London & Associated Properties Plc - Report on Payments to Governments for the year 2023
FOR IMMEDIATE RELEASE
Report on Payments to Governments for the year 2023
LAP’s main market quoted subsidiary company (a subsidiary under IFRS 10), Bisichi PLC (“Bisichi”), in which the Company owns 41.6% of Bisichi’s issued ordinary share capital, together with its subsidiaries has issued the following report on Payments to Governments for the year ended
INTRODUCTION
This Report provides an overview of the payments to governments made by Bisichi PLC and its subsidiaries for the year ended
BASIS OF PREPARATION
Reporting entities
This report includes payments to governments made by Bisichi PLC and its subsidiary undertakings (Bisichi). Payments made by associates and entities over which Bisichi has joint control are excluded from this report.
Activities
Payments made by Bisichi to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals (extractive activities) are to be disclosed in this report.
Government
Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government.
Project
Payments that are reported at project level except that payments that are not attributable to a specific project are reported at legal entity level. Project is defined as being the operational activities which are governed by a single contract, or licence agreement, and form the basis for payment liabilities with a government.
If agreements of this kind are substantially interconnected (i.e. forming a set of operationally and geographically integrated contracts, licenses, leases or concessions) these are treated for the purposes of these Regulations as a single project. Indicators of integration include geographic proximity and common operational management.
Payments
The information is reported under the following payment types:
Taxes
These are any taxes paid by Bisichi on its income and profits in accordance with legislation enacted in the applicable jurisdiction. Payments are reported net of refunds. Value added tax, personal income taxes, social taxes, property taxes are excluded.
Royalties
Royalties is any mining royalty payable in the
Fees
These are any fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector are excluded.
Infrastructure improvements.
Payments in kind in the form of infrastructure expenditure other than in circumstances where the infrastructure is expected to be primarily dedicated to operational activities throughout its useful life.
Other types of payments
Other types of payments that are required to be disclosed in accordance with the
- Production entitlements
- Dividends
Including dividends paid to a government in lieu of production entitlements or royalties. Dividends paid to a government as an ordinary shareholder on the same terms as to other ordinary shareholders and not paid in lieu of production entitlements or royalties are excluded.
- Signature, discovery and production bonuses
Payments are reported on a cash basis. No in-kind payments were made during year ended
Materiality Level
In line with the
Exchange Rate
Relevant payments are made by Bisichi in South African Rand and for the purpose of this report are translated to
PAYMENTS PER GOVERNMENT Infrastructure Government Taxes Royalties Fees Total improvements Republic of £315,198 - - - £315,198 South Africa Total £315,198 - - - £315.198 PAYMENTS PER PROJECT Entity Project Country/ Taxes Royalties Fees Infrastructure Total Government improvements Sisonke Sisonke Coal Coal South £315,198 - - - £315,198 Processing Processing Africa (Pty) Ltd Total £315,198 - - - £315,198
A copy of the report referred to above has been sent to the National Storage Mechanism and will shortly be available for viewing at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information, please contact:
Company Secretary
Tel: 020 7415 5000