Burford Capital Limited (BUR) 20-F24 Mar 212020 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020shares
Cover [Abstract]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Registrant Name	Burford Capital Ltd
Document Period End Date	Dec. 31, 2020
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	219,049,877
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001714174
Amendment Flag	false
Entity Voluntary Filers	No

Consolidated statement of compr

Consolidated statement of comprehensive income - USD ($)	12 Months Ended
Consolidated statement of comprehensive income - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income
Revenue from contracts with customers	$ 356,973,000	$ 366,043,000	$ 424,977,000
Cash management income and bank interest	386,000	6,703,000	1,801,000
Foreign exchange gains/(losses)	12,100,000	1,992,000	(1,453,000)
Third-party share of gains relating to interests in consolidated entities	(12,851,000)	(15,318,000)	(3,348,000)
Operating expenses - general	(86,589,000)	(78,402,000)	(66,119,000)
Operating expenses - case-related expenditures ineligible for inclusion in asset cost	(4,841,000)	(11,246,000)	(5,712,000)
Operating expenses - equity and listing related	(7,907,000)	(1,754,000)
Amortization of intangible asset	(8,703,000)	(9,495,000)	(9,494,000)
Operating profit	248,933,000	265,146,000	343,652,000
Finance costs	(40,298,000)	(39,622,000)	(38,538,000)
Profit for the year before taxation	208,635,000	225,524,000	305,114,000
Taxation (expense)/credit	(36,937,000)	(13,417,000)	12,463,000
Profit for the year after taxation	171,698,000	212,107,000	317,577,000
Other comprehensive income that may be reclassified to profit or loss in subsequent periods
Exchange differences on translation of foreign operations on consolidation	(10,206,000)	(17,525,000)	24,701,000
Total comprehensive income for the year	$ 161,492,000	$ 194,582,000	$ 342,278,000
Basic profit per ordinary share	$ 78.40	$ 97	$ 150.70
Diluted profit per ordinary share	78	96.60	150.30
Basic comprehensive income per ordinary share	73.80	89	162.40
Diluted comprehensive income per ordinary share	$ 73.40	$ 88.60	$ 162
Capital provision income
Income
Revenue from contracts with customers	$ 339,647,000	$ 351,828,000	$ 404,230,000
Asset management income
Income
Revenue from contracts with customers	15,106,000	15,160,000	11,691,000
Insurance income
Income
Revenue from contracts with customers	1,781,000	3,545,000	10,406,000
Services income
Income
Revenue from contracts with customers	$ 804,000	$ 2,133,000	$ 1,650,000

Consolidated statement of finan

Consolidated statement of financial position - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 322,189,000	$ 186,621,000
Cash management assets	16,594,000	37,966,000
Due from brokers		95,226,000
Other assets	31,954,000	13,263,000
Due from settlement of capital provision assets	32,552,000	54,358,000
Capital provision assets	2,176,124,000	2,045,329,000
Equity securities		31,396,000
Property, plant and equipment	14,593,000	20,184,000
Intangible asset		8,703,000
Goodwill	134,032,000	133,999,000
Deferred tax asset	256,000	24,939,000
Total assets	2,728,294,000	2,651,984,000
Liabilities
Financial liabilities at fair value through profit or loss		91,493,000
Due to brokers		51,401,000
Loan interest payable	9,556,000	9,462,000
Other liabilities	66,099,000	51,430,000
Loan capital	667,814,000	655,880,000
Capital provision asset subparticipations	14,107,000	13,944,000
Third-party interests in consolidated entities	248,581,000	235,720,000
Deferred tax liability	22,325,000	9,662,000
Total liabilities	1,028,482,000	1,118,992,000
Total net assets	1,699,812,000	1,532,992,000
Shareholders’ equity
Share capital	612,219,000	609,954,000
Reserves attributable to owners	1,087,593,000	923,038,000
Total shareholders’ equity	$ 1,699,812,000	$ 1,532,992,000

Consolidated statement of cash

Consolidated statement of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Profit for the year before tax	$ 208,635	$ 225,524	$ 305,114
Changes in working capital and non-cash items	(270,771)	(281,501)	(344,379)
Capital provision assets:
Proceeds	548,593	491,252	602,687
Net (funding)/proceeds from financial liabilities at fair value through profit or loss	(96,272)	(42,200)	73,569
Net proceeds from/(paid) to due from/to broker for financial liabilities at fair value through profit or loss	43,825	73,419	(75,566)
Funding of derivative financial asset			(7,616)
Proceeds from equity security	31,374		624
Proceeds from asset recovery fee for services	1,582	1,123	1,619
Net proceeds/(funding) of cash management assets	20,376	3,346	(5,655)
Net increase on investment subparticipations	163
Taxation paid	(10,979)	(694)	(2,273)
Net proceeds from third-party interests in consolidated entities	10	83,443	(10,028)
Net cash inflow from operating activities before funding of capital provision assets	476,536	553,712	538,096
Capital provision assets:
New funding of capital provision assets	(295,866)	(562,018)	(771,409)
Net cash inflow/(outflow) from operating activities	180,670	(8,306)	(233,313)
Cash flows from investing activities
Purchases of property, plant and equipment	(360)	(3,398)	(104)
Net cash (outflow) from investing activities	(360)	(3,398)	(104)
Cash flows from financing activities
Issue of share capital			249,983
Issue expenses – share capital			(4,778)
Issue of loan capital and loan notes			180,000
Issue expenses – loan capital			(2,637)
Redemption of loan capital	(4,964)
Principal repayments of lease liabilities	(2,360)	(1,433)
Interest paid on loan capital and lease liabilities	(37,890)	(37,568)	(33,108)
Dividends paid on ordinary shares		(28,424)	(24,579)
Net cash (outflow)/inflow from financing activities	(45,214)	(67,425)	364,881
Net increase/(decrease) in cash and cash equivalents	135,096	(79,129)	131,464
Reconciliation of net cash flow to movements in cash and cash equivalents
Cash and cash equivalents at beginning of year	186,621	265,551	135,415
Increase/(decrease) in cash and cash equivalents	135,096	(79,129)	131,464
Effect of exchange rate changes on cash and cash equivalents	472	199	(1,328)
Cash and cash equivalents at end of year	322,189	186,621	265,551
Supplemental disclosure
Cash received from interest and dividend income	$ 1,489	6,849	$ 6,377
Assets received in kind		$ 29,645

Consolidated statement of chang

Consolidated statement of changes in equity - USD ($) $ in Thousands	Share capitalAdjusted Balance	Share capital	Contingent share capitalAdjusted Balance	Contingent share capital	Shares held by employee benefit trust	Other capital reserveAdjusted Balance	Other capital reserve	Revenue reserveAdjustment	Revenue reserveAdjusted Balance	Revenue reserve	Foreign currency consolidationAdjusted Balance	Foreign currency consolidation	Capital redemption reserveAdjusted Balance	Capital redemption reserve	Ordinary sharesAdjustment	Ordinary sharesAdjusted Balance	Ordinary shares	Total
Beginning Balance at Dec. 31, 2017		$ 351,249		$ 13,500			$ 1,152			$ 423,220		$ 9,581		$ (138)			$ 798,564
Profit for the year										317,577							317,577	$ 317,577
Other comprehensive income												24,701					24,701
Issue of share capital (note 25)		245,205															245,205	245,000
Shares purchased by the trust																		249,983
Share-based payments (note 25)							1,686										1,686
Dividends paid (note 28)										(24,579)							(24,579)
Ending Balance at Dec. 31, 2018	$ 596,454	596,454	$ 13,500	13,500		$ 2,838	2,838	$ (839)	$ 715,379	716,218	$ 34,282	34,282	$ (138)	(138)	$ (839)	$ 1,362,315	1,363,154
Profit for the year										212,107							212,107	212,107
Other comprehensive income												(17,525)					(17,525)
Share-based payments (note 25)							4,519										4,519
Dividends paid (note 28)										(28,424)							(28,424)
Ending Balance at Dec. 31, 2019		596,454		13,500			7,357			899,062		16,757		(138)			1,532,992	1,532,992
Profit for the year										171,698							171,698	171,698
Other comprehensive income												(10,206)					(10,206)
Transfer of capital redemption reserve										(138)				$ 138
Shares purchased by the trust		2,359			$ (2,359)
Shares distributed by the trust					2,265					(2,219)							46
Transfer LTIP on vesting							(3,516)			3,516
Share-based payments (note 25)							5,282										5,282
Ending Balance at Dec. 31, 2020		$ 598,813		$ 13,500	$ (94)		$ 9,123			$ 1,071,919		$ 6,551					$ 1,699,812	$ 1,699,812

Legal form and principal activi

Legal form and principal activity	12 Months Ended
Legal form and principal activity	Dec. 31, 2020
Legal form and principal activity
Legal form and principal activity	1. Legal form and principal activity Burford Capital Limited (the “Company”) and its subsidiaries (the “Subsidiaries”) (together the “Group”) provide investment capital, asset management, financing and risk solutions with a focus on the legal sector. The Company was incorporated under the Companies (Guernsey) Law, 2008 (the “Companies Law”) on September 11, 2009. Shares in the Company were admitted to trading on AIM, a market operated by the London Stock Exchange, on October 21, 2009. Shares in the Company were admitted to trading on the NYSE on October 19, 2020.

Basis of preparation and princi

Basis of preparation and principal accounting policies	12 Months Ended
Basis of preparation and principal accounting policies	Dec. 31, 2020
Basis of preparation and principal accounting policies
Basis of preparation and principal accounting policies	2. Basis of preparation and principal accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. Basis of accounting The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets that are not apparent from other sources. Actual results may differ from these estimates. The consolidated financial statements are presented in United States Dollars and are rounded to the nearest $’000 unless otherwise indicated. Significant estimates The most significant estimates relate to the valuation of capital provision assets at fair value through profit or loss, which are determined by the Group. Fair values are determined on the specifics of each asset and will typically change upon an asset having a return entitlement or progressing in a manner that, in the Group’s judgment, would result in a third party being prepared to pay an amount different from the original sum invested for the Group’s rights in connection with the asset. Positive, material developments with respect to an asset will give rise to an increase in the fair value of an asset while adverse material developments will generally result in a reduction of the asset’s fair value. The quantum of change depends on the potential future stages of asset progression. The consequent effect when an adjustment is made is that the fair value of an asset with few remaining stages is adjusted closer to its predicted final outcome than one with many remaining stages. In litigation matters, before a judgment is entered following trial or other adjudication, the key stages of any matter and their impact on fair value is substantially case specific but may include the motion to dismiss and the summary judgment stages. Following adjudication, appeals proceedings provide further opportunities to re-assess the fair value of an asset. The estimation of fair value is inherently uncertain. Awards and settlements are hard to predict and often have a wide range of possible outcomes. Furthermore, there is much unpredictability in the actions of courts, litigants and defendants because of the large number of variables involved and consequent difficulty of predictive analysis. In addition, there is little activity in transacting assets and hence little relevant data for benchmarking the effect of asset progression on fair value, although the existence of the Group’s secondary market sales is a valuation input. Refer to note 21 for further details on the sensitivities of fair value. There is a significant estimate required to support the recoverability of the deferred tax asset as it includes an amount relating to carried-forward US tax losses that can be utilized against future taxable profits of the Group’s US business. The estimation of the future taxable profits is based on the business plans and approved budgets for those entities that require the use of assumptions for expected returns on capital provision assets, the level of future business activity and the structuring of capital provision assets for tax efficiency. The tax losses can be carried forward indefinitely and have no expiration date. Refer to note 4 for further details on tax estimates. There is a significant estimate required in testing goodwill for impairment. This includes the identification of independent cash-generating units (CGU) and the allocation of goodwill to these units based on which units are expected to benefit from the 2016 acquisition of Gerchen Keller Capital. Cash flow projections necessarily take into account changes in the market in which a business operates including the level of growth, competitive activity, and the impacts of regulatory change. Determining both the expected cash flows and the risk-adjusted interest rate appropriate to the CGUs requires the exercise of judgment. The estimation of cash flows is sensitive to the periods for which the projections are made and to assumptions regarding long-term sustainable cash flows. Refer to note 20 for further details on sensitivities of goodwill. Significant judgments In connection with investment funds and other related entities where the Group does not own 100% of the entity in question, the Group makes judgments about whether it is required to consolidate such entities by applying the factors set forth in the relevant accounting standards, including but not limited to the Group’s equity and economic ownership interest, the economic structures in use in the entity, the level of control the Group has as agent or principal over the entity through the entity’s structure or any relevant contractual agreements, and the rights of other investors. The Group has control over another entity when it has all of the following: ª Power over the relevant activities of the investee, for example through voting or other rights ª Exposure to, or rights to, variable returns from its involvement with the investee and ª The ability to affect those returns through its power over the investee The assessment of control is based on the consideration of all facts and circumstances. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. The most significant judgments relate to the assessment of the Group’s exposure to, or rights to, variable returns in the BOF-C and Strategic Value funds. The Group has assessed that its economic interest in the income generated in the BOF-C fund and its investment as a limited partner in the Strategic Value fund, coupled with its power over the relevant activities as the fund manager, require the consolidation of these entities in the consolidated financial statements. Non-controlling interests where the Group does not own 100% of a consolidated entity are classified as financial liabilities and recorded as third-party interest in consolidated entities on the consolidated statement of financial position when they contain an obligation to transfer a financial asset to another entity. Accordingly, third-party share of gains or losses relating to interest in consolidated entities is treated as a reduction or increase, respectively, of income on the consolidated statement of comprehensive income. Basis of consolidation The consolidated financial statements comprise the financial statements of Burford Capital Limited and its Subsidiaries. All the Subsidiaries are consolidated in full from the date of acquisition. The Subsidiaries’ accounting policies and financial year end are consistent with those of the Company. All intercompany transactions, balances and unrealized gains and losses on transactions between Group companies are eliminated in full. Basis of preparation The financial statements have been prepared on a going concern basis under the historical cost convention adjusted to take account of the revaluation of certain of the Group’s financial assets and liabilities to fair value. The full extent to which the continuing Covid-19 pandemic may impact the Group’s results, operations or liquidity is uncertain. Since March 2020, the global economy has suffered considerable disruption due to the effects of the Covid-19 pandemic. The principal impacts on the Group during 2020 were a reduction in the origination of new capital provision assets and some delays in litigation proceedings. Management has given serious consideration to the consequences of this both for the litigation finance market in general and for the cashflows and asset values of the Group. In assessing the going concern basis of accounting, Management has considered ongoing compliance with applicable loan capital covenants and the year-end cash balances and forecast cash flows, especially those relating to operating expenses, finance costs and commitments to capital provision assets. The Group is compliant with all covenants associated with its loan capital at December 31 2020, and at present the Group’s financial situation does not suggest that any of these covenants are close to being breached. Based on a stress test analysis related to the current economic situation, it is Management’s opinion that the circumstances that would give rise to a covenant breach are highly unlikely. The first repayment on the Group’s loan capital is not due until August 2022. Management has performed a Covid-19 impact analysis on the Group’s liquidity position. This analysis has modelled a number of adverse scenarios to assess the potential impact that Covid-19 may have on the Group’s liquidity and incorporated relevant reverse stress test scenarios and any mitigations available to assess the stresses the Group has to endure before there is a liquidity concern. The mitigations considered include the ability to defer deployments on commitments to capital provision assets, liquidate or sell an interest in one or more of the Group’s capital provision assets and reduce the level of new commitments to capital provision assets in the current year. Having considered the likelihood of the events that could cause a liquidity event and the remedies available to the Group, Management is of the view that the Group is well positioned to manage such an eventuality satisfactorily. Based on this information, Management believes that the Group has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. New accounting pronouncement not yet effective The following amendments and issued standard, which are not yet effective, have not been adopted in these financial statements. Effective date* IFRS 17 insurance contracts January 1, 2023 Reference to conceptual framework – amendments to IFRS 3 January 1, 2022 Amendments to IFRS 16 Covid-19 related rent concessions June 1, 2020 Onerous contracts – costs of fulfilling a contract – amenments to IAS 37 January 1, 2020 * Annual periods beginning on or after this date In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and reinsurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. In June 2019, the IASB published an exposure draft of amendments to IFRS 17 in response to feedback received and, in June 2020, the IASB issued an amended standard. IFRS 17 incorporating the amendments is effective from annual periods beginning on or after January 1, 2023. The Group intends to adopt IFRS 17 on the effective date and is currently assessing the expected impact of adopting this standard which is not expected to be material to the Group. The Group intends to adopt the other amendments noted above on the effective dates and does not expect to be affected by the application of those amendments. Insurance activities The Group both (i) acts as an administrator in the sale of legal expenses insurance policies issued in the name of Great Lakes Reinsurance (UK) Plc, a subsidiary of MunichRe, under a binding authority agreement, and (ii) underwrites legal expenses insurance policies through its wholly owned subsidiary and Guernsey based insurer, Burford Worldwide Insurance Limited (BWIL). ( i ) Insurance administrator Income earned from acting as an insurance administrator represents commissions receivable, which are calculated based on the premium earned, net of reinsurance and Insurance Premium Tax, less an allowance for claims, sales commissions, fees and the other direct insurance related costs such as Financial Services Compensation Scheme Levy. The payment of premiums is often contingent on a case being won or settled and the Group recognizes the associated income only at this point, while a deduction is made for claims estimated to be paid on all policies in force. This income is separately identified as “Insurance administrator commission” included in note 11. ( ii ) Insurance underwriting Insurance policies written by BWIL are subject to contractual reinsurance arrangements that transfer a significant portion of the insurance risk to the reinsurers with BWIL retaining a portion of the insurance risk of each contract. Contracts are typically written with an upfront premium payable and may also include a conditional premium. The payment of conditional premiums is often contingent on a case being won or settled and the Group recognizes the associated conditional premium amount only at this point. Gross premiums written Premiums written relate to insurance business incepted during the year. Full account is taken of premiums receivable and reinsurance premiums payable during the year. Unearned premiums Unearned premiums represent the proportion of premiums written in the year that relate to unexpired terms of policies in force as at the statement of financial reporting date, calculated on a time apportionment basis. Claims reserving Provision is made for all outstanding loss reserves as notified by the insured. Provision is made for claims incurred but not reported based on previous claims experience. Neither provision is calculated on a discounted basis to take account of the period from incurring the loss to settlement thereof, as permitted by IFRS 4 Insurance Contracts. Claims reserves comprise provision for the estimated cost of settling all claims incurred up to but not paid at the year end. The level of the provision is set on the basis of the information available, including potential loss claims which have been intimated to the Group, experience of the development of similar claims and case law. While the directors consider that the provision for these claims is fairly stated on the basis of the information currently available to them, the ultimate liability may vary as a result of subsequent information and events and may result in adjustments to the amount provided. Adjustments to the amounts provided are reflected in the financial statements in the accounting period in which the adjustments are made. Claims paid Claims are recorded in the year in which they are incurred. Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value, the Group uses its incremental borrowing rate at the lease commencement date as the interest rate implicit in the lease is not readily determinable. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of comprehensive income over the period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The right-of-use asset and associated lease liability is derecognized on the termination of a lease contract. The Group has applied the relief options provided for leases of low-value assets and short-term leases (shorter than twelve months). Right-of-use assets are included within tangible fixed assets in the consolidated statement of financial position. Shares held in employee benefit trust Burford’s own shares in the employee benefit trust are held for the purposes of employee equity-based compensation schemes. These own shares are deducted from shareholder’s equity. No gain or loss is recognized on the purchase, sale, cancellation or issue of own shares and any consideration paid or received is recognized directly in equity. Asset management income Asset management income is derived from the governing agreements in place with various investment funds under management. The rate or amount at which fees are charged, the basis on which such fees are calculated and the timing of payment vary across funds and, as to a particular fund, may also vary across investment options available to underlying investors in or members of the investment fund. Management fees are generally based on an agreed percentage of investor fund commitments, amounts committed or deployed depending on the fund agreements. Management fees are recognized over time as the services are provided. Performance fees are earned when contractually agreed performance levels are exceeded within specified performance measurement periods. They are recognized when a reliable estimate of the fee can be made and it is highly probable that a significant revenue reversal will not occur, which is generally at the end of the performance period. Segment reporting Management considers that there are three operating business segments: (i) Capital provision: provision of capital to the legal industry or in connection with legal matters, both directly and through investment in the Group’s managed funds, (ii) Asset management, (iii) Services and other corporate: the provision of services to the legal industry, including litigation insurance and asset recovery (judgment enforcement) and other corporate activities. Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in the consolidated statement of comprehensive income. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes in the fair value of contingent consideration classified as an asset or liability are reflected in the consolidated statement of comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the purchase consideration over the fair value of the Group’s share of the assets acquired and the liabilities assumed on the date of the acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGU’s that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Intangible asset The intangible is recognized at fair value when acquired as part of a business combination. It represents the future cash flows of asset management income recognized in accordance with the Group’s policy for the recognition of asset management income. This intangible is amortized to the income statement on a straight line basis over the period revenue is expected to be earned. Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognized in the consolidated statement of comprehensive income. Financial instruments The Group classifies its financial instruments into the categories below in accordance with IFRS 9. 1) Capital provision assets Capital provision assets relate to the provision of capital to the legal industry or in connection with legal matters. The Group takes positions in assets where legal and regulatory risk can affect asset value, either through direct litigation or through other dynamics relating to that risk. Capital provision assets are comprised of financial assets held at fair value through profit or loss, as the contractual terms of the financial assets do not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Capital provision assets are initially measured at fair value, which is the sum of capital provided. Attributable due diligence and closing costs are expensed. Recognition, derecognition and measurement Purchases and sales of assets at fair value through profit or loss are generally recognized on the trade date, being the date on which the Group disburses funds in connection with the asset (or becomes contractually committed to pay a fixed amount on a certain date, if earlier). In some cases, multiple disbursements occur over time. Capital provision assets are initially measured at fair value which is the sum of capital provided. An asset that is renegotiated is derecognized if the existing agreement is canceled and a new agreement is made on substantially different terms, or if the terms of an existing agreement are modified, such that the renegotiated asset is substantially a different financial instrument. Movements in fair value on capital provision assets, excluding the movements in foreign currencies which are included in foreign exchange gains/(losses), are included within capital provision income in the consolidated statement of comprehensive income. Capital provision income can also consist of interest that is accrued or received on capital provision assets. 2) Financial assets and liabilities at amortized cost Financial assets and liabilities held at amortized cost include loan capital, other assets, other liabilities, due to/from broker and amounts due from settlement of capital provision assets. The financial assets meet the contractual cash flow test, as these cash flows comprise solely payments of principal and interest and are held in a business model to receive those contractual cash flows. Financial assets and liabilities are initially measured at fair value and subsequently measured at amortized cost using the effective interest method, less any impairment for non-recoverable amounts calculated using an expected credit loss model for financial assets. 3) Cash management assets Assets acquired for the purpose of cash management to generate returns on cash balances awaiting subsequent deployment are managed and evaluated on a fair value basis at the time of acquisition. Their initial fair value is the cost incurred at their acquisition. Transaction costs incurred are expensed in the consolidated statement of comprehensive income. Cash management assets at fair value through profit or loss are recorded on the trade date, and those held at the year end date are valued at bid price. Listed interest-bearing debt securities are valued at their quoted bid price. Interest earned on these assets is recognized on an accrual basis. Listed corporate bond funds are valued at their quoted bid price. Unlisted managed funds are valued at the Net Asset Value per share published by the administrator of those funds as it is the price at which they could have been realized at the reporting date. Movements in fair value and realized gains and losses on disposal or maturity of cash management assets, including interest income, are reflected in cash management income and bank interest in the consolidated statement of comprehensive income. 4) Derivative financial assets and liabilities Options are held for the purpose of hedging gains and losses attributable to long equity positions held within capital provision. Derivative assets and liabilities are classified as fair value through profit or loss, and movements in fair value are included within capital provision income in the consolidated statement of comprehensive income. 5) Financial liabilities at fair value through profit or loss Equity securities are held for the purpose of hedging offsetting gains and losses attributable to long equity positions held within capital provision assets and are classified as held for trading, as they are generally held in the near-term to hedge that exposure. Movements in fair value on financial liabilities at fair value through profit or loss and transaction costs incurred are included within capital provision income in the consolidated statement of comprehensive income. 6) Asset subparticipations Asset subparticipations are classified as financial liabilities at fair value through profit or loss and are initially recorded at the fair value of proceeds received. They are subsequently measured at fair value with changes in fair value being recorded in capital provision income in the consolidated statement of comprehensive income. 7) Third-party interests in consolidated entities Third-party interests in consolidated entities are classified as financial liabilities at fair value through profit or loss, as the underlying arrangements contain an obligation to transfer cash or other financial asset to the holder in certain circumstances. Amounts included in the consolidated statement of financial position represent the net asset value of the third-parties’ interest in each entity and the amounts included in the consolidated statement of comprehensive income represent the third-parties’ share of any gains or losses for the year. Fair value hierarchy of financial instruments The financial assets and liabilities measured at fair value are disclosed using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurements, as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Those involving inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); Level 3 — Those inputs for the asset or liability that are not based on observable market data (unobservable inputs). Valuation methodology for Level 1 investments Level 1 assets and liabilities are comprised of listed instruments, including equities, fixed income securities, investment funds and financial liabilities at fair value through profit or loss. All Level 1 assets and liabilities are valued at the quoted market price as of the reporting date. Valuation methodology for Level 2 investments Level 2 assets are comprised of debt and equity securities that are not actively traded and are valued at the last quoted or traded price as of the reporting date, provided there is evidence that the price is not assessed as significantly stale so as to warrant a Level 3 classification. Valuation processes for Level 3 investments The Group’s senior professionals are responsible for developing the policies and procedures for fair value measurement of assets and liabilities. At each reporting date, the movements in the values of assets and liabilities are required to be reassessed as per the Group’s accounting policies. Following origination, each asset’s valuation is reviewed semi-annually. For this analysis, the reasonableness of material estimates and assumptions underlying the valuation are discussed and the major inputs applied are verified by agreeing the information in the valuation computation to contracts, asset status and progress information and other relevant documents. Valuation methodology for Level 3 investments Fair value represents the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants as of the measurement date. The methods and procedures to fair value assets and liabilities may include, but are not limited to: (i) obtaining information provided by third-parties when available; (ii) obtaining valuation-related information from the issuers or counterparties (or their advisors); (iii) performing comparisons of comparable or similar assets; (iv) calculating the present value of future cash flows; (v) assessing other analytical data and information relating to the asset that is an indication of value; (vi) reviewing the amounts funded in these assets; (vii) evaluating financial information provided by the asset counterparties and (viii) entering into a market transaction with an arm’s-length party. The material estimates and assumptions used in the analyses of fair value include the status and risk profile of the risks underlying the asset, the timing and expected amount of cash flows based on the asset structure and agreement, the appropriateness of discount rates used, if any, and in some cases, the timing of, and estimated minimum proceeds from, a favorable outcome. Significant judgment and estimation goes into the assumptions which underlie the analyses, and the actual values realized with respect to assets could be materially different from values obtained based on the use of those estimates. Valuation policy on capital provision assets The Group operates under a valuation policy that relies on objective events to drive valuation changes. For the vast majority of our capital provision assets, the objective events considered under the valuation policy relate to the litigation process. When the objective event in question is a court ruling, the Group discounts the potential impact of that ruling, commensurate with the remaining litigation risk. The policy assigns valuation changes in fixed ranges based on, among other things: ª a significant positive ruling or other objective event but where there is not yet a trial court judgment ª a favorable trial court judgment ª a favorable judgment on the first appeal ª the exhaustion of as-of-right appeals ª in arbitration cases, where there are limited opportunities for appeal, issuance of a tribunal award and ª an objective negative event at various stages in a litigation In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset. When that occurs, the market evidence is factored into the valuation process; the more robust the market testing of value is, the more weight that is accorded to the market price. Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the Company, as determined in accordance with IFRS, is the United States Dollar (US Dollar), because this is the currency that best reflects the economic substance of the underlying events and circumstances of the Company. The consolidated financial statements are presented in US Dollars, the presentation currency. Certain subsidiaries operate and prepare financial statements denominated in Sterling. For the purposes of preparing consolidated financial statements, those subsidiaries’ assets and liabilities are translated at exchange rates prevailing at each balance sheet date. Income and expense items are translated at average exchange rates for the year. Non-monetary items are measured using the exchange rate of the date of the initial transaction. Exchange differences arising are recognized in other comprehensive income and accumulated in equity (foreig

Reconciliation of net cash from

Reconciliation of net cash from operating activities	12 Months Ended
Reconciliation of net cash from operating activities	Dec. 31, 2020
Reconciliation of net cash from operating activities
Reconciliation of net cash from operating activities	3. Reconciliation of net cash from operating activities Changes in operating assets and liabilities $’000 $’000 $’000 Income on capital provision assets (344,249) (370,898) (411,612) Interest and other income from capital provision assets (199) (1,870) (1,692) Increase in capital provision asset subparticipation - - 92 Loss/(gain) on equity securities 22 (1,169) 4,852 Asset recovery fee for services income (804) (2,133) (1,650) Loss on derivative financial asset - 4,154 3,462 Realized gain on derivative financial liabilities - (7,000) (2,250) Loss/(income) on cash management assets 1,106 137 4,139 Loss on financial liabilities at fair value through profit or loss 4,779 20,872 3,010 Third-party share of profits relating to interests in consolidated entities 12,851 15,318 3,348 Decrease/(increase) in other assets (12,264) 3,777 (26,080) Increase/(decrease) in other liabilities 23,890 (3,488) 24,755 Increase in payable for capital provision assets 220 36 - Finance costs 40,298 39,622 38,538 Amortization and depreciation of intangible assets and property, plant and equipment 9,776 12,017 10,111 Impairment - 4,083 - Right-of-use assets and associated lease liability 713 970 - Other non-cash including exchange rate movement (6,910) 4,071 6,598 Total changes in operating assets and liabilities (270,771) (281,501) (344,379) The following tables provide a supplemental breakout of the cash inflows and outflows for capital provision assets related line items between direct and indirect. Capital provision- direct assets Capital provision-indirect assets Total December 31, 2020 $’000 $’000 $’000 Proceeds 345,564 203,029 548,593 Increase in payable for capital provision assets 220 - 220 New funding (295,866) - (295,866) Capital provision- direct assets Capital provision-indirect assets Total December 31, 2019 $’000 $’000 $’000 Proceeds 207,167 284,085 491,252 Increase in payable for capital provision assets 36 - 36 New funding (337,862) (562,018) Capital provision- direct assets Capital provision-indirect assets Total December 31, 2018 $’000 $’000 $’000 Proceeds 286,872 315,815 602,687 New funding (419,615) (771,409) Capital provision-direct assets referenced above in this note are those in which Burford has provided financing directly to a client or to fund a principal position in a legal finance asset. Capital provision-indirect assets represent those through which the Company’s capital is provided through a fund as a limited partner contribution instead of directly. At December 31, 2020 and 2019, capital provision-indirect assets consisted entirely of assets held through the Burford Strategic Value fund. Burford does not invest capital in the BOF-C fund and accordingly it is included in capital provision-direct and not capital provision-indirect assets.

Taxation

Taxation	12 Months Ended
Taxation	Dec. 31, 2020
Taxation
Taxation	4. Taxation The Company qualifies for exemption from income tax in Guernsey under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 (the Ordinance). Exemption has to be applied for annually and has been applied for, and granted, in relation to the 2020 financial year. In certain cases, a subsidiary of the Company may elect to make use of financing structures that are subject to income tax in a country related to the capital provision asset. The Company’s subsidiaries in Ireland, Singapore, the UK and the US are subject to taxation in such jurisdictions as determined in accordance with relevant tax legislation. $’000 $’000 $’000 Profit for the year before taxation 208,635 225,524 305,114 Corporation tax at country rate 41,880 (3,227) (15,926) Factors affecting charge: Adjustment in respect of prior year 258 3,027 2,250 Deferred tax not recognized in prior period (10,966) - - Tax losses not recognized 2,576 12,979 340 Costs not allowable for tax 2,457 74 82 Other 732 564 791 Total taxation expense/(credit) 36,937 13,417 (12,463) Corporation tax at country rates is influenced by taxable profits and losses arising in jurisdictions at different rates. Cash taxes paid during the year ended December 31, 2020 amounted to $10,979,000 (2019: $694,000, 2018: $2,273,000). The taxation charge for the year comprises: $’000 $’000 $’000 US subsidiaries taxation charge 2,390 340 1,790 Singapore subsidiaries taxation charge 21 - - Irish subsidiaries taxation charge/(credit) (18) 3,272 (191) UK subsidiaries taxation charge 42 290 79 Non-resident taxation charge - 110 179 US deferred taxation charge/(credit) 34,498 9,476 (14,241) AUS deferred taxation (credit) (6) - - UK deferred taxation charge/(credit) 61 (71) (79) Singapore deferred taxation (credit) (51) - - Total taxation charge/(credit) 36,937 13,417 (12,463) In December 2017, the US government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the US tax code including, but not limited to, the creation of a limitation on deductible interest expense under Internal Revenue Code Section 163(j). During the period ended December 31, 2020 (which reflects the 2020 amendments to section 163(j) made by the Coronavirus Aid, Relief and Economic Security Act), the Group generated sufficient taxable profits to make use of a previously unrecognized deferred tax asset of $10,928,000 (December 31, 2019: $nil) relating to this interest expense limitation and has recognized a deferred tax asset of $1,005,000 as at December 31, 2020 (2019: $nil) relating to the interest expense restriction which the Group believes it will be able to utilize in the future. The Group also incurred a charge for the realization of deferred tax assets relating to its US operations. The Group also has unrecognized deferred tax assets of $6,465,000 (2019: $3,488,000) with no expiration date for accumulated losses in jurisdictions where there is uncertainty over the ultimate recovery of such losses. Deferred tax asset $’000 $’000 Balance at January 1 24,939 28,848 Movement on UK deferred tax – temporary differences (50) 195 Movement on US deferred tax – temporary differences (24,676) (4,112) Movement on AUS deferred tax – temporary differences 27 - Movement on Singapore deferred tax – temporary differences 9 - Foreign exchange adjustment 7 8 Balance at December 31 256 24,939 Deferred tax liability $’000 $’000 Balance at January 1 9,662 4,099 Movement on UK deferred tax – temporary difference 12 193 Movement on US deferred tax – temporary differences 12,643 5,363 Foreign exchange adjustment 8 7 Balance at December 31 22,325 9,662 $’000 $’000 Net deferred tax (liability)/asset (22,069) 15,277 Analysis of net deferred tax (liability)/asset by type $’000 $’000 Staff compensation and benefits 6,965 5,047 GKC acquisition costs (4,925) (3,323) Investment fair value adjustments (26,336) (4,236) Capital allowances (541) (332) Interest and other deduction limitations 2,768 1,257 Net operating loss carry-forward - 16,864 (22,069) 15,277

Segmental information

Segmental information	12 Months Ended
Segmental information	Dec. 31, 2020
Segmental information
Segmental information	5. Segmental information Management considers that there are three operating business segments: (i) Capital provision: provision of capital to the legal industry or in connection with legal matters, both directly and through investment in the Group’s managed funds, (ii) Asset management, (iii) Services and other corporate: the provision of services to the legal industry, including litigation insurance and asset recovery (judgment enforcement) and other corporate activities Consolidated segment revenue and results Services Capital Asset and other provision management corporate Total December 31, 2020 $’000 $’000 $’000 $’000 Income* 326,796 15,106 15,071 356,973 Operating expenses (53,971) (24,521) (20,845) (99,337) Amortization of intangible asset arising on acquisition - - (8,703) (8,703) Finance costs - - (40,298) (40,298) Profit/(loss) for the year before taxation 272,825 (9,415) (54,775) 208,635 Taxation (35,080) (2,647) 790 (36,937) Other comprehensive income - - (10,206) (10,206) Total comprehensive income 237,745 (12,062) (64,191) 161,492 Includes the following revenue from contracts with customers for services transferred over time - 15,106 2,585 17,691 Services Capital Asset and other provision management corporate Total December 31, 2019 $’000 $’000 $’000 $’000 Income 336,510 15,160 14,373 366,043 Operating expenses (57,919) (19,797) (13,686) (91,402) Amortization of intangible asset arising on acquisition - - (9,495) (9,495) Finance costs - - (39,622) (39,622) Profit/(loss) for the year before taxation 278,591 (4,637) (48,430) 225,524 Taxation (10,826) 89 (2,680) (13,417) Other comprehensive income - - (17,525) (17,525) Total comprehensive income 267,765 (4,548) (68,635) 194,582 Includes the following revenue from contracts with customers for services transferred over time - 15,160 5,678 20,838 Services Capital Asset and other provision management corporate Total December 31, 2018 $’000 $’000 $’000 $’000 Income 400,882 11,691 12,404 424,977 Operating expenses (44,046) (12,175) (15,610) (71,831) Amortization of intangible asset arising on acquisition - - (9,494) (9,494) Finance costs - - (38,538) (38,538) Profit/(loss) before taxation 356,836 (484) (51,238) 305,114 Taxation 15,193 (164) (2,566) 12,463 Other comprehensive income - - 24,701 24,701 Total comprehensive income 372,029 (648) (29,103) 342,278 Includes the following revenue from contracts with customers for services transferred over time - 11,691 12,056 23,747 Consolidated segment assets and liabilities Services Capital Asset and other provision management corporate Total December 31, 2020 $’000 $’000 $’000 $’000 Assets Cash and cash equivalents 173,176 60 148,953 322,189 Cash management assets - - 16,594 16,594 Other assets 23,194 5,664 3,096 31,954 Due from settlement of capital provision assets 32,552 - - 32,552 Capital provision assets 2,176,124 - - 2,176,124 Property, plant and equipment 13,041 - 1,552 14,593 Goodwill - - 134,032 134,032 Deferred tax asset - - 256 256 Total assets 2,418,087 5,724 304,483 2,728,294 Liabilities Due to brokers - - - - Loan interest payable - - (9,556) (9,556) Other liabilities (731) (661) (64,707) (66,099) Loan capital - - (667,814) (667,814) Capital provision asset subparticipations (14,107) - - (14,107) Third-party interests in consolidated entities (248,581) - - (248,581) Deferred tax liabilities (17,695) - (4,630) (22,325) Total liabilities (281,114) (661) (746,707) (1,028,482) Total net assets 2,136,973 5,063 (442,224) 1,699,812 The goodwill asset is reported within the services and other corporate segment and not allocated to the capital provision or asset management segments to be consistent with the presentation format used by management for monitoring segments Services Capital Asset and other provision management corporate Total December 31, 2019 $’000 $’000 $’000 $’000 Assets Cash and cash equivalents 122,909 248 63,464 186,621 Cash management assets - - 37,966 37,966 Due from brokers 95,226 - - 95,226 Other assets 6,462 2,012 4,789 13,263 Due from settlement of capital provision assets 54,358 - - 54,358 Capital provision assets 2,045,329 - - 2,045,329 Equity securities 31,396 - - 31,396 Property, plant and equipment 15,380 - 4,804 20,184 Intangible asset - - 8,703 8,703 Goodwill - - 133,999 133,999 Deferred tax asset 23,718 - 1,221 24,939 Total assets 2,394,778 2,260 254,946 2,651,984 Liabilities Financial liabilities at fair value (91,493) - - (91,493) Due to brokers (51,401) - - (51,401) Loan interest payable - - (9,462) (9,462) Other liabilities (220) (467) (50,743) (51,430) Loan capital - - (655,880) (655,880) Capital provision asset subparticipations (13,944) - - (13,944) Third-party interests in consolidated entities (235,720) - - (235,720) Deferred tax liabilities (5,400) - (4,262) (9,662) Total liabilities (398,178) (467) (720,347) (1,118,992) Total net assets 1,996,600 1,793 (465,401) 1,532,992 \ *The goodwill asset is reported within the services and other corporate segment and not allocated to the capital provision or asset management segments to be consistent with the presentation format used by management for monitoring segments

Capital provision assets

Capital provision assets	12 Months Ended
Capital provision assets	Dec. 31, 2020
Capital provision assets
Capital provision assets	6. Capital provision assets Capital provision assets are financial assets held at fair value through profit or loss that relate to the provision of capital to the legal industry in connection with legal matters. Capital provision-direct assets referenced later in this note are those in which Burford has provided financing directly to a client or to fund a principal position in a legal finance asset. Capital provision-indirect assets represent those through which the Company’s capital is provided through a fund as a general partner contribution instead of directly. At December 31, 2020 and 2019, capital provision-indirect assets consisted entirely of assets held through the Strategic Value fund. Burford does not invest capital in the BOF-C fund and accordingly it is included in capital provision-direct and not capital provision-indirect assets. $’000 $’000 At January 1 2,045,329 1,641,035 Additions 295,866 562,018 Realizations (526,588) (539,359) Income for the period 344,249 370,898 Transfer to capital provision asset subparticipation - 10,700 Foreign exchange gains 17,268 37 At December 31 2,176,124 2,045,329 $’000 $’000 Capital provision assets are comprised of: Capital provision-direct assets 2,090,958 1,787,193 Capital provision-indirect assets 85,166 258,136 Total capital provision assets 2,176,124 2,045,329 The capital provision income on the face of the consolidated statement of comprehensive income comprises: $’000 $’000 $’000 Realized gains relative to cost 205,478 151,886 169,901 Previous unrealized (gains)/losses transferred to realized gains/(losses) (15,263) (85,789) (79,694) Fair value adjustment in the period 151,637 289,795 310,405 Interest income on certain indirect capital provision assets 2,397 15,006 11,000 Income on capital provision assets 344,249 370,898 411,612 Interest and other income 199 1,870 1,692 Impairment of receivables – (4,083) - Realized gain on derivative financial liabilities – 7,000 2,250 Realized loss on derivative financial assets – (4,154) (3,462) Loss on financial liabilities at fair value through profit or loss (4,779) (20,872) (3,010) Gain/(loss) on equity securities (22) 1,169 (4,852) Total capital provision income as reported on the consolidated statement of comprehensive income 339,647 351,828 404,230 All financial assets at fair value through profit or loss and all financial liabilities at fair value through profit or loss are mandatorily measured as such. Foreign exchange gains/(losses) on capital provision assets are reported in either foreign exchange gains/(losses) or exchange differences on translation of foreign operations on consolidation in the consolidated statement of comprehensive income. Exchange differences arising from non-US Dollar denominated capital provision assets held by US Dollar functional currency entities are recognized in foreign exchange gains/(losses) on the consolidated statement of comprehensive income. All other exchange differences arising from capital provision assets held by non-US Dollar functional currency entities are recognized in other comprehensive income on the consolidated statement of comprehensive income. Burford generally relies on legally protected information to arrive at its asset valuations and as a result is precluded from disclosing individual asset valuations publicly. However, Burford’s 2019 sale of part of its entitlement to proceeds in the Petersen matter was uniquely of such a size and breadth (including third-party sales organized by Burford’s financial adviser as part of the same transaction, resulting in the total sale of 15% of the entitlement to proceeds) that it was appropriate to use that sales price alone, without consideration of legally protected information, to set its 2019 valuation of its YPF-related assets, which remained the same in 2020. The carrying value of the Group’s YPF-related assets included in capital provision assets (both Petersen and Eton Park combined) was $773 million at December 31, 2020 (2019: $773 million), including $732 million of unrealized gain (2019: $734 million). Loss on financial liabilities at fair value through profit or loss reflects losses on assets and liabilities used to hedge certain capital provision-indirect assets. Gains that would correspond to the hedge losses are included in income on capital provision assets. During the year, certain participating employees received payments of de minimis amounts with respect to profits interests sold to those employees by the Carry Pools. The Group is deemed to control the Carry Pools, and they are included in the consolidated financial statements. The non-controlling interests held by employees in the Carry Pools meet the definition of a financial liability and are included within “Third party interests in consolidated entities” in the Group’s consolidated statement of financial position. During February 2021, the Group bought back the participants’ interests in the Carry Pools and terminated the existing Carry Pools plan arrangements. The aggregate amount paid for the participants interests was $5,408,000. The following table reflects the line-by-line impact of eliminating the interests of third-parties in the entities which Burford consolidates from the capital provision assets balance reported in the consolidated statement of financial position to arrive at Burford’s capital provision assets at December 31, 2020. Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect $’000 $’000 $’000 $’000 $’000 At January 1, 2020 2,045,329 (211,339) 1,833,990 1,649,389 184,601 Additions 295,866 (19,872) 275,994 225,447 50,547 Realizations (526,588) 286 (526,302) (336,644) (189,658) Income for the period 344,249 (25,522) 318,727 321,002 (2,275) Foreign exchange gains/(losses) 17,268 (465) 16,803 16,803 — At December 31, 2020 2,176,124 (256,912) 1,919,212 1,875,997 43,215 Unrealized fair value at December 31, 2020 948,274 (33,527) 914,747 914,920 (173) Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect $’000 $’000 $’000 $’000 $’000 At January 1, 2019 1,641,035 (119,444) 1,521,591 1,289,548 232,043 Additions 562,018 (173,196) 388,822 272,016 116,806 Realizations (539,359) 143,679 (395,680) (218,807) (176,873) Income for the period 370,898 (56,198) 314,700 302,075 12,625 Transfer to capital provision asset subparticipation 10,700 (6,241) 4,459 4,459 - Foreign exchange gains 37 61 98 98 - At December 31, 2019 2,045,329 (211,339) 1,833,990 1,649,389 184,601 Unrealized fair value at December 31, 2019 808,320 (32,220) 776,100 772,083 4,017 On a consolidated basis, the capital provision-indirect assets represent solely the equity securities and related claims in the Burford Strategic Value fund. The fund’s investment activity also includes entering into financial liabilities at fair value through profit or loss to offset the market based gains and losses in the equity securities (refer to note 7). On a consolidated basis, that activity is presented within financial liabilities at fair value through profit or loss in the liabilities section of the consolidated statement of financial position. On a Burford only basis, as presented in the table above, the amount included as capital provision-indirect assets represents the fair value of Burford’s entire interest held in the fund, including the respective share of any financial liabilities at fair value through profit or loss, and not just the Burford portion of the equity securities. Included within the realizations amounts for Burford only in 2019 is $20,735,000 relating to six assets that were warehoused by a subsidiary company under a forward purchase and sale agreement with BOF-C. Included within additions and realization amounts for Burford only during 2019 is $12,343,000 relating to an asset that was warehoused on behalf of and then transferred to a managed fund during the year. The following table reflects the line-by-line impact of eliminating the income of third-parties in the entities that Burford consolidates from the capital provision income reported in the consolidated statement of comprehensive income to arrive at Burford’s investments income at December 31, 2020, 2019 and 2018. Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect December 31, 2020 $’000 $’000 $’000 $’000 $’000 Realized gains/(losses) relative to cost 205,478 (23,879) 181,599 179,684 1,915 Previous unrealized (gains)/losses transferred to realized gains/(losses) (15,263) 23,425 8,162 13,644 (5,482) Fair value adjustment in the period 151,637 (22,671) 128,966 127,674 1,292 Interest income on certain indirect capital provision assets 2,397 (2,397) - - - Income on capital provision assets 344,249 (25,522) 318,727 321,002 (2,275) Interest and other income 199 (199) - - - Loss on financial liabilities at fair value through profit or loss (4,779) 4,779 - - - Loss on equity securities (22) - (22) (22) - Loss on capital provision asset subparticipations - (4,675) (4,675) (4,675) - Total capital provision income 339,647 (25,617) 314,030 316,305 (2,275) Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect December 31, 2019 $’000 $’000 $’000 $’000 $’000 Realized gains/(losses) relative to cost 151,886 (23,462) 128,424 120,522 7,902 Previous unrealized (gains)/losses transferred to realized gains/(losses) (85,789) 6,504 (79,285) (79,424) 139 Fair value adjustment in the period 289,795 (24,234) 265,561 260,977 4,584 Interest income on certain indirect capital provision assets 15,006 (15,006) - - - Income on capital provision assets 370,898 (56,198) 314,700 302,075 12,625 Interest and other income 1,870 (1,742) 128 128 - Impairment of receivable (4,083) - (4,083) (4,083) - Realized gain on derivative financial liabilities 7,000 - 7,000 7,000 - Realized loss on derivative financial assets (4,154) 4,154 - - - Loss on financial liabilities at fair value through profit or loss (20,872) 20,467 (405) (405) - Loss on equity securities 1,169 (1,722) (553) (553) - Loss on capital provision asset subparticipations - (7) (7) (7) - Total capital provision income 351,828 (35,048) 316,780 304,155 12,625 Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect December 31, 2018 $’000 $’000 $’000 $’000 $’000 Realized gains/(losses) relative to cost 169,901 (13,146) 156,755 142,044 14,711 Previous unrealized (gains)/losses transferred to realized gains/(losses) (79,694) 3,168 (76,526) (70,523) (6,003) Fair value adjustment in the period 310,405 4,443 314,848 313,121 1,727 Interest income on certain indirect capital provision assets 11,000 (11,000) - - - Income on capital provision assets 411,612 (16,535) 395,077 384,642 10,435 Interest and other income 1,692 (1,642) 50 50 - Realized gain on derivative financial liabilities 2,250 - 2,250 2,250 - Realized loss on derivative financial assets (3,462) 3,462 - - - Loss on financial liabilities at fair value through profit or loss (3,010) 3,010 - - - Loss on equity securities (4,852) - (4,852) (4,852) - Total capital provision income 404,230 (11,705) 392,525 382,090 10,435

Equity securities

Equity securities	12 Months Ended
Equity securities	Dec. 31, 2020
Equity securities
Equity securities	7. Equity securities As at December 31, 2020, equity securities were held at fair value of $nil (2019: $31,396,000) and there is a loss on equity securities of $21,000 (2019: Gain of $1,169,000) included in capital provision income on the face of the consolidated statement of comprehensive income (see note 6). At December 31, 2019, equity securities consisted of (a) $31,367,000 of equities received in settlement for a capital provision-indirect asset, which position was hedged and subsequently sold shortly after year end, resulting in no material impact to profit or loss and (b) $29,000 of a security previously received as consideration in a settlement of a capital provision-direct asset. $’000 $’000 As at January 1 31,396 582 Assets received in kind - 29,645 Realizations (31,374) - Realized losses relative to cost (9,736) - Previous unrealized (gains)/losses transferred to realized gains/(losses) 9,735 - Fair value adjustment in the period (21) 1,169 As at December 31 - 31,396 The following table presents the line-by-line impact of eliminating the interests of third-parties in the entities that Burford consolidates from the equity securities balance reported in the consolidated statement of financial position to arrive at Burford’s equity securities at December 31, 2020. Consolidated Total Elimination of Burford only $’000 $’000 $’000 As at January 1, 2020 31,396 (31,367) 29 Realizations (31,374) 31,367 (7) Realized gains/(losses) relative to cost (9,736) (1,721) (11,457) Previous unrealized (gains)/losses transferred to realized gains/(losses) 9,735 1,721 11,456 Fair value adjustment in the period (21) - (21) As at December 31, 2020 - - - Consolidated Total Elimination of Burford only $’000 $’000 $’000 As at January 1, 2019 582 - 582 Assets received in kind 29,645 (29,645) - Fair value adjustment in the period 1,169 (1,722) (553) As at December 31, 2019 31,396 (31,367) 29

Due from settlement of capital

Due from settlement of capital provision assets	12 Months Ended
Due from settlement of capital provision assets	Dec. 31, 2020
Due from settlement of capital provision assets.
Due from settlement of capital provision assets	8. Due from settlement of capital provision assets Amounts due from settlement of assets relate to the recovery of capital provision assets that have successfully concluded and where there is no longer any litigation risk remaining. The settlement terms and duration vary by capital provision asset. The majority of settlement balances are received shortly after the period end and all are generally expected to be received within 12 months. The carrying value of these assets approximate the fair value of the assets at the balance sheet date. Due from settlement of capital provision assets Due from settlement of capital provision assets $'000 $'000 At January 1, 2020 54,358 37,109 Transfer of realizations from capital provision assets 526,588 539,359 Interest and other income 199 1,870 Impairment - (3,083) Proceeds received (548,593) (491,252) Asset received in kind - (29,645) At December 31, 2020 32,552 54,358 Split Non-current assets 3,750 3,750 Current assets 28,802 50,608 Total due from settlement of capital provision assets 32,552 54,358 The following tables reflect the line-by-line impact of eliminating the interests of third-parties in the entities that Burford consolidates from the due from settlement of capital provision assets balance reported in the consolidated statement of financial position to arrive at Burford’s capital provision asset receivables at December 31, 2020. Burford only Consolidated Elimination of Burford only Capital Capital Due from settlement of capital provision assets $’000 $’000 $’000 $’000 $’000 At January 1, 2020 54,358 (35,369) 18,989 18,989 - Transfer of realizations from capital provision assets 526,588 (286) 526,302 336,644 189,658 Interest and other income 199 (199) - - - Proceeds received (548,593) 34,010 (514,583) (324,925) (189,658) At December 31, 2020 32,552 (1,844) 30,708 30,708 - Burford only Consolidated Elimination of Burford only Capital Capital Due from settlement of capital provision assets $’000 $’000 $’000 $’000 $’000 At January 1, 2019 37,109 - 37,109 37,109 - Transfer of realizations from capital provision assets 539,359 143,679 395,680 218,807 176,873 Interest and other income 1,870 1,742 128 128 - Impairment (3,083) - (3,083) (3,083) - Proceeds received (491,252) (80,407) (410,845) (233,972) (176,873) Asset received in kind (29,645) (29,645) - - - At December 31, 2019 54,358 35,369 18,989 18,989 -

Financial liabilities at fair v

Financial liabilities at fair value through profit or loss	12 Months Ended
Financial liabilities at fair value through profit or loss	Dec. 31, 2020
Financial liabilities at fair value through profit or loss.
Financial liabilities at fair value through profit or loss	9. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss are sales of equity securities transacted to offset the market based gains and losses on equity positions held within capital provision assets as the underlying investment strategy is focused on earning an underlying litigation related return and not an outright position in a pure equity return. Proceeds from entering into sales of equity securities are held by brokers and are presented within due from brokers in the consolidated statement of financial position in addition to any margin held by the broker relating to the activity in buying and selling equities. While the positions are held to offset gains and losses on equity positions included within capital provision-indirect assets, the activity is required to be presented separately within liabilities in the consolidated statement of financial position. Gains and losses are included in the capital provision income in the consolidated statement of comprehensive income. Amounts included in due to brokers relate to equity positions included in capital provision assets that have been purchased using available credit in the margin account with the respective broker.

Asset management income

Asset management income	12 Months Ended
Asset management income	Dec. 31, 2020
Asset management income
Asset management income	10. Asset management income Burford receives regular management fees on its managed funds, calculated as a percentage of capital committed by the fund investors or as a percentage of capital committed by the fund, depending upon the status of the fund. In addition, Burford receives performance fees from the funds. Burford’s managed funds (other than the Strategic Value fund and the BOF-C fund) use a so-called “European” structure for the payment of performance fees, in that the manager is not paid any performance fees until fund investors have had their entire capital investment repaid, as opposed to performance fees being paid on profitable resolutions as they occur (referred to as an “American” structure). The impact of this European structure is to delay the receipt of performance fees, and thus while many fund assets have already successfully and profitably concluded, few of the related performance fees have yet been paid. Performance fees are recognized when a reliable estimate of the fee can be made and it is highly probable that a significant revenue reversal will not occur. The asset management income on the face of the consolidated statement of comprehensive income comprises: $’000 $’000 $’000 Management fee income 8,706 15,160 10,936 Performance fee income 6,400 - 755 Total asset management income 15,106 15,160 11,691 The following tables show the impact of consolidating the Strategic Value and BOF-C funds by adding back the elimination entries for consolidation purposes to arrive at Burford’s asset management income at December 31, 2020, 2019 and 2018. In the context of the asset management income, this adjustment is recognizing the intra-group income that is eliminated on consolidation of fund entities. Consolidated Elimination of Burford only For the period ended December 31, 2020 $’000 $’000 $’000 Management fee income 8,706 2,748 11,454 Performance fee income 6,400 - 6,400 Income from BOF-C - 6,630 6,630 Total asset management income 15,106 9,378 24,484 Consolidated Elimination of Burford only For the period ended December 31, 2019 $’000 $’000 $’000 Management fee income 15,160 3,239 18,399 Performance fee income - 594 594 Income from BOF-C - 7,137 7,137 Total asset management income 15,160 10,970 26,130 Consolidated Elimination of Burford only For the period ended December 31, 2018 $’000 $’000 $’000 Management fee income 10,936 3,060 13,996 Performance fee income 755 1,048 1,803 Income from BOF-C - - - Total asset management income 11,691 4,108 15,799 Under the co-investing arrangement with the SWF, Burford receives reimbursement of expenses from BOF-C up to a certain level before either party receives a return of capital. After the repayment of capital, Burford then receives a portion of the return generated from the assets held by BOF-C. Amounts received and due from BOF-C from both of these sources is included in Income from BOF-C in the Burford only figures in the table above. On a consolidated basis, the amounts are included within capital provision income.

Liabilities arising from insura

Liabilities arising from insurance contracts	12 Months Ended
Liabilities arising from insurance contracts	Dec. 31, 2020
Liabilities arising from insurance contracts
Liabilities arising from insurance contracts	11. Liabilities arising from insurance contracts 2020 Gross Reinsurance Net $'000 $'000 $'000 Unearned premiums 10,903 (8,723) 2,180 Claims incurred but not reported reserve 1,693 (1,354) 339 Total 12,596 (10,077) 2,519 2019 Gross Reinsurance Net $'000 $'000 $'000 Unearned premiums 4,445 (3,556) 889 Claims incurred but not reported reserve 82 - 82 Total 4,527 (3,556) 971 Income Statement $'000 $'000 $'000 Gross premiums written 7,203 4,707 - Gross ceded reinsurance premiums (5,762) (3,766) - Movement in net unearned premium (1,195) (862) - Net premium earned 246 79 - Change in insurance claims reserves (241) (79) - Net income on insurance contracts 5 - - Insurance underwriting commission 172 56 - Insurance administrator commission 1,604 3,489 10,406 Total insurance income 1,781 3,545 10,406 There were no claims reported during the year or outstanding loss reserve relating to reported claims as at December 31, 2020 (2019: $nil).

Property, plant and equipment

Property, plant and equipment	12 Months Ended
Property, plant and equipment	Dec. 31, 2020
Property, plant and equipment
Property, plant and equipment	12. Property, plant and equipment Fixtures, Right of use Total Cost At January 1, 2019 3,202 5,552 8,754 Additions 3,398 13,115 16,513 Disposals (1,370) (295) (1,665) Exchange differences 21 47 68 Balance at December 31, 2019 5,251 18,419 23,670 Additions 360 - 360 Disposals - (2,376) (2,376) Exchange differences 63 118 181 Balance at December 31, 2020 5,674 16,161 21,835 Depreciation At January 1, 2019 (1,336) - (1,336) Change in period (912) (1,862) (2,774) Disposals 533 111 644 Exchange differences (10) (10) (20) Balance at December 31, 2019 (1,725) (1,761) (3,486) Change in period (1,073) (2,619) (3,692) Exchange differences (28) (36) (64) Balance at December 31, 2020 (2,826) (4,416) (7,242) Net book value At December 31, 2019 3,526 16,658 20,184 At December 31, 2020 2,848 11,745 14,593

Cash management assets

Cash management assets	12 Months Ended
Cash management assets	Dec. 31, 2020
Cash management assets.
Cash management assets	13. Cash management assets As at December 31, 2020, cash management assets were $16,594,000 (2019: $37,966,000). $’000 $’000 At January 1 37,966 41,449 Purchase 3,172 6,410 Proceeds on disposal (23,548) (9,756) Net realized gains/(losses) on disposal (1,898) 65 Fair value movement 795 (211) Change in accrued interest (3) 9 Foreign exchange gain (losses) 110 - Balance at December 31 16,594 37,966 The cash management income and bank interest on the face of the consolidated statement of comprehensive income comprise: $’000 $’000 $’000 Realized gains/(losses) (see above) (1,898) 65 527 Fair value movement (see above) 795 (211) (4,624) Interest and dividend income 1,096 1,987 1,990 Bank interest income 393 4,862 3,908 Total cash management income and bank interest 386 6,703 1,801

Operating expenses

Operating expenses	12 Months Ended
Operating expenses	Dec. 31, 2020
Operating expenses
Operating expenses	14. Operating expenses $’000 $’000 $’000 Staff costs 57,094 49,191 48,198 Share based payments 5,282 4,519 1,686 Pension costs 1,526 1,285 736 Non-executive directors' remuneration** 576 484 415 Non-staff operating expenses 21,279 21,933 14,459 Case-related expenditures ineligible for inclusion in asset cost 1,757 2,903 1,734 Expenses related to equity and listing matters 7,907 1,754 - Expenses incurred by consolidated entities* Case-related expenditures ineligible for inclusion in asset cost 3,084 8,343 3,977 Non-staff operating expenses 832 990 626 Total operating expenses 99,337 91,402 71,831 * Additional information on non-employee director compensation is provided above under the heading “Director compensation” ** Fees paid and payable to Ernst & Young LLP comprise: $’000 $’000 $’000 Audit fees 2,110 1,386 961 Audit-related fees 116 55 38 Tax fees 737 472 420 All other fees 1,035 14 166 Total fees 3,998 1,927 1,585

Other assets

Other assets	12 Months Ended
Other assets	Dec. 31, 2020
Other assets.
Other assets	15. Other assets $’000 $’000 Trade receivable – insurance 290 658 Trade receivable – services 776 1,547 Asset management receivables 713 825 Reinsurance assets 10,077 3,556 Prepayments 1,954 1,375 Financial asset held at amortized cost 500 500 Tax receivable 10,100 - Other receivables 7,544 4,802 Total other assets 31,954 13,263

Other liabilities

Other liabilities	12 Months Ended
Other liabilities	Dec. 31, 2020
Other liabilities.
Other liabilities	16. Other liabilities $’000 $’000 Audit fees payable 2,333 1,385 General expenses payable 37,394 24,782 Payable for capital provision assets 256 36 Lease liabilities 13,520 19,389 Insurance liabilities 12,596 4,527 Tax payable - 1,311 Total other liabilities 66,099 51,430 The following table sets out the movement in lease liabilities during the year. $’000 $’000 At January 1 - Change in accounting policy- impact from adoption of IFRS 16 - 6,785 Restated at January 1 19,389 6,785 Additions - 13,115 Disposals (4,282) - Lease liabilities interest expense 1,252 869 Payments of lease liabilities during the year (2,943) (1,433) Exchange differences 104 53 At December 31 13,520 19,389

Loan capital

Loan capital	12 Months Ended
Loan capital	Dec. 31, 2020
Loan capital
Loan capital	17. Loan capital The Group has issued the following retail bonds listed on the London Stock Exchange’s Order Book for Retail Bonds. Retail bonds outstanding Issuance date August 19, 2014 April 26, 2016 June 1, 2017 February 12, 2018 Issuing entity (100% owned subsidiary) Burford Capital Burford Capital Burford Capital Burford Capital PLC PLC PLC Finance LLC Currency GBP GBP GBP USD Face amount (in currency) £ 90,000,000 £ 100,000,000 £ 175,000,000 $ 180,000,000 Maturity date August 19, 2022 October 26, 2024 December 1, 2026 August 12, 2025 Interest rate per annum 6.50 % 6.125 % 5.00 % 6.125 % Repurchased amount (in currency) £ 3,843,000 £ — £ — $ — Face amount outstanding (in currency) after repurchases* £ 86,157,000 £ 100,000,000 £ 175,000,000 $ 180,000,000 USD equivalent face value outstanding at exchange rate at issuance $ 143,176,000 $ 144,020,000 $ 225,803,000 $ 180,000,000 USD equivalent face value outstanding at December 31, 2020** $ 117,596,000 $ 136,490,000 $ 238,858,000 $ 180,000,000 Fair value equivalent: At December 31, 2020 $ 117,587,000 $ 133,726,000 $ 220,764,000 $ 174,006,000 At December 31, 2019 $ 119,871,000 $ 128,302,000 $ 208,924,000 $ 172,350,000 * In December of 2020 Burford repurchased £3,843,000 face amount of retail bonds maturing on August 18, 2022, for $4,935,000. ** The fair value equivalents for the Group’s retail bonds are based on the last traded price for each bond observed on the London Stock Exchange’s Order Book for Retail Bonds. A summary of the changes arising from cash flows and non-cash changes of loan capital is shown below. Retail bonds $’000 $’000 At January 1, 665,342 647,992 Loan capital finance costs 39,046 38,753 Interest paid (37,890) (37,568) Foreign exchange losses 15,836 16,165 Bond repurchases (4,964) — At December 31 677,370 665,342 Split: Loan capital 667,814 655,880 Loan interest payable 9,556 9,462 Total loan capital 677,370 665,342 Finance costs $’000 $’000 $’000 Loan capital interest expense 37,814 37,528 37,334 Bond issue costs incurred as finance costs 1,232 1,225 1,204 Loan capital finance costs (above) 39,046 38,753 38,538 Lease liabilities interest expense 1,252 869 - Total finance costs 40,298 39,622 38,538

Changes in liabilities arising

Changes in liabilities arising from financing activities	12 Months Ended
Changes in liabilities arising from financing activities	Dec. 31, 2020
Changes in liabilities arising from financing activities
Changes in liabilities arising from financing activities	18. Changes in liabilities arising from financing activities A summary of the changes arising from cash flows and non-cash changes of loan capital is shown below. Retail bonds $’000 $’000 At January 1 665,342 647,992 Cash flows: Issuance/(repayments) (net of issue costs) (4,964) - Interest paid (37,890) (37,568) Non-cash charges: Interest expense 37,814 37,528 Amortization of bond issue costs 1,232 1,225 Foreign exchange losses 15,836 16,165 At December 31 677,370 665,342

Intangible asset

Intangible asset	12 Months Ended
Intangible asset	Dec. 31, 2020
Intangible asset
Intangible asset	19. Intangible asset $'000 $'000 At January 1 8,703 18,198 Amortization (8,703) (9,495) At December 31 - 8,703 $'000 $'000 Acquisition of subsidiary 39,666 39,666 Accumulated amortization (39,666) (30,963) Net book value December 31 - 8,703 Burford acquired Gerchen Keller Capital (GKC) on December 14, 2016. The intangible asset represents an assessment, for accounting purposes, of the value of GKC’s future asset management income at the date of acquisition. The intangible asset had an estimated useful life extending to 2020 and was being amortized over this period, in accordance with revenue generated from asset management income.

Goodwill

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2020
Goodwill
Goodwill	20. Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the purchase consideration over the fair value of the Group’s share of the assets acquired and the liabilities assumed on the date of the acquisition. The goodwill allocated to each of the Group’s operating business segments is set out in the table below. Carrying value of goodwill Services and Capital Asset other provision management corporate Total $'000 $'000 $'000 $'000 At January 1, 2020 107,991 25,020 988 133,999 Foreign exchange gains - - 33 33 At December 31, 2020 107,991 25,020 1,021 134,032 Services and Capital Asset other provision management corporate Total $'000 $'000 $'000 $'000 At January 1, 2019 107,991 25,020 955 133,966 Foreign exchange gains - - 33 33 At December 31, 2019 107,991 25,020 988 133,999 As goodwill does not generate cash flows independently of other assets or groups of assets, the recoverable amount, being the value in use, is determined at a cash generating unit (CGU) level. The Group’s CGUs are consistent with the operating business segments above. The Group’s value in use calculations require estimates in relation to uncertain items, including management’s expectations of future revenue growth, operating costs, profit margins, operating cash flows, and the discount rate for each CGU. The future cash flows are discounted using a discount rate that reflects the time value of money. The discount rate used in each CGU is adjusted for the risk specific to the asset. The Group is required to test goodwill acquired in a business combination annually for impairment. This was carried out for the period ended December 31, 2020. Key assumptions and sensitivities The value in use of each CGU is determined using cash flow projections over a five-year period, based on past experience of business performance. Discount rate The discount rates used in performing the value in use calculation in 2020 were 10.2% (2019: 9.0%) except for Asset Management where we have used 10.0% (2019: 8.3%) reflecting the lower risk and volatility of income in this CGU. The discount rates estimated on a pre-tax equivalent basis were 11.4% (2019: 10.0%) and 12.5% (2019: 10.4%) for Asset Management. Growth in commitments The annual growth rate assumption for the five-year projection period is 5% (2019: 5%). The perpetuity growth rates are determined based on the forecast market growth rates of the economies in which the CGU operates, and they reflect an assessment of the long-term growth prospects of that market. For all CGUs, this rate is 2% (2019: 2%). Return on capital provision assets The rates of return are determined based on historical experience. The rate used in performing the value in use calculation in 2020 was 25.6% per annum for all new capital provision assets (2019: 22.5%) which is in line with our historical returns excluding YPF. Asset Management fees are projected using current fund economics and investment data to forecast near term management and incentive fees. Sensitivities Based on the methodology and assumptions set out above, the recoverable amounts estimated using the value in use calculation exceed the carrying amounts including goodwill of the CGU’s by $447,380,000 and $96,481,000 for the capital provision and asset management CGU’s respectively (2019: $341,574,000 and $72,429,000). The sensitivity to the key assumptions are set out in the table below. December 31, 2020 December 31, 2019 Capital Asset Capital Asset provision management provision management $'000 $'000 $'000 $'000 Assumption Sensitivity Discount rate 1 % (279,556) (12,662) (259,781) (17,829) Terminal growth rate (1) % (214,849) (9,773) (200,020) (14,373) Return on capital provision assets (1) % (165,300) (7,986) (198,301) (9,611)

Fair value of assets and liabil

Fair value of assets and liabilities	12 Months Ended
Fair value of assets and liabilities	Dec. 31, 2020
Fair value of assets and liabilities
Fair value of assets and liabilities	21. Fair value of assets and liabilities Valuation methodology The fair value of financial assets and liabilities continue to be valued using the techniques set out in the accounting policies in note 2. Level 1 Level 2 Level 3 Total December 31, 2020 $’000 $’000 $’000 $’000 Assets Capital provision assets: Single case - - 642,756 642,756 Portfolio - - 1,445,990 1,445,990 Legal risk management - - 2,212 2,212 Indirect - equity securities - - 85,166 85,166 Cash management investments 11,457 5,137 - 16,594 Total assets 11,457 5,137 2,176,124 2,192,718 Liabilities Capital provision asset subparticipations - - 14,107 14,107 Loan capital, at fair value* 646,083 - - 646,083 Third-party interests in consolidated entities - - 248,581 248,581 Total liabilities 646,083 - 262,688 908,771 Net total (634,626) 5,137 1,913,436 1,283,947 * Loan capital is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts. The principal types of capital provision assets transacted by the Group are as follows: Single case: Capital provision assets funded by Burford that are subject to binary legal risk, such as financing the costs of a single litigation claim. Portfolio: Capital provision assets with multiple paths to recovery, such as financing a pool of litigation claims. Legal risk management: Capital provision assets where all or a portion of the financing provided by Burford is providing some form of legal risk arrangement, such as to cover an indemnity or insurance for adverse costs. Where capital is provided on a portfolio basis, Burford provides financing for a group of cases with the same counterparty on terms that tend to recognize the lower risk of loss generally associated with multi-case portfolios. Typically, the cases in the portfolio are cross collateralized, such that losses in one case can be recovered from successes in another. Cases in portfolios are underwritten and priced in a similar manner to single case capital provision assets and are expected to achieve a similar risk-adjusted return. Portfolios then allow us to originate larger volumes of assets with greater efficiency. Asset recovery capital provision assets are underwritten, structured and priced in a similar manner to our single case and portfolio capital provision assets and, as a consequence, are anticipated to have similar risk-adjusted returns. In 2020, all asset recovery assets have been reclassified as single case or portfolio. The key risk and sensitivity across all capital provision assets relates to the underlying litigation associated with each case that is underwritten and financed. The sensitivity to this Level 3 input is therefore considered to be similar across the different types of capital provision assets and is expressed as a portfolio-wide stress. Level 1 Level 2 Level 3 Total December 31, 2019 $’000 $’000 $’000 $’000 Assets Capital provision assets: Single case - - 458,340 458,340 Portfolio - - 1,241,106 1,241,106 Legal risk management - - 1,619 1,619 Asset recovery - - 86,128 86,128 Indirect - equity securities 65,780 - 192,356 258,136 Equity securities 31,396 - - 31,396 Cash management investments 37,966 - - 37,966 Total assets 135,142 - 1,979,549 2,114,691 Liabilities Financial liabilities at fair value through profit or loss 91,493 - - 91,493 Capital provision asset subparticipations - - 13,944 13,944 Loan capital, at fair value* 629,447 - - 629,447 Third-party interests in consolidated entities - - 235,720 235,720 Total liabilities 720,940 - 249,664 970,604 Net total (585,798) - 1,729,885 1,144,087 * Loan capital is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts. Movements in Level 3 fair value assets and liabilities The table below provides analysis of the movements in the level 3 financial assets and liabilities. Transfers Foreign At January 1, Transfers between Income for exchange At December into level 3 types Additions Realizations the period gains/(losses) 31, 2020 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Single case 458,340 - 20,300 152,917 (168,639) 176,476 3,362 642,756 Portfolio 1,241,106 - 65,828 142,949 (178,018) 160,399 13,726 1,445,990 Legal risk management 1,619 - - - - 413 180 2,212 Asset recovery 86,128 - (86,128) - - - - - Indirect - equity securities 192,356 49,950 - - (173,049) 15,909 - 85,166 Total level 3 assets 1,979,549 49,950 - 295,866 (519,706) 353,197 17,268 2,176,124 Capital provision asset subparticipations (13,944) - - (224) - 61 - (14,107) Third-party interests in consolidated entities (235,720) - - (19,872) 19,862 (12,851) - (248,581) Total level 3 liabilities (249,664) - - (20,096) 19,862 (12,790) - (262,688) Transfer to At Transfers Income Foreign capital At January 1, into for the exchange provision asset December 31, level 3 Additions Realizations period gains/(losses) subparticipation $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Single case 217,703 - 179,727 (37,078) 97,787 201 - 458,340 Portfolio 1,058,979 - 116,232 (152,377) 209,265 (1,693) 10,700 1,241,106 Legal risk management 3,086 - - (1,762) 190 105 - 1,619 Asset recovery 42,217 - 30,439 (1,438) 13,485 1,425 - 86,128 Indirect - equity securities 108,549 210,501 149,152 (327,274) 51,428 - - 192,356 Derivative financial assets 4,154 - - - (4,154) - - - Total level 3 assets 1,434,688 210,501 475,550 (519,929) 368,001 38 10,700 1,979,549 Capital provision asset subparticipations (3,244) - - - - - (10,700) (13,944) Derivative financial liabilities (7,000) - - - 7,000 - - - Third-party interests in consolidated entities (136,959) - (167,685) 84,242 (15,318) - - (235,720) Total level 3 liabilities (147,203) - (167,685) 84,242 (8,318) - (10,700) (249,664) There were no gains or losses recognized in other comprehensive income with respect to these assets and liabilities. All transfers into and out of Level 3 are recognized as if they have taken place at the beginning of each reporting period. Transfers into Level 3 during the year of $49,950,000 (2019: $210,501,000) relate to assets where the underlying asset no longer has a quoted price and becomes subject to the Group’s valuation methodology for Level 3 financial instruments as set out in the accounting policies in note 2. Sensitivity of Level 3 valuations For the vast majority of our legal finance assets, valuation relates to objective events in the litigation process. If there have been no objective events, we typically assess the fair value of our legal finance assets to be equivalent to the cost of the asset in line with our valuation policy and the absence of an objective event impacting valuation assessment. The valuation policy assigns valuation changes in fixed ranges based on these objective events. The policy discounts the impact of the objective events commensurate with the remaining litigation risk, including both the likelihood of a positive outcome and the time required to reach that outcome. Since our legal finance assets are typically relatively short in tenor (two to three years), no additional discounting explicitly for the time value of money is typically applied; rather, the potential impact of timing is encompassed in the applicable value range. In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset. When that occurs, the market evidence is factored into the valuation process; results on portfolios with multiple fair value factors are presented based on whether the portfolios are in an overall positive or negative fair value position. The more robust the market testing of value is, the more weight that is accorded to the market price. The table below provides a stratification of our capital provision direct and indirect Level 3 assets at December 31, 2020 and 2019, into different categories of fair valuation factors (reflecting the objective litigation events) that underlie the current valuation of those assets. At December 31, 2020 Positive fair value adjustments Negative fair value adjustments Weighted Weighted Total Aggregate average (2) Maximum Minimum Total Aggregate average (7) Maximum Minimum carrying FV FV FV FV carrying FV FV FV FV value Cost adjustment adjustment (1) adjustment (1) adjustment (1) value Cost adjustment adjustment (5) adjustment (5) adjustment (5) Asset fair valuation factors $'000 $'000 $'000 % % % $'000 $'000 $'000 % % % Market transactions (4) 772,980 41,003 731,977 NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Ruling or other objective pre-trial event 227,252 148,840 78,412 6,413 10,198 (37)% (60)% (32)% Trial court judgment or tribunal award 67,252 35,910 31,342 196 980 (80)% (80)% (80)% Appeal judgment 32,148 21,242 10,906 500 1,000 (50)% (50)% (50)% Settlements 88,827 64,091 24,736 12,000 29,875 (62)% (70)% (9)% Held at cost 580,190 580,190 — NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Portfolios with multiple FV factors (6) 294,340 202,238 92,102 (100)% 6,152 13,186 (60)% (60)% (60)% Priced at cost plus accrued interest 72,038 60,991 11,047 NA (3) NA (3) NA (3) 13,128 14,826 NA (3) NA (3) NA (3) Other 2,213 — 2,213 495 3,280 (85)% (85)% (85)% Totals: $2,137,240 $1,154,505 $982,735 $38,884 $73,345 ($34,461) Total capital provision level 3 assets: Carrying value $’000 Cost $’000 Unrealized gain $’000 Capital provision - direct 2,090,958 1,152,033 938,925 Capital provision - indirect 85,166 75,817 9,349 Total capital provision 2,176,124 1,227,850 948,274 (1) As percentage of expected recovery above cost (2) Weighted by fair value of asset (3) Not valued based on a percentage of expected recovery (4) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (5) As percentage of cost (6) Portfolios where the underlying cases have multiple FV factors: If a portfolio’s cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (7) Weighted by cost of asset At December 31, 2019 Positive fair value adjustments Negative fair value adjustments Weighted Weighted Total Aggregate average (2) Maximum Minimum Total Aggregate average (7) Maximum Minimum carrying FV FV FV FV carrying FV FV FV FV value Cost adjustment adjustment (1) adjustment (1) adjustment (1) value Cost adjustment adjustment (5) adjustment (5) adjustment (5) Asset fair valuation factors $'000 $'000 $'000 % % % $'000 $'000 $'000 % % % Market transactions(4) 773,133 39,190 733,943 NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Ruling or other objective pre-trial event 71,592 51,046 20,546 9,897 18,050 (45)% (100)% (32)% Trial court judgment or tribunal award 45,367 26,092 19,275 — 980 (60)% (60)% (60)% Appeal judgment 21,431 16,242 5,189 392 6,000 (40)% (50)% (38)% Settlements 66,156 51,078 15,078 3,625 27,053 (54)% (70)% (9)% Held at cost 586,768 586,768 — NA (3) NA (3) NA (3) 12,263 — 12,263 NA (3) NA (3) NA (3) Portfolios with multiple FV factors(6) 193,900 161,984 31,916 (100)% — — — NA (3) NA (3) NA (3) Priced at cost plus accrued interest 179,147 143,610 35,537 NA (3) NA (3) NA (3) 13,209 14,826 NA (3) NA (3) NA (3) Other 1,619 — 1,619 1,050 19,088 (94)% (100)% (64)% Totals: $1,939,113 $1,076,000 $863,103 $40,436 $85,997 ($45,561) — — Total capital provision level 3 assets: Carrying value $’000 Cost $’000 Unrealized gain $000 Capital provision - direct 1,787,193 1,003,571 783,622 Capital provision - indirect 192,356 158,436 33,920 Total capital provision 1,979,549 1,162,007 817,542 (8) As percentage of expected recovery above cost (9) Weighted by fair value of asset (10) Not valued based on a percentage of expected recovery (11) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (12) As percentage of cost (13) Portfolios where the underlying cases have multiple FV factors: If a portfolio's cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (14) Weighted by cost of asset Following origination, the Group engages in a semi-annual review of each capital provision asset’s fair value. At December 31, 2020, should the value of those instruments have been 10% higher or lower than provided for in the Group’s fair value estimation, while all other variables remained constant, the Group’s income and net assets would have increased and decreased respectively by $191,344,000 (2019: $172,989,000). The impact has been provided on a pre-tax basis on both income and net assets as the Group considers the fluctuation in the Group’s effective tax rate from period to period could indicate changes in sensitivity not driven by the valuation that are difficult to follow and detract from the comparability of this information. Reasonably possible alternative assumptions The determination of fair value for capital provision assets, derivative financial liabilities and asset subparticipations involve significant judgments and estimates. While the potential range of outcomes for the assets is wide, the Group’s fair value estimation is its best assessment of the current fair value of each asset. That estimate is inherently subjective, being based largely on an assessment of how individual events have changed the possible outcomes of the asset and their relative probabilities and hence the extent to which the fair value has altered. The aggregate of the fair values selected falls within a wide range of reasonably possible estimates. In the Group’s opinion there is no useful alternative valuation that would better quantify the market risk inherent in the portfolio and there are no inputs or variables to which the values of the assets are correlated.

Risk management

Risk management	12 Months Ended
Risk management	Dec. 31, 2020
Risk management
Risk management	22. Risk management Market and asset risk The Group is exposed to market and asset risk with respect to its cash management assets, capital provision assets, financial liabilities at fair value through profit or loss and derivative financial assets and liabilities. The maximum risk equals the fair value of all such financial instruments. With respect to the Group’s cash management assets, consisting of corporate bonds and investment funds, market risk is the risk that the fair value of financial instruments will fluctuate due to changes in market variables such as interest rates, credit risk, security and bond prices and foreign exchange rates. At December 31, 2020, should the prices of the investments in corporate bonds and investment funds have been 10% higher or lower while all other variables remained constant, the Group’s income and net assets would have increased and decreased respectively by $1,659,000 (2019: $3,797,000). With respect to the Group’s financial liabilities at fair value through profit or loss and derivative financial assets, the market risk is negligible as the positions are held exclusively as economic hedges against gains and losses arising from offsetting long positions included in the Group’s capital provision assets. The fair value of the Group’s offsetting long positions is approximately $nil at December 31, 2020 (2019: $91,493,000). The Group only funds capital provision assets following a due diligence process. However, such assets involve high risk and there can be no assurance of any particular recovery in any individual asset. Certain of the Group’s capital provision assets are comprised of a portfolio of assets thereby mitigating the impact of the outcome of any single asset. While the claims underlying the Group’s capital provision assets are generally diverse, the Group monitors and manages the portfolio for related exposures that finance different clients relative to the same or very similar claims, such that the outcomes on those related exposures are likely to be correlated. Liquidity risk The Group is exposed to liquidity risk. The Group’s financing of capital provision assets require funds to meet commitments (see note 29) and for settlement of operating liabilities. The Group’s capital provision assets (as described in note 2) typically require significant capital contributions with little or no immediate return and no guarantee of return or repayment. In order to manage liquidity risk the Group finances assets with a range of anticipated lives and holds cash management assets which can be readily realized to meet those liabilities and commitments. Cash management assets include listed fixed income instruments and investment funds that can be redeemed on short notice or can be sold on an active trading market. In 2014, 2016, 2017 and 2018, the total issues of $699 million in retail bonds raised sufficient extra capital to help mitigate liquidity risk. Interest payments on the bonds will total approximately $215 million over the remaining two-year, four-year, five-year and six-year periods until maturity in August 2022, October 2024, August 2025 and December 2026, respectively, at which point the principal amounts shall be repaid. The tables below summarize the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Liabilities Total Less than 3 to 6 6 to 12 1 to 5 Greater than No contractual undiscounted 3 months months months years 5 years maturity date cash outflows December 31, 2020 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Loan interest payable 9,342 10,151 19,493 163,596 11,942 — 214,524 Other liabilities 40,582 600 1,203 8,319 6,541 — 57,245 Loan capital — — — 434,313 238,858 — 673,171 Capital provision asset subparticipations — — — — — 14,107 14,107 Third-party interests in consolidated entities — — — — — 248,581 248,581 49,924 10,751 20,696 606,228 257,341 262,688 1,207,628 Total Less than 3 to 6 6 to 12 1 to 5 Greater than No contractual undiscounted 3 months months months years 5 years maturity date cash outflows December 31, 2019 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Financial liabilities at fair value through profit or loss 91,493 — — — — — 91,493 Due to brokers 51,401 — — — — — 51,401 Loan interest payable 9,376 9,825 19,201 138,155 34,143 — 210,700 Other liabilities 28,072 791 1,587 12,455 10,029 — 52,934 Loan capital — — — 250,990 411,175 — 662,165 Capital provision asset subparticipations — — — — — 13,944 13,944 Third-party interests in consolidated entities — — — — — 235,720 235,720 180,342 10,616 20,788 401,600 455,347 249,664 1,318,357 The tables below present an analysis of the Group’s assets and liabilities split between a current and non-current classification. December 31, 2020 December 31, 2019 Current Non-current Total Current Non-current Total Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 322,189 — 322,189 186,621 — 186,621 Cash management assets 16,594 — 16,594 37,966 — 37,966 Due from brokers — — — 95,226 — 95,226 Other assets 21,377 10,577 31,954 9,207 4,056 13,263 Due from settlement of capital provision assets 28,802 3,750 32,552 50,608 3,750 54,358 Capital provision assets — 2,176,124 2,176,124 — 2,045,329 2,045,329 Equity securities — — — 31,367 29 31,396 Property, plant and equipment — 14,593 14,593 — 20,184 20,184 Intangible asset — — — — 8,703 8,703 Goodwill — 134,032 134,032 — 133,999 133,999 Deferred tax asset — 256 256 — 24,939 24,939 Total assets 388,962 2,339,332 2,728,294 410,995 2,240,989 2,651,984 December 31, 2020 December 31, 2019 Current Non-current Total Current Non-current Total Liabilities $'000 $'000 $'000 $'000 $'000 $'000 Financial liabilities at fair value through profit or loss — — — 91,493 — 91,493 Due to brokers — — — 51,401 — 51,401 Loan interest payable 9,556 — 9,556 9,462 — 9,462 Other liabilities 41,759 24,340 66,099 29,324 22,106 51,430 Loan capital — 667,814 667,814 — 655,880 655,880 Capital provision asset subparticipations — 14,107 14,107 — 13,944 13,944 Third-party interests in consolidated entities — 248,581 248,581 — 235,720 235,720 Deferred tax liability — 22,325 22,325 — 9,662 9,662 Total liability 51,315 977,167 1,028,482 181,680 937,312 1,118,992 Credit risk The Group is exposed to credit risk in various asset structures (see note 2), most of which involve financing sums recoverable only out of successful capital provision assets with a concomitant risk of loss of invested cost. On becoming contractually entitled to proceeds, depending on the structure of the particular asset, the Group could be a creditor of, and subject to direct or indirect credit risk from, a claimant, a defendant, both or other parties. Moreover, the Group may be indirectly subject to credit risk to the extent a defendant does not pay a claimant immediately notwithstanding successful adjudication of a claim in the claimant’s favor. The Group’s credit risk is uncertain given that its entitlement pursuant to its assets is generally not established until a successful resolution of claims and the Group’s potential credit risk is mitigated by the diversity of its counterparties and indirect creditors. The Group is also exposed to credit risk in respect of the cash management assets, due from broker and cash and cash equivalents. The credit risk of the due from broker and cash and cash equivalents is mitigated as all cash is placed with reputable banks with a sound credit rating (A-2 or higher by S&P; P-2 or higher by Moody’s). Cash management assets are held in a listed fund investing in senior short duration floating rate corporate debt and investment grade corporate bonds. The Group is also exposed to credit risk from opponents in litigation insurance. The underwriting process includes an assessment of counterparty credit risk and there is a large diversification of counterparties. The maximum credit risk exposure represented by cash, cash equivalents, due from broker and capital provision assets is as stated on the consolidated statement of financial position. The Group is exposed to credit risk on financial assets held at amortized cost including amounts due from settlement of capital provision assets and receivables. The maximum credit exposure for amounts due from settlement of capital provision assets and receivables is the carrying value at December 31, 2020 of $42,375,000 (2019: $62,690,000). The Group applies the simplified approach to recognize impairment on settlement and receivable balances based on the lifetime expected credit loss. The Group reviews the lifetime expected credit loss based on historical collection performance, the specific provisions of any settlement agreement and a forward-looking assessment of macro-economic factors. Based on this review, the Group has not identified any material expected credit loss relating to the financial assets held at amortized cost during the year ended December 31, 2020 (2019: the Group recognized $4,083,000 of impairment against two specific financial assets, refer to note 6; 2018: $nil). Financial assets are generally considered to be in default when amounts are more than 90 days past due or if sufficient indicators exist that the debtor is unlikely to pay. Amounts are written off as uncollectable when all reasonably collectable amounts have been recovered and following the completion or cessation of enforcement activity. Currency risk The Group holds assets denominated in currencies other than US dollars, the functional currency of the Company, including Sterling, the functional currency of Burford UK. Further, the Group issued Sterling loan capital during 2014, 2016, and 2017. It is therefore exposed to currency risk, as values of the assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. The Group may use forward exchange contracts from time to time to mitigate currency risk. At December 31, 2020, the Group’s net exposure to currency risk could be analyzed as follows: Capital Other net assets/ $'000 $'000 US dollar 1,923,819 14,393 Sterling 79,748 (490,626) Euro 168,975 78 Australian dollar 3,582 (157) Swiss Franc — — 2,176,124 (476,312) At December 31, 2019, the Group’s net exposure to currency risk was analyzed as follows: Capital Other net assets/ $'000 $'000 US dollar 1,837,750 (31,425) Sterling 65,290 (480,912) Euro 139,418 — Australian Dollar 2,689 — Swiss Franc 182 — 2,045,329 (512,337) At December 31, 2020, should the Sterling, Euro, Australian dollar and Swiss Franc have strengthened or weakened by 10% against the US dollar and all other variables held constant, the Group’s net profit and net assets would have (decreased)/increased and increased/(decreased) respectively as noted in the table below: $'000 $'000 Sterling (41,088) (41,562) Euro 16,905 13,942 Australian Dollar 343 269 Swiss Franc — 18 Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to market risk for changes in floating interest rates relates primarily to the Group’s cash, certain cash management assets and capital provision assets. All cash bears interest at floating rates. There are certain capital provision assets, due from settlement assets and cash management assets that earn interest based on fixed rates; however, those assets do not have interest rate risk as they are not exposed to changes in market interest rates. The Group’s loan capital incurs interest at a fixed rate, and is carried at amortized cost, and so is not exposed to changes in market interest rates. The following table sets out the Group’s exposure to interest rate risk. $'000 $'000 Non interest-bearing 1,910,683 1,666,761 Interest-bearing -floating 390,662 374,904 Interest-bearing -fixed rate (601,533) (508,673) Total net assets 1,699,812 1,532,992 The interest-bearing floating rate assets and liabilities are denominated in both US Dollars and Sterling. If interest rates increased/decreased by 25 basis points while all other variables remained constant, the profit for the year and net assets would increase/decrease by $977,000 (2019: $937,000). For fixed rate assets and liabilities, it is estimated that there would be no material profit or net assets impact. Fixed rate liabilities include the loan capital as disclosed in note 17. The maturity profile of interest-bearing assets and liabilities is: Floating Fixed Total Maturity period at December 31, 2020 $'000 $'000 $'000 Assets Less than 3 months 329,570 1,154 330,724 3 to 6 months — 1,575 1,575 6 to 12 months — 1,606 1,606 1 to 2 years — 1,717 1,717 Greater than 2 years 61,092 65,585 126,677 Liabilities — 1 to 2 years — (117,823) (117,823) Greater than 2 years — (555,347) (555,347) Net asset/(liabilities) 390,662 (601,533) (210,871) Floating Fixed Total Maturity period at December 31, 2019 $'000 $'000 $'000 Assets Less than 3 months 310,646 955 311,601 3 to 6 months — 802 802 6 to 12 months — 654 654 1 to 2 years — 2,140 2,140 Greater than 2 years 64,258 148,941 213,199 Liabilities Greater than 2 years — (662,165) (662,165) Net asset/(liabilities) 374,904 (508,673) (133,769) Management of capital The managed capital of the group consists of total equity shareholders fund of $1,700 million (2019: $1,533 million) and loan capital of $668 million (2019 : $656 million) The Group’s approach to capital management is intended to ensure adequate liquidity to meet its funding commitments and ongoing expenses while also ensuring that adequate resources are available to finance new assets as opportunities arise. The Group’s assets generate a significant amount of cash proceeds in a typical period as assets are realized into due from settlement receivables, which are in turn, resolved into cash. The Group uses the cash from these realizations as well as fee income as its primary sources of liquidity for funding assets and expenses. Because the timing of cash realizations from its capital provision assets is uncertain, the Group normally maintains a substantial balance of cash and cash management assets to provide liquidity during periods when cash realizations are less than funding and expense needs. To the degree that the Group intends to grow its capital provision assets portfolio, it requires external financing beyond its cash realizations from assets. Over the past several years, the Group has grown its portfolio beyond its cash realizations. The Group has financed that growth through: ª Third party fund vehicles, which the Group manages, including the Burford Opportunity Fund and BOF-C raised in 2018 and Burford Alternative Investment Fund raised in 2019. ª Loan capital in the form of bond issuances totalling approximately $699 million issued in 2014, 2016, 2017 and 2018. ª Share issuance of approximately $245 million in 2018. The Group manages its balance sheet with relatively low levels of leverage. Its debt issues contain one significant financial covenant, which is a leverage ratio requirement that the Group maintain a consolidated level of net debt (debt less cash) less than 50% of the level of tangible assets (total assets less intangibles). At December 31, 2020, the leverage ratio on this basis was 13% (2019: 17%), significantly lower than required. In planning its bond issuances, the Group has purposely constructed a set of laddered maturities with an overall weighted average maturity well in excess of the expected weighted average life of its legal finance assets. It has also sized these issues so that any single year’s maturity amount is significantly less than the historical annual rate of legal finance asset realizations, such that the Group is expected to have more than sufficient liquidity to redeem these bonds should it choose not to refinance them. The Group expects from time to time to issue additional debt, depending on its liquidity needs, capital deployment prospects and market conditions.

Structured entities

Structured entities	12 Months Ended
Structured entities	Dec. 31, 2020
Structured entities
Structured entities	23. Structured entities A structured entity is an entity in which voting or similar rights are not the dominant factor in establishing control, for example where contractual arrangements are the dominant factor in affecting an investor’s returns. Structured entities are generally created to achieve a narrow and well-defined objective with restrictions on their permitted activities. The key considerations in assessing whether the Group controls a structured entity are set out in the Group’s principal accounting policies in note 2. Consolidated structured entities The Group holds investments in certain funds where it also acts as investment adviser. The total investment in these funds was $72,076,000 as at December 31, 2020 (2019: $201,795,000). The Group provides revolving credit facilities to certain investment funds to bridge capital calls when needed. These facilities are entirely discretionary in that the Group is not obligated to provide funding under them. The balance outstanding on the revolving credit facilities as at December 31, 2020 was $nil (2019:$nil). As at December 31, 2020, $303,598,000 (2019: $544,909,000) of the total assets included in the Group’s balance sheet relates to the consolidated investment funds, held to pay principal and return to the holders of interests in those funds. The Group cannot access the assets except for the investment made by the Group in these funds. Unconsolidated structured entities The Group’s maximum exposure to loss from unconsolidated structured entities is the sum total of any capital provision asset held, fee receivables, accrued income and loans to those entities, and is $29,509,000 as at December 31, 2020 (2019: $23,834,000). The Group’s interests in, and exposure to, unconsolidated structured entities are set out below. Investment funds Other Total As at December 31, 2020 $'000 $'000 $'000 Capital provision assets — 14,910 14,910 Other assets 5,664 — 5,664 Total on balance sheet exposures 5,664 14,910 20,574 Off balance sheet – undrawn commitments — 8,935 8,935 Maximum exposure to loss 5,664 23,845 29,509 Total assets of the entity 927,913 14,910 942,823 Investment funds Other Total As at December 31, 2019 $'000 $'000 $'000 Capital provision assets — 11,075 11,075 Other assets 2,012 — 2,012 Total on balance sheet exposures 2,012 11,075 13,087 Off balance sheet – undrawn commitments — 10,747 10,747 Maximum exposure to loss 2,012 21,822 23,834 Total assets of the entity 923,346 11,075 934,421 Investment funds The Group acts as investment adviser to a number of unconsolidated funds and sidecar vehicles where the Group’s interest in the funds is generally restricted to management and incentive fees. The value of the fees are typically based on investor commitments, capital deployed or committed to investments and the performance of the fund. The Group provides revolving credit facilities to certain investment funds to bridge capital calls when needed. Other This includes legal finance assets with structured entities that aggregate claims from multiple parties. The nature and recourse of the Group’s investment in these matters is consistent with the rest of the litigation investments portfolio and the use of the structured entity to aggregate the claims does not introduce incremental risk. The off balance sheet exposure represents the maximum extent of the undrawn committed amounts relating to these litigation commitments.

Investments in joint ventures a

Investments in joint ventures and associates	12 Months Ended
Investments in joint ventures and associates	Dec. 31, 2020
Investments in joint ventures and associates
Investments in joint ventures and associates	24. Investments in joint ventures and associates The Group holds certain of its capital provision assets in associate companies under joint arrangements that are classified as joint ventures in accordance with IAS 28 Investments in Associates and Joint Ventures and accounted for at fair value through profit or loss in accordance with IFRS 9. Associates are entities in which the Group has significant influence, but not control, over the operating and financial policies. Generally the Group holds more than 20%, but less than 50%, of their voting shares. Joint ventures are arrangements where the Group has joint control and rights to the net assets of the entity. The total fair value of the Group’s interest in associate companies as at December 31, 2020 is $8,113,000 (2019:$4,673,000) and is included in capital provision assets in the consolidated statement of financial position. The total fair value of the Group’s interest in joint ventures as at December 31, 2020 is $127,397,000 (2019: $106,924,000) and is included within capital provision assets in the consolidated statement of financial position. None of the associate companies or joint venture arrangements are individually material to the Group and there are no significant restrictions on the ability of the joint ventures to make cash distributions or repayment of advances to the Group. The Group’s share of commitments and contingencies for its associates and joint ventures at December 31, 2020, is $16,802,000 and $116,029,000, respectively (2019: $1,500,000 and $122,628,000), and are included in the commitment amounts relating to asset agreements disclosed in note 29.

Share capital

Share capital	12 Months Ended
Share capital	Dec. 31, 2020
Share capital
Share capital	25. Share capital Authorized share capital Unlimited ordinary shares of no par value — — — Issued share capital Ordinary shares of no par value 400,000 ordinary shares were issued at 474 each on April 29, 2020, and acquired by the Group’s newly formed employee benefit trust (EBT). The EBT was established to assist in the administration of the Group’s employee equity based long-term incentive compensation plan (LTIP). While the Group does not have legal ownership of the EBT and the ability of the Group to influence the actions of the EBT is limited by the trust deed, for accounting purposes the EBT is treated as being controlled by the Group, and is therefore consolidated. The EBT has distributed 384,129 shares during the period to satisfy the vesting of LTIP awards during the period. Shares held in the EBT at the period end are included in issued shares. See note 26. The following table shows changes in share capital for each of the last three years. Contingent Shares held by Share share employee capital capital benefit trust Total $'000 $'000 $'000 $'000 At January 1, 2020 596,454 13,500 - 609,954 Share capital issued 2,359 - (2,359) - Shares distributed - - 2,265 2,265 Share capital issue costs - - - - At December 31, 2020 598,813 13,500 (94) 612,219 Contingent Shares held by Share share employee capital capital benefit trust Total $'000 $'000 $'000 $'000 At January 1, and December 31, 2019 596,454 13,500 - 609,954 Contingent Shares held by Share share employee capital capital benefit trust Total $'000 $'000 $'000 $'000 At January 1, 2018 351,249 13,500 - 364,749 Share capital issued 249,983 - 249,983 Share capital issue costs (4,778) - - (4,778) At December 31, 2018 596,454 13,500 609,954 The GKC acquisition in 2016 included $15,000,000 of contingent equity consideration. In calculating the fair value of the contingent consideration a discount of 10% was applied for non-performance risk, hence the contingent equity consideration is valued at $13,500,000 at acquisition. 2,461,682 ordinary shares will be issued only after GKC’s investment funds contribute more than $100 million in performance fee income (and, in certain instances, fee income from new funds or other capital provision income) to Burford. If the $100 million income target is not achieved, no contingent consideration is payable.

Long term incentive plan

Long term incentive plan	12 Months Ended
Long term incentive plan	Dec. 31, 2020
Long term incentive plan
Long term incentive plan	26. Long-term incentive plan In 2017 the Group introduced an LTIP. Participants will only be entitled to these shares at the end of a three-year period if the Group has met the relevant pre-determined corporate performance measures over the three-year performance period and they are still employed by the Group. The performance measures for the 2018 awards are equally weighted between the Group’s total shareholder return as compared to a group of comparable public companies; earnings per share growth adjusted to remove amortization and other non-cash items; and growth in aggregate asset value defined as gross investment assets plus gross cash proceeds from investments. The performance measures for the 2019 and 2020 awards are weighted 2/3 on the Group’s total shareholder return as compared to a group of comparable public companies and 1/3 earnings per share growth adjusted to remove amortization and certain other items. The expense included within these financial statements arising from equity-settled share-based payment transactions amounted to $5,282,000 (2019: $4,519,000, 2018: $1,686,000). During the year, a total of 384,129 awards vested at an average price of $5.28 (2019: nil). The table below presents further information on the movement in the outstanding awards during the year. LTIP Activity (Shares in thousands) Unvested LTIP awards at January 1 1,346 700 LTIP vested and distributed (384) - New LTIP awards granted 1,715 695 Lapsed awards (18) (49) Unvested LTIP awards at December 31 2,659 1,346 LTIP awards scheduled to vest during 2021 274 401 The following table summarizes the fair values and key assumptions used for valuing grants made under the LTIP in each of the years awards were granted: Awards granted (number of shares) 1,715,030 695,330 288,752 506,637 Dividend yield (%) % 1.00 % 1.90 % 2.80 % Expected volatility (%) % 40.8 % 35.6 % 25.8 % Risk-free interest rate (%) -0.02 % 0.63 % 0.93 % 0.15 % Expected life of share awards (years) 3 3 3 Weighted average fair value ($) 15.85 16.72 9.10 Weighted average share price ($) 16.78 19.46 10.27 Model used Monte Carlo Monte Carlo Monte Carlo Monte Carlo The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the awards is indicative of future trends, which may not necessarily be the actual outcome.

Profit per ordinary share and c

Profit per ordinary share and comprehensive income per ordinary share	12 Months Ended
	Dec. 31, 2020
Profit per ordinary share and comprehensive income per ordinary share
Profit per ordinary share and comprehensive income per ordinary share	27. Profit per ordinary share and comprehensive income per ordinary share Profit per ordinary share is calculated based on profit attributable to ordinary shareholders for the year of $171,698,000 (2019: $212,107,000, 2018: $317,577,000) and the weighted average number of ordinary shares in issue for the year of 218,919,822 (2019: 218,649,877, 2018: 210,776,771). Comprehensive income per ordinary share is calculated based on total comprehensive income attributable to ordinary shareholders for the year of $161,492,000 (2019: $194,582,000, 2018: $342,278,000), and the same weighted average number of ordinary shares in issue as above. The effect of dilution is attributable to the addition of 1,141,719 shares related to the LTIP (2019: 973,268, 2018: 554,680).

Dividends

Dividends	12 Months Ended
Dividends	Dec. 31, 2020
Dividends
Dividends	28. Dividends Dividends on outstanding ordinary shares are payable at the discretion of the Board of Directors. The Directors have recommended that shareholders approve a final dividend of 12.5¢ for 2020, payable on June 18, 2021. Interim and final dividends for 2020 and prior years were: Record date Record date Record date Interim dividend — 4.17 ¢ November 15, 2019 3.67 ¢ November 9, 2018 Final dividend 12.50 ¢ May, 28, 2021 — 8.83 ¢ May 24, 2019 Total dividend 12.50 ¢ 4.17¢ 12.50 ¢

Financial commitments and conti

Financial commitments and contingent liabilities	12 Months Ended
Financial commitments and contingent liabilities	Dec. 31, 2020
Financial commitments and contingent liabilities
Financial commitments and contingent liabilities	29. Financial commitments and contingent liabilities As a normal part of its business, the Group routinely enters into some financing agreements that may require the Group to provide continuing funding over time, whereas other agreements provide for the immediate funding of the total commitment. The terms of the former type of agreements vary widely; in some cases (discretionary commitments), the Group has broad discretion as to each incremental funding of a continuing investment, and in others (definitive commitments), the Group has little discretion and would suffer adverse consequences were it to fail to provide incremental funding. The Group’s funding commitments are capped at a fixed amount in its agreements. At December 31, 2020, the Group had outstanding commitments for $1,160,642,000 (2019: $981,554,000). In addition, at December 31, 2020 at current exchange rates, the Group had $93,970,000 of exposure to assets where the Group is providing some form of legal risk arrangement pursuant to which the Group does not generally expect to deploy the full committed capital unless there is a failure of the claim, such as providing an indemnity for adverse costs (2019: $89,294,000). The following table reflects the line-by-line impact of eliminating the interests of third-parties in the entities which Burford consolidates from the commitment balances reported above to arrive at Burford’s commitments at December 31, 2020. Elimination of Consolidated third-party Burford only December 31, 2020 $'000 $'000 $'000 Definitive 477,921 (130,694) 347,227 Discretionary 682,721 (107,958) 574,763 Total 1,160,642 (238,652) 921,990 Legal risk (definitive) 93,970 (6,233) 87,737 Elimination of Consolidated third-party Burford only December 31, 2019 $'000 $'000 $'000 Definitive 342,452 (53,939) 288,513 Discretionary 639,102 (99,007) 540,095 Total 981,554 (152,946) 828,608 Legal risk (definitive) 89,294 (6,233) 83,061 The following tables show the experience over the past three years of deployments during the year on commitments outstanding at the end of the prior year. Consolidated Elimination of Burford only Deployments on commitments in 2020 $'000 $'000 $'000 Outstanding commitments at December 31, 2019 981,554 (152,946) 828,608 Deployed in 2020 111,340 (13,889) 97,451 Deployed in 2020 (%) 11 % — 12 % Consolidated Elimination of Burford only Deployments on commitments in 2019 $'000 $'000 $'000 Outstanding commitments at December 31, 2018 646,631 (31,791) 614,840 Deployed in 2019 99,145 (5,123) 94,022 Deployed in 2019 (%) 15 % — 15 % Consolidated Elimination of Burford only Deployments on commitments in 2018 $'000 $'000 $'000 Outstanding commitments at December 31, 2017 503,435 — 503,435 Deployed in 2017 152,498 — 152,498 Deployed in 2017 (%) 30 % — 30 % Given the nature of the Company’s business, the Company may from time to time receive claims against it or be subject to inbound litigation. Having considered the legal merits of any relevant claims or progressed litigation, and having received relevant legal advice including from external advisers, the Company considers there to be no material contingent liability in respect of any such situations requiring disclosure in the financial statements.

Related party transactions

Related party transactions	12 Months Ended
Related party transactions	Dec. 31, 2020
Related party transactions
Related party transactions	30. Related party transactions The Group holds investments in associates and joint ventures conducted on the same terms as third party transactions. Details of the balances held with associates and joint ventures are set out in note 24. Funding during the year on the investments in associates and joint ventures was $12,313,000 (2019: $15,914,000). Key management personnel Details of Directors’ remuneration and interests are disclosed in the “Governance” section on page 84. IAS 24 “Related party disclosures” requires the aggregate key management personnel disclosure for the year ended December 31, 2020, of salaries and fees of $1,457,000 (2019:$484,000, 2018: $415,000 ), cash bonus $4,500,000 (2019 & 2018: $nil), LTIP granted $1,850,000 (2019 & 2018: $nil), company contribution to 401(k) plan $11,400 (2019 & 2018: $nil). In addition, key management personnel had aggregate holdings at December 31, 2020 of 9,599,297 shares (2019: 562,410), $1,177,710 of bonds (2019: $677,710) and $3,550,000 of commitments to managed funds (2019: $1,550,000).

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2020
Subsequent events
Subsequent events	31. Subsequent events There have been no significant subsequent events.

Basis of preparation and prin_2

Basis of preparation and principal accounting policies (Policies)	12 Months Ended
	Dec. 31, 2020
Basis of preparation and principal accounting policies
Basis of accounting	Basis of accounting The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets that are not apparent from other sources. Actual results may differ from these estimates. The consolidated financial statements are presented in United States Dollars and are rounded to the nearest $’000 unless otherwise indicated.
Significant estimates and significant judgements	Significant estimates The most significant estimates relate to the valuation of capital provision assets at fair value through profit or loss, which are determined by the Group. Fair values are determined on the specifics of each asset and will typically change upon an asset having a return entitlement or progressing in a manner that, in the Group’s judgment, would result in a third party being prepared to pay an amount different from the original sum invested for the Group’s rights in connection with the asset. Positive, material developments with respect to an asset will give rise to an increase in the fair value of an asset while adverse material developments will generally result in a reduction of the asset’s fair value. The quantum of change depends on the potential future stages of asset progression. The consequent effect when an adjustment is made is that the fair value of an asset with few remaining stages is adjusted closer to its predicted final outcome than one with many remaining stages. In litigation matters, before a judgment is entered following trial or other adjudication, the key stages of any matter and their impact on fair value is substantially case specific but may include the motion to dismiss and the summary judgment stages. Following adjudication, appeals proceedings provide further opportunities to re-assess the fair value of an asset. The estimation of fair value is inherently uncertain. Awards and settlements are hard to predict and often have a wide range of possible outcomes. Furthermore, there is much unpredictability in the actions of courts, litigants and defendants because of the large number of variables involved and consequent difficulty of predictive analysis. In addition, there is little activity in transacting assets and hence little relevant data for benchmarking the effect of asset progression on fair value, although the existence of the Group’s secondary market sales is a valuation input. Refer to note 21 for further details on the sensitivities of fair value. There is a significant estimate required to support the recoverability of the deferred tax asset as it includes an amount relating to carried-forward US tax losses that can be utilized against future taxable profits of the Group’s US business. The estimation of the future taxable profits is based on the business plans and approved budgets for those entities that require the use of assumptions for expected returns on capital provision assets, the level of future business activity and the structuring of capital provision assets for tax efficiency. The tax losses can be carried forward indefinitely and have no expiration date. Refer to note 4 for further details on tax estimates. There is a significant estimate required in testing goodwill for impairment. This includes the identification of independent cash-generating units (CGU) and the allocation of goodwill to these units based on which units are expected to benefit from the 2016 acquisition of Gerchen Keller Capital. Cash flow projections necessarily take into account changes in the market in which a business operates including the level of growth, competitive activity, and the impacts of regulatory change. Determining both the expected cash flows and the risk-adjusted interest rate appropriate to the CGUs requires the exercise of judgment. The estimation of cash flows is sensitive to the periods for which the projections are made and to assumptions regarding long-term sustainable cash flows. Refer to note 20 for further details on sensitivities of goodwill. Significant judgments In connection with investment funds and other related entities where the Group does not own 100% of the entity in question, the Group makes judgments about whether it is required to consolidate such entities by applying the factors set forth in the relevant accounting standards, including but not limited to the Group’s equity and economic ownership interest, the economic structures in use in the entity, the level of control the Group has as agent or principal over the entity through the entity’s structure or any relevant contractual agreements, and the rights of other investors. The Group has control over another entity when it has all of the following: ª Power over the relevant activities of the investee, for example through voting or other rights ª Exposure to, or rights to, variable returns from its involvement with the investee and ª The ability to affect those returns through its power over the investee The assessment of control is based on the consideration of all facts and circumstances. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. The most significant judgments relate to the assessment of the Group’s exposure to, or rights to, variable returns in the BOF-C and Strategic Value funds. The Group has assessed that its economic interest in the income generated in the BOF-C fund and its investment as a limited partner in the Strategic Value fund, coupled with its power over the relevant activities as the fund manager, require the consolidation of these entities in the consolidated financial statements. Non-controlling interests where the Group does not own 100% of a consolidated entity are classified as financial liabilities and recorded as third-party interest in consolidated entities on the consolidated statement of financial position when they contain an obligation to transfer a financial asset to another entity. Accordingly, third-party share of gains or losses relating to interest in consolidated entities is treated as a reduction or increase, respectively, of income on the consolidated statement of comprehensive income.
Basis of consolidation	Basis of consolidation The consolidated financial statements comprise the financial statements of Burford Capital Limited and its Subsidiaries. All the Subsidiaries are consolidated in full from the date of acquisition. The Subsidiaries’ accounting policies and financial year end are consistent with those of the Company. All intercompany transactions, balances and unrealized gains and losses on transactions between Group companies are eliminated in full.
Basis of preparation	Basis of preparation The financial statements have been prepared on a going concern basis under the historical cost convention adjusted to take account of the revaluation of certain of the Group’s financial assets and liabilities to fair value. The full extent to which the continuing Covid-19 pandemic may impact the Group’s results, operations or liquidity is uncertain. Since March 2020, the global economy has suffered considerable disruption due to the effects of the Covid-19 pandemic. The principal impacts on the Group during 2020 were a reduction in the origination of new capital provision assets and some delays in litigation proceedings. Management has given serious consideration to the consequences of this both for the litigation finance market in general and for the cashflows and asset values of the Group. In assessing the going concern basis of accounting, Management has considered ongoing compliance with applicable loan capital covenants and the year-end cash balances and forecast cash flows, especially those relating to operating expenses, finance costs and commitments to capital provision assets. The Group is compliant with all covenants associated with its loan capital at December 31 2020, and at present the Group’s financial situation does not suggest that any of these covenants are close to being breached. Based on a stress test analysis related to the current economic situation, it is Management’s opinion that the circumstances that would give rise to a covenant breach are highly unlikely. The first repayment on the Group’s loan capital is not due until August 2022. Management has performed a Covid-19 impact analysis on the Group’s liquidity position. This analysis has modelled a number of adverse scenarios to assess the potential impact that Covid-19 may have on the Group’s liquidity and incorporated relevant reverse stress test scenarios and any mitigations available to assess the stresses the Group has to endure before there is a liquidity concern. The mitigations considered include the ability to defer deployments on commitments to capital provision assets, liquidate or sell an interest in one or more of the Group’s capital provision assets and reduce the level of new commitments to capital provision assets in the current year. Having considered the likelihood of the events that could cause a liquidity event and the remedies available to the Group, Management is of the view that the Group is well positioned to manage such an eventuality satisfactorily. Based on this information, Management believes that the Group has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
New accounting pronouncement not yet effective	New accounting pronouncement not yet effective The following amendments and issued standard, which are not yet effective, have not been adopted in these financial statements. Effective date* IFRS 17 insurance contracts January 1, 2023 Reference to conceptual framework – amendments to IFRS 3 January 1, 2022 Amendments to IFRS 16 Covid-19 related rent concessions June 1, 2020 Onerous contracts – costs of fulfilling a contract – amenments to IAS 37 January 1, 2020 * Annual periods beginning on or after this date In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and reinsurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. In June 2019, the IASB published an exposure draft of amendments to IFRS 17 in response to feedback received and, in June 2020, the IASB issued an amended standard. IFRS 17 incorporating the amendments is effective from annual periods beginning on or after January 1, 2023. The Group intends to adopt IFRS 17 on the effective date and is currently assessing the expected impact of adopting this standard which is not expected to be material to the Group. The Group intends to adopt the other amendments noted above on the effective dates and does not expect to be affected by the application of those amendments.
Insurance activities	Insurance activities The Group both (i) acts as an administrator in the sale of legal expenses insurance policies issued in the name of Great Lakes Reinsurance (UK) Plc, a subsidiary of MunichRe, under a binding authority agreement, and (ii) underwrites legal expenses insurance policies through its wholly owned subsidiary and Guernsey based insurer, Burford Worldwide Insurance Limited (BWIL). ( i ) Insurance administrator Income earned from acting as an insurance administrator represents commissions receivable, which are calculated based on the premium earned, net of reinsurance and Insurance Premium Tax, less an allowance for claims, sales commissions, fees and the other direct insurance related costs such as Financial Services Compensation Scheme Levy. The payment of premiums is often contingent on a case being won or settled and the Group recognizes the associated income only at this point, while a deduction is made for claims estimated to be paid on all policies in force. This income is separately identified as “Insurance administrator commission” included in note 11. ( ii ) Insurance underwriting Insurance policies written by BWIL are subject to contractual reinsurance arrangements that transfer a significant portion of the insurance risk to the reinsurers with BWIL retaining a portion of the insurance risk of each contract. Contracts are typically written with an upfront premium payable and may also include a conditional premium. The payment of conditional premiums is often contingent on a case being won or settled and the Group recognizes the associated conditional premium amount only at this point. Gross premiums written Premiums written relate to insurance business incepted during the year. Full account is taken of premiums receivable and reinsurance premiums payable during the year. Unearned premiums Unearned premiums represent the proportion of premiums written in the year that relate to unexpired terms of policies in force as at the statement of financial reporting date, calculated on a time apportionment basis.
Claims reserving	Claims reserving Provision is made for all outstanding loss reserves as notified by the insured. Provision is made for claims incurred but not reported based on previous claims experience. Neither provision is calculated on a discounted basis to take account of the period from incurring the loss to settlement thereof, as permitted by IFRS 4 Insurance Contracts. Claims reserves comprise provision for the estimated cost of settling all claims incurred up to but not paid at the year end. The level of the provision is set on the basis of the information available, including potential loss claims which have been intimated to the Group, experience of the development of similar claims and case law. While the directors consider that the provision for these claims is fairly stated on the basis of the information currently available to them, the ultimate liability may vary as a result of subsequent information and events and may result in adjustments to the amount provided. Adjustments to the amounts provided are reflected in the financial statements in the accounting period in which the adjustments are made.
Claims paid	Claims paid Claims are recorded in the year in which they are incurred.
Leases	Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value, the Group uses its incremental borrowing rate at the lease commencement date as the interest rate implicit in the lease is not readily determinable. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of comprehensive income over the period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The right-of-use asset and associated lease liability is derecognized on the termination of a lease contract. The Group has applied the relief options provided for leases of low-value assets and short-term leases (shorter than twelve months). Right-of-use assets are included within tangible fixed assets in the consolidated statement of financial position.
Shares held in employee benefit trust	Shares held in employee benefit trust Burford’s own shares in the employee benefit trust are held for the purposes of employee equity-based compensation schemes. These own shares are deducted from shareholder’s equity. No gain or loss is recognized on the purchase, sale, cancellation or issue of own shares and any consideration paid or received is recognized directly in equity.
Asset management income	Asset management income Asset management income is derived from the governing agreements in place with various investment funds under management. The rate or amount at which fees are charged, the basis on which such fees are calculated and the timing of payment vary across funds and, as to a particular fund, may also vary across investment options available to underlying investors in or members of the investment fund. Management fees are generally based on an agreed percentage of investor fund commitments, amounts committed or deployed depending on the fund agreements. Management fees are recognized over time as the services are provided. Performance fees are earned when contractually agreed performance levels are exceeded within specified performance measurement periods. They are recognized when a reliable estimate of the fee can be made and it is highly probable that a significant revenue reversal will not occur, which is generally at the end of the performance period.
Segment reporting	Segment reporting Management considers that there are three operating business segments: (i) Capital provision: provision of capital to the legal industry or in connection with legal matters, both directly and through investment in the Group’s managed funds, (ii) Asset management, (iii) Services and other corporate: the provision of services to the legal industry, including litigation insurance and asset recovery (judgment enforcement) and other corporate activities.
Business combinations	Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in the consolidated statement of comprehensive income. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes in the fair value of contingent consideration classified as an asset or liability are reflected in the consolidated statement of comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.
Goodwill	Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the purchase consideration over the fair value of the Group’s share of the assets acquired and the liabilities assumed on the date of the acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGU’s that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Intangible asset	Intangible asset The intangible is recognized at fair value when acquired as part of a business combination. It represents the future cash flows of asset management income recognized in accordance with the Group’s policy for the recognition of asset management income. This intangible is amortized to the income statement on a straight line basis over the period revenue is expected to be earned.
Impairment of non-financial assets	Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognized in the consolidated statement of comprehensive income.
Financial instruments	Financial instruments The Group classifies its financial instruments into the categories below in accordance with IFRS 9. 1) Capital provision assets Capital provision assets relate to the provision of capital to the legal industry or in connection with legal matters. The Group takes positions in assets where legal and regulatory risk can affect asset value, either through direct litigation or through other dynamics relating to that risk. Capital provision assets are comprised of financial assets held at fair value through profit or loss, as the contractual terms of the financial assets do not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Capital provision assets are initially measured at fair value, which is the sum of capital provided. Attributable due diligence and closing costs are expensed.
Recognition, derecognition and measurement	Recognition, derecognition and measurement Purchases and sales of assets at fair value through profit or loss are generally recognized on the trade date, being the date on which the Group disburses funds in connection with the asset (or becomes contractually committed to pay a fixed amount on a certain date, if earlier). In some cases, multiple disbursements occur over time. Capital provision assets are initially measured at fair value which is the sum of capital provided. An asset that is renegotiated is derecognized if the existing agreement is canceled and a new agreement is made on substantially different terms, or if the terms of an existing agreement are modified, such that the renegotiated asset is substantially a different financial instrument. Movements in fair value on capital provision assets, excluding the movements in foreign currencies which are included in foreign exchange gains/(losses), are included within capital provision income in the consolidated statement of comprehensive income. Capital provision income can also consist of interest that is accrued or received on capital provision assets. 2) Financial assets and liabilities at amortized cost Financial assets and liabilities held at amortized cost include loan capital, other assets, other liabilities, due to/from broker and amounts due from settlement of capital provision assets. The financial assets meet the contractual cash flow test, as these cash flows comprise solely payments of principal and interest and are held in a business model to receive those contractual cash flows. Financial assets and liabilities are initially measured at fair value and subsequently measured at amortized cost using the effective interest method, less any impairment for non-recoverable amounts calculated using an expected credit loss model for financial assets. 3) Cash management assets Assets acquired for the purpose of cash management to generate returns on cash balances awaiting subsequent deployment are managed and evaluated on a fair value basis at the time of acquisition. Their initial fair value is the cost incurred at their acquisition. Transaction costs incurred are expensed in the consolidated statement of comprehensive income. Cash management assets at fair value through profit or loss are recorded on the trade date, and those held at the year end date are valued at bid price. Listed interest-bearing debt securities are valued at their quoted bid price. Interest earned on these assets is recognized on an accrual basis. Listed corporate bond funds are valued at their quoted bid price. Unlisted managed funds are valued at the Net Asset Value per share published by the administrator of those funds as it is the price at which they could have been realized at the reporting date. Movements in fair value and realized gains and losses on disposal or maturity of cash management assets, including interest income, are reflected in cash management income and bank interest in the consolidated statement of comprehensive income. 4) Derivative financial assets and liabilities Options are held for the purpose of hedging gains and losses attributable to long equity positions held within capital provision. Derivative assets and liabilities are classified as fair value through profit or loss, and movements in fair value are included within capital provision income in the consolidated statement of comprehensive income. 5) Financial liabilities at fair value through profit or loss Equity securities are held for the purpose of hedging offsetting gains and losses attributable to long equity positions held within capital provision assets and are classified as held for trading, as they are generally held in the near-term to hedge that exposure. Movements in fair value on financial liabilities at fair value through profit or loss and transaction costs incurred are included within capital provision income in the consolidated statement of comprehensive income. 6) Asset subparticipations Asset subparticipations are classified as financial liabilities at fair value through profit or loss and are initially recorded at the fair value of proceeds received. They are subsequently measured at fair value with changes in fair value being recorded in capital provision income in the consolidated statement of comprehensive income. 7) Third-party interests in consolidated entities Third-party interests in consolidated entities are classified as financial liabilities at fair value through profit or loss, as the underlying arrangements contain an obligation to transfer cash or other financial asset to the holder in certain circumstances. Amounts included in the consolidated statement of financial position represent the net asset value of the third-parties’ interest in each entity and the amounts included in the consolidated statement of comprehensive income represent the third-parties’ share of any gains or losses for the year.
Fair value hierarchy of financial instruments	Fair value hierarchy of financial instruments The financial assets and liabilities measured at fair value are disclosed using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurements, as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities; Level 2 — Those involving inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); Level 3 — Those inputs for the asset or liability that are not based on observable market data (unobservable inputs). Valuation methodology for Level 1 investments Level 1 assets and liabilities are comprised of listed instruments, including equities, fixed income securities, investment funds and financial liabilities at fair value through profit or loss. All Level 1 assets and liabilities are valued at the quoted market price as of the reporting date. Valuation methodology for Level 2 investments Level 2 assets are comprised of debt and equity securities that are not actively traded and are valued at the last quoted or traded price as of the reporting date, provided there is evidence that the price is not assessed as significantly stale so as to warrant a Level 3 classification. Valuation processes for Level 3 investments The Group’s senior professionals are responsible for developing the policies and procedures for fair value measurement of assets and liabilities. At each reporting date, the movements in the values of assets and liabilities are required to be reassessed as per the Group’s accounting policies. Following origination, each asset’s valuation is reviewed semi-annually. For this analysis, the reasonableness of material estimates and assumptions underlying the valuation are discussed and the major inputs applied are verified by agreeing the information in the valuation computation to contracts, asset status and progress information and other relevant documents. Valuation methodology for Level 3 investments Fair value represents the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants as of the measurement date. The methods and procedures to fair value assets and liabilities may include, but are not limited to: (i) obtaining information provided by third-parties when available; (ii) obtaining valuation-related information from the issuers or counterparties (or their advisors); (iii) performing comparisons of comparable or similar assets; (iv) calculating the present value of future cash flows; (v) assessing other analytical data and information relating to the asset that is an indication of value; (vi) reviewing the amounts funded in these assets; (vii) evaluating financial information provided by the asset counterparties and (viii) entering into a market transaction with an arm’s-length party. The material estimates and assumptions used in the analyses of fair value include the status and risk profile of the risks underlying the asset, the timing and expected amount of cash flows based on the asset structure and agreement, the appropriateness of discount rates used, if any, and in some cases, the timing of, and estimated minimum proceeds from, a favorable outcome. Significant judgment and estimation goes into the assumptions which underlie the analyses, and the actual values realized with respect to assets could be materially different from values obtained based on the use of those estimates. Valuation policy on capital provision assets The Group operates under a valuation policy that relies on objective events to drive valuation changes. For the vast majority of our capital provision assets, the objective events considered under the valuation policy relate to the litigation process. When the objective event in question is a court ruling, the Group discounts the potential impact of that ruling, commensurate with the remaining litigation risk. The policy assigns valuation changes in fixed ranges based on, among other things: ª a significant positive ruling or other objective event but where there is not yet a trial court judgment ª a favorable trial court judgment ª a favorable judgment on the first appeal ª the exhaustion of as-of-right appeals ª in arbitration cases, where there are limited opportunities for appeal, issuance of a tribunal award and ª an objective negative event at various stages in a litigation In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset. When that occurs, the market evidence is factored into the valuation process; the more robust the market testing of value is, the more weight that is accorded to the market price.
Foreign currency translation	Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the Company, as determined in accordance with IFRS, is the United States Dollar (US Dollar), because this is the currency that best reflects the economic substance of the underlying events and circumstances of the Company. The consolidated financial statements are presented in US Dollars, the presentation currency. Certain subsidiaries operate and prepare financial statements denominated in Sterling. For the purposes of preparing consolidated financial statements, those subsidiaries’ assets and liabilities are translated at exchange rates prevailing at each balance sheet date. Income and expense items are translated at average exchange rates for the year. Non-monetary items are measured using the exchange rate of the date of the initial transaction. Exchange differences arising are recognized in other comprehensive income and accumulated in equity (foreign currency consolidation reserve). Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies including intragroup balances are recognized in the Consolidated Statement of Comprehensive Income as part of the profit or loss for the year. See note 6 for a more detailed explanation for the treatment of capital provision assets. Since April 2016, certain intragroup balances have been considered as part of a net investment in a foreign operation. Gains and losses on such balances are recognized in other comprehensive income, with a gain of $1,120,000 recognized in the current year (2019: Gain of $1,125,000, 2018: Loss of $1,880,000).
Bank interest income	Bank interest income Bank interest income is recognized on an accruals basis.
Expenses	Expenses All expenses are accounted for on an accruals basis.
Finance costs	Finance costs Finance costs represent loan capital interest and issue expenses in line with the effective interest rate method and lease liabilities interest, which are recognized in the consolidated statement of comprehensive income.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents are defined as cash in hand, demand deposits, and highly liquid investments readily convertible within three months or less to known amounts of cash and subject to insignificant risk of changes in value. Cash and cash equivalents at the balance sheet date comprised amounts held on current or overnight deposit accounts.
Taxation	Taxation Current income tax assets and liabilities are measured at the amount expected to be recovered or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted. To the extent that any foreign withholding taxes or any form of profit taxes become payable these will be accrued on the basis of the event that creates the liability to taxation. Deferred tax is provided on the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Dividends	Dividends Dividends paid during the year are shown in the consolidated statement of changes in equity.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment are recorded at cost less accumulated depreciation and provision for impairment. Depreciation is provided to write off the cost less estimated residual value in equal instalments over the estimated useful lives of the assets. The expected useful lives are as follows: Property, plant and equipment Useful life Right-of-use assets Life of lease Leasehold improvements Life of lease Fixtures, fitting and equipment 5 years Computer hardware and software 3 years The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sales proceeds and the carrying amount of the asset and is recognized in income in the Consolidated statement of comprehensive income.
Prepayments and other payables	Prepayments and other payables Prepayments and other payables are recognized at nominal value and are non-interest-bearing.
Capital and reserves	Capital and reserves Ordinary shares are classified as equity in share capital. Contingent shares are classified as equity in share capital, where shares will be issued and converted to ordinary shares only after the specified terms have been met. Other capital reserve is the obligation for the long term incentive plan issuance of shares to the Group’s employees. Incremental costs directly attributable to the issue of new shares are deducted from equity in share capital.

Basis of preparation and prin_3

Basis of preparation and principal accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
Basis of preparation and principal accounting policies
Schedule of expected useful lives of fixed assets	Property, plant and equipment Useful life Right-of-use assets Life of lease Leasehold improvements Life of lease Fixtures, fitting and equipment 5 years Computer hardware and software 3 years

Reconciliation of net cash fr_2

Reconciliation of net cash from operating activities (Tables)	12 Months Ended
	Dec. 31, 2020
Reconciliation of net cash from operating activities
Schedule of changes in operating assets and liabilities	Changes in operating assets and liabilities $’000 $’000 $’000 Income on capital provision assets (344,249) (370,898) (411,612) Interest and other income from capital provision assets (199) (1,870) (1,692) Increase in capital provision asset subparticipation - - 92 Loss/(gain) on equity securities 22 (1,169) 4,852 Asset recovery fee for services income (804) (2,133) (1,650) Loss on derivative financial asset - 4,154 3,462 Realized gain on derivative financial liabilities - (7,000) (2,250) Loss/(income) on cash management assets 1,106 137 4,139 Loss on financial liabilities at fair value through profit or loss 4,779 20,872 3,010 Third-party share of profits relating to interests in consolidated entities 12,851 15,318 3,348 Decrease/(increase) in other assets (12,264) 3,777 (26,080) Increase/(decrease) in other liabilities 23,890 (3,488) 24,755 Increase in payable for capital provision assets 220 36 - Finance costs 40,298 39,622 38,538 Amortization and depreciation of intangible assets and property, plant and equipment 9,776 12,017 10,111 Impairment - 4,083 - Right-of-use assets and associated lease liability 713 970 - Other non-cash including exchange rate movement (6,910) 4,071 6,598 Total changes in operating assets and liabilities (270,771) (281,501) (344,379)
Schedule of the cash inflows and outflows for capital provision assets	Capital provision- direct assets Capital provision-indirect assets Total December 31, 2020 $’000 $’000 $’000 Proceeds 345,564 203,029 548,593 Increase in payable for capital provision assets 220 - 220 New funding (295,866) - (295,866) Capital provision- direct assets Capital provision-indirect assets Total December 31, 2019 $’000 $’000 $’000 Proceeds 207,167 284,085 491,252 Increase in payable for capital provision assets 36 - 36 New funding (337,862) (562,018) Capital provision- direct assets Capital provision-indirect assets Total December 31, 2018 $’000 $’000 $’000 Proceeds 286,872 315,815 602,687 New funding (419,615) (771,409)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
Taxation (Tables)	Dec. 31, 2020
Taxation
Schedule of income tax expense	$’000 $’000 $’000 Profit for the year before taxation 208,635 225,524 305,114 Corporation tax at country rate 41,880 (3,227) (15,926) Factors affecting charge: Adjustment in respect of prior year 258 3,027 2,250 Deferred tax not recognized in prior period (10,966) - - Tax losses not recognized 2,576 12,979 340 Costs not allowable for tax 2,457 74 82 Other 732 564 791 Total taxation expense/(credit) 36,937 13,417 (12,463)
Schedule of taxation charge	$’000 $’000 $’000 US subsidiaries taxation charge 2,390 340 1,790 Singapore subsidiaries taxation charge 21 - - Irish subsidiaries taxation charge/(credit) (18) 3,272 (191) UK subsidiaries taxation charge 42 290 79 Non-resident taxation charge - 110 179 US deferred taxation charge/(credit) 34,498 9,476 (14,241) AUS deferred taxation (credit) (6) - - UK deferred taxation charge/(credit) 61 (71) (79) Singapore deferred taxation (credit) (51) - - Total taxation charge/(credit) 36,937 13,417 (12,463)
Schedule of net deferred tax asset	Deferred tax asset $’000 $’000 Balance at January 1 24,939 28,848 Movement on UK deferred tax – temporary differences (50) 195 Movement on US deferred tax – temporary differences (24,676) (4,112) Movement on AUS deferred tax – temporary differences 27 - Movement on Singapore deferred tax – temporary differences 9 - Foreign exchange adjustment 7 8 Balance at December 31 256 24,939 Deferred tax liability $’000 $’000 Balance at January 1 9,662 4,099 Movement on UK deferred tax – temporary difference 12 193 Movement on US deferred tax – temporary differences 12,643 5,363 Foreign exchange adjustment 8 7 Balance at December 31 22,325 9,662 $’000 $’000 Net deferred tax (liability)/asset (22,069) 15,277 Analysis of net deferred tax (liability)/asset by type $’000 $’000 Staff compensation and benefits 6,965 5,047 GKC acquisition costs (4,925) (3,323) Investment fair value adjustments (26,336) (4,236) Capital allowances (541) (332) Interest and other deduction limitations 2,768 1,257 Net operating loss carry-forward - 16,864 (22,069) 15,277

Segmental information (Tables)

Segmental information (Tables)	12 Months Ended
Segmental information (Tables)	Dec. 31, 2020
Segmental information
Schedule of consolidated segment revenue and results and segment assets and liabilities	Consolidated segment revenue and results Services Capital Asset and other provision management corporate Total December 31, 2020 $’000 $’000 $’000 $’000 Income* 326,796 15,106 15,071 356,973 Operating expenses (53,971) (24,521) (20,845) (99,337) Amortization of intangible asset arising on acquisition - - (8,703) (8,703) Finance costs - - (40,298) (40,298) Profit/(loss) for the year before taxation 272,825 (9,415) (54,775) 208,635 Taxation (35,080) (2,647) 790 (36,937) Other comprehensive income - - (10,206) (10,206) Total comprehensive income 237,745 (12,062) (64,191) 161,492 Includes the following revenue from contracts with customers for services transferred over time - 15,106 2,585 17,691 Services Capital Asset and other provision management corporate Total December 31, 2019 $’000 $’000 $’000 $’000 Income 336,510 15,160 14,373 366,043 Operating expenses (57,919) (19,797) (13,686) (91,402) Amortization of intangible asset arising on acquisition - - (9,495) (9,495) Finance costs - - (39,622) (39,622) Profit/(loss) for the year before taxation 278,591 (4,637) (48,430) 225,524 Taxation (10,826) 89 (2,680) (13,417) Other comprehensive income - - (17,525) (17,525) Total comprehensive income 267,765 (4,548) (68,635) 194,582 Includes the following revenue from contracts with customers for services transferred over time - 15,160 5,678 20,838 Services Capital Asset and other provision management corporate Total December 31, 2018 $’000 $’000 $’000 $’000 Income 400,882 11,691 12,404 424,977 Operating expenses (44,046) (12,175) (15,610) (71,831) Amortization of intangible asset arising on acquisition - - (9,494) (9,494) Finance costs - - (38,538) (38,538) Profit/(loss) before taxation 356,836 (484) (51,238) 305,114 Taxation 15,193 (164) (2,566) 12,463 Other comprehensive income - - 24,701 24,701 Total comprehensive income 372,029 (648) (29,103) 342,278 Includes the following revenue from contracts with customers for services transferred over time - 11,691 12,056 23,747 Consolidated segment assets and liabilities Services Capital Asset and other provision management corporate Total December 31, 2020 $’000 $’000 $’000 $’000 Assets Cash and cash equivalents 173,176 60 148,953 322,189 Cash management assets - - 16,594 16,594 Other assets 23,194 5,664 3,096 31,954 Due from settlement of capital provision assets 32,552 - - 32,552 Capital provision assets 2,176,124 - - 2,176,124 Property, plant and equipment 13,041 - 1,552 14,593 Goodwill - - 134,032 134,032 Deferred tax asset - - 256 256 Total assets 2,418,087 5,724 304,483 2,728,294 Liabilities Due to brokers - - - - Loan interest payable - - (9,556) (9,556) Other liabilities (731) (661) (64,707) (66,099) Loan capital - - (667,814) (667,814) Capital provision asset subparticipations (14,107) - - (14,107) Third-party interests in consolidated entities (248,581) - - (248,581) Deferred tax liabilities (17,695) - (4,630) (22,325) Total liabilities (281,114) (661) (746,707) (1,028,482) Total net assets 2,136,973 5,063 (442,224) 1,699,812 The goodwill asset is reported within the services and other corporate segment and not allocated to the capital provision or asset management segments to be consistent with the presentation format used by management for monitoring segments Services Capital Asset and other provision management corporate Total December 31, 2019 $’000 $’000 $’000 $’000 Assets Cash and cash equivalents 122,909 248 63,464 186,621 Cash management assets - - 37,966 37,966 Due from brokers 95,226 - - 95,226 Other assets 6,462 2,012 4,789 13,263 Due from settlement of capital provision assets 54,358 - - 54,358 Capital provision assets 2,045,329 - - 2,045,329 Equity securities 31,396 - - 31,396 Property, plant and equipment 15,380 - 4,804 20,184 Intangible asset - - 8,703 8,703 Goodwill - - 133,999 133,999 Deferred tax asset 23,718 - 1,221 24,939 Total assets 2,394,778 2,260 254,946 2,651,984 Liabilities Financial liabilities at fair value (91,493) - - (91,493) Due to brokers (51,401) - - (51,401) Loan interest payable - - (9,462) (9,462) Other liabilities (220) (467) (50,743) (51,430) Loan capital - - (655,880) (655,880) Capital provision asset subparticipations (13,944) - - (13,944) Third-party interests in consolidated entities (235,720) - - (235,720) Deferred tax liabilities (5,400) - (4,262) (9,662) Total liabilities (398,178) (467) (720,347) (1,118,992) Total net assets 1,996,600 1,793 (465,401) 1,532,992 \ *The goodwill asset is reported within the services and other corporate segment and not allocated to the capital provision or asset management segments to be consistent with the presentation format used by management for monitoring segment

Capital provision assets (Table

Capital provision assets (Tables)	12 Months Ended
Capital provision assets (Tables)	Dec. 31, 2020
Capital provision assets
Schedule of reconciliation of capital provision assets	$’000 $’000 At January 1 2,045,329 1,641,035 Additions 295,866 562,018 Realizations (526,588) (539,359) Income for the period 344,249 370,898 Transfer to capital provision asset subparticipation - 10,700 Foreign exchange gains 17,268 37 At December 31 2,176,124 2,045,329
Schedule of capital provision Assets	$’000 $’000 Capital provision assets are comprised of: Capital provision-direct assets 2,090,958 1,787,193 Capital provision-indirect assets 85,166 258,136 Total capital provision assets 2,176,124 2,045,329
Schedule of capital provision income	$’000 $’000 $’000 Realized gains relative to cost 205,478 151,886 169,901 Previous unrealized (gains)/losses transferred to realized gains/(losses) (15,263) (85,789) (79,694) Fair value adjustment in the period 151,637 289,795 310,405 Interest income on certain indirect capital provision assets 2,397 15,006 11,000 Income on capital provision assets 344,249 370,898 411,612 Interest and other income 199 1,870 1,692 Impairment of receivables – (4,083) - Realized gain on derivative financial liabilities – 7,000 2,250 Realized loss on derivative financial assets – (4,154) (3,462) Loss on financial liabilities at fair value through profit or loss (4,779) (20,872) (3,010) Gain/(loss) on equity securities (22) 1,169 (4,852) Total capital provision income as reported on the consolidated statement of comprehensive income 339,647 351,828 404,230
Schedule of impact of eliminating the interests of third-parties in the entities from capital provision assets	Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect $’000 $’000 $’000 $’000 $’000 At January 1, 2020 2,045,329 (211,339) 1,833,990 1,649,389 184,601 Additions 295,866 (19,872) 275,994 225,447 50,547 Realizations (526,588) 286 (526,302) (336,644) (189,658) Income for the period 344,249 (25,522) 318,727 321,002 (2,275) Foreign exchange gains/(losses) 17,268 (465) 16,803 16,803 — At December 31, 2020 2,176,124 (256,912) 1,919,212 1,875,997 43,215 Unrealized fair value at December 31, 2020 948,274 (33,527) 914,747 914,920 (173) Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect $’000 $’000 $’000 $’000 $’000 At January 1, 2019 1,641,035 (119,444) 1,521,591 1,289,548 232,043 Additions 562,018 (173,196) 388,822 272,016 116,806 Realizations (539,359) 143,679 (395,680) (218,807) (176,873) Income for the period 370,898 (56,198) 314,700 302,075 12,625 Transfer to capital provision asset subparticipation 10,700 (6,241) 4,459 4,459 - Foreign exchange gains 37 61 98 98 - At December 31, 2019 2,045,329 (211,339) 1,833,990 1,649,389 184,601 Unrealized fair value at December 31, 2019 808,320 (32,220) 776,100 772,083 4,017
Schedule of impact of eliminating the interests of third-parties in the entities from capital provision income	Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect December 31, 2020 $’000 $’000 $’000 $’000 $’000 Realized gains/(losses) relative to cost 205,478 (23,879) 181,599 179,684 1,915 Previous unrealized (gains)/losses transferred to realized gains/(losses) (15,263) 23,425 8,162 13,644 (5,482) Fair value adjustment in the period 151,637 (22,671) 128,966 127,674 1,292 Interest income on certain indirect capital provision assets 2,397 (2,397) - - - Income on capital provision assets 344,249 (25,522) 318,727 321,002 (2,275) Interest and other income 199 (199) - - - Loss on financial liabilities at fair value through profit or loss (4,779) 4,779 - - - Loss on equity securities (22) - (22) (22) - Loss on capital provision asset subparticipations - (4,675) (4,675) (4,675) - Total capital provision income 339,647 (25,617) 314,030 316,305 (2,275) Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect December 31, 2019 $’000 $’000 $’000 $’000 $’000 Realized gains/(losses) relative to cost 151,886 (23,462) 128,424 120,522 7,902 Previous unrealized (gains)/losses transferred to realized gains/(losses) (85,789) 6,504 (79,285) (79,424) 139 Fair value adjustment in the period 289,795 (24,234) 265,561 260,977 4,584 Interest income on certain indirect capital provision assets 15,006 (15,006) - - - Income on capital provision assets 370,898 (56,198) 314,700 302,075 12,625 Interest and other income 1,870 (1,742) 128 128 - Impairment of receivable (4,083) - (4,083) (4,083) - Realized gain on derivative financial liabilities 7,000 - 7,000 7,000 - Realized loss on derivative financial assets (4,154) 4,154 - - - Loss on financial liabilities at fair value through profit or loss (20,872) 20,467 (405) (405) - Loss on equity securities 1,169 (1,722) (553) (553) - Loss on capital provision asset subparticipations - (7) (7) (7) - Total capital provision income 351,828 (35,048) 316,780 304,155 12,625 Burford only Elimination of Capital Capital Consolidated third-party Burford only provision provision total interests total - direct - indirect December 31, 2018 $’000 $’000 $’000 $’000 $’000 Realized gains/(losses) relative to cost 169,901 (13,146) 156,755 142,044 14,711 Previous unrealized (gains)/losses transferred to realized gains/(losses) (79,694) 3,168 (76,526) (70,523) (6,003) Fair value adjustment in the period 310,405 4,443 314,848 313,121 1,727 Interest income on certain indirect capital provision assets 11,000 (11,000) - - - Income on capital provision assets 411,612 (16,535) 395,077 384,642 10,435 Interest and other income 1,692 (1,642) 50 50 - Realized gain on derivative financial liabilities 2,250 - 2,250 2,250 - Realized loss on derivative financial assets (3,462) 3,462 - - - Loss on financial liabilities at fair value through profit or loss (3,010) 3,010 - - - Loss on equity securities (4,852) - (4,852) (4,852) - Total capital provision income 404,230 (11,705) 392,525 382,090 10,435

Equity securities (Tables)

Equity securities (Tables)	12 Months Ended
Equity securities (Tables)	Dec. 31, 2020
Equity securities
Schedule of reconciliation of equity securities	$’000 $’000 As at January 1 31,396 582 Assets received in kind - 29,645 Realizations (31,374) - Realized losses relative to cost (9,736) - Previous unrealized (gains)/losses transferred to realized gains/(losses) 9,735 - Fair value adjustment in the period (21) 1,169 As at December 31 - 31,396
Schedule of impact of eliminating the interests of third-parties in the entities	Consolidated Total Elimination of Burford only $’000 $’000 $’000 As at January 1, 2020 31,396 (31,367) 29 Realizations (31,374) 31,367 (7) Realized gains/(losses) relative to cost (9,736) (1,721) (11,457) Previous unrealized (gains)/losses transferred to realized gains/(losses) 9,735 1,721 11,456 Fair value adjustment in the period (21) - (21) As at December 31, 2020 - - - Consolidated Total Elimination of Burford only $’000 $’000 $’000 As at January 1, 2019 582 - 582 Assets received in kind 29,645 (29,645) - Fair value adjustment in the period 1,169 (1,722) (553) As at December 31, 2019 31,396 (31,367) 29

Due from settlement of capita_2

Due from settlement of capital provision assets (Tables)	12 Months Ended
Due from settlement of capital provision assets (Tables)	Dec. 31, 2020
Due from settlement of capital provision assets.
Schedule of settlement of capital provision assets	Due from settlement of capital provision assets $'000 $'000 At January 1, 2020 54,358 37,109 Transfer of realizations from capital provision assets 526,588 539,359 Interest and other income 199 1,870 Impairment - (3,083) Proceeds received (548,593) (491,252) Asset received in kind - (29,645) At December 31, 2020 32,552 54,358 Split Non-current assets 3,750 3,750 Current assets 28,802 50,608 Total due from settlement of capital provision assets 32,552 54,358 Burford only Consolidated Elimination of Burford only Capital Capital Due from settlement of capital provision assets $’000 $’000 $’000 $’000 $’000 At January 1, 2020 54,358 (35,369) 18,989 18,989 - Transfer of realizations from capital provision assets 526,588 (286) 526,302 336,644 189,658 Interest and other income 199 (199) - - - Proceeds received (548,593) 34,010 (514,583) (324,925) (189,658) At December 31, 2020 32,552 (1,844) 30,708 30,708 - Burford only Consolidated Elimination of Burford only Capital Capital Due from settlement of capital provision assets $’000 $’000 $’000 $’000 $’000 At January 1, 2019 37,109 - 37,109 37,109 - Transfer of realizations from capital provision assets 539,359 143,679 395,680 218,807 176,873 Interest and other income 1,870 1,742 128 128 - Impairment (3,083) - (3,083) (3,083) - Proceeds received (491,252) (80,407) (410,845) (233,972) (176,873) Asset received in kind (29,645) (29,645) - - - At December 31, 2019 54,358 35,369 18,989 18,989 -

Asset management income (Tables

Asset management income (Tables)	12 Months Ended
Asset management income (Tables)	Dec. 31, 2020
Asset management income
Schedule of asset management income	$’000 $’000 $’000 Management fee income 8,706 15,160 10,936 Performance fee income 6,400 - 755 Total asset management income 15,106 15,160 11,691
Schedule of reconciliation of revenue on elimination of intra group income on consolidated basis	Consolidated Elimination of Burford only For the period ended December 31, 2020 $’000 $’000 $’000 Management fee income 8,706 2,748 11,454 Performance fee income 6,400 - 6,400 Income from BOF-C - 6,630 6,630 Total asset management income 15,106 9,378 24,484 Consolidated Elimination of Burford only For the period ended December 31, 2019 $’000 $’000 $’000 Management fee income 15,160 3,239 18,399 Performance fee income - 594 594 Income from BOF-C - 7,137 7,137 Total asset management income 15,160 10,970 26,130 Consolidated Elimination of Burford only For the period ended December 31, 2018 $’000 $’000 $’000 Management fee income 10,936 3,060 13,996 Performance fee income 755 1,048 1,803 Income from BOF-C - - - Total asset management income 11,691 4,108 15,799

Liabilities arising from insu_2

Liabilities arising from insurance contracts (Tables)	12 Months Ended
Liabilities arising from insurance contracts (Tables)	Dec. 31, 2020
Liabilities arising from insurance contracts
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts	2020 Gross Reinsurance Net $'000 $'000 $'000 Unearned premiums 10,903 (8,723) 2,180 Claims incurred but not reported reserve 1,693 (1,354) 339 Total 12,596 (10,077) 2,519 2019 Gross Reinsurance Net $'000 $'000 $'000 Unearned premiums 4,445 (3,556) 889 Claims incurred but not reported reserve 82 - 82 Total 4,527 (3,556) 971 Income Statement $'000 $'000 $'000 Gross premiums written 7,203 4,707 - Gross ceded reinsurance premiums (5,762) (3,766) - Movement in net unearned premium (1,195) (862) - Net premium earned 246 79 - Change in insurance claims reserves (241) (79) - Net income on insurance contracts 5 - - Insurance underwriting commission 172 56 - Insurance administrator commission 1,604 3,489 10,406 Total insurance income 1,781 3,545 10,406

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
Property, plant and equipment (Tables)	Dec. 31, 2020
Property, plant and equipment
Schedule of property, plant and equipment	Fixtures, Right of use Total Cost At January 1, 2019 3,202 5,552 8,754 Additions 3,398 13,115 16,513 Disposals (1,370) (295) (1,665) Exchange differences 21 47 68 Balance at December 31, 2019 5,251 18,419 23,670 Additions 360 - 360 Disposals - (2,376) (2,376) Exchange differences 63 118 181 Balance at December 31, 2020 5,674 16,161 21,835 Depreciation At January 1, 2019 (1,336) - (1,336) Change in period (912) (1,862) (2,774) Disposals 533 111 644 Exchange differences (10) (10) (20) Balance at December 31, 2019 (1,725) (1,761) (3,486) Change in period (1,073) (2,619) (3,692) Exchange differences (28) (36) (64) Balance at December 31, 2020 (2,826) (4,416) (7,242) Net book value At December 31, 2019 3,526 16,658 20,184 At December 31, 2020 2,848 11,745 14,593

Cash management assets (Tables)

Cash management assets (Tables)	12 Months Ended
Cash management assets (Tables)	Dec. 31, 2020
Cash management assets.
Schedule of cash management assets	$’000 $’000 At January 1 37,966 41,449 Purchase 3,172 6,410 Proceeds on disposal (23,548) (9,756) Net realized gains/(losses) on disposal (1,898) 65 Fair value movement 795 (211) Change in accrued interest (3) 9 Foreign exchange gain (losses) 110 - Balance at December 31 16,594 37,966
Schedule of cash management income and bank interest	$’000 $’000 $’000 Realized gains/(losses) (see above) (1,898) 65 527 Fair value movement (see above) 795 (211) (4,624) Interest and dividend income 1,096 1,987 1,990 Bank interest income 393 4,862 3,908 Total cash management income and bank interest 386 6,703 1,801

Operating expenses (Tables)

Operating expenses (Tables)	12 Months Ended
Operating expenses (Tables)	Dec. 31, 2020
Operating expenses
Schedule of operating expenses	$’000 $’000 $’000 Staff costs 57,094 49,191 48,198 Share based payments 5,282 4,519 1,686 Pension costs 1,526 1,285 736 Non-executive directors' remuneration** 576 484 415 Non-staff operating expenses 21,279 21,933 14,459 Case-related expenditures ineligible for inclusion in asset cost 1,757 2,903 1,734 Expenses related to equity and listing matters 7,907 1,754 - Expenses incurred by consolidated entities* Case-related expenditures ineligible for inclusion in asset cost 3,084 8,343 3,977 Non-staff operating expenses 832 990 626 Total operating expenses 99,337 91,402 71,831 * Additional information on non-employee director compensation is provided above under the heading “Director compensation” **
Schedule of auditors fees	Fees paid and payable to Ernst & Young LLP comprise: $’000 $’000 $’000 Audit fees 2,110 1,386 961 Audit-related fees 116 55 38 Tax fees 737 472 420 All other fees 1,035 14 166 Total fees 3,998 1,927 1,585

Other assets (Tables)

Other assets (Tables)	12 Months Ended
Other assets (Tables)	Dec. 31, 2020
Other assets.
Summary of other assets	$’000 $’000 Trade receivable – insurance 290 658 Trade receivable – services 776 1,547 Asset management receivables 713 825 Reinsurance assets 10,077 3,556 Prepayments 1,954 1,375 Financial asset held at amortized cost 500 500 Tax receivable 10,100 - Other receivables 7,544 4,802 Total other assets 31,954 13,263

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
Other liabilities (Tables)	Dec. 31, 2020
Other liabilities.
Summary of other liabilities	$’000 $’000 Audit fees payable 2,333 1,385 General expenses payable 37,394 24,782 Payable for capital provision assets 256 36 Lease liabilities 13,520 19,389 Insurance liabilities 12,596 4,527 Tax payable - 1,311 Total other liabilities 66,099 51,430
Summary of lease liabilities	$’000 $’000 At January 1 - Change in accounting policy- impact from adoption of IFRS 16 - 6,785 Restated at January 1 19,389 6,785 Additions - 13,115 Disposals (4,282) - Lease liabilities interest expense 1,252 869 Payments of lease liabilities during the year (2,943) (1,433) Exchange differences 104 53 At December 31 13,520 19,389

Loan capital (Tables)

Loan capital (Tables)	12 Months Ended
Loan capital (Tables)	Dec. 31, 2020
Loan capital
Schedule of retail bonds listed on the London Stock Exchange’s Order Book for Retail Bonds.	Retail bonds outstanding Issuance date August 19, 2014 April 26, 2016 June 1, 2017 February 12, 2018 Issuing entity (100% owned subsidiary) Burford Capital Burford Capital Burford Capital Burford Capital PLC PLC PLC Finance LLC Currency GBP GBP GBP USD Face amount (in currency) £ 90,000,000 £ 100,000,000 £ 175,000,000 $ 180,000,000 Maturity date August 19, 2022 October 26, 2024 December 1, 2026 August 12, 2025 Interest rate per annum 6.50 % 6.125 % 5.00 % 6.125 % Repurchased amount (in currency) £ 3,843,000 £ — £ — $ — Face amount outstanding (in currency) after repurchases* £ 86,157,000 £ 100,000,000 £ 175,000,000 $ 180,000,000 USD equivalent face value outstanding at exchange rate at issuance $ 143,176,000 $ 144,020,000 $ 225,803,000 $ 180,000,000 USD equivalent face value outstanding at December 31, 2020** $ 117,596,000 $ 136,490,000 $ 238,858,000 $ 180,000,000 Fair value equivalent: At December 31, 2020 $ 117,587,000 $ 133,726,000 $ 220,764,000 $ 174,006,000 At December 31, 2019 $ 119,871,000 $ 128,302,000 $ 208,924,000 $ 172,350,000 * In December of 2020 Burford repurchased £3,843,000 face amount of retail bonds maturing on August 18, 2022, for $4,935,000. **
Schedule of fair value equivalents for retail bonds	Retail bonds $’000 $’000 At January 1, 665,342 647,992 Loan capital finance costs 39,046 38,753 Interest paid (37,890) (37,568) Foreign exchange losses 15,836 16,165 Bond repurchases (4,964) — At December 31 677,370 665,342 Split: Loan capital 667,814 655,880 Loan interest payable 9,556 9,462 Total loan capital 677,370 665,342
Schedule of finance costs	Finance costs $’000 $’000 $’000 Loan capital interest expense 37,814 37,528 37,334 Bond issue costs incurred as finance costs 1,232 1,225 1,204 Loan capital finance costs (above) 39,046 38,753 38,538 Lease liabilities interest expense 1,252 869 - Total finance costs 40,298 39,622 38,538

Changes in liabilities arisin_2

Changes in liabilities arising from financing activities (Tables)	12 Months Ended
	Dec. 31, 2020
Changes in liabilities arising from financing activities
Summary of changes in liabilities arising from financing activities	Retail bonds $’000 $’000 At January 1 665,342 647,992 Cash flows: Issuance/(repayments) (net of issue costs) (4,964) - Interest paid (37,890) (37,568) Non-cash charges: Interest expense 37,814 37,528 Amortization of bond issue costs 1,232 1,225 Foreign exchange losses 15,836 16,165 At December 31 677,370 665,342

Intangible asset (Tables)

Intangible asset (Tables)	12 Months Ended
Intangible asset (Tables)	Dec. 31, 2020
Intangible asset
Summary of intangible asset	$'000 $'000 At January 1 8,703 18,198 Amortization (8,703) (9,495) At December 31 - 8,703 $'000 $'000 Acquisition of subsidiary 39,666 39,666 Accumulated amortization (39,666) (30,963) Net book value December 31 - 8,703

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
Goodwill (Tables)	Dec. 31, 2020
Goodwill
Summary of carrying value of goodwill	Services and Capital Asset other provision management corporate Total $'000 $'000 $'000 $'000 At January 1, 2020 107,991 25,020 988 133,999 Foreign exchange gains - - 33 33 At December 31, 2020 107,991 25,020 1,021 134,032 Services and Capital Asset other provision management corporate Total $'000 $'000 $'000 $'000 At January 1, 2019 107,991 25,020 955 133,966 Foreign exchange gains - - 33 33 At December 31, 2019 107,991 25,020 988 133,999
Summary of sensitivity to key assumptions	December 31, 2020 December 31, 2019 Capital Asset Capital Asset provision management provision management $'000 $'000 $'000 $'000 Assumption Sensitivity Discount rate 1 % (279,556) (12,662) (259,781) (17,829) Terminal growth rate (1) % (214,849) (9,773) (200,020) (14,373) Return on capital provision assets (1) % (165,300) (7,986) (198,301) (9,611)

Fair value of assets and liab_2

Fair value of assets and liabilities (Tables)	12 Months Ended
Fair value of assets and liabilities (Tables)	Dec. 31, 2020
Fair value of assets and liabilities
Summary of fair value of financial assets and liabilities	Level 1 Level 2 Level 3 Total December 31, 2020 $’000 $’000 $’000 $’000 Assets Capital provision assets: Single case - - 642,756 642,756 Portfolio - - 1,445,990 1,445,990 Legal risk management - - 2,212 2,212 Indirect - equity securities - - 85,166 85,166 Cash management investments 11,457 5,137 - 16,594 Total assets 11,457 5,137 2,176,124 2,192,718 Liabilities Capital provision asset subparticipations - - 14,107 14,107 Loan capital, at fair value* 646,083 - - 646,083 Third-party interests in consolidated entities - - 248,581 248,581 Total liabilities 646,083 - 262,688 908,771 Net total (634,626) 5,137 1,913,436 1,283,947 * Loan capital is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts. Level 1 Level 2 Level 3 Total December 31, 2019 $’000 $’000 $’000 $’000 Assets Capital provision assets: Single case - - 458,340 458,340 Portfolio - - 1,241,106 1,241,106 Legal risk management - - 1,619 1,619 Asset recovery - - 86,128 86,128 Indirect - equity securities 65,780 - 192,356 258,136 Equity securities 31,396 - - 31,396 Cash management investments 37,966 - - 37,966 Total assets 135,142 - 1,979,549 2,114,691 Liabilities Financial liabilities at fair value through profit or loss 91,493 - - 91,493 Capital provision asset subparticipations - - 13,944 13,944 Loan capital, at fair value* 629,447 - - 629,447 Third-party interests in consolidated entities - - 235,720 235,720 Total liabilities 720,940 - 249,664 970,604 Net total (585,798) - 1,729,885 1,144,087 * Loan capital is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts.
Movements in Level 3 fair value assets and liabilities	Transfers Foreign At January 1, Transfers between Income for exchange At December into level 3 types Additions Realizations the period gains/(losses) 31, 2020 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Single case 458,340 - 20,300 152,917 (168,639) 176,476 3,362 642,756 Portfolio 1,241,106 - 65,828 142,949 (178,018) 160,399 13,726 1,445,990 Legal risk management 1,619 - - - - 413 180 2,212 Asset recovery 86,128 - (86,128) - - - - - Indirect - equity securities 192,356 49,950 - - (173,049) 15,909 - 85,166 Total level 3 assets 1,979,549 49,950 - 295,866 (519,706) 353,197 17,268 2,176,124 Capital provision asset subparticipations (13,944) - - (224) - 61 - (14,107) Third-party interests in consolidated entities (235,720) - - (19,872) 19,862 (12,851) - (248,581) Total level 3 liabilities (249,664) - - (20,096) 19,862 (12,790) - (262,688) Transfer to At Transfers Income Foreign capital At January 1, into for the exchange provision asset December 31, level 3 Additions Realizations period gains/(losses) subparticipation $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Single case 217,703 - 179,727 (37,078) 97,787 201 - 458,340 Portfolio 1,058,979 - 116,232 (152,377) 209,265 (1,693) 10,700 1,241,106 Legal risk management 3,086 - - (1,762) 190 105 - 1,619 Asset recovery 42,217 - 30,439 (1,438) 13,485 1,425 - 86,128 Indirect - equity securities 108,549 210,501 149,152 (327,274) 51,428 - - 192,356 Derivative financial assets 4,154 - - - (4,154) - - - Total level 3 assets 1,434,688 210,501 475,550 (519,929) 368,001 38 10,700 1,979,549 Capital provision asset subparticipations (3,244) - - - - - (10,700) (13,944) Derivative financial liabilities (7,000) - - - 7,000 - - - Third-party interests in consolidated entities (136,959) - (167,685) 84,242 (15,318) - - (235,720) Total level 3 liabilities (147,203) - (167,685) 84,242 (8,318) - (10,700) (249,664)
Consolidated capital provision level 3 assets	At December 31, 2020 Positive fair value adjustments Negative fair value adjustments Weighted Weighted Total Aggregate average (2) Maximum Minimum Total Aggregate average (7) Maximum Minimum carrying FV FV FV FV carrying FV FV FV FV value Cost adjustment adjustment (1) adjustment (1) adjustment (1) value Cost adjustment adjustment (5) adjustment (5) adjustment (5) Asset fair valuation factors $'000 $'000 $'000 % % % $'000 $'000 $'000 % % % Market transactions (4) 772,980 41,003 731,977 NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Ruling or other objective pre-trial event 227,252 148,840 78,412 6,413 10,198 (37)% (60)% (32)% Trial court judgment or tribunal award 67,252 35,910 31,342 196 980 (80)% (80)% (80)% Appeal judgment 32,148 21,242 10,906 500 1,000 (50)% (50)% (50)% Settlements 88,827 64,091 24,736 12,000 29,875 (62)% (70)% (9)% Held at cost 580,190 580,190 — NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Portfolios with multiple FV factors (6) 294,340 202,238 92,102 (100)% 6,152 13,186 (60)% (60)% (60)% Priced at cost plus accrued interest 72,038 60,991 11,047 NA (3) NA (3) NA (3) 13,128 14,826 NA (3) NA (3) NA (3) Other 2,213 — 2,213 495 3,280 (85)% (85)% (85)% Totals: $2,137,240 $1,154,505 $982,735 $38,884 $73,345 ($34,461) Positive fair value adjustments Negative fair value adjustments Weighted Weighted Total Aggregate average (2) Maximum Minimum Total Aggregate average (7) Maximum Minimum carrying FV FV FV FV carrying FV FV FV FV value Cost adjustment adjustment (1) adjustment (1) adjustment (1) value Cost adjustment adjustment (5) adjustment (5) adjustment (5) Asset fair valuation factors $'000 $'000 $'000 % % % $'000 $'000 $'000 % % % Market transactions (4) 772,980 41,003 731,977 NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Ruling or other objective pre-trial event 227,252 148,840 78,412 6,413 10,198 (37)% (60)% (32)% Trial court judgment or tribunal award 67,252 35,910 31,342 196 980 (80)% (80)% (80)% Appeal judgment 32,148 21,242 10,906 500 1,000 (50)% (50)% (50)% Settlements 88,827 64,091 24,736 12,000 29,875 (62)% (70)% (9)% Held at cost 580,190 580,190 — NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Portfolios with multiple FV factors (6) 294,340 202,238 92,102 (100)% 6,152 13,186 (60)% (60)% (60)% Priced at cost plus accrued interest 72,038 60,991 11,047 NA (3) NA (3) NA (3) 13,128 14,826 NA (3) NA (3) NA (3) Other 2,213 — 2,213 495 3,280 (85)% (85)% (85)% Totals: $2,137,240 $1,154,505 $982,735 $38,884 $73,345 ($34,461) Total capital provision level 3 assets: Carrying value $’000 Cost $’000 Unrealized gain $’000 Capital provision - direct 2,090,958 1,152,033 938,925 Capital provision - indirect 85,166 75,817 9,349 Total capital provision 2,176,124 1,227,850 948,274 (1) As percentage of expected recovery above cost (2) Weighted by fair value of asset (3) Not valued based on a percentage of expected recovery (4) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (5) As percentage of cost (6) Portfolios where the underlying cases have multiple FV factors: If a portfolio’s cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (7) Weighted by cost of asset At December 31, 2019 Positive fair value adjustments Negative fair value adjustments Weighted Weighted Total Aggregate average (2) Maximum Minimum Total Aggregate average (7) Maximum Minimum carrying FV FV FV FV carrying FV FV FV FV value Cost adjustment adjustment (1) adjustment (1) adjustment (1) value Cost adjustment adjustment (5) adjustment (5) adjustment (5) Asset fair valuation factors $'000 $'000 $'000 % % % $'000 $'000 $'000 % % % Market transactions(4) 773,133 39,190 733,943 NA (3) NA (3) NA (3) — — — NA (3) NA (3) NA (3) Ruling or other objective pre-trial event 71,592 51,046 20,546 9,897 18,050 (45)% (100)% (32)% Trial court judgment or tribunal award 45,367 26,092 19,275 — 980 (60)% (60)% (60)% Appeal judgment 21,431 16,242 5,189 392 6,000 (40)% (50)% (38)% Settlements 66,156 51,078 15,078 3,625 27,053 (54)% (70)% (9)% Held at cost 586,768 586,768 — NA (3) NA (3) NA (3) 12,263 — 12,263 NA (3) NA (3) NA (3) Portfolios with multiple FV factors(6) 193,900 161,984 31,916 (100)% — — — NA (3) NA (3) NA (3) Priced at cost plus accrued interest 179,147 143,610 35,537 NA (3) NA (3) NA (3) 13,209 14,826 NA (3) NA (3) NA (3) Other 1,619 — 1,619 1,050 19,088 (94)% (100)% (64)% Totals: $1,939,113 $1,076,000 $863,103 $40,436 $85,997 ($45,561) — — Total capital provision level 3 assets: Carrying value $’000 Cost $’000 Unrealized gain $000 Capital provision - direct 1,787,193 1,003,571 783,622 Capital provision - indirect 192,356 158,436 33,920 Total capital provision 1,979,549 1,162,007 817,542 (8) As percentage of expected recovery above cost (9) Weighted by fair value of asset (10) Not valued based on a percentage of expected recovery (11) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (12) As percentage of cost (13) Portfolios where the underlying cases have multiple FV factors: If a portfolio's cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (14) Weighted by cost of asset

Risk management (Tables)

Risk management (Tables)	12 Months Ended
Risk management (Tables)	Dec. 31, 2020
Risk management
Group’s financial liabilities based on contractual undiscounted payments.	Total Less than 3 to 6 6 to 12 1 to 5 Greater than No contractual undiscounted 3 months months months years 5 years maturity date cash outflows December 31, 2020 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Loan interest payable 9,342 10,151 19,493 163,596 11,942 — 214,524 Other liabilities 40,582 600 1,203 8,319 6,541 — 57,245 Loan capital — — — 434,313 238,858 — 673,171 Capital provision asset subparticipations — — — — — 14,107 14,107 Third-party interests in consolidated entities — — — — — 248,581 248,581 49,924 10,751 20,696 606,228 257,341 262,688 1,207,628 Total Less than 3 to 6 6 to 12 1 to 5 Greater than No contractual undiscounted 3 months months months years 5 years maturity date cash outflows December 31, 2019 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Financial liabilities at fair value through profit or loss 91,493 — — — — — 91,493 Due to brokers 51,401 — — — — — 51,401 Loan interest payable 9,376 9,825 19,201 138,155 34,143 — 210,700 Other liabilities 28,072 791 1,587 12,455 10,029 — 52,934 Loan capital — — — 250,990 411,175 — 662,165 Capital provision asset subparticipations — — — — — 13,944 13,944 Third-party interests in consolidated entities — — — — — 235,720 235,720 180,342 10,616 20,788 401,600 455,347 249,664 1,318,357
Assets and liabilities split between a current and non-current classification.	December 31, 2020 December 31, 2019 Current Non-current Total Current Non-current Total Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 322,189 — 322,189 186,621 — 186,621 Cash management assets 16,594 — 16,594 37,966 — 37,966 Due from brokers — — — 95,226 — 95,226 Other assets 21,377 10,577 31,954 9,207 4,056 13,263 Due from settlement of capital provision assets 28,802 3,750 32,552 50,608 3,750 54,358 Capital provision assets — 2,176,124 2,176,124 — 2,045,329 2,045,329 Equity securities — — — 31,367 29 31,396 Property, plant and equipment — 14,593 14,593 — 20,184 20,184 Intangible asset — — — — 8,703 8,703 Goodwill — 134,032 134,032 — 133,999 133,999 Deferred tax asset — 256 256 — 24,939 24,939 Total assets 388,962 2,339,332 2,728,294 410,995 2,240,989 2,651,984 December 31, 2020 December 31, 2019 Current Non-current Total Current Non-current Total Liabilities $'000 $'000 $'000 $'000 $'000 $'000 Financial liabilities at fair value through profit or loss — — — 91,493 — 91,493 Due to brokers — — — 51,401 — 51,401 Loan interest payable 9,556 — 9,556 9,462 — 9,462 Other liabilities 41,759 24,340 66,099 29,324 22,106 51,430 Loan capital — 667,814 667,814 — 655,880 655,880 Capital provision asset subparticipations — 14,107 14,107 — 13,944 13,944 Third-party interests in consolidated entities — 248,581 248,581 — 235,720 235,720 Deferred tax liability — 22,325 22,325 — 9,662 9,662 Total liability 51,315 977,167 1,028,482 181,680 937,312 1,118,992
Schedule of net exposure to currency risk	Capital Other net assets/ $'000 $'000 US dollar 1,923,819 14,393 Sterling 79,748 (490,626) Euro 168,975 78 Australian dollar 3,582 (157) Swiss Franc — — 2,176,124 (476,312) At December 31, 2019, the Group’s net exposure to currency risk was analyzed as follows: Capital Other net assets/ $'000 $'000 US dollar 1,837,750 (31,425) Sterling 65,290 (480,912) Euro 139,418 — Australian Dollar 2,689 — Swiss Franc 182 — 2,045,329 (512,337) $'000 $'000 Sterling (41,088) (41,562) Euro 16,905 13,942 Australian Dollar 343 269 Swiss Franc — 18
Schedule of exposure to interest rate risk	$'000 $'000 Non interest-bearing 1,910,683 1,666,761 Interest-bearing -floating 390,662 374,904 Interest-bearing -fixed rate (601,533) (508,673) Total net assets 1,699,812 1,532,992
Schedule of maturity profile of interest-bearing assets and liabilities	Floating Fixed Total Maturity period at December 31, 2020 $'000 $'000 $'000 Assets Less than 3 months 329,570 1,154 330,724 3 to 6 months — 1,575 1,575 6 to 12 months — 1,606 1,606 1 to 2 years — 1,717 1,717 Greater than 2 years 61,092 65,585 126,677 Liabilities — 1 to 2 years — (117,823) (117,823) Greater than 2 years — (555,347) (555,347) Net asset/(liabilities) 390,662 (601,533) (210,871) Floating Fixed Total Maturity period at December 31, 2019 $'000 $'000 $'000 Assets Less than 3 months 310,646 955 311,601 3 to 6 months — 802 802 6 to 12 months — 654 654 1 to 2 years — 2,140 2,140 Greater than 2 years 64,258 148,941 213,199 Liabilities Greater than 2 years — (662,165) (662,165) Net asset/(liabilities) 374,904 (508,673) (133,769)

Structured entities (Tables)

Structured entities (Tables)	12 Months Ended
Structured entities (Tables)	Dec. 31, 2020
Structured entities
Schedule of interests in, and exposure to, unconsolidated structured entities	Investment funds Other Total As at December 31, 2020 $'000 $'000 $'000 Capital provision assets — 14,910 14,910 Other assets 5,664 — 5,664 Total on balance sheet exposures 5,664 14,910 20,574 Off balance sheet – undrawn commitments — 8,935 8,935 Maximum exposure to loss 5,664 23,845 29,509 Total assets of the entity 927,913 14,910 942,823 Investment funds Other Total As at December 31, 2019 $'000 $'000 $'000 Capital provision assets — 11,075 11,075 Other assets 2,012 — 2,012 Total on balance sheet exposures 2,012 11,075 13,087 Off balance sheet – undrawn commitments — 10,747 10,747 Maximum exposure to loss 2,012 21,822 23,834 Total assets of the entity 923,346 11,075 934,421

Share capital (Tables)

Share capital (Tables)	12 Months Ended
Share capital (Tables)	Dec. 31, 2020
Share capital
Schedule of shares authorized, issued and outstanding	Authorized share capital Unlimited ordinary shares of no par value — — — Issued share capital Ordinary shares of no par value Contingent Shares held by Share share employee capital capital benefit trust Total $'000 $'000 $'000 $'000 At January 1, 2020 596,454 13,500 - 609,954 Share capital issued 2,359 - (2,359) - Shares distributed - - 2,265 2,265 Share capital issue costs - - - - At December 31, 2020 598,813 13,500 (94) 612,219 Contingent Shares held by Share share employee capital capital benefit trust Total $'000 $'000 $'000 $'000 At January 1, and December 31, 2019 596,454 13,500 - 609,954 Contingent Shares held by Share share employee capital capital benefit trust Total $'000 $'000 $'000 $'000 At January 1, 2018 351,249 13,500 - 364,749 Share capital issued 249,983 - 249,983 Share capital issue costs (4,778) - - (4,778) At December 31, 2018 596,454 13,500 609,954

Long term incentive plan (Table

Long term incentive plan (Tables)	12 Months Ended
Long term incentive plan (Tables)	Dec. 31, 2020
Long term incentive plan
Schedule of movement in the outstanding awards during the year	LTIP Activity (Shares in thousands) Unvested LTIP awards at January 1 1,346 700 LTIP vested and distributed (384) - New LTIP awards granted 1,715 695 Lapsed awards (18) (49) Unvested LTIP awards at December 31 2,659 1,346 LTIP awards scheduled to vest during 2021 274 401
Schedule of fair values and key assumptions used for valuing grants	Awards granted (number of shares) 1,715,030 695,330 288,752 506,637 Dividend yield (%) % 1.00 % 1.90 % 2.80 % Expected volatility (%) % 40.8 % 35.6 % 25.8 % Risk-free interest rate (%) -0.02 % 0.63 % 0.93 % 0.15 % Expected life of share awards (years) 3 3 3 Weighted average fair value ($) 15.85 16.72 9.10 Weighted average share price ($) 16.78 19.46 10.27 Model used Monte Carlo Monte Carlo Monte Carlo Monte Carlo

Dividends (Tables)

Dividends (Tables)	12 Months Ended
Dividends (Tables)	Dec. 31, 2020
Dividends
Schedule of Interim and final dividends	Record date Record date Record date Interim dividend — 4.17 ¢ November 15, 2019 3.67 ¢ November 9, 2018 Final dividend 12.50 ¢ May, 28, 2021 — 8.83 ¢ May 24, 2019 Total dividend 12.50 ¢ 4.17¢ 12.50 ¢

Financial commitments and con_2

Financial commitments and contingent liabilities (Tables)	12 Months Ended
Financial commitments and contingent liabilities (Tables)	Dec. 31, 2020
Financial commitments and contingent liabilities
Summary of outstanding and deployed commitments	Elimination of Consolidated third-party Burford only December 31, 2020 $'000 $'000 $'000 Definitive 477,921 (130,694) 347,227 Discretionary 682,721 (107,958) 574,763 Total 1,160,642 (238,652) 921,990 Legal risk (definitive) 93,970 (6,233) 87,737 Elimination of Consolidated third-party Burford only December 31, 2019 $'000 $'000 $'000 Definitive 342,452 (53,939) 288,513 Discretionary 639,102 (99,007) 540,095 Total 981,554 (152,946) 828,608 Legal risk (definitive) 89,294 (6,233) 83,061 Consolidated Elimination of Burford only Deployments on commitments in 2020 $'000 $'000 $'000 Outstanding commitments at December 31, 2019 981,554 (152,946) 828,608 Deployed in 2020 111,340 (13,889) 97,451 Deployed in 2020 (%) 11 % — 12 % Consolidated Elimination of Burford only Deployments on commitments in 2019 $'000 $'000 $'000 Outstanding commitments at December 31, 2018 646,631 (31,791) 614,840 Deployed in 2019 99,145 (5,123) 94,022 Deployed in 2019 (%) 15 % — 15 % Consolidated Elimination of Burford only Deployments on commitments in 2018 $'000 $'000 $'000 Outstanding commitments at December 31, 2017 503,435 — 503,435 Deployed in 2017 152,498 — 152,498 Deployed in 2017 (%) 30 % — 30 %

Basis of preparation and prin_4

Basis of preparation and principal accounting policies (Details)	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Basis of preparation and principal accounting policies
Ownership interest (as a percent)	100.00%
Non-controlling interests ownership interest percentage	100.00%
Gain or loss on sale of shares	$ 0
Number of operating business segments \| segment	3
Gain or loss on foreign currency transactions	$ 1,120,000	$ 1,125,000	$ 1,880,000

Basis of preparation and prin_5

Basis of preparation and principal accounting policies - Tangible fixed assets (Details)	12 Months Ended
	Dec. 31, 2020
Fixtures, fittings and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Asset, Useful life	5 years
Computer hardware and software
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Asset, Useful life	3 years

Reconciliation of net cash fr_3

Reconciliation of net cash from operating activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of net cash from operating activities
Income on capital provision assets	$ (344,249)	$ (370,898)	$ (411,612)
Interest and other income from capital provision assets	(199)	(1,870)	(1,692)
Increase in capital provision asset subparticipation			92
Loss/(gain) on equity securities	22	(1,169)	4,852
Asset recovery fee for services income	(804)	(2,133)	(1,650)
Loss on derivative financial asset		4,154	3,462
Realised gain on derivative financial liabilities		(7,000)	(2,250)
Loss/(income) on cash management assets	1,106	137	4,139
Loss on financial liabilities at fair value through profit and loss	4,779	20,872	3,010
Third-party share of profits relating to interests in consolidated entities	12,851	15,318	3,348
Decrease/(increase) in other assets	(12,264)	3,777	(26,080)
Increase/(decrease) in other liabilities	23,890	(3,488)	24,755
Increase in payable for capital provision assets	220	36
Finance costs	40,298	39,622	38,538
Amortisation and depreciation of intangible assets and property, plant and equipment	9,776	12,017	10,111
Impairment		4,083
Right-of-use assets and associated lease liability	713	970
Other non-cash including exchange rate movement	(6,910)	4,071	6,598
Total changes in operating assets and liabilities	$ (270,771)	$ (281,501)	$ (344,379)

Reconciliation of net cash fr_4

Reconciliation of net cash from operating activities - Cash inflows and outflows for capital provision assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Proceeds	$ 548,593	$ 491,252	$ 602,687
Increase in payable for capital provision assets	220	36
New funding	(295,866)	(562,018)	(771,409)
Capital provision- direct assets
Disclosure of financial assets [line items]
Proceeds	345,564	207,167	286,872
Increase in payable for capital provision assets	220	36
New funding	(295,866)	(337,862)	(419,615)
Capital provision-indirect assets
Disclosure of financial assets [line items]
Proceeds	203,029	284,085	315,815
New funding		(224,156)	(351,794)
Capital provision assets
Disclosure of financial assets [line items]
Proceeds	548,593	491,252	602,687
Increase in payable for capital provision assets	220	36
New funding	$ (295,866)	$ (562,018)	$ (771,409)

Taxation - Schedule of income t

Taxation - Schedule of income tax expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Taxation
Profit for the year before taxation	$ 208,635,000	$ 225,524,000	$ 305,114,000
Corporation tax at country rate	41,880,000	(3,227,000)	(15,926,000)
Factors affecting charge:
Adjustment in respect of prior year	258,000	3,027,000	2,250,000
Deferred tax not recognized in prior period	(10,966,000)
Tax losses not recognized	2,576,000	12,979,000	340,000
Costs not allowable for tax	2,457,000	74,000	82,000
Other	732,000	564,000	791,000
Total taxation expense/(credit)	36,937,000	13,417,000	(12,463,000)
Cash taxes paid	$ 10,979,000	$ 694,000	$ 2,273,000

Taxation - Schedule of taxation

Taxation - Schedule of taxation charge (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of geographical areas [line items]
Non-resident taxation charge		$ 110	$ 179
Total taxation expense/(credit)	$ 36,937	13,417	(12,463)
US
Disclosure of geographical areas [line items]
Subsidiaries taxation charge	2,390	340	1,790
Deferred taxation charge/(credit)	34,498	9,476	(14,241)
Singapore
Disclosure of geographical areas [line items]
Subsidiaries taxation charge	21
Deferred taxation charge/(credit)	(51)
Irish
Disclosure of geographical areas [line items]
Subsidiaries taxation charge	(18)	3,272	(191)
UK
Disclosure of geographical areas [line items]
Subsidiaries taxation charge	42	290	79
Deferred taxation charge/(credit)	61	$ (71)	$ (79)
AUS
Disclosure of geographical areas [line items]
Deferred taxation charge/(credit)	$ (6)

Taxation - Schedule of net defe

Taxation - Schedule of net deferred tax asset (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of geographical areas [line items]
Unrecognized deferred tax asset	$ 10,928,000	$ 0
Recognized deferred tax assets	1,005,000	0
Unrecognized deferred tax asset not subject to expiration date	6,465,000	3,488,000
Balance at January 1	24,939,000	28,848,000
Foreign exchange adjustment	7,000	8,000
Balance at December 31	256,000	24,939,000
Balance at January 1	9,662,000	4,099,000
Foreign exchange adjustment	8,000	7,000
Balance at December 31	22,325,000	9,662,000
Net deferred tax (liability)/asset	(22,069,000)	15,277,000
US
Disclosure of geographical areas [line items]
Movement on deferred tax – temporary differences	(24,676,000)	(4,112,000)
Movement on deferred tax – temporary difference	12,643,000	5,363,000
UK
Disclosure of geographical areas [line items]
Movement on deferred tax – temporary differences	(50,000)	195,000
Movement on deferred tax – temporary difference	12,000	$ 193,000
AUS
Disclosure of geographical areas [line items]
Movement on deferred tax – temporary differences	27,000
Singapore
Disclosure of geographical areas [line items]
Movement on deferred tax – temporary differences	$ 9,000

Taxation - Schedule of analysis

Taxation - Schedule of analysis of net deferred tax asset by type (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax (liability)/asset	$ (22,069)	$ 15,277
Staff compensation and benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax (liability)/asset	6,965	5,047
GKC acquisition costs
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax (liability)/asset	(4,925)	(3,323)
Investment fair value adjustments
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax (liability)/asset	(26,336)	(4,236)
Capital allowances
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax (liability)/asset	(541)	(332)
Interest and other deduction limitations
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax (liability)/asset	$ 2,768	1,257
Net operating loss carry-forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net deferred tax (liability)/asset		$ 16,864

Segmental information (Details)

Segmental information (Details)	12 Months Ended
Segmental information (Details)	Dec. 31, 2020segment
Segmental information
Number of operating segments	3

Segmental information - Consoli

Segmental information - Consolidated segment revenue and results (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Income	$ 356,973,000	$ 366,043,000	$ 424,977,000
Operating expenses	(99,337,000)	(91,402,000)	(71,831,000)
Amortization of intangible asset arising on acquisition	(8,703,000)	(9,495,000)	(9,494,000)
Finance costs	(40,298,000)	(39,622,000)	(38,538,000)
Profit/(loss) for the year before taxation	208,635,000	225,524,000	305,114,000
Taxation	36,937,000	13,417,000	(12,463,000)
Other comprehensive income	(10,206,000)	(17,525,000)	24,701,000
Total comprehensive income	161,492,000	194,582,000	342,278,000
Services transferred over time
Disclosure of operating segments [line items]
Income	17,691,000	20,838,000	23,747,000
Capital provision
Disclosure of operating segments [line items]
Income	326,796,000	336,510,000	400,882,000
Operating expenses	(53,971,000)	(57,919,000)	(44,046,000)
Profit/(loss) for the year before taxation	272,825,000	278,591,000	356,836,000
Taxation	(35,080,000)	(10,826,000)	15,193,000
Total comprehensive income	237,745,000	267,765,000	372,029,000
Asset management
Disclosure of operating segments [line items]
Income	15,106,000	15,160,000	11,691,000
Operating expenses	(24,521,000)	(19,797,000)	(12,175,000)
Profit/(loss) for the year before taxation	(9,415,000)	(4,637,000)	(484,000)
Taxation	(2,647,000)	89,000	(164,000)
Total comprehensive income	(12,062,000)	(4,548,000)	(648,000)
Asset management \| Services transferred over time
Disclosure of operating segments [line items]
Income	15,106,000	15,160,000	11,691,000
Services and other corporate
Disclosure of operating segments [line items]
Income	15,071,000	14,373,000	12,404,000
Operating expenses	(20,845,000)	(13,686,000)	(15,610,000)
Amortization of intangible asset arising on acquisition	(8,703,000)	(9,495,000)	(9,494,000)
Finance costs	(40,298,000)	(39,622,000)	(38,538,000)
Profit/(loss) for the year before taxation	(54,775,000)	(48,430,000)	(51,238,000)
Taxation	790,000	(2,680,000)	(2,566,000)
Other comprehensive income	(10,206,000)	(17,525,000)	24,701,000
Total comprehensive income	(64,191,000)	(68,635,000)	(29,103,000)
Services and other corporate \| Services transferred over time
Disclosure of operating segments [line items]
Income	$ 2,585,000	$ 5,678,000	$ 12,056,000

Segmental information - Conso_2

Segmental information - Consolidated segment assets and liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 322,189,000	$ 186,621,000	$ 265,551,000	$ 135,415,000
Cash management assets	16,594,000	37,966,000	41,449,000
Due from brokers		95,226,000
Other assets	31,954,000	13,263,000
Due from settlement of capital provision assets	32,552,000	54,358,000
Capital provision assets	2,176,124,000	2,045,329,000	1,641,035,000
Equity securities		31,396,000
Property, plant and equipment	14,593,000	20,184,000
Intangible asset		8,703,000	18,198,000
Goodwill.	134,032,000	133,999,000
Deferred tax asset	256,000	24,939,000	28,848,000
Total assets	2,728,294,000	2,651,984,000
Liabilities
Financial liabilities at fair value through profit or loss		91,493,000
Due to brokers		51,401,000
Loan interest payable	9,556,000	9,462,000
Other liabilities	66,099,000	51,430,000
Loan capital	667,814,000	655,880,000
Capital provision asset subparticipations	14,107,000	13,944,000
Third-party interests in consolidated entities	248,581,000	235,720,000
Deferred tax liabilities	22,325,000	9,662,000	$ 4,099,000
Total liabilities	1,028,482,000	1,118,992,000
Total net assets	1,699,812,000	1,532,992,000
Capital provision
Assets
Cash and cash equivalents	173,176,000	122,909,000
Due from brokers		95,226,000
Other assets	23,194,000	6,462,000
Due from settlement of capital provision assets	32,552,000	54,358,000
Capital provision assets	2,176,124,000	2,045,329,000
Equity securities		31,396,000
Property, plant and equipment	13,041,000	15,380,000
Deferred tax asset		23,718,000
Total assets	2,418,087,000	2,394,778,000
Liabilities
Financial liabilities at fair value through profit or loss		91,493,000
Due to brokers		51,401,000
Other liabilities	731,000	220,000
Capital provision asset subparticipations	14,107,000	13,944,000
Third-party interests in consolidated entities	248,581,000	235,720,000
Deferred tax liabilities	17,695,000	5,400,000
Total liabilities	281,114,000	398,178,000
Total net assets	2,136,973,000	1,996,600,000
Asset management
Assets
Cash and cash equivalents	60,000	248,000
Other assets	5,664,000	2,012,000
Total assets	5,724,000	2,260,000
Liabilities
Other liabilities	661,000	467,000
Total liabilities	661,000	467,000
Total net assets	5,063,000	1,793,000
Services and other corporate
Assets
Cash and cash equivalents	148,953,000	63,464,000
Cash management assets	16,594,000	37,966,000
Other assets	3,096,000	4,789,000
Property, plant and equipment	1,552,000	4,804,000
Intangible asset		8,703,000
Goodwill.	134,032,000	133,999,000
Deferred tax asset	256,000	1,221,000
Total assets	304,483,000	254,946,000
Liabilities
Loan interest payable	9,556,000	9,462,000
Other liabilities	64,707,000	50,743,000
Loan capital	667,814,000	655,880,000
Deferred tax liabilities	4,630,000	4,262,000
Total liabilities	746,707,000	720,347,000
Total net assets	$ (442,224,000)	$ (465,401,000)

Capital provision assets - Reco

Capital provision assets - Reconciliation of capital provision assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Capital Provision Assets
At January 1	$ 2,651,984
Additions	295,866	$ 562,018
Realizations	(526,588)	(539,359)
Income for the period	344,249	370,898
Transfer to capital provision asset subparticipation		10,700
Foreign exchange gains	17,268	37
At December 31	2,728,294	2,651,984
Capital provision assets
Capital Provision Assets
At January 1	2,045,329
At December 31	2,176,124	2,045,329
Capital provision assets \| Financial assets at fair value through profit and loss
Capital Provision Assets
At January 1	2,045,329	1,641,035
Additions	295,866	562,018
Realizations	(526,588)	(539,359)
Income for the period	344,249	370,898
Transfer to capital provision asset subparticipation		10,700
Foreign exchange gains	17,268	37
At December 31	$ 2,176,124	$ 2,045,329

Capital provision assets - Capi

Capital provision assets - Capital provision assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capital Provision Assets
Total capital provision assets	$ 2,728,294	$ 2,651,984
Capital provision assets
Capital Provision Assets
Total capital provision assets	2,176,124	2,045,329
Capital provision assets \| Financial assets at fair value through profit and loss
Capital Provision Assets
Total capital provision assets	2,176,124	2,045,329	$ 1,641,035
Capital provision-direct assets \| Financial assets at fair value through profit and loss
Capital Provision Assets
Total capital provision assets	2,090,958	1,787,193
Capital provision-indirect assets \| Financial assets at fair value through profit and loss
Capital Provision Assets
Total capital provision assets	$ 85,166	$ 258,136

Capital provision assets - Ca_2

Capital provision assets - Capital provision income - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capital provision assets
Realised gains relative to cost	$ 205,478	$ 151,886	$ 169,901
Previous unrealized (gains)/losses transferred to realized gains/(losses)	(15,263)	(85,789)	(79,694)
Fair value adjustment in the period	151,637	289,795	310,405
Interest income on certain indirect capital provision assets	2,397	15,006	11,000
Income on capital provision assets	344,249	370,898	411,612
Interest and other income	199	1,870	1,692
Impairment of receivables		(4,083)
Realized gain on derivative financial liabilities		7,000	2,250
Realized loss on derivative financial assets		(4,154)	(3,462)
Loss on financial liabilities at fair value through profit or loss	(4,779)	(20,872)	(3,010)
Gain/(loss) on equity securities	(22)	1,169	(4,852)
Total capital provision income as reported on the consolidated statement of comprehensive income	$ 339,647	$ 351,828	$ 404,230

Capital provision assets - Narr

Capital provision assets - Narratives (Details) - USD ($)	12 Months Ended
Capital provision assets - Narratives (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capital Provision Assets
YPF-related assets	$ 2,728,294,000	$ 2,651,984,000
Capital provision income	339,647,000	351,828,000	$ 404,230,000
Realised gains relative to cost	205,478,000	151,886,000	169,901,000
Previous unrealised gains transferred to realised gains	(15,263,000)	(85,789,000)	(79,694,000)
Fair value adjustment	151,637,000	289,795,000	310,405,000
Aggregate participants interest paid	$ 5,408,000
Percentage of entitlement proceeds.	15.00%
Capital provision assets
Capital Provision Assets
YPF-related assets	$ 2,176,124,000	2,045,329,000
Capital provision assets \| Financial assets at fair value through profit and loss
Capital Provision Assets
YPF-related assets	2,176,124,000	2,045,329,000	$ 1,641,035,000
Capital provision assets \| Financial assets at fair value through profit and loss \| YPF
Capital Provision Assets
YPF-related assets	773,000,000	773,000,000
Unrealized gain	$ 732,000,000	$ 734,000,000

Capital provision assets - Cons

Capital provision assets - Consolidated Statement of Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
As at January 1	$ 2,045,329,000	$ 1,641,035,000
Additions	295,866,000	562,018,000
Realizations	(526,588,000)	(539,359,000)
Income for the period	344,249,000	370,898,000
Transfer to capital provision asset subparticipation		10,700,000
Foreign exchange (losses)/gains	17,268,000	37,000
At end of period	2,176,124,000	2,045,329,000	$ 1,641,035,000
Unrealized fair value at end of period	948,274,000	808,320,000
Realizations amounts	526,588,000	539,359,000
Realized gains/(losses) relative to cost	205,478,000	151,886,000	169,901,000
Previous unrealized (gains)/losses transferred to realized gains/(losses)	(15,263,000)	(85,789,000)	(79,694,000)
Fair value adjustment in the period	151,637,000	289,795,000	310,405,000
Interest income on certain indirect capital provision assets	2,397,000	15,006,000	11,000,000
Income on capital provision assets	344,249,000	370,898,000	411,612,000
Interest and other income	199,000	1,870,000	1,692,000
Impairment of receivables		(4,083,000)
Realized gain on derivative financial liabilities		7,000,000	2,250,000
Realized loss on derivative financial assets		(4,154,000)	(3,462,000)
Loss on financial liabilities at fair value through profit or loss	(4,779,000)	(20,872,000)	(3,010,000)
Gain loss on equity securities	(22,000)	1,169,000	(4,852,000)
Total capital provision income as reported on the consolidated statement of comprehensive income	339,647,000	351,828,000	404,230,000
Burford only
Disclosure of financial assets [line items]
As at January 1	1,833,990,000	1,521,591,000
Additions	275,994,000	388,822,000
Realizations	(526,302,000)	(395,680,000)
Income for the period	318,727,000	314,700,000
Transfer to capital provision asset subparticipation		4,459,000
Foreign exchange (losses)/gains	16,803,000	98,000
At end of period	1,919,212,000	1,833,990,000	1,521,591,000
Unrealized fair value at end of period	914,747,000	776,100,000
Realizations amounts	526,302,000	395,680,000
Realized gains/(losses) relative to cost	181,599,000	128,424,000	156,755,000
Previous unrealized (gains)/losses transferred to realized gains/(losses)	8,162,000	(79,285,000)	(76,526,000)
Fair value adjustment in the period	128,966,000	265,561,000	314,848,000
Income on capital provision assets	318,727,000	314,700,000	395,077,000
Interest and other income		128,000	50,000
Impairment of receivables		(4,083,000)
Realized gain on derivative financial liabilities		7,000,000	2,250,000
Loss on financial liabilities at fair value through profit or loss		(405,000)
Gain loss on equity securities	(22,000)	(553,000)	(4,852,000)
Loss on capital provision asset subparticipations	(4,675,000)	(7,000)
Total capital provision income as reported on the consolidated statement of comprehensive income	314,030,000	316,780,000	392,525,000
Burford only \| Capital provision-direct assets
Disclosure of financial assets [line items]
As at January 1	1,649,389,000	1,289,548,000
Additions	225,447,000	272,016,000
Realizations	(336,644,000)	(218,807,000)
Income for the period	321,002,000	302,075,000
Transfer to capital provision asset subparticipation		4,459,000
Foreign exchange (losses)/gains	16,803,000	98,000
At end of period	1,875,997,000	1,649,389,000	1,289,548,000
Unrealized fair value at end of period	914,920,000	772,083,000
Realizations amounts	336,644,000	218,807,000
Realized gains/(losses) relative to cost	179,684,000	120,522,000	142,044,000
Previous unrealized (gains)/losses transferred to realized gains/(losses)	13,644,000	(79,424,000)	(70,523,000)
Fair value adjustment in the period	127,674,000	260,977,000	313,121,000
Income on capital provision assets	321,002,000	302,075,000	384,642,000
Interest and other income		128,000	50,000
Impairment of receivables		(4,083,000)
Realized gain on derivative financial liabilities		7,000,000	2,250,000
Loss on financial liabilities at fair value through profit or loss		(405,000)
Gain loss on equity securities	(22,000)	(553,000)	(4,852,000)
Loss on capital provision asset subparticipations	(4,675,000)	(7,000)
Total capital provision income as reported on the consolidated statement of comprehensive income	316,305,000	304,155,000	382,090,000
Burford only \| Capital provision-indirect assets
Disclosure of financial assets [line items]
As at January 1	184,601,000	232,043,000
Additions	50,547,000	116,806,000
Realizations	(189,658,000)	(176,873,000)
Income for the period	(2,275,000)	12,625,000
At end of period	43,215,000	184,601,000	232,043,000
Unrealized fair value at end of period	(173,000)	4,017,000
Realizations amounts	189,658,000	176,873,000
Realized gains/(losses) relative to cost	1,915,000	7,902,000	14,711,000
Previous unrealized (gains)/losses transferred to realized gains/(losses)	(5,482,000)	139,000	(6,003,000)
Fair value adjustment in the period	1,292,000	4,584,000	1,727,000
Income on capital provision assets	(2,275,000)	12,625,000	10,435,000
Total capital provision income as reported on the consolidated statement of comprehensive income	(2,275,000)	12,625,000	10,435,000
Burford only \| Assets warehoused by subsidiary company
Disclosure of financial assets [line items]
Realizations		(20,735,000)
Realizations amounts		20,735,000
Burford only \| Assets warehoused and transferred to managed fund
Disclosure of financial assets [line items]
Additions and realization		12,343,000
Elimination of third-party entity interests
Disclosure of financial assets [line items]
As at January 1	(211,339,000)	(119,444,000)
Additions	(19,872,000)	(173,196,000)
Realizations	286,000	(143,679,000)
Income for the period	(25,522,000)	(56,198,000)
Transfer to capital provision asset subparticipation		(6,241,000)
Foreign exchange (losses)/gains	(465,000)	61,000
At end of period	(256,912,000)	(211,339,000)	(119,444,000)
Unrealized fair value at end of period	(33,527,000)	(32,220,000)
Realizations amounts	(286,000)	143,679,000
Realized gains/(losses) relative to cost	(23,879,000)	(23,462,000)	(13,146,000)
Previous unrealized (gains)/losses transferred to realized gains/(losses)	23,425,000	6,504,000	3,168,000
Fair value adjustment in the period	(22,671,000)	(24,234,000)	4,443,000
Interest income on certain indirect capital provision assets	(2,397,000)	(15,006,000)	(11,000,000)
Income on capital provision assets	(25,522,000)	(56,198,000)	(16,535,000)
Interest and other income	(199,000)	(1,742,000)	(1,642,000)
Realized loss on derivative financial assets		4,154,000	3,462,000
Loss on financial liabilities at fair value through profit or loss	4,779,000	20,467,000	3,010,000
Gain loss on equity securities		(1,722,000)
Loss on capital provision asset subparticipations	(4,675,000)	(7,000)
Total capital provision income as reported on the consolidated statement of comprehensive income	$ (25,617,000)	$ (35,048,000)	$ (11,705,000)

Equity securities (Details)

Equity securities (Details) - USD ($)	12 Months Ended
Equity securities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets [line items]
Total capital provision assets	$ 2,728,294,000	$ 2,651,984,000
Gain loss on equity securities	(22,000)	1,169,000	$ (4,852,000)
Realizations	526,588,000	539,359,000
Realization from direct capital provision assets		29,000
Reconciliation of financial assets
At January 1	2,651,984,000
Assets received in kind	295,866,000	562,018,000
Realizations	(526,588,000)	(539,359,000)
Realized gains/(losses) relative to cost	205,478,000	151,886,000	169,901,000
Previous unrealized (gains)/losses transferred to realized gains/(losses)	(15,263,000)	(85,789,000)	(79,694,000)
Fair value adjustment in the period	151,637,000	289,795,000	310,405,000
At December 31	2,728,294,000	2,651,984,000
Burford only
Disclosure of financial assets [line items]
Gain loss on equity securities	(22,000)	(553,000)	(4,852,000)
Realizations	526,302,000	395,680,000
Reconciliation of financial assets
Assets received in kind	275,994,000	388,822,000
Realizations	(526,302,000)	(395,680,000)
Realized gains/(losses) relative to cost	181,599,000	128,424,000	156,755,000
Previous unrealized (gains)/losses transferred to realized gains/(losses)	8,162,000	(79,285,000)	(76,526,000)
Fair value adjustment in the period	128,966,000	265,561,000	314,848,000
Elimination of third-party entity interests
Disclosure of financial assets [line items]
Gain loss on equity securities		(1,722,000)
Realizations	(286,000)	143,679,000
Reconciliation of financial assets
Assets received in kind	(19,872,000)	(173,196,000)
Realizations	286,000	(143,679,000)
Realized gains/(losses) relative to cost	(23,879,000)	(23,462,000)	(13,146,000)
Previous unrealized (gains)/losses transferred to realized gains/(losses)	23,425,000	6,504,000	3,168,000
Fair value adjustment in the period	(22,671,000)	(24,234,000)	4,443,000
Equity securities
Disclosure of financial assets [line items]
Total capital provision assets	0	31,396,000
Gain loss on equity securities	21,000	1,169,000
Reconciliation of financial assets
At January 1	31,396,000
At December 31	0	31,396,000
Equity securities \| Financial assets at fair value through profit and loss
Disclosure of financial assets [line items]
Total capital provision assets	31,396,000	31,396,000	582,000
Realizations	31,374,000	31,367,000
Reconciliation of financial assets
At January 1	31,396,000	582,000
Assets received in kind		29,645,000
Realizations	(31,374,000)	(31,367,000)
Realized gains/(losses) relative to cost	(9,736,000)
Previous unrealized (gains)/losses transferred to realized gains/(losses)	9,735,000
Fair value adjustment in the period	(21,000)	1,169,000
At December 31		31,396,000	582,000
Equity securities \| Financial assets at fair value through profit and loss \| Burford only
Disclosure of financial assets [line items]
Total capital provision assets	29,000	29,000	582,000
Realizations	(7,000)
Reconciliation of financial assets
At January 1	29,000	582,000
Realizations	7,000
Realized gains/(losses) relative to cost	(11,457,000)
Previous unrealized (gains)/losses transferred to realized gains/(losses)	11,456,000
Fair value adjustment in the period	(21,000)	(553,000)
At December 31		29,000	$ 582,000
Equity securities \| Financial assets at fair value through profit and loss \| Elimination of third-party entity interests
Disclosure of financial assets [line items]
Total capital provision assets	(31,367,000)	(31,367,000)
Realizations	31,367,000
Reconciliation of financial assets
At January 1	(31,367,000)
Assets received in kind		(29,645,000)
Realizations	(31,367,000)
Realized gains/(losses) relative to cost	(1,721,000)
Previous unrealized (gains)/losses transferred to realized gains/(losses)	$ 1,721,000
Fair value adjustment in the period		(1,722,000)
At December 31		$ (31,367,000)

Due from settlement of capita_3

Due from settlement of capital provision assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
At January 1	$ 2,651,984,000
Interest and other income	199,000	$ 1,870,000	$ 1,692,000
Impairment	0	(4,083,000)	0
Foreign exchange gains	17,268,000	37,000
At December 31	2,728,294,000	2,651,984,000
Non-current assets				$ 2,339,332,000	$ 2,240,989,000
Current assets				388,962,000	410,995,000
Total financial assets	2,728,294,000	2,651,984,000		2,728,294,000	2,651,984,000
Burford only
Disclosure of financial assets [line items]
Interest and other income		128,000	50,000
Foreign exchange gains	16,803,000	98,000
Elimination of third-party entity interests
Disclosure of financial assets [line items]
Interest and other income	(199,000)	(1,742,000)	(1,642,000)
Foreign exchange gains	(465,000)	61,000
Due from settlement of capital provision assets
Disclosure of financial assets [line items]
At January 1	54,358,000	37,109,000
Transfer of realizations from capital provision assets	526,588,000	539,359,000
Interest and other income	199,000	1,870,000
Impairment		(3,083,000)
Proceeds received	(548,593,000)	(491,252,000)
Asset received in kind		29,645,000
Foreign exchange gains	32,552,000
At December 31	32,552,000	54,358,000	37,109,000
Non-current assets				3,750,000	3,750,000
Current assets				28,802,000	50,608,000
Total financial assets	32,552,000	54,358,000	37,109,000	$ 32,552,000	54,358,000
Due from settlement of capital provision assets \| Burford only
Disclosure of financial assets [line items]
At January 1	18,989,000	37,109,000
Transfer of realizations from capital provision assets	526,302,000	395,680,000
Interest and other income		128,000
Impairment		(3,083,000)
Proceeds received	(514,583,000)	(410,845,000)
Foreign exchange gains	30,708,000
At December 31		18,989,000	37,109,000
Total financial assets	18,989,000	18,989,000	37,109,000		18,989,000
Due from settlement of capital provision assets \| Elimination of third-party entity interests
Disclosure of financial assets [line items]
At January 1	35,369,000
Transfer of realizations from capital provision assets	(286,000)	143,679,000
Interest and other income	(199,000)	1,742,000
Proceeds received	34,010,000	(80,407,000)
Asset received in kind		29,645,000
Foreign exchange gains	(1,844,000)
At December 31		35,369,000
Total financial assets	35,369,000	35,369,000			35,369,000
Capital provision-direct assets \| Burford only
Disclosure of financial assets [line items]
Interest and other income		128,000	50,000
Foreign exchange gains	16,803,000	98,000
Capital provision-direct assets \| Due from settlement of capital provision assets \| Burford only
Disclosure of financial assets [line items]
At January 1	18,989,000	37,109,000
Transfer of realizations from capital provision assets	336,644,000	218,807,000
Interest and other income		128,000
Impairment		(3,083,000)
Proceeds received	(324,925,000)	(233,972,000)
Foreign exchange gains	30,708,000
At December 31		18,989,000	37,109,000
Total financial assets	18,989,000	18,989,000	$ 37,109,000		$ 18,989,000
Capital provision-indirect assets \| Due from settlement of capital provision assets \| Burford only
Disclosure of financial assets [line items]
Transfer of realizations from capital provision assets	189,658,000	176,873,000
Proceeds received	$ (189,658,000)	$ (176,873,000)

Asset management income (Detail

Asset management income (Details) - USD ($) $ in Thousands	12 Months Ended
Asset management income (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	$ 356,973	$ 366,043	$ 424,977
Burford only
Disclosure of disaggregation of revenue from contracts with customers [line items]
Income from BOF-C	6,630	7,137
Elimination of third-party entity interests
Disclosure of disaggregation of revenue from contracts with customers [line items]
Income from BOF-C	6,630	7,137
Management fee income
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	8,706	15,160	10,936
Management fee income \| Burford only
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	11,454	18,399	13,996
Management fee income \| Elimination of third-party entity interests
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	2,748	3,239	3,060
Performance fee income
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	6,400		755
Performance fee income \| Burford only
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	6,400	594	1,803
Performance fee income \| Elimination of third-party entity interests
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income		594	1,048
Asset Managements Income
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	15,106	15,160	11,691
Asset Managements Income \| Burford only
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	24,484	26,130	15,799
Asset Managements Income \| Elimination of third-party entity interests
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total asset management income	$ 9,378	$ 10,970	$ 4,108

Liabilities arising from insu_3

Liabilities arising from insurance contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Liabilities Arising From Insurance Contracts [Line Items]
Unearned premiums	$ 2,180	$ 889
Claims incurred but not reported reserve	339	82
Total	2,519	971
Gross
Liabilities Arising From Insurance Contracts [Line Items]
Unearned premiums	10,903	4,445
Claims incurred but not reported reserve	1,693	82
Total	12,596	4,527
Reinsurance
Liabilities Arising From Insurance Contracts [Line Items]
Unearned premiums	(8,723)	(3,556)
Claims incurred but not reported reserve	(1,354)
Total	$ (10,077)	$ (3,556)

Liabilities arising from insu_4

Liabilities arising from insurance contracts - Income statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liabilities arising from insurance contracts
Gross premiums written	$ 7,203	$ 4,707
Gross ceded reinsurance premiums	(5,762)	(3,766)
Movement in net unearned premium	(1,195)	(862)
Net premium earned	246	79
Change in insurance claims reserves	(241)	(79)
Net income on insurance contracts	5
Insurance underwriting commission	172	56
Insurance administrator commission	1,604	3,489	$ 10,406
Total insurance income	1,781	3,545	$ 10,406
Claims reported	0	0
Outstanding loss reserve of reported claims	$ 0	$ 0

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	$ 20,184
Property, plant and equipment at end of period	14,593	$ 20,184
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	23,670	8,754
Additionals	360	16,513
Disposals	(2,376)	(1,665)
Exchange differences	181	68
Property, plant and equipment at end of period	21,835	23,670
Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(3,486)	(1,336)
Additionals	(3,692)	(2,774)
Disposals		644
Exchange differences	(64)	(20)
Property, plant and equipment at end of period	(7,242)	(3,486)
Fixtures, fittings and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	3,526
Property, plant and equipment at end of period	2,848	3,526
Fixtures, fittings and equipment \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	5,251	3,202
Additionals	360	3,398
Disposals		(1,370)
Exchange differences	63	21
Property, plant and equipment at end of period	5,674	5,251
Fixtures, fittings and equipment \| Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(1,725)	(1,336)
Additionals	(1,073)	(912)
Disposals		533
Exchange differences	(28)	(10)
Property, plant and equipment at end of period	(2,826)	(1,725)
Right of use assets - property leases
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	16,658
Property, plant and equipment at end of period	11,745	16,658
Right of use assets - property leases \| Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	18,419	5,552
Additionals		13,115
Disposals	(2,376)	(295)
Exchange differences	118	47
Property, plant and equipment at end of period	16,161	18,419
Right of use assets - property leases \| Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(1,761)
Additionals	(2,619)	(1,862)
Disposals		111
Exchange differences	(36)	(10)
Property, plant and equipment at end of period	$ (4,416)	$ (1,761)

Cash management assets (Details

Cash management assets (Details) - USD ($)	12 Months Ended
Cash management assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash management assets.
At January 1	$ 37,966,000	$ 41,449,000
Purchase	3,172,000	6,410,000
Proceeds on disposal	(23,548,000)	(9,756,000)
Net realized gains/(losses) on disposal	(1,898,000)	65,000	$ 527,000
Fair value movement	795,000	(211,000)	(4,624,000)
Change in accrued interest	(3,000)	9,000
Foreign exchange gain (losses)	110,000
Balance at December 31	$ 16,594,000	$ 37,966,000	$ 41,449,000

Cash management assets - Cash m

Cash management assets - Cash management income and bank interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash management assets.
Realized gains/(losses) (see above)	$ (1,898)	$ 65	$ 527
Fair value movement (see above)	795	(211)	(4,624)
Interest and dividend income	1,096	1,987	1,990
Bank interest income	393	4,862	3,908
Total cash management income and bank interest	$ 386	$ 6,703	$ 1,801

Operating expenses (Details)

Operating expenses (Details) - USD ($) $ in Thousands	12 Months Ended
Operating expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses
Staff costs	$ 57,094	$ 49,191	$ 48,198
Share based payments	5,282	4,519	1,686
Pension costs	1,526	1,285	736
Non-executive directors' renumeration	576	484	415
Non-staff operating expenses	21,279	21,933	14,459
Case-related expenditures ineligible for inclusion in asset cost	1,757	2,903	1,734
Expenses related to equity and listing matters	7,907	1,754
Case-related expenditures ineligible for inclusion in asset cost	3,084	8,343	3,977
Non-staff operating expenses	832	990	626
Total operating expenses	$ 99,337	$ 91,402	$ 71,831

Operating expenses - Auditor's

Operating expenses - Auditor's Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating expenses
Audit fees	$ 2,110	$ 1,386	$ 961
Audit-related fees	116	55	38
Tax fees	737	472	420
All Other fees	1,035	14	166
Total fees	$ 3,998	$ 1,927	$ 1,585

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other assets.
Trade receivable – insurance	$ 290	$ 658
Trade receivable – services	776	1,547
Asset management receivables	713	825
Reinsurance assets	10,077	3,556
Prepayments	1,954	1,375
Financial asset held at amortised cost	500	500
Tax receivable	10,100
Other receivables	7,544	4,802
Total other assets	$ 31,954	$ 13,263

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other liabilities.
Audit fees payable	$ 2,333	$ 1,385
General expenses payable	37,394	24,782
Payable for capital provision assets	256	36
Lease liabilities	13,520	19,389
Insurance liabilities	12,596	4,527
Tax payable		1,311
Total other liabilities	$ 66,099	$ 51,430

Other liabilities - Lease liabi

Other liabilities - Lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other liabilities.
At January 1	$ 19,389
Change in accounting policy- impact from adoption of IFRS 16		$ 6,785
Restated at January 1	19,389	6,785
Additions		13,115
Disposals	(4,282)
Lease liabilities interest expense	1,252	869
Payments of lease liabilities during the year	(2,943)	(1,433)
Exchange differences	104	53
At December 31	$ 13,520	$ 19,389

Loan capital - Retail bonds (De

Loan capital - Retail bonds (Details)	12 Months Ended
Loan capital - Retail bonds (Details)	Dec. 31, 2020GBP (£)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of detailed information about borrowings [line items]
Subsidiary ownership (in percent)	100.00%
Repurchased amount (in currency) \| £	£ 3,843,000
Loan capital		$ 667,814,000	$ 655,880,000
Loan capital repurchase amount		$ 4,935,000
Exchange rate	1.3649	1.3649
August 19, 2014
Disclosure of detailed information about borrowings [line items]
Face amount (in currency) \| £	£ 90,000,000
Interest rate per annum	6.50%	6.50%
Repurchased amount (in currency) \| £	£ 3,843,000
Face amount outstanding (in currency) after repurchases \| £	86,157,000
USD equivalent face value outstanding at exchange rate at issuance		$ 143,176,000
Loan capital		117,596,000
August 19, 2014 \| Fair value
Disclosure of detailed information about borrowings [line items]
Loan capital		$ 117,587,000	119,871,000
April 26, 2016
Disclosure of detailed information about borrowings [line items]
Face amount (in currency) \| £	£ 100,000,000
Interest rate per annum	6.125%	6.125%
Face amount outstanding (in currency) after repurchases \| £	£ 100,000,000
USD equivalent face value outstanding at exchange rate at issuance		$ 144,020,000
Loan capital		136,490,000
April 26, 2016 \| Fair value
Disclosure of detailed information about borrowings [line items]
Loan capital		$ 133,726,000	128,302,000
June 1, 2017
Disclosure of detailed information about borrowings [line items]
Face amount (in currency) \| £	£ 175,000,000
Interest rate per annum	5.00%	5.00%
Face amount outstanding (in currency) after repurchases \| £	£ 175,000,000
USD equivalent face value outstanding at exchange rate at issuance		$ 225,803,000
Loan capital		238,858,000
June 1, 2017 \| Fair value
Disclosure of detailed information about borrowings [line items]
Loan capital		$ 220,764,000	208,924,000
February 12, 2018
Disclosure of detailed information about borrowings [line items]
Face amount (in currency) \| £	£ 180,000,000
Interest rate per annum	6.125%	6.125%
Face amount outstanding (in currency) after repurchases \| £	£ 180,000,000
USD equivalent face value outstanding at exchange rate at issuance		$ 180,000,000
Loan capital		180,000,000
February 12, 2018 \| Fair value
Disclosure of detailed information about borrowings [line items]
Loan capital		$ 174,006,000	$ 172,350,000

Loan capital - Fair value of re

Loan capital - Fair value of retail bonds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Loan capital
At January 1,	$ 665,342	$ 647,992
Loan capital finance costs	39,046	38,753	$ 38,538
Interest paid	(37,890)	(37,568)	(33,108)
Foreign exchange losses	15,836	16,165
Bond repurchases	(4,964)
At end of period	677,370	665,342	647,992
Loan capital				$ 667,814	$ 655,880
Loan interest payable				9,556	9,462
Total loan capital	$ 677,370	$ 665,342	$ 647,992	$ 677,370	$ 665,342

Loan capital - Finance costs (D

Loan capital - Finance costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loan capital
Loan capital interest expense	$ 37,814	$ 37,528	$ 37,334
Bond issue costs incurred as finance costs	1,232	1,225	1,204
Loan capital finance costs (above)	39,046	38,753	38,538
Lease liabilities interest expense	1,252	869
Total finance costs	$ 40,298	$ 39,622	$ 38,538

Changes in liabilities arisin_3

Changes in liabilities arising from financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in liabilities arising from financing activities
At January 1,	$ 665,342	$ 647,992
Issuance/(repayments) net of issue costs)	(4,964)
Interest paid	(37,890)	(37,568)	$ (33,108)
Interest expense	37,814	37,528	37,334
Amortization of bond issue costs	1,232	1,225
Foreign exchange losses	15,836	16,165
At December 31	$ 677,370	$ 665,342	$ 647,992

Intangible asset (Details)

Intangible asset (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible asset (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible asset
At January 1	$ 8,703	$ 18,198
Amortization	$ (8,703)	(9,495)
At December 31		$ 8,703

Intangible asset - Net book val

Intangible asset - Net book value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Acquisition of subsidiary	$ 39,666	$ 39,666
Intangible asset		8,703	$ 18,198
Net book value December 31		8,703
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Intangible asset	$ (39,666)	$ (30,963)

Goodwill - Carrying value (Deta

Goodwill - Carrying value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	$ 133,999
Foreign exchange gains	33
Goodwill at end of period	134,032	$ 133,999
Goodwill
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	133,999	133,966
Foreign exchange gains		33
Goodwill at end of period		133,999
Capital provision
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	107,991	107,991
Goodwill at end of period	107,991	107,991
Asset management
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	25,020	25,020
Goodwill at end of period	25,020	25,020
Services and other corporate
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill at beginning of period	988	955
Foreign exchange gains	33	33
Goodwill at end of period	$ 1,021	$ 988

Goodwill - Key assumptions (Det

Goodwill - Key assumptions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Discount rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Percentage of sensitivity increase to key assumptions	1.00%
Terminal growth rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Percentage of sensitivity decrease to key assumptions	(1.00%)
Return on capital provision assets
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Percentage of sensitivity decrease to key assumptions	(1.00%)
Capital provision \| Discount rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in value	$ (279,556)	$ (259,781)
Capital provision \| Terminal growth rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in value	(214,849)	(200,020)
Capital provision \| Return on capital provision assets
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in value	(165,300)	(198,301)
Asset management \| Discount rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in value	(12,662)	(17,829)
Asset management \| Terminal growth rate
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in value	(9,773)	(14,373)
Asset management \| Return on capital provision assets
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Increase (decrease) in value	$ (7,986)	$ (9,611)

Goodwill (Details)

Goodwill (Details) - USD ($)	12 Months Ended
Goodwill (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Period of cash flow projections used	5 years
Annual growth rate	5.00%		5.00%
Perpetual annual growth rate	2.00%	2.00%
Capital provision
Disclosure of operating segments [line items]
Discount rate	10.20%	9.00%
Pre tax discount rate	11.40%	10.00%
Capital rate	25.60%	22.50%
Amount by which unit's recoverable amount exceeds its carrying amount	$ 447,380,000	$ 341,574,000
Asset management
Disclosure of operating segments [line items]
Discount rate	10.00%	8.30%
Pre tax discount rate	12.50%	10.40%
Amount by which unit's recoverable amount exceeds its carrying amount	$ 96,481,000	$ 72,429,000

Fair value of assets and liab_3

Fair value of assets and liabilities (Details) - USD ($)	12 Months Ended
Fair value of assets and liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disclosure of fair value measurement of equity [line items]
Total assets	$ 2,728,294,000	$ 2,651,984,000	$ 2,728,294,000	$ 2,651,984,000
Total liabilities	1,028,482,000	1,118,992,000	1,028,482,000	1,118,992,000
Total shareholders’ equity			1,699,812,000	1,532,992,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	2,651,984,000
Assets at end of period	2,728,294,000	2,651,984,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	1,118,992,000
Transfers into level 3	49,950,000	210,501,000
Liabilities at end of period	1,028,482,000	1,118,992,000
Recognized gains or losses	0
Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	2,176,124,000	1,979,549,000	2,176,124,000	1,979,549,000
Total liabilities	(262,688,000)	(249,664,000)	(262,688,000)	(249,664,000)
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,979,549,000	1,434,688,000
Transfers into level 3	49,950,000	210,501,000
Additions	295,866,000	475,550,000
Realizations	(519,706,000)	(519,929,000)
Income for the period	353,197,000	368,001,000
Foreign exchange gains/(losses)	17,268,000	38,000
Transfer to capital provision asset subparticipation		10,700,000
Assets at end of period	2,176,124,000	1,979,549,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	(249,664,000)	(147,203,000)
Additions	(20,096,000)	(167,685,000)
Realizations	19,862,000	84,242,000
Income for the period	(12,790,000)	(8,318,000)
Transfer to capital provision asset subparticipation		(10,700,000)
Liabilities at end of period	(262,688,000)	(249,664,000)
Capital provision asset subparticipations \| Level 3
Disclosure of fair value measurement of equity [line items]
Total liabilities	(14,107,000)	(13,944,000)	(14,107,000)	(13,944,000)
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	(13,944,000)	(3,244,000)
Additions	(224,000)
Income for the period	61,000
Transfer to capital provision asset subparticipation		(10,700,000)
Liabilities at end of period	(14,107,000)	(13,944,000)
Derivative financial liabilities \| Level 3
Disclosure of fair value measurement of equity [line items]
Total liabilities		(7,000,000)
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period		(7,000,000)
Income for the period		7,000,000
Third-party interests in consolidated entities \| Level 3
Disclosure of fair value measurement of equity [line items]
Total liabilities	(248,581,000)	(235,720,000)	(248,581,000)	(235,720,000)
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	(235,720,000)	(136,959,000)
Additions	(19,872,000)	(167,685,000)
Realizations	19,862,000	84,242,000
Income for the period	(12,851,000)	(15,318,000)
Liabilities at end of period	(248,581,000)	(235,720,000)
Capital provision assets, Single case \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	642,756,000	458,340,000	642,756,000	458,340,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	458,340,000	217,703,000
Transfers between Levels	20,300,000
Additions	152,917,000	179,727,000
Realizations	(168,639,000)	(37,078,000)
Income for the period	176,476,000	97,787,000
Foreign exchange gains/(losses)	3,362,000	201,000
Assets at end of period	642,756,000	458,340,000
Capital provision assets, Portfolio \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	1,445,990,000	1,241,106,000	1,445,990,000	1,241,106,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,241,106,000	1,058,979,000
Transfers between Levels	65,828,000
Additions	142,949,000	116,232,000
Realizations	(178,018,000)	(152,377,000)
Income for the period	160,399,000	209,265,000
Foreign exchange gains/(losses)	13,726,000	(1,693,000)
Transfer to capital provision asset subparticipation		10,700,000
Assets at end of period	1,445,990,000	1,241,106,000
Capital provision assets, Legal risk management \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	2,212,000	1,619,000	2,212,000	1,619,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,619,000	3,086,000
Realizations		(1,762,000)
Income for the period	413,000	190,000
Foreign exchange gains/(losses)	180,000	105,000
Assets at end of period	2,212,000	1,619,000
Capital provision assets, Asset recovery \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	86,128,000	86,128,000		86,128,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	86,128,000	42,217,000
Transfers between Levels	(86,128,000)
Additions		30,439,000
Realizations		(1,438,000)
Income for the period		13,485,000
Foreign exchange gains/(losses)		1,425,000
Assets at end of period		86,128,000
Capital provision assets, Indirect - equity securities \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	85,166,000	192,356,000	85,166,000	192,356,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	192,356,000	108,549,000
Transfers into level 3	49,950,000	210,501,000
Additions		149,152,000
Realizations	(173,049,000)	(327,274,000)
Income for the period	15,909,000	51,428,000
Assets at end of period	85,166,000	192,356,000
Derivative financial assets \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets		4,154,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period		4,154,000
Income for the period		(4,154,000)
Fair value
Disclosure of fair value measurement of equity [line items]
Total assets	2,192,718,000	2,114,691,000	2,192,718,000	2,114,691,000
Total liabilities	908,771,000	970,604,000	908,771,000	970,604,000
Total shareholders’ equity			1,283,947,000	1,144,087,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	2,114,691,000
Assets at end of period	2,192,718,000	2,114,691,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	970,604,000
Liabilities at end of period	908,771,000	970,604,000
Fair value \| Level 1
Disclosure of fair value measurement of equity [line items]
Total assets	11,457,000	135,142,000	11,457,000	135,142,000
Total liabilities	646,083,000	720,940,000	646,083,000	720,940,000
Total shareholders’ equity			(634,626,000)	(585,798,000)
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	135,142,000
Assets at end of period	11,457,000	135,142,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	720,940,000
Liabilities at end of period	646,083,000	720,940,000
Fair value \| Level 2
Disclosure of fair value measurement of equity [line items]
Total assets	5,137,000		5,137,000
Total shareholders’ equity			5,137,000
Reconciliation of changes in fair value measurement of assets
Assets at end of period	5,137,000
Fair value \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	2,176,124,000	1,979,549,000	2,176,124,000	1,979,549,000
Total liabilities	262,688,000	249,664,000	262,688,000	249,664,000
Total shareholders’ equity			1,913,436,000	1,729,885,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,979,549,000
Assets at end of period	2,176,124,000	1,979,549,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	249,664,000
Liabilities at end of period	262,688,000	249,664,000
Fair value \| Capital provision asset subparticipations
Disclosure of fair value measurement of equity [line items]
Total liabilities	14,107,000	13,944,000	14,107,000	13,944,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	13,944,000
Liabilities at end of period	14,107,000	13,944,000
Fair value \| Capital provision asset subparticipations \| Level 3
Disclosure of fair value measurement of equity [line items]
Total liabilities	14,107,000	13,944,000	14,107,000	13,944,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	13,944,000
Liabilities at end of period	14,107,000	13,944,000
Fair value \| Loan capital
Disclosure of fair value measurement of equity [line items]
Total liabilities	646,083,000	629,447,000	646,083,000	629,447,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	629,447,000
Liabilities at end of period	646,083,000	629,447,000
Fair value \| Loan capital \| Level 1
Disclosure of fair value measurement of equity [line items]
Total liabilities	646,083,000	629,447,000	646,083,000	629,447,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	629,447,000
Liabilities at end of period	646,083,000	629,447,000
Fair value \| Third-party interests in consolidated entities
Disclosure of fair value measurement of equity [line items]
Total liabilities	248,581,000	235,720,000	248,581,000	235,720,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	235,720,000
Liabilities at end of period	248,581,000	235,720,000
Fair value \| Third-party interests in consolidated entities \| Level 3
Disclosure of fair value measurement of equity [line items]
Total liabilities	248,581,000	235,720,000	248,581,000	235,720,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	235,720,000
Liabilities at end of period	248,581,000	235,720,000
Fair value \| Financial liabilities at fair value through profit and loss
Disclosure of fair value measurement of equity [line items]
Total liabilities	91,493,000	91,493,000		91,493,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	91,493,000
Liabilities at end of period		91,493,000
Fair value \| Financial liabilities at fair value through profit and loss \| Level 1
Disclosure of fair value measurement of equity [line items]
Total liabilities	91,493,000	91,493,000		91,493,000
Reconciliation of changes in fair value measurement of liabilities
Liabilities at beginning of period	91,493,000
Liabilities at end of period		91,493,000
Fair value \| Capital provision assets, Single case
Disclosure of fair value measurement of equity [line items]
Total assets	642,756,000	458,340,000	642,756,000	458,340,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	458,340,000
Assets at end of period	642,756,000	458,340,000
Fair value \| Capital provision assets, Single case \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	642,756,000	458,340,000	642,756,000	458,340,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	458,340,000
Assets at end of period	642,756,000	458,340,000
Fair value \| Capital provision assets, Portfolio
Disclosure of fair value measurement of equity [line items]
Total assets	1,445,990,000	1,241,106,000	1,445,990,000	1,241,106,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,241,106,000
Assets at end of period	1,445,990,000	1,241,106,000
Fair value \| Capital provision assets, Portfolio \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	1,445,990,000	1,241,106,000	1,445,990,000	1,241,106,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,241,106,000
Assets at end of period	1,445,990,000	1,241,106,000
Fair value \| Capital provision assets, Legal risk management
Disclosure of fair value measurement of equity [line items]
Total assets	2,212,000	1,619,000	2,212,000	1,619,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,619,000
Assets at end of period	2,212,000	1,619,000
Fair value \| Capital provision assets, Legal risk management \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	2,212,000	1,619,000	2,212,000	1,619,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	1,619,000
Assets at end of period	2,212,000	1,619,000
Fair value \| Capital provision assets, Asset recovery
Disclosure of fair value measurement of equity [line items]
Total assets	86,128,000	86,128,000		86,128,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	86,128,000
Assets at end of period		86,128,000
Fair value \| Capital provision assets, Asset recovery \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	86,128,000	86,128,000		86,128,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	86,128,000
Assets at end of period		86,128,000
Fair value \| Capital provision assets, Indirect - equity securities
Disclosure of fair value measurement of equity [line items]
Total assets	85,166,000	258,136,000	85,166,000	258,136,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	258,136,000
Assets at end of period	85,166,000	258,136,000
Fair value \| Capital provision assets, Indirect - equity securities \| Level 1
Disclosure of fair value measurement of equity [line items]
Total assets	65,780,000	65,780,000		65,780,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	65,780,000
Assets at end of period		65,780,000
Fair value \| Capital provision assets, Indirect - equity securities \| Level 3
Disclosure of fair value measurement of equity [line items]
Total assets	85,166,000	192,356,000	85,166,000	192,356,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	192,356,000
Assets at end of period	85,166,000	192,356,000
Fair value \| Equity securities
Disclosure of fair value measurement of equity [line items]
Total assets	31,396,000	31,396,000		31,396,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	31,396,000
Assets at end of period		31,396,000
Fair value \| Equity securities \| Level 1
Disclosure of fair value measurement of equity [line items]
Total assets	31,396,000	31,396,000		31,396,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	31,396,000
Assets at end of period		31,396,000
Fair value \| Cash management investments
Disclosure of fair value measurement of equity [line items]
Total assets	16,594,000	37,966,000	16,594,000	37,966,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	37,966,000
Assets at end of period	16,594,000	37,966,000
Fair value \| Cash management investments \| Level 1
Disclosure of fair value measurement of equity [line items]
Total assets	11,457,000	37,966,000	11,457,000	$ 37,966,000
Reconciliation of changes in fair value measurement of assets
Assets at beginning of period	37,966,000
Assets at end of period	11,457,000	$ 37,966,000
Fair value \| Cash management investments \| Level 2
Disclosure of fair value measurement of equity [line items]
Total assets	5,137,000		$ 5,137,000
Reconciliation of changes in fair value measurement of assets
Assets at end of period	$ 5,137,000

Fair value of assets and liab_4

Fair value of assets and liabilities - Consolidated capital provision level 3 assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value measurement of equity [line items]
YPF-related assets	$ 2,728,294,000	$ 2,651,984,000
Profit for the year	171,698,000	212,107,000	$ 317,577,000
Net assets	1,699,812,000	1,532,992,000
Capital provision assets
Disclosure of fair value measurement of equity [line items]
Total carrying value	2,176,124,000	1,979,549,000
YPF-related assets	1,227,850,000	1,162,007,000
Unrealized gain	948,274,000	817,542,000
Capital provision-direct assets
Disclosure of fair value measurement of equity [line items]
Total carrying value	2,090,958,000	1,787,193,000
YPF-related assets	1,152,033,000	1,003,571,000
Unrealized gain	938,925,000	783,622,000
Capital provision-indirect assets
Disclosure of fair value measurement of equity [line items]
Total carrying value	85,166,000	192,356,000
YPF-related assets	75,817,000	158,436,000
Unrealized gain	9,349,000	$ 33,920,000
Level 3
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)		10.00%
Profit for the year	$ 191,344,000
Net assets		$ 172,989,000
Maximum
Disclosure of fair value measurement of equity [line items]
Finance assets term	3 years
Minimum
Disclosure of fair value measurement of equity [line items]
Finance assets term	2 years
Positive fair value adjustments \| Level 3
Disclosure of fair value measurement of equity [line items]
Total carrying value	$ 2,137,240,000	1,939,113,000
YPF-related assets	1,154,505,000	1,076,000,000
Aggregate FV adjustment	982,735,000	863,103,000
Positive fair value adjustments \| Level 3 \| Market transactions
Disclosure of fair value measurement of equity [line items]
Total carrying value	772,980,000	773,133,000
YPF-related assets	41,003,000	39,190,000
Aggregate FV adjustment	731,977,000	733,943,000
Positive fair value adjustments \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
Total carrying value	227,252,000	71,592,000
YPF-related assets	148,840,000	51,046,000
Aggregate FV adjustment	78,412,000	20,546,000
Positive fair value adjustments \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
Total carrying value	67,252,000	45,367,000
YPF-related assets	35,910,000	26,092,000
Aggregate FV adjustment	31,342,000	19,275,000
Positive fair value adjustments \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
Total carrying value	32,148,000	21,431,000
YPF-related assets	21,242,000	16,242,000
Aggregate FV adjustment	10,906,000	5,189,000
Positive fair value adjustments \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
Total carrying value	88,827,000	66,156,000
YPF-related assets	64,091,000	51,078,000
Aggregate FV adjustment	24,736,000	15,078,000
Positive fair value adjustments \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
Total carrying value	580,190,000	586,768,000
YPF-related assets	580,190,000	586,768,000
Positive fair value adjustments \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
Total carrying value	294,340,000	193,900,000
YPF-related assets	202,238,000	161,984,000
Aggregate FV adjustment	92,102,000	31,916,000
Positive fair value adjustments \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
Total carrying value	72,038,000	179,147,000
YPF-related assets	60,991,000	143,610,000
Aggregate FV adjustment	11,047,000	35,537,000
Positive fair value adjustments \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
Total carrying value	2,213,000	1,619,000
Aggregate FV adjustment	$ 2,213,000	$ 1,619,000
Positive fair value adjustments \| Weighted average \| Level 3 \| Market transactions
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Weighted average \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	33.00%	27.00%
Positive fair value adjustments \| Weighted average \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	50.00%	49.00%
Positive fair value adjustments \| Weighted average \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	37.00%	20.00%
Positive fair value adjustments \| Weighted average \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	40.00%	38.00%
Positive fair value adjustments \| Weighted average \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Weighted average \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	36.00%	53.00%
Positive fair value adjustments \| Weighted average \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Weighted average \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	100.00%	100.00%
Positive fair value adjustments \| Maximum \| Level 3 \| Market transactions
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Maximum \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	50.00%	40.00%
Positive fair value adjustments \| Maximum \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	60.00%	60.00%
Positive fair value adjustments \| Maximum \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	80.00%	20.00%
Positive fair value adjustments \| Maximum \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	80.00%	100.00%
Positive fair value adjustments \| Maximum \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Maximum \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	60.00%	100.00%
Positive fair value adjustments \| Maximum \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Maximum \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	100.00%	100.00%
Positive fair value adjustments \| Minimum \| Level 3 \| Market transactions
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Minimum \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	0.00%	10.00%
Positive fair value adjustments \| Minimum \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	35.00%	40.00%
Positive fair value adjustments \| Minimum \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	20.00%	20.00%
Positive fair value adjustments \| Minimum \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	11.00%	11.00%
Positive fair value adjustments \| Minimum \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Minimum \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(100.00%)	(100.00%)
Positive fair value adjustments \| Minimum \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Positive fair value adjustments \| Minimum \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	100.00%	100.00%
Negative fair value adjustments \| Level 3
Disclosure of fair value measurement of equity [line items]
Total carrying value	$ 38,884,000	$ 40,436,000
YPF-related assets	73,345,000	85,997,000
Aggregate FV adjustment	(34,461,000)	(45,561,000)
Negative fair value adjustments \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
Total carrying value	6,413,000	9,897,000
YPF-related assets	10,198,000	18,050,000
Aggregate FV adjustment	(3,785,000)	(8,153,000)
Negative fair value adjustments \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
Total carrying value	196,000
YPF-related assets	980,000	980,000
Aggregate FV adjustment	(784,000)	(980,000)
Negative fair value adjustments \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
Total carrying value	500,000	392,000
YPF-related assets	1,000,000	6,000,000
Aggregate FV adjustment	(500,000)	(5,608,000)
Negative fair value adjustments \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
Total carrying value	12,000,000	3,625,000
YPF-related assets	29,875,000	27,053,000
Aggregate FV adjustment	(17,875,000)	(23,428,000)
Negative fair value adjustments \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
Total carrying value		12,263,000
Aggregate FV adjustment		12,263,000
Negative fair value adjustments \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
Total carrying value	6,152,000
YPF-related assets	13,186,000
Aggregate FV adjustment	(7,034,000)
Negative fair value adjustments \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
Total carrying value	13,128,000	13,209,000
YPF-related assets	14,826,000	14,826,000
Aggregate FV adjustment	(1,698,000)	(1,617,000)
Negative fair value adjustments \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
Total carrying value	495,000	1,050,000
YPF-related assets	3,280,000	19,088,000
Aggregate FV adjustment	$ (2,785,000)	$ (18,038,000)
Negative fair value adjustments \| Weighted average \| Level 3 \| Market transactions
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(37.00%)	(45.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(80.00%)	(60.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(50.00%)	(40.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(62.00%)	(54.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(60.00%)	(3.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Weighted average \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(85.00%)	(94.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Market transactions
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(60.00%)	(100.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(80.00%)	(60.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(50.00%)	(50.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(70.00%)	(70.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(60.00%)	(3.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Maximum \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(85.00%)	(100.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Market transactions
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Ruling or other objective pre-trial event
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(32.00%)	(32.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Trial court judgment or tribunal award
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(80.00%)	(60.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Appeal judgment
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(50.00%)	(38.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Settlements
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(9.00%)	(9.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Held at-cost
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Portfolios with multiple FV factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(60.00%)	(3.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Priced at cost plus accrued interest
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(3.00%)	(3.00%)
Negative fair value adjustments \| Minimum \| Level 3 \| Other Factors
Disclosure of fair value measurement of equity [line items]
FV adjustment (Percentage)	(85.00%)	(64.00%)

Risk management (Details)

Risk management (Details)	12 Months Ended
Risk management (Details)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Bonds issued 2014-2018			$ 699,000,000	$ 699,000,000	$ 699,000,000	$ 699,000,000
Number of specific financial assets. \| item		2
Impairment	$ 0	$ 4,083,000	0
Market risk and asset risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Threshold percentage of price of investment in corporate bonds and funds	10.00%
Increase in income	$ 1,659,000	3,797,000
Decrease in net assets	1,660,000	3,797,000
Fair value of the Group’s offsetting long positions	0	91,493,000
Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Bonds issued 2014-2018			699,000,000	699,000,000	699,000,000	699,000,000
Bonds interest payable in future year			$ 215,000,000	$ 215,000,000	$ 215,000,000	$ 215,000,000
Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Maximum exposure to credit risk	$ 42,375,000	$ 62,690,000

Risk management - Financial lia

Risk management - Financial liabilities based on contractual undiscounted payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Liquidity risk
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 1,207,628	$ 1,318,357
Liquidity risk \| Financial liabilities at fair value through profit and loss
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows		91,493
Liquidity risk \| Due to brokers
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows		51,401
Liquidity risk \| Loan interest payable
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	214,524	210,700
Liquidity risk \| Other liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	57,245	52,934
Liquidity risk \| Loan capital
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	673,171	662,165
Liquidity risk \| Capital provision asset subparticipations
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	14,107	13,944
Liquidity risk \| Third-party interests in consolidated entities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	248,581	235,720
Liquidity risk \| Less than 3 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	49,924	180,342
Liquidity risk \| Less than 3 months \| Financial liabilities at fair value through profit and loss
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date		91,493
Liquidity risk \| Less than 3 months \| Due to brokers
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date		51,401
Liquidity risk \| Less than 3 months \| Loan interest payable
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	9,342	9,376
Liquidity risk \| Less than 3 months \| Other liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	40,582	28,072
Liquidity risk \| 3 to 6 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	10,751	10,616
Liquidity risk \| 3 to 6 months \| Loan interest payable
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	10,151	9,825
Liquidity risk \| 3 to 6 months \| Other liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	600	791
Liquidity risk \| 6 to 12 months
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	20,696	20,788
Liquidity risk \| 6 to 12 months \| Loan interest payable
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	19,493	19,201
Liquidity risk \| 6 to 12 months \| Other liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	1,203	1,587
Liquidity risk \| 1 to 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	606,228	401,600
Liquidity risk \| 1 to 5 years \| Loan interest payable
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	163,596	138,155
Liquidity risk \| 1 to 5 years \| Other liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	8,319	12,455
Liquidity risk \| 1 to 5 years \| Loan capital
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	434,313	250,990
Liquidity risk \| Greater than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	257,341	455,347
Liquidity risk \| Greater than 5 years \| Loan interest payable
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	11,942	34,143
Liquidity risk \| Greater than 5 years \| Other liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	6,541	10,029
Liquidity risk \| Greater than 5 years \| Loan capital
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
No contractual maturity date	238,858	411,175
No Contractual Maturity Date
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	262,688	249,664
No Contractual Maturity Date \| Capital provision asset subparticipations
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	14,107	13,944
No Contractual Maturity Date \| Third-party interests in consolidated entities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Non-derivative financial liabilities, undiscounted cash flows	$ 248,581	$ 235,720

Risk management - Financial Ass

Risk management - Financial Assets current and non current (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Capital Provision Assets
Current financial assets	$ 388,962	$ 410,995
Non-current financial assets	2,339,332	2,240,989
Total financial assets	2,728,294	2,651,984
Cash and cash equivalents
Capital Provision Assets
Current financial assets	322,189	186,621
Total financial assets	322,189	186,621
Cash management assets
Capital Provision Assets
Current financial assets	16,594	37,966
Total financial assets	16,594	37,966
Due from brokers
Capital Provision Assets
Current financial assets		95,226
Total financial assets		95,226
Other assets.
Capital Provision Assets
Current financial assets	21,377	9,207
Non-current financial assets	10,577	4,056
Total financial assets	31,954	13,263
Due from settlement of capital provision assets
Capital Provision Assets
Current financial assets	28,802	50,608
Non-current financial assets	3,750	3,750
Total financial assets	32,552	54,358
Capital provision assets
Capital Provision Assets
Non-current financial assets	2,176,124	2,045,329
Total financial assets	2,176,124	2,045,329
Equity securities
Capital Provision Assets
Current financial assets		31,367
Non-current financial assets		29
Total financial assets		31,396
Property, plant and equipment
Capital Provision Assets
Non-current financial assets	14,593	20,184
Total financial assets	14,593	20,184
Intangible asset
Capital Provision Assets
Non-current financial assets		8,703
Total financial assets		8,703
Goodwill
Capital Provision Assets
Non-current financial assets	134,032	133,999
Total financial assets	134,032	133,999
Deferred tax asset
Capital Provision Assets
Non-current financial assets	256	24,939
Total financial assets	$ 256	$ 24,939

Risk management - Financial l_2

Risk management - Financial liabilities current and non current (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financial liabilities current and non current
Current financial liabilities	$ 51,315	$ 181,680
Non-current financial liabilities	977,167	937,312
Total	1,028,482	1,118,992
Financial liabilities at fair value through profit and loss
Financial liabilities current and non current
Current financial liabilities		91,493
Total		91,493
Due to brokers
Financial liabilities current and non current
Current financial liabilities		51,401
Total		51,401
Loan interest payable
Financial liabilities current and non current
Current financial liabilities	9,556	9,462
Total	9,556	9,462
Other liabilities
Financial liabilities current and non current
Current financial liabilities	41,759	29,324
Non-current financial liabilities	24,340	22,106
Total	66,099	51,430
Loan capital
Financial liabilities current and non current
Non-current financial liabilities	667,814	655,880
Total	667,814	655,880
Capital provision asset subparticipations
Financial liabilities current and non current
Non-current financial liabilities	14,107	13,944
Total	14,107	13,944
Third-party interests in consolidated entities
Financial liabilities current and non current
Non-current financial liabilities	248,581	235,720
Total	248,581	235,720
Deferred tax liability
Financial liabilities current and non current
Non-current financial liabilities	22,325	9,662
Total	$ 22,325	$ 9,662

Risk management - Net exposure

Risk management - Net exposure to currency risk (Details) - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Risk management
Currency strengthened or weakened percentage	10.00%
Capital provision assets
Risk management
Net exposure to currency risk	$ 2,176,124	$ 2,045,329
Capital provision assets \| US dollar
Risk management
Net exposure to currency risk	1,923,819	1,837,750
Capital provision assets \| Sterling
Risk management
Net exposure to currency risk	79,748	65,290
Capital provision assets \| Euro
Risk management
Net exposure to currency risk	168,975	139,418
Capital provision assets \| Australian Dollar
Risk management
Net exposure to currency risk	3,582	2,689
Capital provision assets \| Swiss Franc
Risk management
Net exposure to currency risk		182
Other net assets/(liabilities)
Risk management
Net exposure to currency risk	(476,312)	(512,337)
Other net assets/(liabilities) \| US dollar
Risk management
Net exposure to currency risk	14,393	(31,425)
Other net assets/(liabilities) \| Sterling
Risk management
Net exposure to currency risk	(490,626)	$ (480,912)
Other net assets/(liabilities) \| Euro
Risk management
Net exposure to currency risk	78
Other net assets/(liabilities) \| Australian Dollar
Risk management
Net exposure to currency risk	$ (157)

Risk management - Increase or d

Risk management - Increase or decrease in net profit and net assets (Details) - Currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Sterling
Risk management
Increase or decrease in net profit and net assets	$ (41,088)	$ (41,562)
Euro
Risk management
Increase or decrease in net profit and net assets	16,905	13,942
Australian Dollar
Risk management
Increase or decrease in net profit and net assets	$ 343	269
Swiss Franc
Risk management
Increase or decrease in net profit and net assets		$ 18

Risk management - Exposure to i

Risk management - Exposure to interest rate risk (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Risk management
Total net assets	$ (210,871)	$ (133,769)
Floating
Risk management
Total net assets	390,662	374,904
Fixed
Risk management
Total net assets	(601,533)	(508,673)
Interest rate risk
Risk management
Non interest-bearing	1,910,683	1,666,761
Total net assets	1,699,812	1,532,992
Interest rate risk \| Floating
Risk management
Interest-bearing -floating	390,662	374,904
Interest rate risk \| Fixed
Risk management
Interest-bearing -fixed rate	$ (601,533)	$ (508,673)

Risk management - Maturity prof

Risk management - Maturity profile of interest-bearing net assets and liabilities (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Risk management
Total net assets	$ (210,871,000)	$ (133,769,000)
Floating
Risk management
Total net assets	390,662,000	374,904,000
Fixed
Risk management
Total net assets	(601,533,000)	(508,673,000)
Less than 3 months
Risk management
Interest bearing assets	330,724,000	311,601,000
Less than 3 months \| Floating
Risk management
Interest bearing assets	329,570,000	310,646,000
Less than 3 months \| Fixed
Risk management
Interest bearing assets	1,154,000	955,000
3 to 6 months
Risk management
Interest bearing assets	1,575,000	802,000
3 to 6 months \| Fixed
Risk management
Interest bearing assets	1,575,000	802,000
6 to 12 months
Risk management
Interest bearing assets	1,606,000	654,000
6 to 12 months \| Fixed
Risk management
Interest bearing assets	1,606,000	654,000
1 to 2 years
Risk management
Interest bearing assets	1,717,000	2,140,000
Interest bearing liabilities	(117,823,000)
1 to 2 years \| Fixed
Risk management
Interest bearing assets	1,717,000	2,140,000
Interest bearing liabilities	(117,823,000)
Greater than 2 years
Risk management
Interest bearing assets	126,677,000	213,199,000
Interest bearing liabilities	(555,347,000)	(662,165,000)
Greater than 2 years \| Floating
Risk management
Interest bearing assets	61,092,000	64,258,000
Greater than 2 years \| Fixed
Risk management
Interest bearing assets	65,585,000	148,941,000
Interest bearing liabilities	(555,347,000)	(662,165,000)
Interest rate risk
Risk management
Non interest-bearing	1,910,683,000	1,666,761,000
Total net assets	1,699,812,000	1,532,992,000
Increase or decrease in profit and net assets due to increase or decrease in interest rate	$ 977,000	937,000
Increase or decrease in basis points due to increase or decrease in interest rate	25
Interest rate risk \| Floating
Risk management
Interest bearing assets	$ 390,662,000	374,904,000
Interest rate risk \| Fixed
Risk management
Interest bearing liabilities	$ (601,533,000)	$ (508,673,000)

Risk management - Management of

Risk management - Management of capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Risk management
Equity	$ 1,699,812	$ 1,532,992
Loan capital	$ 667,814	$ 655,880
Bonds issued 2014-2018			$ 699,000	$ 699,000	$ 699,000	$ 699,000
Issue of share capital			$ 245,000
Percentage of leverage ratio	13.00%	17.00%

Structured entities - Consolida

Structured entities - Consolidated structured entities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of information about consolidated structured entities [line items]
Investment funds	$ 72,076,000	$ 201,795,000
Revolving credit facilities		0
Consolidated structured entities
Disclosure of information about consolidated structured entities [line items]
Revolving credit facilities	0
Consolidated investment funds	$ 303,598,000	$ 544,909,000

Structured entities - Unconsoli

Structured entities - Unconsolidated structured entities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of unconsolidated structured entities [line items]
Capital provision assets	$ 2,176,124,000	$ 2,045,329,000	$ 1,641,035,000
Other assets	31,954,000	13,263,000
Total assets	2,728,294,000	2,651,984,000
Unconsolidated structured entities
Disclosure of unconsolidated structured entities [line items]
Capital provision assets	14,910,000	11,075,000
Other assets	5,664,000	2,012,000
Total assets	20,574,000	13,087,000
Off balance sheet – undrawn commitments	8,935,000	10,747,000
Maximum exposure to loss	29,509,000	23,834,000
Total assets of the entity	942,823,000	934,421,000
Investment funds.
Disclosure of unconsolidated structured entities [line items]
Other assets	5,664,000	2,012,000
Total assets	5,664,000	2,012,000
Maximum exposure to loss	5,664,000	2,012,000
Total assets of the entity	927,913,000	923,346,000
Other
Disclosure of unconsolidated structured entities [line items]
Capital provision assets	14,910,000	11,075,000
Total assets	14,910,000	11,075,000
Off balance sheet – undrawn commitments	8,935,000	10,747,000
Maximum exposure to loss	23,845,000	21,822,000
Total assets of the entity	$ 14,910,000	$ 11,075,000

Investments in joint ventures_2

Investments in joint ventures and associates (Details)	12 Months Ended
Investments in joint ventures and associates (Details)	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Investments in joint ventures and associates
Interest in associate companies	$ 8,113,000	$ 4,673,000
Interest in joint ventures	$ 127,397,000	106,924,000
Number of associate companies or joint venture arrangements individually material to the group \| item	0
Share of commitments and contingencies for its associates	$ 16,802,000	1,500,000
Share of commitments and contingencies for its joint ventures	$ 116,029,000	$ 122,628,000

Share capital (Details)

Share capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 29, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016
Share capital
Par value		$ 0	$ 0	$ 0
Issued share capital		219,049,877	218,649,877	218,649,877
Shares issued	400,000
Share price	$ 474
Shares distributed by Employee Benefit Trust		384,129
Contingent consideration payable, target income of 100 million					$ 0

Share capital - Shares held in

Share capital - Shares held in EBT (Details) - USD ($)	12 Months Ended
Share capital - Shares held in EBT (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2016
Reconciliation of number of shares outstanding [abstract]
Beginning Balance	$ 609,954,000	$ 364,749,000
Share capital issued		249,983,000
Issue of share capital		245,000,000
Shares distributed	2,265,000
Share capital issue costs		(4,778,000)
Ending Balance	612,219,000	609,954,000
Contingent equity consideration			$ 15,000,000
Discount rate			10.00%
Fair value of the contingent consideration			$ 13,500,000
Shares issued when GKC’s investment funds contribute more than $100 million.			2,461,682
Share capital
Reconciliation of number of shares outstanding [abstract]
Beginning Balance	596,454,000	351,249,000
Share capital issued	2,359,000	249,983,000
Share capital issue costs		(4,778,000)
Ending Balance	598,813,000	596,454,000
Contingent share capital
Reconciliation of number of shares outstanding [abstract]
Beginning Balance	13,500,000	13,500,000
Ending Balance	13,500,000	$ 13,500,000
Shares held by employee benefit trust
Reconciliation of number of shares outstanding [abstract]
Issue of share capital	(2,359,000)
Shares distributed	2,265,000
Ending Balance	$ (94,000)

Long term incentive plan - Move

Long term incentive plan - Movement in the outstanding awards (Details) - LTIP shares in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Unvested LTIP awards at January 1	1,346,000	700,000
LTIP vested and distributed \| shares	(384)
New LTIP awards granted	1,715,030	695,330	288,752	506,637
Lapsed awards	(18,000)	(49,000)
Unvested LTIP awards at December 31	2,659,000	1,346,000	700,000
LTIP awards scheduled to vest during 2021 \| shares	274	401

Long term incentive plan (Detai

Long term incentive plan (Details) - LTIP	12 Months Ended
Long term incentive plan (Details) - LTIP	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period		3 years
Weighted average percentage on total shareholder return of the group	67.00%	67.00%
Weighted average percentage on earnings per share growth	33.00%	33.00%
Expense arising from equity-settled share-based payment transactions	$ 5,282,000	$ 4,519,000	$ 1,686,000
Number of other equity instruments exercised or vested in share-based payment arrangement	384,129
Vested average price \| $ / shares	$ 5.28	$ 0
Awards granted (number of shares)	1,715,030	695,330	288,752	506,637
Dividend yield (%)	0.48%	1.00%	1.90%	2.80%
Expected volatility (%)	53.70%	40.80%	35.60%	25.80%
Risk-free interest rate (%)	(0.02%)	0.63%	0.93%	0.15%
Expected life of share awards (years)	3 years	3 years	3 years	3 years
Weighted average fair value ($)	$ 4.16	$ 15.85	$ 16.72	$ 9.10
Weighted average share price ($) \| $ / shares	$ 6.37	$ 16.78	$ 19.46	$ 10.27

Profit per ordinary share and_2

Profit per ordinary share and comprehensive income per ordinary share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Profit per ordinary share and comprehensive income per ordinary share
Profit attributable to ordinary shareholders	$ 171,698,000	$ 212,107,000	$ 317,577,000
Weighted average number of ordinary shares	218,919,822	218,649,877	210,776,771
Total comprehensive income attributable to ordinary shareholders	$ 161,492,000	$ 194,582,000	$ 342,278,000
Effect of dilution related to LTIP	1,141,719	973,268	554,680

Dividends (Details)

Dividends (Details) - $ / shares	12 Months Ended
Dividends (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends
Interim dividend		$ 4.17	$ 3.67
Final dividend	$ 12.50		8.83
Total dividend	$ 12.50	$ 4.17	$ 12.50

Financial commitments and con_3

Financial commitments and contingent liabilities - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial commitments and contingent liabilities
Outstanding commitments	$ 1,160,642,000	$ 981,554,000	$ 646,631,000	$ 503,435,000
Exposure to assets	$ 93,970,000	$ 89,294,000

Financial commitments and con_4

Financial commitments and contingent liabilities - Commitment Balances (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of contingent liabilities [line items]
Definitive	$ 477,921,000	$ 342,452,000
Discretionary	682,721,000	639,102,000
Total	1,160,642,000	981,554,000	$ 646,631,000	$ 503,435,000
Legal risk (definitive)	93,970,000	89,294,000
Elimination of third-party entity interests
Disclosure of contingent liabilities [line items]
Definitive	(130,694,000)	(53,939,000)
Discretionary	(107,958,000)	(99,007,000)
Total	(238,652,000)	(152,946,000)	(31,791,000)
Legal risk (definitive)	(6,233,000)	(6,233,000)
Burford only
Disclosure of contingent liabilities [line items]
Definitive	347,227,000	288,513,000
Discretionary	574,763,000	540,095,000
Total	921,990,000	828,608,000	$ 614,840,000	$ 503,435,000
Legal risk (definitive)	$ 87,737,000	$ 83,061,000

Financial commitments and con_5

Financial commitments and contingent liabilities - Deployments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of contingent liabilities [line items]
Outstanding commitments	$ 1,160,642,000	$ 981,554,000	$ 646,631,000	$ 503,435,000
Deployment of Commitments	$ 111,340,000	$ 99,145,000	$ 152,498,000
Deployment of Commitments (Percent)	11.00%	15.00%	30.00%
Elimination of third-party entity interests
Disclosure of contingent liabilities [line items]
Outstanding commitments	$ (238,652,000)	$ (152,946,000)	$ (31,791,000)
Deployment of Commitments	(13,889,000)	(5,123,000)
Burford only
Disclosure of contingent liabilities [line items]
Outstanding commitments	921,990,000	828,608,000	614,840,000	$ 503,435,000
Deployment of Commitments	$ 97,451,000	$ 94,022,000	$ 152,498,000
Deployment of Commitments (Percent)	12.00%	15.00%	30.00%

Related party transactions (Det

Related party transactions (Details) - USD ($)	12 Months Ended
Related party transactions (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Associates
Disclosure of transactions between related parties [line items]
Funded amount	$ 12,313,000	$ 15,914,000
Joint venture
Disclosure of transactions between related parties [line items]
Funded amount	$ 12,313,000	$ 15,914,000

Related party transactions - Co

Related party transactions - Compensation for key management personnel (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related party transactions
Salaries and fees	$ 1,457,000	$ 484,000	$ 415,000
Cash bonus	4,500,000	0	0
LTIP granted	1,850,000	0	0
Company contribution to 401(k) plan	$ 11,400	$ 0	$ 0

Related party transactions - Ho

Related party transactions - Holdings of key management personnel (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Related party transactions
Shares Owned	9,599,297	562,410
Bonds owned	$ 1,177,710	$ 677,710
Commitments to managed funds	$ 3,550,000	$ 1,550,000