for the Period Ended 31 December 2022
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2022
Principal activities of the company
Political and charitable donations
Additional information
Small Companies exemptionThis report has been prepared in accordance with the section 414B relating to small companies exemptionwithin Part 15 of the Companies Act 2006 and the Company is therefore exempt from the requirement toprepare a strategic report. Consequently this Report of the directors has been prepared in accordance with thesmall companies provisions of the Companies Act 2006.Disclosure of information to auditorThe directors who held office at the date of approval of this directors’ report confirm that, so far as they areeach aware, there is no relevant audit information of which the Company’s auditor is unaware; and eachdirector has taken all the steps that they ought to have taken as a director to make themselves aware of anyrelevant audit information and to establish that the Company’s auditor is aware of that information.Independent AuditorPursuant to Section 487 of the Companies Act 2006, KPMG LLP has been appointed as the auditor of thecompany in the current year and will continue in office .Going concernThe Company’s financial statements have been prepared on the going concern basis, which assumes that theCompany will be able to meet its financial obligations as and when they fall due.The UK is currently facing challenging economic conditions, with significant increases in inflation and interestrates, fragmented regulatory and macroeconomic environments, and increasing commodity prices that havebeen worsened by the impacts of the Russia-Ukraine war. However, the Company does not have any exposureto interest rates given its only borrowings are with Varese IRR LP Inc. which matures on July 4, 2037. The interestrates charged and suffered are fixed for the term of the debt and there is no risk of finance expenses exceeding finance income for the foreseeable future; the Company does not have any external debt. Notwithstanding theloss of €4,086 incurred during the period, the Company had net assets of €142,685 as at December 31, 2022.After considering the above, the directors have reasonable expectation that the Company has adequateresources to continue to operate as a going concern for at least 12 months from the date of approval of thefinancial statements.Directors' IndemnitiesCertain directors benefit from qualifying third party indemnity provisions in place during the financial periodand at the date of this report. The Company provided qualifying third party indemnity provisions to certaindirectors of associated companies during the financial period and at the date of this report.
Directors
The director shown below has held office during the whole of the period from
3 March 2022 to 31 December 2022
The directors shown below have held office during the whole of the period from
3 March 2022 to 31 December 2022
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
10 months to 31 December 2022 | ||
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| £ | |
Turnover: | | |
Gross profit(or loss): | | |
Operating profit(or loss): | | |
Interest payable and similar charges: | ( | |
Profit(or loss) before tax: | ( | |
Tax: | ( | |
Profit(or loss) for the financial year: | ( |
As at
Notes | 10 months to 31 December 2022 | ||
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| £ | ||
Current assets | |||
Investments: | 3 | | |
Total current assets: | | ||
Prepayments and accrued income: | | ||
Creditors: amounts falling due within one year: | 4 | ( | |
Net current assets (liabilities): | | ||
Total assets less current liabilities: | | ||
Total net assets (liabilities): | | ||
Capital and reserves | |||
Called up share capital: | | ||
Profit and loss account: | ( | ||
Total Shareholders' funds: | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2022
Basis of measurement and preparation
Valuation information and policy
Other accounting policies
for the Period Ended 31 December 2022
10 months to 31 December 2022 | ||
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Average number of employees during the period | |
for the Period Ended 31 December 2022
Classes of investmentsInfrastructure and related investments typically include large-scale physical assets that provide essentialservices to societies. Typical investment areas include:utilities providing water, electricity, gas, and wastewater treatment services;energy, including pipeline transmission and storage; transportation, including roads, railways, bridges, airports, and port terminals; andcommunications, including telecom towers, data centres, and fibre optic cables.The Company primarily invests directly in privately held companies, but also invests selectively throughprivate limited partnerships managed by external fund managers. The Company’s investments arecomprised of direct equity and debt investments. Direct private investments can be made independently,or with other partners (co-sponsorships or co-investments). These investments are privately negotiatedtransactions involving private, and on occasion, public companies. Investments consist primarily of equity,debt, or hybrid securities of investee companies.Fair value hierarchyThe table below analyzes financial instruments measured at fair value at the reporting date by the level inthe fair value hierarchy into which the fair value measurement is categorized. The amounts are based onthe values recognized in the financial statements. All fair value measurements below are recurring.The fair values of financial assets and financial liabilities that are traded in active markets are based onquoted market prices or dealer price quotations. For all other financial instruments, the Companydetermines fair values using other valuation techniques.For financial instruments that trade infrequently and have little price transparency, fair value is lessobjective, and requires varying degrees of judgment depending on liquidity, concentration, uncertainty ofmarket factors, pricing assumptions and other risks affecting the specific instrument.The Company measures fair values using the following fair value hierarchy that reflects the significance ofthe inputs used in making the measurements.Level 1 inputs that are quoted market prices (unadjusted) in active markets for identicalinstruments.Level 2 inputs other than quoted prices included within Level 1 that are observable either directly(i.e., as prices) or indirectly (i.e., derived from prices). Level 3 inputs that are unobservable.During 2022, there were no significant transfers between Level 1 and Level 2.(d) Level 3 reconciliationThe following table shows a reconciliation from the beginning balances to the ending balances for fair valuemeasurements in Level 3 of the fair value hierarchy.During 2022, there were no significant transfers into or out of Level 3.(e) Significant unobservable inputs used in measuring fair valueThe following table sets out information about significant unobservable inputs used at period-end inmeasuring the fair value of investments categorized as Level 3 in the fair value hierarchy as at December 31.Effects of unobservable inputs on fair value measurementCertain direct private equity investments are valued based on information received from externalmanagers. The fair value of these investments fluctuates in response to changes in specific assumptions forthat particular investee as determined by the external manager.For certain direct private debt and direct private equity investments, BCI engages third party independentvaluators to estimate the fair market value. The valuators produce comprehensive reports for eachapplicable investment. The fair value of these investments fluctuates in response to changes in specificassumptions for the key unobservable inputs.Although BCI believes that its estimates of fair value in Level 3 are appropriate, the use of differentmethodologies or assumptions could lead to different measurements of fair value and net assets.At December 31, 2022, the Company did not hold any investments in Level 3 with sensitivity to change insignificant unobservable input.
for the Period Ended 31 December 2022
10 months to 31 December 2022 | ||
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£ | ||
Other creditors | | |
Total | |