The condensed Financial Statements for the six months to 31 July 2022 comprises the statements set out on pages 12 to 16 together with the related notes on pages 17 to 21. They have been prepared in accordance with International Financial Reporting Standards (IFRS). The Financial Statements for the six months to 31 July 2022 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 January 2022.
The ordinary shares and C shares of the Company are classified as equity in accordance with the definition of equity instruments under IAS 32 Financial Instruments: presentation (IAS 32). The proceeds from the issue of shares are recognised in the Statement of Changes in Equity net of incremental issuance costs.
In accordance with The Financial Reporting Council's guidance on going concern and liquidity risk, including its Covid-19 guidance, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern and specifically in the context of the Covid-19 pandemic, the hostilities in Ukraine and current economic conditions.
Having considered the Company's principal risks and uncertainties, as set out in the inside front cover, together with its current position, investment objective and policy, its assets and liabilities, and projected income and expenditure, it is the Directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors have considered the Company's principal and emerging risks as detailed on pages 6 to 9 of the Company's Annual Report and Financial Statements for the year to 31 January 2022 and the Investment Manager ensures that the Company holds at all times a proportion of assets that is sufficiently liquid to enable it to discharge its payment obligations. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company's ability to continue to do so over a period of at least twelve months from the date of approval of the Financial Statements.
| Six months to 31 July 2022 US$'000 | Six months to 31 July 2021 US$'000 | Year to 31 January 2022 US$'000 | |
|---|---|---|---|
| US Treasury Bills interest | 60 | 148 | 166 |
| Overseas interest | 124 | – | 195 |
| Deposit interest | 34 | – | 1 |
| Total income | 218 | 148 | 362 |
| Six months to 31 July 2022 US$'000 | Six months to 31 July 2021 US$'000 | Year to 31 January 2022 US$'000 | |
|---|---|---|---|
| Investment management fee | 4,611 | 3,534 | 8,427 |
The Company has appointed Baillie Gifford & Co Limited as its Investment Manager (the ‘Investment Manager’). As the entity appointed to be responsible for risk management and portfolio management, the Investment Manager has also been appointed as the Company’s Alternative Investment Fund Manager (‘AIFM’). Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford Overseas Limited. The Investment Management Agreement is terminable on not less than six months’ notice.