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"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-383": { "value": "9800000", "decimals": -5, "dimensions": { "concept": "ritplc:PurchaseOfOrdinarySharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-384": { "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-385": { "value": "163100000", "decimals": -5, "dimensions": { "concept": "ritplc:PurchaseOfOrdinarySharesIntoTreasuryClassifiedAsFinancingActivities", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": 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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 Group; its existing
cash balances (\u00a3204.3 million) and monitoring procedures; its
borrowing capacity (\u00a340 million facilities committed and undrawn);
the value of investments which could be realised to fund liabilities;
loan covenants as well as cash flow forecasts for the period to
30 June 2025; and uncalled commitments (\u00a3307.1 million). Further
details can be found on page 30.
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. Unrealised changes in the fair value
of these investments are recognised in the consolidated income
statement as capital items. The 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 (IFRS 2), 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 \u00a3250,000 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 capital 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
60 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 pages 88 and 89.
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
There are no new standards and interpretations that are relevant
to RIT and effective up to the date of issuance of the financial
statements that require disclosure in the Financial Statements.
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 71 and 72 and Note 13) and property
(see pages 72 and 73 and Notes 10 and 15).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "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 Group; its existing cash balances (\u00a3204.3 million) and monitoring procedures; its borrowing capacity (\u00a340 million facilities committed and undrawn); the value of investments which could be realised to fund liabilities; loan covenants as well as cash flow forecasts for the period to 30 June 2025; and uncalled commitments (\u00a3307.1 million). Further details can be found on page 30. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "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 Group; its existing cash balances (\u00a3204.3 million) and monitoring procedures; its borrowing capacity (\u00a340 million facilities committed and undrawn); the value of investments which could be realised to fund liabilities; loan covenants as well as cash flow forecasts for the period to 30 June 2025; and uncalled commitments (\u00a3307.1 million). Further details can be found on page 30. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "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. Unrealised changes in the fair value of these investments are recognised in the consolidated income statement as capital items. The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
Share-based payment
In accordance with IFRS 2 Share-based Payment (IFRS 2), 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 \u00a3250,000 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 capital 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "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 60 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "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 60 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "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 pages 88 and 89. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "New and amended standards and interpretations not applied There are no new standards and interpretations that are relevant to RIT and effective up to the date of issuance of the financial statements that require disclosure in the Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "New and amended standards and interpretations not applied There are no new standards and interpretations that are relevant to RIT and effective up to the date of issuance of the financial statements that require disclosure in the Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 71 and 72 and Note 13) and property (see pages 72 and 73 and Notes 10 and 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "
2. Investment income
\u00a3 million
2023
2022
Income from listed investments:
Dividends
10.1
7. 2
Income from unlisted investments:
Interest
3.9
4.3
Interest income on cash balances
13.5
5.5
Income from investment properties
1. 8
2.1
Total investment income
29.3
19.1
7. Finance costs
\u00a3 million
2023
2022
Interest on borrowings
23.1
14.3
Interest on swaps
11. 3
10.4
Other finance costs
0.0
0.3
Finance costs
34.4
25.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "2. Investment income
\u00a3 million
2023
2022
Income from listed investments:
Dividends
10.1
7. 2
Income from unlisted investments:
Interest
3.9
4.3
Interest income on cash balances
13.5
5.5
Income from investment properties
1. 8
2.1
Total investment income
29.3
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "2. Investment income
\u00a3 million
2023
2022
Income from listed investments:
Dividends
10.1
7. 2
Income from unlisted investments:
Interest
3.9
4.3
Interest income on cash balances
13.5
5.5
Income from investment properties
1. 8
2.1
Total investment income
29.3
19.1
7. Finance costs
\u00a3 million
2023
2022
Interest on borrowings
23.1
14.3
Interest on swaps
11. 3
10.4
Other finance costs
0.0
0.3
Finance costs
34.4
25.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "2. Investment income
\u00a3 million
2023
2022
Income from listed investments:
Dividends
10.1
7. 2
Income from unlisted investments:
Interest
3.9
4.3
Interest income on cash balances
13.5
5.5
Income from investment properties
1. 8
2.1
Total investment income
29.3
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "2. Investment income
\u00a3 million
2023
2022
Income from listed investments:
Dividends
10.1
7. 2
Income from unlisted investments:
Interest
3.9
4.3
Interest income on cash balances
13.5
5.5
Income from investment properties
1. 8
2.1
Total investment income
29.3
19.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "
3. Gains/(losses) on fair value investments
\u00a3 million
2023
2022
Gains/(losses) on fair value investments
excluding segregated accounts
70.8
(579.2)
Gains/(losses) on segregated accounts
47.1
28.0
Segregated account fees - annual
(1. 9 )
(1.7)
Segregated account fees - performance
(6.1)
(2.6)
Net gains/(losses) on fair value investments
held in segregated accounts
39.1
23.7
Gains/(losses) on fair value investments
109.9
(555.5)
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 2023, three funds
(31 December 2022: three) were structured as segregated accounts,
where the managers separately invoice the Company for investment
management fees. In order to provide a consistent presentation for
all external fees, these are included within the gains/(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 page 61.
", "dimensions": { "concept": "ritplc:DisclosureOfGainsLossesOnFairValueInvestments", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "
4. Operating expenses
\u00a3 million
2023
2022
Staff costs:
Wages and salaries
14.3
13.3
Share-based payment costs (Note 25)
14.7
1 7. 6
Social security costs
3.9
4.4
Pension costs (Note 11)
0.5
0.3
Total staff costs
33.4
35.6
Auditor\u2019s remuneration (Note 5)
0.4
0.3
Depreciation
0.3
0.4
Lease payments
0.5
0.4
Other operating expenses
8.1
6.9
Total operating expenses
42.7
43.6
Operating expenses include costs incurred by JRCM in managing
the Group's assets and property costs from the Group\u2019s property
portfolio. 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 56 to 59.
The average monthly number of employees during the year was
65 (2022: 59) of which 52 (2022: 47) were employed by JRCM and
13 (2022: 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
2023
2022
Fees payable to the Company\u2019s auditor and
its associates for the audit of the Parent
Company and consolidated financial
statements
278
228
Fees payable to the Company\u2019s auditor and
its associates for other services:
Audit of the Company\u2019s subsidiaries
95
94
Audit-related assurance services
9
12
Total
382
334
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
2023
2022
Purchases
0.7
1. 5
Sales
0.6
1. 2
Transaction costs
1.3
2.7
Furthermore \u00a30.02 million of professional fees (2022: \u00a30.02 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "4. Operating expenses
\u00a3 million
2023
2022
Staff costs:
Wages and salaries
14.3
13.3
Share-based payment costs (Note 25)
14.7
1 7. 6
Social security costs
3.9
4.4
Pension costs (Note 11)
0.5
0.3
Total staff costs
33.4
35.6
Auditor\u2019s remuneration (Note 5)
0.4
0.3
Depreciation
0.3
0.4
Lease payments
0.5
0.4
Other operating expenses
8.1
6.9
Total operating expenses
42.7
43.6
Operating expenses include costs incurred by JRCM in managing the Group's assets and property costs from the Group\u2019s property portfolio. 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 56 to 59. The average monthly number of employees during the year was 65 (2022: 59) of which 52 (2022: 47) were employed by JRCM and 13 (2022: 12) were employed by SHL. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "4. Operating expenses
\u00a3 million
2023
2022
Staff costs:
Wages and salaries
14.3
13.3
Share-based payment costs (Note 25)
14.7
1 7. 6
Social security costs
3.9
4.4
Pension costs (Note 11)
0.5
0.3
Total staff costs
33.4
35.6
Auditor\u2019s remuneration (Note 5)
0.4
0.3
Depreciation
0.3
0.4
Lease payments
0.5
0.4
Other operating expenses
8.1
6.9
Total operating expenses
42.7
43.6
Operating expenses include costs incurred by JRCM in managing the Group's assets and property costs from the Group\u2019s property portfolio. 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 56 to 59. The average monthly number of employees during the year was 65 (2022: 59) of which 52 (2022: 47) were employed by JRCM and 13 (2022: 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
2023
2022
Fees payable to the Company\u2019s auditor and
its associates for the audit of the Parent
Company and consolidated financial
statements
278
228
Fees payable to the Company\u2019s auditor and
its associates for other services:
Audit of the Company\u2019s subsidiaries
95
94
Audit-related assurance services
9
12
Total
382
334
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
2023
2022
Purchases
0.7
1. 5
Sales
0.6
1. 2
Transaction costs
1.3
2.7
Furthermore \u00a30.02 million of professional fees (2022: \u00a30.02 million) incurred on purchases of investments are included within gains/ (losses) on fair value investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "4. Operating expenses
\u00a3 million
2023
2022
Staff costs:
Wages and salaries
14.3
13.3
Share-based payment costs (Note 25)
14.7
1 7. 6
Social security costs
3.9
4.4
Pension costs (Note 11)
0.5
0.3
Total staff costs
33.4
35.6
Auditor\u2019s remuneration (Note 5)
0.4
0.3
Depreciation
0.3
0.4
Lease payments
0.5
0.4
Other operating expenses
8.1
6.9
Total operating expenses
42.7
43.6
Operating expenses include costs incurred by JRCM in managing the Group's assets and property costs from the Group\u2019s property portfolio. 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 56 to 59. The average monthly number of employees during the year was 65 (2022: 59) of which 52 (2022: 47) were employed by JRCM and 13 (2022: 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
2023
2022
Fees payable to the Company\u2019s auditor and
its associates for the audit of the Parent
Company and consolidated financial
statements
278
228
Fees payable to the Company\u2019s auditor and
its associates for other services:
Audit of the Company\u2019s subsidiaries
95
94
Audit-related assurance services
9
12
Total
382
334
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
2023
2022
Purchases
0.7
1. 5
Sales
0.6
1. 2
Transaction costs
1.3
2.7
Furthermore \u00a30.02 million of professional fees (2022: \u00a30.02 million) incurred on purchases of investments are included within gains/ (losses) on fair value investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "5. Other disclosable expenses During the year the Group obtained the following services from the Company\u2019s auditor and its associates:
\u00a3 thousand
2023
2022
Fees payable to the Company\u2019s auditor and
its associates for the audit of the Parent
Company and consolidated financial
statements
278
228
Fees payable to the Company\u2019s auditor and
its associates for other services:
Audit of the Company\u2019s subsidiaries
95
94
Audit-related assurance services
9
12
Total
382
334
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "
6. Business and geographical segments
For 2023 and 2022, the Group is considered to have three principal
operating segments, all based in the UK, as follows:
2023 2022
AUM 2023 AUM 2022
Segment
Business
\u00a3 million Employees \u00a3 million Employees
RIT
Investment trust
\u2013
\u2013
\u2013
\u2013
JRCM
Investment
management/
administration
3,573
50
3,722
49
SHL
Events/premises
management
\u2013
12
\u2013
13
1
1
2
2
1
At 31 December 2023.
2
At 31 December 2022.
Key financial information for 2023 is as follows:
Net Income/ Operating
\u00a3 million assets gains expenses Profit
RIT
3,458.7
143.0
(45.3)
97. 7
JRCM
120.6
39.0
(36.5)
2.5
SHL
1. 3
4.1
(3.8)
0.3
Adjustments
( 7. 3)
(42.9)
42.9
\u2013
Total
3,573.3
143.2
(42.7)
100.5
1
1
2
3
Key financial information for 2022 is as follows:
Net Income/ Operating
\u00a3 million assets gains expenses Profit
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
(6.8)
(51.0)
51.0
\u2013
Total
3,721.7
(508.6)
(43.6)
(552.2)
1
1
2
3
1
Includes intra-group income and expenses.
2
Profit before finance costs and taxation.
3
Consolidation adjustments in accordance with IFRS 10 Consolidated
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "6. Business and geographical segments For 2023 and 2022, the Group is considered to have three principal operating segments, all based in the UK, as follows:
2023 2022
AUM 2023 AUM 2022
Segment
Business
\u00a3 million Employees \u00a3 million Employees
RIT
Investment trust
\u2013
\u2013
\u2013
\u2013
JRCM
Investment
management/
administration
3,573
50
3,722
49
SHL
Events/premises
management
\u2013
12
\u2013
13
1 1 2 2 1 At 31 December 2023. 2 At 31 December 2022. Key financial information for 2023 is as follows:
Net Income/ Operating
\u00a3 million assets gains expenses Profit
RIT
3,458.7
143.0
(45.3)
97. 7
JRCM
120.6
39.0
(36.5)
2.5
SHL
1. 3
4.1
(3.8)
0.3
Adjustments
( 7. 3)
(42.9)
42.9
\u2013
Total
3,573.3
143.2
(42.7)
100.5
1 1 2 3 Key financial information for 2022 is as follows:
Net Income/ Operating
\u00a3 million assets gains expenses Profit
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
(6.8)
(51.0)
51.0
\u2013
Total
3,721.7
(508.6)
(43.6)
(552.2)
1 1 2 3 1 Includes intra-group income and expenses. 2 Profit before finance costs and taxation. 3 Consolidation adjustments in accordance with IFRS 10 Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "7. Finance costs
\u00a3 million
2023
2022
Interest on borrowings
23.1
14.3
Interest on swaps
11. 3
10.4
Other finance costs
0.0
0.3
Finance costs
34.4
25.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "7. Finance costs
\u00a3 million
2023
2022
Interest on borrowings
23.1
14.3
Interest on swaps
11. 3
10.4
Other finance costs
0.0
0.3
Finance costs
34.4
25.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "
8. Taxation
Year ended 31 December 2023
\u00a3 million
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
Year ended 31 December 2022
\u00a3 million
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
The main corporation tax rate increased from 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 2023 of 23.5% (2022:
19%). The differences are explained as follows:
Year ended 31 December 2023
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
(2.9)
69.0
66.1
Tax at the standard
UK corporation tax rate of
23.5%
(0.7)
16.2
15.5
Effect of:
Capital items exempt from
corporation tax
\u2013
(25.9)
(25.9)
Dividend income not taxable
(1.7)
\u2013
(1.7)
Expenses not deductible
for tax purposes
0.1
\u2013
0.1
Tax losses not recognised
2.3
10.0
12.3
Other items
\u2013
(0.3)
(0.3)
Total taxation charge/(credit)
\u2013
\u2013
\u2013
Year ended 31 December 2022
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
(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 taxation charge/(credit)
\u2013
\u2013
\u2013
Refer to Note 12 on page 78 for the explanation of carried forward
tax losses.
12. Deferred taxation
The gross movement on deferred tax during the year is shown
below:
\u00a3 million
2023
2022
Balance at start of year
(0.2)
(1.3)
(Debit)/credit to consolidated income
statement
\u2013
\u2013
(Debit)/credit to SOCI
0.2
1. 1
Balance at end of year
(0.0)
(0.2)
The deferred tax asset/(liability) is analysed below:
\u00a3 million
2023
2022
Retirement benefit asset
(0.0)
(0.2)
Balance at end of year
(0.0)
(0.2)
The Group had carried forward tax losses of \u00a3521 million at
31 December 2023 (2022: \u00a3453 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:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "8. Taxation
Year ended 31 December 2023
\u00a3 million
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
Year ended 31 December 2022
\u00a3 million
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
The main corporation tax rate increased from 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 2023 of 23.5% (2022: 19%). The differences are explained as follows:
Year ended 31 December 2023
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
(2.9)
69.0
66.1
Tax at the standard
UK corporation tax rate of
23.5%
(0.7)
16.2
15.5
Effect of:
Capital items exempt from
corporation tax
\u2013
(25.9)
(25.9)
Dividend income not taxable
(1.7)
\u2013
(1.7)
Expenses not deductible
for tax purposes
0.1
\u2013
0.1
Tax losses not recognised
2.3
10.0
12.3
Other items
\u2013
(0.3)
(0.3)
Total taxation charge/(credit)
\u2013
\u2013
\u2013
Year ended 31 December 2022
\u00a3 million
Revenue
Capital
Total
Profit/(loss) before taxation
(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 taxation charge/(credit)
\u2013
\u2013
\u2013
Refer to Note 12 on page 78 for the explanation of carried forward tax losses. 12. Deferred taxation The gross movement on deferred tax during the year is shown below:
\u00a3 million
2023
2022
Balance at start of year
(0.2)
(1.3)
(Debit)/credit to consolidated income
statement
\u2013
\u2013
(Debit)/credit to SOCI
0.2
1. 1
Balance at end of year
(0.0)
(0.2)
The deferred tax asset/(liability) is analysed below:
\u00a3 million
2023
2022
Retirement benefit asset
(0.0)
(0.2)
Balance at end of year
(0.0)
(0.2)
The Group had carried forward tax losses of \u00a3521 million at 31 December 2023 (2022: \u00a3453 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "
9. Earnings per ordinary share \u2013
basic and diluted
The basic earnings per ordinary share for 2023 is based on the profit
of \u00a366.1 million (2022: loss of \u00a3577.2 million) and the weighted
average number of ordinary shares in issue during the period of
149.5 million (2022: 155.5 million). The weighted average number
of shares is adjusted for shares held in the EBT and in treasury in
accordance with IAS 33 \u2013 Earnings per share.
\u00a3 million
2023
2022
Net revenue profit/(loss)
(2.9)
(14.3)
Net capital profit/(loss)
69.0
(562.9)
Total profit/(loss) for the year
66.1
(577.2)
Weighted average (million)
2023
2022
Number of shares in issue
156.8
156.8
Shares held in EBT
(1.8)
(1.0)
Shares held in treasury
(5.5)
(0.3)
Basic shares
149.5
155.5
pence
2023
2022
Revenue earnings/(loss)
per ordinary share \u2013 basic
(1. 9 )
(9.2)
Capital earnings/(loss)
per ordinary share \u2013 basic
46.1
(362.1)
Total earnings per share \u2013 basic
44.2
(371.3)
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 was not required for 2022 as an increase in the
shares in issue would have reduced the basic loss per ordinary
share. As a result, there was no difference between the basic and
diluted loss per ordinary share in the prior year.
Weighted average (million)
2023
2022
Basic shares
149.5
155.5
Effect of share-based payment awards
1. 4
\u2013
Diluted shares
150.9
155.5
pence
2023
2022
Revenue earnings/(loss)
per ordinary share \u2013 diluted
(1. 9 )
(9.2)
Capital earnings/(loss)
per ordinary share \u2013 diluted
45.7
(362.1)
Total earnings per ordinary share \u2013 diluted
43.8
(371.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "
10. Property, plant and equipment
The Group\u2019s property, plant and equipment as at 31 December 2023
was \u00a321.6 million (2022: \u00a320.7 million).
Group Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
value
At 1 January 2023
1 7. 5
(6.2)
9.4
20.7
Additions
0.3
\u2013
\u2013
0.3
Charge for depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/(loss)
\u2013
\u2013
0.9
0.9
Fair value at
31 December 2023
1 7. 8
(6.5)
10.3
21.6
Of which:
Property \u2013 leasehold
14.1
(4.9)
10.3
19.5
Group Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
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
The Company\u2019s property, plant and equipment as at 31 December
2023 was \u00a321.5 million (2022: \u00a320.6 million).
Company Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
value
At 1 January 2023
15.8
(4.6)
9.4
20.6
Additions
0.3
\u2013
\u2013
0.3
Charge for depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/(loss)
\u2013
\u2013
0.9
0.9
Fair value at
31 December 2023
16.1
(4.9)
10.3
21.5
Of which:
Property \u2013 leasehold
14.1
(4.9)
10.3
19.5
Company Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
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
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "10. Property, plant and equipment The Group\u2019s property, plant and equipment as at 31 December 2023 was \u00a321.6 million (2022: \u00a320.7 million).
Group Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
value
At 1 January 2023
1 7. 5
(6.2)
9.4
20.7
Additions
0.3
\u2013
\u2013
0.3
Charge for depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/(loss)
\u2013
\u2013
0.9
0.9
Fair value at
31 December 2023
1 7. 8
(6.5)
10.3
21.6
Of which:
Property \u2013 leasehold
14.1
(4.9)
10.3
19.5
Group Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
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
The Company\u2019s property, plant and equipment as at 31 December 2023 was \u00a321.5 million (2022: \u00a320.6 million).
Company Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
value
At 1 January 2023
15.8
(4.6)
9.4
20.6
Additions
0.3
\u2013
\u2013
0.3
Charge for depreciation
\u2013
(0.3)
\u2013
(0.3)
Revaluation gain/(loss)
\u2013
\u2013
0.9
0.9
Fair value at
31 December 2023
16.1
(4.9)
10.3
21.5
Of which:
Property \u2013 leasehold
14.1
(4.9)
10.3
19.5
Company Accumulated Net book/fair
\u00a3 million
Cost
depreciation
Revaluation
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
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:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "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 Trustee.
As a result of the \u2018buy-in\u2019, current cash contributions into the Scheme
have ceased. In addition, the Group will no longer record non-cash
interest income on the accounting surplus.
It is expected that a full buy-out of the Scheme will complete in
2024, 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
2023
2022
Net interest on defined benefit asset
(0.0)
(0.1)
Remeasurement effects recognised in the
SOCI
0.4
4.5
Total cost/(credit)
0.4
4.4
Recognised in the consolidated income statement
\u00a3 millions
2023
2022
Defined contribution schemes
0.5
0.4
Defined benefit scheme:
Net interest on defined benefit liability
0.0
(0.1)
Total pension cost recognised in the
consolidated income statement
0.5
0.3
Recognised in the SOCI
\u00a3 millions
2023
2022
Defined benefit scheme:
Actuarial loss due to liability experience
0.0
0.4
Actuarial (gain)/loss due to liability
assumption changes
0.5
(9.6)
Actuarial gain due to demographic
assumption changes in defined benefit
obligation (DBO)
(0.3)
(0.1)
Return on Scheme assets greater than
discount rate
0.2
13.8
Remeasurement effects recognised in
the SOCI
0.4
4.5
Total (credit)/expense
0.9
4.8
The Scheme\u2019s assets and liabilities are shown below together with the actuarial assumptions used.
Changes in the DBO
\u00a3 millions
2023
2022
DBO at end of prior year
1 7. 1
26.7
Interest cost on the DBO
0.9
0.5
Actuarial loss - demographic experience
0.0
0.3
Actuarial gain - demographic assumptions
(0.3)
\u2013
Actuarial gain - financial assumptions
0.5
(9.6)
Benefits paid from scheme assets
(0.9)
(0.8)
Total DBO
1 7. 3
1 7. 1
Changes in Scheme assets
\u00a3 millions
2023
2022
Opening fair value of the Scheme assets
1 7. 6
30.5
Interest income on Scheme assets
0.9
0.6
Return on Scheme assets greater than
discount rate
(0.2)
(13.8)
Employer contributions
\u2013
1. 1
Benefits paid
(0.9)
(0.8)
Total Scheme assets
1 7. 4
1 7. 6
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
2023
2022
Net defined benefit asset at end of prior
year
0.5
3.8
Net interest on defined benefit asset at end
of prior year
0.0
0.1
Remeasurement effects recognised in the
SOCI
(0.4)
(4.5)
Employer contributions
0.0
1. 1
Net defined benefit asset
0.1
0.5
The assumptions used to determine the measurements at the reporting dates are shown below:
2023
2022
Discount rate
4.65%
4.95%
Price inflation (RPI)
3.30%
3.35%
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
4.20%
4.25%
Pension increases for deferred benefits
(non Guaranteed Minimum Pension)
3.30%
3.35%
Scheme participant census date 31 December 31 December
2023 2022
Post retirement mortality assumption-
source
SAPS
SAPS
1 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
2023
2022
DBO
1 7. 3
1 7. 1
Significant actuarial assumptions at 31 December 2023:
Assumptions
used for Revised DBO
sensitivity Sensitivity for each
\u00a3 millions analysis analysis sensitivity
Discount rate
4.15%
0.5% point decrease
18.5
Price inflation (RPI)
3.80%
0.5% point increase
1 7. 6
Life expectancy
\u2013
Increase of 1 year
18.0
Significant actuarial assumptions at 31 December 2022:
Assumptions
used for Revised DBO
sensitivity Sensitivity for each
\u00a3 millions analysis analysis 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
The weighted average duration of the DBO is 13 years. Further Scheme analysis is shown below.
Analysis of DBO by participant category
\u00a3 millions
2023
2022
Deferred participants
1. 8
2.2
Pensioners
15.5
14.9
DBO
1 7. 3
1 7. 1
The fair value of Scheme assets of \u00a31 7. 4 million is analysed in the table below (2022: \u00a317.6 million).
31 December 31 December
Scheme asset breakdown 2023 2022
Bulk insurance policy
98%
96%
Cash and liquidity/other
2%
4%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "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 Trustee. As a result of the \u2018buy-in\u2019, current cash contributions into the Scheme have ceased. In addition, the Group will no longer record non-cash interest income on the accounting surplus. It is expected that a full buy-out of the Scheme will complete in 2024, 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
2023
2022
Net interest on defined benefit asset
(0.0)
(0.1)
Remeasurement effects recognised in the
SOCI
0.4
4.5
Total cost/(credit)
0.4
4.4
Recognised in the consolidated income statement
\u00a3 millions
2023
2022
Defined contribution schemes
0.5
0.4
Defined benefit scheme:
Net interest on defined benefit liability
0.0
(0.1)
Total pension cost recognised in the
consolidated income statement
0.5
0.3
Recognised in the SOCI
\u00a3 millions
2023
2022
Defined benefit scheme:
Actuarial loss due to liability experience
0.0
0.4
Actuarial (gain)/loss due to liability
assumption changes
0.5
(9.6)
Actuarial gain due to demographic
assumption changes in defined benefit
obligation (DBO)
(0.3)
(0.1)
Return on Scheme assets greater than
discount rate
0.2
13.8
Remeasurement effects recognised in
the SOCI
0.4
4.5
Total (credit)/expense
0.9
4.8
The Scheme\u2019s assets and liabilities are shown below together with
the actuarial assumptions used.
Changes in the DBO
\u00a3 millions
2023
2022
DBO at end of prior year
1 7. 1
26.7
Interest cost on the DBO
0.9
0.5
Actuarial loss - demographic experience
0.0
0.3
Actuarial gain - demographic assumptions
(0.3)
\u2013
Actuarial gain - financial assumptions
0.5
(9.6)
Benefits paid from scheme assets
(0.9)
(0.8)
Total DBO
1 7. 3
1 7. 1
Changes in Scheme assets
\u00a3 millions
2023
2022
Opening fair value of the Scheme assets
1 7. 6
30.5
Interest income on Scheme assets
0.9
0.6
Return on Scheme assets greater than
discount rate
(0.2)
(13.8)
Employer contributions
\u2013
1. 1
Benefits paid
(0.9)
(0.8)
Total Scheme assets
1 7. 4
1 7. 6
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
2023
2022
Net defined benefit asset at end of prior
year
0.5
3.8
Net interest on defined benefit asset at end
of prior year
0.0
0.1
Remeasurement effects recognised in the
SOCI
(0.4)
(4.5)
Employer contributions
0.0
1. 1
Net defined benefit asset
0.1
0.5
The assumptions used to determine the measurements at the
reporting dates are shown below:
2023
2022
Discount rate
4.65%
4.95%
Price inflation (RPI)
3.30%
3.35%
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
4.20%
4.25%
Pension increases for deferred benefits
(non Guaranteed Minimum Pension)
3.30%
3.35%
Scheme participant census date 31 December 31 December
2023 2022
Post retirement mortality assumption-
source
SAPS
SAPS
1
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
2023
2022
DBO
1 7. 3
1 7. 1
Significant actuarial assumptions at 31 December 2023:
Assumptions
used for Revised DBO
sensitivity Sensitivity for each
\u00a3 millions analysis analysis sensitivity
Discount rate
4.15%
0.5% point decrease
18.5
Price inflation (RPI)
3.80%
0.5% point increase
1 7. 6
Life expectancy
\u2013
Increase of 1 year
18.0
Significant actuarial assumptions at 31 December 2022:
Assumptions
used for Revised DBO
sensitivity Sensitivity for each
\u00a3 millions analysis analysis 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
The weighted average duration of the DBO is 13 years. Further
Scheme analysis is shown below.
Analysis of DBO by participant category
\u00a3 millions
2023
2022
Deferred participants
1. 8
2.2
Pensioners
15.5
14.9
DBO
1 7. 3
1 7. 1
The fair value of Scheme assets of \u00a31 7. 4 million is analysed in the
table below (2022: \u00a317.6 million).
31 December 31 December
Scheme asset breakdown 2023 2022
Bulk insurance policy
98%
96%
Cash and liquidity/other
2%
4%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "12. Deferred taxation The gross movement on deferred tax during the year is shown below:
\u00a3 million
2023
2022
Balance at start of year
(0.2)
(1.3)
(Debit)/credit to consolidated income
statement
\u2013
\u2013
(Debit)/credit to SOCI
0.2
1. 1
Balance at end of year
(0.0)
(0.2)
The deferred tax asset/(liability) is analysed below:
\u00a3 million
2023
2022
Retirement benefit asset
(0.0)
(0.2)
Balance at end of year
(0.0)
(0.2)
The Group had carried forward tax losses of \u00a3521 million at 31 December 2023 (2022: \u00a3453 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "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 71 and 72. 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.
31 December 31 December
\u00a3 million 2023 2022
Exposure to quoted equity price risk
1,594.5
1,361.1
Exposure to other price risk
2,332.2
2,394.5
Total exposure to price risk
3,926.7
3,755.6
1
1
Quoted equity price risk represented 45% of year-end net assets
(2022: 37%).
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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
Quoted equity
230.2
137.4
Other
260.4
239.4
Total
490.6
376.8
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.
31 December 2023
Floating Fixed
\u00a3 million rate
rate
Total
Portfolio investments \u2013
debt securities
\u2013
154.0
154.0
Cash
204.3
\u2013
204.3
Borrowings
(142.9)
(137.9)
(280.8)
Total
61.4
16.1
77.5
1
31 December 2022
Floating Fixed
\u00a3 million rate
rate
Total
Portfolio investments \u2013
debt securities
\u2013
40.7
40.7
Cash
218.0
\u2013
218.0
Borrowings
(236.2)
(134.4)
(370.6)
Total
(18.2)
(93.7)
(111.9)
1
1
In addition, the Group holds \u00a3739.8 million (2022: \u00a3746.8 million) invested in
absolute return and credit, of which \u00a3394.5 million (2022: \u00a3443.7 million) is in
funds that predominantly invest in credit instruments. These provide indirect
exposure to interest rate risk.
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 \u00a3280.8 million
outstanding at the year end (2022: \u00a3370.6 million). The revolving
credit facilities comprising \u00a3142.9 million of this total incur floating
interest payments (2022: \u00a3236.2 million). The loan notes with a fair
value of \u00a3137.9 million (par value of \u00a3151.0 million) have fixed interest
payments (2022: fair value \u00a3134.4 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
Total
2.7
6.1
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
2023 2022
Net exposure Net exposure
Currency % of NAV % of NAV
US dollar
39.6
32.5
Euro
6.0
7. 5
Japanese yen
4.4
4.2
Other non-sterling
2.6
2.9
Total
52.6
47.1
1
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 2023, 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
US dollar
(104.8)
(120.8)
Japanese yen
(15.9)
(15.6)
Euro
(21.5)
(27.8)
Other non-sterling
(8.9)
(11.2)
Total
(151.1)
(175.4)
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
2023
2022
Portfolio investments \u2013 debt securities
154.0
40.7
Derivative financial instruments
71.3
58.3
Cash margin
37.8
85.4
Other receivables
33.4
159.9
Cash at bank
204.3
218.0
Total
500.8
562.3
1 2 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 (2022: 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 2023 (2022: 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 two revolving credit facilities with a total capacity of
\u00a3185 million (of which \u00a340 million was committed and undrawn at
the year end) and \u00a3151 million par value 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:
31 December 2023
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Bank loan/overdraft
142.9
\u2013
\u2013
142.9
Derivative financial
instruments
2.5
0.3
\u2013
2.8
Amounts owed to group
undertakings
0.1
\u2013
\u2013
0.1
Non-current liabilities:
Derivative financial
instruments
0.0
\u2013
\u2013
0.0
Borrowings
\u2013
5.6
189.3
194.9
Lease liability
0.1
0.3
8.0
8.4
Financial liabilities
145.6
6.2
197. 3
349.1
Other non-financial liabilities
39.2
\u2013
3.0
42.2
Total
184.8
6.2
200.3
391.3
31 December 2022
3 months 3-12
\u00a3 million or less
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
\u2013
\u2013
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
In addition, the Company has contingent liabilities in the form of
commitments amounting to \u00a3307 million (2022: \u00a3385 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
2023
2022
Cash margin
37.8
85.4
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 2023 and
31 December 2022 are:
Group and Company
Assets Liabilities
As at 31 December 2023
Notional
1
(positive (negative Total
\u00a3 million amount fair value) fair value) fair value
Commodity derivatives
233.5
6.0
(1.8)
4.2
Currency derivatives
1,406.8
32.6
(0.7)
31.9
Equity derivatives
415.9
32.7
(0.3)
32.4
Total
71.3
(2.8)
68.5
Group and Company
Assets Liabilities
As at 31 December 2022
Notional
1
(positive (negative Total
\u00a3 million amount fair value) fair value) fair value
Commodity derivatives
169.1
6.4
\u2013
6.4
Currency derivatives
1,815.1
49.6
(7.0)
42.6
Equity derivatives
253.2
2.3
(3.4)
(1.1)
Total
58.3
(10.4)
47.9
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 22) 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 initial valuations, which
are then subject to review by the finance function, with the final
valuations being determined by 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 2023 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 Notes 10 and 15.
The following table analyses the Group\u2019s assets and liabilities within
the fair value hierarchy, at 31 December 2023:
As at 31 December 2023
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value
through profit or loss (FVPL):
Portfolio investments
668.4
1,065.8
1,628.1
3,362.3
Non-consolidated subsidiaries
\u2013
\u2013
137.1
137.1
Investments held at fair value
668.4
1,065.8
1,765.2
3,499.4
Derivative financial instruments
8.7
62.6
\u2013
71.3
Total financial assets at FVPL
677.1
1,128.4
1,765.2
3,570.7
Non-financial assets measured
at fair value:
Investment property
\u2013
\u2013
34.1
34.1
Property, plant and
equipment
\u2013
\u2013
21.6
21.6
Total non-financial assets
measured at fair value
\u2013
\u2013
55.7
55.7
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(280.8)
(280.8)
Derivative financial
instruments
(1.8)
(1.0)
\u2013
(2.8)
Total financial liabilities at
FVPL
(1.8)
(1.0)
(280.8)
(283.6)
Total net assets measured at
fair value
675.3
1,127.4
1,540.1
3,342.8
Other non-current assets
0.1
Cash at bank
204.3
Other current assets
7 1. 3
Other current liabilities
(39.3)
Other non-current liabilities
(5.9)
Net assets
3,573.3
Movements in level 3 assets
Investments
Year ended 31 December 2023 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,875.3
58.6
1,933.9
Purchases
187.2
\u2013
187.2
Sales
(159.0)
\u2013
(159.0)
Gains/(losses) through profit or loss
(143.2)
(2.9)
(146.1)
Unrealised gains/(losses) through
other comprehensive income
\u2013
0.3
0.3
Other
4.9
(0.3)
4.6
Closing balance
1,765.2
55.7
1,820.9
1
1
Included within gains/(losses) through profit or loss is \u00a323.3 million (2022:
\u00a360.1 million loss) of unrealised losses, including currency translation, relating
to those level 3 assets held at the end of the reporting period.
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 estimating the fair value of the investment.
As a range of valuation methods and inputs may be used 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
2023
2022
Third-party valuations
259.7
246.3
Recent transaction
60.0
23.6
Other industry metrics
28.9
21.7
Discount to recent transaction
22.3
90.5
Discount to sale proceeds
13.3
10.8
Earnings multiple
7. 5
49.8
Total
391.7
442.7
1
2
1
Included in this method are directly-held private investments within
the non-consolidated subsidiaries with a total of \u00a325.1 million (2022:
\u00a324.5 million).
2
Included in this method are direct private investments which have been
discounted due to a decline in public comparables or a general decline in
markets related to or impacting the businesses.
The majority of the direct private investments are structured
as co-investments, managed by a GP. For these investments,
the valuation approach is to 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, this will usually involve 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, the agreed or offered price will be used, often with
a discount as appropriate 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, this transaction price will be used. 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 \u00a313.0 million or
0.4% (2022: \u00a312.3 million, 0.3%) change
in net assets.
Recent transaction
A 5% change in the value of these
assets would result in a \u00a33.0 million
or 0.08% (2022: \u00a31. 2 million, 0.03%)
change in net assets.
Other industry metrics
A 5% change in the value of these
assets would result in a \u00a31. 4 million
or 0.04% (2022: \u00a31. 1 million, 0.03%)
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 9% and 67%,
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 \u00a31. 1 million
or 0.03% (2022: \u00a34.5 million, 0.12%)
change in net assets.
Discount to sale proceeds
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 \u00a30.03 million or <0.001% (2022: \u00a30.1
million, <0.01%) change in net assets.
Earnings multiple
Assets in this category are valued
using EV/sales multiples in the range
of 2.0x to 5.2x.If the multiple used
for valuation purposes is increased or
decreased by 5% then the net assets
would increase/decrease by \u00a30.5 million or
0.02% (2022: \u00a32.5 million, 0.07%).
The investment property and property, plant and equipment with
an aggregate fair value of \u00a355.7 million (2022: \u00a358.6 million) were
valued using a third-party valuation provided by JLL. The properties
were valued using weighted average capital values of \u00a31,499 per
square foot (2022: \u00a31,580) 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 (2022: \u00a30.8 million increase/decrease).
The non-consolidated subsidiaries are held at their fair value of
\u00a3137.1 million (2022: \u00a3101.1 million) representing \u00a3138.1 million
of portfolio investments (2022: \u00a3104.7 million) and \u00a31. 0 million
of remaining liabilities (2022: \u00a33.3 million of remaining liabilities).
A 5% change in the value of these assets would result in \u00a36.9 million
or 0.2% (2022: \u00a35.1 million, 0.1%) change in total net assets.
The remaining investments held at fair value and classified as level 3 of
\u00a31,261.5 million (2022: \u00a31,355.7 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 \u00a363.1 million or 1.77%
(2022: \u00a36 7. 8 million, 1. 8 2%) 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 \u00a31,820.9 million (2022: \u00a31,933.9 million).
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
Investments
Year ended 31 December 2022 held at fair
\u00a3 million
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)
Gains/(losses) through profit or
loss
(51.0)
(0.4)
(51.4)
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
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 2023 and 31 December 2022
comprised:
\u00a3 million
2023
2022
Equity share capital
156.8
156.8
Retained earnings and other reserves
3,416.5
3,564.9
Net asset value
3,573.3
3,721.7
Borrowings
280.8
370.6
Total capital
3,854.1
4,092.3
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.
18. Borrowings
Group and Company
\u00a3 million
2023
2022
Unsecured loans payable within one year:
Revolving credit facilities
142.9
236.2
Unsecured loans payable in more than one year:
Fixed rate loan notes
137.9
134.4
Total borrowings
280.8
370.6
At 31 December 2023 the Company had two revolving credit facilities
(RCFs): an \u00a385 million, three-year facility with BNP Paribas SA agreed
in December 2022 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
pay floating interest linked to SONIA, SOFR 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
\u00a3142.9 million (2022: \u00a3236.2 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 7.28% (2022: 5.85%).
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 \u00a3137.9 million (2022: \u00a3134.4 million) calculated using a
discount rate of 5.13% (2022: 5.24%). A 5% increase/decrease in
the underlying discount rate would result in an increase/decrease
in net assets of approximately \u00a32.0 million (2022: \u00a32.3 million) or
0.06% (2022: 0.06%). The weighted average interest rate payable on
these Notes is 3.45% and their remaining weighted average tenor is
7. 2 years (2022: 8.2 years).
The overall weighted average interest rate on drawn borrowings at
the year end was 5.32% (2022: 4.93%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "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 71 and 72. 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.
31 December 31 December
\u00a3 million 2023 2022
Exposure to quoted equity price risk
1,594.5
1,361.1
Exposure to other price risk
2,332.2
2,394.5
Total exposure to price risk
3,926.7
3,755.6
1 1 Quoted equity price risk represented 45% of year-end net assets (2022: 37%). 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
Quoted equity
230.2
137.4
Other
260.4
239.4
Total
490.6
376.8
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.
31 December 2023
Floating Fixed
\u00a3 million rate
rate
Total
Portfolio investments \u2013
debt securities
\u2013
154.0
154.0
Cash
204.3
\u2013
204.3
Borrowings
(142.9)
(137.9)
(280.8)
Total
61.4
16.1
77.5
1
31 December 2022
Floating Fixed
\u00a3 million rate
rate
Total
Portfolio investments \u2013
debt securities
\u2013
40.7
40.7
Cash
218.0
\u2013
218.0
Borrowings
(236.2)
(134.4)
(370.6)
Total
(18.2)
(93.7)
(111.9)
1 1 In addition, the Group holds \u00a3739.8 million (2022: \u00a3746.8 million) invested in absolute return and credit, of which \u00a3394.5 million (2022: \u00a3443.7 million) is in funds that predominantly invest in credit instruments. These provide indirect exposure to interest rate risk. 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 \u00a3280.8 million outstanding at the year end (2022: \u00a3370.6 million). The revolving credit facilities comprising \u00a3142.9 million of this total incur floating interest payments (2022: \u00a3236.2 million). The loan notes with a fair value of \u00a3137.9 million (par value of \u00a3151.0 million) have fixed interest payments (2022: fair value \u00a3134.4 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
Total
2.7
6.1
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
2023 2022
Net exposure Net exposure
Currency % of NAV % of NAV
US dollar
39.6
32.5
Euro
6.0
7. 5
Japanese yen
4.4
4.2
Other non-sterling
2.6
2.9
Total
52.6
47.1
1 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 2023, 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
US dollar
(104.8)
(120.8)
Japanese yen
(15.9)
(15.6)
Euro
(21.5)
(27.8)
Other non-sterling
(8.9)
(11.2)
Total
(151.1)
(175.4)
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
2023
2022
Portfolio investments \u2013 debt securities
154.0
40.7
Derivative financial instruments
71.3
58.3
Cash margin
37.8
85.4
Other receivables
33.4
159.9
Cash at bank
204.3
218.0
Total
500.8
562.3
1 2 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 (2022: 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 2023 (2022: 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 two revolving credit facilities with a total capacity of \u00a3185 million (of which \u00a340 million was committed and undrawn at the year end) and \u00a3151 million par value 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:
31 December 2023
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Bank loan/overdraft
142.9
\u2013
\u2013
142.9
Derivative financial
instruments
2.5
0.3
\u2013
2.8
Amounts owed to group
undertakings
0.1
\u2013
\u2013
0.1
Non-current liabilities:
Derivative financial
instruments
0.0
\u2013
\u2013
0.0
Borrowings
\u2013
5.6
189.3
194.9
Lease liability
0.1
0.3
8.0
8.4
Financial liabilities
145.6
6.2
197. 3
349.1
Other non-financial liabilities
39.2
\u2013
3.0
42.2
Total
184.8
6.2
200.3
391.3
31 December 2022
3 months 3-12
\u00a3 million or less
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
\u2013
\u2013
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
In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3307 million (2022: \u00a3385 million) as set out in Note 14. 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 2023 and 31 December 2022 comprised:
\u00a3 million
2023
2022
Equity share capital
156.8
156.8
Retained earnings and other reserves
3,416.5
3,564.9
Net asset value
3,573.3
3,721.7
Borrowings
280.8
370.6
Total capital
3,854.1
4,092.3
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:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "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.
31 December 31 December
\u00a3 million 2023 2022
Exposure to quoted equity price risk
1,594.5
1,361.1
Exposure to other price risk
2,332.2
2,394.5
Total exposure to price risk
3,926.7
3,755.6
1 1 Quoted equity price risk represented 45% of year-end net assets (2022: 37%). 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
Quoted equity
230.2
137.4
Other
260.4
239.4
Total
490.6
376.8
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.
31 December 2023
Floating Fixed
\u00a3 million rate
rate
Total
Portfolio investments \u2013
debt securities
\u2013
154.0
154.0
Cash
204.3
\u2013
204.3
Borrowings
(142.9)
(137.9)
(280.8)
Total
61.4
16.1
77.5
1
31 December 2022
Floating Fixed
\u00a3 million rate
rate
Total
Portfolio investments \u2013
debt securities
\u2013
40.7
40.7
Cash
218.0
\u2013
218.0
Borrowings
(236.2)
(134.4)
(370.6)
Total
(18.2)
(93.7)
(111.9)
1 1 In addition, the Group holds \u00a3739.8 million (2022: \u00a3746.8 million) invested in absolute return and credit, of which \u00a3394.5 million (2022: \u00a3443.7 million) is in funds that predominantly invest in credit instruments. These provide indirect exposure to interest rate risk. 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 \u00a3280.8 million outstanding at the year end (2022: \u00a3370.6 million). The revolving credit facilities comprising \u00a3142.9 million of this total incur floating interest payments (2022: \u00a3236.2 million). The loan notes with a fair value of \u00a3137.9 million (par value of \u00a3151.0 million) have fixed interest payments (2022: fair value \u00a3134.4 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
Total
2.7
6.1
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
2023 2022
Net exposure Net exposure
Currency % of NAV % of NAV
US dollar
39.6
32.5
Euro
6.0
7. 5
Japanese yen
4.4
4.2
Other non-sterling
2.6
2.9
Total
52.6
47.1
1 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 2023, 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.
2023 2022
Impact on profit Impact on profit
\u00a3 million and net assets and net assets
US dollar
(104.8)
(120.8)
Japanese yen
(15.9)
(15.6)
Euro
(21.5)
(27.8)
Other non-sterling
(8.9)
(11.2)
Total
(151.1)
(175.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "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
2023
2022
Portfolio investments \u2013 debt securities
154.0
40.7
Derivative financial instruments
71.3
58.3
Cash margin
37.8
85.4
Other receivables
33.4
159.9
Cash at bank
204.3
218.0
Total
500.8
562.3
1
2
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 (2022: 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 2023
(2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "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 two revolving credit facilities with a total capacity of \u00a3185 million (of which \u00a340 million was committed and undrawn at the year end) and \u00a3151 million par value 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:
31 December 2023
3 months 3-12
\u00a3 million or less
months
>1 year
Total
Current liabilities:
Bank loan/overdraft
142.9
\u2013
\u2013
142.9
Derivative financial
instruments
2.5
0.3
\u2013
2.8
Amounts owed to group
undertakings
0.1
\u2013
\u2013
0.1
Non-current liabilities:
Derivative financial
instruments
0.0
\u2013
\u2013
0.0
Borrowings
\u2013
5.6
189.3
194.9
Lease liability
0.1
0.3
8.0
8.4
Financial liabilities
145.6
6.2
197. 3
349.1
Other non-financial liabilities
39.2
\u2013
3.0
42.2
Total
184.8
6.2
200.3
391.3
31 December 2022
3 months 3-12
\u00a3 million or less
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
\u2013
\u2013
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
In addition, the Company has contingent liabilities in the form of commitments amounting to \u00a3307 million (2022: \u00a3385 million) as set out in Note 14. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "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
2023
2022
Cash margin
37.8
85.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "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 2023 and 31 December 2022 are:
Group and Company
Assets Liabilities
As at 31 December 2023
Notional
1
(positive (negative Total
\u00a3 million amount fair value) fair value) fair value
Commodity derivatives
233.5
6.0
(1.8)
4.2
Currency derivatives
1,406.8
32.6
(0.7)
31.9
Equity derivatives
415.9
32.7
(0.3)
32.4
Total
71.3
(2.8)
68.5
Group and Company
Assets Liabilities
As at 31 December 2022
Notional
1
(positive (negative Total
\u00a3 million amount fair value) fair value) fair value
Commodity derivatives
169.1
6.4
\u2013
6.4
Currency derivatives
1,815.1
49.6
(7.0)
42.6
Equity derivatives
253.2
2.3
(3.4)
(1.1)
Total
58.3
(10.4)
47.9
1 Long and short notional exposure has been netted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "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 22) 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 initial valuations, which are then subject to review by the finance function, with the final valuations being determined by 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 2023 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 Notes 10 and 15. The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2023: As at 31 December 2023
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value
through profit or loss (FVPL):
Portfolio investments
668.4
1,065.8
1,628.1
3,362.3
Non-consolidated subsidiaries
\u2013
\u2013
137.1
137.1
Investments held at fair value
668.4
1,065.8
1,765.2
3,499.4
Derivative financial instruments
8.7
62.6
\u2013
71.3
Total financial assets at FVPL
677.1
1,128.4
1,765.2
3,570.7
Non-financial assets measured
at fair value:
Investment property
\u2013
\u2013
34.1
34.1
Property, plant and
equipment
\u2013
\u2013
21.6
21.6
Total non-financial assets
measured at fair value
\u2013
\u2013
55.7
55.7
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(280.8)
(280.8)
Derivative financial
instruments
(1.8)
(1.0)
\u2013
(2.8)
Total financial liabilities at
FVPL
(1.8)
(1.0)
(280.8)
(283.6)
Total net assets measured at
fair value
675.3
1,127.4
1,540.1
3,342.8
Other non-current assets
0.1
Cash at bank
204.3
Other current assets
7 1. 3
Other current liabilities
(39.3)
Other non-current liabilities
(5.9)
Net assets
3,573.3
Movements in level 3 assets
Investments
Year ended 31 December 2023 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,875.3
58.6
1,933.9
Purchases
187.2
\u2013
187.2
Sales
(159.0)
\u2013
(159.0)
Gains/(losses) through profit or loss
(143.2)
(2.9)
(146.1)
Unrealised gains/(losses) through
other comprehensive income
\u2013
0.3
0.3
Other
4.9
(0.3)
4.6
Closing balance
1,765.2
55.7
1,820.9
1 1 Included within gains/(losses) through profit or loss is \u00a323.3 million (2022: \u00a360.1 million loss) of unrealised losses, including currency translation, relating to those level 3 assets held at the end of the reporting period. 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 estimating the fair value of the investment. As a range of valuation methods and inputs may be used 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
2023
2022
Third-party valuations
259.7
246.3
Recent transaction
60.0
23.6
Other industry metrics
28.9
21.7
Discount to recent transaction
22.3
90.5
Discount to sale proceeds
13.3
10.8
Earnings multiple
7. 5
49.8
Total
391.7
442.7
1 2 1 Included in this method are directly-held private investments within the non-consolidated subsidiaries with a total of \u00a325.1 million (2022: \u00a324.5 million). 2 Included in this method are direct private investments which have been discounted due to a decline in public comparables or a general decline in markets related to or impacting the businesses. The majority of the direct private investments are structured as co-investments, managed by a GP. For these investments, the valuation approach is to 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, this will usually involve 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, the agreed or offered price will be used, often with a discount as appropriate 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, this transaction price will be used. 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 \u00a313.0 million or
0.4% (2022: \u00a312.3 million, 0.3%) change
in net assets.
Recent transaction
A 5% change in the value of these
assets would result in a \u00a33.0 million
or 0.08% (2022: \u00a31. 2 million, 0.03%)
change in net assets.
Other industry metrics
A 5% change in the value of these
assets would result in a \u00a31. 4 million
or 0.04% (2022: \u00a31. 1 million, 0.03%)
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 9% and 67%,
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 \u00a31. 1 million
or 0.03% (2022: \u00a34.5 million, 0.12%)
change in net assets.
Discount to sale proceeds
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 \u00a30.03 million or <0.001% (2022: \u00a30.1
million, <0.01%) change in net assets.
Earnings multiple
Assets in this category are valued
using EV/sales multiples in the range
of 2.0x to 5.2x.If the multiple used
for valuation purposes is increased or
decreased by 5% then the net assets
would increase/decrease by \u00a30.5 million or
0.02% (2022: \u00a32.5 million, 0.07%).
The investment property and property, plant and equipment with an aggregate fair value of \u00a355.7 million (2022: \u00a358.6 million) were valued using a third-party valuation provided by JLL. The properties were valued using weighted average capital values of \u00a31,499 per square foot (2022: \u00a31,580) 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 (2022: \u00a30.8 million increase/decrease). The non-consolidated subsidiaries are held at their fair value of \u00a3137.1 million (2022: \u00a3101.1 million) representing \u00a3138.1 million of portfolio investments (2022: \u00a3104.7 million) and \u00a31. 0 million of remaining liabilities (2022: \u00a33.3 million of remaining liabilities). A 5% change in the value of these assets would result in \u00a36.9 million or 0.2% (2022: \u00a35.1 million, 0.1%) change in total net assets. The remaining investments held at fair value and classified as level 3 of \u00a31,261.5 million (2022: \u00a31,355.7 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 \u00a363.1 million or 1.77% (2022: \u00a36 7. 8 million, 1. 8 2%) 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 \u00a31,820.9 million (2022: \u00a31,933.9 million). 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
Investments
Year ended 31 December 2022 held at fair
\u00a3 million
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)
Gains/(losses) through profit or
loss
(51.0)
(0.4)
(51.4)
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "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 22) 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 initial valuations, which are then subject to review by the finance function, with the final valuations being determined by 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 2023 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 Notes 10 and 15. The following table analyses the Group\u2019s assets and liabilities within the fair value hierarchy, at 31 December 2023: As at 31 December 2023
\u00a3 million
Level 1
Level 2
Level 3
Total
Financial assets at fair value
through profit or loss (FVPL):
Portfolio investments
668.4
1,065.8
1,628.1
3,362.3
Non-consolidated subsidiaries
\u2013
\u2013
137.1
137.1
Investments held at fair value
668.4
1,065.8
1,765.2
3,499.4
Derivative financial instruments
8.7
62.6
\u2013
71.3
Total financial assets at FVPL
677.1
1,128.4
1,765.2
3,570.7
Non-financial assets measured
at fair value:
Investment property
\u2013
\u2013
34.1
34.1
Property, plant and
equipment
\u2013
\u2013
21.6
21.6
Total non-financial assets
measured at fair value
\u2013
\u2013
55.7
55.7
Financial liabilities at FVPL:
Borrowings
\u2013
\u2013
(280.8)
(280.8)
Derivative financial
instruments
(1.8)
(1.0)
\u2013
(2.8)
Total financial liabilities at
FVPL
(1.8)
(1.0)
(280.8)
(283.6)
Total net assets measured at
fair value
675.3
1,127.4
1,540.1
3,342.8
Other non-current assets
0.1
Cash at bank
204.3
Other current assets
7 1. 3
Other current liabilities
(39.3)
Other non-current liabilities
(5.9)
Net assets
3,573.3
Movements in level 3 assets
Investments
Year ended 31 December 2023 held at fair
\u00a3 million
value
Properties
Total
Opening balance
1,875.3
58.6
1,933.9
Purchases
187.2
\u2013
187.2
Sales
(159.0)
\u2013
(159.0)
Gains/(losses) through profit or loss
(143.2)
(2.9)
(146.1)
Unrealised gains/(losses) through
other comprehensive income
\u2013
0.3
0.3
Other
4.9
(0.3)
4.6
Closing balance
1,765.2
55.7
1,820.9
1 1 Included within gains/(losses) through profit or loss is \u00a323.3 million (2022: \u00a360.1 million loss) of unrealised losses, including currency translation, relating to those level 3 assets held at the end of the reporting period. 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 estimating the fair value of the investment. As a range of valuation methods and inputs may be used 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
2023
2022
Third-party valuations
259.7
246.3
Recent transaction
60.0
23.6
Other industry metrics
28.9
21.7
Discount to recent transaction
22.3
90.5
Discount to sale proceeds
13.3
10.8
Earnings multiple
7. 5
49.8
Total
391.7
442.7
1 2 1 Included in this method are directly-held private investments within the non-consolidated subsidiaries with a total of \u00a325.1 million (2022: \u00a324.5 million). 2 Included in this method are direct private investments which have been discounted due to a decline in public comparables or a general decline in markets related to or impacting the businesses. The majority of the direct private investments are structured as co-investments, managed by a GP. For these investments, the valuation approach is to 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, this will usually involve 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, the agreed or offered price will be used, often with a discount as appropriate 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, this transaction price will be used. 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 \u00a313.0 million or
0.4% (2022: \u00a312.3 million, 0.3%) change
in net assets.
Recent transaction
A 5% change in the value of these
assets would result in a \u00a33.0 million
or 0.08% (2022: \u00a31. 2 million, 0.03%)
change in net assets.
Other industry metrics
A 5% change in the value of these
assets would result in a \u00a31. 4 million
or 0.04% (2022: \u00a31. 1 million, 0.03%)
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 9% and 67%,
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 \u00a31. 1 million
or 0.03% (2022: \u00a34.5 million, 0.12%)
change in net assets.
Discount to sale proceeds
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 \u00a30.03 million or <0.001% (2022: \u00a30.1
million, <0.01%) change in net assets.
Earnings multiple
Assets in this category are valued
using EV/sales multiples in the range
of 2.0x to 5.2x.If the multiple used
for valuation purposes is increased or
decreased by 5% then the net assets
would increase/decrease by \u00a30.5 million or
0.02% (2022: \u00a32.5 million, 0.07%).
The investment property and property, plant and equipment with an aggregate fair value of \u00a355.7 million (2022: \u00a358.6 million) were valued using a third-party valuation provided by JLL. The properties were valued using weighted average capital values of \u00a31,499 per square foot (2022: \u00a31,580) 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 (2022: \u00a30.8 million increase/decrease). The non-consolidated subsidiaries are held at their fair value of \u00a3137.1 million (2022: \u00a3101.1 million) representing \u00a3138.1 million of portfolio investments (2022: \u00a3104.7 million) and \u00a31. 0 million of remaining liabilities (2022: \u00a33.3 million of remaining liabilities). A 5% change in the value of these assets would result in \u00a36.9 million or 0.2% (2022: \u00a35.1 million, 0.1%) change in total net assets. The remaining investments held at fair value and classified as level 3 of \u00a31,261.5 million (2022: \u00a31,355.7 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 \u00a363.1 million or 1.77% (2022: \u00a36 7. 8 million, 1. 8 2%) 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 \u00a31,820.9 million (2022: \u00a31,933.9 million). 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
Investments
Year ended 31 December 2022 held at fair
\u00a3 million
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)
Gains/(losses) through profit or
loss
(51.0)
(0.4)
(51.4)
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "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 2023 and 31 December 2022 comprised:
\u00a3 million
2023
2022
Equity share capital
156.8
156.8
Retained earnings and other reserves
3,416.5
3,564.9
Net asset value
3,573.3
3,721.7
Borrowings
280.8
370.6
Total capital
3,854.1
4,092.3
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "
14. Financial commitments
Financial commitments to invest additional funds which have not
been provided for are as follows:
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Commitments
307.1
307.1
385.0
385.0
The financial commitments are principally uncalled commitments to
private funds, typically established as 10-year funds with a five-year
investment period, are diversified across multiple funds and vintage
years, and may be called, with customary notice, at any time during
the investment period. The majority are denominated in US dollars
and therefore subject to currency fluctuation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "14. Financial commitments Financial commitments to invest additional funds which have not been provided for are as follows:
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Commitments
307.1
307.1
385.0
385.0
The financial commitments are principally uncalled commitments to private funds, typically established as 10-year funds with a five-year investment period, are diversified across multiple funds and vintage years, and may be called, with customary notice, at any time during the investment period. The majority are denominated in US dollars and therefore subject to currency fluctuation.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "
15. Investment property
The Group and Company\u2019s investment property as at 31 December
2023 was \u00a334.1 million (2022: \u00a337.9 million).
\u00a3 million
2023
2022
Rental income from investment
properties
1. 8
2.1
Direct operating expenses arising from
investment properties that generated
rental income during the year
(1.5)
(1.4)
Cash outflow from leases
(0.5)
(0.4)
The Group and Company is committed to making the following
payments under non-cancellable leases over the periods described.
\u00a3 million
2023
2022
Within one year
0.4
0.4
Under non-cancellable leases the Group and Company will receive
the following:
\u00a3 million
2023
2022
Within one year
0.6
1. 1
Between one and two years
0.3
0.6
Between two and three years
0.1
0.1
Between three and four years
0.0
0.1
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 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "
16. Other receivables
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Cash margin
37.8
37.8
85.4
85.4
Amounts receivable
1.2
1. 2
0.6
0.6
Prepayments and accrued
income
4.2
3.6
7. 0
6.6
Sales for future settlement
28.0
28.0
152.3
152.3
Total
71.2
70.6
245.3
244.9
The carrying amount of other receivables approximates their fair
value, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "16. Other receivables
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Cash margin
37.8
37.8
85.4
85.4
Amounts receivable
1.2
1. 2
0.6
0.6
Prepayments and accrued
income
4.2
3.6
7. 0
6.6
Sales for future settlement
28.0
28.0
152.3
152.3
Total
71.2
70.6
245.3
244.9
The carrying amount of other receivables approximates their fair value, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "16. Other receivables
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Cash margin
37.8
37.8
85.4
85.4
Amounts receivable
1.2
1. 2
0.6
0.6
Prepayments and accrued
income
4.2
3.6
7. 0
6.6
Sales for future settlement
28.0
28.0
152.3
152.3
Total
71.2
70.6
245.3
244.9
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "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 \u2013 Related Party Disclosures
(IAS 24).
The Group had arrangements with these related parties covering the
provision and receipt of administrative, support and supply services.
Under these arrangements the Group received \u00a372,193 (2022:
\u00a361,757) and paid \u00a394,257 (2022: \u00a374,077).
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
2023 amounted to \u00a3186,232 (2022: \u00a3203,539).
Nothing was owed by the Group to the parties related to Hannah
Rothschild at either 31 December 2023 or 31 December 2022.
The balance due to the Group from these related parties at
31 December 2023 was \u00a312,303 (2022: \u00a311,693).
Other
No subscriptions were made to its associate, JRCM (London) LLP
in the year (2022: Company \u00a3nil; JRCM management \u00a3nil) and the
Company has a remaining commitment of \u00a350,000 (2022: \u00a350,000).
Group undertakings
JRCM acts as the Company\u2019s manager, administrator and corporate
secretary. During the year ended 31 December 2023, the charge
for these services from JRCM to the Company amounted to
\u00a342.6 million (2022: \u00a349.7 million). JRCM incurred rent charges of
\u00a3580,000 (2022: \u00a3580,000) from the Company. During the year SHL
(also a wholly-owned subsidiary of the Company) earned property
management revenues of \u00a389,191 from JRCM (2022: \u00a398,827) and
\u00a31,830,681 from the Company (2022: \u00a31,597,394).
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:
Amounts owed by/(to)
Group undertakings
\u00a3 million
2023
2022
RIT Investments US, Inc
0.0
4.5
RIT Investments GP Limited
(0.1)
(0.1)
J. Rothschild Capital Management US, Inc
0.1
0.0
Total
0.0
4.4
Amounts owed by/(to)
Company undertakings
\u00a3 million
2023
2022
RIT Investments US, Inc
0.0
4.5
JRCM
(119.7)
(94.7)
J. Rothschild Capital Management US, Inc
0.1
0.0
Total
(119.6)
(90.2)
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 was \u00a348,894
owing to the pension scheme by the Company at 31 December 2023
(31 December 2022: \u00a3nil). Nothing was owed by the Group\u2019s pension
scheme to the Company at 31 December 2023 (31 December 2022:
\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
2023
2022
Short-term employee benefits
4.2
3.6
Share-based payment
11. 5
14.0
Social security costs
2.3
2.5
Total
18.0
20.1
The Group has no ultimate controlling party .
33. 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 2023
\u00a3 million
3D Opportunities
182.2
HCIF Offshore
156.8
BlackRock Strategic Equity
112.3
Attestor Value
97.5
ARCM IV
96.9
Tresidor Credit Opportunities
89.9
Motive
78.0
RIT US Value Partnership
77.8
Springs Opportunities
70.7
Caxton Dynamis
68.5
Total 1,030.6
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
Further to the disclosures in Note 30 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2023. 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 purpose 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
2023
2022
Total
1,729
2,034
1
1
Included within Investments held at fair value.
The list of significant related undertakings below 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 below for the year ended 31 December 2023 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 below are held at FVPL.
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.
Fair value %
Investment name
Place of registration
Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
30.1
55.4%
3D Opportunities
Cayman Islands
Maples Corporate Services Limited, PO Box 309, Ugland House,
182.2
18.2%
Grand Cayman, KY1-1104, Cayman Islands
Browning West Cayman SPV 2 LP
Cayman Islands
Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
22.5
20.7%
Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Darwin Private Equity I LP
Scotland
50 Lothian Road, Festival Square, Edinburgh EH3 9WJ
0.6
23.9%
Firebird New Russia Fund Ltd, Class A1
Cayman Islands
PO Box 897, Windward 1, Grand Cayman KY1-1103
1. 3
25.0%
Fortress Credit Opportunities Fund (C) LP
Cayman Islands
Maples Corporate Services Limited, P.O. Box 309, Ugland House,
0.7
33.3%
Grand Cayman, KY1-1104, Cayman Islands
ICQ Holdings 6 LLC
Delaware, USA
2711
Centerville Road, Suite 400, Wilmington, Delaware 19808
25.6
100.0%
Infinity SDC Ltd
England & Wales
500-600 Witan Gate West, Milton Keynes MK9 1SH
13.3
23.9%
JRCM (London) LLP
England & Wales
27 St James\u2019s Place, London SW1A 1NR
0.0
50.0%
LCV Fund III LP
Delaware, USA
3500
South Dupont Highway, Dover, Kent, Delaware, 19901
1 7. 2
31.3%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
1. 6
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
20.6
100.0%
Springs Global Strategic Partners Fund \u2013 Anchor
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
0.4
30.2%
Class
Springs Opportunities Fund LP, Series A
Cayman Islands
4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010
70.7
58.2%
Tresidor Credit Opportunities Fund
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
89.9
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman KY1-1104
0.2
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. 3
48.8%
1 1", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "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 \u2013 Related Party Disclosures (IAS 24). The Group had arrangements with these related parties covering the provision and receipt of administrative, support and supply services. Under these arrangements the Group received \u00a372,193 (2022: \u00a361,757) and paid \u00a394,257 (2022: \u00a374,077). 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 2023 amounted to \u00a3186,232 (2022: \u00a3203,539). Nothing was owed by the Group to the parties related to Hannah Rothschild at either 31 December 2023 or 31 December 2022. The balance due to the Group from these related parties at 31 December 2023 was \u00a312,303 (2022: \u00a311,693). Other No subscriptions were made to its associate, JRCM (London) LLP in the year (2022: Company \u00a3nil; JRCM management \u00a3nil) and the Company has a remaining commitment of \u00a350,000 (2022: \u00a350,000). Group undertakings JRCM acts as the Company\u2019s manager, administrator and corporate secretary. During the year ended 31 December 2023, the charge for these services from JRCM to the Company amounted to \u00a342.6 million (2022: \u00a349.7 million). JRCM incurred rent charges of \u00a3580,000 (2022: \u00a3580,000) from the Company. During the year SHL (also a wholly-owned subsidiary of the Company) earned property management revenues of \u00a389,191 from JRCM (2022: \u00a398,827) and \u00a31,830,681 from the Company (2022: \u00a31,597,394). 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:
Amounts owed by/(to)
Group undertakings
\u00a3 million
2023
2022
RIT Investments US, Inc
0.0
4.5
RIT Investments GP Limited
(0.1)
(0.1)
J. Rothschild Capital Management US, Inc
0.1
0.0
Total
0.0
4.4
Amounts owed by/(to)
Company undertakings
\u00a3 million
2023
2022
RIT Investments US, Inc
0.0
4.5
JRCM
(119.7)
(94.7)
J. Rothschild Capital Management US, Inc
0.1
0.0
Total
(119.6)
(90.2)
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 was \u00a348,894 owing to the pension scheme by the Company at 31 December 2023 (31 December 2022: \u00a3nil). Nothing was owed by the Group\u2019s pension scheme to the Company at 31 December 2023 (31 December 2022: \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
2023
2022
Short-term employee benefits
4.2
3.6
Share-based payment
11. 5
14.0
Social security costs
2.3
2.5
Total
18.0
20.1
The Group has no ultimate controlling party . ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "Directors and key management personnel Details of the remuneration and benefits attributable to Directors and key management personnel are set out below.
\u00a3 million
2023
2022
Short-term employee benefits
4.2
3.6
Share-based payment
11. 5
14.0
Social security costs
2.3
2.5
Total
18.0
20.1
The Group has no ultimate controlling party ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "18. Borrowings
Group and Company
\u00a3 million
2023
2022
Unsecured loans payable within one year:
Revolving credit facilities
142.9
236.2
Unsecured loans payable in more than one year:
Fixed rate loan notes
137.9
134.4
Total borrowings
280.8
370.6
At 31 December 2023 the Company had two revolving credit facilities (RCFs): an \u00a385 million, three-year facility with BNP Paribas SA agreed in December 2022 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 pay floating interest linked to SONIA, SOFR 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 \u00a3142.9 million (2022: \u00a3236.2 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 7.28% (2022: 5.85%). 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 \u00a3137.9 million (2022: \u00a3134.4 million) calculated using a discount rate of 5.13% (2022: 5.24%). A 5% increase/decrease in the underlying discount rate would result in an increase/decrease in net assets of approximately \u00a32.0 million (2022: \u00a32.3 million) or 0.06% (2022: 0.06%). The weighted average interest rate payable on these Notes is 3.45% and their remaining weighted average tenor is 7. 2 years (2022: 8.2 years). The overall weighted average interest rate on drawn borrowings at the year end was 5.32% (2022: 4.93%).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "
19. Other payables
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Accruals
15.2
8.3
14.5
5.3
Other creditors
21.3
20.9
24.9
24.7
Purchases for future
settlement
2.7
2.7
24.1
24.1
Total
39.2
31.9
63.5
54.1
The carrying value of the Group\u2019s other payables approximates their
fair value, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "19. Other payables
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Accruals
15.2
8.3
14.5
5.3
Other creditors
21.3
20.9
24.9
24.7
Purchases for future
settlement
2.7
2.7
24.1
24.1
Total
39.2
31.9
63.5
54.1
The carrying value of the Group\u2019s other payables approximates their fair value, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "19. Other payables
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Accruals
15.2
8.3
14.5
5.3
Other creditors
21.3
20.9
24.9
24.7
Purchases for future
settlement
2.7
2.7
24.1
24.1
Total
39.2
31.9
63.5
54.1
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "
20. Provisions
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Opening balance
1. 8
2.2
1. 1
1. 1
Additional provision
1. 7
1. 3
1. 0
1. 4
Amounts utilised
(0.4)
(0.4)
(0.4)
(0.4)
Foreign exchange
movements
(0.1)
(0.1)
0.1
0.1
Total
3.0
3.0
1.8
2.2
As at 31 December 2023 there are no provisions in respect of
investments which are expected to settle within the next 12 months (as
at 31 December 2022: \u00a3nil). It is anticipated that provisions noted above
will be settled more than 12 months after the balance sheet date.
Indemnity provision
The provision above relates to an indemnity provided by the
Company in 1991 when it profitably disposed its indirect interest in
Cavenham Forest Industries (CFI). The sellers (including the Company)
indemnified the purchasers of CFI against certain ongoing costs being
incurred by CFI. The indemnity provision has been estimated based
on the net present value of the Company\u2019s share of the projected
indemnified costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "
21. Share capital
2023 2022
Nominal Nominal
value of value of
Shares in total shares total shares
\u00a3 million issue in issue 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 2023, 8,617,954 shares were bought back at a cost of \u00a3163.1 million
and held in treasury (2022: 514,634 shares at a cost of \u00a311. 0 million)
meaning at 31 December 2023, 9,307,817 shares were held in treasury
(2022: 689,863 shares).
22. Share premium
\u00a3 million
2023
2022
At 1 January
45.7
45.7
At 31 December
45.7
45.7
The share premium is not distributable.
23. Capital redemption reserve
\u00a3 million
2023
2022
Balance at start of year
36.3
36.3
At 31 December
36.3
36.3
The capital redemption reserve is not distributable and represents
the cumulative nominal value of shares cancelled.
24. Own shares reserve
\u00a3 million
2023
2022
Opening cost
(46.3)
(23.0)
Own shares acquired
(9.8)
(40.4)
Own shares transferred
19.4
1 7. 1
Closing cost
(36.7)
(46.3)
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
1,611,339 shares with a cost of \u00a336.7 million and market value of
\u00a330.3 million (2022: 1,988,580 shares, cost \u00a346.3 million, market
value \u00a342.3 million). The own shares reserve is not distributable.
26. Capital reserve
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Balance at start of year
3,548.9
3,578.6
4,174.4
4,203.4
Gains/(loss) for the year
110.7
110.7
(535.3)
(535.3)
Dividend paid
(56.7)
(56.7)
(57.6)
(57.6)
Other capital items
(209.8)
(196.8)
(32.6)
(31.9)
Taxation
\u2013
\u2013
\u2013
\u2013
Total capital return
(155.8)
(142.8)
(625.5)
(624.8)
Balance at end of year
3,393.1
3,435.8
3,548.9
3,578.6
The Company\u2019s Articles of Association allow distribution by dividends
of realised capital reserves.
\u00a3 million
2023
2022
Capital reserve:
in respect of investments realised
2,557.3
2,542.3
in respect of investments held
878.5
1,036.3
Balance at end of year
3,435.8
3,578.6
27. Revenue reserve
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Balance at start of year
(29.1)
(209.5)
(11.4)
(176.1)
Loss for the year
(2.9)
(16.7)
(14.3)
(33.4)
Actuarial gain/(loss)
(0.4)
\u2013
(4.5)
\u2013
Deferred tax (charge)/credit
0.2
\u2013
1. 1
\u2013
Balance at end of year
(32.2)
(226.2)
(29.1)
(209.5)
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 \u00a316.7 million (2022: loss \u00a333.4 million).
The Company\u2019s total comprehensive income for the year was
\u00a361. 2 million (2022: expense of \u00a3591.7 million).
28. Revaluation reserve
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Balance at start of year
9.4
9.4
11. 5
11. 5
Revaluation gain/(loss)
on property, plant and
equipment
0.9
0.9
(2.1)
(2.1)
Balance at end of year
10.3
10.3
9.4
9.4
The revaluation reserve is not distributable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "21. Share capital
2023 2022
Nominal Nominal
value of value of
Shares in total shares total shares
\u00a3 million issue in issue 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 2023, 8,617,954 shares were bought back at a cost of \u00a3163.1 million and held in treasury (2022: 514,634 shares at a cost of \u00a311. 0 million) meaning at 31 December 2023, 9,307,817 shares were held in treasury (2022: 689,863 shares). 22. Share premium
\u00a3 million
2023
2022
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "23. Capital redemption reserve
\u00a3 million
2023
2022
Balance at start of year
36.3
36.3
At 31 December
36.3
36.3
The capital redemption reserve is not distributable and represents the cumulative nominal value of shares cancelled. 26. Capital reserve
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Balance at start of year
3,548.9
3,578.6
4,174.4
4,203.4
Gains/(loss) for the year
110.7
110.7
(535.3)
(535.3)
Dividend paid
(56.7)
(56.7)
(57.6)
(57.6)
Other capital items
(209.8)
(196.8)
(32.6)
(31.9)
Taxation
\u2013
\u2013
\u2013
\u2013
Total capital return
(155.8)
(142.8)
(625.5)
(624.8)
Balance at end of year
3,393.1
3,435.8
3,548.9
3,578.6
The Company\u2019s Articles of Association allow distribution by dividends of realised capital reserves.
\u00a3 million
2023
2022
Capital reserve:
in respect of investments realised
2,557.3
2,542.3
in respect of investments held
878.5
1,036.3
Balance at end of year
3,435.8
3,578.6
27. Revenue reserve
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Balance at start of year
(29.1)
(209.5)
(11.4)
(176.1)
Loss for the year
(2.9)
(16.7)
(14.3)
(33.4)
Actuarial gain/(loss)
(0.4)
\u2013
(4.5)
\u2013
Deferred tax (charge)/credit
0.2
\u2013
1. 1
\u2013
Balance at end of year
(32.2)
(226.2)
(29.1)
(209.5)
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 \u00a316.7 million (2022: loss \u00a333.4 million). The Company\u2019s total comprehensive income for the year was \u00a361. 2 million (2022: expense of \u00a3591.7 million). 28. Revaluation reserve
31 December 2023
31 December 2022
\u00a3 million
Group
Company
Group
Company
Balance at start of year
9.4
9.4
11. 5
11. 5
Revaluation gain/(loss)
on property, plant and
equipment
0.9
0.9
(2.1)
(2.1)
Balance at end of year
10.3
10.3
9.4
9.4
The revaluation reserve is not distributable.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "24. Own shares reserve
\u00a3 million
2023
2022
Opening cost
(46.3)
(23.0)
Own shares acquired
(9.8)
(40.4)
Own shares transferred
19.4
1 7. 1
Closing cost
(36.7)
(46.3)
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 1,611,339 shares with a cost of \u00a336.7 million and market value of \u00a330.3 million (2022: 1,988,580 shares, cost \u00a346.3 million, market value \u00a342.3 million). The own shares reserve is not distributable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "
25. 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 widely 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 or lock-up. There are also a small number of legacy share
appreciation rights (SARs) remaining. These are no longer awarded to
employees since the conversion to RSUs was made in 2021.
In addition, 60% of annual bonuses over \u00a3250,000 are made in deferred
shares which vest over three years (based on a service condition).
The total expense for share-based awards is based on the fixed, initial fair
value at the time the award is made. The ultimate impact on the net asset
value is the cost of the shares acquired by the EBT and then transferred
to employees if and when they vest. For 2023, the cost recognised in the
income statement (excluding national insurance) for share-based awards
was \u00a314.7 million (2022: \u00a317.6 million) of which \u00a38.7 million relates to
RSUs and \u00a36.0 million to deferred shares.
The movement in share-based awards is as follows:
Number (thousand)
2023
2022
Outstanding at the start of the year:
SARs
315
342
RSUs
1,483
1,397
Deferred shares
988
841
Total
2,786
2,580
Granted during the year:
RSUs
424
352
Deferred shares
91
553
Total
515
905
Exercised/vested during the year:
SARs
\u2013
(3)
RSUs
(377)
(256)
Deferred shares
(452)
(406)
Total
(829)
(665)
Lapsed/forfeited during the year:
SARs
(206)
(24)
RSUs
(330)
(10)
Deferred shares
\u2013
\u2013
Total
(536)
(34)
Outstanding at the end of the year:
SARs
109
315
RSUs
1,200
1,483
Deferred shares
627
988
Total
1,936
2,786
SARs exercisable at year end
109
122
Intrinsic value of SARs exercisable at year end
(\u00a3\ue01emillion)
0.0
0.1
For share-based awards granted during the year, the weighted average
fair value of each award was 1,770 pence (2022: 2,470 pence).
Share-based awards with 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "
29. Net asset value per ordinary share \u2013
basic and diluted
Net asset value per ordinary share is based on the following data:
31 December
2023
2022
Net assets (\u00a3 million)
3,573.3
3,721.7
Number of shares in issue (million)
156.8
156.8
Shares held in EBT (million)
(1.6)
(2.0)
Shares held in treasury (million)
(9.3)
(0.7)
Basic shares (million)
145.9
154.1
Effect of share-based payment awards (million)
1. 4
1. 7
Diluted shares (million)
147.3
155.8
2023 2022
31 December pence pence
Net asset value per ordinary share \u2013
basic
2,449
2,414
Net asset value per ordinary share \u2013 diluted
2,426
2,388
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "
30. Investments in subsidiary undertakings
\u00a3 million
Carrying value at 1 January 2023 107.2
Additions
2 1. 0
Disposals
(25.2)
Fair value movements in year
40.2
Carrying value at 31 December 2023
143.2
\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
Investments in subsidiary undertakings are stated at cost or fair
value where appropriate.
At 31 December 2023 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 \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
1
Registered office and principal place of business: 27 St. James\u2019s Place,
London SW1A 1NR .
In accordance with IFRS 10 the Company and Group holds the
following subsidiaries at fair value at 31 December 2023:
Principal place of Ownership
Name business interest
Spencer House Limited
England
100%
RIT US Value Partnership LP
England
100%
RIT Investments GP Limited
Scotland
100%
J. Rothschild Capital Management US Inc
United States
100%
RIT Investments US Inc
United States
100%
RIT US Holdings LLP
United States
100%
1,5
1,6
2,3,5
4,5
3,4,5
3,4,6
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.
33. 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 2023
\u00a3 million
3D Opportunities
182.2
HCIF Offshore
156.8
BlackRock Strategic Equity
112.3
Attestor Value
97.5
ARCM IV
96.9
Tresidor Credit Opportunities
89.9
Motive
78.0
RIT US Value Partnership
77.8
Springs Opportunities
70.7
Caxton Dynamis
68.5
Total 1,030.6
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
Further to the disclosures in Note 30 (Investments in subsidiary
undertakings), the table on the following page shows a list of
significant related undertakings of the Group as at 31 December
2023. 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 purpose 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
2023
2022
Total
1,729
2,034
1 1 Included within Investments held at fair value. The list of significant related undertakings below 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 below for the year ended 31 December 2023 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 below are held at FVPL.
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.
Fair value %
Investment name
Place of registration
Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
30.1
55.4%
3D Opportunities
Cayman Islands
Maples Corporate Services Limited, PO Box 309, Ugland House,
182.2
18.2%
Grand Cayman, KY1-1104, Cayman Islands
Browning West Cayman SPV 2 LP
Cayman Islands
Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
22.5
20.7%
Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Darwin Private Equity I LP
Scotland
50 Lothian Road, Festival Square, Edinburgh EH3 9WJ
0.6
23.9%
Firebird New Russia Fund Ltd, Class A1
Cayman Islands
PO Box 897, Windward 1, Grand Cayman KY1-1103
1. 3
25.0%
Fortress Credit Opportunities Fund (C) LP
Cayman Islands
Maples Corporate Services Limited, P.O. Box 309, Ugland House,
0.7
33.3%
Grand Cayman, KY1-1104, Cayman Islands
ICQ Holdings 6 LLC
Delaware, USA
2711
Centerville Road, Suite 400, Wilmington, Delaware 19808
25.6
100.0%
Infinity SDC Ltd
England & Wales
500-600 Witan Gate West, Milton Keynes MK9 1SH
13.3
23.9%
JRCM (London) LLP
England & Wales
27 St James\u2019s Place, London SW1A 1NR
0.0
50.0%
LCV Fund III LP
Delaware, USA
3500
South Dupont Highway, Dover, Kent, Delaware, 19901
1 7. 2
31.3%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
1. 6
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
20.6
100.0%
Springs Global Strategic Partners Fund \u2013 Anchor
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
0.4
30.2%
Class
Springs Opportunities Fund LP, Series A
Cayman Islands
4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010
70.7
58.2%
Tresidor Credit Opportunities Fund
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
89.9
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman KY1-1104
0.2
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. 3
48.8%
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "30. Investments in subsidiary undertakings
\u00a3 million
Carrying value at 1 January 2023 107.2
Additions
2 1. 0
Disposals
(25.2)
Fair value movements in year
40.2
Carrying value at 31 December 2023
143.2
\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
Investments in subsidiary undertakings are stated at cost or fair value where appropriate. At 31 December 2023 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 \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 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR . In accordance with IFRS 10 the Company and Group holds the following subsidiaries at fair value at 31 December 2023:
Principal place of Ownership
Name business interest
Spencer House Limited
England
100%
RIT US Value Partnership LP
England
100%
RIT Investments GP Limited
Scotland
100%
J. Rothschild Capital Management US Inc
United States
100%
RIT Investments US Inc
United States
100%
RIT US Holdings LLP
United States
100%
1,5 1,6 2,3,5 4,5 3,4,5 3,4,6 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. 33. 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 2023
\u00a3 million
3D Opportunities
182.2
HCIF Offshore
156.8
BlackRock Strategic Equity
112.3
Attestor Value
97.5
ARCM IV
96.9
Tresidor Credit Opportunities
89.9
Motive
78.0
RIT US Value Partnership
77.8
Springs Opportunities
70.7
Caxton Dynamis
68.5
Total 1,030.6
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
Further to the disclosures in Note 30 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2023. 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 purpose 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
2023
2022
Total
1,729
2,034
1 1 Included within Investments held at fair value. The list of significant related undertakings below 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 below for the year ended 31 December 2023 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 below are held at FVPL. 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.
Fair value %
Investment name
Place of registration
Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
30.1
55.4%
3D Opportunities
Cayman Islands
Maples Corporate Services Limited, PO Box 309, Ugland House,
182.2
18.2%
Grand Cayman, KY1-1104, Cayman Islands
Browning West Cayman SPV 2 LP
Cayman Islands
Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
22.5
20.7%
Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Darwin Private Equity I LP
Scotland
50 Lothian Road, Festival Square, Edinburgh EH3 9WJ
0.6
23.9%
Firebird New Russia Fund Ltd, Class A1
Cayman Islands
PO Box 897, Windward 1, Grand Cayman KY1-1103
1. 3
25.0%
Fortress Credit Opportunities Fund (C) LP
Cayman Islands
Maples Corporate Services Limited, P.O. Box 309, Ugland House,
0.7
33.3%
Grand Cayman, KY1-1104, Cayman Islands
ICQ Holdings 6 LLC
Delaware, USA
2711
Centerville Road, Suite 400, Wilmington, Delaware 19808
25.6
100.0%
Infinity SDC Ltd
England & Wales
500-600 Witan Gate West, Milton Keynes MK9 1SH
13.3
23.9%
JRCM (London) LLP
England & Wales
27 St James\u2019s Place, London SW1A 1NR
0.0
50.0%
LCV Fund III LP
Delaware, USA
3500
South Dupont Highway, Dover, Kent, Delaware, 19901
1 7. 2
31.3%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
1. 6
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
20.6
100.0%
Springs Global Strategic Partners Fund \u2013 Anchor
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
0.4
30.2%
Class
Springs Opportunities Fund LP, Series A
Cayman Islands
4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010
70.7
58.2%
Tresidor Credit Opportunities Fund
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
89.9
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman KY1-1104
0.2
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. 3
48.8%
1 1", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "30. Investments in subsidiary undertakings
\u00a3 million
Carrying value at 1 January 2023 107.2
Additions
2 1. 0
Disposals
(25.2)
Fair value movements in year
40.2
Carrying value at 31 December 2023
143.2
\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
Investments in subsidiary undertakings are stated at cost or fair value where appropriate. At 31 December 2023 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 \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 1 Registered office and principal place of business: 27 St. James\u2019s Place, London SW1A 1NR In accordance with IFRS 10 the Company and Group holds the following subsidiaries at fair value at 31 December 2023:
Principal place of Ownership
Name business interest
Spencer House Limited
England
100%
RIT US Value Partnership LP
England
100%
RIT Investments GP Limited
Scotland
100%
J. Rothschild Capital Management US Inc
United States
100%
RIT Investments US Inc
United States
100%
RIT US Holdings LLP
United States
100%
1,5 1,6 2,3,5 4,5 3,4,5 3,4,6 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "
31. Dividends
2023 2022
Pence Pence 2023 2022
per share per share \u00a3 million \u00a3 million
Dividends paid in year
38.0
37 .0
56.7
57.6
The above amounts were paid as distributions to equity holders of
the Company in the relevant year from accumulated capital profits.
Dividends are not paid on shares held in treasury and the EBT waives
its rights to all dividends.
On 27 February 2023 the Board declared a first interim dividend of
19.0 pence per share in respect of the year ended 31 December
2023 that was paid on 28 April 2023. A second interim dividend of
19.0 pence per share was declared by the Board on 31 July 2023 and
paid on 27 October 2023.
The Board declares the payment of a first interim dividend of
19.5 pence per share in respect of the year ending 31 December
2024. This will be paid on 26 April 2024 to shareholders on the
register on 5 April 2024, and funded from the accumulated capital
profits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "0.38", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-7": { "value": "0.37", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-444": { "value": "
32. Reconciliation of profit/(loss) before finance costs
and taxation to net cash inflow/(outflow) from
operating activities before taxation and interest
Group
\u00a3 million
2023
2022
Profit/(loss) before dividend and interest income,
finance costs and taxation
73.0
(569.2)
Dividend income
10.1
7. 2
Interest income
1 7. 4
9.8
Profit/(loss) before finance costs and taxation
100.5
(552.2)
(Increase)/decrease in other receivables
174.1
1 7. 5
Increase/(decrease) in other payables
(24.3)
(105.3)
Other movements
20.0
30.1
(Gains)/losses on borrowings
3.6
(34.5)
Realised foreign exchange (gains)/losses on
repayments and drawings of borrowings
1
(15.3)
29.1
Unrealised foreign exchange (gains)/losses on
repayments and drawings of borrowings
3.3
(5.2)
Purchase of investments held at fair value
(853.4)
(886.3)
Sale of investments held at fair value
951.9
1,395.6
(Gains)/losses on fair value investments
(11.2)
192.4
(Increase)/decrease in derivatives
(20.6)
(23.5)
Net cash inflow/(outflow) from operating
activities before taxation and interest
328.6
57.7
1
1
These line items have been disaggregated from \u2018other movements\u2019 in the
current year. The 2022 comparative figures have been re-presented to align
with this updated format.
Company
\u00a3 million
2023
2022
Profit/(loss) before dividend and interest income,
finance costs and taxation
67.2
(581.6)
Dividend income
10.1
7. 2
Interest income
1 7. 4
9.8
Profit/(loss) before finance costs and taxation
94.7
(564.6)
(Increase)/decrease in other receivables
174.3
1 7. 5
Increase/(decrease) in other payables
(22.2)
(89.7)
Other movements
1. 2
9.0
(Gains)/losses on borrowings
3.6
(34.5)
Realised foreign exchange (gains)/losses on
repayments and drawings of borrowings
1
(15.3)
29.1
Unrealised foreign exchange (gains)/losses on
repayments and drawings of borrowings
3.3
(5.2)
(Increase)/decrease in investments in
subsidiary undertakings
(40.2)
0.3
Increase/(decrease) in amounts owed to
group undertakings
29.5
(34.9)
Purchase of investments held at fair value
(832.5)
(883.8)
Sale of investments held at fair value
926.7
1,395.6
(Gains)/losses on fair value investments
28.6
192.4
(Increase)/decrease in derivatives
(20.6)
(23.5)
Net cash inflow/(outflow) from operating
activities before taxation and interest
331.1
7. 7
1
1
1
1
These line items have been disaggregated from \u2018other movements\u2019 in the
current year. The 2022 comparative figures have been re-presented to align
with this updated format.
Reconciliation of liabilities arising from financing activities:
Non-cash Net
changes in (drawdowns)/
\u00a3 million
2022
fair value
repayments
2023
Borrowings \u2013 current
(236.2)
12.0
8 1. 3
(142.9)
Borrowings \u2013 non-current
(134.4)
(3.5)
\u2013
(137.9)
Total
(370.6)
8.5
81.3
(280.8)
1
1
Including currency translation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "33. 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 2023
\u00a3 million
3D Opportunities
182.2
HCIF Offshore
156.8
BlackRock Strategic Equity
112.3
Attestor Value
97.5
ARCM IV
96.9
Tresidor Credit Opportunities
89.9
Motive
78.0
RIT US Value Partnership
77.8
Springs Opportunities
70.7
Caxton Dynamis
68.5
Total 1,030.6
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
Further to the disclosures in Note 30 (Investments in subsidiary undertakings), the table on the following page shows a list of significant related undertakings of the Group as at 31 December 2023. 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 purpose 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
2023
2022
Total
1,729
2,034
1 1 Included within Investments held at fair value. The list of significant related undertakings below 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 below for the year ended 31 December 2023 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 below are held at FVPL. 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.
Fair value %
Investment name
Place of registration
Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
30.1
55.4%
3D Opportunities
Cayman Islands
Maples Corporate Services Limited, PO Box 309, Ugland House,
182.2
18.2%
Grand Cayman, KY1-1104, Cayman Islands
Browning West Cayman SPV 2 LP
Cayman Islands
Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
22.5
20.7%
Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Darwin Private Equity I LP
Scotland
50 Lothian Road, Festival Square, Edinburgh EH3 9WJ
0.6
23.9%
Firebird New Russia Fund Ltd, Class A1
Cayman Islands
PO Box 897, Windward 1, Grand Cayman KY1-1103
1. 3
25.0%
Fortress Credit Opportunities Fund (C) LP
Cayman Islands
Maples Corporate Services Limited, P.O. Box 309, Ugland House,
0.7
33.3%
Grand Cayman, KY1-1104, Cayman Islands
ICQ Holdings 6 LLC
Delaware, USA
2711
Centerville Road, Suite 400, Wilmington, Delaware 19808
25.6
100.0%
Infinity SDC Ltd
England & Wales
500-600 Witan Gate West, Milton Keynes MK9 1SH
13.3
23.9%
JRCM (London) LLP
England & Wales
27 St James\u2019s Place, London SW1A 1NR
0.0
50.0%
LCV Fund III LP
Delaware, USA
3500
South Dupont Highway, Dover, Kent, Delaware, 19901
1 7. 2
31.3%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
1. 6
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
20.6
100.0%
Springs Global Strategic Partners Fund \u2013 Anchor
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
0.4
30.2%
Class
Springs Opportunities Fund LP, Series A
Cayman Islands
4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010
70.7
58.2%
Tresidor Credit Opportunities Fund
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
89.9
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman KY1-1104
0.2
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. 3
48.8%
1 1", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "Unconsolidated structured entities The Group holds interests in closed-ended limited partnerships which invest in underlying companies or securities for the purpose 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
2023
2022
Total
1,729
2,034
1 1 Included within Investments held at fair value. The list of significant related undertakings below 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 below for the year ended 31 December 2023 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 below are held at FVPL. 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.
Fair value %
Investment name
Place of registration
Registered address
\u00a3 million interest
1992
Co-Invest (Offshore) LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman, KY1-1104
30.1
55.4%
3D Opportunities
Cayman Islands
Maples Corporate Services Limited, PO Box 309, Ugland House,
182.2
18.2%
Grand Cayman, KY1-1104, Cayman Islands
Browning West Cayman SPV 2 LP
Cayman Islands
Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
22.5
20.7%
Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Darwin Private Equity I LP
Scotland
50 Lothian Road, Festival Square, Edinburgh EH3 9WJ
0.6
23.9%
Firebird New Russia Fund Ltd, Class A1
Cayman Islands
PO Box 897, Windward 1, Grand Cayman KY1-1103
1. 3
25.0%
Fortress Credit Opportunities Fund (C) LP
Cayman Islands
Maples Corporate Services Limited, P.O. Box 309, Ugland House,
0.7
33.3%
Grand Cayman, KY1-1104, Cayman Islands
ICQ Holdings 6 LLC
Delaware, USA
2711
Centerville Road, Suite 400, Wilmington, Delaware 19808
25.6
100.0%
Infinity SDC Ltd
England & Wales
500-600 Witan Gate West, Milton Keynes MK9 1SH
13.3
23.9%
JRCM (London) LLP
England & Wales
27 St James\u2019s Place, London SW1A 1NR
0.0
50.0%
LCV Fund III LP
Delaware, USA
3500
South Dupont Highway, Dover, Kent, Delaware, 19901
1 7. 2
31.3%
Media Technology Ventures IV LP
California, USA
185
Berry Street, Suite 3600, San Francisco, California 94107
1. 6
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
20.6
100.0%
Springs Global Strategic Partners Fund \u2013 Anchor
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
0.4
30.2%
Class
Springs Opportunities Fund LP, Series A
Cayman Islands
4th Floor, Willow House, Cricket Square, Grand Cayman KY1-9010
70.7
58.2%
Tresidor Credit Opportunities Fund
Ireland
2nd Floor, 2 Custom House Plaza, Harbourmaster Place, Dublin 1
89.9
100.0%
Xander Seleucus II LP
Cayman Islands
PO Box 309, Ugland House, Grand Cayman KY1-1104
0.2
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. 3
48.8%
1 1", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "27 St. James\u2019s Place London SW1A 1NR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:P31Q1NLTW35JJGHA4667", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }