "25000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-51": {
"value": "4000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-52": {
"value": "16000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-53": {
"value": "20000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-54": {
"value": "-14300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-55": {
"value": "-562900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-56": {
"value": "-577200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-57": {
"value": "-17100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-58": {
"value": "879000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-59": {
"value": "861900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-60": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-61": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-62": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-63": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-64": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-65": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-66": {
"value": "-14300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-67": {
"value": "-562900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-68": {
"value": "-577200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-69": {
"value": "-17300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-70": {
"value": "876500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-71": {
"value": "859200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-72": {
"value": "-0.092",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-73": {
"value": "-3.621",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-74": {
"value": "-3.713",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-75": {
"value": "-0.111",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-76": {
"value": "5.614",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-77": {
"value": "5.503",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-78": {
"value": "-0.092",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-79": {
"value": "-3.621",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-80": {
"value": "-3.713",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-81": {
"value": "-0.11",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-82": {
"value": "5.565",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedIncomeStatementAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-83": {
"value": "5.455",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-84": {
"value": "-14300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-85": {
"value": "-562900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-86": {
"value": "-577200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-87": {
"value": "-17300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-88": {
"value": "876500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-89": {
"value": "859200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-90": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-91": {
"value": "-2100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-92": {
"value": "-2100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-93": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-94": {
"value": "-200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-95": {
"value": "-200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-96": {
"value": "-4500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-97": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-98": {
"value": "-4500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-99": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-100": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-101": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-102": {
"value": "-1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-103": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-104": {
"value": "-1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-105": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-106": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-107": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-108": {
"value": "-17700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-109": {
"value": "-565000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-110": {
"value": "-582700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-111": {
"value": "-16500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:RevenueMember",
"unit": "iso4217:GBP"
}
},
"fact-112": {
"value": "876300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ritplc:ConsolidatedStatementOfComprehensiveIncomeAxis": "ritplc:CapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-113": {
"value": "859800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-114": {
"value": "3586300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-115": {
"value": "4291800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-116": {
"value": "37900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-117": {
"value": "38300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentProperty",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-118": {
"value": "20700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-119": {
"value": "23100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-120": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-121": {
"value": "3800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-122": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-123": {
"value": "2900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-124": {
"value": "3646400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-125": {
"value": "4359900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-126": {
"value": "57300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-127": {
"value": "32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-128": {
"value": "245300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-129": {
"value": "262800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-130": {
"value": "4500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-131": {
"value": "3700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-132": {
"value": "218000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-133": {
"value": "325900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-134": {
"value": "525100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-135": {
"value": "625100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-136": {
"value": "4171500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-137": {
"value": "4985000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-138": {
"value": "236200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-139": {
"value": "240000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-140": {
"value": "10400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-141": {
"value": "8200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-142": {
"value": "63500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-143": {
"value": "168800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-144": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-145": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-146": {
"value": "310200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-147": {
"value": "417000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-148": {
"value": "214900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-149": {
"value": "208100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-150": {
"value": "3861300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AssetsLessCurrentLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-151": {
"value": "4568000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AssetsLessCurrentLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-152": {
"value": "134400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-153": {
"value": "168900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-154": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-155": {
"value": "2900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-156": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-157": {
"value": "1300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-158": {
"value": "1800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-159": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-160": {
"value": "3200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-161": {
"value": "3600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-162": {
"value": "139600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-163": {
"value": "177700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-164": {
"value": "3721700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-165": {
"value": "4390300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-166": {
"value": "156800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-167": {
"value": "156800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-168": {
"value": "45700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-169": {
"value": "45700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-170": {
"value": "36300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CapitalRedemptionReserve",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-171": {
"value": "36300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CapitalRedemptionReserve",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-172": {
"value": "46300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-173": {
"value": "23000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-174": {
"value": "3548900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CapitalReserve",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-175": {
"value": "4174400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CapitalReserve",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-176": {
"value": "-29100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-177": {
"value": "-11400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-178": {
"value": "9400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RevaluationSurplus",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-179": {
"value": "11500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RevaluationSurplus",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-180": {
"value": "3721700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-181": {
"value": "4390300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-182": {
"value": "24.14",
"decimals": 2,
"dimensions": {
"concept": "ritplc:NetAssetValuePerOrdinaryShareBasic",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-183": {
"value": "28.19",
"decimals": 2,
"dimensions": {
"concept": "ritplc:NetAssetValuePerOrdinaryShareBasic",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-184": {
"value": "23.88",
"decimals": 2,
"dimensions": {
"concept": "ritplc:NetAssetValuePerOrdinaryShareDiluted",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-185": {
"value": "27.94",
"decimals": 2,
"dimensions": {
"concept": "ritplc:NetAssetValuePerOrdinaryShareDiluted",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-186": {
"value": "156800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-187": {
"value": "45700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-188": {
"value": "36300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-189": {
"value": "-15300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-190": {
"value": "3350100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-191": {
"value": "5100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-192": {
"value": "11700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-193": {
"value": "3590400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-194": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-195": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-196": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-197": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-198": {
"value": "876500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-199": {
"value": "-17300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-200": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-201": {
"value": "859200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-202": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-203": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-204": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-205": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-206": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-207": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-208": {
"value": "-200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-209": {
"value": "-200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-210": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-211": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-212": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-213": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-214": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-215": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-216": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-217": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-218": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-219": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-220": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-221": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-222": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-223": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-224": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-225": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-226": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-227": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-228": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-229": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-230": {
"value": "876500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-231": {
"value": "-16500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-232": {
"value": "-200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-233": {
"value": "859800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-234": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-235": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-236": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-237": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-238": {
"value": "55000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-239": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-240": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-241": {
"value": "55000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-242": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-243": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-244": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-245": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-246": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-247": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-248": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-249": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-250": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-251": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-252": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-253": {
"value": "-7700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-254": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-255": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-256": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-257": {
"value": "-7700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-258": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-259": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-260": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-261": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-262": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-263": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-264": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-265": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-266": {
"value": "156800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-267": {
"value": "45700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-268": {
"value": "36300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-269": {
"value": "-23000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-270": {
"value": "4174400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-271": {
"value": "-11400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-272": {
"value": "11500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-273": {
"value": "4390300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-274": {
"value": "156800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-275": {
"value": "45700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-276": {
"value": "36300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-277": {
"value": "-23000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-278": {
"value": "4174400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-279": {
"value": "-11400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-280": {
"value": "11500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-281": {
"value": "4390300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-282": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-283": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-284": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-285": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-286": {
"value": "-562900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-287": {
"value": "-14300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-288": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-289": {
"value": "-577200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-290": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-291": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-292": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-293": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-294": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-295": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-296": {
"value": "-2100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-297": {
"value": "-2100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-298": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-299": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-300": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-301": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-302": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-303": {
"value": "-4500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-304": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-305": {
"value": "-4500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-306": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-307": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-308": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-309": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-310": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-311": {
"value": "-1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-312": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-313": {
"value": "-1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-314": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-315": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-316": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-317": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-318": {
"value": "-562900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-319": {
"value": "-17700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-320": {
"value": "-2100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-321": {
"value": "-582700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-322": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-323": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-324": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-325": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-326": {
"value": "57600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-327": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-328": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-329": {
"value": "57600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-330": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-331": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-332": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-333": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-334": {
"value": "11000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-335": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-336": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-337": {
"value": "11000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-338": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-339": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-340": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-341": {
"value": "-23300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-342": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-343": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-344": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-345": {
"value": "-23300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-346": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-347": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-348": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-349": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-350": {
"value": "6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-351": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-352": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-353": {
"value": "6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-354": {
"value": "156800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-355": {
"value": "45700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-356": {
"value": "36300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-357": {
"value": "-46300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-358": {
"value": "3548900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-359": {
"value": "-29100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-360": {
"value": "9400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember",
"unit": "iso4217:GBP"
}
},
"fact-361": {
"value": "3721700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-362": {
"value": "57700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-363": {
"value": "71800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-364": {
"value": "25000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-365": {
"value": "20000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-366": {
"value": "32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-367": {
"value": "51800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-368": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-369": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-370": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-371": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-372": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-373": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-374": {
"value": "591600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-375": {
"value": "421900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-376": {
"value": "555400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-377": {
"value": "469800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-378": {
"value": "40400000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:PurchaseOfOrdinarySharesByEBTClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-379": {
"value": "21000000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:PurchaseOfOrdinarySharesByEBTClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-380": {
"value": "11000000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:PurchaseOfOrdinarySharesIntoTreasuryClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-381": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ritplc:PurchaseOfOrdinarySharesIntoTreasuryClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-382": {
"value": "57600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-383": {
"value": "55000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-384": {
"value": "-145200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-385": {
"value": "-29500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-386": {
"value": "-112600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-387": {
"value": "22200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-388": {
"value": "325900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-389": {
"value": "296800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-02T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-390": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-391": {
"value": "6900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-392": {
"value": "218000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-393": {
"value": "325900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-394": {
"value": "218000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-395": {
"value": "325900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-396": {
"value": "218000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-397": {
"value": "325900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-398": {
"value": "Notes to the Financial Statements 1. Accounting Policies The consolidated financial statements of the Group and Company are prepared in accordance with UK adopted IAS and the requirements of the Companies Act 2006. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The Company is domiciled in the United Kingdom. The financial statements have been prepared on a going concern basis and under the historical cost convention except for the revaluation of financial instruments (including derivatives), investment properties held at fair value through profit or loss (FVPL), associates held at FVPL, certain non-consolidated subsidiaries held at FVPL, and property, plant and equipment held at fair value. In making this going concern assumption, the Directors have taken into account the closed-ended nature of the Company, its existing cash balances (\u00a3207 million) and monitoring procedures, its borrowing capacity (\u00a390 million facilities committed and undrawn), as well as the value of investments which could be realised to fund liabilities, and covenants as well as cash flow forecasts for the period to 30 June 2024 and uncalled commitments (\u00a3385 million). Further details can be found on page 25. The principal accounting policies adopted are set out below. Where the presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies (the SORP) issued by the Association of Investment Companies (AIC) in July 2022 is consistent with the requirements of UK adopted IAS, the Directors have sought to prepare the financial statements on a basis which complies with the recommendations of the SORP. Climate change In preparing the financial statements, the Directors have considered the impact of climate change insofar as they are reasonably able, particularly in the context of the climate-related risks identified in the principal risks and viability section of the Strategic Report. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Group\u2019s going concern or viability. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. The Board has concluded that the Company, being the parent entity of the Group, continues to meet the particular characteristics of an \u2018Investment Entity\u2019. The \u2018Investment Entity\u2019 amendment to IFRS 10 Consolidated Financial Statements requires that: (i) the single subsidiary J.Rothschild Capital Management Limited (JRCM), that is not itself an investment entity, which provides investment management services to the Group, is consolidated on a line-by-line basis with balances between the parent and this subsidiary eliminated; and (ii) all other subsidiaries, including Spencer House Limited (SHL), RIT Investments US, Inc and RIT Investments GP Limited, are accounted for as investments held at FVPL. In the financial statements of the Company investments in non-consolidated subsidiaries are carried at fair value and the consolidated subsidiary is carried at cost less any provision for impairment made in accordance with IAS 36 Impairment of Assets. Impairment tests are carried out twice each year concurrent with the Group\u2019s principal reporting dates. The financial statements of the subsidiaries are prepared at the same reporting date using consistent accounting policies. Control is achieved where the Company has all of the following; (i) power over the investee; (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect the amount of the Company\u2019s returns. Both the Group and Company hold investments in associates and joint ventures at fair value as allowed by IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments. Presentation of income statement 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 income statement between items of a revenue and capital nature has been presented within the consolidated income statement and the consolidated statement of comprehensive income (SOCI). Income Dividend income from investments is recognised when the right to receive payment has been established and this is normally the ex- dividend date. UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax under investment income. Interest and other income is accrued on a time basis. Rental income from investment properties under short-term leases is accounted for on a straight-line basis, over the lease term. Allocation between capital and revenue In respect of the analysis between capital and revenue items presented within the consolidated income statement, the SOCI and the statement of changes in equity, all expenses and finance costs, which are accounted for on an accruals basis, have been presented as revenue items except those items listed below: \u2022 expenses are allocated to capital where a direct connection with the maintenance or enhancement of the value of the investments can be demonstrated. Expenses are allocated to revenue where there is an indirect connection; \u2022 all segregated account fees are considered to be a cost of achieving a capital return for those external managers operating segregated accounts. This ensures consistency with the treatment of all other investment management fees within our fund investments, which are automatically included in capital and reflected in the investment gain/loss; \u2022 the Group has in place certain incentive arrangements whereby individuals receive share awards based on investment performance and/or share price growth. The cost of these arrangements derives principally from the capital performance and therefore the Directors consider it appropriate to allocate such costs to capital; \u2022 expenses which are incidental to the purchase or disposal of an investment are deducted from the initial fair value or disposal proceeds of the investment; and \u2022 costs incurred in connection with aborted portfolio investment transactions are also allocated to capital. The following are also presented as capital items: \u2022 gains and losses on the realisation of investments, including foreign exchange differences; \u2022 increases and decreases in the valuation of investments held at the year end, including foreign exchange differences; \u2022 realised and unrealised gains and losses on derivatives transactions of a capital nature; and \u2022 expenses, together with the related taxation effect, allocated to capital in accordance with the above policies. Finance costs Finance costs on borrowings are accounted for on an accruals basis and are settled at the end of each contractual period. Finance costs on derivatives are settled in line with the underlying contract. Finance costs are allocated in the ratio 20:80 to the revenue and capital columns of the income statement. Foreign currencies The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates, i.e. its functional currency. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in sterling which is the functional currency of the Company, and the presentational currency of the Group. Transactions in currencies other than sterling are recorded at the rate of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items and non-monetary assets and liabilities that are fair valued and are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. All foreign exchange gains and losses are recognised in the consolidated income statement. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not subject to tax or are not deductible for tax purposes. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Investment trusts which have approval under Section 1158 of the Corporation Tax Act 2010 are not subject to tax on capital gains. In view of the Company\u2019s status as an investment trust, and its intention to continue meeting the conditions required to maintain approval for the foreseeable future, the Company has not provided current or deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. The carrying amount of the deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement or SOCI, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Investments Investments are recognised and derecognised on the trade date where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned. All investments are measured initially and at subsequent reporting dates at fair value and classified in accordance with IFRS as \u2018fair value through profit or loss\u2019 (FVPL). Unrealised changes in the fair value of these investments are recognised in the consolidated income statement as capital items. The realised gain or loss arising on the disposal of investments is determined as the difference between the sale proceeds and the carrying amount of the asset at the beginning of the year and is recognised in the consolidated income statement as capital items. Transaction costs are included within gains or losses on these investments. Fair value, for quoted investments, is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in externally- managed funds are valued at the closing price, the bid price or the single price as appropriate, released by the relevant fund administrator or investment manager. In respect of private investments, or where the market for a financial instrument is not active, fair value is estimated by using appropriate valuation techniques and often involves significant judgement and estimation uncertainty. For direct private investments held through co-investment vehicles managed by a General Partner (GP), as well as private funds managed by a GP, the estimated fair value is based on the most recent valuation provided by the GP. These valuations are normally prepared quarterly and usually received within three months of the relevant valuation date. Depending on the timing of the finalisation of the half-year and year-end report and accounts, it is likely that the majority of these assets are valued at the previous quarter end. Where this is the case, the valuations of private funds are adjusted for subsequent investments, distributions and currency moves. In relation to direct co-investments, the valuations will also be adjusted for subsequent investments, distributions and currency moves, as well as pricing events where there is sufficient information to suggest the period- end valuation should be adjusted. Further, in light of the intrinsic valuation uncertainty, where information is received after the year end which relates to conditions present at the year end, an adjustment will be considered if it would be likely to have a material impact on the net assets. Ultimately these valuations are dependent on the reasonableness of the fair value estimation by the GP. The valuations are reviewed periodically by the Manager, and in the absence of contrary information, are assumed to be reliable. A review is also conducted annually in respect of the valuation bases of the investee funds to confirm these are in accordance with fair value standards. Where the Manager has sufficient information to undertake its own valuations, these will be prepared having regard to the International Private Equity and Venture Capital Valuation Guidelines as recommended by the British Private Equity and Venture Capital Association. The inputs into the valuation methodologies adopted include observable data such as historical earnings or cash flows as well as more subjective data such as earnings forecasts or discount rates. At period ends, all of the valuations are subject to review, adjustment as appropriate and ultimately approval by the Company\u2019s Valuation Committee that operates as a sub-committee of the Board comprised entirely of independent non-executive Directors. The gains and losses on financial assets classified at FVPL exclude any related interest income, dividend income and finance costs where these items are separately identifiable. These items are disclosed separately in the financial statements. Leasehold and freehold investment properties are measured initially at cost, including related transaction costs. After initial recognition at cost, investment properties are carried at their fair values based on the external professional valuation made as of each reporting date. Valuation surpluses and deficits arising in the year are included in the consolidated income statement. Derivative financial instruments, including futures, options and other derivatives, are stated in the balance sheet at fair value. For derivatives that are capital in nature, the associated change in value is presented as a capital item in the income statement. The Group has adopted trade date accounting. Accordingly, derivative financial instruments are recognised on the date the Group enters into the relevant contract, and are derecognised on the date on which it commits to their sale or they expire. All derivatives are classified as FVPL and are presented as assets when their fair value is positive, and as liabilities when their fair value is negative. Cash at bank Cash at bank in the balance sheet comprises cash balances and deposits. Provisions A provision is recognised in the balance sheet when the Group or Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Share-based payment In accordance with IFRS 2 Share-based Payment, the Group is required to reflect in its income statement and balance sheet the effects of share-based payment transactions. The Group\u2019s share- settled incentive schemes include the Annual Incentive Scheme (AIS) (in part), share appreciation rights (SARs) and restricted share units (RSUs). AIS awards are structured such that 60% of individual amounts in excess of \u00a3150,000 to \u00a3250,000 (with the lower amount for senior management) are paid in deferred shares of the Company which vest equally over the three years following the award. Deferred shares are valued using the prevailing market price at award. The expense is recognised over the year the award relates to and the following three years. Historically, long-term incentive plan (LTIP) awards were made via SARs and performance shares. SARs were measured at the fair value at grant date using a trinomial option valuation model. The cost is then recognised through the capital column of the income statement over the three-year vest period. Performance shares were conditional awards of shares subject to performance conditions. They were accounted for as equity settled in accordance with IFRS 2. The awards were fair valued at grant using a Monte Carlo model and the resulting cost of an award is then recognised through the capital column of the income statement over the vest period particular to that award. Following a review by the Remuneration Committee, it was decided that from 2021, future LTIP awards would be made using restricted share units (RSUs), with the first such award in March 2021. RSUs are equity-settled awards accounted for in accordance with IFRS 2 and are measured at fair value using the share price at the grant date, adjusted for a two year post-vesting sale restriction. The cost is recognised through the revenue column of the income statement over the three-year vest period. On 31 March 2021, staff members were given the option to convert their existing SARs and performance shares at fair value into RSUs, with the vast majority subsequently converted. This conversion was accounted for in accordance with IFRS 2. Shares required to meet the estimated future requirements from grants or exercises under all schemes, are purchased by an Employee Benefit Trust (EBT), which is consolidated by the Group. The cost of own shares held at the end of the year by the EBT is reflected in the Group\u2019s own shares reserve on the consolidated balance sheet. The movement in equity arising under IFRS 2 is applied to the capital reserve. Property, plant and equipment Property, plant and equipment is shown at cost less accumulated depreciation, save as detailed below. Depreciation is calculated by the Group on a straight-line basis by reference to original cost, estimated useful life and residual value. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The period of estimated useful life for this purpose is between three and five years for the majority of assets except for the Company\u2019s leasehold interest in 27 St. James\u2019s Place for which the estimated useful life is 61 years, which is also the period remaining on the property lease. The proportion of this asset occupied by the Group is accounted for at fair value under the revaluation model allowed by IAS 16 Property, Plant and Equipment, which is intended to ensure that the carrying value of the asset is never substantially different to its fair value. Changes in fair value are reflected in the SOCI and a separate revaluation reserve. The proportion of property assets not occupied by the Group is accounted for as investment properties at fair value. Determination of fair value requires significant judgement and external advisers are used. Pensions JRCM is a participating employer in the Group\u2019s non-contributory, funded, defined benefit retirement scheme which is closed to new members and the assets of which are held in a trustee-administered fund. There are no longer any active members of this scheme. The Group accounts for this defined benefit retirement scheme by reference to IAS 19 Employee Benefits. The cost of benefits accruing during the year in respect of past service is charged to the income statement and allocated to revenue. The net interest on the net defined benefit liability or asset is recognised in the income statement. Actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest on the net defined benefit liability or asset, are recognised in the SOCI. An actuarial valuation of the defined benefit retirement scheme is undertaken every three years as at 1 January and is updated as at each principal reporting date. The valuation is carried out using the projected unit credit method of funding basis. The income statement also includes costs incurred in respect of defined contribution schemes, comprising the contributions payable in the year. Other receivables/other payables Other receivables/other payables do not carry any interest, are short-term in nature and are carried at amortised cost. Application of the expected credit loss model to receivables has had an immaterial impact on their carrying value. The carrying value of receivables and payables approximates to their fair value. Amounts owed to/by Group undertakings Amounts owed to/by Group undertakings do not carry any interest and are carried at amortised cost. Application of the expected credit loss model to these items has had an immaterial impact on their carrying value. The carrying value of amounts owed to/by Group undertakings approximates to their fair value. Bank borrowings Interest-bearing bank loans are recorded initially at the proceeds received and subsequently at FVPL, on the basis that the Group and its performance is evaluated on a fair value basis, in line with IFRS 9, paragraph 4.2.2. The fair value is calculated as the amount to replace the facility which is equal to par. Loan notes Loan notes are classified as a financial liability at FVPL and are measured initially and subsequently at fair value with movements in fair value taken to the income statement as a capital item. The fair value is calculated with a discounted cash flow model using the fixed interest and redemption payments based on the underlying contractual cash flows. The discount rate adopted reflects the prevailing market rate for similar instruments. As a result, the determination of fair value requires management judgement. Further details of the loan notes are provided on page 81. Dividends The Company recognises interim dividends in the year in which they are paid. Share capital and share premium Share capital is classified as equity. Share premium reflects the excess of the consideration received on issuing shares over the nominal value of those shares, net of issue costs. Treasury shares The cost of repurchasing shares into treasury, including all related costs, is dealt with in the Statement of Changes in Equity and deducted from the Capital Reserve. New and amended standards and interpretations not applied The new and amended standards and interpretations that are relevant to RIT and issued, but not yet effective up to the date of issuance of the financial statements, are disclosed below. The Group intends to adopt these, if applicable, when they become effective: \u2022 Amendments to UK adopted IAS 1 Presentation of Financial Statements on the Classification of Liabilities as Current or Non- current, effective for annual reporting periods beginning on or after 1 January 2023; \u2022 Amendments to UK adopted IAS 1 Presentation of financial statements and IFRS Practice Statement 2 Making Materiality Judgments on the Disclosure of Accounting Policies, which provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures, effective for annual reporting periods beginning on or after 1 January 2023; and \u2022 Amendments to UK adopted IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors, effective for annual reporting periods beginning on or after 1 January 2023. The impact of these amendments is not expected to be material to the reported results and financial position of the Group. Critical accounting estimates and judgements The preparation of financial statements in conformity with UK adopted IAS requires the use of certain critical accounting estimates. It also requires the Manager and Board to exercise judgement in the process of applying the Group\u2019s accounting policies. The areas requiring a higher degree of judgement or complexity and where assumptions and estimates are significant to the consolidated financial statements, are in relation to the valuation of private investments (see pages 64 and 65 and Note 13) and property (see pages 65 and 66 and Notes 10 and 15). 2. Investment income \u00a3 million 2022 2021 Income from listed investments: Dividends 7. 2 8.5 Income from unlisted investments: Interest 4.3 2.0 Interest income on cash balances 5.5 0.2 Income from investment properties 2.1 2.0 Total investment income 19.1 12.7 3. Gains/(losses) on fair value investments \u00a3 million 2022 2021 Gains/(losses) on fair value investments excluding segregated accounts (579.2) 908.4 Net gains/(losses) on segregated accounts 28.0 (3.4) Segregated account fees - annual (1.7) (1.9) Segregated account fees - performance (2.6) (1.3) Gains/(losses) on fair value investments held in segregated accounts 23.7 (6.6) Gains/(losses) on fair value investments (555.5) 901.8 The Company\u2019s Investment Policy involves the allocation of part of the portfolio to external fund managers. The vast majority of these managers operate funds where the fees are charged within the fund. These \u2018indirect\u2019 investment management and performance fees are therefore automatically reflected within the valuations received from the administrators or managers, and form part of the investment gains/(losses). At 31 December 2022, three funds (31 December 2021: three) were structured as segregated accounts (disclosed within the Investment Portfolio on pages 17 to 19), where the managers separately invoice the Company for investment management. In order to provide a consistent presentation for all external fees, these are included within the gain/(losses) on fair value investments as shown above. Further details on the typical fee structures for the external funds are set out in the Directors\u2019 Report on pages 52 to 55. 4. Operating expenses \u00a3 million 2022 2021 Staff costs: Wages and salaries 13.3 23.0 Social security costs 1. 7 3.1 Share-based payment costs 1 (Note 24) 20.3 20.4 Pension costs (Note 11) 0.3 0.4 Total staff costs 35.6 46.9 Auditor\u2019s remuneration (Note 5) 0.3 0.3 Depreciation 0.4 0.3 Lease payments 0.4 0.4 Other operating expenses 6.9 6.5 Total operating expenses 43.6 54.4 1 Including related social security costs. Operating expenses include costs incurred by JRCM in managing the Group's assets, property costs from the Group\u2019s property portfolio, as well as costs which are recharged to third parties. Further information is provided in Note 6. The figures include Directors\u2019 emoluments, details of which are shown in the Directors\u2019 Remuneration Report on pages 48 to 51. The average monthly number of employees during the year was 59 (2021: 55) of which 47 (2021: 43) were employed by JRCM and 12 (2021: 12) were employed by SHL. 5. Other disclosable expenses During the year the Group obtained the following services from the Company\u2019s auditor and its associates: \u00a3 thousand 2022 2021 Fees payable to the Company\u2019s auditor and its associates for the audit of the Parent Company and consolidated financial statements 228 202 Fees payable to the Company\u2019s auditor and its associates for other services: Audit of the Company\u2019s subsidiaries 94 83 Audit-related assurance services 12 12 Total 334 297 Transaction costs The following transaction costs represent commissions paid on the purchase and sale of listed investments and are included within gains/(losses) on fair value investments: \u00a3 million 2022 2021 Purchases 1.5 1. 2 Sales 1.2 1. 2 Transaction costs 2.7 2.4 Furthermore \u00a30.02 million of professional fees (2021: \u00a30.03 million) incurred on purchases of investments are included within gains/ (losses) on fair value investments. 6. Business and geographical segments For 2022 and 2021, the Group is considered to have three principal operating segments, all based in the UK, as follows: Segment Business 2022 AUM \u00a3 million 1 2022 Employees 1 2021 AUM \u00a3 million 2 2021 Employees 2 RIT Investment trust \u2013 \u2013 \u2013 \u2013 JRCM Investment manager/ administration 3,722 49 4,390 46 SHL Events/premises management \u2013 13 \u2013 12 1 At 31 December 2022 2 At 31 December 2021 Key financial information for 2022 is as follows: \u00a3 million Net assets Income/ gains 1 Operating expenses 1 Profit 2 RIT 3,617.3 (511.6) (52.7) (564.3) JRCM 110.3 50.3 (38.4) 11. 9 SHL 0.9 3.7 (3.5) 0.2 Adjustments 3 (6.8) (51.0) 51.0 \u2013 Total 3,721.7 (508.6) (43.6) (552.2) Key financial information for 2021 is as follows: \u00a3 million Net assets Income/ gains 1 Operating expenses 1 Profit 2 RIT 4,277.6 931.2 (74.3) 856.9 JRCM 119.0 74.3 (49.2) 25.1 SHL 0.8 2.8 (2.9) (0.1) Adjustments 3 (7.1) (72.0) 72.0 \u2013 Total 4,390.3 936.3 (54.4) 881.9 1 Includes intra-group income and expenses. 2 Profit before finance costs and tax. 3 Consolidation adjustments in accordance with IFRS 10 Consolidated Financial Statements. 7. Finance costs \u00a3 million 2022 2021 Interest on borrowings 14.3 9.6 Interest on swaps 10.4 10.1 Other finance costs 0.3 0.3 Finance costs 25.0 20.0 8. Taxation \u00a3 million Year ended 31 December 2022 Revenue Capital Total UK corporation tax charge/(credit) \u2013 \u2013 \u2013 Current tax charge/(credit) \u2013 \u2013 \u2013 Deferred tax charge/(credit) \u2013 \u2013 \u2013 Taxation charge/(credit) \u2013 \u2013 \u2013 \u00a3 million Year ended 31 December 2021 Revenue Capital Total UK corporation tax charge/(credit) 0.2 2.5 2.7 Current tax charge/(credit) \u2013 \u2013 \u2013 Deferred tax charge/(credit) 0.2 2.5 2.7 Taxation charge/(credit) 0.2 2.5 2.7 The Finance Act 2021 included an increase in the main corporation tax rate from the current 19% to 25% with effect from 1 April 2023. The tax charge for the year differs from the effective rate of corporation tax in the UK for 2022 of 19% (2021: 19%). The differences are explained as follows: \u00a3 million Year ended 31 December 2022 Revenue Capital Total Profit/(loss) before tax (14.3) (562.9) (577.2) Tax at the standard UK corporation tax rate of 19% (2.7) (107.0) (109.7) Effect of: Capital items exempt from corporation tax \u2013 102.9 102.9 Dividend income not taxable (1.2) \u2013 (1.2) Expenses not deductible for tax purposes 0.1 \u2013 0.1 Tax losses not recognised 3.8 4.8 8.6 Other items \u2013 (0.7) (0.7) Total tax charge/(credit) \u2013 \u2013 \u2013 \u00a3 million Year ended 31 December 2021 Revenue Capital Total Profit/(loss) before tax (17.1) 879.0 861.9 Tax at the standard UK corporation tax rate of 19% (3.2) 167.0 163.8 Effect of: Capital items exempt from corporation tax \u2013 (173.6) (173.6) Dividend income not taxable (1.1) \u2013 (1.1) Expenses not deductible for tax purposes 0.1 \u2013 0.1 Tax losses not recognised 4.3 8.3 12.6 Other items 0.1 0.8 0.9 Total tax charge/(credit) 0.2 2.5 2.7 Refer to Note 12 on page 71 for the explanation of carried forward tax losses. 9. Earnings per ordinary share \u2013 basic and diluted The basic earnings per ordinary share for 2022 is based on the loss of \u00a3577.2 million (2021: profit of \u00a3859.2 million) and the weighted average number of ordinary shares in issue during the period of 155.5 million (2021: 156.1 million). The weighted average number of shares is adjusted for shares held in the employee benefit trust (EBT) and in treasury in accordance with IAS 33. \u00a3 million 2022 2021 Net revenue profit/(loss) (14.3) (17.3) Net capital profit/(loss) (562.9) 876.5 Total profit/(loss) for the year (577.2) 859.2 Weighted average (million) 2022 2021 Number of shares in issue 156.8 156.8 Shares held in EBT (1.0) (0.5) Shares held in treasury (0.3) (0.2) Basic shares 155.5 156.1 pence 2022 2021 Revenue earnings/(loss) per ordinary share \u2013 basic (9.2) (11.1) Capital earnings/(loss) per ordinary share \u2013 basic (362.1) 561.4 Total earnings per share \u2013 basic (371.3) 550.3 The diluted earnings per ordinary share for the period is based on the basic shares (above) adjusted for the effect of share-based payments awards for the period. This adjustment is not required for 2022 as an increase in shares in issue would reduce the basic loss per ordinary share. As a result, there is no difference between the basic and diluted loss per ordinary share. Weighted average (million) 2022 2021 Basic shares 155.5 156.1 Effect of share-based payment awards \u2013 1. 4 Diluted shares 155.5 157.5 pence 2022 2021 Revenue earnings/(loss) per ordinary share \u2013 diluted (9.2) (11.0) Capital earnings/(loss) per ordinary share \u2013 diluted (362.1) 556.5 Total earnings per ordinary share \u2013 diluted (371.3) 545.5 10. Property, plant and equipment The Group\u2019s property, plant and equipment as at 31 December 2022 was \u00a320.7 million (2021: \u00a323.1 million). Group \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2022 1 7. 4 (5.8) 11. 5 23.1 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.4) \u2013 (0.4) Revaluation gain/(loss) \u2013 \u2013 (2.1) (2.1) Fair value at 31 December 2022 1 7. 5 (6.2) 9.4 20.7 Of which: Property \u2013 leasehold 14.2 (4.6) 9.4 19.0 Group \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2021 1 7. 3 (5.4) 11. 7 23.6 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.4) \u2013 (0.4) Revaluation gain/(loss) \u2013 \u2013 (0.2) (0.2) Fair value at 31 December 2021 1 7. 4 (5.8) 11.5 23.1 Of which: Property \u2013 leasehold 14.1 (4.2) 11. 5 21.4 The Company\u2019s property, plant and equipment as at 31 December 2022 was \u00a320.6 million (2021: \u00a323.0 million). Company \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2022 15.7 (4.2) 11. 5 23.0 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.4) \u2013 (0.4) Revaluation gain/(loss) \u2013 \u2013 (2.1) (2.1) Fair value at 31 December 2022 15.8 (4.6) 9.4 20.6 Of which: Property \u2013 leasehold 14.2 (4.6) 9.4 18.9 Company \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2021 15.6 (3.9) 11. 7 23.4 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.3) \u2013 (0.3) Revaluation gain/(loss) \u2013 \u2013 (0.2) (0.2) Fair value at 31 December 2021 15.7 (4.2) 11.5 23.0 Of which: Property \u2013 leasehold 14.1 (4.2) 11. 5 21.4 The fair value at both year ends predominantly relates to the proportion of the leasehold interest in 27 St. James\u2019s Place occupied by the Group. The property valuations are based on Jones Lang LaSalle\u2019s (JLL) valuations at the respective year ends. 11. Pension commitments The Group has pension commitments in respect of its participation in the RITCP Pension and Life Assurance Scheme (the Scheme). The Scheme consists of a defined benefit plan which is closed to new members. The Scheme is administered under a Trust Deed and Rules and a corporate trustee, Law Debenture Pension Trust Corporation plc, who is independent of the Group, and was appointed in May 2019. In December 2022, the Group de-risked its retirement benefit obligations by supporting the trustees of the Scheme in completing a \u00a320 million bulk annuity insurance policy \u2018buy-in\u2019. The \u2018buy-in\u2019 secured an insurance asset that fully matches almost all the remaining pension liabilities of the Scheme, with the result that the Group no longer bears material investment, longevity, interest rate or inflation risk. The annuity policy is held in the name of the Trustees. As the Scheme was in surplus on an accounting basis at 31 December 2022, in accordance with the relevant accounting standard the impact of this transaction was to record a re- measurement loss of \u00a34.5 million before tax to other comprehensive income. There was no impact on profit before tax and no incremental funding was required. As a result of the \u2018buy-in\u2019, current cash contributions into the Scheme will cease, with the possibility of minimal further contributions. In addition, the Group will no longer record non-cash interest income on the accounting surplus. Within the next 18 months it is expected that a full \u2018buy-out\u2019 of the scheme will occur, during which individual insurance policies will be purchased for the beneficiaries of the scheme. After the \u2018buy-out\u2019 has completed, the Group will no longer have any liabilities against the Scheme. The costs associated with the Scheme, their recognition in the financial statements, the assumptions underlying the calculation of those costs and their disclosure in the consolidated income statement or SOCI are set out below. Defined benefit cost \u00a3 millions 2022 2021 Net interest on defined benefit asset (0.1) (0.1) Remeasurement effects recognised in the SOCI 4.5 (1.9) Total cost/(credit) 4.4 (2.0) Recognised in the consolidated income statement \u00a3 millions 2022 2021 Defined contribution schemes 0.4 0.5 Defined benefit scheme: Net interest on defined benefit liability (0.1) (0.1) Total pension cost recognised in the consolidated income statement 0.3 0.4 Recognised in the SOCI \u00a3 millions 2022 2021 Defined benefit scheme: Actuarial loss due to liability experience 0.4 0.9 Actuarial (gain)/loss due to liability assumption changes (9.6) (1.7) Actuarial gain due to demographic assumption changes in defined benefit obligation (DBO) (0.1) (0.1) Return on Scheme assets greater than discount rate 13.8 (1.0) Remeasurement effects recognised in the SOCI 4.5 (1.9) Total (credit)/expense 4.8 (1.5) The Scheme\u2019s assets and liabilities are shown below together with the actuarial assumptions used. Changes in the DBO \u00a3 millions 2022 2021 DBO at end of prior year 26.7 28.0 Interest cost on the DBO 0.5 0.4 Actuarial loss - demographic experience 0.3 0.8 Actuarial gain - demographic assumptions \u2013 (0.1) Actuarial gain - financial assumptions (9.6) (1.7) Benefits paid from scheme assets (0.8) (0.7) Total DBO 1 7. 1 26.7 Changes in Scheme assets \u00a3 millions 2022 2021 Opening fair value of the Scheme assets 30.5 28.6 Interest income on Scheme assets 0.6 0.5 Return on Scheme assets greater than discount rate (13.8) 1. 0 Employer contributions 1. 1 1. 1 Benefits paid (0.8) (0.7) Total Scheme assets 1 7. 6 30.5 The Company has unrestricted rights to any surplus in the Scheme upon wind-up. As such there is no irrecoverable surplus for either the current year or prior year. Development of the net balance sheet position \u00a3 millions 2022 2021 Net defined benefit asset at end of prior year 3.8 0.7 Net interest on defined benefit asset at end of prior year 0.1 0.1 Remeasurement effects recognised in the SOCI (4.5) 1. 9 Employer contributions 1. 1 1. 1 Net defined benefit asset 0.5 3.8 The assumptions used to determine the measurements at the reporting dates are shown below: 2022 2021 Discount rate 4.95% 1.90% Price inflation (RPI) 3.35% 3.70% Rate of salary increase n/a n/a Pension increases for pre 6 April 1997 pension 4.00% 4.00% Pension increases for post 6 April 1997 pension 4.25% 4.30% Pension increases for deferred benefits (non Guaranteed Minimum Pension) 3.35% 3.70% Scheme participant census date 31 December 2022 31 December 2021 Post retirement mortality assumption- source SAPS 1 SAPS 1 1 Self-administered Pension Scheme light series year of birth tables allowing for Continuous Mortality Investigation projections and a 1.5% per annum long-term trend. Sensitivity analysis In accordance with IAS 19 (revised), the sensitivity of the DBO to the relevant actuarial assumptions is shown below. In each case the changed assumption has been considered in isolation (i.e. all other factors remain constant). \u00a3 millions 2022 2021 DBO 1 7. 1 26.7 Significant actuarial assumptions at 31 December 2022: \u00a3 millions Assumptions used for sensitivity analysis Sensitivity analysis Revised DBO for each sensitivity Discount rate 4.45% 0.5% point decrease 18.3 Price inflation (RPI) 3.85% 0.5% point increase 1 7. 2 Life expectancy \u2013 Increase of 1 year 1 7. 7 11. Pension commitments (continued) Significant actuarial assumptions at 31 December 2021: \u00a3 millions Assumptions used for sensitivity analysis Sensitivity analysis Revised DBO for each sensitivity Discount rate 1.40% 0.5% point decrease 29.0 Price inflation (RPI) 4.20% 0.5% point increase 27.0 Life expectancy \u2013 Increase of 1 year 27.9 The weighted average duration of the DBO is 13 years. Further Scheme analysis is shown below. Analysis of DBO by participant category \u00a3 millions 2022 2021 Deferred participants 2.2 4.5 Pensioners 14.9 22.2 DBO 1 7. 1 26.7 The fair value of Scheme assets of \u00a317.6 million is analysed in the table below (2021: \u00a330.5 million). Scheme asset breakdown Quoted securities 1 Other Total 2022 Equities securities \u2013 \u2013 \u2013 Fixed income and credit \u2013 \u2013 \u2013 Bulk insurance policy \u2013 96% 96% Cash and liquidity/other \u2013 4% 4% Total \u2013 100% 100% Scheme asset breakdown Quoted securities 1 Other Total 2021 Equities securities \u2013 \u2013 \u2013 Fixed income and credit 99% \u2013 99% Bulk insurance policy \u2013 \u2013 \u2013 Cash and liquidity/other \u2013 1% 1% Total 99% 1% 100% 1 Classed as Level 2 assets under IFRS 13 . 12. Deferred tax The gross movement on deferred tax during the year is shown below: \u00a3 million 2022 2021 Balance at start of year (1.3) 2.5 (Debit)/credit to consolidated income statement \u2013 (2.7) (Debit)/credit to SOCI 1. 1 (1.1) Balance at end of year (0.2) (1.3) The deferred tax asset/(liability) is analysed below: \u00a3 million 2022 2021 Retirement benefit asset (0.2) (1.3) Balance at end of year (0.2) (1.3) The Group had carried forward tax losses of \u00a3453 million at 31 December 2022 (2021: \u00a3412 million) that have not been recognised as a deferred tax asset, as it is considered unlikely that the unrecognised asset will be utilised in the foreseeable future. 13. Financial instruments As an investment company, financial instruments make up the vast majority of the Group\u2019s assets and liabilities and generate its performance. Financial instruments comprise securities, derivatives and other investments, cash, short-term receivables and payables, and short and long-term borrowings. The nature and extent of the financial instruments outstanding can be seen on the face of the balance sheet and the risk management policies employed by the Group and Company are set out below. The Group\u2019s policy for determining the fair value of investments (including private investments) is set out on pages 64 and 65. In relation to receivables, payables and short-term borrowings, the carrying amount is viewed as being a reasonable approximation of fair value. 13.1 Financial risk management The main risks arising from the Group\u2019s financial instruments are market risk (including price risk, interest rate risk and currency risk), credit risk and liquidity risk. The day-to-day identification, mitigation and monitoring of these risks is undertaken by the Manager under the authority of the Board and the Audit and Risk Committee, and is described in more detail below. The objectives, policies and processes for managing risks have not changed since the previous accounting year. The risk management processes of the Company are aligned with those of the Group as a whole and it is at the Group level that the majority of the risk management procedures are performed. Where relevant and materially different from the Group position, Company-specific risk exposures are explained alongside those of the Group. 13.1.1 Market risk The fair value or future cash flows of a financial instrument or investment property held by the Group may fluctuate as a result of changes in market prices. Market risk can be summarised as comprising three types of risk: \u2022 Price risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk). \u2022 Interest rate risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in interest rates. \u2022 Currency risk The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. 13. Financial instruments (continued)
The Group\u2019s exposure to, sensitivity to and management of each of
these risks are described in further detail below.
Management of market risk is fundamental to the Group\u2019s
investment objective. The investment portfolio is continually
monitored to target an appropriate balance of risk and reward.
The Manager may seek to reduce or increase the portfolio\u2019s
exposure to stock markets, interest rates and currencies by utilising
derivatives such as index futures, options, swaps and currency
forward contracts. These instruments are used for the purpose of
hedging some or all of the existing exposure within the portfolio to
those currencies or particular markets, as well as to enable increased
exposure when deemed appropriate. With respect to equity, foreign
exchange and interest rate options, the notional exposure presented
in this note is adjusted to reflect the estimated sensitivity of the
option to movements in the underlying security.
13.1.2 Price risk
Price risk may affect the value of the quoted, private and other
investments held by the Group.
The Group has a widely diversified investment portfolio which
significantly reduces the exposure to individual asset price risk.
The performance of third-party investment managers is regularly
reviewed and assessed to ensure compliance with their mandates
and that their performance is compatible with the Group\u2019s
investment objective.
The Group\u2019s exposure to price risk is monitored and managed by
analysing the levels of direct exposure from quoted equity price risk
and the exposure from other price risk.
The Group\u2019s exposure to quoted equity price risk (also described as
net quoted equity exposure) can be assumed to be equivalent to the
quoted equity investments in the investment portfolio adjusted for:
\u2022 Notional exposure from quoted equity derivatives;
\u2022 Estimated cash balances held by external managers; and
\u2022 Estimated net equity exposure from hedge fund managers.
Other price risk exposure relates to investments in private
investments, absolute return and credit, and real assets, adjusted for
the notional exposure from commodity and credit derivatives.
\u00a3 million
31 December
2022
31 December
2021
Exposure to quoted equity price risk
1
1,361.1 1,755.0
Exposure to other price risk 2,394.5 2,669.5
Total exposure to price risk 3,755.6 4,424.5
1
Quoted equity price risk represented 37% of year-end net assets
(2021: 40%).
Price risk sensitivity analysis
The sensitivity of the Group\u2019s net assets and profit with regards to
changes in market prices is illustrated below. This is estimated using
an assumed 10% increase in general market prices with all other
variables held constant. A 10% decrease is assumed to produce an
equal and opposite effect.
The sensitivity analysis takes account of the relevant derivative
transactions the Group has entered into including those designed to
provide a hedge against such movements.
\u00a3 million
2022
Impact on profit
and net assets
2021
Impact on profit
and net assets
Quoted equity 137.4 177.1
Other 239.4 266.9
Total 376.8 444.0
The Group is exposed to market risk in respect to the fair value of
the investment properties. The investment properties are valued by
JLL using a market valuation approach and as such, the valuation
will be influenced by trends experienced in the property market and
also the wider economic environment. In particular, the valuation will
be dependent on rental income yields, demand and supply for office
space in London and comparable transactions completed in the
marketplace. Fluctuations in any of the inputs used by the valuers to
value the investment properties may increase or decrease the fair
value of the properties.
13.1.3 Interest rate risk
The Group finances its operations mainly through its share capital
and reserves, including realised gains on investments. In addition,
financing has been obtained through bank borrowings and fixed rate
loan notes. Changes in interest rates have a direct or indirect impact
on the fair value or future cash flows of the following financial assets
and liabilities:
\u2022 Gilts and other government securities;
\u2022 Money market funds;
\u2022 Credit funds;
\u2022 Cash and cash equivalents;
\u2022 Group borrowings; and
\u2022 Certain derivative contracts.
Changes in interest rates indirectly affect the fair value of the Group\u2019s
other investments including those in quoted equity securities, private
investments or property.
13. Financial instruments (continued)
Interest rate risk is managed by taking into account the possible
effects on fair value and cash flows that could arise as a result of
changes in interest rates when making decisions on investments
and borrowings.
Exposure of the Group\u2019s financial assets and liabilities to floating
interest rates (giving cash flow interest rate risk when rates are
reset) and fixed interest rates (giving fair value risk), is shown below.
\u00a3 million
31 December 2022
Floating
rate
Fixed
rate Total
Portfolio investments \u2013
debt securities
1
\u2013 40.7 40.7
Cash 218.0 \u2013 218.0
Borrowings (236.2) (134.4) (370.6)
Total
2
(18.2) (93.7) (111.9)
\u00a3 million
31 December 2021
Floating
rate
Fixed
rate Total
Portfolio investments \u2013
debt securities
1
\u2013 29.7 29.7
Cash 325.9 \u2013 325.9
Borrowings (240.0) (168.9) (408.9)
Total
2
85.9 (139.2) (53.3)
1
In addition, the Group holds \u00a3746.8 million (2021: \u00a3777.4 million) invested in
absolute return and credit, of which \u00a3443.7 million (2021: \u00a3313.5 million) is in
funds that predominantly invest in credit instruments. These provide indirect
exposure to interest rate risk.
2
In addition, the Group holds \u00a3nil million (2021: \u00a397.3 million) notional
exposure to interest rate derivatives.
Exposures vary throughout the year as a consequence of changes
in the composition of the net assets of the Group arising out of
investment, borrowing and risk management processes.
Portfolio investments include direct and indirect (via externally-
managed funds) investments in government securities, money
markets, as well as quoted and unquoted debt securities issued by
companies.
Interest received on cash and cash equivalents is at prevailing market
rates.
The Group has total borrowings with a fair value of \u00a3370.6 million
outstanding at the year end (2021: \u00a3408.9 million). The revolving
credit facility comprising \u00a3236.2 million of this total incurs floating
interest payments (2021: \u00a3240.0 million). The loan notes with a fair
value of \u00a3134.4 million (par value of \u00a3151.0 million) have fixed interest
payments (2021: fair value \u00a3168.9 million; par value \u00a3151.0 million).
Further details are provided in Note 18.
Interest rate risk sensitivity analysis
The approximate sensitivity of the Group\u2019s net assets and profit in
regard to changes in interest rates is illustrated below. This is based
on an assumed 50 basis point annualised increase in prevailing
interest rates at the balance sheet date applied to the floating rate
and fixed rate assets and liabilities and the following assumptions:
\u2022 the fair values of all other assets and liabilities are not affected by
a change in interest rates;
\u2022 funds will be reinvested in similar interest-bearing securities on
maturity; and
\u2022 all other variables are held constant.
A 50 basis point decrease is assumed to produce an equal and
opposite impact.
\u00a3 million
2022
Impact on profit
and net assets
2021
Impact on profit
and net assets
Total 6.1 4.2
The Group has direct exposure to the effect of interest rate changes
on the valuation and cash flows of its interest-bearing assets and
liabilities. However, it may also be indirectly affected by the impact of
interest rate changes on the earnings of certain companies in which
the Group invests, and the impact on valuations that use interest
rates as an input, including valuation models for private investments.
Therefore, the sensitivity analysis may not reflect the full effect on
the Group\u2019s net assets.
13.1.4 Currency risk
Consistent with its Investment Policy, the Group invests in financial
instruments and transactions denominated in currencies other
than sterling. As such, the Group\u2019s profit and net assets could be
significantly affected by currency movements.
Currency risk is managed by the Group by entering into currency
options or forward currency contracts as a means of limiting or
increasing its exposure to particular currencies. These contracts
are used for the purpose of hedging part of the existing currency
exposure of the Group\u2019s portfolio (as a means of reducing risk) or to
enable increased exposure when this is deemed appropriate by the
Manager.
Foreign currency exposure
Currency
2022
Net exposure
% of NAV
2021
Net exposure
% of NAV
US dollar 32.5 26.8
Japanese yen 4.2 2.7
Euro 7. 5 1. 5
Other non-sterling 2.9 0.4
Total
1
47.1 31.4
1
Amounts in the above table are based on the carrying value of all foreign
currency denominated assets and liabilities and the underlying notional
amounts of forward currency contracts. It does not take into account any
estimates of \u2018look-through\u2019 exposure from our fund investments .
13. Financial instruments (continued) Currency risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit in regard to changes in key currencies is illustrated below. This is based on an assumed 10% strengthening of sterling relative to the foreign currencies as at 31 December 2022, and assumes all other variables are held constant. A 10% weakening is assumed to produce an equal and opposite effect. The sensitivity analysis is based on the net foreign currency assets held at the balance sheet dates and takes account of currency forwards and options that adjust the effects of changes in currency exchange rates. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets US dollar (120.8) (97.9) Japanese yen (15.6) (11.9) Euro (27.8) (6.6) Other non-sterling (11.2) (1.7) Total (175.4) (118.1) 13.1.5 Credit risk Credit risk is the risk that a counterparty to a financial instrument held by the Group will fail to discharge an obligation or commitment that it has entered into with the Group, which could result in a loss to the Group. This risk is not considered significant and is managed as follows: \u2022 the vast majority of the Group\u2019s listed transactions are settled on a delivery versus payment basis and are held directly by the custodian in fully segregated client accounts; \u2022 use of a range of brokers and counterparties with their credit quality monitored regularly; \u2022 cash balances are predominantly held with our custodian, whose credit worthiness is regularly monitored; \u2022 cash margin is held by a range of approved counterparties, with both margin balances and counterparties\u2019 creditworthiness monitored regularly; and \u2022 careful selection of a diversified portfolio of credit managers. A credit exposure could arise in respect of derivative contracts entered into by the Group if a counterparty was unable to fulfil its contractual obligations. The Group has exposure to certain debt instruments acquired as part of its private equity investments. The credit risk associated with these instruments is managed as part of the overall investment risk in the relevant portfolio companies and is not considered separately. The Group\u2019s maximum credit exposure is limited to the carrying amount of financial assets recognised at the reporting date, as summarised below. Credit risk exposure \u00a3 million 2022 2021 Portfolio investments \u2013 debt securities 1 40.7 29.7 Derivative financial instruments 2 58.3 35.6 Cash margin 85.4 87.6 Other receivables 159.9 175.2 Cash at bank 218.0 325.9 Total 562.3 654.0 1 Debt securities held within portfolio investments include a private loan note issued by LionTree Advisory Holdings LLC. 2 Represents the fair value of assets held by counterparties. The credit quality of certain financial assets that are not past due, where the risk of loss is primarily that a counterparty fails to meet an obligation, can be assessed by reference to external credit ratings. The Manager has a review process in place that includes an evaluation of a potential counterparty\u2019s ability to service and repay its debt. This is considered on a regular basis. Cash margins and other receivables comprise mainly balances with counterparties which are investment grade financial institutions with a short-term credit rating by S&P of A-2 or higher (2021: A-2). BNP is the custodian and depositary to the Company under the Alternative Investment Fund Managers Directive (AIFMD). Under the UK equivalent regulations, the Company is the Alternative Investment Fund (AIF) and JRCM is the Alternative Investment Fund Manager (AIFM). As custodian, substantially all of the Company\u2019s directly-held listed portfolio investments and cash at bank are held by BNP. Bankruptcy or insolvency of the custodian may cause the Group\u2019s rights with respect to securities held by the custodian to be delayed; however, the custodian\u2019s local long-term rating from S&P was A+ in the most recent rating prior to 31 December 2022 (2021: A+). As depositary under AIFMD, the main obligation of BNP is the safeguarding of those custodied assets on behalf of the RIT shareholder. The depositary is liable for the loss of financial instruments held in custody, other than under limited circumstances. As a result of this obligation, the depositary maintains oversight of all transactions undertaken by the AIFM (JRCM) on behalf of the AIF (RIT). This includes reviewing all cash movements, receiving copies of internal sign\u2010off documentation and key legal agreements, and oversight and review of key procedures and controls. 13. Financial instruments (continued) 13.1.6 Liquidity risk Liquidity risk is the risk that the Group will have difficulty in meeting its obligations in respect of financial liabilities as they fall due. In addition to the Group\u2019s liquidity balances and committed but undrawn borrowings, the investment portfolio includes a substantial amount of assets which would be expected to be realised within a relatively short time frame, depending on market conditions. This might include stocks (unless held via a co-investment fund or subject to a lock-up), government bonds and derivatives. Other investments can be realised over varying timeframes depending on the nature of the investment and/or the legal terms governing disposal. Investments in externally-managed equity and hedge funds have redemption periods which typically range from daily to quarterly and longer, depending in part on the underlying nature of the portfolio holdings. There is also a risk in stress situations of the funds imposing additional restrictions or \u2018gates\u2019 on redemptions (as happened in particular to hedge funds during the global financial crisis). Direct private and private fund investments are inherently less liquid, and while there is a secondary market, participants will often experience discounts to fair value, in particular at times of stress. JRCM manages the Group\u2019s liquid resources in line with a liquidity risk framework overseen by the Board. This establishes a minimum level of liquidity available to meet expected contractual commitments, including ongoing costs, margin calls and capital calls (from funds with a commitment/drawdown structure - see Note 14). The Manager monitors the level of short-term funding, and balances the need for access to short-term funding, with the long-term funding needs of the Group. The Group has three revolving credit facilities with a total capacity of \u00a3335 million (of which \u00a390 million was committed and undrawn at the year end) and \u00a3151 million of long-term loan notes (details of which are disclosed in Note 18). The remaining contractual maturities of the Group\u2019s financial liabilities at the year end, based on the earliest date on which payment could be required are as follows: \u00a3 million 31 December 2022 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 236.2 \u2013 \u2013 236.2 Derivative financial instruments 7. 0 3.4 \u2013 10.4 Non-current liabilities: Derivative financial instruments \u2013 \u2013 0.0 0.0 Borrowings \u2013 5.6 189.3 194.9 Lease liability \u2013 0.4 5.9 6.3 Financial liabilities 243.2 9.4 195.2 447.8 Other non-financial liabilities 63.5 \u2013 1. 8 65.3 Total 306.7 9.4 197.0 513.1 \u00a3 million 31 December 2021 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 240.0 \u2013 \u2013 240.0 Derivative financial instruments 7. 9 0.3 \u2013 8.2 Purchase for future settlement 99.9 \u2013 \u2013 99.9 Non-current liabilities: Derivative financial instruments \u2013 \u2013 2.9 2.9 Borrowings \u2013 5.2 194.6 199.8 Lease liability \u2013 0.4 3.9 4.3 Financial liabilities 347.8 5.9 201.4 555.1 Other non-financial liabilities 168.8 \u2013 1. 0 169.8 Total 516.6 5.9 202.4 724.9 In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3385 million (2021: \u00a3360.2 million) as set out in Note 14 . 13.2 Collateral Collateral in the form of cash margin is posted by the Group in relation to certain derivative transactions, transacted under the auspices of the International Swaps and Derivatives Association. The Group does not hold collateral from other counterparties. Set out below is the amount of financial assets pledged as collateral at the year end. \u00a3 million 2022 2021 Cash margin 85.4 87.6 13.3 Derivative financial instruments The Group typically uses the following types of derivative instruments in the portfolio: \u2022 futures and forward contracts relating to market indices, foreign currencies and government bonds; \u2022 options relating to foreign currencies, market indices, stocks and interest rates; and \u2022 swaps relating to interest rates, bonds, credit spreads, equity indices and stocks. As explained above, the Manager uses derivatives to hedge various exposures and also selectively to increase or decrease exposure where desired. The notional amount of certain types of derivatives provides a basis for comparison with instruments recognised on the balance sheet, but does not necessarily indicate the amount of future cash flows involved or the current fair value of the derivatives. 13. Financial instruments (continued) The derivative instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations in indices, security prices, market interest rates or foreign exchange rates relevant to the terms of the derivative instrument. The aggregate contractual or notional amount of derivative financial instruments held, the extent to which instruments are favourable or unfavourable and thus the aggregate fair values of derivative financial assets and liabilities can fluctuate significantly from time to time. Details of the unsettled derivatives at 31 December 2022 and 31 December 2021 are: As at 31 December 2022 \u00a3 million Group and Company Notional 1 amount Assets (positive fair value) Liabilities (negative fair value) Total fair value Commodity derivatives 169.1 6.4 \u2013 6.4 Credit derivatives \u2013 \u2013 \u2013 \u2013 Currency derivatives 1,815.1 49.6 (7.0) 42.6 Equity derivatives 253.2 2.3 (3.4) (1.1) Fixed income derivatives \u2013 \u2013 \u2013 \u2013 Total 58.3 (10.4) 47.9 As at 31 December 2021 \u00a3 million Group and Company Notional 1 amount Assets (positive fair value) Liabilities (negative fair value) Total fair value Commodity derivatives 132.8 3.0 \u2013 3.0 Credit derivatives 178.4 0.4 (3.3) (2.9) Currency derivatives 2,364.4 28.6 (7.6) 21.0 Equity derivatives 53.0 3.5 (0.2) 3.3 Fixed income derivatives 81.2 0.1 \u2013 0.1 Total 35.6 (11.1) 24.5 1 Long and short notional exposure has been netted. 13.4 IFRS 13 fair value measurement classification IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). The vast majority of the Group\u2019s financial assets and liabilities, investment properties and property, plant and equipment are measured at fair value on a recurring basis. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur. A description of the valuation techniques used by the Group with regards to investments categorised in each level of the fair value hierarchy is detailed below. Where the Group invests in a fund or a partnership, which is not itself listed on an active market, the categorisation of such investments between levels 2 and 3 is determined by reference to the nature of the fund or partnership\u2019s underlying investments. If such investments are categorised across different levels, the lowest level of the hierarchy that forms a significant proportion of the fund or partnership exposure is used to determine the reporting disclosure. If the proportion of the underlying investments categorised between levels changes during the period, these will be reclassified to the most appropriate level. Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly 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 quoted market price used for financial assets held by the Group is the current bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Where a market price is available but the market is not considered active, the Group has classified these investments as level 2. Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximise the use of observable market data where it is available. Specific valuation techniques used to value OTC derivatives include quoted market prices for similar instruments, counterparty quotes and the use of forward exchange rates to estimate the fair value of forward foreign exchange contracts at the balance sheet date. Investments in externally-managed funds which themselves invest primarily in listed securities are valued at the price or net asset value released by the investment manager or fund administrator as at the balance sheet date. Level 3 The Group considers all private investments, whether direct or funds, (as described in the Investment Portfolio on page 18) as level 3 assets, as the valuations of these assets are not typically based on observable market data. Where other funds invest into illiquid stocks, these are also considered by the Group to be level 3 assets. Private fund investments are held at the most recent fair values provided by the GPs managing those funds, adjusted for subsequent investments, distributions, and currency movements up to the period end, and are subject to periodic review by the Manager. Direct co-investments are also held at the most recent fair values provided by the GPs managing those co-investments, adjusted for subsequent investments, distributions, currency moves, as well as pricing events where the Manager has sufficient information to suggest the period end valuation should be adjusted. The remaining directly-held private investments are valued on a semi-annual basis using techniques including a market approach, income approach and/or cost approach. The valuation process involves the investment functions of the Manager who prepare the proposed valuations, which are then subject to review by the finance function, with the final valuations being presented to the Valuation Committee, comprised of independent non-executive Directors, of which the Audit and Risk Committee Chair is also a member . 13. Financial instruments (continued)
Specific valuation techniques used will typically include the value
of recent transactions, earnings multiples, discounted cash flow
analysis, and, where appropriate, industry specific methodologies.
The acquisition cost, if determined to be fair value, may be used
to calibrate inputs to the valuation. The valuations will often reflect
a synthesis of a number of distinct approaches in determining the
final fair value estimate. The individual approach for each investment
will vary depending on relevant factors that a market participant
would take into account in pricing the asset. These might include the
specific industry dynamics, the company\u2019s stage of development,
profitability, growth prospects or risk as well as the rights associated
with the particular security.
Borrowings at 31 December 2022 comprise bank loans and senior
loan notes. The bank loans are revolving credit facilities paying
floating interest, and are typically drawn in tranches with a duration
of three or six months. The loans are therefore short-term in nature,
and their fair value approximates their nominal value. The loan
notes were issued in 2015 with tenors of between 10 and 20 years
with a weighted average of 16 years. They are valued on a monthly
basis using a discounted cash flow model where the discount rate
is derived from the yield of similar tenor UK Government bonds,
adjusted for any significant changes in either credit spreads or the
perceived credit risk of the Company.
The fair value of investments in non-consolidated subsidiaries is
considered to be the net asset value of the individual subsidiary as
at the balance sheet date. The net asset value comprises various
assets and liabilities which are fair valued on a recurring basis and is
considered to be level 3.
On a semi-annual basis, the Group engages external, independent
and qualified valuers to determine the fair value of the Group\u2019s
investment properties and property, plant and equipment held at fair
value. Further information is shown in Note 15.
The following table analyses the Group\u2019s assets and liabilities within
the fair value hierarchy, at 31 December 2022:
As at 31 December 2022
\u00a3 million Level 1 Level 2 Level 3 Total
Financial assets at fair value
through profit or loss (FVPL):
Portfolio investments 506.8 1,204.2 1,774.2 3,485.2
Non-consolidated subsidiaries \u2013 \u2013 101.1 101.1
Investments held at fair value 506.8 1,204.2 1,875.3 3,586.3
Derivative financial instruments 6.4 51.9 \u2013 58.3
Total financial assets at FVPL 513.2 1,256.1 1,875.3 3,644.6
Non-financial assets measured
at fair value:
Investment property \u2013 \u2013 37.9 37.9
Property, plant and
equipment \u2013 \u2013 20.7 20.7
Total non-financial assets
measured at fair value \u2013 \u2013 58.6 58.6
Financial liabilities at FVPL:
Borrowings \u2013 \u2013 (370.6) (370.6)
Derivative financial
instruments \u2013 (10.4) \u2013 (10.4)
Total financial liabilities at
FVPL \u2013 (10.4) (370.6) (381.0)
Total net assets measured at
fair value 513.2 1,245.7 1,563.3 3,322.2
Other non-current assets 0.5
Cash at bank 218.0
Other current assets 249.8
Other current liabilities (63.6)
Other non-current liabilities (5.2)
Net assets 3,721.7
Movements in level 3 assets
Year ended 31 December 2022
\u00a3 million
Investments
held at fair
value Properties Total
Opening balance 1,914.3 61.4 1,975.7
Purchases 222.2 0.1 222.3
Sales (210.3) \u2013 (210.3)
Realised gains/(losses) through profit
or loss 8.7 \u2013 8.7
Unrealised gains/(losses) through
profit or loss (59.7) (0.4) (60.1)
Unrealised gains/(losses) through
other comprehensive income \u2013 (2.1) (2.1)
Transfer in to level 3 \u2013 \u2013 \u2013
Transfer out of level 3 \u2013 \u2013 \u2013
Other 0.1 (0.4) (0.3)
Closing balance 1,875.3 58.6 1,933.9
During the year no investments were reclassified between level 2
and level 3.
13. Financial instruments (continued)
Level 3 assets
Further information in relation to the directly-held private investments
is set out in the following table. This summarises the portfolio by the
primary method used in fair valuing the asset. As we seek to employ
a range of valuation methods and inputs in the valuation process,
selection of a primary method is subjective, and designed primarily
to assist the subsequent sensitivity analysis.
Primary valuation method/approach
\u00a3 million 2022 2021
Third-party valuations
1
246.3 361.1
Discount to recent transaction
2
90.5 \u2013
Earnings multiple 49.8 \u2013
Recent transaction 23.6 140.0
Other industry metrics 21.7 12.3
Discount to agreed third-party offer 10.8 \u2013
Total 442.7 513.4
1
Included in this method are directly-held private investments held within
the non-consolidated subsidiaries with a total of \u00a324.5 million (2021: \u00a329.7
million).
2
Included in this method are direct private investments which have been
discounted due to a decline in public markets.
The majority of the direct private investments are structured as co-
investments, managed by a GP. For these investments, we typically
use the latest quarterly fair valuations provided by the GP, adjusted
for any subsequent investments/distributions and currency moves
as well as pricing events, where there is sufficient information to
suggest the period-end valuation should be adjusted.
Where the Manager has sufficient information to undertake its own
valuation, a range of methods will typically be used. For companies
with positive earnings, we seek to utilise an earnings multiple
approach, typically using EBITDA or similar. The earnings multiple is
assessed by reference to similar listed companies or transactions
involving similar companies. When an asset is undergoing a sale
and the price has been agreed but not yet completed or an offer
has been submitted, we use the agreed or offered price, often with
a final discount to reflect the risks associated with the transaction
completing or any price adjustments. Where a company has
been the subject of a recent financing round which is viewed as
representative of fair value, we will use this transaction price. Other
methods employed include discounted cash flow analysis and
industry metrics such as multiples of assets under management or
revenue, where market participants use these approaches in pricing
assets.
The following table provides a sensitivity analysis of the valuation of
directly-held private investments, and the impact on net assets:
Valuation method/approach Sensitivity analysis
Third-party valuations A 5% change in the value of these
assets would result in a \u00a312.3 million
or 0.33% (2021: \u00a318.1 million, 0.41%)
change in net assets.
Discount to recent transaction Assets in this category are valued
using a discount applied to a recent
financing round or secondary transaction.
Discounts range between 15% and 70%,
reflecting factors such as the elapsed
time since the transaction and the
movement in prices of broadly similar
listed companies. A 5% change to the
discount would result in a \u00a34.5 million or
0.12% (2021: n/a) change in net assets.
Earnings multiple Assets in this category are valued using EV/
sales multiples in the range of 4.0x - 8.5x.
If the multiple used for valuation purposes
is increased or decreased by 5% then the
net assets would increase/decrease by
\u00a32.5 million or 0.07% (2021: n/a).
Recent transaction A 5% change in the value of these
assets would result in a \u00a31.2 million
or 0.03% (2021: \u00a37.0 million, 0.16%)
change in net assets.
Other industry metrics A 5% change in the value of these
assets would result in a \u00a31.1 million
or 0.03% (2021: \u00a30.6 million, 0.01%)
change in net assets.
Discount to agreed third-party
offer
The asset in this category is valued using
a 15% discount to an agreed offer. A 5%
change in the discount would result
in a \u00a30.1 million or <0.01% (2021: n/a)
change in net assets.
The investment property and property, plant and equipment with an
aggregate fair value of \u00a358.6 million (2021: \u00a361.4 million) were valued
using a third-party valuation provided by JLL. The properties were
valued using weighted average capital values of \u00a31,580 per square
foot (2021: \u00a31,658) developed from rental yields and supported by
market transactions. A \u00a325 per square foot increase/decrease in
capital values would result in a \u00a30.8 million increase/decrease in fair
value (2021: \u00a30.8 million increase/decrease).
The non-consolidated subsidiaries are held at their fair value of
\u00a3101.1 million (2021: \u00a3101.4 million) representing \u00a3104.7 million
of portfolio investments (2021: \u00a3104.3 million) and \u00a33.3 million of
remaining liabilities (2021: \u00a32.9 million of remaining liabilities). A 5%
change in the value of these assets would result in \u00a35.1 million or
0.1% (2021: \u00a35.1 million, 0.1%) change in total net assets.
The remaining investments held at fair value and classified as level 3 of
\u00a31,355.7 million (2021: \u00a31,329.2 million) were valued using third-party
valuations from a GP, administrator or fund manager. A 5% change
in the value of these assets would result in a \u00a367.8 million or 1.82%
(2021: \u00a366.5 million, 1.51%) change in net assets.
13. Financial instruments (continued) In aggregate, the sum of the direct private investments, investment property, property, plant and equipment, non-consolidated subsidiaries and the remaining fund investments represents the total level 3 assets of \u00a31,933.9 million (2021: \u00a31,975.7 million). The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2021: As at 31 December 2021 \u00a3 million Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss (FVPL): Portfolio investments 579.6 1,797.9 1,813.0 4,190.5 Non-consolidated subsidiaries \u2013 \u2013 101.3 101.3 Investments held at fair value 579.6 1,797.9 1,914.3 4,291.8 Derivative financial instruments 2.9 32.7 \u2013 35.6 Total financial assets at FVPL 582.5 1,830.6 1,914.3 4,327.4 Non-financial assets measured at fair value: Investment property \u2013 \u2013 38.3 38.3 Property, plant and equipment \u2013 \u2013 23.1 23.1 Total non-financial assets measured at fair value \u2013 \u2013 61.4 61.4 Financial liabilities at FVPL: Borrowings \u2013 \u2013 (408.9) (408.9) Derivative financial instruments \u2013 (11.1) \u2013 (11.1) Total financial liabilities at FVPL \u2013 (11.1) (408.9) (420.0) Total net assets measured at fair value 582.5 1,819.5 1,566.8 3,968.8 Other non-current assets 3.8 Cash at bank 325.9 Other current assets 266.5 Other current liabilities (168.8) Other non-current liabilities (5.9) Net assets 4,390.3 Movements in level 3 assets Year ended 31 December 2021 \u00a3 million Investments held at fair value Properties Total Opening balance 1,232.1 61.4 1,293.5 Purchases 857.6 0.1 857.7 Sales (882.1) \u2013 (882.1) Realised gains/(losses) through profit or loss 37.5 \u2013 37.5 Unrealised gains/(losses) through profit or loss 767.5 0.6 768.1 Unrealised gains/(losses) through other comprehensive income \u2013 (0.2) (0.2) Transfer in to level 3 40.9 \u2013 40.9 Transfer out of level 3 (139.2) \u2013 (139.2) Other \u2013 (0.5) (0.5) Closing balance 1,914.3 61.4 1,975.7 13.5 Capital management The Group\u2019s primary objectives in relation to the management of capital are: \u2022 to deliver long-term capital growth for its shareholders, while preserving shareholders\u2019 capital; \u2022 to deliver for shareholders increases in capital value in excess of the relevant indices over time through an appropriate balance of equity capital and gearing; and \u2022 to ensure the Group\u2019s ability to continue as a going concern. The Company is subject to externally imposed capital requirements: \u2022 the Company\u2019s Articles of Association restrict borrowings to a maximum of five times share capital and reserves; and \u2022 the Company\u2019s borrowings are subject to covenants limiting the total exposure based on a minimum net assets and a cap of borrowings as a percentage of adjusted net assets. All these conditions were met during this year and the previous financial year. In addition, JRCM is subject to capital requirements imposed by the FCA and must ensure that it has sufficient capital to meet these requirements. JRCM was compliant with those capital requirements throughout the year. The Group\u2019s capital at 31 December 2022 and 31 December 2021 comprised: \u00a3 million 2022 2021 Equity share capital 156.8 156.8 Retained earnings and other reserves 3,564.9 4,233.5 Net asset value 3,721.7 4,390.3 Borrowings 370.6 408.9 Total capital 4,092.3 4,799.2 There have been no significant changes to the Group\u2019s capital management objectives, policies and processes in the year, nor has there been any change in what the Group considers to be its capital. 14. Financial commitments Financial commitments to invest additional funds which have not been provided for are as follows: \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Commitments 385.0 385.0 360.2 360.2 The financial commitments are principally uncalled commitments to private funds, which are typically established as 10-year funds with a five-year investment period, and are diversified across multiple funds and vintage years. The majority are denominated in US dollars and therefore subject to currency fluctuation. 15. Investment property \u00a3 million 2022 2021 Rental income from investment properties 2.1 2.0 Direct operating expenses arising from investment properties that generated rental income during the year (1.4) (1.4) Cash outflow from leases (0.4) (0.4) The Group and Company is committed to making the following payments under non-cancellable leases over the periods described. \u00a3 million 2022 2021 Within one year 0.4 0.4 Under non-cancellable leases the Group and Company will receive the following: \u00a3 million 2022 2021 Within one year 1. 1 1. 3 Between one and two years 0.6 0.6 Between two and three years 0.1 0.1 Between three and four years 0.1 \u2013 Between four and five years \u2013 \u2013 Over five years \u2013 \u2013 All investment properties held by the Group during the year generated rental income. The Company leases Spencer House from the Spencer Trustees (the Trustees). The terms of this lease include provisions such that: any assignment or sale of the lease can occur only with the consent of the Trustees, there are limits on event frequency and that the Trustees retain certain (de minimis) usage rights over the \u2018fine rooms\u2019. The Company is required to externally redecorate every three years and to internally redecorate every seven years. The property is typically open to the public for viewing every Sunday, except during August. The investment property portfolio is valued by JLL on a six-monthly basis in accordance with current RICS Valuation \u2013 Global Standards, published by the Royal Institution of Chartered Surveyors, on the basis of open market value. The most recent valuation, which reflects the factors highlighted above, was undertaken as at 31 December 2022. 16. Other receivables \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Cash margin 85.4 85.4 87.6 87.6 Amounts receivable 0.6 0.6 0.7 0.7 Prepayments and accrued income 7. 0 6.6 2.9 2.5 Sales for future settlement 152.3 152.3 123.6 123.6 Unsettled investment subscriptions \u2013 \u2013 48.0 48.0 Total 245.3 244.9 262.8 262.4 The carrying amount of other receivables approximates their fair value, due to their short-term nature. 17. Related party transactions In the normal course of its business, the Group has entered into a number of transactions with related parties. All arrangements with related parties are monitored by the Conflicts Committee, which is comprised solely of independent non-executive Directors. Transactions with Hannah Rothschild or parties related to her During the current and prior year the Group transacted with entities classified as related to Hannah Rothschild as a result of her having significant influence over them, a beneficial interest in them, or otherwise in accordance with IAS 24. The Group had cost-sharing arrangements with these related parties covering the provision and receipt of administrative as well as investment advisory, support and supply services. Under these arrangements the Group received \u00a361,757 (2021: \u00a3122,673) and paid \u00a374,077 (2021: \u00a382,996). Certain of these related parties occupy office space in St. James\u2019s Place which is owned or leased by the Group. The rent, rates and services charged by the Group for the year ended 31 December 2022 amounted to \u00a3203,539 (2021: \u00a3270,690). Nothing was owed by the Group to the parties related to Hannah Rothschild at either 31 December 2022 or 31 December 2021. The balance due to the Group from these related parties at 31 December 2022 was \u00a311,693 (2021: \u00a37,663). Other No subscriptions were made to its associate, JRCM (London) LLP in the year (2021: Company \u00a3nil; JRCM management \u00a3nil) and the Company has a remaining commitment of \u00a350,000 (2021: \u00a350,000). Group undertakings JRCM acts as the Company\u2019s manager, administrator and corporate secretary. During the year ended 31 December 2022, the charge for these services from JRCM to the Company amounted to \u00a349.7 million (2021: \u00a371.5 million). JRCM incurred rent charges of \u00a3580,000 (2021: \u00a3580,000) from the Company. During the year Spencer House Limited (also a wholly-owned subsidiary of the Company) earned property management revenues of \u00a398,827 from JRCM (2021: \u00a374,961) and \u00a31,597,394 from the Company (2021: \u00a31,671,731). 17. Related party transactions (continued) Amounts due from subsidiaries and to subsidiaries are disclosed on the face of the Group\u2019s balance sheet. The balances outstanding at the year ends are show below: \u00a3 million Amounts owed by/(to) Group undertakings 2022 2021 RIT Investments US, Inc 4.5 3.7 RIT Investments GP Limited (0.1) \u2013 Total 4.4 3.7 \u00a3 million Amounts owed by/(to) Company undertakings 2022 2021 RIT Investments US, Inc 4.5 3.7 JRCM (94.7) (128.8) Total (90.2) (125.1) RITCP Pension and Life Assurance Scheme The Group\u2019s pension scheme is deemed to be a related party of the Company pursuant to IAS 24. Details of the pension contributions made during the year are disclosed in Note 11. There were no amounts owing to or by the pension scheme to the Company, or any subsidiary, at 31 December 2022 (2021: \u00a3nil). Directors and key management personnel Details of the remuneration and benefits attributable to Directors and key management personnel are set out below. \u00a3 million 2022 2021 Short-term employee benefits 4.1 14.6 Share-based payment 16.0 16.2 Total 20.1 30.8 The Group has no ultimate controlling party . 18. Borrowings \u00a3 million Group and Company 2022 2021 Unsecured loans payable within one year: Revolving credit facilities 236.2 240.0 Unsecured loans payable in more than one year: Fixed rate loan notes 134.4 168.9 Total borrowings 370.6 408.9 At 31 December 2022 the Company had three revolving credit facilities (RCFs): an \u00a385 million three-year facility with BNP Paribas SA agreed in December 2022, a \u00a3150 million five-year facility with Commonwealth Bank of Australia agreed in December 2018 and a \u00a3100 million three-year facility with Industrial and Commercial Bank of China agreed in December 2022. These are flexible as to currency, duration and number of drawdowns, and bear interest linked to SONIA, LIBOR or equivalent relevant to the period and currency drawn. As they are drawn in tranches with tenors less than one year they are classified as current liabilities. The fair value and par value of the drawn borrowings at the year end was \u00a3236.2 million (2021: \u00a3240.0 million). A change in interest rates is not expected to have a significant impact on the fair value of the RCFs. No bank loans are held within subsidiaries. The weighted average interest rate on drawn down RCFs at the year end was 5.85% (2021: 1.69%). On 1 June 2015 the Company issued \u00a3151.0 million of fixed rate loan notes with tenors between 10 and 20 years and coupons from 3.00% to 3.56%. These Notes are held at fair value and pay interest on a semi-annual basis. The fair value of this debt at the end of the year was \u00a3134.4 million (2021: \u00a3168.9 million) calculated using a discount rate of 5.24% (2021: 2.04%). A 5% increase/decrease in the underlying discount rate would result in an increase/decrease in net assets of approximately \u00a32.3 million (2021: \u00a31.4 million) or 0.06% (2021: 0.03%). The weighted average interest rate payable on these Notes is 3.45% and their remaining weighted average tenor is 8.2 years. The overall weighted average interest rate on drawn borrowings at the year end was 4.93% (2021: 2.38%). 19. Other payables \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Accruals 14.5 5.3 28.3 3.5 Other creditors 24.9 24.7 40.6 40.4 Purchases for future settlement 24.1 24.1 99.9 99.9 Total 63.5 54.1 168.8 143.8 The carrying value of the Group\u2019s other payables approximates their fair value, due to their short-term nature. 20. Share capital \u00a3 million Shares in issue 2022 Nominal value of total shares in issue 2021 Nominal value of total shares in issue Allotted, issued and fully paid: At 1 January 156,848,065 156.8 156.8 At 31 December 156,848,065 156.8 156.8 The Company has one class of ordinary shares which carry no right to fixed income. The share capital is not distributable. In 2022, 514,634 shares were bought back at a cost of \u00a311. 0 million and held in treasury (2021: 59,189 shares at a cost of \u00a31.4 million) meaning at 31 December 2022, 689,863 shares were held in treasury (2021:175,229 shares). 21. Share premium \u00a3 million 2022 2021 At 1 January 45.7 45.7 At 31 December 45.7 45.7 The share premium is not distributable. 22. Capital redemption reserve \u00a3 million 2022 2021 Group Company Group Company Balance at start of year 36.3 36.3 36.3 36.3 At 31 December 36.3 36.3 36.3 36.3 The capital redemption reserve is not distributable and represents the cumulative nominal value of shares acquired for cancellation. 23. Own shares reserve \u00a3 million 2022 2021 Opening cost (23.0) (15.3) Own shares acquired (40.4) (21.0) Own shares transferred 1 7. 1 13.3 Closing cost (46.3) (23.0) The Group has established an Employee Benefit Trust (EBT) which purchases shares in order to meet the anticipated value of equity-settled, share-based awards. At the year end, the EBT held 1,988,580 shares with a cost of \u00a346.3 million and market value of \u00a342.3 million (2021: 932,403 shares, cost \u00a323.0 million, market value \u00a325.6 million). The own shares reserve is not distributable. 24. Share-based payments The Group utilises share-based awards for employees, the vast majority of which are equity-settled, and designed to align the interests of employees with those of shareholders. Restricted share units (RSUs) were awarded to employees during the year. These are commonly used long-term incentive awards that comprise awards of shares made to employees that will vest after a three-year service period and then are typically subject to a further two-year holding period. There are also a small number of legacy share appreciation rights (SARs) remaining which vest based on market-based performance conditions and subject to continued service. These are no longer awarded to employees since the conversion to RSUs was made in 2021. In addition, 60% of annual bonuses over \u00a3150,000 (for JRCM directors) or \u00a3250,000 (for other employees) are made in deferred shares which vest over three years (based on a service condition). The total expense for share-based awards, including related social security costs, recognised in the consolidated income statement was \u00a320.3 million (2021: \u00a320.4 million) of which \u00a30.1 million related to SARs, \u00a39.9 million to RSUs, and \u00a310.3 million to deferred shares. The movement in share-based awards is as follows: Number (thousand) 2022 2021 Outstanding at the start of the year: SARs/performance shares 342 4,217 RSUs 1,397 \u2013 Deferred shares 841 488 Total 2,580 4,705 Granted during the year: RSUs 352 493 Deferred shares 553 554 Total 905 1,047 Conversion during the year: SARs/performance shares (surrendered) \u2013 (3,505) RSUs (replacement) \u2013 1,151 Total \u2013 (2,354) Exercised/vested during the year: SARs/performance shares (3) (263) RSUs (256) (246) Deferred shares (406) (201) Total (665) (710) Lapsed/forfeited during the year: SARs/performance shares (24) (107) RSUs (10) (1) Deferred shares \u2013 \u2013 Total (34) (108) Outstanding at the end of the year: SARs 315 342 RSUs 1,483 1,397 Deferred shares 988 841 Total 2,786 2,580 SARs exercisable at year end 122 53 Intrinsic value of SARs exercisable at year end (\u00a3 million) 0.1 0.4 For share-based awards granted during the year, the weighted average fair value of each award was 2,470 pence (2021: 2,230 pence). Share-based awards with only service conditions attached (deferred shares and RSUs) were valued using the prevailing market price and a lock-up discount factor as applicable. 25. Capital reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year 4,174.4 4,203.4 3,350.1 3,380.8 Gains/(loss) for the year (535.3) (535.3) 919.8 919.7 Dividend paid (57.6) (57.6) (55.0) (55.0) Other capital items (32.6) (31.9) (38.0) (42.1) Taxation \u2013 \u2013 (2.5) \u2013 Total capital return (625.5) (624.8) 824.3 822.6 Balance at end of year 3,548.9 3,578.6 4,174.4 4,203.4 The Company\u2019s Articles of Association allow distribution by dividends of realised capital reserves. \u00a3 million 2022 2021 Capital reserve: in respect of investments realised 2,542.3 2,854.1 in respect of investments held 1,036.3 1,349.3 Balance at end of year 3,578.6 4,203.4 26. Revenue reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year (11.4) (176.1) 5.1 (136.8) Loss for the year (14.3) (33.4) (17.3) (39.3) Actuarial gain/(loss) (4.5) \u2013 1. 9 \u2013 Deferred tax (charge)/credit 1. 1 \u2013 (1.1) \u2013 Balance at end of year (29.1) (209.5) (11.4) (176.1) As permitted by Section 408 of the Companies Act 2006, the Company has not published a separate income statement or statement of comprehensive income. The Company\u2019s revenue loss after tax amounted to \u00a333.4 million (2021: loss \u00a339.3 million). The Company\u2019s total comprehensive expense for the year was \u00a3591. 7 million (2021: \u00a3839.5 million profit). 27. Revaluation reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year 11. 5 11. 5 11. 7 11. 7 Revaluation gain/(loss) on property, plant and equipment (2.1) (2.1) (0.2) (0.2) Balance at end of year 9.4 9.4 11. 5 11.5 The revaluation reserve is not distributable. 28. Net asset value per ordinary share \u2013 basic and diluted Net asset value per ordinary share is based on the following data: 31 December 2022 2021 Net assets (\u00a3 million) 3,721.7 4,390.3 Number of shares in issue (million) 156.8 156.8 Shares held in EBT (million) (2.0) (0.9) Shares held in treasury (million) (0.7) (0.2) Basic shares (million) 154.1 155.7 Effect of share-based payment awards (million) 1.7 1. 4 Diluted shares (million) 155.8 157.1 31 December 2022 pence 2021 pence Net asset value per ordinary share \u2013 basic 2,414 2,819 Net asset value per ordinary share \u2013 diluted 2,388 2,794 29. Investments in subsidiary undertakings \u00a3 million Carrying value at 1 January 2022 107.5 Additions 2.5 Disposals \u2013 Fair value movements in year (2.8) Carrying value at 31 December 2022 107.2 \u00a3 million Carrying value at 1 January 2021 75.6 Additions 3.1 Disposals \u2013 Fair value movements in year 28.8 Carrying value at 31 December 2021 107.5 Investments in subsidiary undertakings are stated at cost or fair value where appropriate. At 31 December 2022 the Company held investments in the following subsidiaries, which, unless otherwise stated, are wholly- owned, share the same accounting reference date as the Company and operate principally in their country of incorporation. The voting share capital, unless otherwise stated, is held directly by the Company. In accordance with IFRS 10 the subsidiary below is consolidated by the Group and held by the Company at cost: Name Issued share capital JRCM 1 \u00a36,250,001 divided into 6,250,000 ordinary shares of \u00a31 each and one special share of \u00a31 which provides rights over the use of the \u201cJ. Rothschild\u201d name. 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. 29. Investments in subsidiary undertakings (continued) I n accordance with IFRS 10 the Company and Group holds the following subsidiaries at fair value at 31 December 2022: Name Principal place of business Ownership interest Spencer House Limited 1,5 England 100% RIT US Value Partnership LP 1,6 England 100% RIT Investments GP Limited 2,3,5 Scotland 100% J. Rothschild Capital Management US Inc 4,5 United States 100% RIT Investments US Inc 3,4,5 United States 100% RIT US Holdings LLP 3,4,6 United States 100% 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. 2 Registered office and principal place of business: 50 Lothian Road, Edinburgh EH3 9WJ. 3 Held indirectly. 4 Registered office: 251 Little Falls Drive, Wilmington, Delaware 19808, USA. 5 Ownership interest is ordinary shares. 6 Ownership interest is partnership capital. For all of the above the proportion of voting rights held is equivalent to the ownership interest. There are no significant restrictions arising from any contractual arrangements or regulatory requirements that would affect the ability of any of the above entities to transfer funds to or repay loans made by the Company. There are no other current commitments or contractual arrangements to provide financial support to any of the entities above other than in the normal course of business (e.g. funding of investment transactions/capital calls). The Company has not assisted any of the above entities in obtaining financial support in any way over the year. 30. Dividends 2022 Pence per share 2021 Pence per share 2022 \u00a3 million 2021 \u00a3 million Dividends paid in year 37.0 35.25 57.6 55.0 The above amounts were paid as distributions to equity holders of the Company in the relevant year from accumulated capital profits. On 28 February 2022 the Board declared a first interim dividend of 18.5 pence per share in respect of the year ended 31 December 2022 that was paid on 29 April 2022. A second interim dividend of 18.5 pence per share was declared by the Board on 1 August 2022 and paid on 28 October 2022. The Board declares the payment of a first interim dividend of 19 pence per share in respect of the year ending 31 December 2023. This will be paid on 28 April 2023 to shareholders on the register on 11 April 2023, and funded from the accumulated capital profits. 31. Reconciliation of profit/(loss) before finance costs and taxation to net cash inflow/(outflow) from operating activities before taxation and interest \u00a3 million Group 2022 2021 Profit/(loss) before dividend and interest income, finance costs and taxation (569.2) 871.2 Dividend income 7. 2 8.5 Interest income 9.8 2.2 Profit/(loss) before finance costs and taxation (552.2) 881.9 (Increase)/decrease in other receivables 1 7. 5 (157.5) Increase/(decrease) in other payables (105.3) 105.3 Other movements 1 35.7 12.7 (Gains)/losses on borrowings (34.5) (12.6) Unrealised foreign exchange (gains)/losses on repayments and drawings of borrowings (5.2) 3.7 Purchase of investments held at fair value (886.3) (1,351.6) Sale of investments held at fair value 1,395.6 1,397.5 (Gains)/losses on fair value investments 192.4 (807.6) Net cash inflow/(outflow) from operating activities before taxation and interest 5 7. 7 71.8 \u00a3 million Company 2022 2021 Profit/(loss) before dividend and interest income, finance costs and taxation (581.6) 849.0 Dividend income 7. 2 8.5 Interest income 9.8 2.2 Profit/(loss) before finance costs and taxation (564.6) 859.7 (Increase)/decrease in other receivables 1 7. 5 (157.5) Increase/(decrease) in other payables (89.7) 100.4 Other movements 1 (20.0) 34.9 (Gains)/losses on borrowings (34.5) (12.6) Unrealised foreign exchange (gains)/losses on repayments and drawings of borrowings (5.2) 3.7 Purchase of investments held at fair value (883.8) (1,348.5) Sale of investments held at fair value 1,395.6 1,405.6 (Gains)/losses on fair value investments 192.4 (807.6) Net cash inflow/(outflow) from operating activities before taxation and interest 7. 7 78.1 1 Prior year realised foreign exchange (gains)/losses on repayments and drawings of borrowings of \u00a30.6m have been re-presented within Other movements. Reconciliation of liabilities arising from financing activities: \u00a3 million 2021 Non-cash changes in fair value 1 Net (drawdowns)/ repayments 2022 Borrowings \u2013 current (240.0) (32.4) 36.2 (236.2) Borrowings \u2013 non-current (168.9) 34.5 \u2013 (134.4) Total (408.9) 2.1 36.2 (370.6) 1 Including currency translation. 32. Material investments and related undertakings Further information regarding investments is shown here. Disclosed below are the ten largest investments in the portfolio (excluding investments in non-consolidated subsidiaries) shown at fair value: As at 31 December 2022 \u00a3 million Attestor Value 148.6 HCIF Offshore 131.0 3D Opportunities 130.1 Tresidor Credit Opportunities 108.0 BlackRock Strategic Equity 97.1 ARCM IV 95.6 Springs Opportunities 92.7 Motive 76.2 RIT US Value Partnership 72.4 Caxton Dynamis 71. 8 Total 1,023.5 As at 31 December 2021 \u00a3 million Coupang 188.8 Eisler Capital 163.9 BlackRock Strategic Equity 143.8 Springs Opportunities 131.9 Attestor Value 130.8 HCIF Offshore 127.5 Ward Ferry Asian Smaller Companies 93.4 Iconiq Strategic Partners III 87.5 NE Fund (previously Lansdowne New Energy) 80.7 Sand Grove Tactical 76.1 Total 1,224.4 Further to the disclosures in Note 29 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2022. For the investments shown the principal place of business is considered to be the place of registration and the proportion of voting rights held is considered to be the ownership interest. The Directors do not consider that any of the portfolio investments shown in the table on the following page fall within the definition of an associated company (aside from the entities noted below the table) as the Group does not exercise significant influence over their operating and financial policies as it is a passive investor. In a number of cases the Group owns more than 50% of a particular class of shares or partnership interest. The Group does not consider these holdings, although greater than 50%, provide control of the investee entities concerned as firstly the Group\u2019s position as a passive investor in these entities acts as a substantive barrier to its exercising any power over the investee and secondly the nature of the Group\u2019s holding does not give it the ability to direct the relevant activities of the investee because it does not control or participate in the governing bodies of these entities. Unconsolidated structured entities The Group holds interests in closed-ended limited partnerships which invest in underlying companies or securities for the purposes of capital appreciation. The Group, alongside the other limited partners, makes commitments to finance the investment programme of the relevant GP or manager, who may draw down this committed amount either upfront or over a period of years. The table below shows the Group\u2019s carrying value of such investments and represents the maximum exposure to loss based on the Group\u2019s contributions to date. \u00a3 million 2022 2021 Total 1 2,034 2,590 1 Included within Investments held at fair value. The list of significant related undertakings on page 86 is pursuant to the requirements of Companies Act 2006, Statutory Instrument 2015 No. 980 The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, IFRS and the SORP. Disclosed on page 86 for the year ended 31 December 2022 are: \u2022 Entities classified as significant holdings (20% or greater interest in a class of shares or partnership); \u2022 Material investee undertakings in which the Group had an interest of over 3% of the allotted shares of any class; and \u2022 Material investment funds in which the Group had an interest of 10% or more in any class of share or unit. All the investments in the table on page 86 are held at FVPL. 32. Material investments and related undertakings (continued) Investment name Place of registration Registered address Fair value \u00a3 million % interest 1992 Co-Invest (Offshore) LP Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 26.6 49.7% Blumberg Capital I LP Delaware, USA 580 Howard Street, Suite 401, San Francisco, California 94105 5.4 56.1% BX-B Ribbit Opportunity IV, LLC Delaware, USA 1209 Orange Street, Wilmington, Delaware 19801 16.8 22.9% BX-C Ribbit Opportunity IV, LLC Delaware, USA 1209 Orange Street, Wilmington, Delaware 19801 1. 8 29.2% Clay Point Investors SPV 9, LP Delaware, USA 651 N. Broad St., Suite 206, Middletown, Delaware 19709 4.1 58.1% Darwin Private Equity I LP Scotland 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ 0.8 23.9% Firebird New Russia Fund Ltd, Class A1 Cayman Islands PO Box 897, Windward 1, Grand Cayman KY1-1103 1. 8 25.0% Fortress Credit Opportunities Fund (C) LP Cayman Islands Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 1. 1 33.3% ICQ Holdings 6 LLC Delaware, USA 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808 39.7 100.0% Infinity SDC Ltd 1 England & Wales 500-600 Witan Gate West, Milton Keynes MK9 1SH 10.8 23.9% JRCM (London) LLP 1 England & Wales 27 St James\u2019s Place, London SW1A 1NR 0.0 50.0% Lansdowne NE Fund, Unhedged Non-Restricted absolute shares Ireland 32 Molesworth Street, Dublin 2 71. 5 50.4% Media Technology Ventures IV LP California, USA 185 Berry Street, Suite 3600, San Francisco, California 94107 3.0 38.5% RR Capital Partners LP Delaware, USA One Maritime Plaza, Suite 2100, San Francisco, California 94111 0.3 20.5% Sand Grove Tactical Fund LP Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 63.1 100.0% Sand Grove UK Tactical Portfolio Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 46.5 100.0% Springs Global Strategic Partners Fund \u2013 Anchor Class Ireland 2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1 11. 2 30.2% Springs Opportunities Fund LP, Series A Cayman Islands 4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010 92.7 53.8% Tresidor Credit Opportunities Fund Ireland 2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1 81.9 100.0% Tribeca Global Natural Resources Feeder Fund Class A Participating Shares Unrestricted Cayman Islands 27 Hospital Road, George Town, Grand Cayman, KY1-9008 1. 0 62.5% Xander Seleucus II LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 0.5 41.9% Xander Seleucus LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 0.0 43.3% Xander Seleucus Retail LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 1. 5 48.8% 1 The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has significant influence due to circumstances particular to the investment. The Group has chosen to account for associated companies held for investment purposes at FVPL in accordance with IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "1. Accounting Policies The consolidated financial statements of the Group and Company are prepared in accordance with UK adopted IAS and the requirements of the Companies Act 2006. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The Company is domiciled in the United Kingdom. The financial statements have been prepared on a going concern basis and under the historical cost convention except for the revaluation of financial instruments (including derivatives), investment properties held at fair value through profit or loss (FVPL), associates held at FVPL, certain non-consolidated subsidiaries held at FVPL, and property, plant and equipment held at fair value. In making this going concern assumption, the Directors have taken into account the closed-ended nature of the Company, its existing cash balances (\u00a3207 million) and monitoring procedures, its borrowing capacity (\u00a390 million facilities committed and undrawn), as well as the value of investments which could be realised to fund liabilities, and covenants as well as cash flow forecasts for the period to 30 June 2024 and uncalled commitments (\u00a3385 million). Further details can be found on page 25. The principal accounting policies adopted are set out below. Where the presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies (the SORP) issued by the Association of Investment Companies (AIC) in July 2022 is consistent with the requirements of UK adopted IAS, the Directors have sought to prepare the financial statements on a basis which complies with the recommendations of the SORP. Climate change In preparing the financial statements, the Directors have considered the impact of climate change insofar as they are reasonably able, particularly in the context of the climate-related risks identified in the principal risks and viability section of the Strategic Report. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Group\u2019s going concern or viability. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. The Board has concluded that the Company, being the parent entity of the Group, continues to meet the particular characteristics of an \u2018Investment Entity\u2019. The \u2018Investment Entity\u2019 amendment to IFRS 10 Consolidated Financial Statements requires that: (i) the single subsidiary J.Rothschild Capital Management Limited (JRCM), that is not itself an investment entity, which provides investment management services to the Group, is consolidated on a line-by-line basis with balances between the parent and this subsidiary eliminated; and (ii) all other subsidiaries, including Spencer House Limited (SHL), RIT Investments US, Inc and RIT Investments GP Limited, are accounted for as investments held at FVPL. In the financial statements of the Company investments in non-consolidated subsidiaries are carried at fair value and the consolidated subsidiary is carried at cost less any provision for impairment made in accordance with IAS 36 Impairment of Assets. Impairment tests are carried out twice each year concurrent with the Group\u2019s principal reporting dates. The financial statements of the subsidiaries are prepared at the same reporting date using consistent accounting policies. Control is achieved where the Company has all of the following; (i) power over the investee; (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect the amount of the Company\u2019s returns. Both the Group and Company hold investments in associates and joint ventures at fair value as allowed by IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments. Presentation of income statement 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 income statement between items of a revenue and capital nature has been presented within the consolidated income statement and the consolidated statement of comprehensive income (SOCI). Income Dividend income from investments is recognised when the right to receive payment has been established and this is normally the ex- dividend date. UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax under investment income. Interest and other income is accrued on a time basis. Rental income from investment properties under short-term leases is accounted for on a straight-line basis, over the lease term. Allocation between capital and revenue In respect of the analysis between capital and revenue items presented within the consolidated income statement, the SOCI and the statement of changes in equity, all expenses and finance costs, which are accounted for on an accruals basis, have been presented as revenue items except those items listed below: \u2022 expenses are allocated to capital where a direct connection with the maintenance or enhancement of the value of the investments can be demonstrated. Expenses are allocated to revenue where there is an indirect connection; \u2022 all segregated account fees are considered to be a cost of achieving a capital return for those external managers operating segregated accounts. This ensures consistency with the treatment of all other investment management fees within our fund investments, which are automatically included in capital and reflected in the investment gain/loss; \u2022 the Group has in place certain incentive arrangements whereby individuals receive share awards based on investment performance and/or share price growth. The cost of these arrangements derives principally from the capital performance and therefore the Directors consider it appropriate to allocate such costs to capital; \u2022 expenses which are incidental to the purchase or disposal of an investment are deducted from the initial fair value or disposal proceeds of the investment; and \u2022 costs incurred in connection with aborted portfolio investment transactions are also allocated to capital. The following are also presented as capital items: \u2022 gains and losses on the realisation of investments, including foreign exchange differences; \u2022 increases and decreases in the valuation of investments held at the year end, including foreign exchange differences; \u2022 realised and unrealised gains and losses on derivatives transactions of a capital nature; and \u2022 expenses, together with the related taxation effect, allocated to capital in accordance with the above policies. Finance costs Finance costs on borrowings are accounted for on an accruals basis and are settled at the end of each contractual period. Finance costs on derivatives are settled in line with the underlying contract. Finance costs are allocated in the ratio 20:80 to the revenue and capital columns of the income statement. Foreign currencies The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates, i.e. its functional currency. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in sterling which is the functional currency of the Company, and the presentational currency of the Group. Transactions in currencies other than sterling are recorded at the rate of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items and non-monetary assets and liabilities that are fair valued and are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. All foreign exchange gains and losses are recognised in the consolidated income statement. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not subject to tax or are not deductible for tax purposes. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Investment trusts which have approval under Section 1158 of the Corporation Tax Act 2010 are not subject to tax on capital gains. In view of the Company\u2019s status as an investment trust, and its intention to continue meeting the conditions required to maintain approval for the foreseeable future, the Company has not provided current or deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. The carrying amount of the deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement or SOCI, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Investments Investments are recognised and derecognised on the trade date where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned. All investments are measured initially and at subsequent reporting dates at fair value and classified in accordance with IFRS as \u2018fair value through profit or loss\u2019 (FVPL). Unrealised changes in the fair value of these investments are recognised in the consolidated income statement as capital items. The realised gain or loss arising on the disposal of investments is determined as the difference between the sale proceeds and the carrying amount of the asset at the beginning of the year and is recognised in the consolidated income statement as capital items. Transaction costs are included within gains or losses on these investments. Fair value, for quoted investments, is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in externally- managed funds are valued at the closing price, the bid price or the single price as appropriate, released by the relevant fund administrator or investment manager. In respect of private investments, or where the market for a financial instrument is not active, fair value is estimated by using appropriate valuation techniques and often involves significant judgement and estimation uncertainty. For direct private investments held through co-investment vehicles managed by a General Partner (GP), as well as private funds managed by a GP, the estimated fair value is based on the most recent valuation provided by the GP. These valuations are normally prepared quarterly and usually received within three months of the relevant valuation date. Depending on the timing of the finalisation of the half-year and year-end report and accounts, it is likely that the majority of these assets are valued at the previous quarter end. Where this is the case, the valuations of private funds are adjusted for subsequent investments, distributions and currency moves. In relation to direct co-investments, the valuations will also be adjusted for subsequent investments, distributions and currency moves, as well as pricing events where there is sufficient information to suggest the period- end valuation should be adjusted. Further, in light of the intrinsic valuation uncertainty, where information is received after the year end which relates to conditions present at the year end, an adjustment will be considered if it would be likely to have a material impact on the net assets. Ultimately these valuations are dependent on the reasonableness of the fair value estimation by the GP. The valuations are reviewed periodically by the Manager, and in the absence of contrary information, are assumed to be reliable. A review is also conducted annually in respect of the valuation bases of the investee funds to confirm these are in accordance with fair value standards. Where the Manager has sufficient information to undertake its own valuations, these will be prepared having regard to the International Private Equity and Venture Capital Valuation Guidelines as recommended by the British Private Equity and Venture Capital Association. The inputs into the valuation methodologies adopted include observable data such as historical earnings or cash flows as well as more subjective data such as earnings forecasts or discount rates. At period ends, all of the valuations are subject to review, adjustment as appropriate and ultimately approval by the Company\u2019s Valuation Committee that operates as a sub-committee of the Board comprised entirely of independent non-executive Directors. The gains and losses on financial assets classified at FVPL exclude any related interest income, dividend income and finance costs where these items are separately identifiable. These items are disclosed separately in the financial statements. Leasehold and freehold investment properties are measured initially at cost, including related transaction costs. After initial recognition at cost, investment properties are carried at their fair values based on the external professional valuation made as of each reporting date. Valuation surpluses and deficits arising in the year are included in the consolidated income statement. Derivative financial instruments, including futures, options and other derivatives, are stated in the balance sheet at fair value. For derivatives that are capital in nature, the associated change in value is presented as a capital item in the income statement. The Group has adopted trade date accounting. Accordingly, derivative financial instruments are recognised on the date the Group enters into the relevant contract, and are derecognised on the date on which it commits to their sale or they expire. All derivatives are classified as FVPL and are presented as assets when their fair value is positive, and as liabilities when their fair value is negative. Cash at bank Cash at bank in the balance sheet comprises cash balances and deposits. Provisions A provision is recognised in the balance sheet when the Group or Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Share-based payment In accordance with IFRS 2 Share-based Payment, the Group is required to reflect in its income statement and balance sheet the effects of share-based payment transactions. The Group\u2019s share- settled incentive schemes include the Annual Incentive Scheme (AIS) (in part), share appreciation rights (SARs) and restricted share units (RSUs). AIS awards are structured such that 60% of individual amounts in excess of \u00a3150,000 to \u00a3250,000 (with the lower amount for senior management) are paid in deferred shares of the Company which vest equally over the three years following the award. Deferred shares are valued using the prevailing market price at award. The expense is recognised over the year the award relates to and the following three years. Historically, long-term incentive plan (LTIP) awards were made via SARs and performance shares. SARs were measured at the fair value at grant date using a trinomial option valuation model. The cost is then recognised through the capital column of the income statement over the three-year vest period. Performance shares were conditional awards of shares subject to performance conditions. They were accounted for as equity settled in accordance with IFRS 2. The awards were fair valued at grant using a Monte Carlo model and the resulting cost of an award is then recognised through the capital column of the income statement over the vest period particular to that award. Following a review by the Remuneration Committee, it was decided that from 2021, future LTIP awards would be made using restricted share units (RSUs), with the first such award in March 2021. RSUs are equity-settled awards accounted for in accordance with IFRS 2 and are measured at fair value using the share price at the grant date, adjusted for a two year post-vesting sale restriction. The cost is recognised through the revenue column of the income statement over the three-year vest period. On 31 March 2021, staff members were given the option to convert their existing SARs and performance shares at fair value into RSUs, with the vast majority subsequently converted. This conversion was accounted for in accordance with IFRS 2. Shares required to meet the estimated future requirements from grants or exercises under all schemes, are purchased by an Employee Benefit Trust (EBT), which is consolidated by the Group. The cost of own shares held at the end of the year by the EBT is reflected in the Group\u2019s own shares reserve on the consolidated balance sheet. The movement in equity arising under IFRS 2 is applied to the capital reserve. Property, plant and equipment Property, plant and equipment is shown at cost less accumulated depreciation, save as detailed below. Depreciation is calculated by the Group on a straight-line basis by reference to original cost, estimated useful life and residual value. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The period of estimated useful life for this purpose is between three and five years for the majority of assets except for the Company\u2019s leasehold interest in 27 St. James\u2019s Place for which the estimated useful life is 61 years, which is also the period remaining on the property lease. The proportion of this asset occupied by the Group is accounted for at fair value under the revaluation model allowed by IAS 16 Property, Plant and Equipment, which is intended to ensure that the carrying value of the asset is never substantially different to its fair value. Changes in fair value are reflected in the SOCI and a separate revaluation reserve. The proportion of property assets not occupied by the Group is accounted for as investment properties at fair value. Determination of fair value requires significant judgement and external advisers are used. Pensions JRCM is a participating employer in the Group\u2019s non-contributory, funded, defined benefit retirement scheme which is closed to new members and the assets of which are held in a trustee-administered fund. There are no longer any active members of this scheme. The Group accounts for this defined benefit retirement scheme by reference to IAS 19 Employee Benefits. The cost of benefits accruing during the year in respect of past service is charged to the income statement and allocated to revenue. The net interest on the net defined benefit liability or asset is recognised in the income statement. Actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest on the net defined benefit liability or asset, are recognised in the SOCI. An actuarial valuation of the defined benefit retirement scheme is undertaken every three years as at 1 January and is updated as at each principal reporting date. The valuation is carried out using the projected unit credit method of funding basis. The income statement also includes costs incurred in respect of defined contribution schemes, comprising the contributions payable in the year. Other receivables/other payables Other receivables/other payables do not carry any interest, are short-term in nature and are carried at amortised cost. Application of the expected credit loss model to receivables has had an immaterial impact on their carrying value. The carrying value of receivables and payables approximates to their fair value. Amounts owed to/by Group undertakings Amounts owed to/by Group undertakings do not carry any interest and are carried at amortised cost. Application of the expected credit loss model to these items has had an immaterial impact on their carrying value. The carrying value of amounts owed to/by Group undertakings approximates to their fair value. Bank borrowings Interest-bearing bank loans are recorded initially at the proceeds received and subsequently at FVPL, on the basis that the Group and its performance is evaluated on a fair value basis, in line with IFRS 9, paragraph 4.2.2. The fair value is calculated as the amount to replace the facility which is equal to par. Loan notes Loan notes are classified as a financial liability at FVPL and are measured initially and subsequently at fair value with movements in fair value taken to the income statement as a capital item. The fair value is calculated with a discounted cash flow model using the fixed interest and redemption payments based on the underlying contractual cash flows. The discount rate adopted reflects the prevailing market rate for similar instruments. As a result, the determination of fair value requires management judgement. Further details of the loan notes are provided on page 81. Dividends The Company recognises interim dividends in the year in which they are paid. Share capital and share premium Share capital is classified as equity. Share premium reflects the excess of the consideration received on issuing shares over the nominal value of those shares, net of issue costs. Treasury shares The cost of repurchasing shares into treasury, including all related costs, is dealt with in the Statement of Changes in Equity and deducted from the Capital Reserve. New and amended standards and interpretations not applied The new and amended standards and interpretations that are relevant to RIT and issued, but not yet effective up to the date of issuance of the financial statements, are disclosed below. The Group intends to adopt these, if applicable, when they become effective: \u2022 Amendments to UK adopted IAS 1 Presentation of Financial Statements on the Classification of Liabilities as Current or Non- current, effective for annual reporting periods beginning on or after 1 January 2023; \u2022 Amendments to UK adopted IAS 1 Presentation of financial statements and IFRS Practice Statement 2 Making Materiality Judgments on the Disclosure of Accounting Policies, which provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures, effective for annual reporting periods beginning on or after 1 January 2023; and \u2022 Amendments to UK adopted IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors, effective for annual reporting periods beginning on or after 1 January 2023. The impact of these amendments is not expected to be material to the reported results and financial position of the Group. Critical accounting estimates and judgements The preparation of financial statements in conformity with UK adopted IAS requires the use of certain critical accounting estimates. It also requires the Manager and Board to exercise judgement in the process of applying the Group\u2019s accounting policies. The areas requiring a higher degree of judgement or complexity and where assumptions and estimates are significant to the consolidated financial statements, are in relation to the valuation of private investments (see pages 64 and 65 and Note 13) and property (see pages 65 and 66 and Notes 10 and 15). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "1. Accounting Policies The consolidated financial statements of the Group and Company are prepared in accordance with UK adopted IAS and the requirements of the Companies Act 2006. The Company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss account. The Company is domiciled in the United Kingdom. The financial statements have been prepared on a going concern basis and under the historical cost convention except for the revaluation of financial instruments (including derivatives), investment properties held at fair value through profit or loss (FVPL), associates held at FVPL, certain non-consolidated subsidiaries held at FVPL, and property, plant and equipment held at fair value. In making this going concern assumption, the Directors have taken into account the closed-ended nature of the Company, its existing cash balances (\u00a3207 million) and monitoring procedures, its borrowing capacity (\u00a390 million facilities committed and undrawn), as well as the value of investments which could be realised to fund liabilities, and covenants as well as cash flow forecasts for the period to 30 June 2024 and uncalled commitments (\u00a3385 million). Further details can be found on page 25. The principal accounting policies adopted are set out below. Where the presentational guidance set out in the Statement of Recommended Practice: Financial Statements of Investment Trust Companies (the SORP) issued by the Association of Investment Companies (AIC) in July 2022 is consistent with the requirements of UK adopted IAS, the Directors have sought to prepare the financial statements on a basis which complies with the recommendations of the SORP. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "Climate change In preparing the financial statements, the Directors have considered the impact of climate change insofar as they are reasonably able, particularly in the context of the climate-related risks identified in the principal risks and viability section of the Strategic Report. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Group\u2019s going concern or viability. ",
"dimensions": {
"concept": "ritplc:DescriptionOfAccountingPolicyForClimateChange",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. The Board has concluded that the Company, being the parent entity of the Group, continues to meet the particular characteristics of an \u2018Investment Entity\u2019. The \u2018Investment Entity\u2019 amendment to IFRS 10 Consolidated Financial Statements requires that: (i) the single subsidiary J.Rothschild Capital Management Limited (JRCM), that is not itself an investment entity, which provides investment management services to the Group, is consolidated on a line-by-line basis with balances between the parent and this subsidiary eliminated; and (ii) all other subsidiaries, including Spencer House Limited (SHL), RIT Investments US, Inc and RIT Investments GP Limited, are accounted for as investments held at FVPL. In the financial statements of the Company investments in non-consolidated subsidiaries are carried at fair value and the consolidated subsidiary is carried at cost less any provision for impairment made in accordance with IAS 36 Impairment of Assets. Impairment tests are carried out twice each year concurrent with the Group\u2019s principal reporting dates. The financial statements of the subsidiaries are prepared at the same reporting date using consistent accounting policies. Control is achieved where the Company has all of the following; (i) power over the investee; (ii) exposure, or rights, to variable returns from its involvement with the investee; and (iii) the ability to use its power over the investee to affect the amount of the Company\u2019s returns. Both the Group and Company hold investments in associates and joint ventures at fair value as allowed by IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "Presentation of income statement 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 income statement between items of a revenue and capital nature has been presented within the consolidated income statement and the consolidated statement of comprehensive income (SOCI). ",
"dimensions": {
"concept": "ritplc:DescriptionOfAccountingPolicyForPresentationOfIncomeStatement",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "Income Dividend income from investments is recognised when the right to receive payment has been established and this is normally the ex- dividend date. UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax under investment income. Interest and other income is accrued on a time basis. Rental income from investment properties under short-term leases is accounted for on a straight-line basis, over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "Allocation between capital and revenue In respect of the analysis between capital and revenue items presented within the consolidated income statement, the SOCI and the statement of changes in equity, all expenses and finance costs, which are accounted for on an accruals basis, have been presented as revenue items except those items listed below: \u2022 expenses are allocated to capital where a direct connection with the maintenance or enhancement of the value of the investments can be demonstrated. Expenses are allocated to revenue where there is an indirect connection; \u2022 all segregated account fees are considered to be a cost of achieving a capital return for those external managers operating segregated accounts. This ensures consistency with the treatment of all other investment management fees within our fund investments, which are automatically included in capital and reflected in the investment gain/loss; \u2022 the Group has in place certain incentive arrangements whereby individuals receive share awards based on investment performance and/or share price growth. The cost of these arrangements derives principally from the capital performance and therefore the Directors consider it appropriate to allocate such costs to capital; \u2022 expenses which are incidental to the purchase or disposal of an investment are deducted from the initial fair value or disposal proceeds of the investment; and \u2022 costs incurred in connection with aborted portfolio investment transactions are also allocated to capital. The following are also presented as capital items: \u2022 gains and losses on the realisation of investments, including foreign exchange differences; \u2022 increases and decreases in the valuation of investments held at the year end, including foreign exchange differences; \u2022 realised and unrealised gains and losses on derivatives transactions of a capital nature; and \u2022 expenses, together with the related taxation effect, allocated to capital in accordance with the above policies. ",
"dimensions": {
"concept": "ritplc:DescriptionOfAccountingPolicyForAllocationBetweenCapitalAndRevenue",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "Finance costs Finance costs on borrowings are accounted for on an accruals basis and are settled at the end of each contractual period. Finance costs on derivatives are settled in line with the underlying contract. Finance costs are allocated in the ratio 20:80 to the revenue and capital columns of the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "Finance costs Finance costs on borrowings are accounted for on an accruals basis and are settled at the end of each contractual period. Finance costs on derivatives are settled in line with the underlying contract. Finance costs are allocated in the ratio 20:80 to the revenue and capital columns of the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Foreign currencies The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates, i.e. its functional currency. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in sterling which is the functional currency of the Company, and the presentational currency of the Group. Transactions in currencies other than sterling are recorded at the rate of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items and non-monetary assets and liabilities that are fair valued and are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. All foreign exchange gains and losses are recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not subject to tax or are not deductible for tax purposes. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Investment trusts which have approval under Section 1158 of the Corporation Tax Act 2010 are not subject to tax on capital gains. In view of the Company\u2019s status as an investment trust, and its intention to continue meeting the conditions required to maintain approval for the foreseeable future, the Company has not provided current or deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. The carrying amount of the deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement or SOCI, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not subject to tax or are not deductible for tax purposes. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Investment trusts which have approval under Section 1158 of the Corporation Tax Act 2010 are not subject to tax on capital gains. In view of the Company\u2019s status as an investment trust, and its intention to continue meeting the conditions required to maintain approval for the foreseeable future, the Company has not provided current or deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. The carrying amount of the deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement or SOCI, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Investments Investments are recognised and derecognised on the trade date where a purchase or sale is made under a contract whose terms require delivery within the timeframe established by the market concerned. All investments are measured initially and at subsequent reporting dates at fair value and classified in accordance with IFRS as \u2018fair value through profit or loss\u2019 (FVPL). Unrealised changes in the fair value of these investments are recognised in the consolidated income statement as capital items. The realised gain or loss arising on the disposal of investments is determined as the difference between the sale proceeds and the carrying amount of the asset at the beginning of the year and is recognised in the consolidated income statement as capital items. Transaction costs are included within gains or losses on these investments. Fair value, for quoted investments, is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in externally- managed funds are valued at the closing price, the bid price or the single price as appropriate, released by the relevant fund administrator or investment manager. In respect of private investments, or where the market for a financial instrument is not active, fair value is estimated by using appropriate valuation techniques and often involves significant judgement and estimation uncertainty. For direct private investments held through co-investment vehicles managed by a General Partner (GP), as well as private funds managed by a GP, the estimated fair value is based on the most recent valuation provided by the GP. These valuations are normally prepared quarterly and usually received within three months of the relevant valuation date. Depending on the timing of the finalisation of the half-year and year-end report and accounts, it is likely that the majority of these assets are valued at the previous quarter end. Where this is the case, the valuations of private funds are adjusted for subsequent investments, distributions and currency moves. In relation to direct co-investments, the valuations will also be adjusted for subsequent investments, distributions and currency moves, as well as pricing events where there is sufficient information to suggest the period- end valuation should be adjusted. Further, in light of the intrinsic valuation uncertainty, where information is received after the year end which relates to conditions present at the year end, an adjustment will be considered if it would be likely to have a material impact on the net assets. Ultimately these valuations are dependent on the reasonableness of the fair value estimation by the GP. The valuations are reviewed periodically by the Manager, and in the absence of contrary information, are assumed to be reliable. A review is also conducted annually in respect of the valuation bases of the investee funds to confirm these are in accordance with fair value standards. Where the Manager has sufficient information to undertake its own valuations, these will be prepared having regard to the International Private Equity and Venture Capital Valuation Guidelines as recommended by the British Private Equity and Venture Capital Association. The inputs into the valuation methodologies adopted include observable data such as historical earnings or cash flows as well as more subjective data such as earnings forecasts or discount rates. At period ends, all of the valuations are subject to review, adjustment as appropriate and ultimately approval by the Company\u2019s Valuation Committee that operates as a sub-committee of the Board comprised entirely of independent non-executive Directors. The gains and losses on financial assets classified at FVPL exclude any related interest income, dividend income and finance costs where these items are separately identifiable. These items are disclosed separately in the financial statements. Leasehold and freehold investment properties are measured initially at cost, including related transaction costs. After initial recognition at cost, investment properties are carried at their fair values based on the external professional valuation made as of each reporting date. Valuation surpluses and deficits arising in the year are included in the consolidated income statement. Derivative financial instruments, including futures, options and other derivatives, are stated in the balance sheet at fair value. For derivatives that are capital in nature, the associated change in value is presented as a capital item in the income statement. The Group has adopted trade date accounting. Accordingly, derivative financial instruments are recognised on the date the Group enters into the relevant contract, and are derecognised on the date on which it commits to their sale or they expire. All derivatives are classified as FVPL and are presented as assets when their fair value is positive, and as liabilities when their fair value is negative. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "Cash at bank Cash at bank in the balance sheet comprises cash balances and deposits. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "Provisions A provision is recognised in the balance sheet when the Group or Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "Share-based payment In accordance with IFRS 2 Share-based Payment, the Group is required to reflect in its income statement and balance sheet the effects of share-based payment transactions. The Group\u2019s share- settled incentive schemes include the Annual Incentive Scheme (AIS) (in part), share appreciation rights (SARs) and restricted share units (RSUs). AIS awards are structured such that 60% of individual amounts in excess of \u00a3150,000 to \u00a3250,000 (with the lower amount for senior management) are paid in deferred shares of the Company which vest equally over the three years following the award. Deferred shares are valued using the prevailing market price at award. The expense is recognised over the year the award relates to and the following three years. Historically, long-term incentive plan (LTIP) awards were made via SARs and performance shares. SARs were measured at the fair value at grant date using a trinomial option valuation model. The cost is then recognised through the capital column of the income statement over the three-year vest period. Performance shares were conditional awards of shares subject to performance conditions. They were accounted for as equity settled in accordance with IFRS 2. The awards were fair valued at grant using a Monte Carlo model and the resulting cost of an award is then recognised through the capital column of the income statement over the vest period particular to that award. Following a review by the Remuneration Committee, it was decided that from 2021, future LTIP awards would be made using restricted share units (RSUs), with the first such award in March 2021. RSUs are equity-settled awards accounted for in accordance with IFRS 2 and are measured at fair value using the share price at the grant date, adjusted for a two year post-vesting sale restriction. The cost is recognised through the revenue column of the income statement over the three-year vest period. On 31 March 2021, staff members were given the option to convert their existing SARs and performance shares at fair value into RSUs, with the vast majority subsequently converted. This conversion was accounted for in accordance with IFRS 2. Shares required to meet the estimated future requirements from grants or exercises under all schemes, are purchased by an Employee Benefit Trust (EBT), which is consolidated by the Group. The cost of own shares held at the end of the year by the EBT is reflected in the Group\u2019s own shares reserve on the consolidated balance sheet. The movement in equity arising under IFRS 2 is applied to the capital reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "Property, plant and equipment Property, plant and equipment is shown at cost less accumulated depreciation, save as detailed below. Depreciation is calculated by the Group on a straight-line basis by reference to original cost, estimated useful life and residual value. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The period of estimated useful life for this purpose is between three and five years for the majority of assets except for the Company\u2019s leasehold interest in 27 St. James\u2019s Place for which the estimated useful life is 61 years, which is also the period remaining on the property lease. The proportion of this asset occupied by the Group is accounted for at fair value under the revaluation model allowed by IAS 16 Property, Plant and Equipment, which is intended to ensure that the carrying value of the asset is never substantially different to its fair value. Changes in fair value are reflected in the SOCI and a separate revaluation reserve. The proportion of property assets not occupied by the Group is accounted for as investment properties at fair value. Determination of fair value requires significant judgement and external advisers are used. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "Pensions JRCM is a participating employer in the Group\u2019s non-contributory, funded, defined benefit retirement scheme which is closed to new members and the assets of which are held in a trustee-administered fund. There are no longer any active members of this scheme. The Group accounts for this defined benefit retirement scheme by reference to IAS 19 Employee Benefits. The cost of benefits accruing during the year in respect of past service is charged to the income statement and allocated to revenue. The net interest on the net defined benefit liability or asset is recognised in the income statement. Actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest on the net defined benefit liability or asset, are recognised in the SOCI. An actuarial valuation of the defined benefit retirement scheme is undertaken every three years as at 1 January and is updated as at each principal reporting date. The valuation is carried out using the projected unit credit method of funding basis. The income statement also includes costs incurred in respect of defined contribution schemes, comprising the contributions payable in the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "Other receivables/other payables Other receivables/other payables do not carry any interest, are short-term in nature and are carried at amortised cost. Application of the expected credit loss model to receivables has had an immaterial impact on their carrying value. The carrying value of receivables and payables approximates to their fair value. Amounts owed to/by Group undertakings Amounts owed to/by Group undertakings do not carry any interest and are carried at amortised cost. Application of the expected credit loss model to these items has had an immaterial impact on their carrying value. The carrying value of amounts owed to/by Group undertakings approximates to their fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "Other receivables/other payables Other receivables/other payables do not carry any interest, are short-term in nature and are carried at amortised cost. Application of the expected credit loss model to receivables has had an immaterial impact on their carrying value. The carrying value of receivables and payables approximates to their fair value. Amounts owed to/by Group undertakings Amounts owed to/by Group undertakings do not carry any interest and are carried at amortised cost. Application of the expected credit loss model to these items has had an immaterial impact on their carrying value. The carrying value of amounts owed to/by Group undertakings approximates to their fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "Bank borrowings Interest-bearing bank loans are recorded initially at the proceeds received and subsequently at FVPL, on the basis that the Group and its performance is evaluated on a fair value basis, in line with IFRS 9, paragraph 4.2.2. The fair value is calculated as the amount to replace the facility which is equal to par. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "Loan notes Loan notes are classified as a financial liability at FVPL and are measured initially and subsequently at fair value with movements in fair value taken to the income statement as a capital item. The fair value is calculated with a discounted cash flow model using the fixed interest and redemption payments based on the underlying contractual cash flows. The discount rate adopted reflects the prevailing market rate for similar instruments. As a result, the determination of fair value requires management judgement. Further details of the loan notes are provided on page 81. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "Dividends The Company recognises interim dividends in the year in which they are paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "Share capital and share premium Share capital is classified as equity. Share premium reflects the excess of the consideration received on issuing shares over the nominal value of those shares, net of issue costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "Treasury shares The cost of repurchasing shares into treasury, including all related costs, is dealt with in the Statement of Changes in Equity and deducted from the Capital Reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "New and amended standards and interpretations not applied The new and amended standards and interpretations that are relevant to RIT and issued, but not yet effective up to the date of issuance of the financial statements, are disclosed below. The Group intends to adopt these, if applicable, when they become effective: \u2022 Amendments to UK adopted IAS 1 Presentation of Financial Statements on the Classification of Liabilities as Current or Non- current, effective for annual reporting periods beginning on or after 1 January 2023; \u2022 Amendments to UK adopted IAS 1 Presentation of financial statements and IFRS Practice Statement 2 Making Materiality Judgments on the Disclosure of Accounting Policies, which provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures, effective for annual reporting periods beginning on or after 1 January 2023; and \u2022 Amendments to UK adopted IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors, effective for annual reporting periods beginning on or after 1 January 2023. The impact of these amendments is not expected to be material to the reported results and financial position of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "Critical accounting estimates and judgements The preparation of financial statements in conformity with UK adopted IAS requires the use of certain critical accounting estimates. It also requires the Manager and Board to exercise judgement in the process of applying the Group\u2019s accounting policies. The areas requiring a higher degree of judgement or complexity and where assumptions and estimates are significant to the consolidated financial statements, are in relation to the valuation of private investments (see pages 64 and 65 and Note 13) and property (see pages 65 and 66 and Notes 10 and 15). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "2. Investment income \u00a3 million 2022 2021 Income from listed investments: Dividends 7. 2 8.5 Income from unlisted investments: Interest 4.3 2.0 Interest income on cash balances 5.5 0.2 Income from investment properties 2.1 2.0 Total investment income 19.1 12.7 ",
"dimensions": {
"concept": "ritplc:DisclosureOfInvestmentIncome",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "3. Gains/(losses) on fair value investments \u00a3 million 2022 2021 Gains/(losses) on fair value investments excluding segregated accounts (579.2) 908.4 Net gains/(losses) on segregated accounts 28.0 (3.4) Segregated account fees - annual (1.7) (1.9) Segregated account fees - performance (2.6) (1.3) Gains/(losses) on fair value investments held in segregated accounts 23.7 (6.6) Gains/(losses) on fair value investments (555.5) 901.8 The Company\u2019s Investment Policy involves the allocation of part of the portfolio to external fund managers. The vast majority of these managers operate funds where the fees are charged within the fund. These \u2018indirect\u2019 investment management and performance fees are therefore automatically reflected within the valuations received from the administrators or managers, and form part of the investment gains/(losses). At 31 December 2022, three funds (31 December 2021: three) were structured as segregated accounts (disclosed within the Investment Portfolio on pages 17 to 19), where the managers separately invoice the Company for investment management. In order to provide a consistent presentation for all external fees, these are included within the gain/(losses) on fair value investments as shown above. Further details on the typical fee structures for the external funds are set out in the Directors\u2019 Report on pages 52 to 55. ",
"dimensions": {
"concept": "ritplc:DisclosureOfGainsLossesOnFairValueInvestments",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "4. Operating expenses \u00a3 million 2022 2021 Staff costs: Wages and salaries 13.3 23.0 Social security costs 1. 7 3.1 Share-based payment costs 1 (Note 24) 20.3 20.4 Pension costs (Note 11) 0.3 0.4 Total staff costs 35.6 46.9 Auditor\u2019s remuneration (Note 5) 0.3 0.3 Depreciation 0.4 0.3 Lease payments 0.4 0.4 Other operating expenses 6.9 6.5 Total operating expenses 43.6 54.4 1 Including related social security costs. Operating expenses include costs incurred by JRCM in managing the Group's assets, property costs from the Group\u2019s property portfolio, as well as costs which are recharged to third parties. Further information is provided in Note 6. The figures include Directors\u2019 emoluments, details of which are shown in the Directors\u2019 Remuneration Report on pages 48 to 51. The average monthly number of employees during the year was 59 (2021: 55) of which 47 (2021: 43) were employed by JRCM and 12 (2021: 12) were employed by SHL. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "4. Operating expenses \u00a3 million 2022 2021 Staff costs: Wages and salaries 13.3 23.0 Social security costs 1. 7 3.1 Share-based payment costs 1 (Note 24) 20.3 20.4 Pension costs (Note 11) 0.3 0.4 Total staff costs 35.6 46.9 Auditor\u2019s remuneration (Note 5) 0.3 0.3 Depreciation 0.4 0.3 Lease payments 0.4 0.4 Other operating expenses 6.9 6.5 Total operating expenses 43.6 54.4 1 Including related social security costs. Operating expenses include costs incurred by JRCM in managing the Group's assets, property costs from the Group\u2019s property portfolio, as well as costs which are recharged to third parties. Further information is provided in Note 6. The figures include Directors\u2019 emoluments, details of which are shown in the Directors\u2019 Remuneration Report on pages 48 to 51. The average monthly number of employees during the year was 59 (2021: 55) of which 47 (2021: 43) were employed by JRCM and 12 (2021: 12) were employed by SHL. 5. Other disclosable expenses During the year the Group obtained the following services from the Company\u2019s auditor and its associates: \u00a3 thousand 2022 2021 Fees payable to the Company\u2019s auditor and its associates for the audit of the Parent Company and consolidated financial statements 228 202 Fees payable to the Company\u2019s auditor and its associates for other services: Audit of the Company\u2019s subsidiaries 94 83 Audit-related assurance services 12 12 Total 334 297 Transaction costs The following transaction costs represent commissions paid on the purchase and sale of listed investments and are included within gains/(losses) on fair value investments: \u00a3 million 2022 2021 Purchases 1.5 1. 2 Sales 1.2 1. 2 Transaction costs 2.7 2.4 Furthermore \u00a30.02 million of professional fees (2021: \u00a30.03 million) incurred on purchases of investments are included within gains/ (losses) on fair value investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "5. Other disclosable expenses During the year the Group obtained the following services from the Company\u2019s auditor and its associates: \u00a3 thousand 2022 2021 Fees payable to the Company\u2019s auditor and its associates for the audit of the Parent Company and consolidated financial statements 228 202 Fees payable to the Company\u2019s auditor and its associates for other services: Audit of the Company\u2019s subsidiaries 94 83 Audit-related assurance services 12 12 Total 334 297 Transaction costs The following transaction costs represent commissions paid on the purchase and sale of listed investments and are included within gains/(losses) on fair value investments: \u00a3 million 2022 2021 Purchases 1.5 1. 2 Sales 1.2 1. 2 Transaction costs 2.7 2.4 Furthermore \u00a30.02 million of professional fees (2021: \u00a30.03 million) incurred on purchases of investments are included within gains/ (losses) on fair value investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "6. Business and geographical segments For 2022 and 2021, the Group is considered to have three principal operating segments, all based in the UK, as follows: Segment Business 2022 AUM \u00a3 million 1 2022 Employees 1 2021 AUM \u00a3 million 2 2021 Employees 2 RIT Investment trust \u2013 \u2013 \u2013 \u2013 JRCM Investment manager/ administration 3,722 49 4,390 46 SHL Events/premises management \u2013 13 \u2013 12 1 At 31 December 2022 2 At 31 December 2021 Key financial information for 2022 is as follows: \u00a3 million Net assets Income/ gains 1 Operating expenses 1 Profit 2 RIT 3,617.3 (511.6) (52.7) (564.3) JRCM 110.3 50.3 (38.4) 11. 9 SHL 0.9 3.7 (3.5) 0.2 Adjustments 3 (6.8) (51.0) 51.0 \u2013 Total 3,721.7 (508.6) (43.6) (552.2) Key financial information for 2021 is as follows: \u00a3 million Net assets Income/ gains 1 Operating expenses 1 Profit 2 RIT 4,277.6 931.2 (74.3) 856.9 JRCM 119.0 74.3 (49.2) 25.1 SHL 0.8 2.8 (2.9) (0.1) Adjustments 3 (7.1) (72.0) 72.0 \u2013 Total 4,390.3 936.3 (54.4) 881.9 1 Includes intra-group income and expenses. 2 Profit before finance costs and tax. 3 Consolidation adjustments in accordance with IFRS 10 Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "7. Finance costs \u00a3 million 2022 2021 Interest on borrowings 14.3 9.6 Interest on swaps 10.4 10.1 Other finance costs 0.3 0.3 Finance costs 25.0 20.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "7. Finance costs \u00a3 million 2022 2021 Interest on borrowings 14.3 9.6 Interest on swaps 10.4 10.1 Other finance costs 0.3 0.3 Finance costs 25.0 20.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "8. Taxation \u00a3 million Year ended 31 December 2022 Revenue Capital Total UK corporation tax charge/(credit) \u2013 \u2013 \u2013 Current tax charge/(credit) \u2013 \u2013 \u2013 Deferred tax charge/(credit) \u2013 \u2013 \u2013 Taxation charge/(credit) \u2013 \u2013 \u2013 \u00a3 million Year ended 31 December 2021 Revenue Capital Total UK corporation tax charge/(credit) 0.2 2.5 2.7 Current tax charge/(credit) \u2013 \u2013 \u2013 Deferred tax charge/(credit) 0.2 2.5 2.7 Taxation charge/(credit) 0.2 2.5 2.7 The Finance Act 2021 included an increase in the main corporation tax rate from the current 19% to 25% with effect from 1 April 2023. The tax charge for the year differs from the effective rate of corporation tax in the UK for 2022 of 19% (2021: 19%). The differences are explained as follows: \u00a3 million Year ended 31 December 2022 Revenue Capital Total Profit/(loss) before tax (14.3) (562.9) (577.2) Tax at the standard UK corporation tax rate of 19% (2.7) (107.0) (109.7) Effect of: Capital items exempt from corporation tax \u2013 102.9 102.9 Dividend income not taxable (1.2) \u2013 (1.2) Expenses not deductible for tax purposes 0.1 \u2013 0.1 Tax losses not recognised 3.8 4.8 8.6 Other items \u2013 (0.7) (0.7) Total tax charge/(credit) \u2013 \u2013 \u2013 \u00a3 million Year ended 31 December 2021 Revenue Capital Total Profit/(loss) before tax (17.1) 879.0 861.9 Tax at the standard UK corporation tax rate of 19% (3.2) 167.0 163.8 Effect of: Capital items exempt from corporation tax \u2013 (173.6) (173.6) Dividend income not taxable (1.1) \u2013 (1.1) Expenses not deductible for tax purposes 0.1 \u2013 0.1 Tax losses not recognised 4.3 8.3 12.6 Other items 0.1 0.8 0.9 Total tax charge/(credit) 0.2 2.5 2.7 Refer to Note 12 on page 71 for the explanation of carried forward tax losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "9. Earnings per ordinary share \u2013 basic and diluted The basic earnings per ordinary share for 2022 is based on the loss of \u00a3577.2 million (2021: profit of \u00a3859.2 million) and the weighted average number of ordinary shares in issue during the period of 155.5 million (2021: 156.1 million). The weighted average number of shares is adjusted for shares held in the employee benefit trust (EBT) and in treasury in accordance with IAS 33. \u00a3 million 2022 2021 Net revenue profit/(loss) (14.3) (17.3) Net capital profit/(loss) (562.9) 876.5 Total profit/(loss) for the year (577.2) 859.2 Weighted average (million) 2022 2021 Number of shares in issue 156.8 156.8 Shares held in EBT (1.0) (0.5) Shares held in treasury (0.3) (0.2) Basic shares 155.5 156.1 pence 2022 2021 Revenue earnings/(loss) per ordinary share \u2013 basic (9.2) (11.1) Capital earnings/(loss) per ordinary share \u2013 basic (362.1) 561.4 Total earnings per share \u2013 basic (371.3) 550.3 The diluted earnings per ordinary share for the period is based on the basic shares (above) adjusted for the effect of share-based payments awards for the period. This adjustment is not required for 2022 as an increase in shares in issue would reduce the basic loss per ordinary share. As a result, there is no difference between the basic and diluted loss per ordinary share. Weighted average (million) 2022 2021 Basic shares 155.5 156.1 Effect of share-based payment awards \u2013 1. 4 Diluted shares 155.5 157.5 pence 2022 2021 Revenue earnings/(loss) per ordinary share \u2013 diluted (9.2) (11.0) Capital earnings/(loss) per ordinary share \u2013 diluted (362.1) 556.5 Total earnings per ordinary share \u2013 diluted (371.3) 545.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "10. Property, plant and equipment The Group\u2019s property, plant and equipment as at 31 December 2022 was \u00a320.7 million (2021: \u00a323.1 million). Group \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2022 1 7. 4 (5.8) 11. 5 23.1 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.4) \u2013 (0.4) Revaluation gain/(loss) \u2013 \u2013 (2.1) (2.1) Fair value at 31 December 2022 1 7. 5 (6.2) 9.4 20.7 Of which: Property \u2013 leasehold 14.2 (4.6) 9.4 19.0 Group \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2021 1 7. 3 (5.4) 11. 7 23.6 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.4) \u2013 (0.4) Revaluation gain/(loss) \u2013 \u2013 (0.2) (0.2) Fair value at 31 December 2021 1 7. 4 (5.8) 11.5 23.1 Of which: Property \u2013 leasehold 14.1 (4.2) 11. 5 21.4 The Company\u2019s property, plant and equipment as at 31 December 2022 was \u00a320.6 million (2021: \u00a323.0 million). Company \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2022 15.7 (4.2) 11. 5 23.0 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.4) \u2013 (0.4) Revaluation gain/(loss) \u2013 \u2013 (2.1) (2.1) Fair value at 31 December 2022 15.8 (4.6) 9.4 20.6 Of which: Property \u2013 leasehold 14.2 (4.6) 9.4 18.9 Company \u00a3 million Cost Accumulated depreciation Revaluation Net book/fair value At 1 January 2021 15.6 (3.9) 11. 7 23.4 Additions 0.1 \u2013 \u2013 0.1 Charge for depreciation \u2013 (0.3) \u2013 (0.3) Revaluation gain/(loss) \u2013 \u2013 (0.2) (0.2) Fair value at 31 December 2021 15.7 (4.2) 11.5 23.0 Of which: Property \u2013 leasehold 14.1 (4.2) 11. 5 21.4 The fair value at both year ends predominantly relates to the proportion of the leasehold interest in 27 St. James\u2019s Place occupied by the Group. The property valuations are based on Jones Lang LaSalle\u2019s (JLL) valuations at the respective year ends. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "11. Pension commitments The Group has pension commitments in respect of its participation in the RITCP Pension and Life Assurance Scheme (the Scheme). The Scheme consists of a defined benefit plan which is closed to new members. The Scheme is administered under a Trust Deed and Rules and a corporate trustee, Law Debenture Pension Trust Corporation plc, who is independent of the Group, and was appointed in May 2019. In December 2022, the Group de-risked its retirement benefit obligations by supporting the trustees of the Scheme in completing a \u00a320 million bulk annuity insurance policy \u2018buy-in\u2019. The \u2018buy-in\u2019 secured an insurance asset that fully matches almost all the remaining pension liabilities of the Scheme, with the result that the Group no longer bears material investment, longevity, interest rate or inflation risk. The annuity policy is held in the name of the Trustees. As the Scheme was in surplus on an accounting basis at 31 December 2022, in accordance with the relevant accounting standard the impact of this transaction was to record a re- measurement loss of \u00a34.5 million before tax to other comprehensive income. There was no impact on profit before tax and no incremental funding was required. As a result of the \u2018buy-in\u2019, current cash contributions into the Scheme will cease, with the possibility of minimal further contributions. In addition, the Group will no longer record non-cash interest income on the accounting surplus. Within the next 18 months it is expected that a full \u2018buy-out\u2019 of the scheme will occur, during which individual insurance policies will be purchased for the beneficiaries of the scheme. After the \u2018buy-out\u2019 has completed, the Group will no longer have any liabilities against the Scheme. The costs associated with the Scheme, their recognition in the financial statements, the assumptions underlying the calculation of those costs and their disclosure in the consolidated income statement or SOCI are set out below. Defined benefit cost \u00a3 millions 2022 2021 Net interest on defined benefit asset (0.1) (0.1) Remeasurement effects recognised in the SOCI 4.5 (1.9) Total cost/(credit) 4.4 (2.0) Recognised in the consolidated income statement \u00a3 millions 2022 2021 Defined contribution schemes 0.4 0.5 Defined benefit scheme: Net interest on defined benefit liability (0.1) (0.1) Total pension cost recognised in the consolidated income statement 0.3 0.4 Recognised in the SOCI \u00a3 millions 2022 2021 Defined benefit scheme: Actuarial loss due to liability experience 0.4 0.9 Actuarial (gain)/loss due to liability assumption changes (9.6) (1.7) Actuarial gain due to demographic assumption changes in defined benefit obligation (DBO) (0.1) (0.1) Return on Scheme assets greater than discount rate 13.8 (1.0) Remeasurement effects recognised in the SOCI 4.5 (1.9) Total (credit)/expense 4.8 (1.5) The Scheme\u2019s assets and liabilities are shown below together with the actuarial assumptions used. Changes in the DBO \u00a3 millions 2022 2021 DBO at end of prior year 26.7 28.0 Interest cost on the DBO 0.5 0.4 Actuarial loss - demographic experience 0.3 0.8 Actuarial gain - demographic assumptions \u2013 (0.1) Actuarial gain - financial assumptions (9.6) (1.7) Benefits paid from scheme assets (0.8) (0.7) Total DBO 1 7. 1 26.7 Changes in Scheme assets \u00a3 millions 2022 2021 Opening fair value of the Scheme assets 30.5 28.6 Interest income on Scheme assets 0.6 0.5 Return on Scheme assets greater than discount rate (13.8) 1. 0 Employer contributions 1. 1 1. 1 Benefits paid (0.8) (0.7) Total Scheme assets 1 7. 6 30.5 The Company has unrestricted rights to any surplus in the Scheme upon wind-up. As such there is no irrecoverable surplus for either the current year or prior year. Development of the net balance sheet position \u00a3 millions 2022 2021 Net defined benefit asset at end of prior year 3.8 0.7 Net interest on defined benefit asset at end of prior year 0.1 0.1 Remeasurement effects recognised in the SOCI (4.5) 1. 9 Employer contributions 1. 1 1. 1 Net defined benefit asset 0.5 3.8 The assumptions used to determine the measurements at the reporting dates are shown below: 2022 2021 Discount rate 4.95% 1.90% Price inflation (RPI) 3.35% 3.70% Rate of salary increase n/a n/a Pension increases for pre 6 April 1997 pension 4.00% 4.00% Pension increases for post 6 April 1997 pension 4.25% 4.30% Pension increases for deferred benefits (non Guaranteed Minimum Pension) 3.35% 3.70% Scheme participant census date 31 December 2022 31 December 2021 Post retirement mortality assumption- source SAPS 1 SAPS 1 1 Self-administered Pension Scheme light series year of birth tables allowing for Continuous Mortality Investigation projections and a 1.5% per annum long-term trend. Sensitivity analysis In accordance with IAS 19 (revised), the sensitivity of the DBO to the relevant actuarial assumptions is shown below. In each case the changed assumption has been considered in isolation (i.e. all other factors remain constant). \u00a3 millions 2022 2021 DBO 1 7. 1 26.7 Significant actuarial assumptions at 31 December 2022: \u00a3 millions Assumptions used for sensitivity analysis Sensitivity analysis Revised DBO for each sensitivity Discount rate 4.45% 0.5% point decrease 18.3 Price inflation (RPI) 3.85% 0.5% point increase 1 7. 2 Life expectancy \u2013 Increase of 1 year 1 7. 7 Significant actuarial assumptions at 31 December 2021: \u00a3 millions Assumptions used for sensitivity analysis Sensitivity analysis Revised DBO for each sensitivity Discount rate 1.40% 0.5% point decrease 29.0 Price inflation (RPI) 4.20% 0.5% point increase 27.0 Life expectancy \u2013 Increase of 1 year 27.9 The weighted average duration of the DBO is 13 years. Further Scheme analysis is shown below. Analysis of DBO by participant category \u00a3 millions 2022 2021 Deferred participants 2.2 4.5 Pensioners 14.9 22.2 DBO 1 7. 1 26.7 The fair value of Scheme assets of \u00a317.6 million is analysed in the table below (2021: \u00a330.5 million). Scheme asset breakdown Quoted securities 1 Other Total 2022 Equities securities \u2013 \u2013 \u2013 Fixed income and credit \u2013 \u2013 \u2013 Bulk insurance policy \u2013 96% 96% Cash and liquidity/other \u2013 4% 4% Total \u2013 100% 100% Scheme asset breakdown Quoted securities 1 Other Total 2021 Equities securities \u2013 \u2013 \u2013 Fixed income and credit 99% \u2013 99% Bulk insurance policy \u2013 \u2013 \u2013 Cash and liquidity/other \u2013 1% 1% Total 99% 1% 100% 1 Classed as Level 2 assets under IFRS 13 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "The Group has pension commitments in respect of its participation in the RITCP Pension and Life Assurance Scheme (the Scheme). The Scheme consists of a defined benefit plan which is closed to new members. The Scheme is administered under a Trust Deed and Rules and a corporate trustee, Law Debenture Pension Trust Corporation plc, who is independent of the Group, and was appointed in May 2019. In December 2022, the Group de-risked its retirement benefit obligations by supporting the trustees of the Scheme in completing a \u00a320 million bulk annuity insurance policy \u2018buy-in\u2019. The \u2018buy-in\u2019 secured an insurance asset that fully matches almost all the remaining pension liabilities of the Scheme, with the result that the Group no longer bears material investment, longevity, interest rate or inflation risk. The annuity policy is held in the name of the Trustees. As the Scheme was in surplus on an accounting basis at 31 December 2022, in accordance with the relevant accounting standard the impact of this transaction was to record a re- measurement loss of \u00a34.5 million before tax to other comprehensive income. There was no impact on profit before tax and no incremental funding was required. As a result of the \u2018buy-in\u2019, current cash contributions into the Scheme will cease, with the possibility of minimal further contributions. In addition, the Group will no longer record non-cash interest income on the accounting surplus. Within the next 18 months it is expected that a full \u2018buy-out\u2019 of the scheme will occur, during which individual insurance policies will be purchased for the beneficiaries of the scheme. After the \u2018buy-out\u2019 has completed, the Group will no longer have any liabilities against the Scheme. The costs associated with the Scheme, their recognition in the financial statements, the assumptions underlying the calculation of those costs and their disclosure in the consolidated income statement or SOCI are set out below. Defined benefit cost \u00a3 millions 2022 2021 Net interest on defined benefit asset (0.1) (0.1) Remeasurement effects recognised in the SOCI 4.5 (1.9) Total cost/(credit) 4.4 (2.0) Recognised in the consolidated income statement \u00a3 millions 2022 2021 Defined contribution schemes 0.4 0.5 Defined benefit scheme: Net interest on defined benefit liability (0.1) (0.1) Total pension cost recognised in the consolidated income statement 0.3 0.4 Recognised in the SOCI \u00a3 millions 2022 2021 Defined benefit scheme: Actuarial loss due to liability experience 0.4 0.9 Actuarial (gain)/loss due to liability assumption changes (9.6) (1.7) Actuarial gain due to demographic assumption changes in defined benefit obligation (DBO) (0.1) (0.1) Return on Scheme assets greater than discount rate 13.8 (1.0) Remeasurement effects recognised in the SOCI 4.5 (1.9) Total (credit)/expense 4.8 (1.5) The Scheme\u2019s assets and liabilities are shown below together with the actuarial assumptions used. Changes in the DBO \u00a3 millions 2022 2021 DBO at end of prior year 26.7 28.0 Interest cost on the DBO 0.5 0.4 Actuarial loss - demographic experience 0.3 0.8 Actuarial gain - demographic assumptions \u2013 (0.1) Actuarial gain - financial assumptions (9.6) (1.7) Benefits paid from scheme assets (0.8) (0.7) Total DBO 1 7. 1 26.7 Changes in Scheme assets \u00a3 millions 2022 2021 Opening fair value of the Scheme assets 30.5 28.6 Interest income on Scheme assets 0.6 0.5 Return on Scheme assets greater than discount rate (13.8) 1. 0 Employer contributions 1. 1 1. 1 Benefits paid (0.8) (0.7) Total Scheme assets 1 7. 6 30.5 The Company has unrestricted rights to any surplus in the Scheme upon wind-up. As such there is no irrecoverable surplus for either the current year or prior year. Development of the net balance sheet position \u00a3 millions 2022 2021 Net defined benefit asset at end of prior year 3.8 0.7 Net interest on defined benefit asset at end of prior year 0.1 0.1 Remeasurement effects recognised in the SOCI (4.5) 1. 9 Employer contributions 1. 1 1. 1 Net defined benefit asset 0.5 3.8 The assumptions used to determine the measurements at the reporting dates are shown below: 2022 2021 Discount rate 4.95% 1.90% Price inflation (RPI) 3.35% 3.70% Rate of salary increase n/a n/a Pension increases for pre 6 April 1997 pension 4.00% 4.00% Pension increases for post 6 April 1997 pension 4.25% 4.30% Pension increases for deferred benefits (non Guaranteed Minimum Pension) 3.35% 3.70% Scheme participant census date 31 December 2022 31 December 2021 Post retirement mortality assumption- source SAPS 1 SAPS 1 1 Self-administered Pension Scheme light series year of birth tables allowing for Continuous Mortality Investigation projections and a 1.5% per annum long-term trend. Sensitivity analysis In accordance with IAS 19 (revised), the sensitivity of the DBO to the relevant actuarial assumptions is shown below. In each case the changed assumption has been considered in isolation (i.e. all other factors remain constant). \u00a3 millions 2022 2021 DBO 1 7. 1 26.7 Significant actuarial assumptions at 31 December 2022: \u00a3 millions Assumptions used for sensitivity analysis Sensitivity analysis Revised DBO for each sensitivity Discount rate 4.45% 0.5% point decrease 18.3 Price inflation (RPI) 3.85% 0.5% point increase 1 7. 2 Life expectancy \u2013 Increase of 1 year 1 7. 7 Significant actuarial assumptions at 31 December 2021: \u00a3 millions Assumptions used for sensitivity analysis Sensitivity analysis Revised DBO for each sensitivity Discount rate 1.40% 0.5% point decrease 29.0 Price inflation (RPI) 4.20% 0.5% point increase 27.0 Life expectancy \u2013 Increase of 1 year 27.9 The weighted average duration of the DBO is 13 years. Further Scheme analysis is shown below. Analysis of DBO by participant category \u00a3 millions 2022 2021 Deferred participants 2.2 4.5 Pensioners 14.9 22.2 DBO 1 7. 1 26.7 The fair value of Scheme assets of \u00a317.6 million is analysed in the table below (2021: \u00a330.5 million). Scheme asset breakdown Quoted securities 1 Other Total 2022 Equities securities \u2013 \u2013 \u2013 Fixed income and credit \u2013 \u2013 \u2013 Bulk insurance policy \u2013 96% 96% Cash and liquidity/other \u2013 4% 4% Total \u2013 100% 100% Scheme asset breakdown Quoted securities 1 Other Total 2021 Equities securities \u2013 \u2013 \u2013 Fixed income and credit 99% \u2013 99% Bulk insurance policy \u2013 \u2013 \u2013 Cash and liquidity/other \u2013 1% 1% Total 99% 1% 100% 1 Classed as Level 2 assets under IFRS 13 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "12. Deferred tax The gross movement on deferred tax during the year is shown below: \u00a3 million 2022 2021 Balance at start of year (1.3) 2.5 (Debit)/credit to consolidated income statement \u2013 (2.7) (Debit)/credit to SOCI 1. 1 (1.1) Balance at end of year (0.2) (1.3) The deferred tax asset/(liability) is analysed below: \u00a3 million 2022 2021 Retirement benefit asset (0.2) (1.3) Balance at end of year (0.2) (1.3) The Group had carried forward tax losses of \u00a3453 million at 31 December 2022 (2021: \u00a3412 million) that have not been recognised as a deferred tax asset, as it is considered unlikely that the unrecognised asset will be utilised in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "13. Financial instruments
As an investment company, financial instruments make up the
vast majority of the Group\u2019s assets and liabilities and generate
its performance.
Financial instruments comprise securities, derivatives and other
investments, cash, short-term receivables and payables, and short
and long-term borrowings.
The nature and extent of the financial instruments outstanding can
be seen on the face of the balance sheet and the risk management
policies employed by the Group and Company are set out below.
The Group\u2019s policy for determining the fair value of investments
(including private investments) is set out on pages 64 and 65. In relation
to receivables, payables and short-term borrowings, the carrying amount
is viewed as being a reasonable approximation of fair value.
13.1 Financial risk management
The main risks arising from the Group\u2019s financial instruments are
market risk (including price risk, interest rate risk and currency risk),
credit risk and liquidity risk. The day-to-day identification, mitigation
and monitoring of these risks is undertaken by the Manager under
the authority of the Board and the Audit and Risk Committee, and is
described in more detail below.
The objectives, policies and processes for managing risks have not
changed since the previous accounting year. The risk management
processes of the Company are aligned with those of the Group
as a whole and it is at the Group level that the majority of the
risk management procedures are performed. Where relevant and
materially different from the Group position, Company-specific risk
exposures are explained alongside those of the Group.
13.1.1 Market risk
The fair value or future cash flows of a financial instrument or
investment property held by the Group may fluctuate as a result
of changes in market prices. Market risk can be summarised as
comprising three types of risk:
\u2022 Price risk
The risk that the fair value or future cash flows of financial
instruments and investment properties will fluctuate because of
changes in market prices (other than those arising from interest
rate risk or currency risk).
\u2022 Interest rate risk
The risk that the fair value or future cash flows of financial
instruments and investment properties will fluctuate because of
changes in interest rates.
\u2022 Currency risk
The risk that the fair value or future cash flows of financial
instruments will fluctuate because of changes in foreign
exchange rates.
The Group\u2019s exposure to, sensitivity to and management of each of these risks are described in further detail below. Management of market risk is fundamental to the Group\u2019s investment objective. The investment portfolio is continually monitored to target an appropriate balance of risk and reward. The Manager may seek to reduce or increase the portfolio\u2019s exposure to stock markets, interest rates and currencies by utilising derivatives such as index futures, options, swaps and currency forward contracts. These instruments are used for the purpose of hedging some or all of the existing exposure within the portfolio to those currencies or particular markets, as well as to enable increased exposure when deemed appropriate. With respect to equity, foreign exchange and interest rate options, the notional exposure presented in this note is adjusted to reflect the estimated sensitivity of the option to movements in the underlying security. 13.1.2 Price risk Price risk may affect the value of the quoted, private and other investments held by the Group. The Group has a widely diversified investment portfolio which significantly reduces the exposure to individual asset price risk. The performance of third-party investment managers is regularly reviewed and assessed to ensure compliance with their mandates and that their performance is compatible with the Group\u2019s investment objective. The Group\u2019s exposure to price risk is monitored and managed by analysing the levels of direct exposure from quoted equity price risk and the exposure from other price risk. The Group\u2019s exposure to quoted equity price risk (also described as net quoted equity exposure) can be assumed to be equivalent to the quoted equity investments in the investment portfolio adjusted for: \u2022 Notional exposure from quoted equity derivatives; \u2022 Estimated cash balances held by external managers; and \u2022 Estimated net equity exposure from hedge fund managers. Other price risk exposure relates to investments in private investments, absolute return and credit, and real assets, adjusted for the notional exposure from commodity and credit derivatives. \u00a3 million 31 December 2022 31 December 2021 Exposure to quoted equity price risk1 1,361.1 1,755.0 Exposure to other price risk 2,394.5 2,669.5 Total exposure to price risk 3,755.6 4,424.5 1 Quoted equity price risk represented 37% of year-end net assets (2021: 40%). Price risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit with regards to changes in market prices is illustrated below. This is estimated using an assumed 10% increase in general market prices with all other variables held constant. A 10% decrease is assumed to produce an equal and opposite effect. The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into including those designed to provide a hedge against such movements. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets Quoted equity 137.4 177.1 Other 239.4 266.9 Total 376.8 444.0 The Group is exposed to market risk in respect to the fair value of the investment properties. The investment properties are valued by JLL using a market valuation approach and as such, the valuation will be influenced by trends experienced in the property market and also the wider economic environment. In particular, the valuation will be dependent on rental income yields, demand and supply for office space in London and comparable transactions completed in the marketplace. Fluctuations in any of the inputs used by the valuers to value the investment properties may increase or decrease the fair value of the properties. 13.1.3 Interest rate risk The Group finances its operations mainly through its share capital and reserves, including realised gains on investments. In addition, financing has been obtained through bank borrowings and fixed rate loan notes. Changes in interest rates have a direct or indirect impact on the fair value or future cash flows of the following financial assets and liabilities: \u2022 Gilts and other government securities; \u2022 Money market funds; \u2022 Credit funds; \u2022 Cash and cash equivalents; \u2022 Group borrowings; and \u2022 Certain derivative contracts. Changes in interest rates indirectly affect the fair value of the Group\u2019s other investments including those in quoted equity securities, private investments or property. Interest rate risk is managed by taking into account the possible effects on fair value and cash flows that could arise as a result of changes in interest rates when making decisions on investments and borrowings. Exposure of the Group\u2019s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates are reset) and fixed interest rates (giving fair value risk), is shown below. \u00a3 million 31 December 2022 Floating rate Fixed rate Total Portfolio investments \u2013 debt securities1 \u2013 40.7 40.7 Cash 218.0 \u2013 218.0 Borrowings (236.2) (134.4) (370.6) Total 2 (18.2) (93.7) (111.9) \u00a3 million 31 December 2021 Floating rate Fixed rate Total Portfolio investments \u2013 debt securities1 \u2013 29.7 29.7 Cash 325.9 \u2013 325.9 Borrowings (240.0) (168.9) (408.9) Total 2 85.9 (139.2) (53.3) 1 In addition, the Group holds \u00a3746.8 million (2021: \u00a3777.4 million) invested in absolute return and credit, of which \u00a3443.7 million (2021: \u00a3313.5 million) is in funds that predominantly invest in credit instruments. These provide indirect exposure to interest rate risk. 2 In addition, the Group holds \u00a3nil million (2021: \u00a397.3 million) notional exposure to interest rate derivatives. Exposures vary throughout the year as a consequence of changes in the composition of the net assets of the Group arising out of investment, borrowing and risk management processes. Portfolio investments include direct and indirect (via externally- managed funds) investments in government securities, money markets, as well as quoted and unquoted debt securities issued by companies. Interest received on cash and cash equivalents is at prevailing market rates. The Group has total borrowings with a fair value of \u00a3370.6 million outstanding at the year end (2021: \u00a3408.9 million). The revolving credit facility comprising \u00a3236.2 million of this total incurs floating interest payments (2021: \u00a3240.0 million). The loan notes with a fair value of \u00a3134.4 million (par value of \u00a3151.0 million) have fixed interest payments (2021: fair value \u00a3168.9 million; par value \u00a3151.0 million). Further details are provided in Note 18. Interest rate risk sensitivity analysis The approximate sensitivity of the Group\u2019s net assets and profit in regard to changes in interest rates is illustrated below. This is based on an assumed 50 basis point annualised increase in prevailing interest rates at the balance sheet date applied to the floating rate and fixed rate assets and liabilities and the following assumptions: \u2022 the fair values of all other assets and liabilities are not affected by a change in interest rates; \u2022 funds will be reinvested in similar interest-bearing securities on maturity; and \u2022 all other variables are held constant. A 50 basis point decrease is assumed to produce an equal and opposite impact. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets Total 6.1 4.2 The Group has direct exposure to the effect of interest rate changes on the valuation and cash flows of its interest-bearing assets and liabilities. However, it may also be indirectly affected by the impact of interest rate changes on the earnings of certain companies in which the Group invests, and the impact on valuations that use interest rates as an input, including valuation models for private investments. Therefore, the sensitivity analysis may not reflect the full effect on the Group\u2019s net assets. 13.1.4 Currency risk Consistent with its Investment Policy, the Group invests in financial instruments and transactions denominated in currencies other than sterling. As such, the Group\u2019s profit and net assets could be significantly affected by currency movements. Currency risk is managed by the Group by entering into currency options or forward currency contracts as a means of limiting or increasing its exposure to particular currencies. These contracts are used for the purpose of hedging part of the existing currency exposure of the Group\u2019s portfolio (as a means of reducing risk) or to enable increased exposure when this is deemed appropriate by the Manager. Foreign currency exposure Currency 2022 Net exposure % of NAV 2021 Net exposure % of NAV US dollar 32.5 26.8 Japanese yen 4.2 2.7 Euro 7. 5 1. 5 Other non-sterling 2.9 0.4 Total1 47.1 31.4 1 Amounts in the above table are based on the carrying value of all foreign currency denominated assets and liabilities and the underlying notional amounts of forward currency contracts. It does not take into account any estimates of \u2018look-through\u2019 exposure from our fund investments . Currency risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit in regard to changes in key currencies is illustrated below. This is based on an assumed 10% strengthening of sterling relative to the foreign currencies as at 31 December 2022, and assumes all other variables are held constant. A 10% weakening is assumed to produce an equal and opposite effect. The sensitivity analysis is based on the net foreign currency assets held at the balance sheet dates and takes account of currency forwards and options that adjust the effects of changes in currency exchange rates. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets US dollar (120.8) (97.9) Japanese yen (15.6) (11.9) Euro (27.8) (6.6) Other non-sterling (11.2) (1.7) Total (175.4) (118.1) 13.1.5 Credit risk Credit risk is the risk that a counterparty to a financial instrument held by the Group will fail to discharge an obligation or commitment that it has entered into with the Group, which could result in a loss to the Group. This risk is not considered significant and is managed as follows: \u2022 the vast majority of the Group\u2019s listed transactions are settled on a delivery versus payment basis and are held directly by the custodian in fully segregated client accounts; \u2022 use of a range of brokers and counterparties with their credit quality monitored regularly; \u2022 cash balances are predominantly held with our custodian, whose credit worthiness is regularly monitored; \u2022 cash margin is held by a range of approved counterparties, with both margin balances and counterparties\u2019 creditworthiness monitored regularly; and \u2022 careful selection of a diversified portfolio of credit managers. A credit exposure could arise in respect of derivative contracts entered into by the Group if a counterparty was unable to fulfil its contractual obligations. The Group has exposure to certain debt instruments acquired as part of its private equity investments. The credit risk associated with these instruments is managed as part of the overall investment risk in the relevant portfolio companies and is not considered separately. The Group\u2019s maximum credit exposure is limited to the carrying amount of financial assets recognised at the reporting date, as summarised below. Credit risk exposure \u00a3 million 2022 2021 Portfolio investments \u2013 debt securities 1 40.7 29.7 Derivative financial instruments 2 58.3 35.6 Cash margin 85.4 87.6 Other receivables 159.9 175.2 Cash at bank 218.0 325.9 Total 562.3 654.0 1 Debt securities held within portfolio investments include a private loan note issued by LionTree Advisory Holdings LLC. 2 Represents the fair value of assets held by counterparties. The credit quality of certain financial assets that are not past due, where the risk of loss is primarily that a counterparty fails to meet an obligation, can be assessed by reference to external credit ratings. The Manager has a review process in place that includes an evaluation of a potential counterparty\u2019s ability to service and repay its debt. This is considered on a regular basis. Cash margins and other receivables comprise mainly balances with counterparties which are investment grade financial institutions with a short-term credit rating by S&P of A-2 or higher (2021: A-2). BNP is the custodian and depositary to the Company under the Alternative Investment Fund Managers Directive (AIFMD). Under the UK equivalent regulations, the Company is the Alternative Investment Fund (AIF) and JRCM is the Alternative Investment Fund Manager (AIFM). As custodian, substantially all of the Company\u2019s directly-held listed portfolio investments and cash at bank are held by BNP. Bankruptcy or insolvency of the custodian may cause the Group\u2019s rights with respect to securities held by the custodian to be delayed; however, the custodian\u2019s local long-term rating from S&P was A+ in the most recent rating prior to 31 December 2022 (2021: A+). As depositary under AIFMD, the main obligation of BNP is the safeguarding of those custodied assets on behalf of the RIT shareholder. The depositary is liable for the loss of financial instruments held in custody, other than under limited circumstances. As a result of this obligation, the depositary maintains oversight of all transactions undertaken by the AIFM (JRCM) on behalf of the AIF (RIT). This includes reviewing all cash movements, receiving copies of internal sign\u2010off documentation and key legal agreements, and oversight and review of key procedures and controls. 13.1.6 Liquidity risk Liquidity risk is the risk that the Group will have difficulty in meeting its obligations in respect of financial liabilities as they fall due. In addition to the Group\u2019s liquidity balances and committed but undrawn borrowings, the investment portfolio includes a substantial amount of assets which would be expected to be realised within a relatively short time frame, depending on market conditions. This might include stocks (unless held via a co-investment fund or subject to a lock-up), government bonds and derivatives. Other investments can be realised over varying timeframes depending on the nature of the investment and/or the legal terms governing disposal. Investments in externally-managed equity and hedge funds have redemption periods which typically range from daily to quarterly and longer, depending in part on the underlying nature of the portfolio holdings. There is also a risk in stress situations of the funds imposing additional restrictions or \u2018gates\u2019 on redemptions (as happened in particular to hedge funds during the global financial crisis). Direct private and private fund investments are inherently less liquid, and while there is a secondary market, participants will often experience discounts to fair value, in particular at times of stress. JRCM manages the Group\u2019s liquid resources in line with a liquidity risk framework overseen by the Board. This establishes a minimum level of liquidity available to meet expected contractual commitments, including ongoing costs, margin calls and capital calls (from funds with a commitment/drawdown structure - see Note 14). The Manager monitors the level of short-term funding, and balances the need for access to short-term funding, with the long-term funding needs of the Group. The Group has three revolving credit facilities with a total capacity of \u00a3335 million (of which \u00a390 million was committed and undrawn at the year end) and \u00a3151 million of long-term loan notes (details of which are disclosed in Note 18). The remaining contractual maturities of the Group\u2019s financial liabilities at the year end, based on the earliest date on which payment could be required are as follows: \u00a3 million 31 December 2022 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 236.2 \u2013 \u2013 236.2 Derivative financial instruments 7. 0 3.4 \u2013 10.4 Non-current liabilities: Derivative financial instruments \u2013 \u2013 0.0 0.0 Borrowings \u2013 5.6 189.3 194.9 Lease liability \u2013 0.4 5.9 6.3 Financial liabilities 243.2 9.4 195.2 447.8 Other non-financial liabilities 63.5 \u2013 1. 8 65.3 Total 306.7 9.4 197.0 513.1 \u00a3 million 31 December 2021 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 240.0 \u2013 \u2013 240.0 Derivative financial instruments 7. 9 0.3 \u2013 8.2 Purchase for future settlement 99.9 \u2013 \u2013 99.9 Non-current liabilities: Derivative financial instruments \u2013 \u2013 2.9 2.9 Borrowings \u2013 5.2 194.6 199.8 Lease liability \u2013 0.4 3.9 4.3 Financial liabilities 347.8 5.9 201.4 555.1 Other non-financial liabilities 168.8 \u2013 1. 0 169.8 Total 516.6 5.9 202.4 724.9 In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3385 million (2021: \u00a3360.2 million) as set out in Note 14 . 13.2 Collateral Collateral in the form of cash margin is posted by the Group in relation to certain derivative transactions, transacted under the auspices of the International Swaps and Derivatives Association. The Group does not hold collateral from other counterparties. Set out below is the amount of financial assets pledged as collateral at the year end. \u00a3 million 2022 2021 Cash margin 85.4 87.6 13.3 Derivative financial instruments The Group typically uses the following types of derivative instruments in the portfolio: \u2022 futures and forward contracts relating to market indices, foreign currencies and government bonds; \u2022 options relating to foreign currencies, market indices, stocks and interest rates; and \u2022 swaps relating to interest rates, bonds, credit spreads, equity indices and stocks. As explained above, the Manager uses derivatives to hedge various exposures and also selectively to increase or decrease exposure where desired. The notional amount of certain types of derivatives provides a basis for comparison with instruments recognised on the balance sheet, but does not necessarily indicate the amount of future cash flows involved or the current fair value of the derivatives. The derivative instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations in indices, security prices, market interest rates or foreign exchange rates relevant to the terms of the derivative instrument. The aggregate contractual or notional amount of derivative financial instruments held, the extent to which instruments are favourable or unfavourable and thus the aggregate fair values of derivative financial assets and liabilities can fluctuate significantly from time to time. Details of the unsettled derivatives at 31 December 2022 and 31 December 2021 are: As at 31 December 2022 \u00a3 million Group and Company Notional 1 amount Assets (positive fair value) Liabilities (negative fair value) Total fair value Commodity derivatives 169.1 6.4 \u2013 6.4 Credit derivatives \u2013 \u2013 \u2013 \u2013 Currency derivatives 1,815.1 49.6 (7.0) 42.6 Equity derivatives 253.2 2.3 (3.4) (1.1) Fixed income derivatives \u2013 \u2013 \u2013 \u2013 Total 58.3 (10.4) 47.9 As at 31 December 2021 \u00a3 million Group and Company Notional 1 amount Assets (positive fair value) Liabilities (negative fair value) Total fair value Commodity derivatives 132.8 3.0 \u2013 3.0 Credit derivatives 178.4 0.4 (3.3) (2.9) Currency derivatives 2,364.4 28.6 (7.6) 21.0 Equity derivatives 53.0 3.5 (0.2) 3.3 Fixed income derivatives 81.2 0.1 \u2013 0.1 Total 35.6 (11.1) 24.5 1 Long and short notional exposure has been netted. 13.4 IFRS 13 fair value measurement classification IFRS 13 requires the Group to classify its financial instruments held at fair value using a hierarchy that reflects the significance of the inputs used in the valuation methodologies. These are as follows: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs). The vast majority of the Group\u2019s financial assets and liabilities, investment properties and property, plant and equipment are measured at fair value on a recurring basis. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur. A description of the valuation techniques used by the Group with regards to investments categorised in each level of the fair value hierarchy is detailed below. Where the Group invests in a fund or a partnership, which is not itself listed on an active market, the categorisation of such investments between levels 2 and 3 is determined by reference to the nature of the fund or partnership\u2019s underlying investments. If such investments are categorised across different levels, the lowest level of the hierarchy that forms a significant proportion of the fund or partnership exposure is used to determine the reporting disclosure. If the proportion of the underlying investments categorised between levels changes during the period, these will be reclassified to the most appropriate level. Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly 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 quoted market price used for financial assets held by the Group is the current bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Where a market price is available but the market is not considered active, the Group has classified these investments as level 2. Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximise the use of observable market data where it is available. Specific valuation techniques used to value OTC derivatives include quoted market prices for similar instruments, counterparty quotes and the use of forward exchange rates to estimate the fair value of forward foreign exchange contracts at the balance sheet date. Investments in externally-managed funds which themselves invest primarily in listed securities are valued at the price or net asset value released by the investment manager or fund administrator as at the balance sheet date. Level 3 The Group considers all private investments, whether direct or funds, (as described in the Investment Portfolio on page 18) as level 3 assets, as the valuations of these assets are not typically based on observable market data. Where other funds invest into illiquid stocks, these are also considered by the Group to be level 3 assets. Private fund investments are held at the most recent fair values provided by the GPs managing those funds, adjusted for subsequent investments, distributions, and currency movements up to the period end, and are subject to periodic review by the Manager. Direct co-investments are also held at the most recent fair values provided by the GPs managing those co-investments, adjusted for subsequent investments, distributions, currency moves, as well as pricing events where the Manager has sufficient information to suggest the period end valuation should be adjusted. The remaining directly-held private investments are valued on a semi-annual basis using techniques including a market approach, income approach and/or cost approach. The valuation process involves the investment functions of the Manager who prepare the proposed valuations, which are then subject to review by the finance function, with the final valuations being presented to the Valuation Committee, comprised of independent non-executive Directors, of which the Audit and Risk Committee Chair is also a member . Specific valuation techniques used will typically include the value of recent transactions, earnings multiples, discounted cash flow analysis, and, where appropriate, industry specific methodologies. The acquisition cost, if determined to be fair value, may be used to calibrate inputs to the valuation. The valuations will often reflect a synthesis of a number of distinct approaches in determining the final fair value estimate. The individual approach for each investment will vary depending on relevant factors that a market participant would take into account in pricing the asset. These might include the specific industry dynamics, the company\u2019s stage of development, profitability, growth prospects or risk as well as the rights associated with the particular security. Borrowings at 31 December 2022 comprise bank loans and senior loan notes. The bank loans are revolving credit facilities paying floating interest, and are typically drawn in tranches with a duration of three or six months. The loans are therefore short-term in nature, and their fair value approximates their nominal value. The loan notes were issued in 2015 with tenors of between 10 and 20 years with a weighted average of 16 years. They are valued on a monthly basis using a discounted cash flow model where the discount rate is derived from the yield of similar tenor UK Government bonds, adjusted for any significant changes in either credit spreads or the perceived credit risk of the Company. The fair value of investments in non-consolidated subsidiaries is considered to be the net asset value of the individual subsidiary as at the balance sheet date. The net asset value comprises various assets and liabilities which are fair valued on a recurring basis and is considered to be level 3. On a semi-annual basis, the Group engages external, independent and qualified valuers to determine the fair value of the Group\u2019s investment properties and property, plant and equipment held at fair value. Further information is shown in Note 15. The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2022: As at 31 December 2022 \u00a3 million Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss (FVPL): Portfolio investments 506.8 1,204.2 1,774.2 3,485.2 Non-consolidated subsidiaries \u2013 \u2013 101.1 101.1 Investments held at fair value 506.8 1,204.2 1,875.3 3,586.3 Derivative financial instruments 6.4 51.9 \u2013 58.3 Total financial assets at FVPL 513.2 1,256.1 1,875.3 3,644.6 Non-financial assets measured at fair value: Investment property \u2013 \u2013 37.9 37.9 Property, plant and equipment \u2013 \u2013 20.7 20.7 Total non-financial assets measured at fair value \u2013 \u2013 58.6 58.6 Financial liabilities at FVPL: Borrowings \u2013 \u2013 (370.6) (370.6) Derivative financial instruments \u2013 (10.4) \u2013 (10.4) Total financial liabilities at FVPL \u2013 (10.4) (370.6) (381.0) Total net assets measured at fair value 513.2 1,245.7 1,563.3 3,322.2 Other non-current assets 0.5 Cash at bank 218.0 Other current assets 249.8 Other current liabilities (63.6) Other non-current liabilities (5.2) Net assets 3,721.7 Movements in level 3 assets Year ended 31 December 2022 \u00a3 million Investments held at fair value Properties Total Opening balance 1,914.3 61.4 1,975.7 Purchases 222.2 0.1 222.3 Sales (210.3) \u2013 (210.3) Realised gains/(losses) through profit or loss 8.7 \u2013 8.7 Unrealised gains/(losses) through profit or loss (59.7) (0.4) (60.1) Unrealised gains/(losses) through other comprehensive income \u2013 (2.1) (2.1) Transfer in to level 3 \u2013 \u2013 \u2013 Transfer out of level 3 \u2013 \u2013 \u2013 Other 0.1 (0.4) (0.3) Closing balance 1,875.3 58.6 1,933.9 During the year no investments were reclassified between level 2 and level 3. Level 3 assets Further information in relation to the directly-held private investments is set out in the following table. This summarises the portfolio by the primary method used in fair valuing the asset. As we seek to employ a range of valuation methods and inputs in the valuation process, selection of a primary method is subjective, and designed primarily to assist the subsequent sensitivity analysis. Primary valuation method/approach \u00a3 million 2022 2021 Third-party valuations 1 246.3 361.1 Discount to recent transaction2 90.5 \u2013 Earnings multiple 49.8 \u2013 Recent transaction 23.6 140.0 Other industry metrics 21.7 12.3 Discount to agreed third-party offer 10.8 \u2013 Total 442.7 513.4 1 Included in this method are directly-held private investments held within the non-consolidated subsidiaries with a total of \u00a324.5 million (2021: \u00a329.7 million). 2 Included in this method are direct private investments which have been discounted due to a decline in public markets. The majority of the direct private investments are structured as co- investments, managed by a GP. For these investments, we typically use the latest quarterly fair valuations provided by the GP, adjusted for any subsequent investments/distributions and currency moves as well as pricing events, where there is sufficient information to suggest the period-end valuation should be adjusted. Where the Manager has sufficient information to undertake its own valuation, a range of methods will typically be used. For companies with positive earnings, we seek to utilise an earnings multiple approach, typically using EBITDA or similar. The earnings multiple is assessed by reference to similar listed companies or transactions involving similar companies. When an asset is undergoing a sale and the price has been agreed but not yet completed or an offer has been submitted, we use the agreed or offered price, often with a final discount to reflect the risks associated with the transaction completing or any price adjustments. Where a company has been the subject of a recent financing round which is viewed as representative of fair value, we will use this transaction price. Other methods employed include discounted cash flow analysis and industry metrics such as multiples of assets under management or revenue, where market participants use these approaches in pricing assets. The following table provides a sensitivity analysis of the valuation of directly-held private investments, and the impact on net assets: Valuation method/approach Sensitivity analysis Third-party valuations A 5% change in the value of these assets would result in a \u00a312.3 million or 0.33% (2021: \u00a318.1 million, 0.41%) change in net assets. Discount to recent transaction Assets in this category are valued using a discount applied to a recent financing round or secondary transaction. Discounts range between 15% and 70%, reflecting factors such as the elapsed time since the transaction and the movement in prices of broadly similar listed companies. A 5% change to the discount would result in a \u00a34.5 million or 0.12% (2021: n/a) change in net assets. Earnings multiple Assets in this category are valued using EV/ sales multiples in the range of 4.0x - 8.5x. If the multiple used for valuation purposes is increased or decreased by 5% then the net assets would increase/decrease by \u00a32.5 million or 0.07% (2021: n/a). Recent transaction A 5% change in the value of these assets would result in a \u00a31.2 million or 0.03% (2021: \u00a37.0 million, 0.16%) change in net assets. Other industry metrics A 5% change in the value of these assets would result in a \u00a31.1 million or 0.03% (2021: \u00a30.6 million, 0.01%) change in net assets. Discount to agreed third-party offer The asset in this category is valued using a 15% discount to an agreed offer. A 5% change in the discount would result in a \u00a30.1 million or <0.01% (2021: n/a) change in net assets. The investment property and property, plant and equipment with an aggregate fair value of \u00a358.6 million (2021: \u00a361.4 million) were valued using a third-party valuation provided by JLL. The properties were valued using weighted average capital values of \u00a31,580 per square foot (2021: \u00a31,658) developed from rental yields and supported by market transactions. A \u00a325 per square foot increase/decrease in capital values would result in a \u00a30.8 million increase/decrease in fair value (2021: \u00a30.8 million increase/decrease). The non-consolidated subsidiaries are held at their fair value of \u00a3101.1 million (2021: \u00a3101.4 million) representing \u00a3104.7 million of portfolio investments (2021: \u00a3104.3 million) and \u00a33.3 million of remaining liabilities (2021: \u00a32.9 million of remaining liabilities). A 5% change in the value of these assets would result in \u00a35.1 million or 0.1% (2021: \u00a35.1 million, 0.1%) change in total net assets. The remaining investments held at fair value and classified as level 3 of \u00a31,355.7 million (2021: \u00a31,329.2 million) were valued using third-party valuations from a GP, administrator or fund manager. A 5% change in the value of these assets would result in a \u00a367.8 million or 1.82% (2021: \u00a366.5 million, 1.51%) change in net assets. In aggregate, the sum of the direct private investments, investment property, property, plant and equipment, non-consolidated subsidiaries and the remaining fund investments represents the total level 3 assets of \u00a31,933.9 million (2021: \u00a31,975.7 million). The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2021: As at 31 December 2021 \u00a3 million Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss (FVPL): Portfolio investments 579.6 1,797.9 1,813.0 4,190.5 Non-consolidated subsidiaries \u2013 \u2013 101.3 101.3 Investments held at fair value 579.6 1,797.9 1,914.3 4,291.8 Derivative financial instruments 2.9 32.7 \u2013 35.6 Total financial assets at FVPL 582.5 1,830.6 1,914.3 4,327.4 Non-financial assets measured at fair value: Investment property \u2013 \u2013 38.3 38.3 Property, plant and equipment \u2013 \u2013 23.1 23.1 Total non-financial assets measured at fair value \u2013 \u2013 61.4 61.4 Financial liabilities at FVPL: Borrowings \u2013 \u2013 (408.9) (408.9) Derivative financial instruments \u2013 (11.1) \u2013 (11.1) Total financial liabilities at FVPL \u2013 (11.1) (408.9) (420.0) Total net assets measured at fair value 582.5 1,819.5 1,566.8 3,968.8 Other non-current assets 3.8 Cash at bank 325.9 Other current assets 266.5 Other current liabilities (168.8) Other non-current liabilities (5.9) Net assets 4,390.3 Movements in level 3 assets Year ended 31 December 2021 \u00a3 million Investments held at fair value Properties Total Opening balance 1,232.1 61.4 1,293.5 Purchases 857.6 0.1 857.7 Sales (882.1) \u2013 (882.1) Realised gains/(losses) through profit or loss 37.5 \u2013 37.5 Unrealised gains/(losses) through profit or loss 767.5 0.6 768.1 Unrealised gains/(losses) through other comprehensive income \u2013 (0.2) (0.2) Transfer in to level 3 40.9 \u2013 40.9 Transfer out of level 3 (139.2) \u2013 (139.2) Other \u2013 (0.5) (0.5) Closing balance 1,914.3 61.4 1,975.7 13.5 Capital management The Group\u2019s primary objectives in relation to the management of capital are: \u2022 to deliver long-term capital growth for its shareholders, while preserving shareholders\u2019 capital; \u2022 to deliver for shareholders increases in capital value in excess of the relevant indices over time through an appropriate balance of equity capital and gearing; and \u2022 to ensure the Group\u2019s ability to continue as a going concern. The Company is subject to externally imposed capital requirements: \u2022 the Company\u2019s Articles of Association restrict borrowings to a maximum of five times share capital and reserves; and \u2022 the Company\u2019s borrowings are subject to covenants limiting the total exposure based on a minimum net assets and a cap of borrowings as a percentage of adjusted net assets. All these conditions were met during this year and the previous financial year. In addition, JRCM is subject to capital requirements imposed by the FCA and must ensure that it has sufficient capital to meet these requirements. JRCM was compliant with those capital requirements throughout the year. The Group\u2019s capital at 31 December 2022 and 31 December 2021 comprised: \u00a3 million 2022 2021 Equity share capital 156.8 156.8 Retained earnings and other reserves 3,564.9 4,233.5 Net asset value 3,721.7 4,390.3 Borrowings 370.6 408.9 Total capital 4,092.3 4,799.2 There have been no significant changes to the Group\u2019s capital management objectives, policies and processes in the year, nor has there been any change in what the Group considers to be its capital. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "13.1 Financial risk management The main risks arising from the Group\u2019s financial instruments are market risk (including price risk, interest rate risk and currency risk), credit risk and liquidity risk. The day-to-day identification, mitigation and monitoring of these risks is undertaken by the Manager under the authority of the Board and the Audit and Risk Committee, and is described in more detail below. The objectives, policies and processes for managing risks have not changed since the previous accounting year. The risk management processes of the Company are aligned with those of the Group as a whole and it is at the Group level that the majority of the risk management procedures are performed. Where relevant and materially different from the Group position, Company-specific risk exposures are explained alongside those of the Group. 13.1.1 Market risk The fair value or future cash flows of a financial instrument or investment property held by the Group may fluctuate as a result of changes in market prices. Market risk can be summarised as comprising three types of risk: \u2022 Price risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk). \u2022 Interest rate risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in interest rates. \u2022 Currency risk The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to, sensitivity to and management of each of these risks are described in further detail below. Management of market risk is fundamental to the Group\u2019s investment objective. The investment portfolio is continually monitored to target an appropriate balance of risk and reward. The Manager may seek to reduce or increase the portfolio\u2019s exposure to stock markets, interest rates and currencies by utilising derivatives such as index futures, options, swaps and currency forward contracts. These instruments are used for the purpose of hedging some or all of the existing exposure within the portfolio to those currencies or particular markets, as well as to enable increased exposure when deemed appropriate. With respect to equity, foreign exchange and interest rate options, the notional exposure presented in this note is adjusted to reflect the estimated sensitivity of the option to movements in the underlying security. 13.1.2 Price risk Price risk may affect the value of the quoted, private and other investments held by the Group. The Group has a widely diversified investment portfolio which significantly reduces the exposure to individual asset price risk. The performance of third-party investment managers is regularly reviewed and assessed to ensure compliance with their mandates and that their performance is compatible with the Group\u2019s investment objective. The Group\u2019s exposure to price risk is monitored and managed by analysing the levels of direct exposure from quoted equity price risk and the exposure from other price risk. The Group\u2019s exposure to quoted equity price risk (also described as net quoted equity exposure) can be assumed to be equivalent to the quoted equity investments in the investment portfolio adjusted for: \u2022 Notional exposure from quoted equity derivatives; \u2022 Estimated cash balances held by external managers; and \u2022 Estimated net equity exposure from hedge fund managers. Other price risk exposure relates to investments in private investments, absolute return and credit, and real assets, adjusted for the notional exposure from commodity and credit derivatives. \u00a3 million 31 December 2022 31 December 2021 Exposure to quoted equity price risk1 1,361.1 1,755.0 Exposure to other price risk 2,394.5 2,669.5 Total exposure to price risk 3,755.6 4,424.5 1 Quoted equity price risk represented 37% of year-end net assets (2021: 40%). Price risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit with regards to changes in market prices is illustrated below. This is estimated using an assumed 10% increase in general market prices with all other variables held constant. A 10% decrease is assumed to produce an equal and opposite effect. The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into including those designed to provide a hedge against such movements. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets Quoted equity 137.4 177.1 Other 239.4 266.9 Total 376.8 444.0 The Group is exposed to market risk in respect to the fair value of the investment properties. The investment properties are valued by JLL using a market valuation approach and as such, the valuation will be influenced by trends experienced in the property market and also the wider economic environment. In particular, the valuation will be dependent on rental income yields, demand and supply for office space in London and comparable transactions completed in the marketplace. Fluctuations in any of the inputs used by the valuers to value the investment properties may increase or decrease the fair value of the properties. 13.1.3 Interest rate risk The Group finances its operations mainly through its share capital and reserves, including realised gains on investments. In addition, financing has been obtained through bank borrowings and fixed rate loan notes. Changes in interest rates have a direct or indirect impact on the fair value or future cash flows of the following financial assets and liabilities: \u2022 Gilts and other government securities; \u2022 Money market funds; \u2022 Credit funds; \u2022 Cash and cash equivalents; \u2022 Group borrowings; and \u2022 Certain derivative contracts. Changes in interest rates indirectly affect the fair value of the Group\u2019s other investments including those in quoted equity securities, private investments or property. Interest rate risk is managed by taking into account the possible effects on fair value and cash flows that could arise as a result of changes in interest rates when making decisions on investments and borrowings. Exposure of the Group\u2019s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates are reset) and fixed interest rates (giving fair value risk), is shown below. \u00a3 million 31 December 2022 Floating rate Fixed rate Total Portfolio investments \u2013 debt securities1 \u2013 40.7 40.7 Cash 218.0 \u2013 218.0 Borrowings (236.2) (134.4) (370.6) Total 2 (18.2) (93.7) (111.9) \u00a3 million 31 December 2021 Floating rate Fixed rate Total Portfolio investments \u2013 debt securities1 \u2013 29.7 29.7 Cash 325.9 \u2013 325.9 Borrowings (240.0) (168.9) (408.9) Total 2 85.9 (139.2) (53.3) 1 In addition, the Group holds \u00a3746.8 million (2021: \u00a3777.4 million) invested in absolute return and credit, of which \u00a3443.7 million (2021: \u00a3313.5 million) is in funds that predominantly invest in credit instruments. These provide indirect exposure to interest rate risk. 2 In addition, the Group holds \u00a3nil million (2021: \u00a397.3 million) notional exposure to interest rate derivatives. Exposures vary throughout the year as a consequence of changes in the composition of the net assets of the Group arising out of investment, borrowing and risk management processes. Portfolio investments include direct and indirect (via externally- managed funds) investments in government securities, money markets, as well as quoted and unquoted debt securities issued by companies. Interest received on cash and cash equivalents is at prevailing market rates. The Group has total borrowings with a fair value of \u00a3370.6 million outstanding at the year end (2021: \u00a3408.9 million). The revolving credit facility comprising \u00a3236.2 million of this total incurs floating interest payments (2021: \u00a3240.0 million). The loan notes with a fair value of \u00a3134.4 million (par value of \u00a3151.0 million) have fixed interest payments (2021: fair value \u00a3168.9 million; par value \u00a3151.0 million). Further details are provided in Note 18. Interest rate risk sensitivity analysis The approximate sensitivity of the Group\u2019s net assets and profit in regard to changes in interest rates is illustrated below. This is based on an assumed 50 basis point annualised increase in prevailing interest rates at the balance sheet date applied to the floating rate and fixed rate assets and liabilities and the following assumptions: \u2022 the fair values of all other assets and liabilities are not affected by a change in interest rates; \u2022 funds will be reinvested in similar interest-bearing securities on maturity; and \u2022 all other variables are held constant. A 50 basis point decrease is assumed to produce an equal and opposite impact. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets Total 6.1 4.2 The Group has direct exposure to the effect of interest rate changes on the valuation and cash flows of its interest-bearing assets and liabilities. However, it may also be indirectly affected by the impact of interest rate changes on the earnings of certain companies in which the Group invests, and the impact on valuations that use interest rates as an input, including valuation models for private investments. Therefore, the sensitivity analysis may not reflect the full effect on the Group\u2019s net assets. 13.1.4 Currency risk Consistent with its Investment Policy, the Group invests in financial instruments and transactions denominated in currencies other than sterling. As such, the Group\u2019s profit and net assets could be significantly affected by currency movements. Currency risk is managed by the Group by entering into currency options or forward currency contracts as a means of limiting or increasing its exposure to particular currencies. These contracts are used for the purpose of hedging part of the existing currency exposure of the Group\u2019s portfolio (as a means of reducing risk) or to enable increased exposure when this is deemed appropriate by the Manager. Foreign currency exposure Currency 2022 Net exposure % of NAV 2021 Net exposure % of NAV US dollar 32.5 26.8 Japanese yen 4.2 2.7 Euro 7. 5 1. 5 Other non-sterling 2.9 0.4 Total1 47.1 31.4 1 Amounts in the above table are based on the carrying value of all foreign currency denominated assets and liabilities and the underlying notional amounts of forward currency contracts. It does not take into account any estimates of \u2018look-through\u2019 exposure from our fund investments Currency risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit in regard to changes in key currencies is illustrated below. This is based on an assumed 10% strengthening of sterling relative to the foreign currencies as at 31 December 2022, and assumes all other variables are held constant. A 10% weakening is assumed to produce an equal and opposite effect. The sensitivity analysis is based on the net foreign currency assets held at the balance sheet dates and takes account of currency forwards and options that adjust the effects of changes in currency exchange rates. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets US dollar (120.8) (97.9) Japanese yen (15.6) (11.9) Euro (27.8) (6.6) Other non-sterling (11.2) (1.7) Total (175.4) (118.1) 13.1.5 Credit risk Credit risk is the risk that a counterparty to a financial instrument held by the Group will fail to discharge an obligation or commitment that it has entered into with the Group, which could result in a loss to the Group. This risk is not considered significant and is managed as follows: \u2022 the vast majority of the Group\u2019s listed transactions are settled on a delivery versus payment basis and are held directly by the custodian in fully segregated client accounts; \u2022 use of a range of brokers and counterparties with their credit quality monitored regularly; \u2022 cash balances are predominantly held with our custodian, whose credit worthiness is regularly monitored; \u2022 cash margin is held by a range of approved counterparties, with both margin balances and counterparties\u2019 creditworthiness monitored regularly; and \u2022 careful selection of a diversified portfolio of credit managers. A credit exposure could arise in respect of derivative contracts entered into by the Group if a counterparty was unable to fulfil its contractual obligations. The Group has exposure to certain debt instruments acquired as part of its private equity investments. The credit risk associated with these instruments is managed as part of the overall investment risk in the relevant portfolio companies and is not considered separately. The Group\u2019s maximum credit exposure is limited to the carrying amount of financial assets recognised at the reporting date, as summarised below. Credit risk exposure \u00a3 million 2022 2021 Portfolio investments \u2013 debt securities 1 40.7 29.7 Derivative financial instruments 2 58.3 35.6 Cash margin 85.4 87.6 Other receivables 159.9 175.2 Cash at bank 218.0 325.9 Total 562.3 654.0 1 Debt securities held within portfolio investments include a private loan note issued by LionTree Advisory Holdings LLC. 2 Represents the fair value of assets held by counterparties. The credit quality of certain financial assets that are not past due, where the risk of loss is primarily that a counterparty fails to meet an obligation, can be assessed by reference to external credit ratings. The Manager has a review process in place that includes an evaluation of a potential counterparty\u2019s ability to service and repay its debt. This is considered on a regular basis. Cash margins and other receivables comprise mainly balances with counterparties which are investment grade financial institutions with a short-term credit rating by S&P of A-2 or higher (2021: A-2). BNP is the custodian and depositary to the Company under the Alternative Investment Fund Managers Directive (AIFMD). Under the UK equivalent regulations, the Company is the Alternative Investment Fund (AIF) and JRCM is the Alternative Investment Fund Manager (AIFM). As custodian, substantially all of the Company\u2019s directly-held listed portfolio investments and cash at bank are held by BNP. Bankruptcy or insolvency of the custodian may cause the Group\u2019s rights with respect to securities held by the custodian to be delayed; however, the custodian\u2019s local long-term rating from S&P was A+ in the most recent rating prior to 31 December 2022 (2021: A+). As depositary under AIFMD, the main obligation of BNP is the safeguarding of those custodied assets on behalf of the RIT shareholder. The depositary is liable for the loss of financial instruments held in custody, other than under limited circumstances. As a result of this obligation, the depositary maintains oversight of all transactions undertaken by the AIFM (JRCM) on behalf of the AIF (RIT). This includes reviewing all cash movements, receiving copies of internal sign\u2010off documentation and key legal agreements, and oversight and review of key procedures and controls. 13.1.6 Liquidity risk Liquidity risk is the risk that the Group will have difficulty in meeting its obligations in respect of financial liabilities as they fall due. In addition to the Group\u2019s liquidity balances and committed but undrawn borrowings, the investment portfolio includes a substantial amount of assets which would be expected to be realised within a relatively short time frame, depending on market conditions. This might include stocks (unless held via a co-investment fund or subject to a lock-up), government bonds and derivatives. Other investments can be realised over varying timeframes depending on the nature of the investment and/or the legal terms governing disposal. Investments in externally-managed equity and hedge funds have redemption periods which typically range from daily to quarterly and longer, depending in part on the underlying nature of the portfolio holdings. There is also a risk in stress situations of the funds imposing additional restrictions or \u2018gates\u2019 on redemptions (as happened in particular to hedge funds during the global financial crisis). Direct private and private fund investments are inherently less liquid, and while there is a secondary market, participants will often experience discounts to fair value, in particular at times of stress. JRCM manages the Group\u2019s liquid resources in line with a liquidity risk framework overseen by the Board. This establishes a minimum level of liquidity available to meet expected contractual commitments, including ongoing costs, margin calls and capital calls (from funds with a commitment/drawdown structure - see Note 14). The Manager monitors the level of short-term funding, and balances the need for access to short-term funding, with the long-term funding needs of the Group. The Group has three revolving credit facilities with a total capacity of \u00a3335 million (of which \u00a390 million was committed and undrawn at the year end) and \u00a3151 million of long-term loan notes (details of which are disclosed in Note 18). The remaining contractual maturities of the Group\u2019s financial liabilities at the year end, based on the earliest date on which payment could be required are as follows: \u00a3 million 31 December 2022 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 236.2 \u2013 \u2013 236.2 Derivative financial instruments 7. 0 3.4 \u2013 10.4 Non-current liabilities: Derivative financial instruments \u2013 \u2013 0.0 0.0 Borrowings \u2013 5.6 189.3 194.9 Lease liability \u2013 0.4 5.9 6.3 Financial liabilities 243.2 9.4 195.2 447.8 Other non-financial liabilities 63.5 \u2013 1. 8 65.3 Total 306.7 9.4 197.0 513.1 \u00a3 million 31 December 2021 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 240.0 \u2013 \u2013 240.0 Derivative financial instruments 7. 9 0.3 \u2013 8.2 Purchase for future settlement 99.9 \u2013 \u2013 99.9 Non-current liabilities: Derivative financial instruments \u2013 \u2013 2.9 2.9 Borrowings \u2013 5.2 194.6 199.8 Lease liability \u2013 0.4 3.9 4.3 Financial liabilities 347.8 5.9 201.4 555.1 Other non-financial liabilities 168.8 \u2013 1. 0 169.8 Total 516.6 5.9 202.4 724.9 In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3385 million (2021: \u00a3360.2 million) as set out in Note 14 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "13.1.1 Market risk The fair value or future cash flows of a financial instrument or investment property held by the Group may fluctuate as a result of changes in market prices. Market risk can be summarised as comprising three types of risk: \u2022 Price risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk). \u2022 Interest rate risk The risk that the fair value or future cash flows of financial instruments and investment properties will fluctuate because of changes in interest rates. \u2022 Currency risk The risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to, sensitivity to and management of each of these risks are described in further detail below. Management of market risk is fundamental to the Group\u2019s investment objective. The investment portfolio is continually monitored to target an appropriate balance of risk and reward. The Manager may seek to reduce or increase the portfolio\u2019s exposure to stock markets, interest rates and currencies by utilising derivatives such as index futures, options, swaps and currency forward contracts. These instruments are used for the purpose of hedging some or all of the existing exposure within the portfolio to those currencies or particular markets, as well as to enable increased exposure when deemed appropriate. With respect to equity, foreign exchange and interest rate options, the notional exposure presented in this note is adjusted to reflect the estimated sensitivity of the option to movements in the underlying security. 13.1.2 Price risk Price risk may affect the value of the quoted, private and other investments held by the Group. The Group has a widely diversified investment portfolio which significantly reduces the exposure to individual asset price risk. The performance of third-party investment managers is regularly reviewed and assessed to ensure compliance with their mandates and that their performance is compatible with the Group\u2019s investment objective. The Group\u2019s exposure to price risk is monitored and managed by analysing the levels of direct exposure from quoted equity price risk and the exposure from other price risk. The Group\u2019s exposure to quoted equity price risk (also described as net quoted equity exposure) can be assumed to be equivalent to the quoted equity investments in the investment portfolio adjusted for: \u2022 Notional exposure from quoted equity derivatives; \u2022 Estimated cash balances held by external managers; and \u2022 Estimated net equity exposure from hedge fund managers. Other price risk exposure relates to investments in private investments, absolute return and credit, and real assets, adjusted for the notional exposure from commodity and credit derivatives. \u00a3 million 31 December 2022 31 December 2021 Exposure to quoted equity price risk1 1,361.1 1,755.0 Exposure to other price risk 2,394.5 2,669.5 Total exposure to price risk 3,755.6 4,424.5 1 Quoted equity price risk represented 37% of year-end net assets (2021: 40%). Price risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit with regards to changes in market prices is illustrated below. This is estimated using an assumed 10% increase in general market prices with all other variables held constant. A 10% decrease is assumed to produce an equal and opposite effect. The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into including those designed to provide a hedge against such movements. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets Quoted equity 137.4 177.1 Other 239.4 266.9 Total 376.8 444.0 The Group is exposed to market risk in respect to the fair value of the investment properties. The investment properties are valued by JLL using a market valuation approach and as such, the valuation will be influenced by trends experienced in the property market and also the wider economic environment. In particular, the valuation will be dependent on rental income yields, demand and supply for office space in London and comparable transactions completed in the marketplace. Fluctuations in any of the inputs used by the valuers to value the investment properties may increase or decrease the fair value of the properties. 13.1.3 Interest rate risk The Group finances its operations mainly through its share capital and reserves, including realised gains on investments. In addition, financing has been obtained through bank borrowings and fixed rate loan notes. Changes in interest rates have a direct or indirect impact on the fair value or future cash flows of the following financial assets and liabilities: \u2022 Gilts and other government securities; \u2022 Money market funds; \u2022 Credit funds; \u2022 Cash and cash equivalents; \u2022 Group borrowings; and \u2022 Certain derivative contracts. Changes in interest rates indirectly affect the fair value of the Group\u2019s other investments including those in quoted equity securities, private investments or property. Interest rate risk is managed by taking into account the possible effects on fair value and cash flows that could arise as a result of changes in interest rates when making decisions on investments and borrowings. Exposure of the Group\u2019s financial assets and liabilities to floating interest rates (giving cash flow interest rate risk when rates are reset) and fixed interest rates (giving fair value risk), is shown below. \u00a3 million 31 December 2022 Floating rate Fixed rate Total Portfolio investments \u2013 debt securities1 \u2013 40.7 40.7 Cash 218.0 \u2013 218.0 Borrowings (236.2) (134.4) (370.6) Total 2 (18.2) (93.7) (111.9) \u00a3 million 31 December 2021 Floating rate Fixed rate Total Portfolio investments \u2013 debt securities1 \u2013 29.7 29.7 Cash 325.9 \u2013 325.9 Borrowings (240.0) (168.9) (408.9) Total 2 85.9 (139.2) (53.3) 1 In addition, the Group holds \u00a3746.8 million (2021: \u00a3777.4 million) invested in absolute return and credit, of which \u00a3443.7 million (2021: \u00a3313.5 million) is in funds that predominantly invest in credit instruments. These provide indirect exposure to interest rate risk. 2 In addition, the Group holds \u00a3nil million (2021: \u00a397.3 million) notional exposure to interest rate derivatives. Exposures vary throughout the year as a consequence of changes in the composition of the net assets of the Group arising out of investment, borrowing and risk management processes. Portfolio investments include direct and indirect (via externally- managed funds) investments in government securities, money markets, as well as quoted and unquoted debt securities issued by companies. Interest received on cash and cash equivalents is at prevailing market rates. The Group has total borrowings with a fair value of \u00a3370.6 million outstanding at the year end (2021: \u00a3408.9 million). The revolving credit facility comprising \u00a3236.2 million of this total incurs floating interest payments (2021: \u00a3240.0 million). The loan notes with a fair value of \u00a3134.4 million (par value of \u00a3151.0 million) have fixed interest payments (2021: fair value \u00a3168.9 million; par value \u00a3151.0 million). Further details are provided in Note 18. Interest rate risk sensitivity analysis The approximate sensitivity of the Group\u2019s net assets and profit in regard to changes in interest rates is illustrated below. This is based on an assumed 50 basis point annualised increase in prevailing interest rates at the balance sheet date applied to the floating rate and fixed rate assets and liabilities and the following assumptions: \u2022 the fair values of all other assets and liabilities are not affected by a change in interest rates; \u2022 funds will be reinvested in similar interest-bearing securities on maturity; and \u2022 all other variables are held constant. A 50 basis point decrease is assumed to produce an equal and opposite impact. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets Total 6.1 4.2 The Group has direct exposure to the effect of interest rate changes on the valuation and cash flows of its interest-bearing assets and liabilities. However, it may also be indirectly affected by the impact of interest rate changes on the earnings of certain companies in which the Group invests, and the impact on valuations that use interest rates as an input, including valuation models for private investments. Therefore, the sensitivity analysis may not reflect the full effect on the Group\u2019s net assets. 13.1.4 Currency risk Consistent with its Investment Policy, the Group invests in financial instruments and transactions denominated in currencies other than sterling. As such, the Group\u2019s profit and net assets could be significantly affected by currency movements. Currency risk is managed by the Group by entering into currency options or forward currency contracts as a means of limiting or increasing its exposure to particular currencies. These contracts are used for the purpose of hedging part of the existing currency exposure of the Group\u2019s portfolio (as a means of reducing risk) or to enable increased exposure when this is deemed appropriate by the Manager. Foreign currency exposure Currency 2022 Net exposure % of NAV 2021 Net exposure % of NAV US dollar 32.5 26.8 Japanese yen 4.2 2.7 Euro 7. 5 1. 5 Other non-sterling 2.9 0.4 Total1 47.1 31.4 1 Amounts in the above table are based on the carrying value of all foreign currency denominated assets and liabilities and the underlying notional amounts of forward currency contracts. It does not take into account any estimates of \u2018look-through\u2019 exposure from our fund investments . Currency risk sensitivity analysis The sensitivity of the Group\u2019s net assets and profit in regard to changes in key currencies is illustrated below. This is based on an assumed 10% strengthening of sterling relative to the foreign currencies as at 31 December 2022, and assumes all other variables are held constant. A 10% weakening is assumed to produce an equal and opposite effect. The sensitivity analysis is based on the net foreign currency assets held at the balance sheet dates and takes account of currency forwards and options that adjust the effects of changes in currency exchange rates. \u00a3 million 2022 Impact on profit and net assets 2021 Impact on profit and net assets US dollar (120.8) (97.9) Japanese yen (15.6) (11.9) Euro (27.8) (6.6) Other non-sterling (11.2) (1.7) Total (175.4) (118.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "13.1.5 Credit risk
Credit risk is the risk that a counterparty to a financial instrument
held by the Group will fail to discharge an obligation or commitment
that it has entered into with the Group, which could result in a loss
to the Group.
This risk is not considered significant and is managed as follows:
\u2022 the vast majority of the Group\u2019s listed transactions are settled
on a delivery versus payment basis and are held directly by the
custodian in fully segregated client accounts;
\u2022 use of a range of brokers and counterparties with their credit
quality monitored regularly;
\u2022 cash balances are predominantly held with our custodian, whose
credit worthiness is regularly monitored;
\u2022 cash margin is held by a range of approved counterparties, with
both margin balances and counterparties\u2019 creditworthiness
monitored regularly; and
\u2022 careful selection of a diversified portfolio of credit managers.
A credit exposure could arise in respect of derivative contracts
entered into by the Group if a counterparty was unable to fulfil its
contractual obligations.
The Group has exposure to certain debt instruments acquired as
part of its private equity investments. The credit risk associated with
these instruments is managed as part of the overall investment risk
in the relevant portfolio companies and is not considered separately.
The Group\u2019s maximum credit exposure is limited to the carrying
amount of financial assets recognised at the reporting date, as
summarised below.
Credit risk exposure
\u00a3 million 2022 2021
Portfolio investments \u2013 debt securities
1
40.7 29.7
Derivative financial instruments
2
58.3 35.6
Cash margin 85.4 87.6
Other receivables 159.9 175.2
Cash at bank 218.0 325.9
Total 562.3 654.0
1
Debt securities held within portfolio investments include a private loan note
issued by LionTree Advisory Holdings LLC.
2
Represents the fair value of assets held by counterparties.
The credit quality of certain financial assets that are not past due,
where the risk of loss is primarily that a counterparty fails to meet an
obligation, can be assessed by reference to external credit ratings.
The Manager has a review process in place that includes an
evaluation of a potential counterparty\u2019s ability to service and repay its
debt. This is considered on a regular basis. Cash margins and other
receivables comprise mainly balances with counterparties which are
investment grade financial institutions with a short-term credit rating
by S&P of A-2 or higher (2021: A-2).
BNP is the custodian and depositary to the Company under the
Alternative Investment Fund Managers Directive (AIFMD). Under
the UK equivalent regulations, the Company is the Alternative
Investment Fund (AIF) and JRCM is the Alternative Investment Fund
Manager (AIFM). As custodian, substantially all of the Company\u2019s
directly-held listed portfolio investments and cash at bank are held
by BNP. Bankruptcy or insolvency of the custodian may cause the
Group\u2019s rights with respect to securities held by the custodian to
be delayed; however, the custodian\u2019s local long-term rating from
S&P was A+ in the most recent rating prior to 31 December 2022
(2021: A+).
As depositary under AIFMD, the main obligation of BNP is the
safeguarding of those custodied assets on behalf of the RIT
shareholder. The depositary is liable for the loss of financial
instruments held in custody, other than under limited circumstances.
As a result of this obligation, the depositary maintains oversight of
all transactions undertaken by the AIFM (JRCM) on behalf of the AIF
(RIT). This includes reviewing all cash movements, receiving copies
of internal sign\u2010off documentation and key legal agreements, and
oversight and review of key procedures and controls.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "13.1.6 Liquidity risk Liquidity risk is the risk that the Group will have difficulty in meeting its obligations in respect of financial liabilities as they fall due. In addition to the Group\u2019s liquidity balances and committed but undrawn borrowings, the investment portfolio includes a substantial amount of assets which would be expected to be realised within a relatively short time frame, depending on market conditions. This might include stocks (unless held via a co-investment fund or subject to a lock-up), government bonds and derivatives. Other investments can be realised over varying timeframes depending on the nature of the investment and/or the legal terms governing disposal. Investments in externally-managed equity and hedge funds have redemption periods which typically range from daily to quarterly and longer, depending in part on the underlying nature of the portfolio holdings. There is also a risk in stress situations of the funds imposing additional restrictions or \u2018gates\u2019 on redemptions (as happened in particular to hedge funds during the global financial crisis). Direct private and private fund investments are inherently less liquid, and while there is a secondary market, participants will often experience discounts to fair value, in particular at times of stress. JRCM manages the Group\u2019s liquid resources in line with a liquidity risk framework overseen by the Board. This establishes a minimum level of liquidity available to meet expected contractual commitments, including ongoing costs, margin calls and capital calls (from funds with a commitment/drawdown structure - see Note 14). The Manager monitors the level of short-term funding, and balances the need for access to short-term funding, with the long-term funding needs of the Group. The Group has three revolving credit facilities with a total capacity of \u00a3335 million (of which \u00a390 million was committed and undrawn at the year end) and \u00a3151 million of long-term loan notes (details of which are disclosed in Note 18). The remaining contractual maturities of the Group\u2019s financial liabilities at the year end, based on the earliest date on which payment could be required are as follows: \u00a3 million 31 December 2022 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 236.2 \u2013 \u2013 236.2 Derivative financial instruments 7. 0 3.4 \u2013 10.4 Non-current liabilities: Derivative financial instruments \u2013 \u2013 0.0 0.0 Borrowings \u2013 5.6 189.3 194.9 Lease liability \u2013 0.4 5.9 6.3 Financial liabilities 243.2 9.4 195.2 447.8 Other non-financial liabilities 63.5 \u2013 1. 8 65.3 Total 306.7 9.4 197.0 513.1 \u00a3 million 31 December 2021 3 months or less 3-12 months >1 year Total Current liabilities: Bank loan/overdraft 240.0 \u2013 \u2013 240.0 Derivative financial instruments 7. 9 0.3 \u2013 8.2 Purchase for future settlement 99.9 \u2013 \u2013 99.9 Non-current liabilities: Derivative financial instruments \u2013 \u2013 2.9 2.9 Borrowings \u2013 5.2 194.6 199.8 Lease liability \u2013 0.4 3.9 4.3 Financial liabilities 347.8 5.9 201.4 555.1 Other non-financial liabilities 168.8 \u2013 1. 0 169.8 Total 516.6 5.9 202.4 724.9 In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3385 million (2021: \u00a3360.2 million) as set out in Note 14 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "13.2 Collateral Collateral in the form of cash margin is posted by the Group in relation to certain derivative transactions, transacted under the auspices of the International Swaps and Derivatives Association. The Group does not hold collateral from other counterparties. Set out below is the amount of financial assets pledged as collateral at the year end. \u00a3 million 2022 2021 Cash margin 85.4 87.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "13.3 Derivative financial instruments The Group typically uses the following types of derivative instruments in the portfolio: \u2022 futures and forward contracts relating to market indices, foreign currencies and government bonds; \u2022 options relating to foreign currencies, market indices, stocks and interest rates; and \u2022 swaps relating to interest rates, bonds, credit spreads, equity indices and stocks. As explained above, the Manager uses derivatives to hedge various exposures and also selectively to increase or decrease exposure where desired. The notional amount of certain types of derivatives provides a basis for comparison with instruments recognised on the balance sheet, but does not necessarily indicate the amount of future cash flows involved or the current fair value of the derivatives. The derivative instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations in indices, security prices, market interest rates or foreign exchange rates relevant to the terms of the derivative instrument. The aggregate contractual or notional amount of derivative financial instruments held, the extent to which instruments are favourable or unfavourable and thus the aggregate fair values of derivative financial assets and liabilities can fluctuate significantly from time to time. Details of the unsettled derivatives at 31 December 2022 and 31 December 2021 are: As at 31 December 2022 \u00a3 million Group and Company Notional 1 amount Assets (positive fair value) Liabilities (negative fair value) Total fair value Commodity derivatives 169.1 6.4 \u2013 6.4 Credit derivatives \u2013 \u2013 \u2013 \u2013 Currency derivatives 1,815.1 49.6 (7.0) 42.6 Equity derivatives 253.2 2.3 (3.4) (1.1) Fixed income derivatives \u2013 \u2013 \u2013 \u2013 Total 58.3 (10.4) 47.9 As at 31 December 2021 \u00a3 million Group and Company Notional 1 amount Assets (positive fair value) Liabilities (negative fair value) Total fair value Commodity derivatives 132.8 3.0 \u2013 3.0 Credit derivatives 178.4 0.4 (3.3) (2.9) Currency derivatives 2,364.4 28.6 (7.6) 21.0 Equity derivatives 53.0 3.5 (0.2) 3.3 Fixed income derivatives 81.2 0.1 \u2013 0.1 Total 35.6 (11.1) 24.5 1 Long and short notional exposure has been netted. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "13.4 IFRS 13 fair value measurement classification
IFRS 13 requires the Group to classify its financial instruments held
at fair value using a hierarchy that reflects the significance of the
inputs used in the valuation methodologies. These are as follows:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical
assets or liabilities;
\u2022 Level 2: Inputs other than quoted prices included within level 1
that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
\u2022 Level 3: Inputs for the asset or liability that are not based on
observable market data (i.e. unobservable inputs).
The vast majority of the Group\u2019s financial assets and liabilities,
investment properties and property, plant and equipment are
measured at fair value on a recurring basis.
The Group\u2019s policy is to recognise transfers into and transfers out of
fair value hierarchy levels at the end of the reporting year when they
are deemed to occur.
A description of the valuation techniques used by the Group with
regards to investments categorised in each level of the fair value
hierarchy is detailed below. Where the Group invests in a fund or
a partnership, which is not itself listed on an active market, the categorisation of such investments between levels 2 and 3 is determined by reference to the nature of the fund or partnership\u2019s underlying investments. If such investments are categorised across different levels, the lowest level of the hierarchy that forms a significant proportion of the fund or partnership exposure is used to determine the reporting disclosure. If the proportion of the underlying investments categorised between levels changes during the period, these will be reclassified to the most appropriate level. Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly 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 quoted market price used for financial assets held by the Group is the current bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Where a market price is available but the market is not considered active, the Group has classified these investments as level 2. Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques which maximise the use of observable market data where it is available. Specific valuation techniques used to value OTC derivatives include quoted market prices for similar instruments, counterparty quotes and the use of forward exchange rates to estimate the fair value of forward foreign exchange contracts at the balance sheet date. Investments in externally-managed funds which themselves invest primarily in listed securities are valued at the price or net asset value released by the investment manager or fund administrator as at the balance sheet date. Level 3 The Group considers all private investments, whether direct or funds, (as described in the Investment Portfolio on page 18) as level 3 assets, as the valuations of these assets are not typically based on observable market data. Where other funds invest into illiquid stocks, these are also considered by the Group to be level 3 assets. Private fund investments are held at the most recent fair values provided by the GPs managing those funds, adjusted for subsequent investments, distributions, and currency movements up to the period end, and are subject to periodic review by the Manager. Direct co-investments are also held at the most recent fair values provided by the GPs managing those co-investments, adjusted for subsequent investments, distributions, currency moves, as well as pricing events where the Manager has sufficient information to suggest the period end valuation should be adjusted. The remaining directly-held private investments are valued on a semi-annual basis using techniques including a market approach, income approach and/or cost approach. The valuation process involves the investment functions of the Manager who prepare the proposed valuations, which are then subject to review by the finance function, with the final valuations being presented to the Valuation Committee, comprised of independent non-executive Directors, of which the Audit and Risk Committee Chair is also a member Specific valuation techniques used will typically include the value of recent transactions, earnings multiples, discounted cash flow analysis, and, where appropriate, industry specific methodologies. The acquisition cost, if determined to be fair value, may be used to calibrate inputs to the valuation. The valuations will often reflect a synthesis of a number of distinct approaches in determining the final fair value estimate. The individual approach for each investment will vary depending on relevant factors that a market participant would take into account in pricing the asset. These might include the specific industry dynamics, the company\u2019s stage of development, profitability, growth prospects or risk as well as the rights associated with the particular security. Borrowings at 31 December 2022 comprise bank loans and senior loan notes. The bank loans are revolving credit facilities paying floating interest, and are typically drawn in tranches with a duration of three or six months. The loans are therefore short-term in nature, and their fair value approximates their nominal value. The loan notes were issued in 2015 with tenors of between 10 and 20 years with a weighted average of 16 years. They are valued on a monthly basis using a discounted cash flow model where the discount rate is derived from the yield of similar tenor UK Government bonds, adjusted for any significant changes in either credit spreads or the perceived credit risk of the Company. The fair value of investments in non-consolidated subsidiaries is considered to be the net asset value of the individual subsidiary as at the balance sheet date. The net asset value comprises various assets and liabilities which are fair valued on a recurring basis and is considered to be level 3. On a semi-annual basis, the Group engages external, independent and qualified valuers to determine the fair value of the Group\u2019s investment properties and property, plant and equipment held at fair value. Further information is shown in Note 15. The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2022: As at 31 December 2022 \u00a3 million Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss (FVPL): Portfolio investments 506.8 1,204.2 1,774.2 3,485.2 Non-consolidated subsidiaries \u2013 \u2013 101.1 101.1 Investments held at fair value 506.8 1,204.2 1,875.3 3,586.3 Derivative financial instruments 6.4 51.9 \u2013 58.3 Total financial assets at FVPL 513.2 1,256.1 1,875.3 3,644.6 Non-financial assets measured at fair value: Investment property \u2013 \u2013 37.9 37.9 Property, plant and equipment \u2013 \u2013 20.7 20.7 Total non-financial assets measured at fair value \u2013 \u2013 58.6 58.6 Financial liabilities at FVPL: Borrowings \u2013 \u2013 (370.6) (370.6) Derivative financial instruments \u2013 (10.4) \u2013 (10.4) Total financial liabilities at FVPL \u2013 (10.4) (370.6) (381.0) Total net assets measured at fair value 513.2 1,245.7 1,563.3 3,322.2 Other non-current assets 0.5 Cash at bank 218.0 Other current assets 249.8 Other current liabilities (63.6) Other non-current liabilities (5.2) Net assets 3,721.7 Movements in level 3 assets Year ended 31 December 2022 \u00a3 million Investments held at fair value Properties Total Opening balance 1,914.3 61.4 1,975.7 Purchases 222.2 0.1 222.3 Sales (210.3) \u2013 (210.3) Realised gains/(losses) through profit or loss 8.7 \u2013 8.7 Unrealised gains/(losses) through profit or loss (59.7) (0.4) (60.1) Unrealised gains/(losses) through other comprehensive income \u2013 (2.1) (2.1) Transfer in to level 3 \u2013 \u2013 \u2013 Transfer out of level 3 \u2013 \u2013 \u2013 Other 0.1 (0.4) (0.3) Closing balance 1,875.3 58.6 1,933.9 During the year no investments were reclassified between level 2 and level 3. Level 3 assets Further information in relation to the directly-held private investments is set out in the following table. This summarises the portfolio by the primary method used in fair valuing the asset. As we seek to employ a range of valuation methods and inputs in the valuation process, selection of a primary method is subjective, and designed primarily to assist the subsequent sensitivity analysis. Primary valuation method/approach \u00a3 million 2022 2021 Third-party valuations 1 246.3 361.1 Discount to recent transaction2 90.5 \u2013 Earnings multiple 49.8 \u2013 Recent transaction 23.6 140.0 Other industry metrics 21.7 12.3 Discount to agreed third-party offer 10.8 \u2013 Total 442.7 513.4 1 Included in this method are directly-held private investments held within the non-consolidated subsidiaries with a total of \u00a324.5 million (2021: \u00a329.7 million). 2 Included in this method are direct private investments which have been discounted due to a decline in public markets. The majority of the direct private investments are structured as co- investments, managed by a GP. For these investments, we typically use the latest quarterly fair valuations provided by the GP, adjusted for any subsequent investments/distributions and currency moves as well as pricing events, where there is sufficient information to suggest the period-end valuation should be adjusted. Where the Manager has sufficient information to undertake its own valuation, a range of methods will typically be used. For companies with positive earnings, we seek to utilise an earnings multiple approach, typically using EBITDA or similar. The earnings multiple is assessed by reference to similar listed companies or transactions involving similar companies. When an asset is undergoing a sale and the price has been agreed but not yet completed or an offer has been submitted, we use the agreed or offered price, often with a final discount to reflect the risks associated with the transaction completing or any price adjustments. Where a company has been the subject of a recent financing round which is viewed as representative of fair value, we will use this transaction price. Other methods employed include discounted cash flow analysis and industry metrics such as multiples of assets under management or revenue, where market participants use these approaches in pricing assets. The following table provides a sensitivity analysis of the valuation of directly-held private investments, and the impact on net assets: Valuation method/approach Sensitivity analysis Third-party valuations A 5% change in the value of these assets would result in a \u00a312.3 million or 0.33% (2021: \u00a318.1 million, 0.41%) change in net assets. Discount to recent transaction Assets in this category are valued using a discount applied to a recent financing round or secondary transaction. Discounts range between 15% and 70%, reflecting factors such as the elapsed time since the transaction and the movement in prices of broadly similar listed companies. A 5% change to the discount would result in a \u00a34.5 million or 0.12% (2021: n/a) change in net assets. Earnings multiple Assets in this category are valued using EV/ sales multiples in the range of 4.0x - 8.5x. If the multiple used for valuation purposes is increased or decreased by 5% then the net assets would increase/decrease by \u00a32.5 million or 0.07% (2021: n/a). Recent transaction A 5% change in the value of these assets would result in a \u00a31.2 million or 0.03% (2021: \u00a37.0 million, 0.16%) change in net assets. Other industry metrics A 5% change in the value of these assets would result in a \u00a31.1 million or 0.03% (2021: \u00a30.6 million, 0.01%) change in net assets. Discount to agreed third-party offer The asset in this category is valued using a 15% discount to an agreed offer. A 5% change in the discount would result in a \u00a30.1 million or <0.01% (2021: n/a) change in net assets. The investment property and property, plant and equipment with an aggregate fair value of \u00a358.6 million (2021: \u00a361.4 million) were valued using a third-party valuation provided by JLL. The properties were valued using weighted average capital values of \u00a31,580 per square foot (2021: \u00a31,658) developed from rental yields and supported by market transactions. A \u00a325 per square foot increase/decrease in capital values would result in a \u00a30.8 million increase/decrease in fair value (2021: \u00a30.8 million increase/decrease). The non-consolidated subsidiaries are held at their fair value of \u00a3101.1 million (2021: \u00a3101.4 million) representing \u00a3104.7 million of portfolio investments (2021: \u00a3104.3 million) and \u00a33.3 million of remaining liabilities (2021: \u00a32.9 million of remaining liabilities). A 5% change in the value of these assets would result in \u00a35.1 million or 0.1% (2021: \u00a35.1 million, 0.1%) change in total net assets. The remaining investments held at fair value and classified as level 3 of \u00a31,355.7 million (2021: \u00a31,329.2 million) were valued using third-party valuations from a GP, administrator or fund manager. A 5% change in the value of these assets would result in a \u00a367.8 million or 1.82% (2021: \u00a366.5 million, 1.51%) change in net assets. In aggregate, the sum of the direct private investments, investment
property, property, plant and equipment, non-consolidated
subsidiaries and the remaining fund investments represents the total
level 3 assets of \u00a31,933.9 million (2021: \u00a31,975.7 million).
The following table analyses the Group\u2019s assets and liabilities within
the fair value hierarchy, at 31 December 2021:
As at 31 December 2021
\u00a3 million Level 1 Level 2 Level 3 Total
Financial assets at fair value
through profit or loss (FVPL):
Portfolio investments 579.6 1,797.9 1,813.0 4,190.5
Non-consolidated subsidiaries \u2013 \u2013 101.3 101.3
Investments held at fair value 579.6 1,797.9 1,914.3 4,291.8
Derivative financial instruments 2.9 32.7 \u2013 35.6
Total financial assets at FVPL 582.5 1,830.6 1,914.3 4,327.4
Non-financial assets measured
at fair value:
Investment property \u2013 \u2013 38.3 38.3
Property, plant and
equipment \u2013 \u2013 23.1 23.1
Total non-financial assets
measured at fair value \u2013 \u2013 61.4 61.4
Financial liabilities at FVPL:
Borrowings \u2013 \u2013 (408.9) (408.9)
Derivative financial
instruments \u2013 (11.1) \u2013 (11.1)
Total financial liabilities at
FVPL \u2013 (11.1) (408.9) (420.0)
Total net assets measured at
fair value 582.5 1,819.5 1,566.8 3,968.8
Other non-current assets 3.8
Cash at bank 325.9
Other current assets 266.5
Other current liabilities (168.8)
Other non-current liabilities (5.9)
Net assets 4,390.3
Movements in level 3 assets
Year ended 31 December 2021
\u00a3 million
Investments
held at fair
value Properties Total
Opening balance 1,232.1 61.4 1,293.5
Purchases 857.6 0.1 857.7
Sales (882.1) \u2013 (882.1)
Realised gains/(losses) through profit
or loss 37.5 \u2013 37.5
Unrealised gains/(losses) through
profit or loss 767.5 0.6 768.1
Unrealised gains/(losses) through
other comprehensive income \u2013 (0.2) (0.2)
Transfer in to level 3 40.9 \u2013 40.9
Transfer out of level 3 (139.2) \u2013 (139.2)
Other \u2013 (0.5) (0.5)
Closing balance 1,914.3 61.4 1,975.7
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "13.5 Capital management The Group\u2019s primary objectives in relation to the management of capital are: \u2022 to deliver long-term capital growth for its shareholders, while preserving shareholders\u2019 capital; \u2022 to deliver for shareholders increases in capital value in excess of the relevant indices over time through an appropriate balance of equity capital and gearing; and \u2022 to ensure the Group\u2019s ability to continue as a going concern. The Company is subject to externally imposed capital requirements: \u2022 the Company\u2019s Articles of Association restrict borrowings to a maximum of five times share capital and reserves; and \u2022 the Company\u2019s borrowings are subject to covenants limiting the total exposure based on a minimum net assets and a cap of borrowings as a percentage of adjusted net assets. All these conditions were met during this year and the previous financial year. In addition, JRCM is subject to capital requirements imposed by the FCA and must ensure that it has sufficient capital to meet these requirements. JRCM was compliant with those capital requirements throughout the year. The Group\u2019s capital at 31 December 2022 and 31 December 2021 comprised: \u00a3 million 2022 2021 Equity share capital 156.8 156.8 Retained earnings and other reserves 3,564.9 4,233.5 Net asset value 3,721.7 4,390.3 Borrowings 370.6 408.9 Total capital 4,092.3 4,799.2 There have been no significant changes to the Group\u2019s capital management objectives, policies and processes in the year, nor has there been any change in what the Group considers to be its capital. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "14. Financial commitments Financial commitments to invest additional funds which have not been provided for are as follows: \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Commitments 385.0 385.0 360.2 360.2 The financial commitments are principally uncalled commitments to private funds, which are typically established as 10-year funds with a five-year investment period, and are diversified across multiple funds and vintage years. The majority are denominated in US dollars and therefore subject to currency fluctuation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "15. Investment property \u00a3 million 2022 2021 Rental income from investment properties 2.1 2.0 Direct operating expenses arising from investment properties that generated rental income during the year (1.4) (1.4) Cash outflow from leases (0.4) (0.4) The Group and Company is committed to making the following payments under non-cancellable leases over the periods described. \u00a3 million 2022 2021 Within one year 0.4 0.4 Under non-cancellable leases the Group and Company will receive the following: \u00a3 million 2022 2021 Within one year 1. 1 1. 3 Between one and two years 0.6 0.6 Between two and three years 0.1 0.1 Between three and four years 0.1 \u2013 Between four and five years \u2013 \u2013 Over five years \u2013 \u2013 All investment properties held by the Group during the year generated rental income. The Company leases Spencer House from the Spencer Trustees (the Trustees). The terms of this lease include provisions such that: any assignment or sale of the lease can occur only with the consent of the Trustees, there are limits on event frequency and that the Trustees retain certain (de minimis) usage rights over the \u2018fine rooms\u2019. The Company is required to externally redecorate every three years and to internally redecorate every seven years. The property is typically open to the public for viewing every Sunday, except during August. The investment property portfolio is valued by JLL on a six-monthly basis in accordance with current RICS Valuation \u2013 Global Standards, published by the Royal Institution of Chartered Surveyors, on the basis of open market value. The most recent valuation, which reflects the factors highlighted above, was undertaken as at 31 December 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "16. Other receivables \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Cash margin 85.4 85.4 87.6 87.6 Amounts receivable 0.6 0.6 0.7 0.7 Prepayments and accrued income 7. 0 6.6 2.9 2.5 Sales for future settlement 152.3 152.3 123.6 123.6 Unsettled investment subscriptions \u2013 \u2013 48.0 48.0 Total 245.3 244.9 262.8 262.4 The carrying amount of other receivables approximates their fair value, due to their short-term nature. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "17. Related party transactions In the normal course of its business, the Group has entered into a number of transactions with related parties. All arrangements with related parties are monitored by the Conflicts Committee, which is comprised solely of independent non-executive Directors. Transactions with Hannah Rothschild or parties related to her During the current and prior year the Group transacted with entities classified as related to Hannah Rothschild as a result of her having significant influence over them, a beneficial interest in them, or otherwise in accordance with IAS 24. The Group had cost-sharing arrangements with these related parties covering the provision and receipt of administrative as well as investment advisory, support and supply services. Under these arrangements the Group received \u00a361,757 (2021: \u00a3122,673) and paid \u00a374,077 (2021: \u00a382,996). Certain of these related parties occupy office space in St. James\u2019s Place which is owned or leased by the Group. The rent, rates and services charged by the Group for the year ended 31 December 2022 amounted to \u00a3203,539 (2021: \u00a3270,690). Nothing was owed by the Group to the parties related to Hannah Rothschild at either 31 December 2022 or 31 December 2021. The balance due to the Group from these related parties at 31 December 2022 was \u00a311,693 (2021: \u00a37,663). Other No subscriptions were made to its associate, JRCM (London) LLP in the year (2021: Company \u00a3nil; JRCM management \u00a3nil) and the Company has a remaining commitment of \u00a350,000 (2021: \u00a350,000). Group undertakings JRCM acts as the Company\u2019s manager, administrator and corporate secretary. During the year ended 31 December 2022, the charge for these services from JRCM to the Company amounted to \u00a349.7 million (2021: \u00a371.5 million). JRCM incurred rent charges of \u00a3580,000 (2021: \u00a3580,000) from the Company. During the year Spencer House Limited (also a wholly-owned subsidiary of the Company) earned property management revenues of \u00a398,827 from JRCM (2021: \u00a374,961) and \u00a31,597,394 from the Company (2021: \u00a31,671,731). Amounts due from subsidiaries and to subsidiaries are disclosed on the face of the Group\u2019s balance sheet. The balances outstanding at the year ends are show below: \u00a3 million Amounts owed by/(to) Group undertakings 2022 2021 RIT Investments US, Inc 4.5 3.7 RIT Investments GP Limited (0.1) \u2013 Total 4.4 3.7 \u00a3 million Amounts owed by/(to) Company undertakings 2022 2021 RIT Investments US, Inc 4.5 3.7 JRCM (94.7) (128.8) Total (90.2) (125.1) RITCP Pension and Life Assurance Scheme The Group\u2019s pension scheme is deemed to be a related party of the Company pursuant to IAS 24. Details of the pension contributions made during the year are disclosed in Note 11. There were no amounts owing to or by the pension scheme to the Company, or any subsidiary, at 31 December 2022 (2021: \u00a3nil). Directors and key management personnel Details of the remuneration and benefits attributable to Directors and key management personnel are set out below. \u00a3 million 2022 2021 Short-term employee benefits 4.1 14.6 Share-based payment 16.0 16.2 Total 20.1 30.8 The Group has no ultimate controlling party ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "18. Borrowings \u00a3 million Group and Company 2022 2021 Unsecured loans payable within one year: Revolving credit facilities 236.2 240.0 Unsecured loans payable in more than one year: Fixed rate loan notes 134.4 168.9 Total borrowings 370.6 408.9 At 31 December 2022 the Company had three revolving credit facilities (RCFs): an \u00a385 million three-year facility with BNP Paribas SA agreed in December 2022, a \u00a3150 million five-year facility with Commonwealth Bank of Australia agreed in December 2018 and a \u00a3100 million three-year facility with Industrial and Commercial Bank of China agreed in December 2022. These are flexible as to currency, duration and number of drawdowns, and bear interest linked to SONIA, LIBOR or equivalent relevant to the period and currency drawn. As they are drawn in tranches with tenors less than one year they are classified as current liabilities. The fair value and par value of the drawn borrowings at the year end was \u00a3236.2 million (2021: \u00a3240.0 million). A change in interest rates is not expected to have a significant impact on the fair value of the RCFs. No bank loans are held within subsidiaries. The weighted average interest rate on drawn down RCFs at the year end was 5.85% (2021: 1.69%). On 1 June 2015 the Company issued \u00a3151.0 million of fixed rate loan notes with tenors between 10 and 20 years and coupons from 3.00% to 3.56%. These Notes are held at fair value and pay interest on a semi-annual basis. The fair value of this debt at the end of the year was \u00a3134.4 million (2021: \u00a3168.9 million) calculated using a discount rate of 5.24% (2021: 2.04%). A 5% increase/decrease in the underlying discount rate would result in an increase/decrease in net assets of approximately \u00a32.3 million (2021: \u00a31.4 million) or 0.06% (2021: 0.03%). The weighted average interest rate payable on these Notes is 3.45% and their remaining weighted average tenor is 8.2 years. The overall weighted average interest rate on drawn borrowings at the year end was 4.93% (2021: 2.38%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "19. Other payables \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Accruals 14.5 5.3 28.3 3.5 Other creditors 24.9 24.7 40.6 40.4 Purchases for future settlement 24.1 24.1 99.9 99.9 Total 63.5 54.1 168.8 143.8 The carrying value of the Group\u2019s other payables approximates their fair value, due to their short-term nature. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "20. Share capital \u00a3 million Shares in issue 2022 Nominal value of total shares in issue 2021 Nominal value of total shares in issue Allotted, issued and fully paid: At 1 January 156,848,065 156.8 156.8 At 31 December 156,848,065 156.8 156.8 The Company has one class of ordinary shares which carry no right to fixed income. The share capital is not distributable. In 2022, 514,634 shares were bought back at a cost of \u00a311. 0 million and held in treasury (2021: 59,189 shares at a cost of \u00a31.4 million) meaning at 31 December 2022, 689,863 shares were held in treasury (2021:175,229 shares). 21. Share premium \u00a3 million 2022 2021 At 1 January 45.7 45.7 At 31 December 45.7 45.7 The share premium is not distributable. 22. Capital redemption reserve \u00a3 million 2022 2021 Group Company Group Company Balance at start of year 36.3 36.3 36.3 36.3 At 31 December 36.3 36.3 36.3 36.3 The capital redemption reserve is not distributable and represents the cumulative nominal value of shares acquired for cancellation. 23. Own shares reserve \u00a3 million 2022 2021 Opening cost (23.0) (15.3) Own shares acquired (40.4) (21.0) Own shares transferred 1 7. 1 13.3 Closing cost (46.3) (23.0) The Group has established an Employee Benefit Trust (EBT) which purchases shares in order to meet the anticipated value of equity-settled, share-based awards. At the year end, the EBT held 1,988,580 shares with a cost of \u00a346.3 million and market value of \u00a342.3 million (2021: 932,403 shares, cost \u00a323.0 million, market value \u00a325.6 million). The own shares reserve is not distributable. 25. Capital reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year 4,174.4 4,203.4 3,350.1 3,380.8 Gains/(loss) for the year (535.3) (535.3) 919.8 919.7 Dividend paid (57.6) (57.6) (55.0) (55.0) Other capital items (32.6) (31.9) (38.0) (42.1) Taxation \u2013 \u2013 (2.5) \u2013 Total capital return (625.5) (624.8) 824.3 822.6 Balance at end of year 3,548.9 3,578.6 4,174.4 4,203.4 The Company\u2019s Articles of Association allow distribution by dividends of realised capital reserves. \u00a3 million 2022 2021 Capital reserve: in respect of investments realised 2,542.3 2,854.1 in respect of investments held 1,036.3 1,349.3 Balance at end of year 3,578.6 4,203.4 26. Revenue reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year (11.4) (176.1) 5.1 (136.8) Loss for the year (14.3) (33.4) (17.3) (39.3) Actuarial gain/(loss) (4.5) \u2013 1. 9 \u2013 Deferred tax (charge)/credit 1. 1 \u2013 (1.1) \u2013 Balance at end of year (29.1) (209.5) (11.4) (176.1) As permitted by Section 408 of the Companies Act 2006, the Company has not published a separate income statement or statement of comprehensive income. The Company\u2019s revenue loss after tax amounted to \u00a333.4 million (2021: loss \u00a339.3 million). The Company\u2019s total comprehensive expense for the year was \u00a3591. 7 million (2021: \u00a3839.5 million profit). 27. Revaluation reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year 11. 5 11. 5 11. 7 11. 7 Revaluation gain/(loss) on property, plant and equipment (2.1) (2.1) (0.2) (0.2) Balance at end of year 9.4 9.4 11. 5 11.5 The revaluation reserve is not distributable",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "20. Share capital \u00a3 million Shares in issue 2022 Nominal value of total shares in issue 2021 Nominal value of total shares in issue Allotted, issued and fully paid: At 1 January 156,848,065 156.8 156.8 At 31 December 156,848,065 156.8 156.8 The Company has one class of ordinary shares which carry no right to fixed income. The share capital is not distributable. In 2022, 514,634 shares were bought back at a cost of \u00a311. 0 million and held in treasury (2021: 59,189 shares at a cost of \u00a31.4 million) meaning at 31 December 2022, 689,863 shares were held in treasury (2021:175,229 shares). 21. Share premium \u00a3 million 2022 2021 At 1 January 45.7 45.7 At 31 December 45.7 45.7 The share premium is not distributable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "22. Capital redemption reserve \u00a3 million 2022 2021 Group Company Group Company Balance at start of year 36.3 36.3 36.3 36.3 At 31 December 36.3 36.3 36.3 36.3 The capital redemption reserve is not distributable and represents the cumulative nominal value of shares acquired for cancellation. 25. Capital reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year 4,174.4 4,203.4 3,350.1 3,380.8 Gains/(loss) for the year (535.3) (535.3) 919.8 919.7 Dividend paid (57.6) (57.6) (55.0) (55.0) Other capital items (32.6) (31.9) (38.0) (42.1) Taxation \u2013 \u2013 (2.5) \u2013 Total capital return (625.5) (624.8) 824.3 822.6 Balance at end of year 3,548.9 3,578.6 4,174.4 4,203.4 The Company\u2019s Articles of Association allow distribution by dividends of realised capital reserves. \u00a3 million 2022 2021 Capital reserve: in respect of investments realised 2,542.3 2,854.1 in respect of investments held 1,036.3 1,349.3 Balance at end of year 3,578.6 4,203.4 26. Revenue reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year (11.4) (176.1) 5.1 (136.8) Loss for the year (14.3) (33.4) (17.3) (39.3) Actuarial gain/(loss) (4.5) \u2013 1. 9 \u2013 Deferred tax (charge)/credit 1. 1 \u2013 (1.1) \u2013 Balance at end of year (29.1) (209.5) (11.4) (176.1) As permitted by Section 408 of the Companies Act 2006, the Company has not published a separate income statement or statement of comprehensive income. The Company\u2019s revenue loss after tax amounted to \u00a333.4 million (2021: loss \u00a339.3 million). The Company\u2019s total comprehensive expense for the year was \u00a3591. 7 million (2021: \u00a3839.5 million profit). 27. Revaluation reserve \u00a3 million 31 December 2022 31 December 2021 Group Company Group Company Balance at start of year 11. 5 11. 5 11. 7 11. 7 Revaluation gain/(loss) on property, plant and equipment (2.1) (2.1) (0.2) (0.2) Balance at end of year 9.4 9.4 11. 5 11.5 The revaluation reserve is not distributable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "23. Own shares reserve \u00a3 million 2022 2021 Opening cost (23.0) (15.3) Own shares acquired (40.4) (21.0) Own shares transferred 1 7. 1 13.3 Closing cost (46.3) (23.0) The Group has established an Employee Benefit Trust (EBT) which purchases shares in order to meet the anticipated value of equity-settled, share-based awards. At the year end, the EBT held 1,988,580 shares with a cost of \u00a346.3 million and market value of \u00a342.3 million (2021: 932,403 shares, cost \u00a323.0 million, market value \u00a325.6 million). The own shares reserve is not distributable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "24. Share-based payments The Group utilises share-based awards for employees, the vast majority of which are equity-settled, and designed to align the interests of employees with those of shareholders. Restricted share units (RSUs) were awarded to employees during the year. These are commonly used long-term incentive awards that comprise awards of shares made to employees that will vest after a three-year service period and then are typically subject to a further two-year holding period. There are also a small number of legacy share appreciation rights (SARs) remaining which vest based on market-based performance conditions and subject to continued service. These are no longer awarded to employees since the conversion to RSUs was made in 2021. In addition, 60% of annual bonuses over \u00a3150,000 (for JRCM directors) or \u00a3250,000 (for other employees) are made in deferred shares which vest over three years (based on a service condition). The total expense for share-based awards, including related social security costs, recognised in the consolidated income statement was \u00a320.3 million (2021: \u00a320.4 million) of which \u00a30.1 million related to SARs, \u00a39.9 million to RSUs, and \u00a310.3 million to deferred shares. The movement in share-based awards is as follows: Number (thousand) 2022 2021 Outstanding at the start of the year: SARs/performance shares 342 4,217 RSUs 1,397 \u2013 Deferred shares 841 488 Total 2,580 4,705 Granted during the year: RSUs 352 493 Deferred shares 553 554 Total 905 1,047 Conversion during the year: SARs/performance shares (surrendered) \u2013 (3,505) RSUs (replacement) \u2013 1,151 Total \u2013 (2,354) Exercised/vested during the year: SARs/performance shares (3) (263) RSUs (256) (246) Deferred shares (406) (201) Total (665) (710) Lapsed/forfeited during the year: SARs/performance shares (24) (107) RSUs (10) (1) Deferred shares \u2013 \u2013 Total (34) (108) Outstanding at the end of the year: SARs 315 342 RSUs 1,483 1,397 Deferred shares 988 841 Total 2,786 2,580 SARs exercisable at year end 122 53 Intrinsic value of SARs exercisable at year end (\u00a3 million) 0.1 0.4 For share-based awards granted during the year, the weighted average fair value of each award was 2,470 pence (2021: 2,230 pence). Share-based awards with only service conditions attached (deferred shares and RSUs) were valued using the prevailing market price and a lock-up discount factor as applicable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "28. Net asset value per ordinary share \u2013 basic and diluted Net asset value per ordinary share is based on the following data: 31 December 2022 2021 Net assets (\u00a3 million) 3,721.7 4,390.3 Number of shares in issue (million) 156.8 156.8 Shares held in EBT (million) (2.0) (0.9) Shares held in treasury (million) (0.7) (0.2) Basic shares (million) 154.1 155.7 Effect of share-based payment awards (million) 1.7 1. 4 Diluted shares (million) 155.8 157.1 31 December 2022 pence 2021 pence Net asset value per ordinary share \u2013 basic 2,414 2,819 Net asset value per ordinary share \u2013 diluted 2,388 2,794 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "29. Investments in subsidiary undertakings \u00a3 million Carrying value at 1 January 2022 107.5 Additions 2.5 Disposals \u2013 Fair value movements in year (2.8) Carrying value at 31 December 2022 107.2 \u00a3 million Carrying value at 1 January 2021 75.6 Additions 3.1 Disposals \u2013 Fair value movements in year 28.8 Carrying value at 31 December 2021 107.5 Investments in subsidiary undertakings are stated at cost or fair value where appropriate. At 31 December 2022 the Company held investments in the following subsidiaries, which, unless otherwise stated, are wholly- owned, share the same accounting reference date as the Company and operate principally in their country of incorporation. The voting share capital, unless otherwise stated, is held directly by the Company. In accordance with IFRS 10 the subsidiary below is consolidated by the Group and held by the Company at cost: Name Issued share capital JRCM 1 \u00a36,250,001 divided into 6,250,000 ordinary shares of \u00a31 each and one special share of \u00a31 which provides rights over the use of the \u201cJ. Rothschild\u201d name. 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. I n accordance with IFRS 10 the Company and Group holds the following subsidiaries at fair value at 31 December 2022: Name Principal place of business Ownership interest Spencer House Limited 1,5 England 100% RIT US Value Partnership LP 1,6 England 100% RIT Investments GP Limited 2,3,5 Scotland 100% J. Rothschild Capital Management US Inc 4,5 United States 100% RIT Investments US Inc 3,4,5 United States 100% RIT US Holdings LLP 3,4,6 United States 100% 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. 2 Registered office and principal place of business: 50 Lothian Road, Edinburgh EH3 9WJ. 3 Held indirectly. 4 Registered office: 251 Little Falls Drive, Wilmington, Delaware 19808, USA. 5 Ownership interest is ordinary shares. 6 Ownership interest is partnership capital. For all of the above the proportion of voting rights held is equivalent to the ownership interest. There are no significant restrictions arising from any contractual arrangements or regulatory requirements that would affect the ability of any of the above entities to transfer funds to or repay loans made by the Company. There are no other current commitments or contractual arrangements to provide financial support to any of the entities above other than in the normal course of business (e.g. funding of investment transactions/capital calls). The Company has not assisted any of the above entities in obtaining financial support in any way over the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "29. Investments in subsidiary undertakings \u00a3 million Carrying value at 1 January 2022 107.5 Additions 2.5 Disposals \u2013 Fair value movements in year (2.8) Carrying value at 31 December 2022 107.2 \u00a3 million Carrying value at 1 January 2021 75.6 Additions 3.1 Disposals \u2013 Fair value movements in year 28.8 Carrying value at 31 December 2021 107.5 Investments in subsidiary undertakings are stated at cost or fair value where appropriate. At 31 December 2022 the Company held investments in the following subsidiaries, which, unless otherwise stated, are wholly- owned, share the same accounting reference date as the Company and operate principally in their country of incorporation. The voting share capital, unless otherwise stated, is held directly by the Company. In accordance with IFRS 10 the subsidiary below is consolidated by the Group and held by the Company at cost: Name Issued share capital JRCM 1 \u00a36,250,001 divided into 6,250,000 ordinary shares of \u00a31 each and one special share of \u00a31 which provides rights over the use of the \u201cJ. Rothschild\u201d name. 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. n accordance with IFRS 10 the Company and Group holds the following subsidiaries at fair value at 31 December 2022: Name Principal place of business Ownership interest Spencer House Limited 1,5 England 100% RIT US Value Partnership LP 1,6 England 100% RIT Investments GP Limited 2,3,5 Scotland 100% J. Rothschild Capital Management US Inc 4,5 United States 100% RIT Investments US Inc 3,4,5 United States 100% RIT US Holdings LLP 3,4,6 United States 100% 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR. 2 Registered office and principal place of business: 50 Lothian Road, Edinburgh EH3 9WJ. 3 Held indirectly. 4 Registered office: 251 Little Falls Drive, Wilmington, Delaware 19808, USA. 5 Ownership interest is ordinary shares. 6 Ownership interest is partnership capital. For all of the above the proportion of voting rights held is equivalent to the ownership interest. There are no significant restrictions arising from any contractual arrangements or regulatory requirements that would affect the ability of any of the above entities to transfer funds to or repay loans made by the Company. There are no other current commitments or contractual arrangements to provide financial support to any of the entities above other than in the normal course of business (e.g. funding of investment transactions/capital calls). The Company has not assisted any of the above entities in obtaining financial support in any way over the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "30. Dividends 2022 Pence per share 2021 Pence per share 2022 \u00a3 million 2021 \u00a3 million Dividends paid in year 37.0 35.25 57.6 55.0 The above amounts were paid as distributions to equity holders of the Company in the relevant year from accumulated capital profits. On 28 February 2022 the Board declared a first interim dividend of 18.5 pence per share in respect of the year ended 31 December 2022 that was paid on 29 April 2022. A second interim dividend of 18.5 pence per share was declared by the Board on 1 August 2022 and paid on 28 October 2022. The Board declares the payment of a first interim dividend of 19 pence per share in respect of the year ending 31 December 2023. This will be paid on 28 April 2023 to shareholders on the register on 11 April 2023, and funded from the accumulated capital profits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "31. Reconciliation of profit/(loss) before finance costs and taxation to net cash inflow/(outflow) from operating activities before taxation and interest \u00a3 million Group 2022 2021 Profit/(loss) before dividend and interest income, finance costs and taxation (569.2) 871.2 Dividend income 7. 2 8.5 Interest income 9.8 2.2 Profit/(loss) before finance costs and taxation (552.2) 881.9 (Increase)/decrease in other receivables 1 7. 5 (157.5) Increase/(decrease) in other payables (105.3) 105.3 Other movements 1 35.7 12.7 (Gains)/losses on borrowings (34.5) (12.6) Unrealised foreign exchange (gains)/losses on repayments and drawings of borrowings (5.2) 3.7 Purchase of investments held at fair value (886.3) (1,351.6) Sale of investments held at fair value 1,395.6 1,397.5 (Gains)/losses on fair value investments 192.4 (807.6) Net cash inflow/(outflow) from operating activities before taxation and interest 5 7. 7 71.8 \u00a3 million Company 2022 2021 Profit/(loss) before dividend and interest income, finance costs and taxation (581.6) 849.0 Dividend income 7. 2 8.5 Interest income 9.8 2.2 Profit/(loss) before finance costs and taxation (564.6) 859.7 (Increase)/decrease in other receivables 1 7. 5 (157.5) Increase/(decrease) in other payables (89.7) 100.4 Other movements 1 (20.0) 34.9 (Gains)/losses on borrowings (34.5) (12.6) Unrealised foreign exchange (gains)/losses on repayments and drawings of borrowings (5.2) 3.7 Purchase of investments held at fair value (883.8) (1,348.5) Sale of investments held at fair value 1,395.6 1,405.6 (Gains)/losses on fair value investments 192.4 (807.6) Net cash inflow/(outflow) from operating activities before taxation and interest 7. 7 78.1 1 Prior year realised foreign exchange (gains)/losses on repayments and drawings of borrowings of \u00a30.6m have been re-presented within Other movements. Reconciliation of liabilities arising from financing activities: \u00a3 million 2021 Non-cash changes in fair value 1 Net (drawdowns)/ repayments 2022 Borrowings \u2013 current (240.0) (32.4) 36.2 (236.2) Borrowings \u2013 non-current (168.9) 34.5 \u2013 (134.4) Total (408.9) 2.1 36.2 (370.6) 1 Including currency translation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "32. Material investments and related undertakings
Further information regarding investments is shown here.
Disclosed below are the ten largest investments in the portfolio
(excluding investments in non-consolidated subsidiaries) shown at
fair value:
As at 31 December 2022 \u00a3 million
Attestor Value 148.6
HCIF Offshore 131.0
3D Opportunities 130.1
Tresidor Credit Opportunities 108.0
BlackRock Strategic Equity 97.1
ARCM IV 95.6
Springs Opportunities 92.7
Motive 76.2
RIT US Value Partnership 72.4
Caxton Dynamis 71. 8
Total 1,023.5
As at 31 December 2021 \u00a3 million
Coupang 188.8
Eisler Capital 163.9
BlackRock Strategic Equity 143.8
Springs Opportunities 131.9
Attestor Value 130.8
HCIF Offshore 127.5
Ward Ferry Asian Smaller Companies 93.4
Iconiq Strategic Partners III 87.5
NE Fund (previously Lansdowne New Energy) 80.7
Sand Grove Tactical 76.1
Total 1,224.4
Further to the disclosures in Note 29 (Investments in subsidiary
undertakings), the table on the following page shows a list of
significant related undertakings of the Group as at 31 December
2022. For the investments shown the principal place of business
is considered to be the place of registration and the proportion of
voting rights held is considered to be the ownership interest.
The Directors do not consider that any of the portfolio investments
shown in the table on the following page fall within the definition
of an associated company (aside from the entities noted below the
table) as the Group does not exercise significant influence over their
operating and financial policies as it is a passive investor.
In a number of cases the Group owns more than 50% of a particular
class of shares or partnership interest. The Group does not consider
these holdings, although greater than 50%, provide control of the
investee entities concerned as firstly the Group\u2019s position as a
passive investor in these entities acts as a substantive barrier to its
exercising any power over the investee and secondly the nature of
the Group\u2019s holding does not give it the ability to direct the relevant
activities of the investee because it does not control or participate in
the governing bodies of these entities.
Unconsolidated structured entities
The Group holds interests in closed-ended limited partnerships
which invest in underlying companies or securities for the
purposes of capital appreciation. The Group, alongside the other
limited partners, makes commitments to finance the investment
programme of the relevant GP or manager, who may draw down
this committed amount either upfront or over a period of years. The
table below shows the Group\u2019s carrying value of such investments
and represents the maximum exposure to loss based on the Group\u2019s
contributions to date.
\u00a3 million 2022 2021
Total
1
2,034 2,590
1
Included within Investments held at fair value.
The list of significant related undertakings on page 86 is pursuant to
the requirements of Companies Act 2006, Statutory Instrument 2015
No. 980 The Companies, Partnerships and Groups (Accounts and
Reports) Regulations 2015, IFRS and the SORP.
Disclosed on page 86 for the year ended 31 December 2022 are:
\u2022 Entities classified as significant holdings (20% or greater interest
in a class of shares or partnership);
\u2022 Material investee undertakings in which the Group had an interest
of over 3% of the allotted shares of any class; and
\u2022 Material investment funds in which the Group had an interest of
10% or more in any class of share or unit.
All the investments in the table on page 86 are held at FVPL.
Investment name Place of registration Registered address Fair value \u00a3 million % interest 1992 Co-Invest (Offshore) LP Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 26.6 49.7% Blumberg Capital I LP Delaware, USA 580 Howard Street, Suite 401, San Francisco, California 94105 5.4 56.1% BX-B Ribbit Opportunity IV, LLC Delaware, USA 1209 Orange Street, Wilmington, Delaware 19801 16.8 22.9% BX-C Ribbit Opportunity IV, LLC Delaware, USA 1209 Orange Street, Wilmington, Delaware 19801 1. 8 29.2% Clay Point Investors SPV 9, LP Delaware, USA 651 N. Broad St., Suite 206, Middletown, Delaware 19709 4.1 58.1% Darwin Private Equity I LP Scotland 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ 0.8 23.9% Firebird New Russia Fund Ltd, Class A1 Cayman Islands PO Box 897, Windward 1, Grand Cayman KY1-1103 1. 8 25.0% Fortress Credit Opportunities Fund (C) LP Cayman Islands Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 1. 1 33.3% ICQ Holdings 6 LLC Delaware, USA 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808 39.7 100.0% Infinity SDC Ltd 1 England & Wales 500-600 Witan Gate West, Milton Keynes MK9 1SH 10.8 23.9% JRCM (London) LLP 1 England & Wales 27 St James\u2019s Place, London SW1A 1NR 0.0 50.0% Lansdowne NE Fund, Unhedged Non-Restricted absolute shares Ireland 32 Molesworth Street, Dublin 2 71. 5 50.4% Media Technology Ventures IV LP California, USA 185 Berry Street, Suite 3600, San Francisco, California 94107 3.0 38.5% RR Capital Partners LP Delaware, USA One Maritime Plaza, Suite 2100, San Francisco, California 94111 0.3 20.5% Sand Grove Tactical Fund LP Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 63.1 100.0% Sand Grove UK Tactical Portfolio Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 46.5 100.0% Springs Global Strategic Partners Fund \u2013 Anchor Class Ireland 2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1 11. 2 30.2% Springs Opportunities Fund LP, Series A Cayman Islands 4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010 92.7 53.8% Tresidor Credit Opportunities Fund Ireland 2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1 81.9 100.0% Tribeca Global Natural Resources Feeder Fund Class A Participating Shares Unrestricted Cayman Islands 27 Hospital Road, George Town, Grand Cayman, KY1-9008 1. 0 62.5% Xander Seleucus II LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 0.5 41.9% Xander Seleucus LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 0.0 43.3% Xander Seleucus Retail LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 1. 5 48.8% 1 The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has significant influence due to circumstances particular to the investment. The Group has chosen to account for associated companies held for investment purposes at FVPL in accordance with IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "32. Material investments and related undertakings Further information regarding investments is shown here. Disclosed below are the ten largest investments in the portfolio (excluding investments in non-consolidated subsidiaries) shown at fair value: As at 31 December 2022 \u00a3 million Attestor Value 148.6 HCIF Offshore 131.0 3D Opportunities 130.1 Tresidor Credit Opportunities 108.0 BlackRock Strategic Equity 97.1 ARCM IV 95.6 Springs Opportunities 92.7 Motive 76.2 RIT US Value Partnership 72.4 Caxton Dynamis 71. 8 Total 1,023.5 As at 31 December 2021 \u00a3 million Coupang 188.8 Eisler Capital 163.9 BlackRock Strategic Equity 143.8 Springs Opportunities 131.9 Attestor Value 130.8 HCIF Offshore 127.5 Ward Ferry Asian Smaller Companies 93.4 Iconiq Strategic Partners III 87.5 NE Fund (previously Lansdowne New Energy) 80.7 Sand Grove Tactical 76.1 Total 1,224.4 Further to the disclosures in Note 29 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2022. For the investments shown the principal place of business is considered to be the place of registration and the proportion of voting rights held is considered to be the ownership interest. The Directors do not consider that any of the portfolio investments shown in the table on the following page fall within the definition of an associated company (aside from the entities noted below the table) as the Group does not exercise significant influence over their operating and financial policies as it is a passive investor. In a number of cases the Group owns more than 50% of a particular class of shares or partnership interest. The Group does not consider these holdings, although greater than 50%, provide control of the investee entities concerned as firstly the Group\u2019s position as a passive investor in these entities acts as a substantive barrier to its exercising any power over the investee and secondly the nature of the Group\u2019s holding does not give it the ability to direct the relevant activities of the investee because it does not control or participate in the governing bodies of these entities. Unconsolidated structured entities The Group holds interests in closed-ended limited partnerships which invest in underlying companies or securities for the purposes of capital appreciation. The Group, alongside the other limited partners, makes commitments to finance the investment programme of the relevant GP or manager, who may draw down this committed amount either upfront or over a period of years. The table below shows the Group\u2019s carrying value of such investments and represents the maximum exposure to loss based on the Group\u2019s contributions to date. \u00a3 million 2022 2021 Total 1 2,034 2,590 1 Included within Investments held at fair value. The list of significant related undertakings on page 86 is pursuant to the requirements of Companies Act 2006, Statutory Instrument 2015 No. 980 The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, IFRS and the SORP. Disclosed on page 86 for the year ended 31 December 2022 are: \u2022 Entities classified as significant holdings (20% or greater interest in a class of shares or partnership); \u2022 Material investee undertakings in which the Group had an interest of over 3% of the allotted shares of any class; and \u2022 Material investment funds in which the Group had an interest of 10% or more in any class of share or unit. All the investments in the table on page 86 are held at FVPLInvestment name Place of registration Registered address
Fair value
\u00a3 million
%
interest
1992 Co-Invest (Offshore) LP Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 26.6 49.7%
Blumberg Capital I LP Delaware, USA 580 Howard Street, Suite 401, San Francisco, California 94105 5.4 56.1%
BX-B Ribbit Opportunity IV, LLC Delaware, USA 1209 Orange Street, Wilmington, Delaware 19801 16.8 22.9%
BX-C Ribbit Opportunity IV, LLC Delaware, USA 1209 Orange Street, Wilmington, Delaware 19801 1. 8 29.2%
Clay Point Investors SPV 9, LP Delaware, USA 651 N. Broad St., Suite 206, Middletown, Delaware 19709 4.1 58.1%
Darwin Private Equity I LP Scotland 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ 0.8 23.9%
Firebird New Russia Fund Ltd, Class A1 Cayman Islands PO Box 897, Windward 1, Grand Cayman KY1-1103 1. 8 25.0%
Fortress Credit Opportunities Fund (C) LP Cayman Islands Maples Corporate Services Limited, P.O. Box 309, Ugland House,
Grand Cayman, KY1-1104, Cayman Islands
1. 1 33.3%
ICQ Holdings 6 LLC Delaware, USA 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808 39.7 100.0%
Infinity SDC Ltd
1
England & Wales 500-600 Witan Gate West, Milton Keynes MK9 1SH 10.8 23.9%
JRCM (London) LLP
1
England & Wales 27 St James\u2019s Place, London SW1A 1NR 0.0 50.0%
Lansdowne NE Fund, Unhedged Non-Restricted
absolute shares
Ireland 32 Molesworth Street, Dublin 2 71. 5 50.4%
Media Technology Ventures IV LP California, USA 185 Berry Street, Suite 3600, San Francisco, California 94107 3.0 38.5%
RR Capital Partners LP Delaware, USA One Maritime Plaza, Suite 2100, San Francisco, California 94111 0.3 20.5%
Sand Grove Tactical Fund LP Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 63.1 100.0%
Sand Grove UK Tactical Portfolio Cayman Islands PO Box 309, Ugland House, Grand Cayman, KY1-1104 46.5 100.0%
Springs Global Strategic Partners Fund \u2013 Anchor
Class
Ireland 2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1 11. 2 30.2%
Springs Opportunities Fund LP, Series A Cayman Islands 4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010 92.7 53.8%
Tresidor Credit Opportunities Fund Ireland 2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1 81.9 100.0%
Tribeca Global Natural Resources Feeder Fund
Class A Participating Shares Unrestricted
Cayman Islands 27 Hospital Road, George Town, Grand Cayman, KY1-9008 1. 0 62.5%
Xander Seleucus II LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 0.5 41.9%
Xander Seleucus LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 0.0 43.3%
Xander Seleucus Retail LP Cayman Islands PO Box 309, Ugland House, Grand Cayman KY1-1104 1. 5 48.8%
1
The Directors consider these entities, in which the Group holds ordinary shares, or limited partnership interests, as associated companies as the Group has
significant influence due to circumstances particular to the investment. The Group has chosen to account for associated companies held for investment
purposes at FVPL in accordance with IAS 28 Investments in Associates and Joint Ventures and IFRS 9 Financial Instruments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "27 St. James\u2019s Place London SW1A 1NR",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:P31Q1NLTW35JJGHA4667",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}