London & Associated Properties Plc Report on Payments to Governments

 
TIDMLAS 
 
FOR IMMEDIATE RELEASE 
 
13 June 2023 
 
London & Associated Properties PLC ("LAP" or the Company"): 
Report on Payments to Governments for the year 2022 
 
LAP's main market quoted subsidiary company (a subsidiary under IFRS 10), 
Bisichi PLC ("Bisichi"), in which the Company owns 41.52% of Bisichi's issued 
ordinary share capital, together with its subsidiaries has issued the following 
report on Payments to Governments for the year ended 31 December 2022. 
 
INTRODUCTION 
 
This Report provides an overview of the payments to governments made by Bisichi 
PLC and its subsidiaries for the year ended 31 December 2022 as required under 
the UK Reports on Payments to Governments Regulation 2014 and its amendment in 
December 2015 (the UK Regulations). This Report is also intended to satisfy the 
requirements of the Disclosure and Transparency Rules of the Financial Conduct 
Authority in the United Kingdom. 
 
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 Republic of South Africa. 
 
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. UK Regulations do not require 
reporting social or community payments, such as payments to build a hospital or 
a school. 
 
Other types of payments 
 
Other types of payments that are required to be disclosed in accordance with the 
UK Regulations but are not relevant to Bisichi operations are the following: 
 
- 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 31 December 2022. 
 
Materiality Level 
 
In line with the UK Regulations, where a payment or a series of related payments 
have not exceeded £86,000 they have not been disclosed. 
 
Exchange Rate 
 
Relevant payments are made by Bisichi in South African Rand and for the purpose 
of this report are translated to UK Sterling using the annual average exchange 
rate for the period. 
 
 
PAYMENTS PER GOVERNMENT 
Government                                 Taxes                      Royalties 
Fees          Infrastructure  Total 
 
 
improvements 
 
Republic of South Africa                   £8,592,565                 £606,304 
-             -               £9,198,869 
Total                                      £8,592,565                 £606,304 
-             -               £9.198,869 
 
PAYMENTS PER PROJECT 
 
Entity                             Project                  Country/ Government 
Taxes       Royalties  Fees  Infrastructure improvements  Total 
 
Black Wattle Colliery (Pty) Ltd    Black Wattle             South Africa 
£962,839    £606,304   -     -                            £1,569,143 
Sisonke Coal Processing (Pty) Ltd  Sisonke Coal Processing  South Africa 
£7,629,726  -          -     -                            £7,629,726 
Total 
£8,592,565  £606,304   -     -                            £9,198,869 
 
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: 
 
Jonathan Mintz 
 
Company Secretary 
 
London & Associated Properties PLC 
 
Tel: [phone] 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

June 13, 2023 03:00 ET (07:00 GMT)