Exhibit K

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Consolidated Financial Statements

Key Patent Innovations Limited

__________________________________ 

For the year ending 31 December 2022

Key Patent 

Innovations 

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KEY PATENT INNOVATIONS LIMITED

2

Contents

Page

Officers and Professional Advisers 1

Directors’ Report 2

Directors’ Responsibility Statement 5

Independent Auditor’s Report 6

Consolidated and Company Income Statements 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Financial Statements 15

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KEY PATENT INNOVATIONS LIMITED

1

Officers and Professional Advisers

Directors Máiréad Lyons 

Angela Quinlan

Paul Riley 

Paul Seaman

Glen Gibbons

Company Secretary Bradwell Limited

Registered Number 669284

Registered Office The Glasshouses GH2, 

92 George’s Street Lower 

Dun Laoghaire 

Dublin, Ireland

Auditor PricewaterhouseCoopers

One Spencer Dock

North Wall Quay

Dublin 1, Ireland

Solicitor Arthur Cox

Ten Earlsfort Terrace

Dublin 2, Ireland

Bankers Allied Irish Bank

7 – 12 Dame Street

Dublin 2, Ireland

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KEY PATENT INNOVATIONS LIMITED

2

Directors’ Report for the year ending 31 December 2022

The Directors present their annual report and the audited consolidated financial statements for the 

year ending 31 December 2022. 

General Information and Principal Activities 

Key Patent Innovations Limited (“the company”) is a private company incorporated and domiciled in 

the Republic of Ireland. The company was incorporated on 3rd April 2020. The company together with 

its wholly owned subsidiaries are collectively referred to as the “Group”. The Group specialises in 

acquiring, managing, exploiting, prosecuting, licensing, disposing of and otherwise monetising patent 

families attributable to technologies found in commercial products such as consumer electronics.

Business Review and future developments

The Directors acknowledge the performance of the company for the financial year and are satisfied 

with the financial position as at year end. The Directors have prepared forecasts of expected 

performance and cash flows and consider it appropriate that the going concern basis be adopted in 

preparation of the financial statements. For future periods, the company is expected to continue its IP 

monetization efforts.

Results and Dividends

The results for the year are set out in the Income Statement on page 9. After a share capital reduction 

process, the Directors declared a dividend of $11,645,561.64 on 1 December 2022.

The Directors and Secretary and their interests in the Shares of the Company

The Directors who served the company during the year were as follows:

Máiréad Lyons

Angela Quinlan

Paul Riley

Paul Seaman

Glen Gibbons

Company Secretary - Bradwell Limited

In accordance with section 329 of the Companies Act 2014, neither the company Directors nor the 

company secretary have any financial interest in Key Patent Innovations Limited.

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KEY PATENT INNOVATIONS LIMITED

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Directors’ Report for the year ending 31 December 2022

Events since the balance sheet date

The Group registered a subsidiary, Malikie Innovations Limited (“Malikie”), in February 2023. This 

subsidiary acquired the legal title to a patent portfolio from BlackBerry Limited (“BlackBerry”) in May 

2023. Under the terms of the agreement, Malikie paid $170 million in cash to BlackBerry on closing,

and will pay an additional $30 million in cash no later than the third anniversary of closing. BlackBerry 

will also be entitled to receive annual cash royalties from the profits generated on these patents, up 

to an initial cap of $700 million. The cap is subject to an annual increase of an amount equal to 4% of 

the remaining portion of the $700 million that has not been paid to BlackBerry as of the date of the 

increase.

As a result of the Groups licensing and monetisation efforts on its patent portfolios, the Group had 

sufficient distributable reserves post year end to declare a dividend of $20 million in April 2023.

Going Concern

Having considered the Group’s current financial position and its cash flow projections, the Directors 

believe that the Group will be able to continue in operational existence for at least the next twelve 

months from the date of approval of the financial statements and that it is appropriate to prepare the 

financial statements on a going concern basis. The Directors assumption that the Group will continue 

as a going concern is based on (1) the ability of the Group’s ultimate parent undertakings and 

controlling parties to continue as going concerns and to provide financial support, and (2) the ability 

of the company to generate revenue post year end. The ultimate parent undertakings and controlling 

parties has confirmed they have the ability to provide or procure financial assistance as and when 

needed to enable KPI to continue its operations and fulfil its financial obligations for a minimum period 

of twelve months from the date of signing these financial statements.

Principal Risks and Uncertainties

The Directors consider that the principal risks and uncertainties faced by the Group are in the 

following categories:

Economic risks: including, but not limited to, the risk of slow economic growth having an adverse 

impact on markets served by the Group. Global economic conditions could materially adversely impact 

operations and performance. Uncertainty about global economic conditions due to inflationary 

pressures, and the international conflict in Ukraine, could result in Group customers postponing 

licenses of our patent portfolios in response to tighter credit, unemployment, negative financial news 

and/or declines in income or asset values and other macroeconomic factors, which could have a 

material negative effect on demand for our patent portfolios and, accordingly, on our business, results 

of operations or financial condition.

Financial risks: including, but not limited to, the uncertainty of financial returns and the potential for 

financial loss. The Group has budgetary and financial reporting procedures, supported by appropriate 

key performance indicators, to manage credit, liquidity and other financial risks.

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KEY PATENT INNOVATIONS LIMITED 

Directors' Report for the year ending 3 I December 2022 

Accounting Records 

The Directors believe that they have complied with the requirements of Section 281 to 285 of the 

Companies Act 2014 with regard to the keeping of accounting records and employing persons with 

appropriate expertise and by providing adequate resources to the financial function. The books and 

accounting records are held at The Glasshouses GH2, 92 George's Street Lower, Dun Laoghaire, 

Dublin, Ireland. 

Statement of relevant audit information 

Each of the persons who are Directors at the time when this Directors' report is approved has 

confirmed that 

so far as that Director is aware, there is no relevant audit information of which the company's 

auditors are unaware; and 

that Director has taken all the steps that ought to have been taken as a Director in order to 

be aware of any relevant audit information and to establish that the company's auditors are 

aware of that information. 

Auditors 

The auditors, PricewaterhouseCoopers, continue in office in accordance with section 383(2) of the 

Companies Act 2014. 

Signed on behalf of the Directors 

~::+-=--=J 

ibbons 

Approved by the Directors on 

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KEY PATENT INNOVATIONS LIMITED 

Directors' Responsibility Statement for the year ending 31 December 2022 

The Directors are responsible for preparing the Directors' Report and the financial statements in 

accordance with Irish law and regulations. 

Irish company law requires the Directors to prepare the Group and company financial statements for 

each financial year. Under the law, the Directors have elected to prepare the Group and company 

financial statements in accordance with the Companies Act 2014 and Financial Reporting Standard I 02 

'The Financial Reporting Standard applicable in the UK and Republic of Ireland' issued by the Financial 

Reporting Council and promulgated by Chartered Accountants Ireland. 

Under company law, the Directors must not approve the Group and company financial statements 

unless they are satisfied that they give a true and fair view of the assets, liabilities, and financial position 

of the Group as at the financial year end date, of the profit or loss for that financial year and otherwise 

comply with the Companies Act 2014. 

In preparing each of the Group and company financial statements, the Directors are required to: 

select suitable accounting policies and then apply them consistently; 

make judgements and accounting estimates that are reasonable and prudent; 

state whether the financial statements have been prepared in accordance with applicable 

accounting standards, identify those standards, and note the effect and the reasons for any 

material departure from those standards; and 

prepare the financial statements on a going concern basis unless it is inappropriate to presume 

that the Group and company will continue in business. 

The Directors are responsible for ensuring that the Group keeps or causes to be kept adequate 

accounting records which correctly explain and record the transactions of the Group and company, 

enable at any time the assets, liabilities, financial position and profit or loss of the Group to be 

determined with reasonable accuracy, enable them to ensure the financial statements and Directors' 

Report comply with the Companies Act 2014 and enable the financial statements to be audited. They 

are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps 

for the prevention and detection of fraud and other irregularities. 

Signed on behalf of the Directors 

Date: 

5 

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Independent auditors’ report to the members of Key Patent 

Innovations Limited

Report on the audit of the financial statements

Opinion

In our opinion, Key Patent Innovations Limited’s consolidated financial statements and company financial statements (the 

“financial statements”):

• give a true and fair view of the group’s and the company’s assets, liabilities and financial position as at 31

December 2022 and of the group’s and the company’s loss and the group’s cash flows for the year then ended;

• have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (Irish GAAP)

(accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting

Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and Irish law);

and

• have been properly prepared in accordance with the requirements of the Companies Act 2014.

We have audited the financial statements, included within the Consolidated Financial Statements (the “Annual Report”), 

which comprise:

• the Consolidated and Company Balance Sheet as at 31 December 2022;

• the Consolidated and Company Income Statement for the year then ended;

• the Consolidated Statement of Cash Flows for the year then ended;

• the Consolidated and Company Statement of Changes in Equity for the year then ended; and

• the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and 

applicable law. Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the 

audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient 

and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the 

financial statements in Ireland, which includes IAASA’s Ethical Standard and we have fulfilled our other ethical 

responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions 

that, individually or collectively, may cast significant doubt on the group’s or the company’s ability to continue as a going

concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in 

the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s 

or the company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant 

sections of this report.

Reporting on other information

The other information comprises all of the information in the Consolidated Financial Statements other than the financial 

statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the 

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financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except 

to the extent otherwise explicitly stated in this report, any form of assurance thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing 

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge 

obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or 

material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the 

financial statements or a material misstatement of the other information. If, based on the work we have performed, we 

conclude that there is a material misstatement of this other information, we are required to report that fact. We have 

nothing to report based on these responsibilities.

With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 

have been included.

Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the 

Companies Act 2014 require us to also report certain opinions and matters as described below:

• In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’

Report for the year ended 31 December 2022 is consistent with the financial statements and has been prepared in

accordance with the applicable legal requirements.

• Based on our knowledge and understanding of the group and company and their environment obtained in the

course of the audit, we have not identified any material misstatements in the Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Directors’ Responsibilities Statement set out on page 5, the directors are responsible for the

preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a 

true and fair view.

The directors are also responsible for such internal control as they determine is necessary to enable the preparation of 

financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the company’s ability to 

continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of 

accounting unless the directors either intend to liquidate the group or the company or to cease operations, or have no 

realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 

misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable 

assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will 

always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 

material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users 

taken on the basis of these financial statements.

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data 

auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing 

complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In 

other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is 

selected.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for

_audit.pdf

This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance 

with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or 

assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it 

may come save where expressly agreed by our prior consent in writing.

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Other required reporting

Companies Act 2014 opinions on other matters

• We have obtained all the information and explanations which we consider necessary for the purposes of our

audit.

• In our opinion the accounting records of the company were sufficient to permit the company financial statements

to be readily and properly audited.

• The Company Balance Sheet is in agreement with the accounting records.

Other exception reporting

Directors’ remuneration and transactions

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ 

remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to 

report arising from this responsibility. 

Therese Cregg

for and on behalf of PricewaterhouseCoopers

Chartered Accountants and Statutory Audit Firm

Dublin

12 September 2023

8

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KEY PATENT INNOVATIONS LIMITED

9

Consolidated and Company Income Statement for the year ending 31 December 2022

Year to Year to

Note 31 Dec 2022 31 Dec 2021

$’000 $’000

Turnover - -

Cost of Sales - -

Gross Profit - -

Patent licensing, litigation, & portfolio 

management

(10,214) (6,661)

Administrative expenses (4,698) (3,083)

Operating Loss 4 (14,912) (9,744)

Interest receivable and similar income 161 -

Interest payable and similar expenses - -

Gain on disposal of IP rights 8 - 13,508

(Loss)/Profit before taxation (14,751) 3,764

Taxation 2,149 (2,340)

(Loss)/Profit for the Financial year (12,602) 1,424

All amounts relate to continuing operations.

There were no other gains or losses for the period other than those included in the Consolidated and 

Company Income Statements.

All amounts presented above are attributable to the owners of the parent.

The accounting policies and notes on page 15 to 30 form part of these financial statements.

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KEY PATENT INNOVATIONS LIMITED 

Consolidated Balance Sheet as at 31 December 2022 

Note 31 Dec 31 Dec 

2022 2021 

$'000 $'000 

Non-Current Assets 

Intangible Assets 8 30,604 24,096 

Tangible Assets 9 7 4 

Total Non-Current Assets 30,611 24,100 

Current Assets 

Trade and other receivables 11 7,651 33,551 

Cash and cash equivalents 12 2,005 358 

Total Current Assets 9,656 33,909 

Creditors: amounts falling due 13 (3,306) (2,590) 

within one year 

Net Current Assets 6,350 31,319 

Total Assets less Current 36,961 55,419 

Liabilities 

Creditors: amounts falling due 13 (1,696) (1,950) 

after more than one year 

Net Assets 35,265 53,469 

Capital and reserves 

Called up share capital 14 

Capital contribution 9,580 3,536 

Share premium 34,005 51,005 

Profit / Loss reserve {8,320} {1,072} 

Shareholders' Funds 35,265 53,469 

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Date/Z(q/i1 I 

10 

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KEY PATENT INNOVATIONS LIMITED 

Company Balance Sheet as at 31 December 2022 

Note 31 Dec 31 Dec 

2022 2021 

$'000 $'000 

Non-Current Assets 

Intangible Assets 8 30,604 24,096 

Tangible Assets 9 7 4 

Investment in subsidiaries 10 

Total Non-Current Assets 30,611 24,100 

Current Assets 

Trade and other receivables II 7,651 33,551 

Cash and cash equivalents 12 2,005 358 

Total Current Assets 9,656 33,909 

Creditors: amounts falling due 13 (3,306) (2,590) 

within one year 

Net Current Assets 6,350 31,319 

Total Assets less Current 36,961 55,419 

Liabilities 

Creditors: amounts falling due 13 (1,696) (1,950) 

after more than one year 

Net Assets 35,265 53,469 

Capital and reserves 

Called up share capital 14 

Capital contribution 9,580 3,536 

Share premium 34,005 51,005 

Profit / Loss reserve (8,320} (1,072} 

Shareholders' Funds 35,265 53,469 

The financial statements were approved and authorised for issue by the Board: 

. ' ( 

Date /'l/7 /Z_3 --""'-,+--,,__--=---

11 

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KEY PATENT INNOVATIONS LIMITED

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Consolidated Statement of Changes in Equity for the year ending 31 December 2022

Called up Capital Share Profit/Loss Total

Share Capital Contribution Premium Reserve Equity

$’000 $’000 $’000 $’000 $’000

As at 31 December 2020 - 36 11,500 (2,496) 9,040

Share Issuance - - 39,505 - 39,505

Capital Contribution - 3,500 - - 3,500

Income for the year - - - 1,424 1,424

As at 31 December 2021 - 3,536 51,005 (1,072) 53,469

Share Issuance - - - - -

Capital contribution - 6,044 - - 6,044

Loss for the year - - - (12,602) (12,602)

Share Capital Reduction - - (17,000) 17,000 -

Dividends disbursed - - - (11,646) (11,646)

As at 31 December 2022 - 9,580 34,005 (8,320) 35,265

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KEY PATENT INNOVATIONS LIMITED

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Company Statement of Changes in Equity for the year ending 31 December 2022

Called up Capital Share Profit/Loss Total

Share Capital Contribution Premium Reserve Equity

$’000 $’000 $’000 $’000 $’000

As at 31 December 2020 - 36 11,500 (2,496) 9,040

Share Issuance - - 39,505 - 39,505

Capital Contribution - 3,500 - - 3,500

Loss for the period - - - 1,424 1,424

As at 31 December 2021 - 3,536 51,005 (1,072) 53,469

Share Issuance - - - - -

Capital contribution - 6,044 - - 6,044

Loss for the year - - - (12,602) (12,602)

Share Capital Reduction - - (17,000) 17,000 -

Dividends disbursed - - - (11,646) (11,646)

As at 31 December 2022 - 9,580 34,005 (8,320) 35,265

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KEY PATENT INNOVATIONS LIMITED

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Consolidated Statement of Cash Flows for the year ending 31 December 2022

Year to Year to

Note 31 Dec 2022 31 Dec 2021

$’000 $’000

Cash flows from operating activities

Profit / (Loss) before taxation (14,751) 3,764

Adjustments for:

Amortisation of intangible assets 8 3,412 1,573

Depreciation of tangible fixed assets 9 4 2

(Increase) in debtors (1,714) (12,187)

Increase in creditors 462 1,341

Net cash inflow / (outflow) from operating 

activities

(12,587) (5,507)

Cash flows from investing activities

Purchase of intangible assets 8 (318) (21,082)

Receivable from disposal of IP rights 11 20,000 (20,000)

Purchase of tangible fixed assets 9 (7) (3)

Disposal of intangible assets 8 - 4,122

Interest received 161 -

Net cash generated / (used) in investing 

activities

19,836 (36,963)

Cash flows from financing activities

Share Issuance - 38,505

Capital contribution 6,044 3,500

Dividends paid (11,646) -

Net cash generated / (used) in financing 

activities

(5,602) 42,005

Net (decrease) / increase in cash and cash 

equivalents

1,647 (465)

Cash and cash equivalents at the start of the 

period

358 823

Cash and cash equivalents at the end of the 

year

12 2,005 358

Cash and cash equivalents at the end of the period 

comprise:

12

Cash at banks 2,005 358

The accounting policies and notes on page 15 to 30 form part of these financial statements.

The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under paragraph 

1.12(b) of FRS 102 not to present the company statement of cash flows.

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KEY PATENT INNOVATIONS LIMITED

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Notes to the Financial Statements for the year ending 31 December 2022

1. General information

These financial statements comprising the Consolidated and Company Income Statements, the 

Consolidated and Company Balance Sheets, the Consolidated and Company Statement of Changes in 

Equity and the Consolidated Statement of Cash Flows constitute the financial statements of Key Patent 

Innovations Limited for the year ending 31 December 2022. 

The company is a private company limited by shares incorporated in the Republic of Ireland. The 

company’s registration number is 669284 and the registered office is The Glasshouses GH2, 92 

George’s Street Lower, Dun Laoghaire, Dublin, which is also the principal place of business of the 

company. 

2. Accounting Policies

2.1 Basis of preparation and statement of compliance

The financial statements have been prepared on a going concern basis and under the historical cost 

convention in accordance with Financial Reporting Standard 102, the Financial Reporting Standard 

applicable in the UK and the Republic of Ireland issued by the Financial Reporting Council and 

promulgated by Chartered Accountants Ireland and Irish statute comprising the Companies Act 2014.

Exemption for qualifying entities under FRS 102

FRS 102 allows a qualifying entity certain disclosure exemptions. 

The company has availed of the following exemptions:

(i) Exemption from the requirements of Section 7 of FRS 102 and FRS 102 paragraph 3.17(d) to present 

a statement of cash flows.

(ii) Exemption from the requirement of FRS 102 paragraph 33.7 to disclose key management personnel 

compensation in total.

(iii) Exemption from the requirement of FRS 102 paragraph 4.12(a)(iv) to disclose a reconciliation of 

the number of shares outstanding at the beginning and end of the period.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical 

accounting estimates. It also requires management to exercise judgement in applying the Group’s 

accounting policies (see note 3).

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Notes to the Financial Statements for the year ending 31 December 2022

2.1 Basis of preparation and statement of compliance (continued)

Going concern

Having considered the Group’s current financial position and its cash flow projections, the Directors 

believe that the Group will be able to continue in operational existence for at least the next twelve 

months from the date of approval of the financial statements and that it is appropriate to prepare the 

financial statements on a going concern basis. The Directors assumption that the Group will continue 

as a going concern is based on (1) the ability of the Group’s ultimate parent undertakings and 

controlling parties, as disclosed in note 18, to continue as going concerns and to provide financial 

support, and (2) the ability of the company to generate revenue post year end. The ultimate parent 

undertakings and controlling parties have confirmed they have the ability to provide or procure 

financial assistance as and when needed to enable KPI to continue its operations and fulfil its financial 

obligations for a minimum period of twelve months from the date of signing these financial statements.

2.2 Basis of consolidation

The Group’s financial statements consolidate those of the parent company and its subsidiaries as of 

31 December 2022. The financial statements of the subsidiaries are prepared for the same reporting 

period as the Group. All transactions and balances between Group companies are eliminated on 

consolidation, including unrealised gains and losses on transactions between Group companies. Where 

unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also 

tested for impairment from a Group perspective. Amounts reported in the financial statements of 

subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies 

adopted by the Group.

Subsidiaries are entities which are controlled by the parent. Control is the power to govern the 

financial and operating policies of an entity so as to obtain benefits from its activities. Control is 

presumed to exist when the parent owns, directly or indirectly through subsidiaries, more than half 

of the voting power of an entity. Control can also exist when the parent has the power to exercise, 

or actually exercises, dominant influence or control over the undertaking, or it and the undertaking 

are managed on a unified basis. 

2.3 Revenue

Revenue and profits are attributable to the Group’s principal activity of licensing intellectual property 

rights, and by selling assets. Revenues are recognised when it is probable that economic benefits 

associated with the agreement will flow to the entity and when the amount of revenue can be 

measured reliably.

When payment is deferred for a significant period of time, the fair value of the consideration is 

measured at the fair value of all future receipts determined using an imputed rate of interest.

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Notes to the Financial Statements for the year ending 31 December 2022

2.4 Intangible assets

Intangible assets or acquired IP rights include patents and patent acquisition related costs, external 

due diligence costs, patent applications and related patent prosecution costs. Patent prosecution costs 

pertain to legal and administrative costs required to convert a patent application into a patent.

An intangible asset is recognised to the extent that it is probable that the expected future economic 

benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. 

The asset is deemed to be identifiable when it is separable (that is, capable of being divided from the 

entity and sold, transferred, licensed, rented or exchanged, either individually or together with a 

related contract, asset or liability) or when it arises from contractual or other legal rights, regardless 

of whether those rights are transferable or separable from the Group or from other rights and 

obligations. 

Intangible assets acquired separately are measured on initial recognition at cost. Following initial 

recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated 

impairment losses.

Intangible assets with finite lives are amortised over the useful economic life and assessed for 

impairment whenever there is an indication that the intangible asset may be impaired. The amortisation 

period and the amortisation method for an intangible asset with a finite useful life are reviewed at least 

at the end of each reporting period. Changes in the expected useful life or the expected pattern of 

consumption of future economic benefits embodied in the asset are considered to modify the 

amortisation period or method, as appropriate, and are treated as changes in accounting estimates. 

Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful 

lives of intangible assets. Amortisation commences in the month following the purchase of the 

intangible asset. 

The estimated useful lives are as follows:

• Patents - 6 years – straight line

• Website Development - 5 years – straight line

Where amortisation is charged on assets with finite lives, this expense is charged to the Income 

Statement under the heading “Administrative expenses”. Amortisation shall cease at the earlier of the 

date that the asset is classified as held for sale (or included in a disposal group that is classified as held 

for sale) and the date that the asset is de-recognised.

2.5 Tangible fixed assets

Property and equipment are initially recognised at acquisition cost or manufacturing cost, including 

any costs directly attributable to bringing the assets to the location and condition necessary for them 

to be capable of operating in the manner intended by the Group’s management.

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KEY PATENT INNOVATIONS LIMITED

18

Notes to the Financial Statements for the year ending 31 December 2022

2.5 Tangible fixed assets (continued)

Property and equipment are carried at historical cost less accumulated depreciation and impairment 

losses. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset 

as appropriate only when it is probable that future economic benefits associated with the item will 

flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance 

costs are charged to the Income Statement as incurred. The cost of assets retired or otherwise 

disposed of and the related accumulated depreciation are recognised in the Income Statement as part 

of the gain or loss on disposal in the period of disposal. Gains and losses on disposal of property, plant 

and equipment are included in other income or expense. 

Depreciation is charged to the Income Statement on a straight-line basis to expense the cost of the 

assets over their expected useful lives as follows:

• Computer equipment - 3 years - straight line

• Office furniture - 3 years - straight line

Depreciation on assets is calculated in order to write-off the amounts capitalised over the estimated 

useful lives of the assets, or the lease term if shorter, by equal annual instalments. 

2.6 Impairment of intangible assets and tangible fixed assets

The carrying amounts of the Group’s intangible assets and property and equipment are reviewed at 

each reporting date to determine whether there is any indication of impairment. If any such indication 

exists, the assets’ recoverable amount (being the greater of fair value less costs to sell and value in 

use) is assessed at each reporting date. 

Fair value less costs to sell is defined as the amount obtainable from the sale of an asset or cashgenerating unit in an arm’s length transaction between knowledgeable and willing parties, less the costs 

that would be incurred in disposal. Value in use is defined as the present value of the future cash flows 

expected to be derived through the continued use of an asset or cash-generating unit. 

In assessing value in use, the estimated future cash flows are discounted to their present value using a 

pre-tax discount rate that reflects current market assessments of the time value of money and the 

risks specific to the asset for which the future cash flow estimates have not yet been adjusted. The 

estimates of future cash flows exclude cash inflows or outflows attributable to financing activities. For 

an asset that does not generate largely independent cash flows, the recoverable amount is determined 

by reference to the cash generating unit to which the asset belongs. 

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit 

exceeds its recoverable amount. Impairment losses, if any, are recognised in the Income Statement.

An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed 

the carrying amount that would have been determined, net of depreciation or amortisation, if no 

impairment loss had been recognised.

Following recognition of any impairment loss (and on recognition of an impairment loss reversal), the 

depreciation or amortisation charge applicable to the asset or cash generating unit is adjusted 

prospectively with the objective of systematically allocating the revised carrying amount, net of any 

residual value, over the remaining useful life.

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KEY PATENT INNOVATIONS LIMITED

19

Notes to the Financial Statements for the year ending 31 December 2022

2.7 Debtors

Short term debtors are measured at transaction prices, less any impairment. Loans receivable are 

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised 

cost using the effective interest method, less any impairment. 

Trade debtors falling due more than one year are recognised at their present value. The present value 

is determined by reference to the total amount payable in future periods, discounted back to their 

present value at an appropriate discount rate and recognised over the period until payment. 

2.8 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and on demand deposits, together with other shortterm, highly liquid investments, that are readily convertible into known amounts of cash and which are 

subject to an insignificant risk of change in value.

2.9 Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of 

financial assets and liabilities like trade and other debtors and creditors, loans to related parties and 

investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans 

and other accounts receivable and payable, are initially measured at the present value of the future 

cash flows and subsequently at amortised cost using the effective interest method. Debt instruments 

that are payable or receivable within one year, typically trade debtors and creditors, are measured, 

initially and subsequently, at the undiscounted amount of the cash or other consideration expected to 

be paid or received. However, if the arrangements of a short-term instrument constitute a financing 

transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an 

out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially 

at the present value of future cash flows discounted at a market rate of interest for a similar debt 

instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there 

is an enforceable right to offset the recognised amounts and there is an intention to settle on a net 

basis or to realise the asset and settle the liability simultaneously. 

2.10 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank 

loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at 

amortised cost using the effective interest method.

Trade creditors falling due after more than one year are recognised at their present value. The present 

value is determined by reference to the total amount payable in future periods, discounted back to 

their present value at an appropriate discount rate and recognised over the period until payment. 

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KEY PATENT INNOVATIONS LIMITED

20

Notes to the Financial Statements for the year ending 31 December 2022

2.11 Provision for liabilities

Provisions are recognised when present obligations as a result of a past event will probably lead to an

outflow of economic resources from the Group and amounts can be estimated reliably. Timing or 

amount of the outflow may still be uncertain. A present obligation arises from the presence of legal 

or constructive commitment that has resulted from past events. 

Provisions are measured at the estimated expenditure required to settle the present obligation, based 

on the most reliable evidence available at the reporting date, including the risks and uncertainties 

associated with the present obligation. Provisions are discounted to their present values, where the 

time value of money is material. All provisions are reviewed at each balance sheet date and are adjusted 

to reflect the current best estimate. 

Any reimbursement that the Group is virtually certain to collect from a third party with respect to 

the obligation is recognised as a separate asset. However, this asset may not exceed the amount of 

the related provision. 

No liability is recognised if an outflow of economic resources as a result of present obligations is not 

probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is 

remote.

2.12 Related parties

For the purposes of these financial statements a party is considered to be related to the Group if;

• the party has the ability, directly or indirectly, through one or more intermediaries to 

control the company or exercise significant influence over the company in making financial 

and operating policy decisions or has joint control over the company;

• the company and party are subject to common control;

• the party is an associate of the company or forms part of a joint venture with the company;

• the party is a member of key management personnel of the company or the company’s 

parent or a close family member of such an individual, or is an entity under the control, 

joint control or significant influence of such individuals;

• the party is a close family member of a party referred to above or is an entity under the 

control or significant influence of such individuals; or

• the party is a post-employment benefit plan which is for the benefit of employees of the 

company or of any entity that is a related party of the company.

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KEY PATENT INNOVATIONS LIMITED

21

Notes to the Financial Statements for the year ending 31 December 2022

2.13 Foreign currency

The majority of the transactions of the Group are generated in US Dollars. The Group’s management 

has determined that the US Dollar is the primary currency of the economic environment in which the 

company principally operates. Thus the functional currency and presentation currency of the Group 

is the US Dollar. 

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of 

exchange ruling at the reporting date. The resulting gains and losses are included in the Income

Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign 

currency are translated using the exchange rate at the date of the transaction.

2.14 Pensions

The Group operates a defined contribution plan for its employees. A defined contribution plan is a 

pension plan under which the Group pays fixed contributions into a separate entity. Once the 

contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts 

not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held 

separately from the Group in independently administered funds.

2.15 Interest income

Interest income is recognised in the Income Statement using the effective interest method.

2.16 Current and deferred taxation

The tax expense recognised in the financial statements comprises the sum of current income tax and 

deferred tax not recognised directly in equity. 

Current tax 

Current income tax assets and / or liabilities comprise of those obligations to, or claims from, fiscal 

authorities relating to the current or prior reporting periods that are unpaid at the reporting date. 

Current tax is payable on taxable profit which differs from the profit or loss in the financial statements. 

The calculation of current tax is based on tax rates and tax laws that have been enacted or 

substantively enacted by the end of the reporting period. 

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KEY PATENT INNOVATIONS LIMITED

22

Notes to the Financial Statements for the year ending 31 December 2022

2.16 Current and deferred taxation (continued)

Deferred taxation 

Deferred income tax is provided in full, using the liability method, on temporary differences arising 

between the tax bases of assets and liabilities and their carrying amounts in the financial statements. 

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively 

enacted by the end of reporting period and are expected to apply when the related deferred income 

tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are 

recognised to the extent that it is probable that future taxable profit will be available against which the 

temporary differences can be utilised.

3. Significant estimates and assumptions

The preparation of the financial statements in conformity with FRS 102 requires management to make 

judgments, estimates and assumptions that affect the amounts reported in the financial statements and 

accompanying notes. The judgments, estimates and assumptions used in the financial statements are 

based upon management’s evaluation of the relevant facts and circumstances as of the date of the 

financial statements. Actual results could differ from these estimates, and the effect of any change in 

estimates will be adjusted in the financial statements when they become reasonably determinable. 

Judgments, estimates, and assumptions are continually evaluated and are based on historical experience 

and other factors, including expectations of future events that are believed to be reasonable under 

these circumstances. 

Estimates and Assumptions

The key estimates and assumptions concerning the future and other key sources of estimation 

uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment 

to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Impairment of non-financial assets – including intangible assets

An asset is assessed for impairment when there are indications of impairment, and any impairment is 

charged to the Income Statement. In assessing impairment, management estimates the recoverable 

amount of each asset based on expected future cash flows and uses an interest rate to discount them. 

Estimation uncertainty relates to assumptions about future operating results and the determination of 

a suitable discount rate. 

Useful lives of depreciable and finite lived assets 

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based 

on the expected utility of the assets. Uncertainties in these estimates relate to technical obsolescence 

that may change the utility of certain intangible assets.

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KEY PATENT INNOVATIONS LIMITED

23

Notes to the Financial Statements for the year ending 31 December 2022

4. Loss on ordinary activities before taxation

The operating loss is stated after charging:

Year to Year to

31 Dec 2022 31 Dec 2021

$’000 $’000

Depreciation of tangible fixed assets 4 2

Amortisation of intangible assets 3,410 1,573

Exchange differences 75 51

Defined contribution pension cost 49 33

Audit cost 56 66

5. Employees

Group and Company

Staff costs, including Directors’ remuneration, were as follows:

Year to Year to

31 Dec 2022 31 Dec 2021

$’000 $’000

Wages and salaries 716 640

Social insurance costs 76 46

Cost of defined contribution scheme 53 33

845 719

The average monthly number of employees, including the Directors, during the period was as follows:

Year to Year to

31 Dec 2022 31 Dec 2021

Non-Executive Directors 4 3

Directors / staff 4 2

8 5

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KEY PATENT INNOVATIONS LIMITED

24

Notes to the Financial Statements for the year ending 31 December 2022

6. Directors’ remuneration

Year to Year to

31 Dec 2022 31 Dec 2021

$’000 $’000

Aggregate emoluments paid to or receivable by 

Directors in respect of qualifying services

384 576

Social insurance costs 48 40

Company pension contributions to defined 

contribution pension schemes

25 28

457 644

7. Taxation

The tax assessed on the loss on ordinary activities for the period is the same as the standard rate of 

corporation tax in Ireland of 12.5%.

Year to Year to

31 Dec 2022 31 Dec 2021

$’000 $’000

Analysis of tax charge in the financial year

Deferred tax asset for losses carried forward unutilised 2,070 -

Movement in deferred tax liability on disposal of IP rights 79 (2,340)

Total deferred tax 2,149 (2,340)

Total Taxation 2,149 (2,340)

Year to Year to

31 Dec 2022 31 Dec 2021

$’000 $’000

(Loss) / Income on ordinary activities before taxation (14,751) 3,764

Income / (Loss) on ordinary activities multiplied by 

standard rate of corporation tax in Ireland of 12.5% (2021: 

12.5%)

(1,844) (471)

Additional tax arising from profits chargeable at 25% (20) (3,377)

Non-deductible expenses 445 301

Relief for losses carried forward 813 1,207

Utilisation of losses 606 -

Other timing differences 2,070 -

Overprovision in prior year 79 -

Total current tax 2,149 (2,340)

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KEY PATENT INNOVATIONS LIMITED

25

Notes to the Financial Statements for the year ending 31 December 2022

8. Intangible assets

Group and Company

Patents Website

Development

Total

$’000 $’000 $’000

Cost

As at 1 January 2022 26,433 5 26,438

Additions 318 - 318

Additions - WIP 9,604 - 9,604

Disposals - - -

Abandoned applications (2) - (2)

As at 31 December 2022 36,353 5 36,358

Accumulated Amortisation

As at 1 January 2022 (2,341) (1) (2,342)

Charge for the year (3,410) (2) (3,412)

Disposals - - -

As at 31 December 2022 (5,751) (3) (5,754)

Net book value

As at 1 January 2022 24,092 4 24,096

As at 31 December 2022 30,602 2 30,604

The legal titles to the acquired patents are held by Pictiva Displays International Limited and Valtrus 

Innovations Limited (“the subsidiaries”), 100% owned subsidiaries of Key Patent Innovations Limited

(see note 10). These subsidiaries were set up solely to acquire the intangible assets and do not 

beneficially hold any assets or liabilities. The beneficial owner of the intangible assets is the company, 

as set out in a declaration of trust signed by the company and the subsidiaries. Accordingly, the 

intangible assets and related receivables and payables have been recorded in the accounts of the 

company.

The useful life of intangibles assets is based on its expected utilisation by the Group.

Intangible assets include patent prosecution costs that pertain to legal and administrative costs 

required to convert a patent application into a patent. If a patent is granted, amortisation for 

appropriate cost begins. Patent prosecution costs for applications labelled “abandoned” or dropped 

from patenting are written-off. 

Intangible WIP relates to a portfolio of patents acquired across eight separate tranches, with $9.6M in 

additions capitalised in 2022. These assets commenced amortisation on the date the last tranche was

acquired by the Group. These patents are to be commercially exploited as one portfolio.

The Group disposed of a share of IP rights to a third party for $20 million in 2021 resulting in a gain 

on disposal, as disclosed in the Consolidated and Company Income Statement.

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KEY PATENT INNOVATIONS LIMITED

26

Notes to the Financial Statements for the year ending 31 December 2022

9. Tangible assets

Group and Company

Office

Furniture

Computer 

Equipment

Total

$’000 $’000 $’000

Cost

As at 1 January 2022 1 6 7

Additions - 7 7

As at 31 December 2022 1 13 14

Accumulated Depreciation

As at 1 January 2022 - (3) (3)

Charge for the year - (4) (4)

As at 31 December 2022 - (7) (7)

Net book value

As at 1 January 2022 1 3 4

As at 31 December 2022 1 6 7

10. Investment in Subsidiaries

The company has the following directly held subsidiary undertakings:

Name Registered 

Office

Principal 

Activity

Class of shares Holding

Pictiva Displays 

International Limited

Ireland Investment 

holding co.

Ordinary 100%

Valtrus Innovations 

Limited

Ireland Investment 

holding co.

Ordinary 100%

None of the shares in the above subsidiaries are listed on a stock exchange. In the opinion of the 

Directors, the shares in the company’s subsidiaries are worth at least the amounts at which they are 

stated in the balance sheet. The amounts involved are nominal and are not visible on the balance sheet 

due to rounding. All subsidiary undertakings have been included in these consolidated financial 

statements.

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KEY PATENT INNOVATIONS LIMITED

27

Notes to the Financial Statements for the year ending 31 December 2022

11. Trade and other receivables

Group Company Group Company

31 Dec 

2022

31 Dec 

2022

31 Dec 

2021

31 Dec 

2021

$’000 $’000 $’000 $’000

Due within one year

Accounts receivable - - 103 103

Prepaid patent acquisitions - - 9,605 9,605

Prepaid patent maintenance fees 1,160 1,160 1,105 1,105

Other prepayments 36 36 34 34

VAT receivable 22 22 22 22

Amounts receivable from parent 1,145 1,145 1,001 1,001

Amounts receivable from affiliate 648 648 20,000 20,000

Deferred tax asset 2,070 2,070 - -

Capitalised due diligence 733 733 - -

5,814 5,814 31,870 31,870

Group Company Group Company

31 Dec 

2022

31 Dec 

2022

31 Dec 

2021

31 Dec 

2021

$’000 $’000 $’000 $’000

Due after one year

Prepaid patent maintenance fees 1,837 1,837 1,681 1,681

1,837 1,837 1,681 1,681

The carrying value of trade and other receivables is considered a reasonable approximation of fair 

value.

Capitalised due diligence comprises external due diligence costs incurred in assessing future patent 

acquisitions. These costs are capitalised post year end in accordance with the timing of a deal closing.

12. Cash and cash equivalents

Group Company Group Company

31 Dec 

2022

31 Dec 

2022

31 Dec 

2021

31 Dec 

2021

$’000 $’000 $’000 $’000

Cash at banks

Euro 195 195 170 170

US Dollars 1,810 1,810 188 188

2,005 2,005 358 358

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KEY PATENT INNOVATIONS LIMITED

28

Notes to the Financial Statements for the year ending 31 December 2022

13. Creditors

Creditors: amounts falling due within one year

Group Company Group Company

31 Dec 

2022

31 Dec 

2022

31 Dec 

2021

31 Dec 

2021

$’000 $’000 $’000 $’000

Payable within one year

Trade creditors 982 982 338 338

Amounts owed to parent 

undertakings

578 578 999 999

Taxation 612 612 416 416

Accruals 1,134 1,134 837 837

3,306 3,306 2,590 2,590

All amounts are short-term in nature. The carrying value of trade and other payables is considered to 

be a reasonable approximation of fair value. Amounts owed to parent undertakings are unsecured, 

interest free, and are repayable within 30 days of invoice date.

Group Company Group Company

31 Dec 

2022

31 Dec 

2022

31 Dec 

2021

31 Dec 

2021

$’000 $’000 $’000 $’000

Taxation

Corporation tax 565 565 390 390

PAYE / PRSI 47 47 26 26

612 612 416 416

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KEY PATENT INNOVATIONS LIMITED

29

Notes to the Financial Statements for the year ending 31 December 2022

13. Creditors

Creditors: amounts falling due after more than one year

Group Company Group Company

31 Dec 

2022

31 Dec 

2022

31 Dec 

2021

31 Dec 

2021

$’000 $’000 $’000 $’000

Due after one year

Deferred tax liability 1,696 1,696 1,950 1,950

1,696 1,696 1,950 1,950

The deferred tax liability relates to tax payable on the gain arising on the disposal of IP rights to a third 

party in 2021. This tax is payable annually up to 2026.

14. Share capital

The company has an allotted, called up and fully paid share capital of 4 ordinary shares of €1 each as 

at year end. (2024: 4 ordinary shares of €1 each)

15. Related party transactions

Group

The total remuneration for Directors and key management personnel for the financial period is

outlined in note 6. 

Company

Transactions with parent entity

The company provided a loan to its parent entity, New PP Licensing LLC, on 5th April 2022 for 

$11.5M, with an interest charge of 2% per annum. This loan, together with interest owed, was fully 

discharged on 1st December 2022.

Transactions with entities controlled by its parent

The company is party to a services agreement with an entity controlled by its parent for the purpose 

of assisting the Group in sourcing and managing intellectual property investments. The costs incurred

to this party amounted to $3.1M (2021: $3.2M) during the period, with $578K (2021: $999K) (see 

note 13) outstanding at period end.

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KEY PATENT INNOVATIONS LIMITED

30

Notes to the Financial Statements for the year ending 31 December 2022

16. Pension commitments

The Group has a defined contribution pension plan. The assets of the plan are held separately from 

those of the Group in an independently administered fund. The pension cost charge represents 

contributions payable by the Group to the fund and amounted to $53K (2021: $33K) during the 

period. $10K (2021: $5K) was due to the pension fund at period end, comprising of both employer 

and employee contributions.

17. Post balance sheet events

The Group registered a subsidiary, Malikie Innovations Limited (“Malikie”), in February 2023. This 

subsidiary acquired the legal title to a patent portfolio from BlackBerry Limited (“BlackBerry”) in May 

2023. Under the terms of the agreement, Malikie paid $170 million in cash to BlackBerry on closing, 

and will pay an additional $30 million in cash no later than the third anniversary of closing. BlackBerry 

will also be entitled to receive annual cash royalties from the profits generated on these patents, up 

to an initial cap of $700 million. The cap is subject to an annual increase of an amount equal to 4% of 

the remaining portion of the $700 million that has not been paid to BlackBerry as of the date of the 

increase.

As a result of the Groups licensing and monetisation efforts on its patent portfolios, the Group had 

sufficient distributable reserves post year end to declare a dividend of $20 million in April 2023.

18. Controlling party

As at year end, the Groups ultimate parent undertaking and controlling party was Centerbridge Credit 

Partners Master, L.P., a Cayman Islands based limited partnership. As at the date of signing of these 

financial statements, the Groups ultimate parent undertakings and controlling parties were;

- Centerbridge Credit Partners Master, L.P., a Cayman Islands based limited partnership,

- Centerbridge Special Credit Partners III-Flex AIV III, L.P., a US based limited partnership, and;

- Centerbridge Special Credit Partners IV Master, L.P., a Delaware based limited partnership.

19. Section 357 Guarantees

Pursuant to the provisions of Section 357, Companies Act, 2014, the company has guaranteed the 

liabilities of its Irish based subsidiaries listed in note 10 to these financial statements. These subsidiaries 

have been exempted from the filing provisions of Section 347, Companies Act, 2014. 

20. Approval of financial statements

The board of Directors approved these financial statements for issue on 12 September 2023.

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