London & Associated Properties Plc Report on Payments to Governments

 
TIDMLAS 
 
FOR IMMEDIATE RELEASE 
 
1 June 2022 
 
          London & Associated Properties PLC ("LAP" or the Company"): 
              Report on Payments to Governments for the year 2021 
 
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 2021. 
 
INTRODUCTION 
 
This Report provides an overview of the payments to governments made by Bisichi 
PLC and its subsidiaries for the year ended 31 December 2021 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 2021. 
 
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            £229,245           -          -                -                     £229,245 
Africa 
 
Total                        £229,245           -          -                -                     £229,245 
 
PAYMENTS PER 
PROJECT 
 
Entity        Project        Country/        Taxes Royalties    Fees  Infrastructure                 Total 
                             Government                                 improvements 
 
Black Wattle  Black Wattle   South Africa £117,950         -       -               -              £117,950 
Colliery 
(Pty) Ltd 
 
Sisonke Coal  Sisonke Coal   South Africa £111,295         -       -               -              £111,295 
Processing    Processing 
(Pty) Ltd 
 
Total                                     £229,245         -       -               -              £229,245 
 
 
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: 020 7415 5000 
 
 
 
END
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