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Our areas of strength Global investment capabilities with expertise in a range of asset classes. No.1 adviser platform by AUA in the UK powered by leading technology. Broad capabilities in the UK wealth market including ii, the UK\u2019s second largest direct- to-consumer investment platform. Sustainable investment considerations integral to our investment process. Enduring client relationships built on trust and experience. Strong capital resources to drive shareholder value. Channelled through our three businesses How we make money We earn money mainly from asset management and platform fees based on AUMA. We also earn revenue from subscription and trading fees, and earn an interest margin on client cash balances. Adviser Leading platform for advisers in the UK, continuously improving solutions to create a seamless experience that empowers them to work efficiently and at scale. 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This section sets out the basis of preparation, a summary of the Group\u2019s critical accounting estimates and judgements in applying accounting policies, and other significant accounting policies which have been applied to the financial statements as a whole. (a) Basis of preparation These consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, as modified by the revaluation of owner-occupied property, derivative instruments and other financial assets and financial liabilities at fair value through profit or loss (FVTPL). The principal accounting policies set out in these consolidated financial statements have been consistently applied to all financial reporting periods presented except as described below. (a)(i) New standards, interpretations and amendments to existing standards that have been adopted by the Group The Group has adopted the following new International Financial Reporting Standards (IFRSs), interpretations and amendments to existing standards, which are effective for annual periods beginning on or after 1 April 2021 and 1 January 2022. Amendments to existing standards \u2013 COVID-19 - Related Rent Concessions beyond 30 June 2021 \u2013 Amendment to IFRS 16. \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16. \u2013 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37. \u2013 Annual Improvements 2018-2020 cycle. The Group\u2019s accounting policies have been updated to reflect these amendments. Management considers the implementation of the above amendments to existing standards has had no significant impact on the Group\u2019s financial statements. (a)(ii) Standards, interpretations and amendments to existing standards that are not yet effective and have not been early adopted by the Group Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Group\u2019s annual accounting periods beginning after 1 January 2022. The Group has not early adopted the standards, amendments and interpretations described below. IFRS 17 Insurance Contracts (effective for annual periods beginning on or after 1 January 2023) IFRS 17 was issued in May 2017 and will replace IFRS 4 Insurance Contracts. The standard was endorsed by the UK Endorsement Board on 16 May 2022. IFRS 4 is an interim standard which permits the continued application of accounting policies, for insurance contracts and contracts with discretionary participation features, which were being used at transition to IFRS except where a change satisfies criteria set out in IFRS 4. IFRS 17 introduces new required measurement and presentation accounting policies for such contracts which reflect the view that these contracts combine features of a financial instrument and a service contract. IFRS 17\u2019s measurement model, which applies to groups of contracts, combines a risk-adjusted present value of future cash flows and an amount representing unearned profit. On transition retrospective application is required unless impracticable, in which case either a modified retrospective approach or a fair value approach is required. IFRS 17 introduces a new approach to presentation in the income statement and statement of comprehensive income. The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features which will be impacted by the adoption of IFRS 17. However, the results of the Group\u2019s joint venture Heng An Standard Life Insurance Company Limited (HASL) are expected to be impacted by IFRS 17, and the related adoption by HASL of IFRS 9, with a resulting restatement of the carrying value of the joint venture as at 1 January 2022. The amount of the restatement is not currently known. Other There are no other new standards, interpretations and amendments to existing standards that have been published that are expected to have a significant impact on the consolidated financial statements of the Group. 7. Group financial statements continued (a)(iii) Critical accounting estimates and judgements in applying accounting policies The preparation of financial statements requires management to exercise judgements in applying accounting policies and make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses arising during the year. Judgements and sources of estimation uncertainty are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas where judgements have the most significant effect on the amounts recognised in the consolidated financial statements are as follows: Financial statement area Critical judgements in applying accounting policies Related note Defined benefit pension plans Assessment of whether the Group has an unconditional right to a refund of the surplus. Treatment of tax relating to the surplus. Note 31 Intangible assets Identification, valuation and allocation to cash generating units of intangible assets arising from business combinations, and the determination of useful lives. Note 13 Provisions Determining whether a provision is required for separation costs. Note 34 The following changes have been made to the Group\u2019s critical judgements: \u2013 Determining whether the investments in Phoenix and HDFC Asset Management should continue to be classified as associates is no longer a critical judgement for the Group, following their reclassifications during 2021 (refer Note 1(c)(iii)). \u2013 Identification, valuation and determination of useful lives for equity accounting purposes, of the Group\u2019s share of its associate\u2019s intangible assets at the date of acquisition of an investment in the associate is also no longer a critical judgement for the Group, following the reclassification of Phoenix during 2021. \u2013 In relation to the acquisition of ii (refer Note 1(b)(i)), the allocation to cash generating units of goodwill arising from the acquisition was a critical judgement during 2022 in addition to identification and valuation of the intangible assets. There are no other changes to critical judgements in applying accounting policies from the prior year. The areas where assumptions and other sources of estimation uncertainty at the end of the reporting period have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Financial statement area Critical accounting estimates and assumptions Related note Intangible assets Determination of the recoverable amount in relation to the impairment of goodwill Note 13 Financial instruments at fair value through profit or loss Determination of the fair value of contingent consideration liabilities relating to the acquisition of Tritax Notes 35 and 37 Defined benefit pension plans Determination of principal UK pension plan assumptions for mortality, discount rate and inflation Note 31 The following changes have been made to the Group\u2019s critical estimates and assumptions: \u2013 As a result of market and macroeconomic conditions and acquisitions in the period the determination of the recoverable amount in relation to the impairment of goodwill is now considered a critical accounting estimate. All other critical accounting estimates and assumptions are the same as the prior year. Further detail on critical accountin g estimates and assumptions is provided in the relevant note. (a)(iv) Foreign currency translation The consolidated financial statements are presented in million pounds Sterling. The statements of financial position of Group entities, including associates and joint ventures accounted for using the equity method, that have a different functional currency than the Group\u2019s presentation currency are translated into the presentation currency at the year end exchange rate and their income statements and cash flows are translated at average exchange rates for the year. All resulting exchange differences arising are recognised in other comprehensive income and the foreign currency translation reserve in equity. On disposal of a Group entity the cumulative amount of any such exchange differences recognised in other comprehensive income is reclassified to profit or loss. Foreign currency transactions are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Gains and losses arising from such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the relevant line in the consolidated income statement. Translation differences on non-monetary items, such as equity securities held at fair value through profit or loss, are reported as part of the fair value gain or loss within Net gains or losses on financial instruments and other income in the consolidated income statement. Translation differences on financial assets and liabilities held at amortised cost are included in the relevant line in the consolidated income statement. (a)(v) Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and financial position, are set out in the Strategic report. This includes details on our liquidity and capital management and our viability statement in the Chief Financial Officer\u2019s overview section and our principal risks in the Risk management section including the impacts of the macroeconomic environment and higher inflation, the Ukraine conflict and COVID-19 on these principal risks. In addition, these financial statements include notes on the Group\u2019s subordinated liabilities (Note 30), management of its risks including market, credit and liquidity risk (Note 35), its contingent liabilities and commitments (Notes 39 and 40), and its capital structure and position (Note 43). In preparing these financial statements on a going concern basis, the Directors have considered the following matters and have taken into account market uncertainty. \u2013 The Group has cash and liquid resources of \u00a31.7bn at 31 December 2022. In addition, the Company has a revolving credit facility of \u00a3400m as part of our contingency funding plans which is due to mature in 2026 and remains undrawn. \u2013 The Group\u2019s indicative regulatory capital surplus on an IFPR basis was \u00a30.7bn in excess of capital requirements at 31 December 2022. The regulatory capital surplus does not include the value of the Group\u2019s significant listed investments HDFC Asset Management, HDFC Life and Phoenix. \u2013 The Group performs regular stress and scenario analysis as described in the Annual report and accounts 2022 Viability statement. The diverse range of management actions available meant the Group was able to withstand these extreme stresses. \u2013 The Group\u2019s operational resilience processes have operated effectively during the period including the provision of services by key outsource providers. Based on a review of the above factors the Directors are satisfied that the Group and Company have and will maintain sufficient resources to enable them to continue operating for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. There were no material uncertainties relating to this going concern conclusion. 7. Group financial statements continued (b) Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including investment vehicles) over which the Group has control. Control arises when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For operating entities this generally accompanies a shareholding of 50% or more in the entity. For investment vehicles, including structured entities, the control assessment also considers the removal rights of other investors and whether the Group acts as principal or agent in assessing the link between power and variable returns. In determining whether the Group acts as principal, and therefore controls the entity, the removal rights of other investors and the magnitude of the variability associated with the returns are also taken into account. As a result, the Group often is considered to control investment vehicles in which its shareholding is less than 50%. Where the Group is considered to control an investment vehicle, such as an open-ended investment company, a unit trust or a limited partnership, and it is therefore consolidated, the interests of parties other than the Group are assessed to determine whether they should be classified as liabilities or as non-controlling interests. The liabilities are recognised in the third party interest in consolidated funds line in the consolidated statement of financial position and any movements are recognised in the consolidated income statement. The financial liability is designated at fair value through profit or loss (FVTPL) as it is implicitly managed on a fair value basis as its value is directly linked to the market value of the underlying portfolio of assets. The interests of parties other than the Group in all other types of entities are recorded as non-controlling interests. All intra-group transactions, balances, income and expenses are eliminated in full. The Group uses the acquisition method to account for acquisitions of businesses. At the acquisition date the assets and liabilities of the business acquired and any non-controlling interests are identified and initially measured at fair value on the consolidated statement of financial position. When the Group acquires or disposes of a subsidiary, the profits and losses of the subsidiary are included from the date on which control was transferred to the Group until the date on which it ceases, with consistent accounting policies applied across all entities throughout. Notes to the Group financial statements 1. Group structure (a) Composition The following diagram is an extract of the Group structure at 31 December 2022 and gives an overview of the composition of the Group. A full list of the Company\u2019s subsidiaries is provided in Note 45. (b) Acquisitions (b)(i) Current year acquisitions of subsidiaries Interactive Investor (ii) On 27 May 2022, abrdn plc purchased 100% of the issued share capital of Antler Holdco Limited (Antler), the parent company for the Interactive Investor group of companies. ii is the no.1 UK subscription-based trading platform and the no.2 UK direct investing platform, by assets under administration. The cash outflow at the completion of the acquisition was \u00a31,496m, which comprised consideration of \u00a31,485m and payments of \u00a311m made by abrdn to fund the settlement of ii transaction liabilities as part of the transaction. The acquisition of ii provides abrdn with direct entry to the high-growth digitally enabled direct investing market, accessing new customer segments and capabilities. This will allow abrdn customers to choose from a wide spectrum of wealth services, spanning self-directed investing through to high-touch financial advice, depending on their specific needs over their financial life. Trust Managers Funds Limited Heng An abrdn plc Aberdeen Corporate Services Limited Focus Business Solutions Limited abrdn Financial Planning Limited abrdn Client Management Limited abrdn Capital abrdn Holdings Limited abrdn Alternative SLTM Limited Limited Standard Life Insurance Company Limited (China JV - 50%) Virgin Money Unit Limited (UK JV - 50%) Tritax Management LLP Finimize Limited Asia Limited abrdn abrdn Investments Management Limited abrdn Investment abrdn Private Equity (Europe) Limited abrdn Life and Pensions Limited abrdn Hong Kong Limited abrdn Inc Interactive InvestorLimitedInteractive InvestorServices Limitedabrdn Investments Limited (Holdings) Limited Standard Life Savings Limited Elevate Portfolio Services Limited abrdn (Mauritius Holdings) 2006 Limited Ignis Asset Management Limited Ignis Investment Services Limited abrdn Investments Luxembourg SA abrdn Investments Ireland Limited abrdn Fund Managers Limited abrdn Investment Group Limited
7. Group financial statements continued
At the acquisition date the consideration, net assets acquired and resulting goodwill were as follows:
27 May 2022 \u00a3m
Cash consideration
1,2
1,485
Fair value of net assets acquired
Intangible assets
Customer relationships
421
Brand
16
Technology and other intangibles
32
Property, plant and equipment
8
Deferred tax assets
5
Receivables and other financial assets
3
411
Other assets
7
Cash and cash equivalents
107
Total assets
1,007
Other financial liabilities (400)
Provisions
(1)
Deferred tax liabilities
(114)
Total liabilities
(515)
Goodwill 993
1. Cash consideration includes \u00a361m paid by abrdn to redeem discount notes issued by Antler as part of the acquisition transaction. Not included in the cash
consideration is \u00a311m of payments made by abrdn to fund the settlement of ii transaction liabilities. These liabilities are included within other financial liabilities
of ii at the acquisition date.
2. Cash consideration includes \u00a310m paid to Richard Wilson the CEO of ii which is subject to a Reinvestment Agreement. Under the Reinvestment Agreement Mr
Wilson was required to invest at least \u00a35m in abrdn shares and at least a further \u00a33m in abrdn shares or funds managed by the abrdn group. The
Reinvestment Agreement contains restrictions on the sale of abrdn shares and fund units acquired which fall away in three equal tranches over a three-year
period following completion.
3. The estimated contractual cash flow not expected to be collected is not material and therefore the gross contractual amounts receivable is materially in line
with the fair value.
The cash outflow shown in the consolidated statement of cash flows of \u00a31,378m comprises cash consideration of \u00a31,485m
less cash and cash equivalents acquired of \u00a3107m.
Intangible assets acquired in the business combination consist of customer relationships, brand and technology and other
intangibles. Refer Note 13 for details of the key assumptions used in measuring the fair value of these intangibles at the
acquisition date.
The goodwill arising on acquisition of ii is mainly attributable to expected future cash flows from new customers, the quality
and experience of the ii executive team and employees, and revenue synergies in our Investments and Personal segments.
The goodwill is not expected to be deductible for tax purposes. The goodwill has been primarily allocated to the ii cash-
generating unit in the Personal segment (\u00a3819m), with \u00a3132m and \u00a342m allocated to the asset management group of
cash-generating units in the Investments segment and a cash-generating unit in the Personal segment respectively for the
revenue synergies noted above.
The revenue from contracts with customers and post tax profit contributed to the Group\u2019s consolidated income statement
for the year ended 31 December 2022 from the acquired ii business were \u00a3117m and \u00a341m respectively. The profit
contributed excludes amortisation of intangible assets acquired through business combinations. If the acquisition had
occurred on 1 January 2022, the Group\u2019s total revenue from contracts with customers for the period would have increased
by \u00a365m to \u00a31,603m and the loss would have increased by \u00a34m to \u00a3553m. This increase in the loss includes increased
amortisation of intangible assets acquired through business combinations (net of deferred tax) of \u00a324m.
As part of the transaction, abrdn plc has also agreed the following retention incentive schemes which are not
recognised as part of the business combination:
\u2013 A retention scheme for senior ii executives. These are awards over abrdn plc shares with a vesting period of up to 3
years and are subject to pre-determined performance metrics. The value of abrdn plc shares subject to these awards
was c\u00a325m at date of grant. The awards are accounted for as post completion share based payments and spread
over the relevant vesting periods and will be recognised in Restructuring and corporate transaction expenses in the
consolidated income statement.
\u2013 Cash and share incentive retention awards to the wider ii workforce with vesting periods of up to c3 years. These
awards are funded by the proceeds received by the ii employee benefit trust as part of the transaction. These are
accounted for as post completion share based payments and remuneration and are spread over the relevant vesting
periods and will be recognised in Restructuring and corporate transaction expenses in the consolidated income
statement.
Corporate transaction deal costs amounted to \u00a327m of which \u00a313m and \u00a314m were included within Restructuring and
corporate transaction expenses in the year ended 31 December 2022 and 31 December 2021 respectively.
On 1 September 2022, Antler made a dividend in specie to abrdn plc of its investment in Interactive Investor Limited which is
now a direct subsidiary of abrdn plc. Refer Note A of the Company financial statements for further details.
(b)(ii) Prior year acquisitions of subsidiaries
On 1 April 2021, abrdn Holdings Limited (formerly named Aberdeen Asset Management PLC )(aHL) purchased 60% of the
membership interests in Tritax, a specialist logistics real estate fund manager (the acquisition of Tritax). The initial cash
consideration payable at the completion of the acquisition was \u00a364m. Subject to the satisfaction of certain conditions, an
additional contingent deferred earn-out is expected to be payable to acquire the remaining 40% of membership interests
in Tritax should the selling Tritax partners choose to exercise three put options in each of years ended 31 March 2024, 2025
and 2026. The amount payable is linked to the EBITDA of the Tritax business in the relevant period. The Group will also have
the right to purchase any outstanding membership interests at the end of the five-year period through exercising a call
option. Based on the transaction terms, Tritax has been fully consolidated from 1 April 2021 and no non-controlling interest
is recognised in the Group\u2019s total equity in relation to the 40% of the membership interests in Tritax subject to the put and
call options. A contingent consideration financial liability is recognised at fair value in relation to the earn-out payments
(under the put and call options) and the expected non-discretionary allocation of profit payments to the holders of the
40% membership interests up to the date of the exercise of the options. Refer Note 37(a)(iv) for further details on the
contingent consideration liability.
In addition, on 29 October 2021, aHL purchased 100% of the issued share capital of the investing insights platform Finimize.
The cash outflow at the completion of the acquisition was \u00a387m, which comprised consideration of \u00a375m and payments
made to settle debt and other liabilities on behalf of Finimize as part of the transaction of \u00a312m. Finimize empowers retail
investors by equipping them with information to make their own informed investment decisions, without any jargon, in less
than fifteen minutes a day. Refer Note 13 for details of the goodwill impairment in 2022.
(c) Disposals
(c)(i) Prior year disposal of subsidiaries and other operations
During 2021, the Group made two material disposals of subsidiaries and other operations:
\u2013 On 30 June 2021, the Group completed the sale of Parmenion Capital Partners LLP (Parmenion) to Preservation Capital
Partners.
\u2013 On 30 September 2021, the Group completed the sale of its Bonaccord US private market business (Bonaccord) to P10
Holdings Inc. (P10).
Other disposals included the sale of the Nordics real estate business to DEAS Asset Management A/S on 31 May 2021, and
the sale of Hark Capital US private market business to P10 on 30 September 2021.
Profit on disposal of subsidiaries and other operations in prior periods have been summarised below.
2021
\u00a3m
Disposal of Parmenion 73
Disposal of Bonaccord 39
Other disposals 15
Profit on disposal of subsidiaries and other operations for the year ended 31 December 2021 127
On disposal, a loss of \u00a31m was recycled from the translation reserve and was included in determining the profit on disposal
of subsidiaries and other operations for the year ended 31 December 2021.
(c)(ii) Current year disposal of associates
Profit on disposal of interests in associates for the year ended 31 December 2022 of \u00a36m relates to the sale of the Group\u2019s
interest in Origo Services Limited in May 2022.
(c)(iii) Prior period disposal and reclassification of associates
Profit on disposal of associates in prior periods have been summarised below.
2021
\u00a3m
Reclassification of Phoenix Group Holdings plc (Phoenix) 68
Sale of equity shares in HDFC Asset Management and reclassification 1,168
Profit on disposal of interests in associates for the year ended 31 December 2021 1,236
7. Group financial statements continued
On disposal and reclassification, a loss of \u00a317m was recycled from the translation reserve and was included in determining
the profit on disposal of interests in associates for the year ended 31 December 2021. In addition, other comprehensive
income gains of \u00a39m were recycled from retained earnings and were included in determining the profit on disposal of
interests in associates for the year ended 31 December 2021.
Phoenix
On 23 February 2021, the Group announced details of the simplification and extension of the strategic partnership
between the Group and Phoenix. Following the changes to the commercial agreements, in particular in relation to the
licencing of the \u2018Standard Life\u2019 brand, our judgement was that Phoenix should no longer be accounted for as an associate
with effect from 23 February 2021. The Group\u2019s shareholding in Phoenix, which remained at 14.4%, was therefore
reclassified from an investment in associates accounted for using the equity method to equity securities and interests in
pooled investment funds measured at fair value.
As part of the agreement, the Group announced the purchase of certain products in the Phoenix Group\u2019s savings business
offered through abrdn\u2019s Wrap platform, comprising a self-invested pension plan (SIPP) and an onshore bond product;
together with the Phoenix Group\u2019s trustee investment plan (TIP) business for UK pension scheme clients. The transaction is
not expected to complete before 2024 and is subject to regulatory and court approvals. The upfront consideration paid by
the Group in February 2021 was \u00a362.5m, which is offset in part by payments from Phoenix to the Group relating to profits of
the products prior to completion of the legal transfer. The net amount of consideration paid is included in prepayments in
the consolidated statement of financial position with cash movements in relation to the consideration included in
prepayment in respect of potential acquisition of customer contracts in the consolidated statement of cash flows.
HDFC Asset Management
On 29 September 2021, the Group completed a sale of equity shares in HDFC Asset Management on the National Stock
Exchange of India Limited and BSE Limited. The gain on sale and the gain on reclassification from an associate to an equity
investment can be summarised as follows:
2021
\u00a3m
Gain on sale of 10,650,000 equity shares in HDFC Asset Management sold through a Bulk Sale on
29 September 2021
271
Gain on reclassification of remaining 34,578,305 equity shares in HDFC Asset Management from an associate
to equity investment on 29 September 2021
897
Gains on disposal and reclassification of HDFC Asset Management for the year ended 31 December 2021 1,168
Following the sale, the Group\u2019s shareholding in HDFC Asset Management was 34,578,305 equity shares or 16.22% and
HDFC Asset Management was therefore no longer considered to be an associate of the Group. The Group\u2019s investment in
HDFC Asset Management was reclassified from an investment in associates accounted for using the equity method to
equity securities and interests in pooled investment funds measured at fair value.
The Group\u2019s shareholdings in Phoenix and HDFC Asset Management are considered, along with HDFC Life, as significant
listed investments for the purpose of determining the Group\u2019s adjusted profit. Refer Note 11(a) for changes in the Group\u2019s
significant listed investments in the year ended 31 December 2022.
2. Segmental analysis
The Group\u2019s reportable segments have been identified in accordance with the way in which the Group is structured and
managed. IFRS 8 Operating Segments requires that the information presented in the financial statements is based on
information provided to the \u2018Chief Operating Decision Maker\u2019 which for the Group is the executive leadership team.
(a) Basis of segmentation
(a)(i) Current reportable segments
Investments
Our global asset management business which provides investment solutions for Institutional, Wholesale and Insurance
clients. The Investment segment includes the Tritax and Finimize businesses following their acquisitions during the year
ended 31 December 2021.
Adviser
Our market-leading UK financial adviser business which provides platform services to wealth managers and advisers.
Personal
Our Personal business comprises Personal Wealth (which combines our financial planning business abrdn Financial
Planning, our digital direct-to-consumer services and discretionary fund management services provided by abrdn
Capital) and Interactive Investor following the completion of the acquisition on 27 May 2022. Refer Note 1(b)(i) for further
details.
In addition to the Group reportable segments above, the analysis of adjusted profit in Section b(i) below also reports the
following:
Corporate/strategic
Corporate/strategic mainly comprises certain corporate costs. The comparative period also includes a business held for
sale (Parmenion, the sale of which completed on 30 June 2021).
The segments are reported to the level of adjusted operating profit.
7. Group financial statements continued
(b) Reportable segments \u2013 adjusted profit and revenue information
(b)(i) Analysis of adjusted profit
Adjusted operating profit is presented by reportable segment in the table below.
Investments Adviser Personal
Corporate/
strategic
Total
31 December 2022 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net operating revenue
1
1,070 185 201 \u2013 1,456
Adjusted operating expenses (956) (99) (129) (9) (1,193)
Adjusted operating profit
114 86 72 (9) 263
Adjusted net financing costs and investment
return
(10)
Adjusted profit before tax
253
Tax on adjusted profit (22)
Adjusted profit after tax
231
Adjusted for the following items
Restructuring and corporate transaction
expenses 8
(214)
Amortisation and impairment of intangible
assets acquired in business combinations
and through the purchase of customer
contracts
5
(494)
Profit on disposal of interests in associates 1
6
Change in fair value of significant listed
investments 4
(187)
Dividends from significant listed
investments 4
68
Share of profit or loss from associates and
joint ventures
2
14 2
Impairment of interests in associates 14
(9)
Other 11
(40)
Total adjusting items including results of
associates and joint ventures
(868)
Tax on adjusting items 88
Profit attributable to other equity holders (11)
Profit attributable to non-controlling interests
\u2013 ordinary shares
(1)
Loss for the year attributable to equity
shareholders of abrdn plc
(561)
Profit attributable to other equity holders 11
Profit attributable to non-controlling interests
\u2013 ordinary shares
1
Loss for the year
(549)
1. The Group\u2019s measure of segmental revenue has been renamed from fee based revenue to net operating revenue.
2. Share of associates\u2019 and joint ventures\u2019 profit or loss primarily comprises the Group\u2019s share of results of HASL, Virgin Money Unit Trust Managers (Virgin Money
UTM) and Tenet.
Net operating revenue is reported as the measure of revenue in the analysis of adjusted operating profit and relates to
revenues generated from external customers.
In the year ended 31 December 2022, transactions with one external customer amounted to more than 10% of net
operating revenue (2021: one). This net operating revenue of \u00a3180m (2021: \u00a3195m) is included in the Investments
segment.
Adjusted operating expenses includes depreciation and amortisation of \u00a341m (2021: \u00a347m); \u00a336m (2021: \u00a337m) for the
Investments segment; \u00a32m (2021: \u00a34m) for the Adviser segment; \u00a33m (2021: \u00a34m) for the Personal segment; and \u00a3nil
(2021: \u00a32m) for Corporate/strategic. Interest income, interest expense and income tax expense are not analysed by
segment in the information provided to the executive leadership team.
Assets and liabilities by segment is not required to be presented as such information is not presented on a regular basis to
the executive leadership team.
Investments Adviser Personal
Corporate/
strategic Total
31 December 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net operating revenue
1
1,231 178 92 14 1,515
Adjusted operating expenses (978) (104) (84) (26) (1,192)
Adjusted operating profit 253
74 8 (12) 323
Adjusted net financing costs and investment
return
\u2013
A
djusted profit before tax 323
Tax on adjusted profit
(26)
Adjusted profit after tax 297
Adjusted for the following items
Restructuring and corporate transaction
expenses 8 (259)
Amortisation and impairment of intangible
assets acquired in business combinations
and through the purchase of customer
contracts
5
(99)
Profit on disposal of subsidiaries and other
operations
1
127
Profit on disposal of interests in associates 1 1,236
Change in fair value of significant listed
investments
4
(298)
Dividends from significant listed
investments
4
71
Share of profit or loss from associates and
joint ventures
2
14
(22)
Other 11 36
Total adjusting items including results of
associates and joint ventures
792
Tax on adjusting items (94)
Profit attributable to non-controlling interests
- ordinary shares (1)
P
rofit for the year attributable to equity
shareholders of abrdn plc
994
Profit attributable to non-controlling interests
- ordinary shares
1
Profit for the year 995
1. The Group\u2019s measure of segmental revenue has been renamed from fee based revenue to net operating revenue. This measure of segmental revenue
excludes \u00a328m of net operating revenue as presented in the IFRS consolidated income statement for the year ended 31 December 2021 which was classified
as adjusting items. The adjusting items primarily relate to the net release of deferred income of \u00a325m. Refer Note 32.
2. Share of associates\u2019 and joint ventures\u2019 profit or loss comprises the Group\u2019s share of results of HASL, Virgin Money UTM, Phoenix (until 22 February 2021) and
HDFC Asset Management (until 29 September 2021).
(b)(ii) Reconciliation to the IFRS consolidated income statement
Net operating revenue
The reconciliation of net operating revenue, as presented in the analysis of Group adjusted profit by segment to revenue
from contracts with customers, as presented in the IFRS consolidated income statement, is included in Note 3.
Adjusted operating expenses
The following table provides a reconciliation of adjusted operating expenses, as presented in the analysis of Group
adjusted profit by segment, to total administrative and other expenses, as presented in the IFRS consolidated income
statement.
7. Group financial statements continued
2022 2021
\u00a3m \u00a3m
Total administrative and other expenses as presented in the IFRS consolidated income statement (1,919) (1,556)
Restructuring and corporate transaction expenses included in adjusting items 214 259
Amortisation and impairment of intangible assets acquired in business combinations and
through the purchase of customer contracts included in adjusting items
494 99
Administrative and other expenses relating to the unit linked business
1 3
Other differences
17 3
Adjusted operating expenses as presented in the analysis of Group adjusted profit by segment
(1,193) (1,192)
Other differences relate to items presented in adjusted net financing costs and investment return for segment reporting
(see commentary under table below) and other items classified as adjusting items (refer Note 11).
Adjusted net financing costs and investment return
The following table provides a reconciliation of adjusted net financing costs and investment return, as presented in the
analysis of Group adjusted profit by segment, to Net gains or losses on financial instruments and other income, as
presented in the IFRS consolidated income statement.
2022 2021
\u00a3m \u00a3m
Net gains or losses on financial instruments and other income as presented in the IFRS
consolidated income statement
(122)
(183)
Finance costs separately disclosed in the IFRS consolidated income statement (29) (30)
Change in fair value of significant listed investments included in adjusting items 187 298
Dividends from significant listed investments included in adjusting items
(68) (71)
Net gains or losses on financial instruments and other income relating to the unit linked
business
(5)
(7)
Other differences
27 (7)
Adjusted net financing costs and investment return as presented in the analysis of Group
adjusted profit by segment
(10) \u2013
Other differences primarily relate to amounts presented in a different line item of the IFRS consolidated income statement
and other items classified as adjusting items. This includes the net interest credit relating to the staff pension schemes of
\u00a329m (2021: \u00a317m) which is presented in total administrative and other expenses in the IFRS consolidated income
statement and in adjusted net financing costs and investment return in the analysis of Group adjusted profit by segment.
(c) Total net operating revenue by geographical location
Total net operating revenue
1
split by geographical location is as follows:
2022 2021
\u00a3m \u00a3m
UK 1,041 1,015
Europe, Middle East and Africa 114 132
Asia Pacific
164 209
Americas
137 159
Total
1,456 1,515
1. Net operating revenue is allocated based on legal entity revenue recognition.
(d) Non-current non-financial assets by geographical location
2022 2021
\u00a3m \u00a3m
UK 1,745 808
Europe, Middle East and Africa 10 9
Asia Pacific
8 13
Americas
57 61
Total
1,820 891
Non-current non-financial assets for this purpose consist of property, plant and equipment and intangible assets.
3. Net operating revenue
Net operating revenue represents revenue from contracts with customers after deduction of cost of sales.
Revenue from contracts with customers is recognised as services are provided i.e. as the performance obligation is
satisfied. Performance fees and carried interest are only recognised once it is highly probable that a significant reversal
will not occur in future periods. Where revenue is received in advance (front-end fees), this income is deferred and
recognised as a deferred income liability until the services have been provided (refer Note 32).
Commission and other fee expenses which relate directly to revenue are presented as cost of sales. These expenses
include ongoing commission expenses payable to financial institutions, investment platform providers and financial
advisers that distribute the Group\u2019s products which are generally based on an agreed percentage of AUM and are
recognised in the income statement as the service is received. Other cost of sales also includes amounts payable to
employees and others relatin
g
to carried interest and performance fee revenue.
(a) Revenue from contracts with customers
The following table provides a breakdown of total revenue from contracts with customers.
2022 2021
\u00a3m \u00a3m
Investments
Management fee income \u2013 Institutional and Wholesale
1
901 1,043
Management fee income \u2013 Insurance
1
167 200
Performance fees and carried interest
41 99
Other revenue from contracts with customers
38 54
Revenue from contracts with customers for the Investments segment
1,147 1,396
Adviser
Platform charges
176 179
Treasury income
11 1
Revenue from contracts with customers for the Adviser segment
187 180
Personal
Fee income \u2013 Advice and Discretionary
87 92
Account fees
32 \u2013
Trading transactions
27 \u2013
Treasury income
58 \u2013
Revenue from contracts with customers for the Personal segment
204 92
Corporate/strategic \u2013 Parmenion fund platform fee income \u2013 17
Total revenue from contracts with customers
1,538 1,685
1. In addition to revenues earned as a percentage of AUM, management fee income includes certain other revenues such as registration fees.
Investments
Through a number of its subsidiaries, the Group provides asset management services to its customers. This performance
obligation is performed over time with the revenue recognised as the obligation is performed. The Group generally
receives asset management fees based on the percentage of the assets under management. The percentage varies
depending on the level and nature of assets under management. Asset management fees are either deducted from
assets or invoiced. Deducted fees are generally calculated, recognised and collected on a daily basis. Other asset
management fees are invoiced to the customer either monthly or quarterly with receivables recognised for unpaid
invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of invoice. Accrued income is
recognised to account for income earned but not yet invoiced which is not dependent on any future performance. There is
also some use of performance fees and carried interest arrangements. Performance fees and carried interest are earned
from some investment mandates when contractually agreed performance levels are exceeded within specified
performance measurement periods. Performance fees and carried interest are only recognised once it is highly probable
that a significant reversal will not occur in future periods. Given the unpredictability of future performance, the risk of a
significant reversal occurring will typically only be considered low enough to make recognition appropriate upon the
crystallisation event occurring.
Adviser
Through a number of its subsidiaries, the Group offers customers access to fund platforms. The platforms give customers
the ongoing functionality to manage and administer their investments. This performance obligation is performed over time
with the revenue recognised as the obligation is performed. Customers pay a platform charge which is generally
calculated as a percentage of their assets. The percentage varies depending on the level of assets on the specific platform.
The main platform charges are calculated either daily or monthly and are collected and recognised monthly. The charges
are collected directly from assets on the platform. There are no significant payment terms.
7. Group financial statements continued
In addition, Adviser receives treasury income for providing management and administration of cash held in platform cash
accounts. The performance obligation for cash management and administration is performed over time with the revenue
recognised as the obligation is performed. The customer receives interest on their cash balances after deduction of a cash
management administration charge which is generally calculated as a percentage of their cash held in relevant accounts.
The percentage varies depending on the interest received from the banks used to provide the cash accounts. There are no
significant payment terms.
Personal
Through a number of its subsidiaries, the Group also offers financial planning and discretionary fund management
services. Financial planning is either provided on a one-off basis or on an ongoing basis. The performance obligation for
one-off advice is performed at a point in time with the revenue recognised when the advice is provided. The performance
obligation for ongoing financial planning is performed over time with the revenue recognised as the obligation is
performed. The Group generally receives ongoing financial planning fees based on the percentage of the assets under
advice. One-off financial planning fees are invoiced to the customer following delivery of the advice. Ongoing financial
planning fees are invoiced to the customer or a designated financial provider either monthly or quarterly. Receivables are
recognised for unpaid invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of
invoice. Accrued income is recognised to account for income earned but not yet invoiced which is not dependent on any
future performance. The performance obligation for discretionary fund management services is also performed over time
with the revenue recognised as the obligation is performed. The Group generally receives discretionary fund
management services fees based on the percentage of the assets under management. The percentage varies
depending on the level and nature of assets under management. Discretionary fund management services fees are
deducted from assets. Deducted fees are generally calculated, recognised and collected on a daily basis.
Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a subscription-based trading and direct
investing platform. The services that ii offers are provided on both a point in time and an over time basis.
Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are invoiced monthly and are
payable immediately from the customer\u2019s account, with receivables recognised if there are insufficient funds available.
The account fees cover the performance obligation to provide the customer with access to the platform and custody
services. For certain subscription levels, the account fee also entitles the customer to receive trading credits which can be
redeemed against future trades. For these subscription levels, the account fees also cover ii\u2019s performance obligation to
perform these future trades. In accordance with IFRS 15, the account fees are allocated to the two performance
obligations. Access to the platform and custody services is provided over time and the account fees revenue allocated to
this performance obligation is recognised over the calendar month as the customer receives the benefit of these services.
Trading credits need to be used by the customer within 31 days of the credit arising, therefore the revenue is recognised
over the calendar month as a reasonable approximation of when the performance obligation is satisfied at a point in time
within the month.
In addition, ii performs additional trades and foreign exchange transactions for its customers. These are performed at a
point in time with the revenue recognised at the trade date of the transaction. Trading fees for transactions not covered by
trading credits are generally charged on a flat fee basis with larger international share trades charged based on a
percentage of the trade value. These are added to the cost of purchasing shares or deducted from the proceeds from the
sale of shares with receivables recognised for unsettled trades. For foreign exchange trades, ii receives a margin (varying
depending on the size of the transaction) via a third party in the month following the transaction, with receivables
recognised prior to the payment.
In addition, ii is entitled to receive treasury income in relation to its performance obligations to the customer. Treasury
income is the interest earned on cash balances less the interest paid to customers based on the client money balances
held with third party banks and by reference to the applicable interest rates. Treasury income is recognised on an over
time basis with accrued income recognised for unpaid interest.
(b) Cost of sales
The following table provides a breakdown of total cost of sales.
2022 2021
\u00a3m \u00a3m
Cost of sales
Commission expenses 66 87
Other cost of sales
16 55
Total cost of sales
82 142
Other cost of sales includes amounts payable to employees and others relating to carried interest and performance fee
revenue. Cost of sales for each of the Group\u2019s reportable segments is disclosed in Section (c) below.
(c) Reconciliation of revenue from contracts with customers to net operating revenue as presented
in the analysis of adjusted operating profit
The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated
income statement to net operating revenue as presented in the analysis of adjusted operating profit (see Note 2(b) for
each of the Group\u2019s reportable segments).
Investments Adviser Personal Corporate/strategic Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from contracts with customers 1,147 187 204 \u2013 1,538
Cost of sales (77) (2) (3) \u2013 (82)
Net operating revenue
1,070 185 201 \u2013 1,456
Investments Adviser Personal Corporate/strategic Total
2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue from contracts with customers 1,396 180 92 17 1,685
Cost of sales
(137) (2)
\u2013
(3) (142)
Net operating revenue as presented in
the IFRS consolidated income statement 1,259 178 92 14 1,543
Other differences (28) \u2013 \u2013 \u2013 (28)
Net operating revenue as presented in
the analysis of Group adjusted profit by
segment
1,231 178 92 14 1,515
There are no differences between net operating revenue as presented in the IFRS consolidated income statement and the
analysis of Group adjusted profit by segment for the year ended 31 December 2022. Other differences for the year ended
31 December 2021 primarily related to the net release of deferred income of \u00a325m which was classified as an adjusting
item (refer Note 32).
(d) Contract receivables, assets and liabilities
The Group has recognised the following receivables, assets and liabilities in relation to contracts with customers.
31 December
2022
31 December
2021
1 January
2021
Notes \u00a3m \u00a3m \u00a3m
Amounts receivable from contracts with customers 19 161 135 115
Accrued income from contracts with customers 19 273 260 221
Cost of obtaining customer contracts 13
27 37 49
Deferred acquisition costs 20
1 3 4
Total contract receivables and assets
462 435 389
31 December
2022
31 December
2021
1 January
2021
Notes \u00a3m \u00a3m \u00a3m
Deferred Income 32 3 5 73
Total contract liabilities 3 5 73
The increase in amounts receivable from contracts with customers and accrued income from contracts with customers is
primarily due to the inclusion of balances relating to ii which was acquired during the year ended 31 December 2022. Refer
Note 1(b)(i) for further details.
Refer Note 32 for details of the release of \u00a357m of deferred income in the year ended 31 December 2021.
7. Group financial statements continued
4. Net gains or losses on financial instruments and other income
Gains and losses resulting from changes in both market value and foreign exchange on investments classified as fair
value through profit or loss are recognised in the consolidated income statement in the period in which they occur. The
gains and losses include investment income received such as interest payments and dividend income. Dividend income
is recognised when the right to receive payment is established.
Interest income on financial instruments measured at amortised cost is separately recognised in the consolidated
income statement using the effective interest rate method. The effective interest rate method allocates interest and
other finance costs at a constant rate over the expected life of the financial instrument, or where appropriate a shorter
period, by using as the interest rate the rate that exactly discounts the future cash receipts over the expected life to the
net carrying value of the instrument.
Other income includes income related to vacant property and fair value movements in contingent consideration.
2022 2021
Notes \u00a3m \u00a3m
Fair value movements and dividend income on significant listed investments
Fair value movements on significant listed investments (other than dividend
income)
(187) (298)
Dividend income from significant listed investments
68 71
Total fair value movements and dividend income on significant listed investments
(119)
(227)
Non-unit linked business \u2013 excluding significant listed investments
Net gains or losses on financial instruments at fair value through profit or loss (83) 20
Interest and similar income from financial instruments at amortised cost
25 10
Foreign exchange gains or losses on financial instruments at amortised cost
9 (1)
Other income
41 8
Net gains or losses on financial instruments and other income \u2013 non-unit linked
business \u2013 excluding significant listed investments
(8) 37
Unit linked business
Net gains or losses on financial instruments at fair value through profit or loss
Net gains or losses on financial assets at fair value through profit or loss
(130) 174
Change in non-participating investment contract financial liabilities
112
(124)
Change in liability for third party interests in consolidated funds
23
(43)
Total net gains or losses on financial instruments at fair value through profit or
loss
5 7
Net gains or losses on financial instruments and other income \u2013 unit linked business
1
23 5 7
Total other net gains or losses on financial instruments and other income (3) 44
Total net gains or losses on financial instruments and other income (122) (183)
1. In addition to the Net gains or losses on financial instruments and other income \u2013 unit linked business of \u00a35m (2021: \u00a37m), there are administrative expenses
and policyholder tax of \u00a31m (2021: \u00a33m) and \u00a34m (2021: \u00a34m) respectively relating to unit linked business for the account of policyholders so the result
attributable to unit linked business for the year is \u00a3nil (2021: \u00a3nil). Refer Note 23 for further details.
Fair value movements on significant listed investments (other than dividend income) of losses of \u00a3187m (2021: losses of
\u00a3298m) comprises losses of \u00a338m relating to HDFC Life (2021: losses of \u00a352m), losses of \u00a3105m relating to HDFC Asset
Management (2021: losses of \u00a3164m) and losses of \u00a344m relating to Phoenix (2021: losses of \u00a382m).
Dividend income from significant listed investments of \u00a368m (2021: \u00a371m) comprises \u00a352m (2021: \u00a369m) relating to
Phoenix, \u00a315m (2021: \u00a3nil) relating to HDFC Asset Management and \u00a31m (2021: \u00a32m) relating to HDFC Life.
5. Administrative and other expenses
2022 2021
Notes \u00a3m \u00a3m
Restructuring and corporate transaction expenses 8 214 259
Impairment of intangibles acquired in business combinations and through the
purchase of customer contracts
Impairment of intangibles acquired in business combinations 13
368 \u2013
Impairment of intangibles acquired through the purchase of customer
contracts
13
1 \u2013
Total impairment of intangibles acquired in business combinations and through
the purchase of customer contracts
369 \u2013
Amortisation of intangibles acquired in business combinations and through the
purchase of customer contracts
Amortisation of intangibles acquired in business combinations 13
115 87
Amortisation of intangibles acquired through the purchase of customer
contracts 13
10 12
Total amortisation of intangibles acquired in business combinations and through
the purchase of customer contracts
125 99
Staff costs and other employee-related costs 6 549 604
Other administrative expenses
1,2
662 594
Total administrative and other expenses
3
1,919 1,556
1. Other administrative expenses includes expense relating to a single process execution event provision, refer Note 34.
2. Other administrative expenses includes interest expense of \u00a32m (2021: \u00a31m). In addition, interest expense of \u00a323m (2021: \u00a324m) was incurred in respect of
subordinated liabilities and the related cash flow hedge (refer Note 18) and interest expense of \u00a36m (2021: \u00a36m) in respect of lease liabilities (refer Note 16)
which are included in Finance costs in the consolidated income statement.
3. Total administrative and other expenses includes \u00a31m (2021: \u00a33m) relating to unit linked business. Refer Note 23 for further details.
6. Staff costs and other employee-related costs
2022 2021
Notes \u00a3m \u00a3m
The aggregate remuneration payable in respect of employees:
Wages and salaries 452 469
Social security costs
50 56
Pension costs
Defined benefit plans
(29) (17)
Defined contribution plans
56 53
Employee share-based payments and deferred fund awards 41
20 43
Total staff costs and other employee-related costs
549 604
In addition, wages and salaries of \u00a325m (2021: \u00a327m), social security costs of \u00a33m (2021: \u00a33m), pension costs \u2013 defined
benefit plans of less than \u00a31m (2021: less than \u00a31m), pension costs \u2013 defined contribution plans of \u00a31m (2021: \u00a31m),
employee share-based payments and deferred fund awards relating to transformation, leavers and corporate
transactions of \u00a36m (2021: \u00a316m) and termination benefits of \u00a353m (2021: \u00a350m) have been included in restructuring and
corporate transaction expenses. Refer Note 8. A further \u00a311m (2021: \u00a353m) of expenses are included in other cost of sales
in relation to amounts payable to employees and former employees relating to carried interest and performance fee
revenue. Refer Note 3.
The following table provides an analysis of the average number of staff employed by the Group during the year. The
average number of staff for the year ended 31 December 2021 included roles classified as Operations, IT and support
functions which from 1 January 2022 have been allocated directly to the reportable segment as a result of changes to
reporting lines.
2022 2021
Investments 2,344 1,683
Adviser 658 136
Personal
928 626
Operations, IT and support functions
1,369 3,018
Total employees
5,299 5,463
Information in respect of Directors\u2019 remuneration is provided in the Directors\u2019 remuneration report on pages 103 to 130.
7. Group financial statements continued
7. Auditors\u2019 remuneration
The following table shows the auditors\u2019 remuneration during the year.
2022 2021
\u00a3m \u00a3m
Fees payable to the Company\u2019s auditors for the audit of the Company\u2019s individual and
consolidated financial statements 1.5 1.0
Fees payable to the Company\u2019s auditors for other services
The audit of the Company\u2019s consolidated subsidiaries pursuant to legislation 4.7 4.1
Audit related assurance services 2.3 2.0
Total audit and audit related assurance fees 8.5 7.1
Other assurance services 1.0 1.2
Other non-audit fee services 0.3 0.9
Total non-audit fees 1.3 2.1
Total auditors\u2019 remuneration 9.8 9.2
Auditors\u2019 remuneration disclosed above excludes audit and non-audit fees payable to the Group\u2019s principal auditor by
Group managed funds which are not controlled by the Group, and therefore not consolidated in the Group\u2019s financial
statements.
During the year ended 31 December 2022 no audit fees were payable in respect of defined benefit plans to the Group\u2019s
principal auditor (2021: \u00a3nil).
For more information on non-audit services, refer to the Audit Committee report in Section 3 \u2013 Corporate governance
statement.
8. Restructuring and corporate transaction expenses
Total restructuring and corporate transaction expenses during the year were \u00a3214m (2021: \u00a3259m). Restructuring
expenses of \u00a3169m (2021: \u00a3224m) mainly relate to transformation costs including severance, platform transformation and
specific costs to effect savings in Investments. Corporate transaction expenses were \u00a345m (2021: \u00a335m) and include deal
costs relating to acquisitions for the year ended 31 December 2022 of \u00a314m (2021: \u00a316m).
9. Taxation
The Group\u2019s tax expense comprises both current tax and deferred tax expense.
Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws
substantively enacted at the balance sheet date.
A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the
extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future
periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or
prior year transaction. Where local tax law allows, deferred tax assets and liabilities are netted off on the statement of
financial position. The tax rates used to determine deferred tax are those enacted or substantively enacted at the
balance sheet date that are expected to apply when the deferred tax asset or liability are realised. Any tax
consequences of distributions on other equity instruments are credited to the statement in which the profit distributed
originally arose.
Deferred tax is recognised on temporary differences arising from investments in subsidiaries and associates unless the
timing of the reversal is in our control and it is expected that the temporary difference will not reverse in the foreseeable
future.
Current tax and deferred tax are recognised in the consolidated income statement except when it relates to items
recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other
comprehensive income or directly to equity respectively.
The Group operates in a large number of territories and during the normal course of business will be subject to audit or
enquiry by local tax authorities. At any point in time the Group will also be engaged in commercial transactions the tax
outcome of which may be uncertain due to their complexity or uncertain application of tax law. Tax provisions,
therefore, are subjective by their nature and require management judgement based on the interpretation of legislation,
management experience and professional advice. As such, this may result in the Group recognising provisions for
uncertain tax positions. Management will provide for uncertain tax positions where they judge that it is probable there will
be a future outflow of economic benefits from the Group to settle the obligation. In assessing uncertain tax positions
management considers each issue on its own merits using their judgement as to the estimate of the most likely
outcome. When making estimates, management considers all available evidence. This may include forecasts of future
profitability, the frequency and severity of any losses, and statutory carry forward and carry back provisions as well as
management experience of tax attributes expiring without use. Where the final outcome differs from the amount
provided this difference will impact the tax charge in future periods. Management re-assesses provisions at each
reportin
g
date based upon latest available information.
(a) Tax charge in the consolidated income statement
(a)(i) Current year tax expense
2022 2021
\u00a3m \u00a3m
Current tax:
UK 5 5
Overseas
45 60
Adjustment to tax expense in respect of prior years
(8) 11
Total current tax
42 76
Deferred tax:
Deferred tax (credit)/expense arising from the current year (104) 36
Adjustment to deferred tax in respect of prior years
(4) 8
Total deferred tax
(108) 44
Total tax (credit)/expense
1
(66) 120
1. The tax credit of \u00a366m (2021: tax expense of \u00a3120m) includes a tax expense of \u00a34m (2021: \u00a34m) relating to unit linked business. Refer Note 23 for further
details.
In 2022 unrecognised tax losses from previous years were used to reduce the current tax expense by \u00a33m (2021: \u00a315m).
Current tax recoverable and current tax liabilities at 31 December 2022 were \u00a37m (2021: \u00a32m) and \u00a311m (2021: \u00a327m)
respectively. In addition current tax recoverable and current tax liabilities in relation to unit linked business were less than
\u00a31m (2021: \u00a31m) and less than \u00a31m (2021: \u00a31m) respectively. Current tax assets and liabilities are expected to be
recoverable or payable in less than 12 months at both 31 December 2022 and 31 December 2021.
7. Group financial statements continued
(a)(ii) Reconciliation of tax expense
2022 2021
\u00a3m \u00a3m
(Loss)/profit before tax (615) 1,115
Tax at 19% (2021: 19%) (117) 212
Remeasurement of deferred tax due to rate changes (15) (24)
Permanent differences
1
1 1
Non-taxable dividends from significant listed investments
1
(13)
(14)
Non-taxable fair value movements on significant listed investments
21 7
Tax effect of accounting for Share of profit or loss from associates and joint ventures
(1) 4
Tax effect of distributions on other equity instruments
(2) \u2013
Impairment losses on goodwill
65 \u2013
Impairment of investment in associates and joint ventures
2 \u2013
Differences in overseas tax rates
5 (70)
Adjustment to current tax expense in respect of prior years
(8) 11
Recognition of previously unrecognised deferred tax credit
(3) (15)
Deferred tax not recognised
4 2
Adjustment to deferred tax expense in respect of prior years
(4) 8
Non-taxable profit or loss on sale of subsidiaries, associates and significant listed investments
(5)
(5)
Other
4 3
Total tax (credit)/expense for the year
(66) 120
1. 2021 figures were previously disclosed as a single line \u2013 permanent differences (\u00a313m).
The standard UK Corporation Tax rate for the accounting period is 19%. The rate of UK Corporation Tax will increase from
19% to 25% with effect from 1 April 2023. The increased rate for future periods has been taken into account in the
calculation of UK deferred tax balances.
The accounting for certain items in the consolidated income statement results in certain reconciling items in the table
above, the values of which vary from year to year depending upon the underlying accounting values.
Details of significant reconciling items are as follows:
\u2013 Dividends from significant listed investments not being subject to tax in the UK.
\u2013 Losses on fair value movements on HDFC Life and Phoenix not deductible for tax purposes.
\u2013 Goodwill impairments that are not deductible for tax purposes.
\u2013 Certain profits are taxed at rates which differ from the UK Corporation Tax rate. The difference in overseas tax rates
includes a reconciling item relating to the fair value movements and gain on sale of our investment in HDFC Asset
Management. This arises because the Indian rate of tax on long-term capital gains is less than the UK Corporation Tax
rate.
(b) Tax relating to components of other comprehensive income
Tax relating to components of other comprehensive income is as follows:
2022 2021
\u00a3m \u00a3m
Tax relating to defined benefit pension plan deficits \u2013 (3)
Equity holder tax effect relating to items that will not be reclassified subsequently to profit or loss \u2013
(3)
Tax relating to fair value gains and losses recognised on cash flow hedges 21 6
Tax relating to cash flow hedge gains and losses transferred to consolidated income statement (19) (3)
Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss
2 3
Tax relating to other comprehensive income 2 \u2013
All of the amounts presented above are in respect of equity holders of abrdn plc.
(c) Deferred tax assets and liabilities
(c)(i) Analysis of recognised deferred tax
2022 2021
\u00a3m \u00a3m
Deferred tax assets comprise:
Losses carried forward 170 129
Depreciable assets
33 25
Employee benefits 26 30
Provisions and other temporary timing differences
5 4
Gross deferred tax assets
234 188
Less: Offset against deferred tax liabilities (22)
(20)
Deferred tax assets 212 168
Deferred tax liabilities comprise:
Unrealised gains on investments 60 104
Deferred tax on intangible assets acquired through business combinations
162 72
Other
11 9
Gross deferred tax liabilities
233 185
Less: Offset against deferred tax assets (22) (20)
Deferred tax liabilities 211 165
Net deferred tax asset at 31 December 1 3
A deferred tax asset of \u00a3170m (2021: \u00a3129m) has been recognised by the Group in respect of losses of the parent
company and various subsidiaries. The increase in this deferred tax asset in 2022 largely reflects the effect of restructuring
expenses incurred during the year.
Deferred tax assets are recognised to the extent that it is probable that the losses will be capable of being offset against
taxable profits and gains in future periods. The value attributed to them takes into account the certainty or otherwise of
their recoverability. Their recoverability is measured against the reversal of deferred tax liabilities and anticipated taxable
profits and gains based on business plans. The deferred tax asset recognised on losses relates to UK entities where there is
currently no restriction on the period of time over which losses can be utilised. Recognition of this deferred tax asset
requires that management must consider if it is more likely than not that this asset will be recoverable in future periods
against future profits arising in the UK. In making this assessment management have considered future operating plans
and forecast taxable profits and are satisfied that, following completion of transformation activities, forecast taxable profits
will be sufficient to enable recovery of the UK tax losses. The financial forecasts considered were consistent with those used
for the assessment of the Group\u2019s intangible assets (refer Note 13). Based upon the level of forecast taxable profits
management do not consider there is significant risk of a material adjustment to the carrying amount of the deferred tax
asset on UK tax losses within the next financial year. Management expect the deferred tax asset to be utilised over a period
of between four and six years.
Deferred tax liabilities relating to unrealised gains on investments of \u00a360m (2021: \u00a3104m) include \u00a352m (2021: \u00a392m)
relating to our investment in HDFC Asset Management which was reclassified from an associate during 2021.
Deferred tax assets and liabilities are expected to be recovered or settled after more than 12 months.
7. Group financial statements continued
(c)(ii) Movements in deferred tax assets and liabilities
Losses carried
forward
Depreciable
assets
Employee
benefits
Provisions and
other
temporary
timing
differences
Unrealised
gains on
investments
Deferred tax
on intangible
assets
acquired
through
business
combinations
Other
Net deferred
tax asset
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022 129 25 30 4 (104) (72) (9) 3
Acquired through business
combinations
\u2013 5 \u2013 \u2013 \u2013 (114) \u2013 (109)
Amounts (expensed) in/credited to the
consolidated income statement
41 3 (5
) 1 44 24 \u2013 108
Tax on cash flow hedge \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2) (2)
Other \u2013 \u2013 1 \u2013 \u2013 \u2013 \u2013 1
At 31 December 2022 170 33 26 5 (60) (162) (11) 1
Losses
carried
forward
Depreciable
assets
Employee
benefits
Provisions
and other
temporary
timing
differences
Unrealised
gains on
investments
Deferred tax
on intangible
assets
acquired
through
business
combinations Other
Net deferred
tax asset
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2021 89 12 28 2 (4) (52) (10) 65
Acquired through business
combinations - - - - - (19) - (19)
Amounts (expensed) in/credited to the
consolidated income statement 40 13 (1) 2 (100) (2) 4 (44)
Tax on defined benefit pension plan
deficits
- - 3 - - - - 3
Tax on cash flow hedge - - - - - -
(3) (3)
Other - - - - - 1 - 1
At 31 December 2021 129 25 30 4 (104) (72) (9) 3
(d) Unrecognised deferred tax
Due to uncertainty regarding recoverability, deferred tax assets have not been recognised in respect of the following:
\u2013 Cumulative losses carried forward of \u00a381m in the UK and cumulative losses and other temporary differences of \u00a3318m
overseas (2021: \u00a378m, \u00a3361m respectively).
Of these unrecognised deferred tax assets, certain losses have expiry dates as follows:
\u2013 US losses of \u00a379m with expiry dates between 2027-2037 (2021: \u00a3104m).
\u2013 Other overseas losses of \u00a327m with expiry dates between 2022-2036 (2021: \u00a343m).
The following table provides an analysis of the losses with expiry dates for unrecognised deferred tax assets.
2022 2021
\u00a3m \u00a3m
Less than 1 year 5 17
Greater than or equal to 1 year and less than 5 years 11 13
Greater than or equal to 5 years and less than 10 years 11 13
Greater than 10 years 79 104
Total losses with expiry dates 106 147
There is no unrecognised deferred tax relating to temporary timing differences associated with investments in subsidiaries,
branches and associates and interests in joint arrangements (2021: none).
10. Earnings per share
Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders by the weighted
average number of ordinary shares in issue during the period excluding shares owned by the employee trusts that have
not vested unconditionally to employees.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the
period to assume the conversion of all dilutive potential ordinary shares, such as share options granted to employees.
Details of the share options and awards issued under the Group\u2019s employee plans are provided in Note 41.
Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the
Company.
Basic earnings per share was (26.8p) (2021: 46.8p) and diluted earnings per share was (26.8p) (2021: 46.0p) for the year
ended 31 December 2022. The following table shows details of basic, diluted and adjusted earnings per share.
2022 2021
\u00a3m \u00a3m
Adjusted profit before tax 253 323
Tax on adjusted profit
(22)
(26)
Adjusted profit after tax
231 297
Attributable to:
Other equity holders (11) \u2013
Non-controlling interests \u2013 ordinary shares
(1) (1)
Adjusted profit after tax attributable to equity shareholders of abrdn plc
219 296
Total adjusting items including results of associates and joint ventures (868) 792
Tax on adjusting items
88
(94)
(Loss)/profit attributable to equity shareholders of abrdn plc
(561) 994
2022 2021
Millions Millions
Weighted average number of ordinary shares outstanding 2,094 2,123
Dilutive effect of share options and awards 16 36
Weighted average number of diluted ordinary shares outstanding
2,110 2,159
In accordance with IAS 33, no share options and awards have been treated as dilutive for the year ended 31 December
2022 due to the loss attributable to equity holders of abrdn plc in that period. This resulted in the adjusted diluted earnings
per share being calculated using a weighted average number of ordinary shares of 2,094 million.
2022 2021
Pence Pence
Basic earnings per share (26.8) 46.8
Diluted earnings per share (26.8) 46.0
Adjusted earnings per share 10.5 13.9
Adjusted diluted earnings per share 10.5 13.7
7. Group financial statements continued
11. Adjusted profit and adjusting items
Adjusted profit excludes the impact of the following items:
\u2013 Restructuring costs and corporate transaction expenses. Restructuring includes the impact of major regulatory
change.
\u2013 Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of
customer contracts.
\u2013 Profit or loss arising on the disposal of a subsidiary, joint venture or equity accounted associate.
\u2013 Change in fair value of/dividends from significant listed investments (see (a) below).
\u2013 Share of profit or loss from associates and joint ventures.
\u2013 Impairment loss/reversal of impairment loss recognised on investments in associates and joint ventures accounted
for using the equity method.
\u2013 Fair value movements in contingent consideration.
\u2013 Items which are one-off and, due to their size or nature, are not indicative of the long-term operating performance of
the Group.
The tax charge or credit allocated to adjusting items is based on the tax treatment of each adjusting item.
The operating, investing and financing cash flows presented in the consolidated statement of cash flows are for both
adjusting and non-adjusting items.
(a) Significant listed investments
During 2021, the Group\u2019s investments in Phoenix and HDFC Asset Management were reclassified from associates to equity
securities. Refer Note 1(c)(iii) for further details. The Group\u2019s investment in HDFC Life was similarly reclassified in 2020 and
all three are now considered significant listed investments of the Group. Fair value movements on these investments are
included as adjusting items, which is aligned with our treatment of gains on disposal for these holdings when they were
classified as associates. Dividends from significant listed investments are also included as adjusting items, as these result in
fair value movements.
During the year ended 31 December 2022:
\u2013 The Group\u2019s holding in Phoenix reduced by 4% to 10.4% following the sale of 39,981,442 ordinary shares on 28 January
2022. The total consideration net of taxes and expenses was \u00a3263m.
\u2013 The Group\u2019s holding in HDFC Asset Management reduced by 6% to 10.2% following the sale of 12,800,000 million equity
shares through a Bulk Sale on 16 August 2022. The total consideration net of taxes, expenses and related foreign
exchange hedging was \u00a3229m.
\u2013 The Group\u2019s holding in HDFC Life reduced by 2% to 1.7% following the sale of 43,000,000 equity shares through a Bulk
Sale on 13 September 2022. The total consideration net of taxes, expenses and related foreign exchange hedging was
\u00a3261m.
(b) Other
Other adjusting items in 2022 primarily relates to a single process execution event provision of \u00a341m, refer Note 34. Other
adjusting items for the year ended 31 December 2022 also includes a net gain on fair value movements in contingent
consideration of \u00a335m (2021: loss of \u00a33m). The net gain primarily relates to a \u00a337m gain from a reduction in the fair value of
the contingent consideration liability relating to the Tritax acquisition in 2021 and reflects lower revenue expectations as a
result of logistic market falls and a higher discount rate due to higher market interest rates. Further information on the
valuation of this contingent consideration liability and related sensitivities is included in Note 37.
Other adjusting items for the year ended 31 December 2022 also includes a fair value loss of \u00a311m (2021: \u00a3nil) on a
financial instrument liability related to a prior period acquisition and a loss of \u00a313m (2021: profit of \u00a310m) in relation to
market losses on the investments held by the abrdn Financial Fairness Trust which is consolidated by the Group. The assets
of the abrdn Financial Fairness Trust are restricted to be used for charitable purposes.
Other adjusting items for the year ended 31 December 2021 also included a net release of deferred income of \u00a325m
(2022: \u00a3nil) following the transfer of workplace pensions marketing staff to Phoenix in May 2021 (refer Note 32).
12. Dividends on ordinary shares
Dividends are distributions of profit to holders of abrdn plc\u2019s share capital and as a result are recognised as a deduction in
equity. Final dividends are announced with the Annual report and accounts and are recognised when they have been
approved by shareholders. Interim dividends are announced with the Half year results and are recognised when they
are paid.
2022 2021
Pence per share \u00a3m
1
Pence per share \u00a3m
Prior year\u2019s final dividend paid 7.30 154 7.30 154
Interim dividend paid 7.30 153 7.30 154
Total dividends paid on ordinary shares
307 308
Current year final recommended dividend 7.30 142 7.30 154
1. Estimated for current year final recommended dividend.
The final recommended dividend will be paid on 16 May 2023 to shareholders on the Company\u2019s register as at 31 March
2023, subject to approval at the 2023 Annual General Meeting. After the current year final recommended dividend, the
total dividend in respect of the year ended 31 December 2022 is 14.60p (2021: 14.60p).
7. Group financial statements continued
13. Intangible assets
Goodwill is created when the Group acquires a business and the consideration exceeds the fair value of the net assets
acquired. In determining the net assets acquired in business combinations, intangible assets are recognised where they
are separable or arise from contractual or legal rights. Intangible assets acquired by the Group through business
combinations consist mainly of customer relationships and investment management contracts, technology and brands.
Any remaining value that cannot be identified as a separate intangible asset on acquisition forms part of goodwill.
In addition to intangible assets acquired through business combinations, the Group recognises as intangible assets
software which has been developed internally and other purchased technology which is used in managing and
executing our business. Costs to develop software internally are capitalised after the research phase and when it has
been established that the project is technically feasible and the Group has both the intention and ability to use the
completed asset.
Intangible assets are recognised at cost and amortisation is charged to the income statement over the length of time
the Group expects to derive benefits from the asset. The allocation of the income statement charge to each reporting
period is dependent on the expected pattern over which future benefits are expected to be derived. Where this pattern
cannot be determined reliably the charge is allocated on a straight-line basis.
Goodwill is not charged to the income statement unless it becomes impaired.
The Group also recognises the cost of obtaining customer contracts (refer Note 3) as an intangible asset. These costs
primarily relate to the cost of acquiring existing investment management contracts from other asset managers and
commission costs for initial investors into new closed end funds where these are borne by the Group. For the cost of
obtaining customer contracts, the intangible asset is amortised on the same basis as the transfer to the customer of the
services to which the intan
g
ible asset relates.
Acquired through business combinations
Goodwill Brand
Customer
relationships
and investment
management
contracts
Technology
and other
Internally
developed
software
1
Purchased
software
and other
Cost of
obtaining
customer
contracts Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross amount
At 1 January 2021 3,475 93 1,031 64 131 5 104 4,903
Disposals and adjustments
\u2013 \u2013
(15)
\u2013 \u2013 \u2013 \u2013
(15)
Additions
246 1 72 5 \u2013 \u2013 \u2013 324
At 31 December 2021
3,721 94 1,088 69 131 5 104 5,212
Reclassified as held for sale during the year (49) \u2013 (28) \u2013 \u2013 \u2013 \u2013 (77)
Disposals and adjustments \u2013 \u2013 2 \u2013 \u2013 \u2013 1 3
Additions - ii
993 16 421 32 \u2013 \u2013 \u2013 1,462
Additions - other
\u2013 \u2013 \u2013 \u2013 6 \u2013 \u2013 6
At 31 December 2022
4,665 110 1,483 101 137 5 105 6,606
Accumulated amortisation and impairment
At 1 January 2021 (3,390) (63) (717) (61) (114) (2) (55) (4,402)
Disposals and adjustments
\u2013 \u2013 10
(2)
2 \u2013 \u2013
10
Amortisation charge for the year
2
\u2013 (19) (67) (1) (7) (2) (12) (108)
Impairment losses recognised
3
\u2013 \u2013 \u2013 \u2013 (8) \u2013 \u2013 (8)
At 31 December 2021
(3,390) (82) (774) (64) (127) (4) (67) (4,508)
Reclassified as held for sale during the year \u2013 \u2013 19 \u2013 \u2013 \u2013 \u2013 19
Amortisation charge for the year
2
\u2013 (14) (91) (10) (3) (1) (10) (129)
Impairment losses recognised
3
(340) \u2013 (28) \u2013 \u2013 \u2013 (1) (369)
At 31 December 2022
(3,730) (96) (874) (74) (130) (5) (78) (4,987)
Carrying amount
At 1 January 2021 85 30 314 3 17 3 49 501
At 31 December 2021 331 12 314 5 4 1 37 704
At 31 December 2022
935 14 609 27 7 \u2013 27 1,619
1. Included in the internally developed software of \u00a37m (2021: \u00a34m) is \u00a35m (2021: \u00a3nil) relating to intangible assets not yet ready for use.
2. For the year ended 31 December 2022, \u00a3125m (2021: \u00a399m) of the amortisation charge is recognised in Amortisation of intangibles acquired in business
combinations and through the purchase of customer contracts with \u00a34m (2021: \u00a39m) recognised in Other administrative expenses.
3. For the year ended 31 December 2022, \u00a3369m (2021: \u00a3nil) of impairment is recognised in Impairment of intangibles acquired in business combinations and
through the purchase of customer contracts with \u00a3nil (2021: \u00a38m) recognised in Restructuring and corporate transaction expenses.
At 31 December 2022, there was \u00a3nil (2021: \u00a3167m) of goodwill attributable to the asset management group of cash-
generating units and \u00a331m (2021: \u00a372m) of goodwill attributable to the Finimize cash-generating unit, both in the
Investments segment. There was \u00a3819m (2021: \u00a3nil) of goodwill attributable to the ii cash generating unit in the Personal
segment. Refer Note 1(b)(i) for further details on the acquisition of ii. The remaining goodwill of \u00a385m (2021: \u00a392m) is
attributable to a number of smaller cash-generating units in the Personal segment. Goodwill of \u00a349m relating to the
Personal segment was classified as held for sale at 31 December 2022 (refer Note 21).
ii intangible assets
On acquisition of ii, customer relationships, brand and technology and other intangibles of \u00a3421m, \u00a316m and \u00a332m
respectively were recognised. Identification and valuation of intangible assets acquired in business combinations is a key
judgement. The description of the individually material intangible asset including the estimated useful life at the acquisition
date of 27 May 2022 was as follows:
Customer relationship
intangible asset Description
Useful life at
acquisition date
Fair value on
acquisition date
Carrying value
2022
Carrying value
2021
\u00a3m \u00a3m \u00a3m
Customer base ii\u2019s customer base at the date of acquisition 15 years 421 390 N/A
The key assumptions in measuring the fair value of this intangible asset at acquisition date were as follows:
\u2013 Revenue per customer growth \u2013 comprises expected growth in account fees, treasury income and trading
transactions revenue from ii business plans. Treasury income is the interest earned on cash balances less the interest
paid to customers and was assumed to grow in line with assets under administration. Market interest rates were
assumed to remain at or above 1%.
\u2013 Customer attrition \u2013 customer attrition represents the expected rate of existing customers leaving ii. This assumption
was primarily based on historical attrition rates and was assumed to remain constant over time.
\u2013 Operating margin - this assumption was based on the current operating margins adjusted for marketing costs which
are not attributable to the servicing of existing customers. Expected future operating margins are adjusted to take into
account that increased treasury income does not result in higher costs.
\u2013 Discount rate - this assumption was based on a market participant weighted average cost of capital.
The above assumptions, and in particular the customer attrition assumption, were also used to determine the 15 year
useful economic life at the acquisition date. There has been no change to the useful life and therefore the residual useful life
of the customer relationships intangible asset is 14.4 years. The reducing balance method of amortisation is considered
appropriate for this intangible, consistent with the attrition rate being constant over time.
The technology intangible asset relates to ii\u2019s internally generated technology which has been valued based on the
replacement cost method. The brand intangible asset relates to the ii brand and has been valued based on applying an
assumed royalty rate to revenue forecasts.
As set out in Note 1(b)(i) following the valuation of the ii intangibles discussed above goodwill of \u00a3993m was recognised.
The allocation of this goodwill to cash-generating units was a key judgement in 2022. The goodwill was allocated to cash-
generating units based on expected earnings contribution, including in relation to revenue synergies, at the time of the
transaction. We considered an earnings contribution method of allocation to be appropriate as earnings multiples are a
primary valuation method for businesses such as ii. This resulted in the goodwill being primarily allocated to the ii cash-
generating unit in the Personal segment (\u00a3819m), with \u00a3132m and \u00a342m allocated to the asset management group of
cash-generating units in the Investments segment and a cash-generating unit in the Personal segment respectively.
Tritax investment management contract intangible assets
On acquisition of Tritax, \u00a371m of customer relationships and investment management contracts intangibles were
recognised. These assets primarily relate to Tritax\u2019s investment management contracts with Tritax Big Box REIT plc and
Tritax Euro Box plc which are listed closed-end real estate funds. The description of the individually material intangible asset
including the estimated useful life at the acquisition date of 1 April 2021 was as follows:
Investment management
contract intangible asset Description
Useful life at
acquisition date
Fair value on
acquisition date
Carrying
value
2022
Carrying
value
2021
\u00a3m \u00a3m \u00a3m
Tritax Big Box REIT plc Investment management contract with
Tritax Big Box REIT plc
13 years 50 43 47
The key assumptions, other than the useful life, in measuring the fair value of the investment contract intangible assets at
acquisition date were as follows:
\u2013 Revenue growth \u2013 this assumption was based on the fund growth (from markets and investment performance)
included in the Tritax business plan as adjusted for the impact of fund raisings which commenced prior to the acquisition
date. Management fee rates are assumed to stay in line with current rates.
\u2013 Operating margin \u2013 this assumption was based on the current operating margins adjusted for expected cost synergies.
\u2013 Discount rate \u2013 this assumption was based on a market participant weighted average cost of capital.
7. Group financial statements continued
As the investment management contracts relate to closed-end funds, the straight-line method of amortisation is
considered appropriate for these intangibles. There has been no change to the useful lives and therefore the residual useful
life of these investment management contract intangible assets is 11.25 years.
abrdn Holdings Limited (formerly named Aberdeen Asset Management PLC (aHL)) intangibles
On the acquisition of aHL in 2017, we identified intangible assets in relation to customer relationships, brand and technology
as being separable from goodwill. Identification and valuation of intangible assets acquired in business combinations is a
key judgement.
The customer relationships acquired through aHL were grouped where the customer groups have similar economic
characteristics and similar useful economic lives. This gave rise to three separate intangible assets which we termed Lloyds
Banking Group, Open ended funds, and Segregated and similar.
In relation to the Open ended funds we considered that it was most appropriate to recognise an intangible asset relating to
customer relationships between aHL and open ended fund customers, rather than an intangible asset relating to
investment management agreements between aHL and aHL\u2019s open ended funds. Our judgement was that the value
associated with the open ended fund assets under management was predominantly derived from the underlying
customer relationships, taking into account that a significant proportion of these assets under management are from
institutional clients.
The intangible asset for Lloyds Banking Group had a carrying value of \u00a3nil at the end of 2019. The description of the
remaining two separate intangible assets including their estimated useful life at the acquisition date of 14 August 2017 was
as follows:
Customer relationship
intangible asset
Description
Useful life at
acquisition date
Fair value on
acquisition date
Carrying
value
2022
Carrying
value
2021
\u00a3m \u00a3m \u00a3m
Open ended funds Separate vehicle group \u2013 open ended
investment vehicles
11 years 223 45 62
Segregated and
similar
All other vehicle groups dominated by
segregated mandates which represent 75% of
this group
12 years 427
63 83
Measuring the fair value of intangible assets acquired in business combinations required further assumptions and
judgements. Customer relationships were valued using discounted cash flow projections. The key assumptions in
measuring the fair value of the customer relationships at the acquisition date were as follows:
\u2013 Net attrition \u2013 net attrition represents the expected rate of outflows of assets under management net of inflows from
existing customers. This assumption was primarily based on recent experience.
\u2013 Market growth \u2013 a market growth adjustment was applied based on the asset class.
\u2013 Operating margin \u2013 this assumption was consistent with forecast margins and included the impact of synergies that
would be expected by any market participant and impacted the Aberdeen customer relationship cash flows.
\u2013 Discount rate \u2013 this assumption was based on the internal rate of return (IRR) of the transaction and is consistent with a
market participant discount rate.
The above assumptions, and in particular the net attrition assumption, were also used to determine the useful economic life
at the acquisition date of each asset used for amortisation. The reducing balance method of amortisation is considered
appropriate for these intangibles, consistent with the attrition pattern on customer relationships which means that the
economic benefits delivered from the existing customer base will reduce disproportionately over time.
There has been no change to the useful lives of the Open ended funds and Segregated and similar customer relationship
intangible assets. Therefore the residual useful life of the Open ended funds customer relationship intangible asset is 5.6
years and the residual life of the Segregated and similar customer relationship intangible asset is 6.6 years.
Estimates and assumptions
The key estimates and assumptions in relation to intangible assets are:
\u2013 Determination of the recoverable amount of goodwill and customer intangibles.
\u2013 Determination of useful lives.
The determination of the recoverable amount of the asset management and Finimize cash-generating units was a key
estimate in relation to these 2022 accounts. However, following the impairments in 2022, including the full impairment of
asset management goodwill, the determination of the recoverable amount for these cash-generating units is not
considered a source of estimation uncertainty at 31 December 2022 with a significant risk of resulting in material
adjustments to the carrying amount in the next financial year.
The determination of the recoverable amount of the interactive investor and the abrdn financial planning business
cash-generating units is a key area of estimation, and further details of assumptions and sensitivities are disclosed in this
section.
Determination of the recoverable amount of goodwill and customer intangibles
For all intangible assets including goodwill, an assessment is made at each reporting date as to whether there is an
indication that the goodwill or intangible asset has become impaired. If any indication of impairment exists then the
recoverable amount of the asset is determined. In addition, the recoverable amount for goodwill must be assessed
annually.
The recoverable amounts are defined as the higher of fair value less costs of disposal (FVLCD) and the value in use (VIU)
where the value in use is based on the present value of future cash flows. Where the carrying value exceeds the
recoverable amount then the carrying value is written down to the recoverable amount.
In assessing value in use or FVLCD measured using a discounted cash flow approach, expected future cash flows are
discounted to their present value using a pre-tax discount rate for VIU or a post-tax discount rate for FVLCD. Judgement
is required in assessing both the expected cash flows and an appropriate discount rate which is based on current
market assessments of the time value of money and the risks associated with the asset.
Goodwill
In 2022 impairments of goodwill of \u00a3340m (2021: \u00a3nil) have been recognised. The goodwill impairment comprises
\u00a3299m relating to the asset management group of cash generating units and \u00a341m relating to the Finimize cash-
generating unit. Both impairments relate to assets included in the Investments segment. The impairments are included
within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in
the consolidated income statement.
Asset management
The asset management group of cash generating units comprises the Investments segment (excluding Finimize) which
is the lowest group of cash generating units to which asset management goodwill has been allocated. The impairment
of \u00a3299m (2021: \u00a3nil) resulted from lower future revenue projections and further work being required to reduce
Investments costs given this level of revenue. The lower future revenue projections primarily resulted from the impact of
lower equity market levels during 2022 and forecast equity market falls in 2023 on assets under management, net
outflows in 2022 particularly in the equity asset class and lower forecasts of net inflows in future periods reflecting both
macroeconomic conditions and business performance, and the expected reduction in Phoenix revenue as a result of
certain active equity and fixed income strategies moving to lower yielding passive quantitative strategies and related
pricing changes. Following the impairment the goodwill allocated to the asset management group of cash generating
units was \u00a3nil (2021: \u00a3167m). The goodwill prior to impairment of \u00a3299m included additions of \u00a3132m allocated to the
asset management group of cash generating units for revenue synergies in our Investments segment in relation to the
acquisition of ii. Refer Note 1(b)(i) for further details.
The recoverable amount of this group of cash-generating units at 31 December 2022 was \u00a31,532m which was based
on FVLCD. This was also the carrying value of this group of cash-generating units at 31 December 2022. The FVLCD
considered a number of valuation approaches, with the primary approach being a discounted cash flow approach. This
is a level 3 measurement as it is measured using inputs which are not based on observable market data. Cash flows
were based on the three year financial budgets approved by management. The key assumptions used by
management in setting the three-year profit forecasts are:
\u2013 Revenue in the management forecasts reflects past experience and modelling based on assets under management
and fee revenue yields by asset class.
\u2013 Assets under management is modelled from future net flow assumptions and market movements. Net flow
assumptions take into account past experience and assume institutional and wholesale flows move to a net inflow
position over the business plan cycle. Market assumptions assume equity market falls in 2023 with recovery during
2024 and 2025. Fee revenue yield assumptions are adjusted to take into account an expected contraction in the yield
on Phoenix assets.
7. Group financial statements continued
\u2013 Expenses in the management forecasts were based on past experience adjusted for planned expense savings and
inflation impacts and take into account related restructuring costs.
Cash flow projections were extrapolated using a 5% revenue growth in years 4 and 5, and then a 2% terminal rate profit
growth based on long-term inflation forecasts. A post tax discount rate of 15.35% was used based on the Group/peer
companies cost of equity adjusted for forecasting risk.
The recoverable amount at 31 December 2021 was based on VIU. The reason for the change in 2022 was that, at 31
December 2022, FVLCD was assessed by management as being higher than VIU. The VIU is significantly reduced by the
IFRS requirement to add back certain staff and property expense savings to management\u2019s expectation of the level of
future operating expenses, where these expense savings require provisions to be made in future years.
Finimize
The impairment of goodwill allocated to the Finimize cash-generating unit, which comprises the Finimize business, was
\u00a341m. The impairment resulted from a significant fall in market multiples and lower projected revenues as a result of
macroeconomic conditions and 2022 revenues being lower than previous expectations. Following the impairment the
goodwill allocated to the Finimize cash-generating unit was \u00a331m (2021: \u00a372m).
The recoverable amount of the Finimize cash-generating unit at 31 December 2022 was \u00a335m which was based on
FVLCD. This was also the carrying value of the Finimize cash-generating unit at 31 December 2022. The FVLCD
considered a number of valuation approaches, with the primary approach being a revenue multiple approach. This is a
level 3 measurement as it is measured using inputs which are not based on observable market data.
The key assumptions used in determining the revenue multiple valuation were future revenue projections, which were
based on management forecasts and assumed a continued level of revenue growth, and market multiples. Market
multiples were based on comparable listed companies, with appropriate discounts applied to take into account
profitability, track record, revenue growth potential, and net premiums for control.
Following the impairment the residual goodwill allocated to the Finimize cash-generating unit is not significant in
comparison to the total carrying amount of goodwill.
interactive investor
Goodwill of \u00a3819m (2021: \u00a3nil) is allocated to the interactive investor cash generating unit which comprises the
interactive investor business in the Personal segment. The recoverable amount of this cash-generating unit was
determined based on FVLCD. The FVLCD was based on an earnings multiple approach. This is a level 3 measurement as
it is measured using inputs which are not based on observable market data.
The key assumptions used in determining the earnings multiple valuation were future post tax adjusted earnings, which
were based on management\u2019s business plan projections and reflected past experience and market price to earnings
multiples, which were based on multiples of a peer group of comparable listed direct-to-consumer investment platform
providers.
Sensitivities of key assumptions
The business plan projections used to determine the future earnings are based on macroeconomic forecasts including
interest rates and inflation, and forecast levels of client activity, market pricing, the percentage of client funds held in
cash and expenses. The projections are therefore sensitive to these assumptions. The interactive investor treasury
income forecast is sensitive to interest rate levels and the level of interest paid to customers and would be expected to
reduce if market interest rates fell below 1% and returned to the historic lows seen in 2021. The business plan projections
were based on market forward interest rates and assumed that market interest rates remained above 1% over the plan
period. Given current macroeconomic uncertainties a 20% reduction in forecast earnings has been provided as a
sensitivity.
The market price to earnings multiple used in the valuation is 20x based on multiples of a peer group of comparable
listed direct-to-consumer investment platform providers. This assumption is sensitive to general equity market
fluctuations and to market views on UK direct-to-consumer investment platform companies. Taking into account
historic equity market fluctuations a 25% sensitivity to an earnings multiple has been provided as a sensitivity.
The recoverable amount at 31 December 2022 exceeds the carrying amount of the cash-generating unit by \u00a3400m.
The impact of sensitivities to a single variable and the change required to reduce headroom to zero are shown in the
tables below.
Reduction in headroom for illustrative sensitivities \u00a3m
20% reduction in forecast post tax adjusted earnings
(335)
25% reduction in market multiple
(419)
Change required to reduce headroom to zero %
Change in forecast post tax adjusted earnings
(24)
Reduction in market multiple
(24)
We consider the 24% reduction in market multiple assumption to 15x to reduce the headroom to zero to be a
reasonably possible change.
Other goodwill
Goodwill of \u00a385m (2021: \u00a392m) is attributable to a number of smaller cash-generating units in the Personal segment. No
goodwill amounts are significant in comparison to the total carrying amount of goodwill and the recoverable amounts
are not based on the same key assumptions.
Included in this balance is \u00a360m of goodwill allocated to the abrdn financial planning business cash-generating unit. The
year end carrying value of this cash-generating unit is equal to the recoverable amount. The recoverable amount was
based on FVLCD which considered a number of valuation approaches, with the primary approach being a multiples
approach based on price to revenue and price to assets under advice (AUAdv). Multiples were based on recent
transactions, adjusted to take into account profitability where appropriate, and were benchmarked against trading
multiples for peer companies. Revenue and AuAdv were based on 2022 results. The expected cost of disposal was
based on past experience of previous transactions. This is a level 3 measurement as it is measured using inputs which
are not based on observable market data. As the year end carrying value is the recoverable amount any downside
sensitivity will lead to a further impairment loss. A 20% reduction in recurring revenue and AUAdv would result in an
impairment of \u00a317m. A 20% reduction in market transaction multiples for similar businesses, adjusted to be appropriate
to the abrdn financial planning business, would also result in an impairment of \u00a317m.
Customer relationship and investment management contract intangibles
In 2022 an impairment of \u00a328m (2021: \u00a3nil) has been recognised in relation to customer relationship and investment
management contract intangibles. The impairment is included within Impairment of intangibles acquired in business
combinations and through the purchase of customer contracts in the consolidated income statement. The impairment
relates to the Phoenix Life business intangible asset which was recognised on the acquisition of Ignis Asset Management
in 2014, and is part of the Investments segment. The assets under management relating to this Phoenix Life intangible
are c\u00a334bn at 31 December 2022 and are therefore less than 25% of the total assets managed for Phoenix. The
impairment resulted from the expected reduction in revenue from these Phoenix assets as a result of certain active
equity and fixed income strategies moving to lower yielding passive quantitative strategies and related pricing changes.
Following the impairment the recoverable amount of the asset is \u00a3nil based on FVLCD. This is also the carry value at 31
December 2022 (2021: \u00a331m). FVLCD was based on a discounted cash flow approach based on expected future
cashflows for the Phoenix Life business and a post tax discount rate of 15.35%. This is a level 3 measurement as it is
measured using inputs which are not based on observable market data. The key assumption related to expected future
profitability and was based on management forecasts.
Determination of useful lives
The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive
benefits from the asset and considers for example expected duration of customer relationships and when technology is
expected to become obsolete for technology based assets. The amortisation period and method for each of the
Group\u2019s intangible asset categories is as follows:
\u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally
reducing balance method.
\u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years,
straight-line.
\u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line.
\u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight-line.
\u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once
the asset is available for use.
\u2013 Purchased software \u2013 between 2 and 6 years, straight-line.
\u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method.
Internally developed software
There was no impairment of internally developed software in 2022. In 2021, an impairment of internally developed
software of \u00a38m was recognised. The impairment in 2021 primarily related to an impairment of a digital advice
application in the Personal se
g
ment as a result of a reduction in expected future cash flows.
7. Group financial statements continued
14. Investments in associates and joint ventures
Associates are entities where the Group can significantly influence decisions made relating to the financial and
operating policies of the entity but does not control the entity. For entities where voting rights exist, significant influence is
presumed where the Group holds between 20% and 50% of the voting rights. Where the Group holds less than 20% of
voting rights, consideration is given to other indicators and entities are classified as associates where it is judged that
these other indicators result in significant influence.
Joint ventures are strategic investments where the Group has agreed to share control of an entity\u2019s financial and
operating policies through a shareholders\u2019 agreement and decisions can only be taken with unanimous consent.
Associates, other than those accounted for at fair value through profit or loss, and joint ventures are accounted for using
the equity method from the date that significant influence or shared control, respectively, commences until the date this
ceases with consistent accounting policies applied throughout.
Under the equity method, investments in associates and joint ventures are initially recognised at cost. When an interest is
acquired at fair value from a third party, the value of the Group\u2019s share of the investee\u2019s identifiable assets and liabilities is
determined applying the same valuation criteria as for a business combination at the acquisition date. This is compared
to the cost of the investment in the investee. Where cost is higher the difference is identified as goodwill and the investee
is initially recognised at cost which includes this component of goodwill. Where cost is lower a bargain purchase has
arisen and the investee is initially recognised at the Group\u2019s share of the investee\u2019s identifiable assets and liabilities unless
the recoverable amount for the purpose of assessing impairment is lower, in which case the investee is initially
recognised at the recoverable amount.
Subsequently the carrying value is adjusted for the Group\u2019s share of post-acquisition profit or loss and other
comprehensive income of the associate or joint venture, which are recognised in the consolidated income statement
and other comprehensive income respectively. The Group\u2019s share of post-acquisition profit or loss includes amortisation
charges based on the valuation exercise at acquisition. The carrying value is also adjusted for any impairment losses.
On partial disposal of an associate, a gain or loss is recognised based on the difference between the proceeds received
and the equity accounted value of the portion disposed of. Indicators of significant influence are reassessed based on
the remaining voting rights. Where significant influence is judged to have been lost, the investment in associate is
reclassified to interests in equity securities and pooled investment funds measured at fair value. If an entity is reclassified,
the difference between the fair value and the remaining equity accounted value is accounted for as a reclassification
gain or loss on disposal.
Where the Group has an investment in an associate, a portion of which is held by, or is held indirectly through, a mutual
fund, unit trust or similar entity, including investment-linked insurance funds, that portion of the investment is measured at
FVTPL. In general, investment vehicles which are not subsidiaries are considered to be associates where the Group holds
more than 20% of the votin
g
ri
g
hts.
The level of future dividend payments and other transfers of funds to the Group from associates and joint ventures
accounted for using the equity method could be restricted by the regulatory solvency and capital requirements of the
associate or joint venture, certain local laws or foreign currency transaction restrictions.
(a) Investments in associates and joint ventures accounted for using the equity method
2022 2021
Associates Joint ventures Total Associates Joint ventures Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 10 264 274 1,134 237 1,371
Exchange translation adjustments \u2013 8 8 \u2013 7 7
A
dditions
18 2 20 \u2013 11 11
Disposals
\u2013 \u2013 \u2013 (29) \u2013 (29)
Profit/(loss) after tax
(5) 7 2 (35) 13 (22)
Other comprehensive income
\u2013 (28) (28) 12 (4) 8
Im
pairment
(9) \u2013 (9) \u2013 \u2013 \u2013
D
istributions of profit
\u2013 \u2013 \u2013 (15) \u2013 (15)
Reclassified to equity securities and interests in pooled
investments funds
\u2013 \u2013 \u2013 (1,057) \u2013 (1,057)
At 31 December
14 253 267 10 264 274
The following joint venture is considered to be material to the Group as at 31 December 2022.
Name Nature of relationship
Principal place of
business Measurement method
Interest held by
the Group at 31
December 2022
Interest held by
the Group at 31
December 2021
Heng An Standard Life Insurance
Company Limited (HASL)
Joint venture China Equity
accounted
50.00% 50.00%
The country of incorporation or registration is the same as the principal place of business. The interest held by the Group is
the same as the proportion of voting rights held. HASL is not listed.
(b) Investments in associates accounted for using the equity method
2022 2021
Other Total Phoenix
HDFC Asset
Management Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Carrying value of associates accounted for
using the equity method 14 14 \u2013 \u2013 10 10
Dividends received
\u2013 \u2013 \u2013 15 \u2013 15
Share of profit/(loss) after tax (5) (5) (56) 21 \u2013 (35)
The Group\u2019s investments in Phoenix and HDFC Asset Management were reclassified to equity securities and interests in
pooled investment funds in 2021 so were not material associates at 31 December 2021 (refer below for further details of
the reclassification). The Group continues to have no material associates at 31 December 2022.
Other primarily relates to the Group\u2019s interests in Archax Holdings Limited and Tenet Group Limited. During the year ended
31 December 2022, the Group recognised an impairment of \u00a39m in relation to its interest in Tenet Group Limited.
HDFC Asset Management
HDFC Asset Management manages a range of mutual funds and provides portfolio management and advisory services.
On 29 September 2021 the Group reduced its interest in HDFC Asset Management to 16.22% (2020: 21.24%). Refer Note
1(c)(iii) for further details of the sale. Following the sale, HDFC Asset Management was no longer considered to be an
associate of the Group and the Group\u2019s interest in HDFC Asset Management was reclassified from an investment in
associates accounted for using the equity method to equity securities and interests in pooled investment funds measured
at fair value on 29 September 2021. The sale reduced the Group\u2019s interest in HDFC Asset Management below 20%, which is
the threshold where significant influence is presumed. While the Group does retain board representation, there are no
significant decisions that require unanimous board approval under the articles of association and the Group has no
significant contractual relationships with HDFC Asset Management. We considered that the Group no longer has
significant influence over HDFC Asset Management after the sale, and therefore should no longer be classified as an
associate.
On 29 September 2021, the equity accounted value of HDFC Asset Management was \u00a393m and the fair value of the
Group\u2019s investment in HDFC Asset Management was \u00a31,003m based on the share price on this date. A reclassification gain
of \u00a3897m was recognised in the consolidated income statement. On reclassification a loss of \u00a313m was recycled from the
translation reserve and was included in determining the gain.
The year end date of HDFC Asset Management is 31 March which is different from the Group\u2019s year end date of
31 December. For the purposes of the preparation of the Group\u2019s consolidated financial statements, financial information
for the period from 1 January 2021 to 29 September 2021 was used for HDFC Asset Management for equity accounting
purposes.
Phoenix
Phoenix is the largest life and pensions consolidator in Europe.
Following the completion of the Sale of the Group\u2019s UK and European insurance business in August 2018, as part of the total
consideration, the Group was issued with new Phoenix shares representing 19.98% of the issued share capital of Phoenix.
During the year ended 31 December 2020, the Group\u2019s interest in Phoenix was reduced to 14.4%. Although our interest in
Phoenix had reduced to 14.4%, taking into account our continued representation on Phoenix\u2019s board and, in particular, the
contractual relationships with Phoenix, including the licensing to Phoenix of the Standard Life brand, our judgement was
that Phoenix should continue to be classified as an associate.
7. Group financial statements continued On 23 February 2021, the Group announced a simplification and extension of the strategic partnership between the Group and Phoenix. Refer Note1(c)(iii). The announcement included the sale of the \u2018Standard Life\u2019 brand to Phoenix, replacing the existing agreement to licence the brand for no fee to Phoenix. Following the changes to the commercial agreements, in particular in relation to the licensing of the \u2018Standard Life\u2019 brand, our judgement is that Phoenix should no longer be accounted for as an associate with effect from 23 February 2021. The changes simplified the agreements between abrdn and Phoenix such that the Group was no longer able to control Phoenix\u2019s use of the Standard Life brand. The Group\u2019s shareholding in Phoenix, which remained at 14.4%, was therefore reclassified from an investment in associates accounted for using the equity method to equity securities and interests in pooled investment funds measured at fair value. A reclassification gain of \u00a368m was included in the profit on disposal of interests in associates for the year ended 31 December 2021 as the fair value on 22 February 2021 of \u00a31,023m was higher than the previous carrying value as an associate of \u00a3964m. On disposal, other comprehensive income gains of \u00a39m were recycled from retained earnings and included in determining the gain on sale. (c) Investments in joint ventures HASL Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Carrying value of joint ventures accounted for using the equity method 245 258 8 6 253 264 Dividends received \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Share of profit/(loss) after tax 7 19 \u2013 (6) 7 13 For the years ended 31 December 2022 and 2021, the carrying value of joint ventures accounted for using the equity method for Other primarily relates to the Group\u2019s interest in Virgin Money UTM. HASL The Group has a 50% share in HASL, one of China\u2019s leading life insurance companies offering life and health insurance products. HASL is an investment which gives the Group access to one of the world\u2019s largest markets. The table below provides summarised financial information for HASL, the joint venture which is considered to be material to the Group. The summarised financial information reflects the amounts presented in the financial statements of HASL amended to reflect adjustments made when using the equity method. HASL 2022 2021 \u00a3m \u00a3m Summarised financial information of joint venture: Revenue 861 612 Depreciation and amortisation 6 4 Interest income 93 68 Interest expense 2 2 Income tax credit/(expense) 5 (3) Profit after tax 14 39 Other comprehensive income (56) (11) Total comprehensive income (42) 28 Total assets 1 4,482 3,787 Total liabilities 1 3,992 3,271 Cash and cash equivalents 130 102 Net assets 490 516 Attributable to investee\u2019s shareholders 490 516 Interest held 50% 50% Share of net assets 245 258 1. As a liquidity presentation is used by insurance companies when presenting their statement of financial position, an analysis of total assets and total liabilities between current and non-current has not been provided for HASL. HASL will adopt IFRS 9 and IFRS 17 for the purposes of the preparation of the Group\u2019s consolidated financial statements from 1 January 2023. Refer Section (a)(ii) of the basis of preparation for further details. At 31 December 2015 HASL had significant insurance liabilities and its liabilities arising from contracts within the scope of IFRS 4 and liabilities connected with insurance were over 90% of its total liabilities. Therefore, HASL was eligible to defer the implementation of IFRS 9 for equity accounting purposes.
The fair value of HASL\u2019s financial assets at 31 December 2022 that remain under IAS 39 for equity accounting purposes and
the change in fair value during the year ended 31 December 2022 are as follows:
Fair value as at
31 December 2022
Fair value as at
31 December 2021
\u00a3m \u00a3m
Financial assets with contractual cash flows that are solely payments of principal and interest
(SPPI) excluding those held for trading or managed on a fair value basis
1,2
2,544 2,384
Financial assets other than those above
2
1,114 562
Total 3,658 2,946
1. Financial assets that are SPPI (excluding those held for trading or managed on a fair value basis) are predominantly AAA debt instruments. Their carrying
value at 31 December 2022 is \u00a32,444m (2021: \u00a32,320m). No securities are rated below BBB (2021: none).
2. The change in fair value in the year to 31 December 2022 for financial assets that are SPPI (excluding those held for trading or managed on a fair value basis)
is a gain of \u00a322m (2021: \u00a3136m). The change in fair value for all other financial assets is a loss of \u00a397m (2021: gain of \u00a345m) .
(d) Investments in associates measured at FVTPL
The aggregate fair value of associates accounted for at FVTPL included in equity securities and interests in pooled
investment funds (refer Note 17) at 31 December 2022 is \u00a346m (2021: \u00a363m) none of which are considered individually
material to the Group.
7. Group financial statements continued
15. Property, plant and equipment
Property, plant and equipment consists primarily of property owned and occupied by the Group and the computer
equipment used to carry out the Group\u2019s business along with right-of-use assets for leased property and equipment.
Owner occupied property: Owner occupied property is initially recognised at cost and subsequently revalued to fair
value at each reporting date. Depreciation, being the difference between the carrying amount and the residual value of
each significant part of a building, is charged to the consolidated income statement over its useful life. The useful life of
each significant part of a building is estimated as being between 30 and 50 years. A revaluation surplus is recognised in
other comprehensive income unless it reverses a revaluation deficit which has been recognised in the consolidated
income statement.
Equipment: Equipment is initially recognised at cost and subsequently measured at cost less depreciation. Depreciation is
charged to the income statement over 2 to 15 years depending on the length of time the Group expects to derive
benefit from the asset.
Ri
g
ht-of-use asset: Refer Note 16 below for the accountin
g
policies for ri
g
ht-of-use assets.
Owner occupied
property Equipment
Right-of-use
assets \u2013 property
Right-of-use
assets \u2013
equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January 2021 2 108 370 3 483
Additions \u2013 12 4 \u2013 16
Disposals and adjustments
1
\u2013 (16) (44) \u2013 (60)
Derecognition of right-of-use assets relating to
subleases classified as finance leases
\u2013 \u2013 (6)
\u2013 (6)
Foreign exchange adjustment \u2013 \u2013 (2) \u2013 (2)
At 31 December 2021 2 104 322 3 431
Reclassified as held for sale during the year \u2013 \u2013 (1) \u2013 (1)
Additions \u2013 24 36 1 61
Disposals and adjustments
1
\u2013 (11) (41) \u2013 (52)
Derecognition of right-of-use assets relating to
subleases classified as finance leases
\u2013 \u2013 (6) \u2013 (6)
Foreign exchange adjustment
\u2013 3 11 \u2013 14
At 31 December 2022
2 120 321 4 447
Accumulated depreciation and impairment
At 1 January 2021 (1) (49) (195) (2) (247)
Depreciation charge for the year
2
\u2013 (18) (21) \u2013 (39)
Disposals and adjustments
1
\u2013 13 42 \u2013 55
Derecognition of right-of-use assets relating to
subleases classified as finance leases
\u2013 \u2013 1 \u2013 1
Impairment
3
\u2013 \u2013 (15) \u2013 (15)
Foreign exchange adjustment \u2013 \u2013 1 \u2013 1
At 31 December 2021 (1) (54) (187) (2) (244)
Reclassified as held for sale during the year \u2013 \u2013 1 \u2013 1
Depreciation charge for the year
2
\u2013 (18) (20) (1) (39)
Disposals and adjustments
1
\u2013 10 38 \u2013 48
Derecognition of right-of-use assets relating to
subleases classified as finance leases
\u2013 \u2013 3 \u2013 3
Impairment
3
\u2013 \u2013 (7) \u2013 (7)
Foreign exchange adjustment
\u2013 (3) (5) \u2013 (8)
At 31 December 2022
(1) (65) (177) (3) (246)
Carrying amount
At 1 January 2021 1 59 175 1 236
At 31 December 2021 1 50 135 1 187
At 31 December 2022
1 55 144 1 201
1. For the year ended 31 December 2022, \u00a31m (2021: \u00a38m) of disposals and adjustments relates to equipment with net book value of \u00a3nil which is no longer in
use.
2. Included in other administrative expenses.
3. Included in restructuring and corporate transaction expenses.
I ncluded in property right-of-use assets, are right-of-use assets that meet the definition of investment property. Their carrying amount at 31 December 2022 is \u00a314m (2021: \u00a321m). This comprises a gross carrying value of \u00a349m (2021: \u00a381m) and accumulated depreciation and impairment of \u00a335m (2021: \u00a360m). During the year to 31 December 2022 there were no transfers to investment property (2021: \u00a319m), depreciation of (\u00a32m) (2021: (\u00a32m)), derecognition related to new subleases classified as finance leases of (\u00a31m) (2021: (\u00a36m)), impairments of (\u00a33m) (2021: (\u00a315m)) and disposals and adjustments of (\u00a31m) (2021: \u00a3nil) related to these assets. Rental income received and direct operating expenses incurred to generate that rental income in the year to 31 December 2022 were \u00a33m (2021: \u00a32m) and \u00a33m (2021: \u00a33m) respectively. In addition, there were direct expenses of \u00a31m (2021: \u00a31m) in relation to investment properties not currently generating income. The transfers to investment property in 2021 of \u00a319m relate to right-of-use assets that are no longer being used operationally by the Group. The right-of-use assets were assessed for impairment at the point of transfer. The recoverable amount which was based on value in use was \u00a34m using a pre-tax discount rate of 3%. The right-of-use assets related to the Investment segment (\u00a36m impairment) and Corporate/strategic (\u00a39m impairment). The fair value of these right-of-use assets at 31 December 2022 is \u00a314m (2021: \u00a321m). The valuation technique used to determine the fair value considers the rental income expected to be received under subleases during the term of the lease and the direct expenses expected to be incurred in managing the leased property, discounted using a discount rate that reflects the risks inherent in the cash flow estimates. It is not based on valuations by an independent valuer. This is a Level 3 valuation technique as defined in Note 37. If owner occupied property was measured using the cost model, the historical cost before impairment would be \u00a31m (2021: \u00a31m). As the expected residual value of owner occupied property is in line with the current fair value, no depreciation is currently charged. Further details on the leases under which the Group\u2019s right-of-use assets are recognised are provided in Note 16 below.
7. Group financial statements continued
16. Leases
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. At inception of a contract, the Group assesses whether a contract is, or contains, a
lease. In 2019, on adoption of IFRS 16 the Group used the practical expedient permitted to apply the new standard at
transition solely to leases previously identified in accordance with IAS 17 and IFRIC 4 Determining whether an
Arrangement Contains a Lease.
Right-of-use assets are measured at cost less accumulated depreciation and impairment losses and are presented in
property, plant and equipment (refer Note 15). The Group does not revalue its right-of-use assets. This applies to all
right-of-use assets, including those that are assessed as meeting the definition of investment property. The cost
comprises the amount of the initial measurement of the lease liability plus any initial direct costs and expected
restoration costs not relating to wear and tear. Costs relating to wear and tear are expensed over the term of the lease.
Depreciation is charged on right-of-use assets on a straight -line basis from the lease commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group assesses right-of-use
assets for impairment when such indicators exist, and where required, reduces the value of the right-of-use asset
accordingly.
The related lease liability (included in other financial liabilities \u2013 refer Note 33) is calculated as the present value of the
future lease payments. The lease payments are discounted using the rate implicit within the lease where readily
available or the Group\u2019s incremental borrowing rate where the implicit rate is not readily available. Interest is calculated
on the liability using the discount rate and is charged to the consolidated income statement under finance costs.
In determining the value of the right-of-use assets and lease liabilities, the Group considers whether any leases contain
lease extensions or termination options that the Group is reasonably certain to exercise.
Where a leased property has been sublet, the Group assesses whether the sublease has transferred substantially all the
risk and rewards of the right-of-use asset to the lessee under the sublease. Where this is the case, the right-of-use asset
is derecognised and a net investment in finance leases (included in Receivables and other financial assets \u2013 refer Note
19) is recognised, calculated as the present value of the future lease payments receivable under the sublease. Where a
property is only partially sublet, only the portion of the right-of-use asset relating to the sublet part of the property is
derecognised and recognised as a net investment in finance leases.
Any difference between the initial value of the net investment in finance leases and the right-of-use asset derecognised
is recognised in the consolidated income statement (within other income or expenses). Interest is calculated on the net
investment in finance lease using the discount rate and is recognised in the consolidated income statement as interest
income.
Where the sublease does not transfer substantially all the risk and rewards of the right-of-use assets to the lessee under
the sublease, the Group continues to recognise the right-of-use asset. The sublease is accounted for as an operating
lease with the lease payments received recognised as property rental income in other income in the consolidated
income statement. Lease incentives granted are recognised as an integral part of the property rental income and are
spread over the term of the lease.
The Group does not recognise right-of-use assets and lease liabilities for short-term leases (less than one year from
inception
)
and leases where the underlyin
g
asset is of low value.
(a) Leases where the Group is lessee
The Group leases various offices and equipment used to carry out its business. Leases are generally for fixed periods but
may be subject to extensions or early termination clauses. The remaining periods for current leases range from less than 1
year to 16 years (2021: less than 1 year to 17 years). A number of leases which are due to end in 2031 contain options that
would allow the Group to extend the lease term. The Group reviews its property use on an ongoing basis and these
extensions have not been included in the right-of-use asset or lease liability calculations. The Group has committed to two
leases at 31 December 2022 which had not commenced at this date. The expected lease liability for these leases is not
significant to the Group.
The Group has recognised the following assets and liabilities in relation to these leases where the Group is a lessee:
2022 2021
\u00a3m \u00a3m
Right-of-use assets:
Property 144 135
Equipment
1 1
Total right-of-use assets
145 136
Lease liabilities (224) (225)
Details of the movements in the Group\u2019s right-of-use assets including additions and depreciation are included in Note 15.
The interest on lease liabilities is as follows:
2022 2021
\u00a3m \u00a3m
Interest on lease liabilities 6 6
The total cash outflow for lease liabilities recognised in the consolidated statement of cash flows for the year ended
31 December 2022 was \u00a352m (2021: \u00a333m). Refer Note 38(f) for further details.
The following table provides a maturity analysis of the contractual undiscounted cash flows for the lease liabilities.
2022 2021
\u00a3m \u00a3m
Less than 1 year 29 28
Greater than or equal to 1 year and less than 2 years 24 28
Greater than or equal to 2 years and less than 3 years
23 24
Greater than or equal to 3 years and less than 4 years
24 23
Greater than or equal to 4 years and less than 5 years
23 21
Greater than or equal to 5 years and less than 10 years
99 93
Greater than or equal to 10 years and less than 15 years
38 33
Greater than or equal to 15 years
4 7
Total undiscounted lease liabilities
264 257
The Group does not recognise right-of-use assets and lease liabilities for short-term leases and leases where the
underlying asset is of low value. The expenses for these leases for the year ended 31 December 2022 were \u00a33m
(2021: \u00a32m). The Group lease commitment for short-term leases was \u00a3nil at 31 December 2022 (2021: \u00a3nil).
(b) Leases where the Group is lessor (subleases)
Where the Group no longer requires a leased property, the property may be sublet to a third party. The sublease may be
for the full remaining term of the Group\u2019s lease or only part of the remaining term.
At 31 December 2022, the Group had a net investment in finance leases asset of \u00a329m (2021: \u00a330m) for subleases which
had transferred substantially all the risk and rewards of the right-of-use assets to the lessee under the sublease. All other
subleases are accounted for as operating leases.
(b)(i) Finance leases
During the year ended 31 December 2022, the Group received finance income on the net investment in finance leases
asset of less than \u00a31m (2021: less than \u00a31m). The Group recorded an initial gain of \u00a31m in relation to new subleases
entered into during the year ended 31 December 2022 (2021: \u00a38m).
7. Group financial statements continued
The following table provides a maturity analysis of the future contractual undiscounted cash flows for the net investment in
finance leases and a reconciliation to the net investment in finance leases asset.
2022 2021
\u00a3m \u00a3m
Less than 1 year 3 3
Greater than or equal to 1 year and less than 2 years 3 3
Greater than or equal to 2 years and less than 3 years
4 3
Greater than or equal to 3 years and less than 4 years
4 3
Greater than or equal to 4 years and less than 5 years
4 3
Greater than or equal to 5 years and less than 10 years
12 14
Greater than or equal to 10 years and less than 15 years
2 3
Total contractual undiscounted cash flows under finance leases
32 32
Unearned finance income (3) (2)
Total net investment in finance leases
29 30
(b)(ii) Operating leases
During the year ended 31 December 2022, the Group received property rental income from operating leases of \u00a33m
(2021: \u00a32m).
The following table provides a maturity analysis of the future contractual undiscounted cash flows for subleases classified
as operating leases.
2022 2021
\u00a3m \u00a3m
Less than 1 year 1 3
Greater than or equal to 1 year and less than 2 years 1 1
Greater than or equal to 2 years and less than 3 years
1 1
Greater than or equal to 3 years and less than 4 years
1 1
Total contractual undiscounted cash flows under operating leases
4 6
17. Financial assets
Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled
investment funds and derivative instruments are measured at fair value. All equity securities and interests in pooled
investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or
losses on financial instruments and other income in the consolidated income statement. The classification of derivatives
and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 18.
The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of
principal and interest and the nature of the business model they are held in as follows:
SPPI
1
test satisfied? Business model Classification
Yes A: Objective is to hold to collect contractual cash flows Amortised cost
2
Yes
B: Objective is achieved by both collecting contractual cash
flows and selling
Fair value through other comprehensive
income (FVOCI)
2
Yes C: Objective is neither A nor B FVTPL
No N/A FVTPL
1. Solely payments of principal and interest.
2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an
\u2018accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases.
The Group has no debt instruments that are managed within a business model whose objective is achieved both by
collecting contractual cash flows and selling and therefore there are no debt instruments classified as FVOCI. Debt
instruments classified as FVTPL are classified as such due to the business model they are managed under,
predominantly being held in consolidated investment vehicles.
The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37.
Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective
interest method. Impairment is determined using an expected credit loss impairment model which is applied to all
financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance
equal to either:
\u2013 12 month expected credit losses (losses resulting from possible default within the next 12 months).
\u2013 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset).
Financial assets attract a 12 month ECL allowance unless the asset has suffered a significant deterioration in credit
quality or the simplified approach for calculation of ECL has been applied. As permitted under IFRS 9 Financial
Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade receivables and
contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised
under IFRS 16 Leases. Under the simplified approach the ECL is always equal to the lifetime expected credit loss.
The table below sets out an analysis of financial assets excluding those assets backing unit linked liabilities which are set out
in Note 23.
At fair value through profit
or loss
1
Cash flow
hedge
2
At amortised cost Total
2022 2021 2022 2021 2022 2021 2022 2021
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative financial assets 18 19 6 85 8 \u2013 \u2013 104 14
Equity securities and interests in
pooled investment funds 37
2,033 3,115 \u2013 \u2013 \u2013 \u2013 2,033 3,115
Debt securities 37
592 961 \u2013 \u2013 210 226 802 1,187
Financial investments
2,644 4,082 85 8 210 226 2,939 4,316
Receivables and other financial
assets 19
19 31 \u2013 \u2013 888 649 907 680
Cash and cash equivalents 22
\u2013 \u2013 \u2013 \u2013 1,133 1,904 1,133 1,904
Total
2,663 4,113 85 8 2,231 2,779 4,979 6,900
1. All financial assets measured at fair value through profit or loss have been classified at FVTPL on a mandatory basis. The Group has not designated any
financial assets as FVTPL.
2. Changes in fair value are recognised in the Cash Flow Hedges Reserve (refer Note 27) but may be reclassified subsequently to profit or loss.
7. Group financial statements continued
The amount of debt securities expected to be recovered or settled after more than 12 months is \u00a32m (2021: \u00a363m). Due to
the nature of equity securities and interests in pooled investment funds, there is no fixed term associated with these
securities. The amount of equity securities and interests in pooled investment funds expected to be recovered or settled
after more than 12 months is \u00a3669m (2021: \u00a31,947m).
Included in Proceeds from sale or redemption of financial investments of \u00a31,633m (2021: \u00a3938m) within the consolidated
statement of cash flows are \u00a3789m (2021: \u00a3655m) in relation to sales of significant listed investments. Refer Note 11 for
further details of the sales in 2022.
18. Derivative financial instruments
A derivative is a financial instrument that is typically used to manage risk and whose value moves in response to an
underlying variable such as interest or foreign exchange rates. The Group uses derivative financial instruments in order
to match subordinated debt liabilities and to reduce the risk from potential movements in foreign exchange rates on
seed capital and co-investments and potential movements in market rates on seed capital. Certain consolidated
investment vehicles may also use derivatives to take and alter market exposure, with the objective of enhancing
performance and controlling risk.
Management determines the classification of derivatives at initial recognition. All derivative instruments are classified as
at FVTPL except those designated as part of a cash flow hedge or net investment hedge. Derivatives at FVTPL are
measured at fair value with changes in fair value recognised in the consolidated income statement.
On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue applying the hedge accounting
requirements of IAS 39. The accounting treatment below applies to derivatives designated as part of a hedging
relationship.
Using derivatives to manage a particular exposure is referred to as hedging. For a derivative to be considered as part of
a hedging relationship its purpose must be formally documented at inception. In addition, the effectiveness of the hedge
must be initially high and be able to be reliably measured on a regular basis. Derivatives used to hedge variability in future
cash flows such as coupons payable on subordinated liabilities or revenue receivable in a foreign currency are
designated as cash flow hedges, while derivatives used to hedge currency risk on investments in foreign operations are
designated as net investment hedges.
Where a derivative qualifies as a cash flow or net investment hedge, hedge accounting is applied. The effective part of
any gain or loss resulting from the change in fair value is recognised in other comprehensive income, and in the cash flow
or net investment hedge reserve in equity, while any ineffective part is recognised immediately in the consolidated
income statement. If a derivative ceases to meet the relevant hedging criteria, hedge accounting is discontinued.
For cash flow hedges, the amount recognised in the cash flow hedge reserve is transferred to the consolidated income
statement (recycled) in the same period or periods during which the hedged item affects profit or loss and is transferred
immediately if the cash flow is no longer expected to occur. For net investment hedges, the amount recognised in the
net investment hed
g
e reserve is transferred to the consolidated income statement on disposal of the investment.
2022 2021
Contract amount Fair value assets Fair value liabilities Contract amount Fair value assets Fair value liabilities
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash flow hedges 17,29 623 85 \u2013 554 8 \u2013
FVTPL 17,29 638 19 1 889 6 5
Derivative financial instruments 37
1,261 104 1 1,443 14 5
Derivative financial
instruments backing unit linked
liabilities 23
258 1 2 399 7 3
Total derivative financial
instruments
1,519 105 3 1,842 21 8
Derivative assets of \u00a385m (2021: \u00a38m) are expected to be recovered after more than 12 months. Derivative liabilities of \u00a3nil
(2021: \u00a3nil) are expected to be settled after more than 12 months.
(a) Hedging strategy
The Group generally does not hedge the currency exposure relating to revenue and expenditure, nor does it hedge
translation of overseas profits in the income statement. Where appropriate, the Group may use derivative contracts to
reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity.
(a)(i) Cash flow hedges
On 18 October 2017, the Group issued subordinated notes with a principal amount of US$750m. In order to manage its
foreign exchange risk relating to the principal and coupons payable on these notes the Group entered into a cross-
currency swap which is designated as a cash flow hedge. The cash flow hedge was fully effective during the year. The
cross-currency swap has the effect of swapping the 4.25% US Dollar fixed rate subordinated notes into 3.2% Sterling fixed
rate subordinated notes with a principal amount of \u00a3569m. The cross-currency swap has a fair value asset position of
\u00a385m (2021: \u00a38m asset). During the year ended 31 December 2022 fair value gains of \u00a385m (2021: gains of \u00a319m) were
recognised in other comprehensive income in relation to the cross-currency swap. Gains of \u00a370m (2021: gains of \u00a35m)
were transferred from other comprehensive income to Net gains or losses on financial instruments and other income in the
consolidated income statement in relation to the cross-currency swap during the year. In addition, forward points of \u00a36m
(2021: \u00a36m) and gains of \u00a32m (2021: losses of \u00a31m) were transferred from other comprehensive income to Finance costs
in the consolidated income statement.
(a)(ii) FVTPL
Derivative financial instruments classified as FVTPL include those that the Group holds as economic hedges of financial
instruments that are measured at fair value. FVTPL derivative financial instruments are also held by the Group to match
contractual liabilities that are measured at fair value or to achieve efficient portfolio management in respect of instruments
measured at fair value.
2022 2021
Contract amount Fair value assets Fair value liabilities Contract amount Fair value assets Fair value liabilities
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equity derivatives:
Futures 137 3 \u2013 336 3 4
Variance swaps
\u2013 \u2013 \u2013 6 6 \u2013
Interest rate derivatives:
Swaps 18 1 \u2013 11 \u2013 \u2013
Futures
\u2013 \u2013 \u2013 40 \u2013 \u2013
Foreign exchange derivatives:
Forwards
678 16 3 806 4 3
Other derivatives:
Inflation rate swaps
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Credit default swaps
63 \u2013 \u2013 89 \u2013 1
Derivative financial instruments at FVTPL
896 20 3 1,288 13 8
(b) Maturity profile
The maturity profile of the contractual undiscounted cash flows in relation to derivative financial instruments is as follows:
Within 1
year
1-5
years
5-10
years
10-15
years
15-20
years
Greater than 20
years Total
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash inflows
Derivative
financial assets
569 66 107 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,313 749
Derivative
financial
liabilities
138 13 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 138 13
Total
707 79 107 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,451 762
Cash outflows
Derivative
financial assets
(541) (60) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,210) (729)
Derivative
financial
liabilities
(141) (13) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (141) (13)
Total
(682) (73) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,351) (742)
Net derivative
financial
instruments
cash inflows
25 6 16 21 59 (7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 100 20
7. Group financial statements continued
Included in the above maturity profile are the following cash flows in relation to cash flow hedge assets:
Within 1
year
1-5
years
5-10
years
10-15
years
15-20
years
Greater than 20
years Total
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash inflows 26 24 106 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 769 707
Cash outflows (18) (18) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (687) (687)
Net cash flow
hedge cash
inflows
8 6 15 21 59 (7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 82 20
Cash inflows and outflows are presented on a net basis where the Group is required to settle cash flows net.
19. Receivables and other financial assets
2022 2021
Notes \u00a3m \u00a3m
Amounts receivable from contracts with customers 3(d) 161 135
Accrued income 278 263
Amounts due from counterparties and customers for
unsettled trades and fund transactions
1
317 113
Net investment in finance leases
29 30
Collateral pledged in respect of derivative contracts 35
14 26
Contingent consideration assets 37
19 31
Other
89 82
Receivables and other financial assets
907 680
1. The 2021 figure was previously disclosed as cancellation of units awaiting settlement.
The carrying amounts disclosed above reasonably approximate the fair values as at the year end.
The amount of receivables and other financial assets expected to be recovered after more than 12 months is \u00a334m
(2021: \u00a335m).
Accrued income includes \u00a3273m (2021: \u00a3260m) of accrued income from contracts with customers (refer Note 3(d)).
20. Other assets
2022 2021
\u00a3m \u00a3m
Prepayments 89 100
Deferred acquisition costs 1 3
Other
2 2
Other assets
92 105
The amount of other assets expected to be recovered after more than 12 months is \u00a321m (2021: \u00a348m).
Prepayments includes \u00a343m (2021: \u00a356m) relating to the Group\u2019s future purchase of certain products in the Phoenix
Group\u2019s savings business offered through abrdn\u2019s adviser platforms together with the Phoenix Group\u2019s trustee investment
plan business for UK pension scheme clients. Refer Note 1(c)(iii) for further details.
All deferred acquisition costs above are costs deferred on investment contracts (deferred origination costs) which relate to
contracts with customers (refer Note 3(d)). The amortisation charge for deferred origination costs relating to contracts
with customers for the year was \u00a32m (2021: \u00a31m).
21. Assets and liabilities held for sale
Assets and liabilities held for sale are presented separately in the consolidated statement of financial position and consist
of operations and individual non-current assets whose carrying amount will be recovered principally through a sale
transaction (expected within one year) and not through continuing use.
Operations held for sale, being disposal groups, and investments in associates accounted for using the equity method
are measured at the lower of their carrying amount and their fair value less disposal costs. No depreciation or
amortisation is charged on assets in a disposal group once it has been classified as held for sale.
Operations held for sale include newly established investment vehicles which the Group has seeded but is actively
seeking to divest from. For these investment funds, which do not have significant liabilities or non-financial assets,
financial assets continue to be measured based on the accounting policies that applied before they were classified as
held for sale. The Group classifies seeded operations as held for sale where the intention is to dispose of the investment
vehicle in a single transaction. Where disposal of a seeded investment vehicle will be in more than one tranche the
operations are not classified as held for sale in the consolidated statement of financial position.
Certain amounts seeded into funds are classified as interests in pooled investment funds. Investment property and
owner occupied property held for sale relates to property for which contracts have been exchanged but the sale had
not completed during the current financial year. Interests in pooled investment funds and investment property held for
sale continue to be measured based on the accountin
g
policies that applied before they were classified as held for sale.
2022 2021
\u00a3m \u00a3m
Assets of operations held for sale
abrdn Capital Limited 87 \u2013
Assets held for sale
87 \u2013
Liabilities of operations held for sale
abrdn Capital Limited 14 \u2013
Liabilities of operations held for sale
14 \u2013
(a) abrdn Capital Limited
abrdn Capital Limited, in the Personal segment, was classified as an operation held for sale at 31 December 2022 as at that
point a sale of the business was considered highly probable. Refer Note 44 for details of the agreed sale.
2022
\u00a3m
Assets of operations held for sale
Intangible assets 58
Property, plant and equipment
\u2013
Receivables and other financial assets
15
Other assets
1
Cash and cash equivalents
13
Total assets of operations held for sale
87
Liabilities of operations held for sale
Other financial liabilities 14
Total liabilities of operations held for sale
14
Net assets of operations held for sale 73
Net assets of operations held for sale are net of intercompany balances between abrdn Capital Limited and other group
entities, the net assets of abrdn Capital Limited on a gross basis as at 31 December 2022 are \u00a370m.
7. Group financial statements continued
22. Cash and cash equivalents
Cash and cash equivalents include cash at bank, money at call and short notice with banks, money market funds and
any highly liquid investments with less than three months to maturity from the date of acquisition. For the purposes of the
consolidated statement of cash flows, cash and cash equivalents also include bank overdrafts which are included in
other financial liabilities on the consolidated statement of financial position.
Where the Group has a legally enforceable right of set off and intention to settle on a net basis, cash and overdrafts are
offset in the consolidated statement of financial position.
2022 2021
\u00a3m \u00a3m
Cash at bank and in hand 783 638
Money at call, term deposits, reverse repurchase agreements and debt instruments with less
than three months to maturity from acquisition
236 1,122
Money market funds
114 144
Cash and cash equivalents
1,133 1,904
2022 2021
Notes \u00a3m \u00a3m
Cash and cash equivalents 1,133 1,904
Cash and cash equivalents backing unit linked liabilities 23 23 33
Cash and cash equivalents classified as held for sale 21
13 \u2013
Bank overdrafts 33
(3) (62)
Total cash and cash equivalents for consolidated statement of cash flows
1,166 1,875
Cash at bank, money at call and short notice and deposits are subject to variable interest rates.
At 31 December 2022, the Group has no cash and cash equivalents and bank overdrafts within a cash pooling facility or
similar arrangement. Included in cash and cash equivalents and bank overdrafts at 31 December 2021 were \u00a382m and
\u00a362m respectively relating to balances within a cash pooling facility in support of which cross guarantees were provided by
certain subsidiary undertakings and interest is paid or received on the net balance.
Cash and cash equivalents in respect of unit linked funds (including third party interests in consolidated funds) are held in
separate bank accounts and are not available for general use by the Group.
23. Unit linked liabilities and assets backing unit linked liabilities T he Group operates unit linked life assurance businesses through an insurance subsidiary. This subsidiary provides investment products through a life assurance wrapper. These products do not contain any features which transfer significant insurance risk and therefore are classified as investment contracts. Unit linked non-participating investment contracts are separated into two components being an investment management services component and a financial liability. All fees and related administrative expenses are deemed to be associated with the investment management services component (refer Note 3). The financial liability component is designated at FVTPL as it is implicitly managed on a fair value basis as its value is directly linked to the market value of the underlying portfolio of assets. Where the Group is deemed to control an investment vehicle as a result of holdings in that vehicle by subsidiaries to back unit linked non-participating investment contract liabilities, the assets and liabilities of the vehicle are consolidated within the Group\u2019s statement of financial position. The liability for third party interest in such consolidated funds is presented as a unit linked liability. Unit linked liabilities and assets backing unit linked liabilities are presented separately in the consolidated statement of financial position except for those held in operations held for sale, which are presented in assets and liabilities held for sale in the consolidated statement of financial position. Contributions received on non-participating investment contracts and from third party interest in consolidated funds are treated as deposits and not reported as revenue in the consolidated income statement. Withdrawals paid out to policyholders on non-participating investment contracts and to third party interest in consolidated funds are treated as a reduction to deposits and not recognised as expenses in the consolidated income statement. Investment return and related benefits credited in respect of non-participating investment contracts and third party interest in consolidated funds are recognised in the consolidated income statement as changes in investment contract liabilities and changes in liability for third party interest in consolidated funds respectively. Investment returns relating to unit linked business are for the account of policyholders and have an equal and opposite effect on income and expenses in the consolidated income statement with no impact on profit or loss after tax. Assets backing unit linked liabilities comprise financial investments, which are all classified as FVTPL on a mandatory basis, and receivables and other financial assets and cash and cash equivalents which are measured at amortised cost. (a) Result for the year attributable to unit linked business 2022 2021 Notes \u00a3m \u00a3m Net gains or losses on financial instruments and other income 4 5 7 Other administrative expense 5 (1) (3) Profit before tax 4 4 Tax expense attributable to unit linked business 9 (4) (4) Profit after tax \u2013 \u2013 (b) Financial instrument risk management The shareholder is not directly exposed to market risk or credit risk in relation to the financial assets backing unit linked liabilities. The shareholder\u2019s exposure to market risk on these assets is limited to variations in the value of future revenue as fees are based on a percentage of fund value. The shareholder is exposed to liquidity risk relating to unit linked funds. For the unit linked business, liquidity risk is primarily managed by holding a range of diversified instruments which are assessed against cash flow and funding requirements. A core portfolio of assets is maintained and invested in accordance with the mandates of the relevant unit linked funds. Given that unit linked policyholders can usually choose to surrender, in part or in full, their unit linked contracts at any time, the non-participating investment contract unit linked liabilities are designated as payable within one year. Such surrenders would be matched in practice, if necessary, by sales of underlying assets. Policyholder behaviour and the trading position of asset classes are actively monitored. The Group can delay settling liabilities to unit linked policyholders to ensure fairness between those remaining in the fund and those leaving the fund. The length of any such delay is dependent on the underlying financial assets .
7. Group financial statements continued
(c) Fair value measurement of unit linked financial liabilities and financial assets backing unit linked
liabilities
Each of the unit linked financial liabilities and the financial assets backing unit linked liabilities has been categorised below
using the fair value hierarchy as defined in Note 37. Refer Note 37 for details of valuation techniques used.
Level 1 Level 2 Level 3 Not at fair value Total
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial investments 601 974 322 455 1 1 \u2013 \u2013 924 1,430
Receivables and other financial assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5 7 5 7
Cash and cash equivalents
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23 33 23 33
Total financial assets backing unit linked
liabilities
601 974 322 455 1 1 28 40 952 1,470
Investment contract liabilities \u2013 \u2013 772 1,087 1 1 \u2013 \u2013 773 1,088
Third party interest in consolidated funds \u2013 \u2013 173 378 \u2013 \u2013 \u2013 \u2013 173 378
Other unit linked financial liabilities
\u2013 1 2 2 \u2013 \u2013 4 1 6 4
Total unit linked financial liabilities
\u2013 1 947 1,467 1 1 4 1 952 1,470
In addition to financial assets backing unit linked liabilities and unit linked financial liabilities shown above there is a current
tax asset of less than \u00a31m (2021: \u00a31m) included in unit linked assets and a current tax liability of less than \u00a31m (2021: \u00a31m)
included in unit linked liabilities.
The financial investments backing unit linked liabilities comprise equity securities and interests in pooled investment funds of
\u00a3811m (2021: \u00a31,232m), debt securities of \u00a3112m (2021: \u00a3191m) and derivative financial assets of \u00a31m (2021: \u00a37m).
The fair value of financial instruments not held at fair value approximates to their carrying value at both 31 December 2022
and 31 December 2021.
There were transfers of \u00a352m (2021: \u00a3nil) from level 1 to level 2 during the year ended 31 December 2022. The Group now
considers government bonds not issued by the G7 countries or the European Union as level 2. There were no significant
transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: \u00a3nil).
The movements during the period of level 3 unit linked assets and liabilities held at fair value are analysed below.
Equity securities and interests in pooled
investment funds
Investment contract
liabilities
31 Dec
2022
31 Dec
2021
31 Dec
2022
31 Dec
2021
\u00a3m \u00a3m \u00a3m \u00a3m
At start of period 1 18 (1) (18)
Total gains/(losses) recognised in the consolidated income
statement
\u2013 \u2013 \u2013 \u2013
Purchases
\u2013 1 \u2013 (1)
Sales
\u2013 (18) \u2013 18
Transfers in to level 3
1
\u2013 \u2013 \u2013 \u2013
At end of period
1 1 (1)
(1)
1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.
Unit linked level 3 assets relate to holdings in real estate funds. No individual unobservable input is considered significant.
Changing unobservable inputs in the measurement of the fair value of these unit linked level 3 financial assets and liabilities
to reasonably possible alternative assumptions would have no impact on profit attributable to equity holders or on total
assets.
Transfers of unit linked assets and liabilities to level 3 generally arise when external pricing providers stop providing prices
for the underlying assets and liabilities in the funds or where the price provided is considered stale.
(d) Change in non-participating investment contract liabilities The change in non-participating investment contract liabilities was as follows: 2022 2021 \u00a3m \u00a3m At 1 January 1,088 1,042 Contributions 36 119 Account balances paid on surrender and other terminations in the year (237) (195) Change in non-participating investment contract liabilities recognised in the consolidated income statement (112) 124 Recurring management charges (2) (2) At 31 December 773 1,088 (e) Derivatives The treatment of collateral accepted and pledged in respect of financial instruments and the Group\u2019s approach to offsetting financial assets and liabilities is described in Note 35. The following table presents the impact of master netting agreements and similar arrangements for derivatives backing unit linked liabilities. R elated amounts not offset on the consolidated statement of financial position Gross amounts of financial instruments as presented on the consolidated statement of financial position Financial instruments Financial collateral pledged/(received) N et position 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Derivatives 1 1 4 \u2013 (1) \u2013 \u2013 1 3 Total financial assets 1 4 \u2013 (1) \u2013 \u2013 1 3 Financial liabilities Derivatives 1 (1) (2) \u2013 1 \u2013 \u2013 (1) (1) Total financial liabilities (1) (2) \u2013 1 \u2013 \u2013 (1) (1) 1. Only OTC derivatives subject to master netting agreements have been included above. 2
7. Group financial statements continued
24. Issued share capital and share premium
Shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to
another entity on terms that may be unfavourable. The Company\u2019s share capital consists of the number of ordinary
shares in issue multiplied by their nominal value. The difference between the proceeds received on issue of the shares
and the nominal value of the shares issued is recorded in share premium.
The movement in the issued ordinary share capital and share premium of the Company was:
2022 2021
Ordinary share capital Share premium Ordinary share capital Share premium
Issued shares fully paid 13 61/63p each \u00a3m \u00a3m 13 61/63p each \u00a3m \u00a3m
At 1 January 2,180,724,786 305 640 2,194,115,616 306 640
Shares issued in respect of share incentive
plans
2,381 \u2013 \u2013 2,032 \u2013 \u2013
Share buyback
(178,835,268) (25) \u2013 (13,392,862) (1) \u2013
At 31 December
2,001,891,899 280 640 2,180,724,786 305 640
All ordinary shares in issue in the Company rank pari passu and carry the same voting rights and entitlement to receive
dividends and other distributions declared or paid by the Company.
On 6 July 2022 the Company announced that it would commence a \u00a3300m return to shareholders. During the year ended
31 December 2022, the Company bought back and cancelled 178,835,268 shares. The total consideration was \u00a3302m
which includes transaction costs.
During the year ended 31 December 2021, the Company completed its share buyback of up to \u00a3400m through on-market
purchases which commenced on 10 February 2020 and was completed on 12 February 2021. During the year ended 31
December 2021, the Company bought back and cancelled 13,392,862 shares. The total consideration was \u00a341m which
included transaction costs.
The share buyback has resulted in a reduction in retained earnings of \u00a3302m (2021: \u00a3nil). In relation to the share buyback
completed in 2021, there was an irrevocable contractual obligation at 31 December 2020 with a third party to purchase
the Company\u2019s own shares of \u00a340m and consequently the 2021 consideration had already been recognised as a part of
the share buyback reduction to retained earnings of \u00a3402m for the year ended 31 December 2020.
In addition, an amount of \u00a325m (2021: \u00a31m) has been credited to the capital redemption reserve relating to the nominal
value of the shares cancelled.
The Company can issue shares to satisfy awards granted under employee incentive plans which have been approved by
shareholders. Details of the Group\u2019s employee plans are provided in Note 41.
25. Shares held by trusts
Shares held by trusts relates to shares in abrdn plc that are held by the abrdn Employee Benefit Trust (formerly named
the Standard Life Aberdeen Employee Benefit Trust) (abrdn EBT), Standard Life Employee Trust (ET) and the Aberdeen
Asset Management Employee Benefit Trust 2003 (AAM EBT).
The abrdn EBT, ET and AAM EBT purchase shares in the Company for delivery to employees under employee incentive
plans. Purchased shares are recognised as a deduction from equity at the price paid. Where new shares are issued to
the abrdn EBT, ET or AAM EBT the price paid is the nominal value of the shares. When shares are distributed from the
trust their correspondin
g
value is released to retained earnin
g
s.
The number of shares held by trusts was as follows:
2022 2021
Number of shares held by trusts
abrdn Employee Benefit Trust 36,112,240 39,630,532
Standard Life Employee Trust
22,629,035 22,688,815
Aberdeen Asset Management Employee Benefit Trust 2003 2,264,591 2,647,359
26. Retained earnings The following table shows movements in retained earnings during the year. 2022 2021 Notes \u00a3m \u00a3m At 1 January 5,775 4,970 Recognised in comprehensive income Recognised in (loss)/profit for the year attributable to equity holders (561) 994 Recognised in other comprehensive income Remeasurement (losses)/gains on defined benefit pension plans 31 (793) 117 Share of other comprehensive income of associates and joint ventures (28) (1) Equity holder tax effect of items that will not be reclassified subsequently to profit or loss 9 \u2013 3 Total items recognised in comprehensive income (1,382) 1,113 Recognised directly in equity Dividends paid on ordinary shares (307) (308) Other movements in non-controlling interests in the year 28 \u2013 6 Share buyback 24 (302) \u2013 Cancellation of capital redemption reserve 27 1,059 \u2013 Transfer for vested employee share-based payments 63 36 Transfer between reserves on disposal of subsidiaries 1 \u2013 Transfer between reserves on impairment of subsidiaries 27 207 \u2013 Shares distributed by employee and other trusts (70) (42) Other movements 1 (23) \u2013 Aggregate tax effect of items recognised directly in equity \u2013 \u2013 Total items recognised directly in equity 628 (308) At 31 December 5,021 5,775 1. Other movements in 2022 include the transfer of (\u00a317m) previously recognised in the foreign currency translation reserve (which is part of Other reserves) to Retained earnings. In prior years we have considered the functional currency of an intermediate subsidiary holding the Group\u2019s investment in HDFC Life to be US Dollars. We now consider that the functional currency should have been GBP, resulting in the current period transfer between reserves. Prior periods have not been restated as the impact on prior periods is not considered material. 27. Movements in other reserves In July 2006 Standard Life Group demutualised and during this process the merger reserve, the reserve arising on Group reconstruction and the special reserve were created. Merger reserve: the merger reserve consists of two components. Firstly at demutualisation in July 2006 the Company issued shares to former members of the mutual company. The difference between the nominal value of these shares and their issue value was recognised in the merger reserve. The reserve includes components attaching to each subsidiary that was transferred to the Company at demutualisation based on their fair value at that date. Secondly following the completion of the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017, an additional amount was recognised in the merger reserve representing the difference between the nominal value of shares issued to shareholders of Aberdeen Asset Management PLC and their fair value at that date. On disposal or impairment of a subsidiary any related component of the merger reserve is released to retained earnings. Reserve arising on Group reconstruction: The value of the shares issued at demutualisation was equal to the fair value of the business at that date. The business\u2019s assets and liabilities were recognised at their book value at the time of demutualisation. The difference between the book value of the business\u2019s net assets and its fair value was recognised in the reserve arising on Group reconstruction. The reserve comprises components attaching to each subsidiary that was transferred to the Company at demutualisation. On disposal of such a subsidiary any related component of the reserve arising on Group reconstruction is released to retained earnings. Special reserve: Immediately following demutualisation and the related initial public offering, the Company reduced its share premium reserve by court order giving rise to the special reserve. Dividends can be paid out of this reserve. Capital redemption reserve: In August 2018, as part of the return of capital and share buyback the capital redemption reserve was created. Additional capital redemption reserve is created by subsequent buybacks (refer Note 24). See below for the cancellation of the capital redemption reserve as at 1 July 2022.
7. Group financial statements continued
The following tables show the movements in other reserves during the year.
Cash flow
hedges
Foreign
currency
translation
Merger
reserve
Equity
compensation
reserve
Special
reserve
Reserve arising on
Group reconstruction
Capital
redemption
reserve
Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2022 18 17 483 87 115 (685) 1,059 1,094
Recognised in other
comprehensive income
Fair value gains on cash
flow hedges
85 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 85
Exchange differences on
translating foreign
operations
\u2013 36 \u2013 \u2013 \u2013 \u2013 \u2013 36
Items transferred to profit
or loss
(78) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (78)
Aggregate tax effect of
items recognised in other
comprehensive income
(2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2)
Total items recognised in
other comprehensive
income
5 36 \u2013 \u2013 \u2013 \u2013 \u2013 41
Recognised directly in
equity
Share buyback 24 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25 25
Cancellation of capital
redemption reserve
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,059) (1,059)
Reserves credit for
employee share-based
payments
\u2013 \u2013 \u2013 24 \u2013 \u2013 \u2013 24
Transfer to retained
earnings for vested
employee share-based
payments
\u2013 \u2013 \u2013 (63) \u2013 \u2013 \u2013 (63)
Transfer between
reserves on disposal of
subsidiaries
\u2013 \u2013 (1) \u2013 \u2013 \u2013 \u2013 (1)
Transfer between
reserves on impairment of
subsidiaries
\u2013 \u2013 (207) \u2013 \u2013 \u2013 \u2013 (207)
Other movements
1
\u2013 17 \u2013 \u2013 \u2013 \u2013 \u2013 17
Total items recognised
directly within equity
\u2013 17 (208) (39) \u2013 \u2013 (1,034) (1,264)
At 31 December 2022 23 70 275 48 115 (685) 25 (129)
1. Other movements include the transfer of (\u00a317m) previously recognised in the foreign currency translation reserve to Retained earnings. In prior years we
have considered the functional currency of an intermediate subsidiary holding the Group\u2019s investment in HDFC Life to be US Dollars. We now consider that the
functional currency should have been GBP, resulting in the current period transfer between reserves. Prior periods have not been restated as the impact on
prior periods is not considered material. There is no impact on net assets for any period presented.
The merger reserve includes \u00a3263m (2021: \u00a3470m) in relation to the Group\u2019s asset management businesses. Following the
impairment of the Company\u2019s investments in abrdn Holdings Limited and abrdn Investments (Holdings) Limited (refer
Section 8), \u00a3207m (2021: \u00a3nil) was transferred from the merger reserve to retained earnings.
On 1 July 2022, the Company\u2019s capital redemption reserve at this date was cancelled in accordance with section 649 of
the Companies Act 2006 resulting in a transfer of \u00a31,059m to retained earnings.
Cash flow
hedges
Foreign
currency
translation
Merger
reserve
Equity
compensation
reserve
Special
reserve
Reserve arising on
Group
reconstruction
Capital
redemption
reserve
Total
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
1 January 2021 12 1 483 80 115
(685)
1,058 1,064
Recognised in other
comprehensive income
Fair value gains on cash
flow hedges
19 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 19
Exchange differences on
translating foreign
operations
\u2013
(2)
\u2013 \u2013 \u2013 \u2013 \u2013
(2)
Items transferred to profit
or loss
(10) 18 \u2013 \u2013 \u2013 \u2013 \u2013 8
Aggregate tax effect of
items recognised in other
comprehensive income (3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3)
Total items recognised in
other comprehensive
income 6 16 \u2013 \u2013 \u2013 \u2013 \u2013 22
Recognised directly in
equity
Share buyback 24 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1 1
Reserves credit for
employee share-based
payments \u2013 \u2013 \u2013 43 \u2013 \u2013 \u2013 43
Transfer to retained
earnings for vested
employee share-based
payments
\u2013 \u2013 \u2013
(36)
\u2013 \u2013 \u2013
(36)
Total items recognised
directly within equity
\u2013 \u2013 \u2013 7 \u2013 \u2013 1 8
At 31 December 2021 18 17 483 87 115
(685)
1,059 1,094
7. Group financial statements continued
28. Other equity and non-controlling interests
Perpetual subordinated notes issued by abrdn plc are classified as other equity where no contractual obligation to
deliver cash exists.
(a) Other equity \u2013 perpetual subordinated notes
5.25% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes
On 13 December 2021, the Company issued \u00a3210m of 5.25% Fixed Rate Reset Perpetual Subordinated Contingent
Convertible Notes (the \u2018Notes\u2019). These were classified as other equity and initially recognised at \u00a3207m (proceeds received
less issuance costs of \u00a33m).
The Notes initially bear interest on their principal amount at 5.25% per annum payable semi-annually in arrears on 13 June
and 13 December in each year. The interest rate is subject to reset on 13 June 2027 and then every five years thereafter.
The payments of interest are discretionary and non-cumulative. The interest paid is recognised as profit attributable to
other equity when paid. The profit for the year attributable to other equity was \u00a311m (2021: \u00a3nil).
The Notes have no fixed redemption date. The Company has the option to redeem the Notes (in full) between 13
December 2026 and 13 June 2027 and every five years thereafter. The Notes are convertible to ordinary shares in abrdn
plc at a conversion price of \u00a31.6275 (fixed subject to adjustment for share corporate actions e.g. share consolidations in
accordance with the terms and conditions of the Notes) if the Group IFPR CET1 Ratio falls below 70%. The IFPR CET1 ratio
at 31 December 2022 was 408% (2021: 774%).
(b) Non-controlling interests \u2013 ordinary shares
Non-controlling interests \u2013 ordinary shares of \u00a37m were held at 31 December 2022 (2021: \u00a36m). The profit for the year
attributable to non-controlling interests \u2013 ordinary shares was \u00a31m (2021: \u00a31m).
29. Financial liabilities
Management determines the classification of financial liabilities at initial recognition. Financial liabilities which are
managed and whose performance is evaluated on a fair value basis are designated as at fair value through profit or
loss. Changes in the fair value of these financial liabilities are recognised in the consolidated income statement.
Derivatives are also measured at fair value. Changes in the fair value of derivatives are recognised in Net gains or losses
on financial instruments and other income in the consolidated income statement except for derivative instruments that
are designated as a cash flow hedge or net investment hedge. The classification of derivatives and the accounting
treatment of derivatives designated as a hedging instrument are set out in Note 18.
Except for contingent consideration liabilities which are measured at fair value, other financial liabilities are classified as
being subsequently measured at amortised cost. Amortised cost is calculated, and the related interest expense is
recognised in the consolidated income statement, using the effective interest method.
All financial liabilities are initially recognised at fair value less, in the case of financial liabilities subsequently measured at
amortised cost, transaction costs that are directly attributable to the issue of the liability.
Where the terms of a financial liability measured at amortised cost are modified and the modification does not result in
the derecognition of the liability, the liability is adjusted to the net present value of the future cash flows less transaction
costs with a modification gain or loss recognised in the income statement.
The methods and assumptions used to determine fair value of financial liabilities measured at fair value through profit or
loss and derivatives are discussed in Note 37.
The table below sets out an analysis of financial liabilities excluding unit linked financial liabilities which are set out in Note 23.
At fair value through profit or loss
1
At amortised cost Total
2022 2021 2022 2021 2022 2021
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Third party interest in consolidated funds 242 104 \u2013 \u2013 242 104
Subordinated liabilities 30 \u2013 \u2013 621 644 621 644
Derivative financial liabilities 18
1 5 \u2013 \u2013 1 5
Other financial liabilities 33
143 165 1,055 881 1,198 1,046
Total
386 274 1,676 1,525 2,062 1,799
1. All financial liabilities measured at fair value through profit or loss have been classified at FVTPL on a mandatory basis except for third party interest in
consolidated funds which the Group has designated as at FVTPL.
30. Subordinated liabilities
Subordinated liabilities are debt instruments issued by the Company which rank below its other obligations in the event
of liquidation but above the share capital. Subordinated liabilities are initially recognised at the value of proceeds
received after deduction of issue expenses. Subsequent measurement is at amortised cost using the effective interest
rate method.
2022 2021
Notes
Principal
amount
Carrying
value
Principal
amount
Carrying
value
Subordinated notes
4.25% US Dollar fixed rate due 30 June 2028 $750m \u00a3621m $750m \u00a3552m
5.5% Sterling fixed rate due 4 December 2042
\u2013 \u2013 \u00a392m \u00a392m
Total subordinated liabilities 37
\u00a3621m \u00a3644m
A description of the key features of the Group\u2019s subordinated liabilities as at 31 December 2022 is as follows:
4.25% US Dollar fixed rate
1
Principal amount $750m
Issue date 18 October 2017
Maturity date 30 June 2028
Callable at par at option of the Company from Not applicable
If not called by the Company interest will reset to Not applicable
1. The cash flows arising from the US dollar subordinated notes give rise to foreign exchange exposure which the Group manages with a cross-currency swap
designated as a cash flow hedge. Refer Note 18 for further details.
The difference between the fair value and carrying value of the subordinated liabilities is presented in Note 37. A
reconciliation of movements in subordinated liabilities in the year is provided in Note 38.
The principal amount of the subordinated liabilities is expected to be settled after more than 12 months. There is no
accrued interest on the subordinated liabilities at 31 December 2022 (2021: less than \u00a31m).
During the year ended 31 December 2022, the Group redeemed subordinated liabilities with the following key features:
5.5% Sterling fixed rate
Principal amount \u00a392m
Issue date 4 December 2012
Maturity date 4 December 2042
Callable at par at option of the Company from
4 December 2022 and on every interest
payment date (semi-annually) thereafter
If not called by the Company interest will reset to
4.85% over the five-year gilt rate
(and at each fifth anniversary)
The 5.5% Sterling fixed rate subordinated notes with a principal amount of \u00a392m were redeemed on 4 December 2022.
7. Group financial statements continued
31. Pension and other post-retirement benefit provisions
The Group operates two types of pension plans:
\u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All
of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual.
\u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further
payment obligations once the contributions have been paid.
The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The
Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee-
administered funds. The Group has further smaller defined benefit plans some of which are unfunded.
The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability
recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the
yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds
the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional
right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our
judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is
recognised net of this tax charge rather than the tax charge being included within deferred taxation.
For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a
refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan.
The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these
annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member
benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high
quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised
which represents the expected present value of the defined benefit pension entitlement earned by members in the
period. A past service cost is also recognised which represents the change in the present value of the defined benefit
obligation for service in prior periods, resulting from an amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit
on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other
comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in
subsequent periods.
For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has
no further payment obligations once the contributions have been paid. The contributions are recognised in current
service cost in the consolidated income statement as staff costs and other employee-related costs when they are due.
Defined contribution plans
The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some
of these plans are located within the same legal vehicles as defined benefit plans. The Group contributes a percentage of
pensionable salary to each employee\u2019s plan. The contribution levels vary by employing entity and other factors.
Defined benefit plans
UK plans
These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent
trustee. The plans are subject to the statutory funding objective requirements of the Pensions Act 2004, which require that plans
be funded to at least the level of their technical provisions (an actuarial estimate of the assets needed to provide for benefits
already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding
objective.
While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent
estimate. There is no material difference in how assets are measured. The funding measure of liabilities (technical provisions) and
the IAS 19 measure are materially different. The key differences are the discount rate and inflation assumptions. While IAS 19
requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of
future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of
inflation without any adjustment. The IAS 19 RPI inflation assumption is derived from market-implied RPI inflation with an
adjustment to remove the inflation risk premium believed to exist within market prices, with an additional deduction required to
derive the IAS 19 CPI inflation assumption (to reflect differences between RPI and CPI).
The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees\u2019 measure of the value of assets
needed to meet the trustees\u2019 objectives. This investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan
assets to the IAS 19 measure of liabilities.
After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule
of contributions. If necessary, this schedule includes a recovery plan that aims to restore the funding level to the level of the
technical provisions.
abrdn UK
Group
(SLSPS)
plan
1
(principal
plan)
This is the Group\u2019s principal defined benefit plan. The plan closed to new membership in 2004 and changed from a
final salary basis to a revalued career average salary basis in 2008. Accrual ceased in April 2016.
Following a High Court ruling against a third party\u2019s pension scheme in 2018, that required pension schemes to
address inequalities for the effect of unequal GMPs accrued between May 1990 and April 1997, an allowance for
assumed equalisation was recognised as a past service cost for our principal defined benefit plan in 2018 and this
adjustment has been carried forward to 2022. There was a further judgement in 2020 requiring pension schemes to
address inequalities for the effect of unequal GMPs for those beneficiaries that transferred out of the scheme
between May 1990 and October 2018. The estimated impact is immaterial and was recognised as a past service
cost in 2020 and this adjustment has been carried forward to 2022.
The funding of the plan depends on the statutory valuation performed by the trustees, and the relevant employers,
with the assistance of the scheme actuary \u2013 i.e. not the IAS 19 valuation. The funding valuation was last completed
as at 31 December 2019, and measured plan assets and liabilities to be \u00a34.6bn and \u00a33.3bn respectively. This
corresponds to a surplus of \u00a31.3bn and funding level of 140%. As there is currently no deficit, no recovery
plan is required.
Following actions taken in recent years to reduce risk in abrdn\u2019s principal defined benefit pension plan, we are
working with the trustee on next steps. In connection with this de-risking work, the trustee expects to submit a
petition to the Court of Session during H1 2023 that will seek direction on the destination of any residual surplus
assets that remain after all plan-related obligations are settled or otherwise provided for. Any such residual surplus
would be determined on a different basis to the IAS 19 or funding measures of the plan surplus. The IAS 19 defined
benefit plan asset is not included in abrdn\u2019s regulatory capital surplus.
Other UK
plans
The Group also operates two UK defined benefit plans as a result of the acquisition of Aberdeen Asset
Management PLC (now renamed abrdn Holdings Limited) in 2017. These plans are final salary based, with benefits
depending on members\u2019 length of service and salary prior to retirement. At the last statutory valuation date (30
June 2019), both plans were in deficit and the Group agreed funding plans with the plans\u2019 trustees which aimed to
eliminate the deficits (the 30 June 2022 statutory valuation is in progress). At 31 December 2022, one of the two
schemes is in surplus on an IAS 19 basis.
Other plans
abrdn ROI
plan
1
In December 2009, this plan closed to new membership and changed from a final salary basis to a career average
revalued earnings (CARE) basis. Following the sale of the UK and European insurance business in 2018, there remain
fewer than 10 employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2022, the plan was 73% funded on an ongoing basis.
Other The Group operates smaller funded and unfunded defined benefit plans in other countries.
1. Previously included as UK Standard Life Group plan and Ireland Standard Life plan respectively.
7. Group financial statements continued
Plan regulations
The plans are administered according to local laws and regulations in each country. Responsibility for the governance of
the plans rests with the relevant trustee boards (or equivalent). The UK pensions market is regulated by the Pensions
Regulator whose statutory objectives and regulatory powers are described on its website,
www.thepensionsregulator.gov.uk
(a) Analysis of amounts recognised in the consolidated income statement
The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as
follows:
2022 2021
\u00a3m \u00a3m
Current service cost 56 53
Net interest income (32) (21)
Administrative expenses
3 4
Expense recognised in the consolidated income statement
27 36
Contributions made to defined contribution plans are included within current service cost.
Contributions to defined benefit plans in the year ended 31 December 2022 comprised \u00a314m (2021: \u00a314m) to the Other
UK plans and the abrdn ROI plan. Contributions are expected to be \u00a38m in 2023 and are expected to further reduce in the
two subsequent years. These contributions include a mixture of deficit funding and funding to achieve a targeted level of
overall financial strength.
(b) Analysis of amounts recognised in the consolidated statement of financial position
2022 2021
Principal
plan
Other Total
Principal
plan Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of funded obligation (1,755) (228) (1,983) (2,899) (350) (3,249)
Present value of unfunded
obligation
\u2013 (3) (3) \u2013 (3) (3)
Fair value of plan assets 3,001 251 3,252 5,337 349 5,686
Net asset/(liability) before the limit
on plan surplus
1,246 20 1,266 2,438
(4)
2,434
Effect of limit on plan surplus
1
(436) (11) (447) (853) (12) (865)
Net asset/(liability)
810 9 819 1,585 (16) 1,569
1. UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 35% that would arise on a refund. This applies to both the principal
plan surplus and the defined benefit plan within Other which has a net asset of \u00a321m at 31 December 2022 (2021: \u00a322m).
Other comprises a defined benefit plan asset of \u00a321m (2021: \u00a322m) and a number of other defined benefit plans with a
total liability of \u00a312m (2021: \u00a338m).
A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan
surplus has reduced significantly in 2022 due to market movements, primarily driven by the increase in UK high quality bond
yields with a smaller impact from UK inflation changes during 2022.
(c) Movement in the net defined benefit asset
Present value
of obligation
Fair value of
plan assets Total
Effect of limit on plan
surpluses Total
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January (3,252) (3,394) 5,686 5,596 2,434 2,202 (865) (783) 1,569 1,419
Total expense
Current service cost
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Interest (expense)/income
(65) (48) 115 80 50 32 (18) (11) 32 21
Administrative expenses
(3) (4) \u2013 \u2013 (3) (4) \u2013 \u2013 (3) (4)
Total (expense)/income
recognised in consolidated income
statement
(68)
(52)
115 80 47 28 (18)
(11)
29 17
Remeasurements
Return on plan assets, excluding
amounts included in interest
income
\u2013 \u2013 (2,473) 120 (2,473) 120 \u2013 \u2013 (2,473) 120
Gain from change in
demographic assumptions
5 \u2013 \u2013 \u2013 5 \u2013 \u2013 \u2013 5 \u2013
Gain from change in financial
assumptions
1,450 144 \u2013 \u2013 1,450 144 \u2013 \u2013 1,450 144
Experience losses
(211) (78) \u2013 \u2013 (211) (78) \u2013 \u2013 (211) (78)
Change in effect of limit on plan
surplus
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 436 (69) 436 (69)
Remeasurement (losses)/gains
recognised in other comprehensive
income
1,244 66 (2,473) 120 (1,229) 186 436
(69)
(793) 117
Exchange differences (6) 10 5 (7) (1) 3 \u2013 \u2013 (1) 3
Employer contributions \u2013 \u2013 14 14 14 14 \u2013
(2)
14 12
Benefit payments
96 118 (95)
(117)
1 1 \u2013 \u2013 1 1
At 31 December
(1,986) (3,252) 3,252 5,686 1,266 2,434 (447) (865) 819 1,569
7. Group financial statements continued
(d) Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the
characteristics and maturity profile of each plan\u2019s liabilities. Assets and liabilities are managed holistically to create a
portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved
through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques
which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative
financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical
asset categories disclosed below.
To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair
value hierarchy has been used as defined in Note 37. Those assets which cannot be classified as level 1 have been
presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows:
Principal plan Other Total
2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value based on level 1 inputs
Derivatives 9 8 \u2013 \u2013 9 8
Equity securities
55 \u2013 \u2013 \u2013 55 \u2013
Debt securities
2,186 4,557 93 \u2013 2,279 4,557
Total assets measured at fair value based on level 1 inputs
2,250 4,565 93 \u2013 2,343 4,565
Assets measured at fair value based on level 2 or 3 inputs
Derivatives (7) 43 (3) 18 (10) 61
Equity securities 55 100 \u2013 \u2013 55 100
Interests in pooled investment funds
Debt 284 440 16 12 300 452
Equity
\u2013 \u2013 6 18 6 18
Multi-asset private markets
224 194 \u2013 \u2013 224 194
Property
95 139 12 12 107 151
Absolute return \u2013 77 24 92 24 169
Cash
39 15 41 37 80 52
Debt securities
581 415 12 99 593 514
Qualifying insurance policies
2 3 45 76 47 79
Total assets measured at fair value based on level 2 or 3 inputs
1,273 1,426 153 364 1,426 1,790
Cash and cash equivalents 160 138 5 2 165 140
Liability in respect of collateral held (682) (792) \u2013 (17) (682) (809)
Other
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Total
3,001 5,337 251 349 3,252 5,686
Further information on risks is provided at Section (g) of this Note. The \u00a32,872m (2021: \u00a35,071m) of debt securities includes
\u00a32,550m (2021: \u00a34,884m) of government bonds (including conventional and index-linked). Of the remaining \u00a3322m (2021:
\u00a3187m) debt securities, \u00a3190m (2021: \u00a3108m) are investment grade corporate bonds or certificates of deposit.
Included in the qualifying insurance policy asset of \u00a347m (2021: \u00a379m) is an insurance policy purchased by the trustees of
one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks.
The \u00a3682m liability in respect of collateral held (2021: \u00a3809m) consists of repurchase agreements of \u00a3652m (2021: \u00a3786m),
margins on derivatives of (\u00a310m) (2021: (\u00a310m)) and collateral of \u00a340m (2021: \u00a333m).
One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is a liability
of \u00a31m at 31 December 2022 (2021: \u00a3nil).
(e) Estimates and assumptions
Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to
both economic and non-economic factors.
The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown
below:
2022 2021
% %
Discount rate 4.85 2.05
Rates of inflation
Consumer Price Index (CPI) 2.75 2.85
Retail Price Index (RPI) 3.10 3.25
The changes in economic assumptions over the period reflect changes in both corporate bond prices and market
implied inflation. The population of corporate bond prices excludes bonds issued by UK universities. The discount rate
assumption for 2022 adopts a new yield curve projection method, which involves an earlier flattening of the curve
compared to the previous approach \u2013 the impact of this change on 2022 remeasurement losses is an increase of
c\u00a317m. The inflation assumption reflects the future reform of RPI effective from 2030 as described in Section (g)(i)
below.
The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently
uncertain. The assumptions (along with sample expectations of life) are illustrated below:
Normal Retirement Age
(NRA)
Expectation of life from NRA
Male age today Female age today
2022 Table Improvements NRA 40 NRA 40
Plan specific basis
(calibrated by Club
Vita) reflecting
membership
demographics
Core parameterisation of the CMI
2019 mortality improvements model
(SK parameter of 7.0), with an initial
improvement (or \u2018A\u2019) parameter of
+0.5% for males and females, and a
long-term rate of improvement of
1.5%.
60 27 29 29 31
Normal Retirement
Age (NRA)
Expectation of life from NRA
Male age today Female age today
2021 Table Improvements NRA 40 NRA 40
Plan specific basis
(calibrated by Club
Vita) reflecting
membership
demographics
Core parameterisation of the CMI
2019 mortality improvements model
(SK parameter of 7.0), with an initial
improvement (or \u2018A\u2019) parameter of
+0.5% for males and females, and a
long-term rate of improvement of
1.5%.
60 27 29 29 31
These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The
mortality assumptions have not been updated for COVID-19 at this point as the impact on long-term mortality rates for
pension scheme members is not clear.
7. Group financial statements continued (f) Duration of defined benefit obligation The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations. Undiscounted benefit payments (\u00a3m) 2022 2021 Weighted average duration years years Current pensioner 11 14 Non-current pensioner 22 27 The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount rate used (Refer Section (e)). (g) Risk (g)(i) Risks and mitigating actions The Group\u2019s consolidated statement of financial position is exposed to movements in the defined benefit plans\u2019 net asset. In particular, the consolidated statement of financial position could be materially sensitive to reasonably likely movements in the principal assumptions for the principal plan. By having offered post-retirement defined benefit pension plans the Group is exposed to a number of risks. An explanation of the key risks and mitigating actions in place for the principal plan is given below. Asset volatility Investment strategy risks include underperformance of the absolute return strategy and underperformance of the liability hedging strategy. As the trustees set investment strategy to protect their own view of plan strength (not the IAS 19 position), changes in the IAS 19 liabilities (e.g. due to movements in corporate bond prices) may not always result in a similar movement in plan assets. Failure of the asset strategy to keep pace with changes in plan liabilities would expose the plan to the risk of a deficit developing, which could increase funding requirements for the Group. abrdn and the trustees are working together to determine the most appropriate de-risking strategy to best protect against the risk that this plan strength deteriorates in the future. Yields/discount rate Falls in yields would in isolation be expected to increase the defined benefit plan liabilities. The principal plan uses both bonds and derivatives to hedge out yield risks on the relevant plan basis in order to meet the trustee\u2019s objectives, rather than the IAS 19 basis, which is expected to minimise the plan\u2019s need to rely on support from the Group. 0 20 40 60 80 100 120 140 Non-current pensioner Current pensioner 2023 2030 2040 2090 21102100
Inflation
Increases in inflation expectations would in isolation be expected to increase the defined benefit plan liabilities.
The principal plan uses both bonds and derivatives to hedge out inflation risks on the relevant plan basis in order to meet the
objectives, rather than the IAS 19 basis, which is expected to minimise the plan\u2019s need to rely on support from the Group.
In the principal plan, pensions in payment are generally linked to CPI, however inflationary risks are hedged using RPI
instruments due to lack of availability of CPI linked instruments. Therefore, the plan is exposed to movements in the actual
and expected long-term gap between RPI and CPI.
A House of Lords report in 2019 raised the potential for changes to the RPI measure of inflation, which was followed by
recommendations from the UK Statistics Authority. The results of the consultation on the reform of RPI (announced on
25 November 2020) confirmed that RPI will be aligned to CPIH (CPI excluding owner occupiers\u2019 housing costs) as proposed,
but not before 2030. While uncertainty remains, there is a risk that future cash flows from, and thus the value of, the plan\u2019s
RPI-linked assets fall without a corresponding reduction in the plan\u2019s CPI-linked liabilities. While not directly observable
from market data, the plan\u2019s RPI-linked asset values may already reflect an element of the expected changes and
risk of such changes.
Life expectancy
Increases in life expectancy beyond those currently assumed will lead to an increase in plan liabilities. Regular reviews of
longevity assumptions are performed to ensure assumptions remain appropriate.
Climate
The principal plan adopts a low-risk strategy to investment, with the majority of plan assets invested in UK government
bonds. The trustees have assessed the principal plan\u2019s exposure to severe climate change as being minimal, as a result of
the low-risk investment strategy alongside the plan\u2019s strong funding level.
(g)(ii) Sensitivity to key assumptions
The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below.
2022 2021
Change in assumption
(Increase)/decrease
in present value
of obligation
Increase/(decrease)
in fair value of
plan assets
(Increase)/decrease
in present value
of obligation
Increase/(decrease)
in fair value of
plan assets
\u00a3m \u00a3m \u00a3m \u00a3m
Yield/discount rate Decrease by 1% (e.g. from
4.85% to 3.85%)
(341) 698 (735) 1,584
Increase by 1% 268 (525) 586 (1,185)
Rates of inflation Decrease by 1% 235 (445) 498 (1,029)
Increase by 1% (305) 591 (670) 1,402
Life expectancy Decrease by 1 year 60 N/A 99 N/A
Increase by 1 year (60) N/A (99) N/A
7. Group financial statements continued 32. Deferred income Where the Group receives fees in advance (front-end fees) for services it is providing, including investment management services, these fees are initially recognised as a deferred income liability and released to the consolidated income statement over the period services are provided. 2022 2021 \u00a3m \u00a3m At 1 January 5 73 Additions during the year 9 2 Released to the consolidated income statement as revenue from contracts with customers (11) (70) At 31 December 3 5 The amount of deferred income expected to be settled after more than 12 months is \u00a3nil (2021: \u00a3nil). Deferred income at 1 January 2021 included deferred income recognised in 2018 following the sale of the UK and European insurance business to Phoenix for future services to be provided to Phoenix relating to certain client propositions. As part of the simplification and extension of the strategic partnership between the Group and Phoenix (refer Note 1(c)(iii)), in May 2021 the Group transferred workplace pensions marketing staff to Phoenix, who were employed by the Group but provided services to Phoenix, and made an associated payment of \u00a332m to Phoenix. As a result, the Group released the related deferred income of \u00a357m in May 2021. The release of deferred income was recognised in revenue from contracts with customers for the year ended 31 December 2021 in the consolidated income statement net of the \u00a332m payment. 33. Other financial liabilities 2022 2021 Notes \u00a3m \u00a3m Accruals 326 377 Amounts due to counterparties and customers for unsettled trades and fund transactions 1 300 112 Lease liabilities 16 224 225 Cash collateral held in respect of derivative contracts 35 109 15 Bank overdrafts 22 3 62 Contingent consideration liabilities 37 132 165 Outstanding contractual obligation for share buyback 24 \u2013 \u2013 Other 104 90 Other financial liabilities 1,198 1,046 1. The 2021 figure was previously disclosed as creation of units awaiting settlement (\u00a3107m) and outstanding purchases of investment securities (\u00a35m). The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3318m (2021: \u00a3303m).
34. Provisions and other liabilities
Provisions are obligations of the Group which are of uncertain timing or amount. They are recognised when the Group
has a present obligation as a result of a past event, it is probable that a loss will be incurred in settling the obligation and a
reliable estimate of the amount can be made.
(a) Provisions
The movement in provisions during the year is as follows:
Separation costs Process execution Other provisions Total provisions
2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 35 68 \u2013 \u2013 14 25 49 93
Reclassified as held for sale during the year \u2013 \u2013 \u2013 \u2013 (2) \u2013 (2) \u2013
Charged/(credited) to the consolidated income
statement
Additional provisions
\u2013 \u2013 41 \u2013 18 7 59 7
Release of unused provision
\u2013 (25) \u2013 \u2013 (1) (1) (1) (26)
Used during the year
(2) (8) \u2013 \u2013 (6) (17) (8) (25)
At 31 December
33 35 41 \u2013 23 14 97 49
The provision for separation costs of \u00a333m (2021: \u00a335m) is for costs expected to be incurred following the sale of the UK
and European insurance business to Phoenix. Our judgement is that a provision should be recognised for costs for which
the Group will not derive ongoing benefits such as those relating to the de-coupling and decommissioning of systems and
data but that a provision should not be recognised for costs related to the development of replacement systems and
services as these will give future benefits. The main uncertainty relating to the provision relates to the costs required to
complete the de-coupling of systems including amounts payable to Phoenix. Following a reassessment of these costs
during the year, less than \u00a31m (2021: \u00a325m) was released from the provision. The remaining costs covered by the provision
are expected to be incurred in the next year.
The process execution provision of \u00a341m relates to a payment required to compensate an asset management client
relating to the provision of certain services. Subsequent to the year end the matter has been sufficiently clarified such that
the amount and timing are no longer uncertain. The Group has in place liability insurance and expects to recover \u00a336m
being the cost of the compensation, net of a \u00a35m excess. No insurance recovery asset has been recognised in these
financial statements.
Other provisions primarily relates to restructuring and dilapidations on leased properties. Restructuring provisions are
generally expected to be settled within 12 months. Dilapidations are generally expected to be settled after more than 12
months. Refer Note 16 for further details of the Group\u2019s leases.
The amount of provisions expected to be settled after more than 12 months is \u00a33m (2021: \u00a310m).
(b) Other liabilities
As at 31 December 2022, other liabilities totalled \u00a38m (2021: \u00a38m). The amount of other liabilities expected to be settled
after more than 12 months is \u00a33m (2021: \u00a33m).
7. Group financial statements continued
35. Financial instruments risk management
(a) Overview
The principal risks and uncertainties that affect the Group\u2019s business model and the Group\u2019s approach to risk
management are set out in the Risk management section of the Strategic report.
The Group\u2019s exposure to financial instrument risk is derived from the financial instruments that it holds directly, the assets
and liabilities of the unit linked funds of the life operations of the Group and the Group\u2019s defined benefit pension plans. In
addition due to the nature of the business, the Group\u2019s secondary exposure extends to the impact on investment
management and other fees that are determined on the basis of a percentage of AUMA and are therefore impacted by
financial risks borne by third party investors. In this Note, exposures and sensitivities provided relate to the financial
instrument assets and liabilities, in scope of IFRS 7, to which the shareholder is directly exposed.
For the purposes of this Note:
\u2013 Shareholder business refers to the assets and liabilities to which the shareholder is directly exposed. The shareholder
refers to the equity holders of the Company.
\u2013 Unit linked funds refers to the assets and liabilities of the unit linked funds of the life operations of the Group. It does not
include the cash flows (such as asset management charges or investment expenses) arising from the unit linked fund
contracts. These cash flows are included in shareholder business.
\u2013 Third party interest in consolidated funds and non-controlling interests refers to the assets and liabilities recorded on the
Group\u2019s consolidated statement of financial position which belong to third parties. The Group controls the entities which
own the assets and liabilities but the Group does not own 100% of the equity or units of the relevant entities.
Unit linked funds are excluded from the analysis in this Note. Details regarding the financial risks of instruments relating to
the Group\u2019s unit linked funds can be found in Note 23 and the risks relating to the Group\u2019s principal defined benefit pension
plan are explained in Note 31.
Third party interests in consolidated funds do not expose the shareholder to market, credit or liquidity risk since the financial
risks from the assets and obligations are borne by third parties. As a result equity risk, interest rate risk and credit risk
quantitative disclosures in this Note exclude these assets.
Under IFRS 7 the following financial instruments are excluded from scope:
\u2013 Interests in subsidiaries, associates and joint ventures.
\u2013 Rights and obligations arising from employee benefit plans.
\u2013 Insurance contracts as defined by IFRS 4.
\u2013 Share-based payment transactions.
For the purposes of managing risks to the Group\u2019s financial instrument assets and liabilities, the Group considers the
following categories:
Risk Definition and exposure
Market The risk of financial loss as a result of adverse financial market movements. The shareholder is directly
exposed to the impact of movements in equity prices, interest rates and foreign exchange rates on the value
of assets held by the shareholder business.
Credit The risk of financial loss as a result of the failure of a counterparty, issuer or borrower to meet their obligations
or perform them in a timely manner. The shareholder is directly exposed to credit risk from holding cash, debt
securities, derivative financial instruments and receivables and other financial assets.
Liquidity The risk of financial loss as a result of being unable to settle financial obligations when they fall due, as a result
of having insufficient liquid resources or being unable to realise investments and other assets other than at
excessive costs. The shareholder is directly exposed to the liquidity risk from the shareholder business if it is
unable to realise investments and other assets in order to settle its financial obligations when they fall due, or
can do so only at excessive cost.
As set out in the Risk management section of the Strategic report, the Group reviews and manages climate related risks.
We continue to assess the potential impacts on our business with a view to the resilience of our operations and investment
strategies. This is monitored through our climate risk and opportunity radar to ensure we are well positioned to realise
opportunities and mitigate risks. Our day-to-day business is predominantly exposed to transition risk as markets, policy,
and reputations come to terms with alignment to net zero. We have a critical role to play as stewards of clients capital and
this is reflected in our business strategy and our commitment to reduce the carbon intensity of our portfolios and absolute
emissions from our direct operations. We have considered the implications of climate related risk, including transition risks,
for the 2022 financial statements, and have concluded that there are no impacts on the valuation of the Group\u2019s assets and
liabilities including the valuation of financial instruments held at fair value through profit or loss (in particular in relation to
level 3 investments) or at amortised cost (in particular in relation to expected credit losses).
(b) Market risk
The Group\u2019s largest exposure to market risk relates to our investments in Phoenix, HDFC Life and HDFC Asset Management.
Refer Sections (b)(i)(i) and (b)(i)(iii) below for further details of the equity and foreign currency risks on these investments.
Other market risk exposures primarily arise as a result of holdings in newly established investment vehicles which the Group
has seeded and co-investments in property and infrastructure funds in the Investments segment. Seed capital is classified
as held for sale when it is the intention to dispose of the vehicle in a single transaction and within one year. Co-investments
are typically held for a longer term and align the Group\u2019s economic interests with those of property, private equity and
infrastructure fund co-investors. The consolidated statement of financial position includes the following amounts in respect
of seed capital and co-investments.
2022 2021
Notes \u00a3m \u00a3m
Equity securities and interests in pooled investment funds at FVTPL 213 239
Debt securities 76 76
Total seed capital
289 315
Equity securities and interests in pooled investment funds at FVTPL 107 96
Total co-investments
107 96
The Group sets limits for investing in seed capital and co-investment activity and regularly monitors exposures arising from
these investments. The Group will consider hedging its exposure to market risk in respect of seed capital investments
where it is appropriate and efficient to do so. The Group will also consider hedging its exposure to currency risk in respect of
co-investments where it is appropriate and efficient to do so. Other market risks associated with co-investments are not
hedged given the need for the Group\u2019s economic interests to be aligned with those of the co-investors.
(b)(i) Elements of market risk
The main elements of market risk to which the Group is exposed are equity risk, interest rate risk and foreign currency risk,
which are discussed on the following pages.
Information on the methods used to determine fair values for each major category of financial instrument measured at fair
value is presented in Note 37.
(b)(i)(i) Exposure to equity risk
The Group is exposed to the risk of adverse equity market movements which could result in losses. This applies to daily
changes in the market values and returns on the holdings in equity securities.
At 31 December 2022 the shareholder exposure to equity markets was \u00a31,577m (2021: \u00a32,584m) in relation to equity
securities. This primarily relates to the Group\u2019s investments in Phoenix of \u00a3634m (2021: \u00a3941m), HDFC Life of \u00a3203m (2021:
\u00a3508m) and HDFC Asset Management of \u00a3477m (2021: \u00a3840m), seed capital investments of \u00a3171m (2021: \u00a3188m),
and equity securities held by the abrdn Financial Fairness Trust of \u00a361m (2021: \u00a369m).
The Group is also exposed to adverse market price movements on its interests in pooled investment funds. The
shareholder exposure of \u00a3268m (2021: \u00a3456m) to pooled investment funds primarily relates to \u00a3149m (2021: \u00a3147m) of
seed capital and co-investments, corporate funds held in absolute return funds of \u00a350m (2021: \u00a3218m), investments in
certain managed funds to hedge against liabilities from variable pay awards that are deferred and settled in cash by
reference to the price of those funds of \u00a337m (2021: \u00a356m) and pooled investment funds held by the abrdn Financial
Fairness Trust of \u00a325m (2021: \u00a331m).
The Equities and interests in pooled investment funds at FVTPL included in the consolidated statement of financial position
includes \u00a3188m (2021: \u00a375m) relating to third party interest in consolidated funds and non-controlling interests \u2013 ordinary
shares to which the shareholder is not exposed.
Exposures to equity risk are primarily managed though the hedging of market risk in respect of seed capital investments
where it is appropriate and efficient to do so. Additionally limits are imposed on the amount of seed capital and co-
investment activity that may be undertaken. The Group does not hedge equity risk in relation to its investments in Phoenix,
HDFC Life and HDFC Asset Management.
7. Group financial statements continued
(b)(i)(ii) Exposure to interest rate risk
Interest rate risk is the risk that arises from exposures to changes in the shape and level of yield curves which could result in
losses due to the value of financial assets and liabilities, or the cash flows relating to these, fluctuating by different amounts.
The main financial assets held by the Group which give rise to interest rate risk are debt securities and cash and cash
equivalents. The Group is also exposed to interest rate risk on its investments in pooled investment funds where the
underlying instruments are exposed to interest rate risk.
Interest rate exposures are managed in line with the Group\u2019s risk appetite.
(b)(i)(iii) Exposure to foreign currency risk
Foreign currency risk arises where adverse movements in currency exchange rates impact the value of revenues received
from, and the value of assets and liabilities held in, currencies other than UK Sterling. The Group\u2019s financial assets are
generally held in the local currency of its operational geographic locations. The Group generally does not hedge the
currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the income
statement. Where appropriate, the Group may use derivative contracts to reduce or eliminate currency risk arising from
individual transactions or seed capital and co-investment activity. The Group does not hedge foreign exchange risk in
relation to its investments in HDFC Life and HDFC Asset Management.
The table below summarises the financial instrument exposure to foreign currency risks in UK Sterling.
UK
Sterling
Indian Rupee Euro
US
Dollar
Singapore
Dollar
Other
curr enci es
Total
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets 17 3,237 4,606 680 1,348 219 212 585 552 48 56 210 126 4,979 6,900
Financial
liabilities 29
(1,202) (1,044) \u2013 \u2013 (53) (25) (776) (692) (8) (15) (23) (23) (2,062) (1,799)
Cash flow
hedges
(623) (554) \u2013 \u2013 \u2013 \u2013 623 554 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Non-
designated
derivatives
296 330 \u2013 (1) (68) (79) (182) (203) \u2013 (1) (46) (46) \u2013 \u2013
1,708 3,338 680 1,347 98 108 250 211 40 40 141 57 2,917 5,101
The Indian Rupee exposure primarily relates to the Group\u2019s investments in HDFC Life and HDFC Asset Management. Other
currencies include assets of \u00a385m (2021: \u00a38m) and liabilities of \u00a31m (2021: liabilities of \u00a31m) in relation to the fair value of
derivatives used to manage currency risk.
On 18 October 2017, the Group issued US dollar subordinated notes with a principal amount of US$750m. The related cash
flows expose the Group to foreign currency risk on the principal and coupons payable. The Group manages the foreign
exchange risk with a cross-currency swap which is designated as a cash flow hedge.
Non-designated derivatives relate to foreign exchange forward contracts that are not designated as cash flow hedges
or net investment hedges and primarily relate to the management of currency risk arising from seed capital and
co-investment activity.
In addition to financial instruments analysed above, the principal source of foreign currency risk for shareholders arises
from the Group\u2019s investments in overseas subsidiaries and associates and joint ventures accounted for using the equity
method. The carrying value of the Group\u2019s Chinese joint venture is disclosed in Note 14. The Group does not hedge foreign
currency risk in relation to these investments.
(b)(ii) Sensitivity of financial instruments to market risk analysis
The Group\u2019s profit/loss after tax and equity are sensitive to variations in respect of the Group\u2019s market risk exposures and a
sensitivity analysis is presented below. The analysis has been performed by calculating the sensitivity of loss after tax and
equity to changes in equity security prices (equity risk), changes in interest rates (interest rate risk) and changes in foreign
exchange rate (foreign currency risk) as at the reporting date applied to assets and liabilities other than those classified as
held for sale, and after allowing for the Group\u2019s hedging strategy.
The variables used in the sensitivity analysis are considered reasonable assumptions and are consistent with market peers.
Changes to variables are provided by internal specialists who determine what are reasonable assumptions.
Profit/loss after tax and equity sensitivity to market risk
31 December 2022 31 December 2021
A reasonable change in the
variable within the next
calendar year
Increase/(decrease) in
post-tax profit
A reasonable change in
the variable within the
next calendar year
Increase/(decrease) in
post-tax profit
% \u00a3m % \u00a3m
Equity prices Increase 10 148 10 246
Decrease 10 (148) 10 (246)
Indian Rupee against Sterling Strengthen
10 70 10 139
Weaken 10 (57) 10 (114)
US Dollar against Sterling Strengthen
10 14 10 22
Weaken 10 (11) 10 (18)
Euro against Sterling Strengthen
10 11 10 12
Weaken 10 (9) 10 (10)
The equity prices sensitivities primarily relate to the Group\u2019s investments in HDFC Life, HDFC Asset Management and
Phoenix. The Indian Rupee sensitivities primarily relate to the Group\u2019s investments in HDFC Life and HDFC Asset
Management.
The reasonable change in variables have no impact on any other components of equity. These sensitivities concern only
the impact on financial instruments and exclude indirect impacts of the variable on fee income and certain costs which
may be affected by the changes in market conditions.
Interest rate sensitivity to a reasonable change in the variable within the next calendar year is not material in either 2022 or
2021.
Limitations
The sensitivity of the Group\u2019s profit after tax and equity may be non-linear and larger or smaller impacts should not be
derived from these results. The sensitivities provided illustrate the impact of a reasonably possible change in a single
sensitivity factor, while the other sensitivity factors remain unchanged. Correlations between the different risks and/or
other factors may mean that experience would differ from that expected if more than one risk event occurred
simultaneously.
(c) Credit risk
Exposures to credit risk and concentrations of credit risk are managed by setting exposure limits for different types of
financial instruments and counterparties. The limits are established using the following controls:
Financial instrument with credit risk exposure Control
Cash and cash equivalents Maximum counterparty exposure limits are set with reference to internal credit
assessments.
Derivative financial instruments Maximum counterparty exposure limits, net of collateral, are set with reference to internal
credit assessments. The forms of collateral that may be accepted are also specified and
minimum transfer amounts in respect of collateral transfers are documented.
Debt securities The Group\u2019s policy is to set exposure limits by name of issuer, sector and credit rating.
Other financial instruments Appropriate limits are set for other financial instruments to which the Group may have
exposure at certain times.
Group Treasury perform central monitoring of exposures against limits and are responsible for the escalation of any limit
breaches to the Chief Risk Officer.
Expected credit losses (ECL) are calculated on financial assets which are measured at amortised cost.
Financial assets attract an ECL allowance equal to either:
12 month ECL (losses resulting from possible
default within the next 12 months)
No significant increase in credit risk since initial recognition.
Trade receivables or contract assets with significant financing component, or
lease receivables if lifetime ECL measurement has not been elected.
Lifetime ECL (losses resulting from possible
defaults over the remaining life of the financial
asset)
Significant increase in credit risk since initial recognition.
Trade receivables or contract assets with no significant financing component.
Trade receivables or contract assets with significant financing component, or
lease receivables for which lifetime ECL measurement has been elected.
Changes in Lifetime ECL
Credit-impaired at initial recognition.
7. Group financial statements continued
I n determining whether a default has taken place, or where there is an increased risk of a default, a number of factors are
taken into account including a deterioration in the credit quality of a counterparty, the number of days that a payment is
past due, and specific events which could impact a counterparty\u2019s ability to pay.
The Group assumes that a significant increase in credit risk has arisen when contractual payments are more than 30 days
past due. The Group assumes that credit risk on a financial instrument has not increased significantly since initial
recognition if the financial instrument is determined to have low credit risk at the reporting date. Financial instruments with
an external rating of \u2018investment grade\u2019 are presumed to have low credit risk in the absence of evidence to the contrary.
Investment grade financial instruments are financial assets with credit ratings assigned by external rating agencies
with classification within the range of AAA to BBB. If a financial asset is not rated by an external agency it is classified
as \u2018not rated\u2019.
The Group applies the simplified approach, as permitted under IFRS 9, to calculate the ECL allowance for trade receivables
and contract assets including accrued income from contracts with customers and lease receivables. Under the simplified
approach, the ECL allowance is calculated over the remaining life of the asset, using a provision matrix approach based on
historic observed default rates adjusted for knowledge of specific events which could influence loss rates.
At 31 December 2022 the Group does not hold financial assets at amortised cost that it regards as credit-impaired or for
which it considers the probability of default would result in material expected credit losses in its Investments and Adviser
segments. Historically, default levels have been insignificant for the Group\u2019s customers within these segments. Trade
debtors past due but not in default at 31 December 2022 for these segments were \u00a384m (2021: \u00a377m) the majority of
which were less than 90 days past due (2021: less than 90 days). Of amounts greater than 90 days at 31 December 2022,
less than \u00a319m had not been received at the date of this report of which no single counterparty represented more than
\u00a34m. The expected credit losses recognised were less than \u00a31m (2021: less than \u00a31m). In making this assessment the
Group has considered if any evidence is available to indicate the occurrence of an event which would result in a
detrimental impact on the estimated future cash flows of these assets.
With the acquisition of ii (refer Note 1(b)(i)), the Group is exposed to an increased level of credit risk within its Personal
segment. Trade debtors past due for the Personal segment at 31 December 2022 were \u00a35m (2021: less than \u00a31m), the
majority of which were considered to be credit impaired. A lifetime loss allowance of \u00a33m (2021: less than \u00a31m) has been
recognised based on expected recovery. This primarily relates to ii and is in line with the loss allowance recognised at the
date of acquisition.
(c)(i) Credit exposure
The following table presents an analysis of the credit quality of shareholder financial assets and the maximum exposure to
credit risk without taking into account any collateral held.
Amortised cost
Fair value through
profit or loss Cash flow hedge
12 month
ECL Lifetime ECL
1
Total
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA \u2013 \u2013 \u2013 \u2013 89 134 \u2013 \u2013 89 134
AA+ to AA- 164 241 \u2013 \u2013 162 396 \u2013 \u2013 326 637
A+ to A-
327 618 85 8 953 1,446 \u2013 \u2013 1,365 2,072
BBB
76 82 \u2013 \u2013 126 131 \u2013 \u2013 202 213
BB
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6 \u2013 6
Not rated
21 32 \u2013 \u2013 429 241 463 418 913 691
Gross carrying amount
588 973 85 8 1,759 2,348 463 424 2,895 3,753
Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3) \u2013 (3) \u2013
Carrying amount
588 973 85 8 1,759 2,348 460 424 2,892 3,753
Derivative financial assets
19 6 85 8 \u2013 \u2013 \u2013 \u2013 104 14
Debt securities
550 936 \u2013 \u2013 210 221 \u2013 5 760 1,162
Receivables and other financial assets
19 31 \u2013 \u2013 428 231 460 418 907 680
Cash and cash equivalents
\u2013 \u2013 \u2013 \u2013 1,121 1,896 \u2013 1 1,121 1,897
Carrying amount
588 973 85 8 1,759 2,348 460 424 2,892 3,753
1. As noted in Section (c) above, Lifetime ECL balances include trade debtors with a gross carrying value of \u00a35m (2021: \u00a3nil) which are credit impaired for which
a loss allowance of \u00a33m (2021: \u00a3nil) has been recognised. All other Lifetime ECL balances are not credit impaired.
In the table above debt securities exclude debt securities relating to third party interests in consolidated funds of \u00a342m
(2021: \u00a325m). Cash and cash equivalents exclude cash and cash equivalents relating to third party interests in
consolidated funds of \u00a312m (2021: \u00a37m). The shareholder is not exposed to the credit risk in respect of third party interests
in consolidated funds since the financial risk of the assets are borne by third parties.
(c)(ii) Collateral accepted and pledged in respect of financial instruments
Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments and bilateral repurchase
agreements is accepted from and provided to certain market counterparties to mitigate counterparty risk in the event of
default. The use of collateral in respect of these instruments is governed by formal bilateral agreements between the
parties. For OTC derivatives the amount of collateral required by either party is determined by the daily bilateral OTC
exposure calculations in accordance with these agreements and collateral is moved on a daily basis to ensure there is full
collateralisation. Under the terms of these agreements, collateral is posted with the ownership captured under title transfer
of the contract. With regard to either collateral pledged or accepted, the Group may request the return of, or be required
to return, collateral to the extent it differs from that required under the daily bilateral OTC exposure calculations.
Where there is an event of default under the terms of the agreements, any collateral balances will be included in the close-
out calculation of net counterparty exposure. At 31 December 2022, the Group had pledged \u00a314m (2021: \u00a326m) of cash
and \u00a3nil (2021: \u00a3nil) of securities as collateral for derivative financial liabilities. At 31 December 2022, the Group had
accepted \u00a3109m (2021: \u00a315m) of cash and \u00a3nil (2021: \u00a350m) of securities as collateral for derivatives financial assets and
reverse repurchase agreements. None of the securities were sold or repledged at the year end.
(c)(iii) Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported on the consolidated statement of financial position
only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net
basis, or to realise the asset and settle the liability simultaneously.
The Group does not offset financial assets and liabilities on the consolidated statement of financial position, as there are no
unconditional rights to set off. Consequently, the gross amount of other financial instruments presented on the
consolidated statement of financial position is the net amount. The Group\u2019s bilateral OTC derivatives are all subject to an
International Swaps and Derivative Association (ISDA) master agreement. ISDA master agreements and reverse
repurchase agreements entered into by the Group are considered master netting agreements as they provide a right of
set off that is enforceable only in the event of default, insolvency, or bankruptcy.
The Group does not hold any other financial instruments which are subject to master netting agreements or similar
arrangements.
The following table presents the effect of master netting agreements and similar arrangements.
Related amounts not offset on the consolidated
statement of financial position
Gross amounts of financial
instruments as presented on the
consolidated statement of
financial position
Financial
instruments
Financial collateral
pledged/(received) Net position
2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Derivatives
1
102 8 (1) \u2013 (100) (8) 1 \u2013
Reverse repurchase
agreements
\u2013 50 \u2013 \u2013 \u2013 (50) \u2013 \u2013
Total financial assets
102 58 (1) \u2013 (100) (58) 1 \u2013
Financial liabilities
Derivatives
1
(1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2)
Total financial liabilities
(1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2)
1. Only OTC derivatives subject to master netting agreements have been included above.
7. Group financial statements continued (d) Liquidity risk The shareholder is exposed to liquidity risk if the Group is unable to realise investments and other assets in order to settle its financial obligations when they fall due, or can do so only at excessive cost. The following quantitative liquidity risk disclosures are provided in respect of these financial liabilities. The Group has a liquidity risk framework and processes in place for monitoring, assessing, and managing liquidity risk. This framework ensures that liquidity risks are identified across the Group and, where relevant, mitigation measures are put in place. Stress testing of the residual risks is performed to understand the quantum of risk under stress conditions. This then informs the level of liquid resources that need to be maintained. Where appropriate, this is enhanced with external credit facilities and the Group has a syndicated revolving credit facility of \u00a3400m which was undrawn at 31 December 2022. The level of liquid resources in the Group is also projected under a number of adverse scenarios. These are described more fully in the Viability Statement. A contingency funding plan is maintained to ensure that if liquidity risk did materialise, processes and procedures are already in place to assist with resolving the issue. Regular monitoring of liquid resources is performed and projections undertaken (under both base and stressed conditions) to understand the outlook. As a result of the policies and processes established to manage risk, the Group expects to be able to manage liquidity risk on an ongoing basis. We recognise there are a number of scenarios that can impact the liquid resources of a business as discussed in the Risk management section of the Strategic report. (d)(i) Maturity analysis The analysis that follows presents the undiscounted cash flows payable under contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked funds which are discussed in Note 23. Refer Note 18 for the maturity profile of undiscounted cash flows of derivative financial instruments. The Group also had unrecognised commitments in respect of financial instruments as at 31 December 2022 (refer Note 40) with a contractual maturity of within one year, between one and five years and over five years of \u00a33m, \u00a332m and \u00a337m respectively (2021: \u00a335m, \u00a37m and \u00a363m). The commitments may generally be requested anytime up to the contractual maturity. Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Subordinated liabilities 24 29 94 114 577 627 \u2013 26 \u2013 26 \u2013 97 695 919 Other financial liabilities 891 701 198 244 105 93 48 40 6 \u2013 15 \u2013 1,263 1,078 Total 915 730 292 358 682 720 48 66 6 26 15 97 1,958 1,997
36. Structured entities
A structured entity is an entity that is structured in such a way that voting or similar rights are not the dominant factor in
deciding who controls the entity. The Group has interests in structured entities through investments in a range of
investment vehicles including:
\u2013 Pooled investment funds managed internally and externally, including OEICs, SICAVs, unit trusts and limited
partnerships.
\u2013 Debt securitisation vehicles which issue asset-backed securities.
The Group consolidates structured entities which it controls. Where the Group has an investment in, but not control over
these types of entities, the investment is classified as an investment in associate when the Group has significant
influence. Investments in associates at FVTPL are included in equity securities and pooled investment funds in the
analysis of financial investments.
The Group also has interests in structured entities through asset management fees and other fees received from these
entities.
(a) Consolidated structured entities
As at 31 December 2022 and 31 December 2021, the Group has not provided any non-contractual financial or other
support to any consolidated structured entity and there are no current intentions to do so.
(b) Unconsolidated structured entities
As at 31 December 2022 and 31 December 2021, the Group has not provided any non-contractual financial or other
support to any unconsolidated structured entities and there are no current intentions to do so.
The following table shows the carrying value of the Group\u2019s interests in unconsolidated structured entities by line item in the
consolidated statement of financial position.
2022 2021
\u00a3m \u00a3m
Financial investments
Equity securities and interests in pooled investment funds 558 851
Debt securities \u2013 36
Total financial investments
558 887
Receivables and other financial assets 215 244
Other financial liabilities 95 121
The Group\u2019s exposure to loss in respect of unconsolidated structured entities is limited to the carrying value of the Group\u2019s
investment in these entities and the loss of future asset management and other fees received by the Group for the
management of these entities. Exposure to loss arising from market and credit risk in relation to investments held in the unit
linked funds and relating to third party interest in consolidated funds and non-controlling interests \u2013 ordinary shares is not
borne by the shareholder.
Additional information on the Group\u2019s exposure to financial risk and the management of these risks can be found in Note 23
and Note 35.
The total assets under management of unconsolidated structured entities are \u00a3126,019m at 31 December 2022 (2021:
\u00a3135,007m). The fees recognised in respect of these assets under management during the year to 31 December 2022
were \u00a3566m (2021: \u00a3670m).
As at 31 December 2022, the Group had no investments in unconsolidated structured debt securitisation vehicles. The total
issuance balance relating to unconsolidated structured debt securitisation vehicles in which the Group is invested as at 31
December 2021 was \u00a31,741m.
7. Group financial statements continued
37. Fair value of assets and liabilities
The Group uses fair value to measure many of its assets and liabilities. Fair value is the amou nt for which an asset could
be exchanged, or a liability settled, between knowledgeable willing parties in an arm\u2019s lengt h transaction.
An analysis of the Group\u2019s financial assets and financial liabilities in accordance with the cate gories of financial instrument
set out in IFRS 9 Financial Instruments is presented in Notes 17, 23 and 29 and includes those fi nancial assets and liabilities
held at fair value.
(a) Fair value hierarchy
In determining fair value, the following fair value hierarchy categorisation has been used:
\u2013 Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identi cal assets or liabilities. An
active market exists where transactions take place with sufficient frequency and volume to provide pricing information
on an ongoing basis.
\u2013 Level 2: Fair values measured using inputs other than quoted prices included within level 1 t hat are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2013 Level 3: Fair values measured using inputs that are not based on observable market data (u nobservable inputs).
Information on the methods and assumptions used to determine fair values for equity securiti es and interests in pooled
investment funds, debt securities and derivatives measured at fair value is given below:
Equities and interests in pooled investment funds
1,2
Debt securities Derivatives
3
Level 1 Equity instruments listed on a recognised exchange valued using prices
sourced from their primary exchange.
Debt secur ities listed
on a recog nised
exchange valued using
prices sour ced from
their prima ry
exchange.
Exchange traded
derivatives
valued using
prices sourced
from the relevant
exchange.
Level 2 Pooled investment funds where daily unit prices are available and reference
is made to observable market data.
Debt secur ities valued
using price s received
from exter nal pricing
providers based on
quotes rec eived from
a number of market
participant s.
Debt secur ities valued
using mod els and
standard v aluation
formulas b ased on
observabl e market
data
4
.
Over-the-
counter
derivatives
measured using
a range of
valuation models
including
discounting
future cash flows
and option
valuation
techniques.
Level 3 These relate primarily to interests in private equity, real estate and
infrastructure funds which are valued at net asset value. Underlying real
estate and private equity investments are generally valued in accordance
with independent professional valuation reports or International Private
Equity and Venture Capital Valuation Guidelines where relevant. The
underlying investments in infrastructure funds are generally valued based
on the phase of individual projects forming the overall investment and
discounted cash flow techniques based on project earnings.
Where net asset values are not available at the same date as the reporting
date, these valuations are reviewed and, where appropriate, adjustments
are made to reflect the impact of changes in market conditions between
the date of the valuation and the end of the reporting period.
Other unlisted equity securities are generally valued at indicative share
prices from off market transactions.
Debt secur ities valued
using price s received
from exter nal pricing
providers based on a
single brok er indicative
quote.
Debt secur ities valued
using mod els and
standard v aluation
formulas b ased on
unobserva ble market
data
4
.
N/A
1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in poo led investment funds.
2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sal e, the costs to sell are assumed to be
negligible. The fair value of pooled investment funds held for sale is calculated as equal to the observable unit price.
3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in lin e with the Group\u2019s risk management
policies. At 31 December 2022 and 31 December 2021, the residual credit risk is considered immaterial and no credit ri sk adjustment has been made.
4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established p rocedures to arrive at an internal
assessment of the fair value.
The fair value of liabilities in respect of third party interest in consolidated funds and non-participating investment contracts
are calculated equal to the fair value of the underlying assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying
assets and liabilities:
\u2013 For third party interest in consolidated funds, when the underlying assets and liabilities are valued using readily available
market information the liabilities in respect of third party interest in consolidated funds are treated as level 2. Where the
underlying assets and liabilities are not valued using readily available market information the liabilities in respect of third
party interest in consolidated funds are treated as level 3.
\u2013 For non-participating investment contracts, the underlying assets and liabilities are predominately categorised as level 1
or 2 and as such, the inputs into the valuation of the liabilities are observable and these liabilities are predominately
categorised within level 2 of the fair value hierarchy. Where the underlying assets are categorised as level 3, the liabilities
are also categorised as level 3.
In addition, contingent consideration assets and contingent consideration liabilities are also categorised as level 3 in the fair
value hierarchy. Contingent consideration assets and liabilities have been recognised in respect of acquisitions and
disposals. Generally valuations are based on unobservable assumptions regarding the probability weighted cash flows
and, where relevant, discount rate.
(a)(i) Fair value hierarchy for assets measured at fair value in the statement of financial position
The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer
Note 23 for fair value analysis in relation to assets backing unit linked liabilities).
Fair value hierarchy
Total Level 1 Level 2 Level 3
2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Owner occupied property 1 1 \u2013 \u2013 \u2013 \u2013 1 1
Derivative financial assets 104 14 3 \u2013 101 14 \u2013 \u2013
Equity securities and interests in
pooled investment vehicles
1
2,033 3,115 1,621 2,600 181 409 231 106
Debt securities
592 961 2 1 588 959 2 1
Contingent consideration assets
19 31 \u2013 \u2013 \u2013 \u2013 19 31
Total assets at fair value
2,749 4,122 1,626 2,601 870 1,382 253 139
1. Includes \u00a3634m (2021: \u00a3941m), \u00a3477m (2021: \u00a3840m) and \u00a3203m (2021: \u00a3508m) for the Group\u2019s listed equity investments in Phoenix, HDFC Asset
Management and HDFC Life respectively, which are classified as significant listed investments (refer Note 11).
There were no significant transfers from level 1 to level 2 during the year ended 31 December 2022 (2021: none). There
were also no significant transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: none). Transfers
generally relate to assets where changes in the frequency of observable market transactions resulted in a change in
whether the market was considered active and are deemed to have occurred at the end of the calendar quarter in which
they arose.
Refer Section (a)(iii) below for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the statement of financial position
The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy.
Fair value hierarchy
Total Level 1 Level 2 Level 3
2022 2021 2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities in respect of third party
interest in consolidated funds
242 104 \u2013 \u2013 242 104 \u2013 \u2013
Derivative financial liabilities 1 5 \u2013 3 1 2 \u2013 \u2013
Contingent consideration
liabilities
132 165 \u2013 \u2013 \u2013 \u2013 132 165
Other financial liabilities
1
11 \u2013 \u2013 \u2013 \u2013 \u2013 11 \u2013
Total liabilities at fair value
386 274 \u2013 3 243 106 143 165
1. Excluding contingent consideration liabilities.
There were no significant transfers between levels 1 and 2 during the year (2021: none). Refer Section (a)(iii) below for
details of movements in level 3.
7. Group financial statements continued
(a)(iii) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities
and assets and liabilities held for sale, are analysed below.
Owner occupied property
Equity securities
and interests in
pooled investment
funds Debt securities
2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 1 1 106 101 1 1
Total gains recognised in the consolidated income statement \u2013 \u2013 2 8 (2) \u2013
Purchases
\u2013 \u2013 139 24 3 \u2013
Sales and other adjustments
\u2013 \u2013 (16) (27) \u2013 \u2013
Transfers in to level 3
1
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013
At 31 December
1 1 231 106 2 1
1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose.
Contingent
consideration assets
Contingent
consideration liabilities Other financial liabilities
1
2022 2021 2022 2021 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 31 28 (165) (6) \u2013
\u2013
Total amounts recognised in the consolidated income statement 3 \u2013 32 (3) (11)
\u2013
Additions
1 31 (6) (155) \u2013
\u2013
Settlements
(18) (34) 7 8 \u2013
\u2013
Other movements
2
(3)
\u2013 \u2013
\u2013
\u2013
Transfer to contingent consideration liability
\u2013 9 \u2013
(9)
\u2013
\u2013
At 31 December
19 31 (132) (165) (11)
\u2013
1. Excluding contingent consideration liabilities.
The significant additions in the year ended 31 December 2021 primarily related to the disposals of Parmenion and
Bonaccord and the acquisition of Tritax. Refer Note 1 for further details.
For the year ended 31 December 2022, gains of \u00a324m (2021: gains of \u00a35m) were recognised in the consolidated income
statement in respect of non-unit linked assets and liabilities held at fair value classified as level 3 at the year end, excluding
assets and liabilities held for sale. Of this amount, gains of \u00a324m (2021: gains of \u00a35m) were recognised in Net gains or losses
on financial instruments and other income.
Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when
external pricing providers stop providing a price or where the price provided is considered stale. Transfers of equity
securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become
available from external pricing providers.
(a)(iv) Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled
investment funds categorised as level 3 instruments at 31 December 2022 with a fair value of \u00a3231m (2021: \u00a3106m).
Fair value
2022
\u00a3m
2021
\u00a3m Valuation technique Unobservable input Range (weighted average)
Private equity,
real estate and
infrastructure
funds
219 91 Net asset value Net asset value statements provided for a
large number of funds including seven
significant funds (fair value >\u00a35m).
A range of unobservable inputs
is not applicable as we have
determined that the reported
NAV represents fair value at the
end of the reporting period.
Other unlisted
equity
securities
12 15 Indicative share
price
Recent off market capital raising
transactions.
A range of unobservable inputs
is not applicable as we have
determined that the indicative
share price from off market
transactions represents fair
value at the end of the reporting
period.
The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities
and other financial instrument liabilities categorised as level 3 instruments at 31 December 2022 with a fair value of
(\u00a3124m) (2021: (\u00a3134m)).
Fair value
2022 2021
\u00a3m \u00a3m Valuation technique Unobservable input Input used
Contingent
consideration
assets and
liabilities and
other financial
instrument
liabilities
(124)
(134)
Probability
weighted cash
flow and where
applicable
discount rates
Unobservable inputs relate to probability
weighted cash flows and, where relevant,
discount rates.
The most significant unobservable inputs
relate to assumptions used to value the
contingent consideration liability related to
the acquisition of Tritax of \u00a3112m (2021:
\u00a3156m). For Tritax a number of scenarios
were prepared, around a base case, with
probabilities assigned to each scenario
(based on an assessment of the likelihood
of each scenario). The value of the
contingent consideration was determined
for each scenario, and these were then
probability weighted, with this probability
weighted valuation then discounted from
the payment date to the balance sheet
date. It was assumed that the timing of the
exercise of the earn out put options
between 2024, 2025 and 2026 (refer Note
1(b)(ii)) would be that which is most
beneficial to the holders of the put options.
The base scenario for Tritax
contingent consideration used
a revenue compound annual
growth rate (CAGR) from 31
March 2022 to 31 March 2026
of 14% (2021: CAGR from 31
March 2021 to 31 March 2026
of 21%) with other scenarios
using a range of revenue
growth rates around this base.
The base scenario used a
cost/income ratio of c52%
(2021: c50%) with other
scenarios using a range of
cost/income ratios around this
base.
The risk adjusted contingent
consideration cash flows have
been discounted using a
primary discount rate of 4.5%
(2021: 1.9%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions
At 31 December 2022 the shareholder is directly exposed to movements in the value of all non-unit linked level 3
instruments. No level 3 instruments are held in consolidated structured entities. See Note 23 for unit linked level 3
instruments.
Sensitivities for material level 3 assets and liabilities are provided below. Changing unobservable inputs in the measurement
of the fair value of the other level 3 financial assets and financial liabilities to reasonably possible alternative assumptions
would not have a significant impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds
As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3219m relates to private equity,
real estate and infrastructure funds (2021: \u00a391m) which are valued using net asset value statements. A 10% increase or
decrease in the net asset value of these investments would increase or decrease the fair value of the investments by
\u00a322m (2021: \u00a39m).
7. Group financial statements continued (a)(v)(ii) Contingent consideration assets and liabilities and other financial instrument liabilities As noted above, the most significant unobservable inputs for level 3 instruments relate to assumptions used to value the contingent consideration related to the purchase of Tritax. Sensitivities for reasonably possible changes to key assumptions are provided in the table below. Assumption Chan ge in assumption Consequential increase/(decrease) in contingent consideration liability 2022 \u00a3m Revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 Decreased by 10% (43) Increased by 10% 40 Cost/income ratio Decreased by 5% 13 Increased by 5% (14) Discount rate Decreased by 2% 7 Increased by 2% ( 6) (b) Assets and liabilities not carried at fair value The table below presents estimated fair values by level of the fair value hierarchy of non-unit linked financial assets and liabilities whose carrying value does not approximate fair value. Fair values of assets and liabilities are based on observable market inputs where available, or are estimated using other valuation techniques. As recognised in the consolidated statement of financial position line item Fair value Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets Debt securities 210 226 211 230 \u2013 12 210 218 1 \u2013 Liabilities Subordinated liabilities 30 621 644 550 683 \u2013 \u2013 550 683 \u2013 \u2013 The estimated fair values for subordinated liabilities are based on the quoted market offer price. The carrying value of all other financial assets and liabilities measured at amortised cost approximates their fair value. 38. Statement of cash flows The Group classifies cash flows in the consolidated statement of cash flows as arising from operating, investing or financing activities. Cash flows are classified based on the nature of the activity to which they relate and with consideration to generally accepted presentation adopted by peers. For activities related to asset management business, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds, with the exception of those related to unit linked funds, are classified as cash flows arising from investing activities. For activities related to insurance business, including those related to unit linked funds, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds are classified as cash flows arising from operating activities. For activities related to the acquisition and disposal of subsidiaries, associates and joint ventures, cash flows are classified as investing activities. The settlement of contingent and deferred amounts recognised on acquisitions and disposals are classified as investing activities where there is not considered to be a significant financing component of the related inflows or outflows. Purchases and sales of financial investments are presented on a gross basis except for purchases and sales of short- term instruments held in consolidated liquidity funds which are presented on a net basis. Dividends received from associates and joint ventures are presented as cash flows arising from operating activities. Movements in cash collateral held in relation to derivative contracts hedging subordinated debt are presented as cash flows arisin g from financin g activities.
The tables below provide further analysis of the balances in the consolidated statement of cash flows.
(a) Change in operating assets
2022 2021
\u00a3m \u00a3m
Equity securities and interests in pooled investment funds 680 137
Debt securities 89 23
Derivative financial instruments
(11) 9
Receivables and other financial assets and other assets
174 26
Assets held for sale
(16) 19
Change in operating assets
916 214
Change in operating assets includes related non-cash items.
(b) Change in operating liabilities
2022 2021
\u00a3m \u00a3m
Other financial liabilities, provisions and other liabilities (180)
(128)
Pension and other post-retirement benefit provisions (44)
(31)
Deferred income
1
(68)
Investment contract liabilities
(315) 46
Change in liability for third party interest in consolidated funds
(196)
(17)
Liabilities held for sale
9
(11)
Change in operating liabilities
(725) (209)
Change in operating liabilities includes related non-cash items.
(c) Other non-cash and non-operating items
2022 2021
\u00a3m \u00a3m
Gain on sale of subsidiaries and other operations \u2013 (127)
Profit on disposal of interests in associates (6) (1,236)
Loss on disposal of property, plant and equipment
7 (4)
Depreciation of property, plant and equipment
39 39
Amortisation of intangible assets
129 108
Impairment losses on intangible assets
369 8
Loss on impairment of associates
9 \u2013
Impairment losses recognised on property, plant and equipment
7 15
Impairment losses on disposal group held for sale
\u2013 \u2013
Movement in contingent consideration assets/liabilities
(35) 3
Equity settled share-based payments
24 43
Finance costs
29 30
Share of profit or loss from associates and joint ventures accounted for using the equity method
(2) 22
Other non-cash and non-operating items
570 (1,099)
7. Group financial statements continued
(d) Disposal of subsidiaries and other operations
2021
1
Notes \u00a3m
Equity securities and interests in pooled investment funds 15
Other assets of operations disposed of 34
Other liabilities of operations disposed of (18)
Net assets disposed of 31
Items transferred to profit or loss on disposal of subsidiaries 1 (1)
Fair value of earn-out payments and retained interest (32)
Other non-cash consideration
(9)
Gain on sale
1 127
Transaction costs
7
Total cash consideration 123
Cash and cash equivalents disposed of (11)
Cash inflow from disposal of subsidiary 112
1. Relates to the number of 2021 disposals. Refer Note 1(c)(i) for further details.
There were no operations disposed of in the year ended 31 December 2022.
(e) Movement in subordinated liabilities
The following table reconciles the movement in subordinated liabilities in the year, split between cash and non-cash items.
2022 2021
\u00a3m \u00a3m
At 1 January 644 638
Cash flows from financing activities
Repayment of subordinated liabilities
(92) \u2013
Interest paid
1
(31) (28)
Cash flows from financing activities
(123)
(28)
Non-cash items
Interest expense
30 28
Foreign exchange adjustment
70 6
At 31 December
621 644
1. Interest paid on subordinated liabilities and other equity in the consolidated statement of cash flows of \u00a334m (2021: \u00a328m) includes an inflow of \u00a38m (2021:
\u00a3nil) in relation to the related cash flow hedge (refer Note 18) and an outflow of \u00a311m (2021: \u00a3nil) in relation to other equity (refer Note 28). Other movements
in the fair value of the cash flow hedge relate to non-cash movements. Cash collateral held in respect of derivative contracts of \u00a3109m (2021: \u00a315m) in Other
financial liabilities (refer Note 33) includes collateral held in respect of the cash flow hedge of \u00a389m (2021: \u00a315m).
(f) Movement in lease liabilities
The following table reconciles the movement in lease liabilities in the year, split between cash and non-cash items.
2022 2021
\u00a3m \u00a3m
At 1 January 225 249
Cash flows from financing activities
Payment of lease liabilities \u2013 principal
(46) (27)
Payment of lease liabilities \u2013 interest
(6) (6)
Cash flows from financing activities
(52) (33)
Non-cash items
Additions
46 6
Disposals and adjustments
(8) (3)
Interest capitalised
6 6
Foreign exchange adjustment 7 \u2013
At 31 December
224 225
39. Contingent liabilities and contingent assets Contingent liabilities are possible obligations of the Group of which timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised on the consolidated statement of financial position but are disclosed, unless they are considered remote. If such an obligation becomes probable and the amount can be measured reliably it is no longer considered contingent and is recognised as a liability. Conversely, contingent assets are possible benefits to the Group. Contingent assets are only disclosed if it is probable that the Group will receive the benefit. If such a benefit becomes virtually certain it is no longer considered contingent and is reco g nised as an asset. Legal proceedings, complaints and regulations The Group is subject to regulation in all of the territories in which it operates investment management and insurance businesses. In the UK, where the Group primarily operates, the FCA has broad powers, including powers to investigate marketing and sales practices. The Group, like other financial organisations, is subject to legal proceedings, complaints and regulatory discussions, reviews and challenges in the normal course of its business. All such material matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Group incurring a liability. Where it is concluded that it is more likely than not that a material outflow will be made a provision is established based on management\u2019s best estimate of the amount that will be payable. At 31 December 2022, there are no identified contingent liabilities expected to lead to a material exposure. 40. Commitments The Group has contractual commitments in respect of expenditure on investment property, funding arrangements and leases which will be payable in future periods. These commitments are not recognised on the Group\u2019s statement of financial position at the year end but are disclosed to g ive an indication of the Group\u2019s future committed cash flows. (a) Unrecognised financial instruments As at 31 December 2022, the Group has committed to investing an additional \u00a372m (2021: \u00a3105m) into funds in which it holds a co-investment interest. (b) Capital commitments As at 31 December 2022, the Group has capital commitments other than in relation to financial instruments of \u00a32m (2021: \u00a32m). In addition, commitments relating to future acquisitions are disclosed in Note 1(c)(iii).
7. Group financial statements continued
41. Employee share-based payments and deferred fund awards
The Group operates share incentive plans for its employees. These generally take the form of an award of options,
conditional awards or restricted shares in abrdn plc (equity-settled share-based payments) but can also take the form
of a cash award based on the share price of abrdn plc (cash-settled share-based payments). The Group also
incentivises certain employees through the award of units in Group managed funds (deferred fund awards) which are
cash-settled. All the Group\u2019s incentive plans have conditions attached before the employee becomes entitled to the
award. These can be performance and/or service conditions (vesting conditions) or the requirement of employees to
save in the save-as-you-earn scheme (non-vesting condition). The period over which all vesting conditions are satisfied
is the vesting period and the awards vest at the end of this period.
For all share-based payments services received for the incentive granted are measured at fair value.
For equity-settled share-based payment transactions, the fair value of services received is measured by reference to
the fair value of the equity instruments at the grant date. The fair value of the number of instruments expected to vest is
charged to the income statement over the vesting period with a corresponding credit to the equity compensation
reserve in equity.
At each period end the Group reassesses the number of equity instruments expected to vest and recognises any
difference between the revised and original estimate in the consolidated income statement with a corresponding
adjustment to the equity compensation reserve.
At the time the equity instruments vest, the amount recognised in the equity compensation reserve in respect of those
equity instruments is transferred to retained earnings.
For cash-settled share-based payment and deferred fund awards transactions, services received are measured at the
fair value of the liability. The fair value of the liability is remeasured at each reporting date and any changes in fair value
are reco
g
nised in the consolidated income statement.
The following plans made awards during the year ended 31 December 2022:
Plan Options
Conditional
awards
Restricted
shares
Typical vesting
period (years)
Contractual life
for options Recipients
Conditions which must be met prior to
vesting
abrdn plc
Deferred Share
Plan/
Discretionary
Share
Plan/Executive
LTIP Plan
1
Yes Yes No 1-3 years
(3 years for
Executive
LTIP)
Up to 10
years from
date of
grant
Executives
and senior
management
Service, or service and
performance conditions.
These can be tailored to the
individual award.
Sharesave (Save-
as-you-earn)
Yes No No 3 or 5 Up to six
months
after vesting
UK and Irish
employees
Service only
Share incentive
plan
No No Yes 3 years Not
applicable
UK and Irish
employees
Service only
1. Included in Deferred and discretionary share plans in Section (b)(i) below.
All of the awards made under these plans are equity-settled except for a small number of cash-settled awards for the
deferred and discretionary share plans (see Section (d)(ii) below).
The fair value of awards granted under the Group\u2019s incentive schemes is determined using a relevant valuation technique,
such as the Black Scholes option pricing model.
The awards made under the deferred and discretionary share plans include awards for deferred bonuses of the prior year.
With the exception of the Executive Incentive Plan (EIP) awards, the deferred bonus awards have service conditions of one,
two and three years after the date of the award and no outstanding performance conditions. The awards for deferred
bonus for executive Directors in 2020 were made under the conditions of the EIP including a performance underpin.
The awards made include the awards for executive Directors under the Executive LTIP plan and certain awards under the
deferred and discretionary share plans to senior management with specific performance conditions.
Further details of the EIP and the Executive LTIP are set out in the Directors\u2019 remuneration report.
The deferred and discretionary share plans also made a number of deferred fund awards in the year end 31 December
2022 (see Section (d)(i) below).
Options and conditional awards are all at nil cost with the exception of Sharesave where eligible employees in the UK and
Ireland save a monthly amount from their salaries, over either a three or five year period, which can be used to purchase
shares in the Company at a predetermined price.
The share incentive plan allows employees the opportunity to buy up to \u00a31,800 of shares from their salary each year with the Group matching up to \u00a3600 per year. The matching shares awarded are granted each month but are restricted for three years (two years for Ireland). In addition, the Group operates the following plans for which there are outstanding awards but for which no awards were made during the year ended 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Aberdeen Asset Management Deferred Share Plan 2009 1 Yes No No 1-3 (3-5 for executive management) Up to 10 years from date of grant Executives and senior management Service only. There are no outstanding performance conditions at date of grant. Aberdeen Asset Management USA Deferred Share Award Plan No Yes No 1-3 (3-5 for executive management) Not applicable US based executives and senior management Service only. There are no outstanding performance conditions at date of grant. 1. Included in Annual bonus deferred share options Section (b)(i) below. The Group also operated the following plans for which no awards were made during the year ended 31 December 2022 and for which all outstanding awards were exercised by 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Standard Life Restricted stock plan (RSP) Yes No No 1-3 Up to six months after vesting Executives (other than executive Directors) and senior management Service, or service and performance conditions. These are tailored to the individual award. The Group also operated the following plans for which no awards were made during the year ended 31 December 2021 and for which all outstanding awards were exercised by 31 December 2021: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Standard Life Long-Term Incentive Plan Yes No No 3 (5 for executive Directors) Up to six months after vesting Executives and senior management Service and performance conditions as set out in the prior years\u2019 Directors\u2019 remuneration reports Standard Life Investments Long-Term Incentive Plan Yes No No 3 Up to six months after vesting Executives and senior management Service and performance conditions Standard Life Group Short- term incentive plan 1 Yes No No 3 Up to six months after vesting Executives and senior management Service only. There are no outstanding performance conditions at date of grant. 1. Included in Annual bonus deferred share options. Refer Section (b)(i) below . (a) Employee share-based payments and deferred fund awards expense The amounts recognised as an expense for equity-settled share-based payment transactions and deferred fund awards with employees are as follows: 2022 2021 \u00a3m \u00a3m Share options and share awards granted under deferred and discretionary share plans 1 22 41 Share options granted under long-term incentive plans \u2013 \u2013 Share options granted under Sharesave 1 1 Matching shares granted under share incentive plans 1 1 Equity-settled share-based payments 24 43 Cash-settled deferred fund awards 2 2 16 Total expense 26 59 1. Includes expense for annual bonus deferred share options and conditional awards. 2. The expense for cash-settled deferred fund awards includes \u00a32m (2021: \u00a34m) for awards related to funds which are consolidated.
7. Group financial statements continued
Included in the expense above is \u00a36m (2021: \u00a316m) which is included in Restructuring and corporate transaction expenses
in the consolidated income statement.
(b) Options and conditional awards granted
(b)(i) Deferred and discretionary share plans
The number and remaining contractual life for options outstanding and the share price at exercise of options exercised
during the year are as follows:
2022 2021
Deferred and
discretionary share
plans
Annual bonus
deferred share
options
Deferred and
discretionary share
plans
Annual bonus deferred
share options
Outstanding at 1 January 37,133,812 6,604,504 46,077,386 10,670,331
Granted 45,752,914 \u2013 4,582,659 \u2013
Forfeited
(3,540,675) \u2013 (4,028,599) (47,887)
Exercised
(18,228,674) (1,030,082) (9,497,634) (4,017,940)
Outstanding at 31 December
61,117,377 5,574,422 37,133,812 6,604,504
Exercisable at 31 December
3,907,131 5,418,292 1,591,628 5,920,543
Remaining contractual life of options outstanding (years)
1
6.45 3.56 7.97 4.59
Options exercised during the year \u2013 \u2013
Share price at time of exercise
1
194p 189p 291p 287p
1. Weighted average.
The options granted under the deferred and discretionary share plans were made throughout the year ended 31
December 2022 with a main grant date of 8 April 2022 and had a \u00a3nil exercise price. The weighted average option term
was 2.23 years. The weighted average share price at grant date was 171p and the weighted average fair value at grant
date was 168p. The options include an entitlement to the receipt of dividends in respect of awards that ultimately vest
between the date of grant and the vesting date.
In addition to nil costs options, 2,464,050 nil cost conditional awards were also granted under the deferred and discretionary
share plans (2021: 556,569) with a weighted average share price at grant date of 174p which was also the weighted
average fair value at grant date.
(b)(ii) Standard Life/Standard Life Investments Long-term incentive plans
The number and remaining contractual life for options outstanding and the share price at exercise of options exercised
during the year are as follows:
2022 2021
RSP
Long-term
incentive plans
(excluding RSP) RSP
Outstanding at 1 January 3,372 16,202,527 268,897
Granted \u2013 \u2013 \u2013
Forfeited \u2013 (16,178,183) (153,176)
Exercised
(3,372) (24,344) (112,349)
Outstanding at 31 December \u2013 \u2013 3,372
Exercisable at 31 December
\u2013 \u2013 \u2013
Remaining contractual life of options outstanding (years)
1
\u2013 \u2013 0.57
Options exercised during the year
Share price at time of exercise
1
241p 286p 288p
(b)(iii) Sharesave The number, exercise price and remaining contractual life for options outstanding and the share price at exercise of options exercised during the year are as follows: 2022 2021 Sharesave Weighted average exercise price for Sharesave Sharesave Weighted average exercise price for Sharesave Outstanding at 1 January 7,862,031 203p 8,734,919 210p Granted 6,997,665 118p 1,081,098 206p Forfeited (165,551) 191p (500,343) 216p Exercised (46,727) 200p (272,103) 210p Expired (759,965) 235p (531,108) 274p Cancelled (3,905,890) 197p (650,432) 225p Outstanding at 31 December 9,981,563 143p 7,862,031 203p Exercisable at 31 December 1,390,636 206p 563,903 249p Remaining contractual life of options outstanding (years) 1 3.12 2.36 Options exercised during the year Share price at time of exercise 1 223p 265p 1. Weighted average. The Sharesave options were granted on 12 October 2022 with an exercise price of 118p. The weighted average option term was 3.63 years. The weighted average share price at grant date was 133p and the weighted average fair value at grant date was 20p. Sharesave options have no dividend entitlement. In determining the fair value of options granted under the Sharesave scheme the historic volatility of the share price over a period of up to five years and a risk-free rate determined by reference to swap rates was also considered. The following table shows the range of exercise prices of Sharesave options outstanding. 2022 2021 Number of options outstanding Number of options outstanding 117p-188p 6,930,983 \u2013 189p-199p 2,390,606 6,060,069 200p-327p 587,801 1,685,559 328p-345p 72,173 116,403 Outstanding at 31 December 9,981,563 7,862,031 (c) Matching shares granted under share incentive plans During the year ended 31 December 2022, 490,814 matching shares were granted under the share incentive plan (2021: 345,476). The weighted average share price at grant date was 181p which was also the weighted average fair value at grant date. The plans include the entitlement to the receipt of dividends in respect of awards that ultimately vest between the date of grant and the vesting date. (d) Deferred fund awards and cash settled share based payments (d)(i) Deferred fund awards At 31 December 2022, the liability recognised for cash-settled deferred fund awards was \u00a344m (2021: \u00a358m). The liability includes \u00a39m (2021: \u00a310m) for deferred fund awards related to funds which are consolidated. The intrinsic value for vested deferred fund awards related to funds which are consolidated was \u00a36m (2021: \u00a36m). (d)(ii) Cash settled share based payments At 31 December 2022, the liability recognised for cash-settled share based payments was \u00a3nil (2021: \u00a3nil). 7. Group financial statements continued 42. Related party transactions (a) Transactions and balances with related parties In the normal course of business, the Group enters into transactions with related parties that relate to investment management and insurance businesses. In the year ended 31 December 2022, there have been no changes in the nature of these transactions. During the year, the Group recognised management fees of \u00a33m (2021: \u00a34m) from the Group\u2019s defined benefit pension plans. The Group\u2019s defined benefit pension plans have assets of \u00a3847m (2021: \u00a31,138m) invested in investment vehicles managed by the Group. During the year, there were no sales to associates accounted for using the equity method in relation to management fees (2021: \u00a336m) and no purchases in relation to services received (2021: \u00a32m). Purchases and sales in 2021 related to Phoenix prior to its reclassification (refer Note 1(c)(iii) for further details). Management fees included sales where the selection of the Group as the asset manager was made by the underlying policyholder. During the year ended 31 December 2022, there were sales to joint ventures accounted for using the equity method of \u00a34m (2021: \u00a34m) and no purchases from joint ventures (2021: \u00a3nil). During the year ended 31 December 2022, the Group contributed capital of \u00a32m (2021: \u00a311m) to a joint venture. At 31 December 2022, there was no outstanding funding commitment to this joint venture (31 December 2021: \u00a32m). The Group had no balances due to or from associates accounted for using the equity method as at 31 December 2022 (2021: \u00a3nil). The Group had balances of \u00a31m due from joint ventures (2021: \u00a31m) as at 31 December 2022. There were no balances due to joint ventures (2021: \u00a3nil). During the year ended 31 December 2022, the Group contributed capital of \u00a33m to an associate. At 31 December, the Group also has a commitment to make a capital contribution of \u00a32m to an associate. In addition to these transactions between the Group and related parties during the year, in the normal course of business the Group made a number of investments into/divestments from investment vehicles managed by the Group including investment vehicles which are classified as investments in associates measured at FVTPL. Group entities paid amounts for the issue of shares or units and received amounts for the cancellation of shares or units. (b) Compensation of key management personnel Key management personnel includes Directors of abrdn plc (since appointment) and the members of the executive leadership team (since appointment). The summary of compensation of key management personnel is as follows: 2022 2021 \u00a3m \u00a3m Salaries and other short-term employee benefits 11 12 Post-employment benefits - \u2013 Share-based payments and deferred fund awards 6 7 Termination benefits 2 1 Total compensation of key management personnel 19 20 (c) Transactions with key management personnel and their close family members Certain members of key management personnel hold investments in investments products which are managed by the Group. None of the amounts concerned are material in the context of funds managed by the Group. All transactions between key management and their close family members and the Group during the year are on terms which are equivalent to those available to all employees of the Group.
43. Capital management
(a) Capital and risk management policies and objectives
Managing capital is the ongoing process of determining and maintaining the quantity and quality of capital appropriate for
the Group and ensuring capital is deployed in a manner consistent with the expectations of our stakeholders. For these
purposes, the Board considers our key stakeholders to be our clients, the providers of capital (our equity holders and
holders of our subordinated liabilities) and the Financial Conduct Authority (FCA) as the lead prudential supervisor
for the Group.
There are two primary objectives of capital management within the Group. The first objective is to ensure that capital is,
and will continue to be, adequate to maintain the required level of financial stability of the Group and hence to provide an
appropriate degree of security to our stakeholders. The second objective is to create equity holder value by driving profit
attributable to equity holders.
The treasury and capital management policy, which is subject to review at least annually, forms one element of the
Group\u2019s overall management framework. Most notably, it operates alongside and complements the strategic investment
policy and the Group risk policies. Integrating policies in this way enables the Group to have a capital management
framework that robustly links the process of capital allocation, value creation and risk management.
Capital requirements are forecast on a periodic basis and assessed against the forecast available capital resources. In
addition, rates of return achieved on capital invested are assessed against hurdle rates, which are intended to represent
the minimum acceptable return given the risks associated with each investment. Ongoing monitoring of investments is
incorporated into the Group\u2019s established performance management process. The capital planning process is the
responsibility of the Chief Financial Officer. Capital plans are ultimately subject to approval by the Board.
The formal procedures for identifying and assessing risks that could affect the capital position of the Group are described
in the Risk management section of the Strategic report. Information on financial instruments risk is also provided in Note 35.
(b) Regulatory capital
(b)(i) Regulatory capital framework
From 1 January 2022, the Group has been supervised under the Investment Firms Prudential Regime (IFPR). Prior to this
date, the Group was supervised under the CRD IV regulatory regime. The Group\u2019s regulatory capital position under IFPR is
determined by consolidating the eligible capital and reserves of the Group (subject to a number of deductions) to derive
regulatory capital resources, and comparing this to the Group\u2019s regulatory capital requirements.
Stress testing is completed to inform the appropriate level of regulatory capital and liquidity that the Group must hold, with
results shared with the FCA at least annually. In addition, the Group monitors a range of capital and liquidity statistics on a
daily, monthly or less frequent basis as required. Surplus capital levels are forecast, taking account of projected dividends
and investment requirements, to ensure that appropriate levels of capital resources are maintained.
The Group is required to hold capital resources to cover both the Own Funds Requirement and the Own Funds Threshold
Requirement described below in complying with the Overall Financial Adequacy Rule.
Own Funds Requirement
The Own Funds Requirement focuses on the Group\u2019s permanent minimum capital requirement, its fixed overhead
requirement and its K-factor requirement with the own funds requirement being the highest of the three. At 31 December
2022, the Group\u2019s indicative Own Funds Requirement was \u00a30.3bn.
Own Funds Threshold Requirement
The Own Funds Threshold Requirement supplements the own funds requirement via the Internal Capital Adequacy and
Risk Assessment (ICARA), which is the means by which the Group assesses the level of capital that adequately supports all
of the relevant current and future risks in its business, taking into account potential periods of financial stress during the
economic cycle as well as a potential wind-down scenario with the own funds threshold requirement being the highest of
the two, as per the Overall Financial Adequacy Rule. The results of the Group\u2019s ICARA process will be subject to periodic
review by the FCA under the Supervisory Review and Evaluation Process (SREP).
Under IFPR the Group fully excludes the value of its holding in significant listed investments from its capital resources. IFPR
also includes constraints on the proportion of the minimum capital requirement that can be met by each tier of capital. As a
result, approximately \u00a30.3bn of Tier 2 capital, whilst continuing to be reported within the Group\u2019s capital resources, is not
available to meet the minimum capital requirement.
7. Group financial statements continued
(b)(ii) IFPR (unaudited)
2022
1
2021
2
\u00a3bn \u00a3bn
IFRS equity attributable to equity holders of abrdn plc 5.7 7.6
Deductions for intangibles and defined benefit pension assets, net of related deferred tax liabilities
(2.3)
(2.2)
Deductions for significant investments in financial sector entities
(1.4)
(2.0)
Deductions for non-significant investments in financial sector entities
(0.2) (0.5)
Other deductions and adjustments, including provision for foreseeable dividend
(0.5) (0.5)
Common Equity Tier 1 capital resources
1.3 2.4
Additional Tier 1 capital resources 0.2 0.2
Total Tier 1 capital resources
1.5 2.6
Tier 2 capital resources 0.6 0.6
Total regulatory capital resources
2.1 3.2
Subordinated debt restriction
(0.3) (0.3)
Total regulatory capital resources available to meet total regulatory capital requirements
1.8 2.9
Total regulatory capital requirements (1.1) (1.1)
Surplus regulatory capital
0.7 1.8
CET1 ratio
408% 774%
1. 2022 draft position on 28 February 2023 following finalisation of the Annual report and accounts.
2. Indicative regulatory capital position under IFPR at 31 December 2021 if the Group had been supervised under IFPR at this date.
The Group has complied with all externally imposed capital requirements during the year.
44. Events after the reporting date
In January 2023 the Group decided to exit a leased US property and an impairment of \u00a313m was recognised on the right-
of-use property asset.
On 26 February 2023, the Group agreed the sale of abrdn Capital Limited (aCL), its discretionary fund management
business, to LGT. aCL is part of the Personal segment. The sale is expected to complete in the second half of 2023, following
satisfaction of certain conditions including receipt of customary regulatory approvals. The sale involves the transfer of
approximately \u00a36.1bn in assets under management (as at 31 December 2022) and approximately 140 employees. The
agreed purchase price to be paid at completion is \u00a3140m, subject to certain adjustments, principally reflecting activity in
the period to completion. The sale is expected to result in an IFRS profit on disposal of subsidiaries of approximately \u00a360m
and an IFPR regulatory capital benefit of approximately \u00a3120m.
45. Related undertakings
The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings which is set
out in this Note. Related undertakings are subsidiaries, joint ventures, associates and other significant holdings. In this
context significant means either a shareholding greater than or equal to 20% of the nominal value of any class of shares,
or a book value
g
reater than 20% of the Group\u2019s assets.
The particulars of the Company\u2019s related undertakings at 31 December 2022 are listed below. For details of the Group\u2019s
consolidation policy refer to (b) Basis of consolidation in the Presentation of consolidated financial statements section.
Under that policy limited partnerships and limited liability companies in which the Group has no interest but whose general
partner or manager is controlled by the Group are not consolidated. However such limited partnerships are considered to
be subsidiaries under Companies Act 2006 and therefore are listed below. Where the Group has no interest in a limited
partnership or limited liability company that is considered a related entity, the interest held is disclosed as 0%.
The ability of subsidiaries to transfer cash or other assets within the Group for example through payment of cash dividends
is generally restricted only by local laws and regulations, and solvency requirements. Included in equity attributable to
equity holders of abrdn plc at 31 December 2022 is \u00a390m (2021: \u00a3104m) related to the abrdn Financial Fairness Trust, a
subsidiary undertaking of the Group. The assets of the abrdn Financial Fairness Trust are restricted to be used for
charitable purposes.
The registered head office of all related undertakings is 1 George Street, Edinburgh, EH2 2LL unless otherwise stated.
(a) Direct subsidiaries
Name of related undertaking Share class
1
% interest held
2
30 STMA 1 Limited
3
Ordinary shares 100%
30 STMA 2 Limited
3
Ordinary shares 100%
30 STMA 3 Limited
3
Ordinary shares 100%
30 STMA 4 Limited
3
Ordinary shares 100%
30 STMA 5 Limited
3
Ordinary shares 100%
6 SAS 3 Limited
3
Ordinary shares 100%
Aberdeen Corporate Services Limited Ordinary shares 100%
abrdn Charitable Foundation
4
N/A 100%
abrdn Client Management Limited Ordinary shares 100%
abrdn Finance Limited Ordinary shares 100%
abrdn Financial Fairness Trust N/A 100%
abrdn Financial Planning Limited
3
Ordinary shares 100%
abrdn Holdings Limited
4
Ordinary shares 100%
abrdn Investments (Holdings) Limited Ordinary shares 100%
abrdn (Mauritius Holdings) 2006 Limited
5
Ordinary shares 100%
Antler Holdco Limited
6
Ordinary shares 100%
Interactive Investor Limited
7
Ordinary shares 100%
Focus Business Solutions Limited
8
Ordinary shares 100%
Standard Life Aberdeen Trustee Company Limited Ordinary shares 100%
Standard Life Savings Limited Ordinary shares 100%
The abrdn Company 2006 N/A 100%
Threesixty Services LLP
9
Limited Liability Partnership 100%
Threesixty Support LLP
9
Limited Liability Partnership 100%
(b) Other subsidiaries
Name of related undertaking Share class
1
% interest held
2
6 SAS 1 Limited Ordinary shares 100%
6 SAS 2 Limited Ordinary shares 100%
Aberdeen ACM Team LP
4
Limited Partnership 0%
Aberdeen ACP LLP
4
Limited Liability Partnership 100%
Aberdeen Asia IV (General Partner) S.a.r.l.
10
Ordinary shares 100%
Aberdeen Asia Pacific Fund, LP
11
Limited Partnership 0%
Aberdeen Asia Pacific Fund II, LP
11
Limited Partnership 0%
Aberdeen Asia Pacific II (Offshore), LP
11
Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP
11
Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment, LP
11
Limited Partnership 0%
Aberdeen Asia Pacific III, LP
11
Limited Partnership 0%
7. Group financial statements continued
Name of related undertaking Share class
1
% interest held
2
Aberdeen Asia Partners III, LP
12
Limited Partnership 0%
Aberdeen ASIF Carry LP
4
Limited Partnership 25%
Aberdeen Asset Management (Thailand) Ltd
13
Ordinary shares 100%
Aberdeen Asset Management Cayman Limited
11
Ordinary shares 100%
Aberdeen Asset Management Denmark A/S
14
Ordinary shares 100%
Aberdeen Asset Management Finland Oy
15
Ordinary shares 100%
Aberdeen Asset Management US GP Control LLC
12
Limited Liability Company 100%
Aberdeen Asset Middle East Limited
16
Ordinary shares 100%
Aberdeen Capital Management LLC
12
Limited Liability
Company
100%
Aberdeen Capital Managers GP LLC
17
Limited Liability
Company
100%
Aberdeen Claims Administration, Inc.
18
Ordinary shares 100%
Aberdeen Co-Investment Mandate LP
4
Limited Partnership 0%
Aberdeen Direct Property (Holding) Limited
3
Ordinary shares 100%
Aberdeen Emerging Asia Fund, LP
11
Limited Partnership 0%
Aberdeen Emerging Asia Pacific II (Offshore), LP
11
Limited Partnership 0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP
11
Limited Partnership 0%
Aberdeen Energy & Resource Company IV, LLC
12
Limited Liability Company 73%
Aberdeen Energy & Resources Company V, LLC
12
Limited Liability
Company
93%
Aberdeen Energy & Resources Partners II, LP
12
Limited Partnership 0%
Aberdeen Energy & Resources Partners III, LP
12
Limited Partnership 0%
Aberdeen Energy & Resources Partners IV, LP
12
Limited Partnership 1%
Aberdeen Energy & Resources Partners V, LP
12
Limited Partnership 2%
Aberdeen European Infrastructure Carry GP Limited
4
Ordinary shares 100%
Aberdeen European Infrastructure Carry Limited
4
Ordinary shares 100%
Aberdeen European Infrastructure Co-Invest II LP
3
Limited Partnership 0%
Aberdeen European Infrastructure GP Limited
3
Ordinary shares 100%
Aberdeen European Infrastructure GP II Limited
3
Ordinary shares 100%
Aberdeen European Infrastructure GP III Limited
3
Ordinary shares 100%
Aberdeen European Infrastructure III A Limited
3
Ordinary shares 100%
Aberdeen European Infrastructure III B Limited
3
Ordinary shares 100%
Aberdeen European Infrastructure IV Ltd
3
Ordinary shares 100%
Aberdeen European Infrastructure Partners Carry LP
4
Limited Partnership 25%
Aberdeen European Infrastructure Partners Carry II LP
4
Limited Partnership 25%
Aberdeen European Infrastructure Partners Carry III LP
4
Limited Partnership 25%
Aberdeen European Infrastructure Partners LP
3
Limited Partnership 3%
Aberdeen European Infrastructure Partners II LP
3
Limited Partnership 3%
Aberdeen European Infrastructure Partners III LP
3
Limited Partnership 5%
Aberdeen European Opportunities Property Fund of Funds LLC
18
Limited Liability Company 3%
Aberdeen European Residential Opportunities Fund SCSp
19
Limited Partnership 0%
Aberdeen Fund Distributors LLC
18
Limited Liability Company 100%
Aberdeen Fund Management II Oy
15
Ordinary shares 100%
Aberdeen General Partner 1 Limited
4
Ordinary shares 100%
Aberdeen General Partner 2 Limited
4
Ordinary shares 100%
Aberdeen General Partner CAPELP Limited
11
Ordinary shares 100%
Aberdeen General Partner CGPLP Limited
11
Ordinary shares 100%
Aberdeen General Partner CMENAPELP Limited
11
Ordinary shares 100%
Aberdeen General Partner CPELP II Limited
11
Ordinary shares 100%
Aberdeen General Partner CPELP Limited
11
Ordinary shares 100%
Aberdeen Global ex-Japan FoF's LP
11
Limited Partnership 5%
Aberdeen Global ex-Japan GP Limited
11
Ordinary shares 100%
Aberdeen Global Infrastructure Carry GP Limited
4
Ordinary shares 100%
Aberdeen Global Infrastructure GP Limited
20
Ordinary shares 100%
Aberdeen Global Infrastructure GP II Limited
20
Ordinary shares 100%
Aberdeen Global Infrastructure Partners II Carry LP
4
Limited Partnership 25%
Aberdeen Global Infrastructure Partners II LP
20
Limited Partnership 0%
Name of related undertaking Share class 1 % interest held 2 Aberdeen Global Infrastructure Partners III Carry LP Limited Partnership 25% Aberdeen Global Infrastructure Partners LP 20 Limited Partnership 0% Aberdeen Global Partners, LP 12 Limited Partnership 0% Aberdeen GP 1 LLP 4 Limited Liability Partnership 100% Aberdeen GP 2 LLP 4 Limited Liability Partnership 100% Aberdeen GP 3 LLP 4 Limited Liability Partnership 100% Aberdeen Infrastructure Feeder GP Limited 4 Ordinary shares 100% Aberdeen Infrastructure Finance GP Limited 20 Ordinary shares 100% Aberdeen Infrastructure GP II Limited 3 Ordinary shares 100% Aberdeen Infrastructure Partners II Carry LP 4 Limited Partnership 25% Aberdeen Infrastructure Partners II LP 3 Limited Partnership 0% Aberdeen Infrastructure Partners LP Inc 20 Limited Partnership 0% Aberdeen International Partners II, LP 12 Limited Partnership 0% Aberdeen International Partners II (Offshore), LP 21 Limited Partnership 0% Aberdeen International Partners III, LP 12 Limited Partnership 0% Aberdeen International Partners III (Offshore), LP 21 Limited Partnership 0% Aberdeen Investment Company Limited 4 Ordinary shares 100% Aberdeen Investment Solutions Limited 22 Ordinary shares 100% Aberdeen Keva Asia IV Property Partners SCSp 10 Limited Partnership 1% Aberdeen Next Generation Partners V, LP 12 Limited Partnership 0% Aberdeen Pension Trustees Limited 4 Ordinary shares 100% Aberdeen Pooling II GP AB 23 Ordinary shares 100% Aberdeen Private Equity Company VII, LLC 12 Limited Liability Company 67% Aberdeen Private Equity Company VIII, LLC 12 Limited Liability Company 77% Aberdeen Property Fund Management (Jersey) Limited 24 Ordinary shares 100% Aberdeen Property Fund Management Estonia Ou 25 Ordinary shares 100% Aberdeen Property Investors (General Partner) S.a.r.l. 26 Ordinary shares 100% Aberdeen Property Investors Estonia Ou 25 Ordinary shares 100% Aberdeen Property Investors Limited Partner Oy 15 Ordinary shares 100% Aberdeen Property Investors The Netherlands BV 27 Ordinary shares 100% Aberdeen Property Secondaries Partners II 19 Limited Partnership 2% Aberdeen Real Estate Fund Finland II LP 28 Limited Partnership 100% Aberdeen Real Estate Partners II, LP 12 Limited Partnership 0% Aberdeen Real Estate Partners III, LP 12 Limited Partnership 0% Aberdeen Secondaries II GP S.a.r.l. 19 Ordinary shares 100% Aberdeen Sidecar LP Inc 20 Limited Partnership 0% Aberdeen Standard 2019 European PE A Carry LP Limited Partnership 40% Aberdeen Standard 2019 European PE B Carry LP Limited Partnership 40% Aberdeen Standard Carlsbad Carry LP 4 Limited Partnership 25% Aberdeen Standard Carlsbad GP Limited 20 Ordinary shares 100% Aberdeen Standard Carlsbad LP 20 Limited Partnership 0% Aberdeen Standard Global Infrastructure Partners III LP 20 Limited Partnership 0% Aberdeen Standard Core Infrastructure III LTP LP Limited Partnership 100% Aberdeen Standard Core Infrastructure III SCSp 19 Limited Partnership 1% Aberdeen Standard ECF II GP LP Limited Partnership 0% Aberdeen Standard European Infrastructure GP IV Limited 3 Ordinary shares 100% Aberdeen Standard European Infrastructure Partners Carry IV LP Limited Partnership 25% Aberdeen Standard European Infrastructure Partners Co-invest IV LP 3 Limited Partnership 0% Aberdeen Standard European Infrastructure Partners IV LP 3 Limited Partnership 5% Aberdeen Standard European Long Income Real Estate Fund SCSp 19 Limited Partnership 0% Aberdeen Standard European Property Growth Fund LP 3 Limited Partnership 0% Aberdeen Standard Global Infrastructure GP III Ltd 20 Ordinary shares 100% Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP Limited Partnership 25% Aberdeen Standard Global Infrastructure Partners III (2021) Carry LP 4 Limited Partnership 25% Aberdeen Standard Global Risk Mitigation Fund (Australia) 29 Unit Trust 19% Aberdeen Standard Gulf Carry GP Limited 4 Ordinary shares 100% Aberdeen Standard Gulf Carry LP 4 Limited 7. Group financial statements continued Name of related undertaking Share class 1 % interest held 2 Aberdeen Standard Investments ETFs - abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF 30 ETF 80% Aberdeen Standard Investments Sweden AB 23 Ordinary shares 100% Aberdeen Standard Investments Taiwan Limited 31 Ordinary shares 100% Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund 19 SICAV 100% Aberdeen Standard MSPC General Partner S.a.r.l. 19 Ordinary shares 100% Aberdeen Standard Multi-Sector Private Credit Fund SCSp 19 Limited Partnership 3% Aberdeen Standard Pan European Residential Property Fund SICAV-RAIF 19 Limited Partnership 0% Aberdeen Standard Private Equity Company IX, LLC 12 Limited Liability Company 80% Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC 12 Limited Liability Company 80% Aberdeen Standard Private Real Assets Co-Investment Fund I, LP 12 Limited Partnership 1% Aberdeen Standard Secure Credit LP Limited Partnership 0% Aberdeen Standard SICAV I - Asian Credit Sustainable Bond Fund 19 SICAV 55% Aberdeen Standard SICAV I - Asian Sustainable Development Equity Fund 19 SICAV 98% Aberdeen Standard SICAV I - ASI-CCBI Belt & Road Bond Fund 19 SICAV 32% Aberdeen Standard SICAV I - China Next Generation Fund 19 SICAV 73% Aberdeen Standard SICAV I - Climate Transition Bond Fund 19 SICAV 55% Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Corporate Bond Fund 19 SICAV 7% Aberdeen Standard SICAV I - Global Climate & Environment Equity Fund 19 SICAV 84% Aberdeen Standard SICAV I - Global Mid-Cap Equity Fund 19 SICAV 38% Aberdeen Standard SOF IV Feeder LP Limited Partnership 0% Aberdeen Standard SOF IV GP LP Limited Partnership 25% Aberdeen Standard SOF IV LP Limited Partnership 0% Aberdeen Standard SOF Evergreen GP LP Limited Partnership 40% Aberdeen Standard SOF Evergreen LP Limited Partnership 0% Aberdeen Standard UK Shopping Centre Feeder Fund Limited Partnership 3 Limited Partnership 100% Aberdeen Standard U.S. Private Equity IX, LP 12 Limited Partnership 0% Aberdeen Standard Venture Company XII, LLC 12 Limited Liability Company 91% Aberdeen Trust Limited 4 Ordinary shares 100% Aberdeen UK Infrastructure Carry GP Limited 4 Ordinary shares 100% Aberdeen UK Infrastructure Carry Limited 4 Ordinary shares 100% Aberdeen Unit Trust Managers Limited 4 Ordinary shares 100% Aberdeen U.S. Private Equity III (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity IV, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity IV (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity IV SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity V, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity V (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity V SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VI, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VI (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity VI SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VII, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VII (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity VIII, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VIII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Company X, LLC 12 Limited Liability Company 60% Aberdeen Venture Company XI, LLC 12 Limited Liability Company 87% Aberdeen Venture Partners VII, LP 12 Limited Partnership 0% Aberdeen Venture Partners VII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners VII SPV-A, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-A, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-B, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-C, LP 12 Limited Partnership 0 %
Name of related undertaking Share class
1
% interest held
2
Aberdeen Venture Partners IX, LP
12
Limited Partnership 0%
Aberdeen Venture Partners IX (Offshore), LP
21
Limited Partnership 0%
Aberdeen Venture Partners X, LP
12
Limited Partnership 1%
Aberdeen Venture Partners X (Offshore) LP
21
Limited Partnership 0%
Aberdeen Venture Partners X SPV-A, LP
12
Limited Partnership 0%
Aberdeen Venture Partners X SPV-B, LP
12
Limited Partnership 0%
Aberdeen Venture Partners XI, LP
12
Limited Partnership 1%
Aberdeen Venture Partners XI (Offshore), LP
21
Limited Partnership 0%
Aberdeen Venture Partners XI SPV-A, LP
12
Limited Partnership 0%
Aberdeen Venture Partners XI SPV-B, LP
12
Limited Partnership 0%
Aberdeen Venture Partners XII, LP
12
Limited Partnership 1%
Aberdeen Venture Partners XIII LP
12
Limited Partnership 1%
abrdn \u2013 Emerging Markets Equity ADR Fund
12
Ordinary shares 100%
abrdn \u2013 International Equity ADR Fund
12
Ordinary shares 100%
abrdn - US Equity Impact Fund
12
Ordinary shares 100%
abrdn - US SMID Cap Equity Fund
12
Ordinary shares 100%
abrdn ACS I - abrdn Sustainable Index UK Equity Fund
3
OEIC 23%
abrdn Alternative Funds Limited Ordinary shares 100%
abrdn Alternative Holdings Limited
4
Ordinary shares 100%
abrdn Alternative Investments Limited
3
Ordinary shares 100%
abrdn Asia Limited
32
Ordinary shares 100%
abrdn Australia Ltd
29
Ordinary shares 100%
abrdn Brasil Investimentos Ltda
33
Limited Liability Company 100%
abrdn Canada Funds - Global Smaller Companies Equity Fund
34
Private Commingled Fund 100%
abrdn Canada Limited
34
Ordinary shares 100%
abrdn Capital (CI) Limited
35
Ordinary shares 100%
abrdn Capital International Limited
35
Ordinary shares 100%
abrdn Capital Limited Ordinary shares 100%
abrdn Capital Partners LLP Limited Liability Partnership 100%
abrdn Colombia SAS
36
Ordinary shares 100%
abrdn Commercial Real Estate Debt II LP Limited Partnership 0%
abrdn Corporate Secretary Limited Ordinary shares 100%
abrdn CP (Holdings) Limited Ordinary shares 100%
abrdn (CRED II) GP Limited Ordinary shares 100%
abrdn Digital Solutions Limited
22
Ordinary shares 100%
abrdn Eclipse HFRI 500 SP
11
Private Commingled Fund 36%
abrdn ETFs Advisors LLC
12
Limited Liability Company 100%
abrdn ETFs Sponsor LLC
12
Limited Liability Company 100%
abrdn Financial Planning & Advice Limited
3
Ordinary A Shares
Ordinary B Shares
100%
abrdn Founder Co Limited Ordinary shares 100%
abrdn Fund Managers Limited
3
Ordinary shares 100%
abrdn Global Absolute Return Strategies Master Fund Limited
11
Ordinary shares 100%
abrdn Global Absolute Return Strategies Offshore Feeder Fund Limited
11
Ordinary shares 100%
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP
12
Limited Partnership 0%
abrdn Hong Kong Limited
37
Ordinary shares 100%
abrdn (IL Infrastructure Debt) GP Limited
3
Ordinary shares 100%
abrdn Inc.
12
Ordinary shares 100%
abrdn Inflation-Linked Infrastructure Debt LP
3
Limited Partnership 0%
abrdn Investment Management Limited Ordinary shares 100%
abrdn Investments Beteiligungs GmbH
38
Limited Liability Company 90%
abrdn Investments Deutschland AG
38
Ordinary shares 90%
abrdn Investments Group Limited
3
Ordinary shares 100%
abrdn Investments Holdings Europe Limited
3
Ordinary shares 100%
abrdn Investments Ireland Limited
39
Ordinary shares 100%
abrdn Investments Jersey Limited
35
Ordinary shares 100%
abrdn Investments Limited
4
Ordinary shares 100%
7. Group financial statements continued
Name of related undertaking Share class
1
% interest held
2
abrdn Investments Luxembourg Corporate Manager S.a r.l.
19
Ordinary shares 100%
abrdn Investments Luxembourg S.A.
19
Ordinary shares 100%
abrdn Investments Switzerland AG
40
Ordinary shares 100%
abrdn Islamic Malaysia Sdn. Bhd.
41
Ordinary shares 100%
abrdn Japan Limited
42
Ordinary shares 100%
abrdn Jersey Limited
43
Ordinary shares 100%
abrdn Korea Co. Limited.
44
Ordinary shares 100%
abrdn Korea GP 2 Pte. Ltd
45
Ordinary shares 100%
abrdn Korea Separate Account 2 LP
45
Limited Partnership 1%
abrdn Life and Pensions Limited
3
Ordinary shares 100%
abrdn Malaysia Sdn. Bhd.
41
Ordinary shares,
Irredeemable non-
convertible preference shares
100%
abrdn Nominees Services HK Limited
37
Ordinary shares 100%
abrdn OEIC I - abrdn China A Share Equity Fund
3
OEIC 45%
abrdn OEIC I - abrdn Sterling Long Dated Government Bond Fund
3
OEIC 57%
abrdn OEIC III - abrdn MyFolio Sustainable I Fund
3
OEIC 45%
abrdn OEIC III - abrdn MyFolio Sustainable II Fund
3
OEIC 23%
abrdn OEIC III - abrdn MyFolio Sustainable V Fund
3
OEIC 29%
abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund
3
OEIC 100%
abrdn OEIC III - abrdn MyFolio Sustainable Index II Fund
3
OEIC 88%
abrdn OEIC III - abrdn MyFolio Sustainable Index III Fund
3
OEIC 94%
abrdn OEIC III - abrdn MyFolio Sustainable Index IV Fund
3
OEIC 99%
abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund
3
OEIC 100%
abrdn OEIC V - abrdn Multi-Asset Climate Solutions Fund
3
OEIC 76%
abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF
19
Limited Partnership 0%
abrdn Poinsettia GP Ltd
11
Ordinary shares 100%
abrdn Portfolio Investments abrdn Asia-China Bond
32
Corporate Fund 100%
abrdn Portfolio Investments Limited Ordinary shares 100%
abrdn Portfolio Investments US Inc.
12
Ordinary shares 100%
abrdn Premises Services Limited Ordinary shares 100%
abrdn Private Equity (Europe) Limited Ordinary shares 100%
abrdn Private Fund Management (Shanghai) Company Limited
46
Ordinary shares 100%
abrdn Property Investors France SAS
47
Ordinary shares 100%
abrdn Real Estate Operations Limited
4
Ordinary shares 100%
abrdn SICAV II - Multi Asset Climate Opportunities
48
SICAV 99%
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited
46
Ordinary shares 100%
abrdn (SLSPS) Pension Trustee Company Ltd Ordinary shares 100%
abrdn SPV 2021 A GP, LLC
12
Limited Liability Company 79%
abrdn Unit Trust I - abrdn Diversified Growth Fund
3
Unit trust 51%
abrdn (USA) Limited Ordinary shares 100%
abrdn Venture Company XIII, LLC
12
Limited Liability Company 46%
ACM Carry LP
4
Limited Partnership 40%
AEROF (Luxembourg) GP S.a.r.l.
19
Ordinary shares 100%
AERP V-A Master, LP
12
Limited Partnership 0%
AIA Series T Holdings LLC
49
Limited Liability Company 0%
AIPP Folksam Europe II Kommanditbolag
50
Limited Partnership 1%
AIPP Pooling I SA
19
Ordinary shares 100%
Airport Industrial GP Limited
3
Ordinary shares 100%
Airport Industrial Limited Partnership
3
Limited Partnership 0%
Aldwych Capital Partners, LP Limited Partnership 0%
Alliance Trust Savings Limited Ordinary shares 100%
Andean Social Infrastructure (No. 1) Limited
3
Ordinary shares 100%
Andean Social Infrastructure Fund I LP
11
Limited Partnership 5%
Andean Social Infrastructure GP Limited
11
Ordinary shares 100%
Arden Garden State NJ Fund, LP
49
Limited Partnership 0%
Arden Institutional Advisers, LP
49
Limited Partnership 0%
Name of related undertaking Share class
1
% interest held
2
Arthur House (No.6) Limited
3
Ordinary shares 100%
Artio Global Investors Inc.
18
Ordinary shares 100%
ASI Core Private Equity Fund GP, LLC
12
Limited Liability Company 94%
ASI Direct RE GP LLP Limited Liability Partnership 100%
ASI European Private Equity 2019 B LP
12
Limited Partnership 0%
ASI (General Partner 2019 European PE A Carry) Limited Ordinary shares 100%
ASI (General Partner 2019 European PE A) S.a.r.l.
19
Ordinary shares 100%
ASI (General Partner 2019 European PE B) Limited Ordinary shares 100%
ASI (General Partner 2019 European PE B) LLC
12
Ordinary shares 0%
ASI (General Partner ECF II) Limited Ordinary shares 100%
ASI (General Partner PE2) Limited Ordinary shares 100%
ASI (General Partner PFF 2018) S.a.r.l.
19
Ordinary shares 100%
ASI (General Partner SOF IV) Limited Ordinary shares 100%
ASI (Gold) Limited
51
Ordinary shares 100%
ASI Han Co-Investment LP Limited Partnership 93%
ASI (KFAS) RE GP LLP Limited Liability Partnership 100%
ASI Little Mill Carry LP
4
Limited Partnership 0%
ASI Little Mill Co-Invest LP
4
Limited Partnership 0%
ASI Little Mill LP
4
Limited Partnership 0%
ASI Mid-Market 1 LP
4
Limited Partnership 0%
ASI MM Executive Co Investment LP
4
Limited Partnership 0%
ASI (NWPE 2021) Carry LP Limited Partnership 0%
ASI PE 1 Carry LP
4
Limited Partnership 40%
ASI (PGPE III) GP LP Limited Partnership 40%
ASI Phoenix Fund Financing SCSp
19
Limited Partnership 0%
ASI Phoenix Global Private Equity III LP Limited Partnership 0%
ASI Phoenix Venture Capital Partners LP Limited Partnership 0%
ASI Private Equity 1 LP
4
Limited Partnership 0%
ASI Private Equity 2 GP LP Limited Partnership 40%
ASI Private Equity 2 LP Limited Partnership 0%
ASI (PVCP) GP LP Limited Partnership 0%
ASI REMM GP LLP
4
Limited Liability Partnership 100%
ASI Shin Co-Investment LP
4
Limited Partnership 100%
ASI Shin Global Investment GP Limited
11
Ordinary shares 100%
ASI (SOF E GP) Limited Ordinary shares 100%
ASIF Sidecar Carry LP
4
Limited Partnership 25%
ASPER (Luxembourg) GP S.a.r.l.
19
Ordinary shares 100%
Ballentine Core Private Equity Fund, LP
12
Limited Partnership 25%
BOSEMP Feeder LP
4
Limited Partnership 0%
Brain Co-Invest General Partner LLP Limited Liability Partnership 100%
Brain Co-Invest LP Limited Partnership 0%
C.C. U.S. Private Equity Fund GP, LLC
12
Limited Liability Company 81%
C.C. U.S. Private Equity Fund GP II, LLC
12
Limited Liability Company 84%
C.C. U.S. Private Equity Fund, LP
12
Limited Partnership 1%
C.C. U.S. Private Equity Fund II, LP
12
Limited Partnership 0%
Coutts Asian Private Equity Limited Partnership
11
Limited Partnership 0%
Coutts Global Property Limited Partnership
11
Limited Partnership 0%
Coutts Middle East and North Africa Private Equity Limited Partnership
11
Limited Partnership 0%
Coutts Private Equity Limited Partnership
11
Limited Partnership 0%
Coutts Private Equity Limited Partnership II
11
Limited Partnership 0%
CPP General Partner Limited Partnership Limited Partnership 20%
Cumberland Place Financial Management Limited
3
Ordinary shares 100%
Edinburgh Fund Managers Group Limited
4
Ordinary shares 100%
Edinburgh Fund Managers Plc Ordinary shares 100%
Edinburgh Unit Trust Managers Limited
4
Ordinary shares
Deferred shares
100%
Elevate Portfolio Services Limited
3
Ordinary shares 100%
7. Group financial statements continued
Name of related undertaking Share class
1
% interest held
2
ESF I Executive Co Investment Limited Partnership Limited Partnership 0%
ESP 2004 Co Investment Limited Partnership Limited Partnership 0%
ESP 2004 Conduit LP Limited Partnership 0%
ESP 2004 General Partner Limited Partnership Limited Partnership 0%
ESP 2006 Co Investment Limited Partnership Limited Partnership 0%
ESP 2006 Conduit LP Limited Partnership 0%
ESP 2006 General Partner Limited Partnership Limited Partnership 20%
ESP 2008 Conduit LP Limited Partnership 0%
ESP 2008 Executive Co Investment Limited Partnership Limited Partnership 0%
ESP 2008 General Partner Limited Partnership Limited Partnership 0%
ESP CPPIB European Mid Market Fund Limited Partnership 1%
ESP General Partner Limited Partnership Limited Partnership 0%
ESP Golden Bear Europe Fund Limited Partnership 3%
ESP Golden Bear General Partner Limited Partnership Limited Partnership 0%
ESP II Co Investment Limited Partnership Limited Partnership 0%
ESP II Conduit LP Limited Partnership 0%
ESP II General Partner Limited Partnership Limited Partnership 0%
ESP Tidal Reach General Partner Limited Partnership Limited Partnership 20%
ESP Tidal Reach LP Limited Partnership 1%
European Strategic Partners Limited Partnership 0%
European Strategic Partners - I LP
17
Limited Partnership 0%
European Strategic Partners 2004 'A' Limited Partnership 0%
European Strategic Partners 2004 'B' Limited Partnership 0%
European Strategic Partners 2006 'A' Limited Partnership 0%
European Strategic Partners 2006 'B' Limited Partnership 0%
European Strategic Partners 2008 'A' Limited Partnership 0%
European Strategic Partners 2008 'B' Limited Partnership 0%
European Strategic Partners II 'A' Limited Partnership 0%
European Strategic Partners II 'B' Limited Partnership 0%
European Strategic Partners II 'C' Limited Partnership 0%
European Strategic Partners II 'D' Limited Partnership 0%
European Strategic Partners II 'E' Limited Partnership 0%
European Strategic Partners Scottish 'B' Limited Partnership 0%
European Strategic Partners Scottish 'C' Limited Partnership 0%
Finimize Limited
3
Ordinary shares 100%
Flag Asia Company III, LLC
12
Limited Liability Company 100%
Flag Asia Company III, LP
12
Limited Partnership 0%
Flag Energy & Resource Company II, LLC
12
Limited Liability Company 0%
Flag Energy & Resource Company III, LLC
12
Limited Liability Company 0%
Flag Global Company, LLC
12
Limited Liability Company 0%
Flag International Company, LLC
12
Limited Liability Company 0%
Flag International Company II, LLC
12
Limited Liability Company 0%
Flag International Company III, LLC
12
Limited Liability Company 0%
Flag International Company, LP
12
Limited Partnership 0%
Flag International Company II, LP
12
Limited Partnership 0%
Flag International Company III, LP
12
Limited Partnership 0%
Flag Offshore GP, Ltd
21
Ordinary shares 100%
Flag Private Equity Company III, LLC
12
Limited Liability Company 0%
Flag Private Equity Company IV, LLC
12
Limited Liability Company 0%
Flag Private Equity Company V, LLC
12
Limited Liability Company 0%
Flag Private Equity Company VI, LLC
12
Limited Liability Company 0%
Flag Private Equity Company III, LP
12
Limited Partnership 0%
Flag Private Equity Company IV, LP
12
Limited Partnership 0%
Flag Private Equity Company V, LP
12
Limited Partnership 0%
Flag Real Assets Company LLC
12
Limited Liability Company 0%
Flag Real Estate Company II, LLC
12
Limited Liability Company 0%
Flag Real Estate Company III, LLC
12
Limited Liability Company 0%
Name of related undertaking Share class
1
% interest held
2
Flag Squadron Asia Pacific III GP LP
11
Limited Partnership 100%
Flag Venture Company V, LLC
12
Limited Liability Company 0%
Flag Venture Company VI, LLC
12
Limited Liability Company 0%
Flag Venture Company VII, LLC
12
Limited Liability Company 0%
Flag Venture Company VIII, LLC
12
Limited Liability Company 0%
Flag Venture Company IX, LLC
12
Limited Liability Company 0%
Flag Venture Company VI, LP
12
Limited Partnership 0%
Flag Venture Company VII, LP
12
Limited Partnership 0%
Flag Venture Company VIII, LP
12
Limited Partnership 0%
Fraser Heath Financial Management Limited
3
Ordinary shares 100%
FSA III EA SPV, LP
11
Limited Partnership 0%
FSA III Pacific SPV, LP
11
Limited Partnership 0%
Griffin Nominees Limited
3
Ordinary shares 100%
Ignis Asset Management Limited Ordinary shares 100%
Ignis Cayman GP2 Limited
11
Ordinary shares 100%
Ignis Cayman GP3 Limited
11
Ordinary shares 100%
Ignis Investment Services Limited Ordinary shares 100%
Ignis Private Equity Fund LP
11
Limited Partnership 0%
Ignis Strategic Credit Fund LP
11
Limited Partnership 0%
Interactive Investor Services Limited
7
Ordinary shares 100%
Interactive Investor Services Nominees Limited
7
Ordinary shares 100%
Investor Nominees (Dundee) Limited Ordinary shares 100%
Investor Nominees Limited
7
Ordinary shares 100%
Investor SIPP Trustees Ltd
7
Ordinary shares 100%
KFAS Real Estate Limited Partnership Limited Partnership 0%
Local2Local Limited
52
Ordinary shares 60%
Moneywise Publishing Limited
7
Ordinary shares 100%
Murray Johnstone Holdings Limited
22
Ordinary shares 100%
Murray Johnstone Limited
4
Ordinary shares 100%
NASP 2006 General Partner Limited Partnership Limited Partnership 5%
NASP 2006 Special Limited Partnership Limited Partnership 0%
NASP 2008 General Partner Limited Partnership Limited Partnership 0%
NASP 2008 Special Limited Partnership Limited Partnership 0%
Next Generation Associates V, LLC
12
Limited Liability Company 0%
Next Generation Associates V, LP
12
Limited Partnership 0%
North American Strategic Partners GP, LP
53
Limited Partnership 0%
North American Strategic Partners, LP
53
Limited Partnership 0%
North American Strategic Partners 2006 LP
18
Limited Partnership 0%
North American Strategic Partners 2008 LP
18
Limited Partnership 0%
North American Strategic Partners Companion Fund LP
53
Limited Partnership 0%
North American Strategic Partners (Feeder) 2006 Limited Partnership 0%
North American Strategic Partners (Feeder) 2008 Limited Partnership Limited Partnership 0%
North East Trustees Limited
3
Ordinary A Shares
Ordinary B Shares
100%
Orion Partners CLP Inc.
54
Ordinary shares 100%
Orion Partners Services Inc.
54
Ordinary shares 100%
Ostara China Real Estate Fund LP
54
Limited Partnership 0%
Ostara Japan Fund 3 LP
54
Limited Partnership 1%
Ostara Korea GP 2 Pte. Ltd
45
Ordinary shares 100%
Ostara Korea Separate Account LP
45
Limited Partnership 0%
Ostara Partners Inc. China
54
Ordinary shares 100%
Ostara Partners Inc. Japan 3
54
Ordinary shares 100%
Parnell Fisher Child & Co. Limited
3
Ordinary shares 100%
Parnell Fisher Child Holdings Limited
3
Ordinary A Shares
Ordinary B Shares
100%
PE1 LP
4
Limited Partnership 0%
PE1A LP
4
Limited Partnership 0%
7. Group financial statements continued Name of related undertaking Share class 1 % interest held 2 PE2 Carry LP 4 Limited Partnership 40% PE2 LP 4 Limited Partnership 0% Pearl Private Equity LP Limited Partnership 0% Pearl Strategic Credit LP Limited Partnership 0% Pearson Jones & Company (Trustees) Limited 3 Ordinary shares 100% Pearson Jones Nominees Limited 3 Ordinary shares 100% Personal Retirement Account Limited 7 Ordinary shares 100% PGB European Buy-out Fund I SCSp 19 Limited Partnership 0% PGB European Co-Investment Fund I SCSp 19 Limited Partnership 0% Poinsettia Holdco LP 11 Limited Partnership 0% PT Aberdeen Standard Investments Indonesia 55 Limited Liability Company 99% Regent Property Partners (Retail Parks) Limited 51 Ordinary shares 100% SG Commercial LLP 52 Limited Liability Partnership 60% Share Limited 7 Ordinary shares 100% Share Nominees Limited 7 Ordinary shares 100% Sharesecure Limited 7 Ordinary shares 100% Shin Global Investment Partners LP 11 Limited Partnership 50% SL Capital 2016 Co-Investment GP LP Limited Partnership 5% SL Capital 2016 Co-Investment LP Limited Partnership 5% SL Capital ECF GP LP Limited Partnership 4% SL Capital ESF I GP LP Limited Partnership 0% SL Capital ESF I LP Limited Partnership 1% SL Capital European Co-Investment B LP Limited Partnership 0% SL Capital European Co-Investment LP Limited Partnership 0% SL Capital Ignis Private Equity Founder LP Limited Partnership 65% SL Capital Ignis Strategic Credit Founder LP Limited Partnership 0% SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp 19 Limited Partnership 0% SL Capital Infrastructure I GP LP Limited Partnership 100% SL Capital Infrastructure I LP Limited Partnership 0% SL Capital Infrastructure II LTP LP Limited Partnership 25% SL Capital Infrastructure II SCSp 19 Limited Partnership 1% SL Capital Infrastructure Secondary I GP LP Limited Partnership 25% SL Capital Infrastructure Secondary I LP Limited Partnership 0% SL Capital Infrastructure Secondary II LP Limited Partnership 0% SL Capital NASF I A LP Limited Partnership 2% SL Capital NASF I Carry LP Limited Partnership 0% SL Capital NASF I GP LP Limited Partnership 0% SL Capital NASF I LP 12 Limited Partnership 0% SL Capital Partners (US) Limited 56 Ordinary shares 100% SL Capital Pearl Private Equity GP LP Limited Partnership 0% SL Capital Pearl Strategic Credit GP LP Limited Partnership 1% SL Capital SOF I Feeder LP Limited Partnership 0% SL Capital SOF II Feeder LP Limited Partnership 1% SL Capital SOF III Feeder LP Limited Partnership 0% SL Capital SOF I GP LP Limited Partnership 0% SL Capital SOF II GP LP Limited Partnership 0% SL Capital SOF III GP LP Limited Partnership 0% SL Capital SOF I LP Limited Partnership 0% SL Capital SOF II LP Limited Partnership 0% SL Capital SOF III LP Limited Partnership 0% SLC EC I Executive Co Investment Limited Partnership Limited Partnership 0% SLCI I Executive Co Investment Limited Partnership Limited Partnership 0% SLCI II Executive Co-Investment LP Limited Partnership 0% SLCI Rail Co-Invest LP Limited Partnership 0% SLCP 2016 Co-Investment LP Limited Partnership 0% SLCP (Founder Partner Ignis Private Equity) Limited Ordinary shares 100% SLCP (Founder Partner Ignis Strategic Credit) Limited Ordinary shares 100%
Name of related undertaking Share class
1
% interest held
2
SLCP (General Partner) Limited Ordinary shares 100%
SLCP (General Partner II) Limited Ordinary shares 100%
SLCP (General Partner 2016 Co-investment) Limited Ordinary shares 100%
SLCP (General Partner CPP) Limited Ordinary shares 100%
SLCP (General Partner EC) Limited Ordinary shares 100%
SLCP (General Partner Edcastle) Limited Ordinary shares 100%
SLCP (General Partner ESF I) Limited Ordinary shares 100%
SLCP (General Partner ESF II) Limited Ordinary shares 100%
SLCP (General Partner ESP 2004) Limited Ordinary shares 100%
SLCP (General Partner ESP 2006) Limited Ordinary shares 100%
SLCP (General Partner ESP 2008 Coinvestment) Limited Ordinary shares 100%
SLCP (General Partner ESP 2008) Limited Ordinary shares 100%
SLCP (General Partner ESP CAL) Limited Ordinary shares 100%
SLCP (General Partner Europe VI) Limited Ordinary shares 100%
SLCP (General Partner Infrastructure I) Limited Ordinary shares 100%
SLCP (General Partner Infrastructure Secondary I) Limited Ordinary shares 100%
SLCP (General Partner NASF I) Limited Ordinary shares 100%
SLCP (General Partner NASP 2006) Limited Ordinary shares 100%
SLCP (General Partner NASP 2008) Limited Ordinary shares 100%
SLCP (General Partner Pearl Private Equity) Limited Ordinary shares 100%
SLCP (General Partner Pearl Strategic Credit) Limited Ordinary shares 100%
SLCP (General Partner SOF I) Limited Ordinary shares 100%
SLCP (General Partner SOF II) Limited Ordinary shares 100%
SLCP (General Partner SOF III) Limited Ordinary shares 100%
SLCP (General Partner Tidal Reach) Limited Ordinary shares 100%
SLCP (General Partner USA) Limited Ordinary shares 100%
SLIPC (General Partner Infrastructure II LTP 2017) Limited Ordinary shares 100%
SLIPC (General Partner Infrastructure II) S.a.r.l.
19
Ordinary shares 100%
SLIPC (General Partner Infrastructure III) S.\u00e0 r.l.
19
Ordinary shares 100%
SLIPC (General Partner PMD Co-Invest 2017) Limited Ordinary shares 100%
SLIPC (General Partner SCF 1) Limited Ordinary shares 100%
SLTM Limited Ordinary shares 100%
SOF I Executive Co Investment Limited Partnership Limited Partnership 0%
SOF II Executive Co Investment Limited Partnership Limited Partnership 0%
SOF III Executive Co Investment Limited Partnership Limited Partnership 0%
SOF IV Carry LP Limited Partnership 25%
SOF IV Executive Co Investment Limited Partnership Limited Partnership 0%
Squadron Asia Pacific Fund, LP
11
Limited Partnership 0%
Squadron Asia Pacific Fund II, LP
11
Limited Partnership 0%
Squadron Capital Asia Pacific GP, LP
11
Limited Partnership 100%
Squadron Capital Asia Pacific II GP LP
11
Limited Partnership 100%
Squadron Capital Partners Limited
11
Ordinary shares 100%
Squadron GP Participation, LP
11
Limited Partnership 0%
Squadron GP Participation II, LP
11
Limited Partnership 0%
Standard Life Investments Brent Cross General Partner Limited Ordinary shares 100%
Standard Life investments Brent Cross LP Limited Partnership 0%
Standard Life Investments Commercial Real Estate Debt LP
3
Limited Partnership 0%
Standard Life Investments European RE Club (Offshore Feeder) Ltd
11
Ordinary shares 100%
Standard Life Investments European RE Club II (Offshore Feeder) Ltd
11
Ordinary shares 100%
Standard Life investments European Real Estate Club LP
3
Limited Partnership 2%
Standard Life Investments European Real Estate Club II LP
3
Limited Partnership 1%
Standard Life Investments European Real Estate Club III LP
3
Limited Partnership 2%
Standard Life Investments (General Partner CRED) Limited
3
Ordinary shares 100%
Standard Life Investments (General Partner ELIREF) S.a.r.l.
19
Ordinary shares 100%
Standard Life Investments (General Partner EPGF) Limited Ordinary shares 100%
Standard Life Investments (General Partner European Real Estate Club) Limited
3
Ordinary shares 100%
7. Group financial statements continued Name of related undertaking Share class 1 % interest held 2 Standard Life Investments (General Partner European Real Estate Club II) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner European Real Estate Club III) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner GARS) Limited Ordinary shares 100% Standard Life Investments (General Partner GFS) Limited Ordinary shares 100% Standard Life Investments (General Partner Global Tactical Asset Allocation) Limited Ordinary shares 100% Standard Life Investments (General Partner MAC) Limited Ordinary shares 100% Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Limited 3 Ordinary shares 100% Standard Life Investments (Mutual Funds) Limited 22 Ordinary shares 100% Standard Life Investments UK Shopping Centre Feeder Fund Company Limited 57 Ordinary shares 100% Standard Life Savings Nominees Limited Ordinary shares 100% Tenon Nominees Limited 4 Ordinary shares 100% The Lighthouse Living Co Limited Ordinary shares 75% The Munro Partnership Ltd Ordinary shares 100% The Share Centre (Administration Services) Ltd 7 Ordinary shares 100% The Share Centre Limited 7 Ordinary shares 100% Touchstone Insurance Company Limited 58 Ordinary shares 100% TPIF (No. 1) GP LLP 59 Limited Liability Partnership 60% TPIF (No. 1) LP 59 Limited Partnership 0% TPIF (Portfolio No. 1) GP LLP 52 Limited Liability Partnership 60% TPIF (Portfolio No. 1) LP 52 Limited Partnership 0% TPIF (Portfolio No. 1) Nominee Limited 52 Ordinary shares 60% Tritax Aberdeen HQ Office (General Partner) Limited 52 Ordinary shares 60% Tritax Aberdeen HQ Office Limited Partnership 60 Limited Partnership 0% Tritax abrdn Supply Chain GP LLP 52 Limited Liability Partnership 60% Tritax Assets LLP 52 Limited Liability Partnership 60% Tritax LMR Carry GP LLP 59 Limited Liability Partnership 60% Tritax LMR Carry Limited Partnership 59 Limited Partnership 7% Tritax Management LLP 3 Limited Liability Partnership 60% Tritax PowerBox Limited 52 Ordinary shares 60% Tritax Securities LLP 52 Limited Liability Partnership 60% Two Rivers One Limited 24 Ordinary shares 100% Two Rivers Two Limited 24 Ordinary shares 100% UK PRS Opportunities General Partner Limited 3 Ordinary shares 100% UK PRS Opportunities LP 3 Limited Partnership 0% VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG 38 Limited Partnership 0% VZWL Private Equity GmbH & Co geschlossene Investment KG 38 Limited Partnership 0% Waverley Healthcare Private Equity Limited 4 Ordinary shares 100 %
(c) Associates and joint ventures
Name of related undertaking Share class
1
% interest held
2
Aberdeen Standard SICAV I - Europe ex UK Sustainable Equity Fund
19
SICAV 25%
abrdn OEIC I - abrdn (AAM) Sterling Government Bond Fund
3
OEIC 25%
Archax Holdings Limited
61
Ordinary shares 10%
Concession Infrastructure Investments Manager Limited
62
Ordinary shares 50%
Criterion Tec Holdings Ltd
63
Ordinary shares 21%
Heng An Standard Life Insurance Company Limited
64
Ordinary shares 50%
PURetail Luxembourg Management Company S.a.r.l.
65
Class A shares 50%
Tenet Group Limited
66
Ordinary B Shares 25%
Virgin Money Unit Trust Managers Limited
67
Ordinary shares 50%
1. OEIC = Open-ended investment company
SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable
ETF = Exchange traded fund
2. Limited Partnerships or limited liability companies in which the Group has no interest but whose general partner or manager is controlled by the Group are
considered subsidiaries under Companies Act 2006. Where the Group has no interest in a limited partnership or limited liability company that is considered a
subsidiary, the interest held is disclosed as 0% .
7. Group financial statements continued
Registered offices
3. 280 Bishopsgate, London, EC2M 4AG
4. 10 Queens Terrace, Aberdeen, AB10 1XL
5. c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis,
11324, Mauritius
6. PO Box 19, Martello Court, Admiral Park, St Peter Port, GY1 3HB,
Guernsey
7. 201 Deansgate, Manchester, M3 3NW
8. Cranford House, Kenilworth Road, Blackdown, Leamington Spa, CV32
6RQ
9. 2nd Floor, The Royals, Altrincham Road, Sharston, Manchester M22 4BJ
10. 2-8 avenue Charles De Gaulle, L-1653 Luxembourg, Luxembourg
11. c/o Maples Corporate Services Limited ,Ugland House, P.O. Box 309,
Grand Cayman, KY1-1104, Cayman Islands
12. c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE,
19808, USA
13. Bangkok City Tower, 28th Floor, 179 South Sathorn Road,
Thungmahamek, Sathorn, Bangkok, 10120, Thailand
14. Strandvejen 171,3, 2900 Hellerup, Denmark
15. c/o Aatsto DLA Piper Finland Oy, Fabianinkatu 23, FI-00130 Helsinki,
Finland
16. Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market
Square, Al Marya Island, PO Box 764605, Abu Dhabi, United Arab
Emirates
17. c/o The Corporation Trust Company, Corporation Trust Center, 1209
Orange Street, Wilmington, DE, 19801, USA
18. c/o Corporation Service Company, 2711 Centerville Road, Suite 400,
Wilmington, DE, 19808, USA
19. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg
20. Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port,
Guernsey, GY1 1EJ
21. c/o Mourant Governance Services (Cayman) Limited; 94 Solaris
Avenue, Camana Bay, PO Box 1348; Grand Cayman KY1-1108,
Cayman Islands
22. 7 Exchange Crescent, Conference Square, Edinburgh, EH3 8AN
23. Box 3039, Stockholm, 103 63, Sweden
24. Level 1, 1FC1, Esplanade, St Helier, JE2 3BX, Jersey
25. Harju maakond, Tallinn, Kesklinna linnaosa, Ahtri tn 6a, 10151, Estonia
26. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg
27. WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam,
Netherlands
28. One London Wall, London, EC2Y 5AB
29. Level 10, 255 George Street, Sydney, NSW 2000, Australia
30. 712 5th Ave, New York, NY 10019, USA
31.
8F-1, No. 101, Songren Road, Taipei City, 110, Taiwan, Republic of China
32. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore
33. Rua Joaquim Floriano, 913 \u2013 7th floor \u2013 Cj. 71, Itaim Bibi, S\u00e3o Paulo,
04534-013, Brasil
34. 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada
35. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey
36. AC 82 NO. 10 60 P 5 Bogota DC, Columbia
37. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong
38. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany
39. 2-4 Merrion Row, Dublin 2, D02 WP23, Ireland
40. Schweizergasse 14, Zurich, 8001, Switzerland
41. Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh
Ampang 50100 Kuala Lumpur, Malaysia
42. Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku,
Tokyo, 100-0004, Japan
43. 44 Esplanade, St Helier, Jersey, JE4 9WG
44. 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam-
daero, Seocho-gu, Seoul, Korea
45. 80 Robinson Road, #02-00, 068898, Singapore
46. West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free
Trade Zone
47. 29 Rue De Berri, Paris, 75008, France
48. 2-4, Rue Eug\u00e8ne Ruppert, L-2453 Luxembourg, Luxembourg
49. 1900 Market St, Suite 200, Philadelphia, PA 19103, USA
50. Box 16285, Stockholm, 103 25, Sweden
51. 30 Finsbury Square, London, EC2A 1AG
52. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN
53. RL&F Service Corp., 920 N King St FL 2, Wilmington, New Castle, DE,
19801, USA
54. Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket
Square, Grand Cayman, KY1-9010, Cayman Islands
55. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl
Mega Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia
56. 7 Conference Square, Edinburgh, EH3 8AN
57.
Ogier House, Esplanade, St Helier, JE4 9WG, Jersey
58. c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port,
Guernsey GY1 4AT
59. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
60. DWF LLP, 110 Queen Street, Glasgow, G1 3HD
61. 4th Floor, 1 Old Jewry, London, EC2R 8DN
62. c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square,
P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands
63. 7 Lochside View, Edinburgh, EH12 9DH
64. 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin,
People\u2019s Republic of China, 300051
65. 80, route d'Esch, L-1470 Luxembourg, Luxembourg
66. 5 Lister Hill, Horsforth, Leeds LS18 5AZ
67. Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-558": { "value": "The Group\u2019s significant accounting policies are included at the beginning of the relevant notes to the consolidated financial statements. This section sets out the basis of preparation, a summary of the Group\u2019s critical accounting estimates and judgements in applying accounting policies, and other significant accounting policies which have been applied to the financial statements as a whole. The consolidated financial statements are presented in million pounds Sterling. The statements of financial position of Group entities, including associates and joint ventures accounted for using the equity method, that have a different functional currency than the Group\u2019s presentation currency are translated into the presentation currency at the year end exchange rate and their income statements and cash flows are translated at average exchange rates for the year. All resulting exchange differences arising are recognised in other comprehensive income and the foreign currency translation reserve in equity. On disposal of a Group entity the cumulative amount of any such exchange differences recognised in other comprehensive income is reclassified to profit or loss. Foreign currency transactions are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Gains and losses arising from such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the relevant line in the consolidated income statement. Translation differences on non-monetary items, such as equity securities held at fair value through profit or loss, are reported as part of the fair value gain or loss within Net gains or losses on financial instruments and other income in the consolidated income statement. Translation differences on financial assets and liabilities held at amortised cost are included in the relevant line in the consolidated income statement. The Group\u2019s financial statements consolidate the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including investment vehicles) over which the Group has control. Control arises when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For operating entities this generally accompanies a shareholding of 50% or more in the entity. For investment vehicles, including structured entities, the control assessment also considers the removal rights of other investors and whether the Group acts as principal or agent in assessing the link between power and variable returns. In determining whether the Group acts as principal, and therefore controls the entity, the removal rights of other investors and the magnitude of the variability associated with the returns are also taken into account. As a result, the Group often is considered to control investment vehicles in which its shareholding is less than 50%. Where the Group is considered to control an investment vehicle, such as an open-ended investment company, a unit trust or a limited partnership, and it is therefore consolidated, the interests of parties other than the Group are assessed to determine whether they should be classified as liabilities or as non-controlling interests. The liabilities are recognised in the third party interest in consolidated funds line in the consolidated statement of financial position and any movements are recognised in the consolidated income statement. The financial liability is designated at fair value through profit or loss (FVTPL) as it is implicitly managed on a fair value basis as its value is directly linked to the market value of the underlying portfolio of assets. The interests of parties other than the Group in all other types of entities are recorded as non-controlling interests. All intra-group transactions, balances, income and expenses are eliminated in full. The Group uses the acquisition method to account for acquisitions of businesses. At the acquisition date the assets and liabilities of the business acquired and any non-controlling interests are identified and initially measured at fair value on the consolidated statement of financial position. When the Group acquires or disposes of a subsidiary, the profits and losses of the subsidiary are included from the date on which control was transferred to the Group until the date on which it ceases, with consistent accounting policies applied across all entities throughout. The Group\u2019s reportable segments have been identified in accordance with the way in which the Group is structured and managed. IFRS 8 Operating Segments requires that the information presented in the financial statements is based on information provided to the \u2018Chief Operating Decision Maker\u2019 which for the Group is the executive leadership team. Net operating revenue represents revenue from contracts with customers after deduction of cost of sales. Revenue from contracts with customers is recognised as services are provided i.e. as the performance obligation is satisfied. Performance fees and carried interest are only recognised once it is highly probable that a significant reversal will not occur in future periods. Where revenue is received in advance (front-end fees), this income is deferred and recognised as a deferred income liability until the services have been provided (refer Note 32). Commission and other fee expenses which relate directly to revenue are presented as cost of sales. These expenses include ongoing commission expenses payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products which are generally based on an agreed percentage of AUM and are recognised in the income statement as the service is received. Other cost of sales also includes amounts payable to employees and others relatin g to carried interest and performance fee revenue. Gains and losses resulting from changes in both market value and foreign exchange on investments classified as fair value through profit or loss are recognised in the consolidated income statement in the period in which they occur. The gains and losses include investment income received such as interest payments and dividend income. Dividend income is recognised when the right to receive payment is established. Interest income on financial instruments measured at amortised cost is separately recognised in the consolidated income statement using the effective interest rate method. The effective interest rate method allocates interest and other finance costs at a constant rate over the expected life of the financial instrument, or where appropriate a shorter period, by using as the interest rate the rate that exactly discounts the future cash receipts over the expected life to the net carrying value of the instrument. Other income includes income related to vacant property and fair value movements in contingent consideration. The Group\u2019s tax expense comprises both current tax and deferred tax expense. Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws substantively enacted at the balance sheet date. A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or prior year transaction. Where local tax law allows, deferred tax assets and liabilities are netted off on the statement of financial position. The tax rates used to determine deferred tax are those enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset or liability are realised. Any tax consequences of distributions on other equity instruments are credited to the statement in which the profit distributed originally arose. Deferred tax is recognised on temporary differences arising from investments in subsidiaries and associates unless the timing of the reversal is in our control and it is expected that the temporary difference will not reverse in the foreseeable future. Current tax and deferred tax are recognised in the consolidated income statement except when it relates to items recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity respectively. The Group operates in a large number of territories and during the normal course of business will be subject to audit or enquiry by local tax authorities. At any point in time the Group will also be engaged in commercial transactions the tax outcome of which may be uncertain due to their complexity or uncertain application of tax law. Tax provisions, therefore, are subjective by their nature and require management judgement based on the interpretation of legislation, management experience and professional advice. As such, this may result in the Group recognising provisions for uncertain tax positions. Management will provide for uncertain tax positions where they judge that it is probable there will be a future outflow of economic benefits from the Group to settle the obligation. In assessing uncertain tax positions management considers each issue on its own merits using their judgement as to the estimate of the most likely outcome. When making estimates, management considers all available evidence. This may include forecasts of future profitability, the frequency and severity of any losses, and statutory carry forward and carry back provisions as well as management experience of tax attributes expiring without use. Where the final outcome differs from the amount provided this difference will impact the tax charge in future periods. Management re-assesses provisions at each reportin g date based upon latest available information. Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders by the weighted average number of ordinary shares in issue during the period excluding shares owned by the employee trusts that have not vested unconditionally to employees. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume the conversion of all dilutive potential ordinary shares, such as share options granted to employees. Details of the share options and awards issued under the Group\u2019s employee plans are provided in Note 41. Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the Company. Adjusted profit excludes the impact of the following items: \u2013 Restructuring costs and corporate transaction expenses. Restructuring includes the impact of major regulatory change. \u2013 Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts. \u2013 Profit or loss arising on the disposal of a subsidiary, joint venture or equity accounted associate. \u2013 Change in fair value of/dividends from significant listed investments (see (a) below). \u2013 Share of profit or loss from associates and joint ventures. \u2013 Impairment loss/reversal of impairment loss recognised on investments in associates and joint ventures accounted for using the equity method. \u2013 Fair value movements in contingent consideration. \u2013 Items which are one-off and, due to their size or nature, are not indicative of the long-term operating performance of the Group. The tax charge or credit allocated to adjusting items is based on the tax treatment of each adjusting item. The operating, investing and financing cash flows presented in the consolidated statement of cash flows are for both adjusting and non-adjusting items. Dividends are distributions of profit to holders of abrdn plc\u2019s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual report and accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half year results and are recognised when they are paid. Goodwill is created when the Group acquires a business and the consideration exceeds the fair value of the net assets acquired. In determining the net assets acquired in business combinations, intangible assets are recognised where they are separable or arise from contractual or legal rights. Intangible assets acquired by the Group through business combinations consist mainly of customer relationships and investment management contracts, technology and brands. Any remaining value that cannot be identified as a separate intangible asset on acquisition forms part of goodwill. In addition to intangible assets acquired through business combinations, the Group recognises as intangible assets software which has been developed internally and other purchased technology which is used in managing and executing our business. Costs to develop software internally are capitalised after the research phase and when it has been established that the project is technically feasible and the Group has both the intention and ability to use the completed asset. Intangible assets are recognised at cost and amortisation is charged to the income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the income statement charge to each reporting period is dependent on the expected pattern over which future benefits are expected to be derived. Where this pattern cannot be determined reliably the charge is allocated on a straight-line basis. Goodwill is not charged to the income statement unless it becomes impaired. The Group also recognises the cost of obtaining customer contracts (refer Note 3) as an intangible asset. These costs primarily relate to the cost of acquiring existing investment management contracts from other asset managers and commission costs for initial investors into new closed end funds where these are borne by the Group. For the cost of obtaining customer contracts, the intangible asset is amortised on the same basis as the transfer to the customer of the services to which the intan g ible asset relates. Associates are entities where the Group can significantly influence decisions made relating to the financial and operating policies of the entity but does not control the entity. For entities where voting rights exist, significant influence is presumed where the Group holds between 20% and 50% of the voting rights. Where the Group holds less than 20% of voting rights, consideration is given to other indicators and entities are classified as associates where it is judged that these other indicators result in significant influence. Joint ventures are strategic investments where the Group has agreed to share control of an entity\u2019s financial and operating policies through a shareholders\u2019 agreement and decisions can only be taken with unanimous consent. Associates, other than those accounted for at fair value through profit or loss, and joint ventures are accounted for using the equity method from the date that significant influence or shared control, respectively, commences until the date this ceases with consistent accounting policies applied throughout. Under the equity method, investments in associates and joint ventures are initially recognised at cost. When an interest is acquired at fair value from a third party, the value of the Group\u2019s share of the investee\u2019s identifiable assets and liabilities is determined applying the same valuation criteria as for a business combination at the acquisition date. This is compared to the cost of the investment in the investee. Where cost is higher the difference is identified as goodwill and the investee is initially recognised at cost which includes this component of goodwill. Where cost is lower a bargain purchase has arisen and the investee is initially recognised at the Group\u2019s share of the investee\u2019s identifiable assets and liabilities unless the recoverable amount for the purpose of assessing impairment is lower, in which case the investee is initially recognised at the recoverable amount. Subsequently the carrying value is adjusted for the Group\u2019s share of post-acquisition profit or loss and other comprehensive income of the associate or joint venture, which are recognised in the consolidated income statement and other comprehensive income respectively. The Group\u2019s share of post-acquisition profit or loss includes amortisation charges based on the valuation exercise at acquisition. The carrying value is also adjusted for any impairment losses. On partial disposal of an associate, a gain or loss is recognised based on the difference between the proceeds received and the equity accounted value of the portion disposed of. Indicators of significant influence are reassessed based on the remaining voting rights. Where significant influence is judged to have been lost, the investment in associate is reclassified to interests in equity securities and pooled investment funds measured at fair value. If an entity is reclassified, the difference between the fair value and the remaining equity accounted value is accounted for as a reclassification gain or loss on disposal. Where the Group has an investment in an associate, a portion of which is held by, or is held indirectly through, a mutual fund, unit trust or similar entity, including investment-linked insurance funds, that portion of the investment is measured at FVTPL. In general, investment vehicles which are not subsidiaries are considered to be associates where the Group holds more than 20% of the votin g ri g hts. Property, plant and equipment consists primarily of property owned and occupied by the Group and the computer equipment used to carry out the Group\u2019s business along with right-of-use assets for leased property and equipment. Owner occupied property: Owner occupied property is initially recognised at cost and subsequently revalued to fair value at each reporting date. Depreciation, being the difference between the carrying amount and the residual value of each significant part of a building, is charged to the consolidated income statement over its useful life. The useful life of each significant part of a building is estimated as being between 30 and 50 years. A revaluation surplus is recognised in other comprehensive income unless it reverses a revaluation deficit which has been recognised in the consolidated income statement. Equipment: Equipment is initially recognised at cost and subsequently measured at cost less depreciation. Depreciation is charged to the income statement over 2 to 15 years depending on the length of time the Group expects to derive benefit from the asset. Ri g ht-of-use asset: Refer Note 16 below for the accountin g policies for ri g ht-of-use assets. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. In 2019, on adoption of IFRS 16 the Group used the practical expedient permitted to apply the new standard at transition solely to leases previously identified in accordance with IAS 17 and IFRIC 4 Determining whether an Arrangement Contains a Lease. Right-of-use assets are measured at cost less accumulated depreciation and impairment losses and are presented in property, plant and equipment (refer Note 15). The Group does not revalue its right-of-use assets. This applies to all right-of-use assets, including those that are assessed as meeting the definition of investment property. The cost comprises the amount of the initial measurement of the lease liability plus any initial direct costs and expected restoration costs not relating to wear and tear. Costs relating to wear and tear are expensed over the term of the lease. Depreciation is charged on right-of-use assets on a straight -line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group assesses right-of-use assets for impairment when such indicators exist, and where required, reduces the value of the right-of-use asset accordingly. The related lease liability (included in other financial liabilities \u2013 refer Note 33) is calculated as the present value of the future lease payments. The lease payments are discounted using the rate implicit within the lease where readily available or the Group\u2019s incremental borrowing rate where the implicit rate is not readily available. Interest is calculated on the liability using the discount rate and is charged to the consolidated income statement under finance costs. In determining the value of the right-of-use assets and lease liabilities, the Group considers whether any leases contain lease extensions or termination options that the Group is reasonably certain to exercise. Where a leased property has been sublet, the Group assesses whether the sublease has transferred substantially all the risk and rewards of the right-of-use asset to the lessee under the sublease. Where this is the case, the right-of-use asset is derecognised and a net investment in finance leases (included in Receivables and other financial assets \u2013 refer Note 19) is recognised, calculated as the present value of the future lease payments receivable under the sublease. Where a property is only partially sublet, only the portion of the right-of-use asset relating to the sublet part of the property is derecognised and recognised as a net investment in finance leases. Any difference between the initial value of the net investment in finance leases and the right-of-use asset derecognised is recognised in the consolidated income statement (within other income or expenses). Interest is calculated on the net investment in finance lease using the discount rate and is recognised in the consolidated income statement as interest income. Where the sublease does not transfer substantially all the risk and rewards of the right-of-use assets to the lessee under the sublease, the Group continues to recognise the right-of-use asset. The sublease is accounted for as an operating lease with the lease payments received recognised as property rental income in other income in the consolidated income statement. Lease incentives granted are recognised as an integral part of the property rental income and are spread over the term of the lease. The Group does not recognise right-of-use assets and lease liabilities for short-term leases (less than one year from inception ) and leases where the underlyin g asset is of low value. Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled investment funds and derivative instruments are measured at fair value. All equity securities and interests in pooled investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or losses on financial instruments and other income in the consolidated income statement. The classification of derivatives and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 18. The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of principal and interest and the nature of the business model they are held in as follows: SPPI 1 test satisfied? Business model Classification Yes A: Objective is to hold to collect contractual cash flows Amortised cost 2 Yes B: Objective is achieved by both collecting contractual cash flows and selling Fair value through other comprehensive income (FVOCI) 2 Yes C: Objective is neither A nor B FVTPL No N/A FVTPL 1. Solely payments of principal and interest. 2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Group has no debt instruments that are managed within a business model whose objective is achieved both by collecting contractual cash flows and selling and therefore there are no debt instruments classified as FVOCI. Debt instruments classified as FVTPL are classified as such due to the business model they are managed under, predominantly being held in consolidated investment vehicles. The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37. Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective interest method. Impairment is determined using an expected credit loss impairment model which is applied to all financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance equal to either: \u2013 12 month expected credit losses (losses resulting from possible default within the next 12 months). \u2013 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset). Financial assets attract a 12 month ECL allowance unless the asset has suffered a significant deterioration in credit quality or the simplified approach for calculation of ECL has been applied. As permitted under IFRS 9 Financial Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade receivables and contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised under IFRS 16 Leases. Under the simplified approach the ECL is always equal to the lifetime expected credit loss. A derivative is a financial instrument that is typically used to manage risk and whose value moves in response to an underlying variable such as interest or foreign exchange rates. The Group uses derivative financial instruments in order to match subordinated debt liabilities and to reduce the risk from potential movements in foreign exchange rates on seed capital and co-investments and potential movements in market rates on seed capital. Certain consolidated investment vehicles may also use derivatives to take and alter market exposure, with the objective of enhancing performance and controlling risk. Management determines the classification of derivatives at initial recognition. All derivative instruments are classified as at FVTPL except those designated as part of a cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair value with changes in fair value recognised in the consolidated income statement. On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue applying the hedge accounting requirements of IAS 39. The accounting treatment below applies to derivatives designated as part of a hedging relationship. Using derivatives to manage a particular exposure is referred to as hedging. For a derivative to be considered as part of a hedging relationship its purpose must be formally documented at inception. In addition, the effectiveness of the hedge must be initially high and be able to be reliably measured on a regular basis. Derivatives used to hedge variability in future cash flows such as coupons payable on subordinated liabilities or revenue receivable in a foreign currency are designated as cash flow hedges, while derivatives used to hedge currency risk on investments in foreign operations are designated as net investment hedges. Where a derivative qualifies as a cash flow or net investment hedge, hedge accounting is applied. The effective part of any gain or loss resulting from the change in fair value is recognised in other comprehensive income, and in the cash flow or net investment hedge reserve in equity, while any ineffective part is recognised immediately in the consolidated income statement. If a derivative ceases to meet the relevant hedging criteria, hedge accounting is discontinued. For cash flow hedges, the amount recognised in the cash flow hedge reserve is transferred to the consolidated income statement (recycled) in the same period or periods during which the hedged item affects profit or loss and is transferred immediately if the cash flow is no longer expected to occur. For net investment hedges, the amount recognised in the net investment hed g e reserve is transferred to the consolidated income statement on disposal of the investment. Assets and liabilities held for sale are presented separately in the consolidated statement of financial position and consist of operations and individual non-current assets whose carrying amount will be recovered principally through a sale transaction (expected within one year) and not through continuing use. Operations held for sale, being disposal groups, and investments in associates accounted for using the equity method are measured at the lower of their carrying amount and their fair value less disposal costs. No depreciation or amortisation is charged on assets in a disposal group once it has been classified as held for sale. Operations held for sale include newly established investment vehicles which the Group has seeded but is actively seeking to divest from. For these investment funds, which do not have significant liabilities or non-financial assets, financial assets continue to be measured based on the accounting policies that applied before they were classified as held for sale. The Group classifies seeded operations as held for sale where the intention is to dispose of the investment vehicle in a single transaction. Where disposal of a seeded investment vehicle will be in more than one tranche the operations are not classified as held for sale in the consolidated statement of financial position. Certain amounts seeded into funds are classified as interests in pooled investment funds. Investment property and owner occupied property held for sale relates to property for which contracts have been exchanged but the sale had not completed during the current financial year. Interests in pooled investment funds and investment property held for sale continue to be measured based on the accountin g policies that applied before they were classified as held for sale. Cash and cash equivalents include cash at bank, money at call and short notice with banks, money market funds and any highly liquid investments with less than three months to maturity from the date of acquisition. For the purposes of the consolidated statement of cash flows, cash and cash equivalents also include bank overdrafts which are included in other financial liabilities on the consolidated statement of financial position. Where the Group has a legally enforceable right of set off and intention to settle on a net basis, cash and overdrafts are offset in the consolidated statement of financial position. he Group operates unit linked life assurance businesses through an insurance subsidiary. This subsidiary provides investment products through a life assurance wrapper. These products do not contain any features which transfer significant insurance risk and therefore are classified as investment contracts. Unit linked non-participating investment contracts are separated into two components being an investment management services component and a financial liability. All fees and related administrative expenses are deemed to be associated with the investment management services component (refer Note 3). The financial liability component is designated at FVTPL as it is implicitly managed on a fair value basis as its value is directly linked to the market value of the underlying portfolio of assets. Where the Group is deemed to control an investment vehicle as a result of holdings in that vehicle by subsidiaries to back unit linked non-participating investment contract liabilities, the assets and liabilities of the vehicle are consolidated within the Group\u2019s statement of financial position. The liability for third party interest in such consolidated funds is presented as a unit linked liability. Unit linked liabilities and assets backing unit linked liabilities are presented separately in the consolidated statement of financial position except for those held in operations held for sale, which are presented in assets and liabilities held for sale in the consolidated statement of financial position. Contributions received on non-participating investment contracts and from third party interest in consolidated funds are treated as deposits and not reported as revenue in the consolidated income statement. Withdrawals paid out to policyholders on non-participating investment contracts and to third party interest in consolidated funds are treated as a reduction to deposits and not recognised as expenses in the consolidated income statement. Investment return and related benefits credited in respect of non-participating investment contracts and third party interest in consolidated funds are recognised in the consolidated income statement as changes in investment contract liabilities and changes in liability for third party interest in consolidated funds respectively. Investment returns relating to unit linked business are for the account of policyholders and have an equal and opposite effect on income and expenses in the consolidated income statement with no impact on profit or loss after tax. Assets backing unit linked liabilities comprise financial investments, which are all classified as FVTPL on a mandatory basis, and receivables and other financial assets and cash and cash equivalents which are measured at amortised cost. Shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity on terms that may be unfavourable. The Company\u2019s share capital consists of the number of ordinary shares in issue multiplied by their nominal value. The difference between the proceeds received on issue of the shares and the nominal value of the shares issued is recorded in share premium. Shares held by trusts relates to shares in abrdn plc that are held by the abrdn Employee Benefit Trust (formerly named the Standard Life Aberdeen Employee Benefit Trust) (abrdn EBT), Standard Life Employee Trust (ET) and the Aberdeen Asset Management Employee Benefit Trust 2003 (AAM EBT). The abrdn EBT, ET and AAM EBT purchase shares in the Company for delivery to employees under employee incentive plans. Purchased shares are recognised as a deduction from equity at the price paid. Where new shares are issued to the abrdn EBT, ET or AAM EBT the price paid is the nominal value of the shares. When shares are distributed from the trust their correspondin g value is released to retained earnin g s. In July 2006 Standard Life Group demutualised and during this process the merger reserve, the reserve arising on Group reconstruction and the special reserve were created. Merger reserve: the merger reserve consists of two components. Firstly at demutualisation in July 2006 the Company issued shares to former members of the mutual company. The difference between the nominal value of these shares and their issue value was recognised in the merger reserve. The reserve includes components attaching to each subsidiary that was transferred to the Company at demutualisation based on their fair value at that date. Secondly following the completion of the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017, an additional amount was recognised in the merger reserve representing the difference between the nominal value of shares issued to shareholders of Aberdeen Asset Management PLC and their fair value at that date. On disposal or impairment of a subsidiary any related component of the merger reserve is released to retained earnings. Reserve arising on Group reconstruction: The value of the shares issued at demutualisation was equal to the fair value of the business at that date. The business\u2019s assets and liabilities were recognised at their book value at the time of demutualisation. The difference between the book value of the business\u2019s net assets and its fair value was recognised in the reserve arising on Group reconstruction. The reserve comprises components attaching to each subsidiary that was transferred to the Company at demutualisation. On disposal of such a subsidiary any related component of the reserve arising on Group reconstruction is released to retained earnings. Special reserve: Immediately following demutualisation and the related initial public offering, the Company reduced its share premium reserve by court order giving rise to the special reserve. Dividends can be paid out of this reserve. Capital redemption reserve: In August 2018, as part of the return of capital and share buyback the capital redemption reserve was created. Additional capital redemption reserve is created by subsequent buybacks (refer Note 24). See below for the cancellation of the capital redemption reserve as at 1 July 2022. Perpetual subordinated notes issued by abrdn plc are classified as other equity where no contractual obligation to deliver cash exists. Management determines the classification of financial liabilities at initial recognition. Financial liabilities which are managed and whose performance is evaluated on a fair value basis are designated as at fair value through profit or loss. Changes in the fair value of these financial liabilities are recognised in the consolidated income statement. Derivatives are also measured at fair value. Changes in the fair value of derivatives are recognised in Net gains or losses on financial instruments and other income in the consolidated income statement except for derivative instruments that are designated as a cash flow hedge or net investment hedge. The classification of derivatives and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 18. Except for contingent consideration liabilities which are measured at fair value, other financial liabilities are classified as being subsequently measured at amortised cost. Amortised cost is calculated, and the related interest expense is recognised in the consolidated income statement, using the effective interest method. All financial liabilities are initially recognised at fair value less, in the case of financial liabilities subsequently measured at amortised cost, transaction costs that are directly attributable to the issue of the liability. Where the terms of a financial liability measured at amortised cost are modified and the modification does not result in the derecognition of the liability, the liability is adjusted to the net present value of the future cash flows less transaction costs with a modification gain or loss recognised in the income statement. The methods and assumptions used to determine fair value of financial liabilities measured at fair value through profit or loss and derivatives are discussed in Note 37. Subordinated liabilities are debt instruments issued by the Company which rank below its other obligations in the event of liquidation but above the share capital. Subordinated liabilities are initially recognised at the value of proceeds received after deduction of issue expenses. Subsequent measurement is at amortised cost using the effective interest rate method. The Group operates two types of pension plans: \u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual. \u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further payment obligations once the contributions have been paid. The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee- administered funds. The Group has further smaller defined benefit plans some of which are unfunded. The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation. For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus. Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan. Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due. Where the Group receives fees in advance (front-end fees) for services it is providing, including investment management services, these fees are initially recognised as a deferred income liability and released to the consolidated income statement over the period services are provided. Provisions are obligations of the Group which are of uncertain timing or amount. They are recognised when the Group has a present obligation as a result of a past event, it is probable that a loss will be incurred in settling the obligation and a reliable estimate of the amount can be made. Financial assets and liabilities are offset and the net amount reported on the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. A structured entity is an entity that is structured in such a way that voting or similar rights are not the dominant factor in deciding who controls the entity. The Group has interests in structured entities through investments in a range of investment vehicles including: \u2013 Pooled investment funds managed internally and externally, including OEICs, SICAVs, unit trusts and limited partnerships. \u2013 Debt securitisation vehicles which issue asset-backed securities. The Group consolidates structured entities which it controls. Where the Group has an investment in, but not control over these types of entities, the investment is classified as an investment in associate when the Group has significant influence. Investments in associates at FVTPL are included in equity securities and pooled investment funds in the analysis of financial investments. The Group also has interests in structured entities through asset management fees and other fees received from these entities. The Group uses fair value to measure many of its assets and liabilities. Fair value is the amou nt for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm\u2019s lengt h transaction. The Group classifies cash flows in the consolidated statement of cash flows as arising from operating, investing or financing activities. Cash flows are classified based on the nature of the activity to which they relate and with consideration to generally accepted presentation adopted by peers. For activities related to asset management business, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds, with the exception of those related to unit linked funds, are classified as cash flows arising from investing activities. For activities related to insurance business, including those related to unit linked funds, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds are classified as cash flows arising from operating activities. For activities related to the acquisition and disposal of subsidiaries, associates and joint ventures, cash flows are classified as investing activities. The settlement of contingent and deferred amounts recognised on acquisitions and disposals are classified as investing activities where there is not considered to be a significant financing component of the related inflows or outflows. Purchases and sales of financial investments are presented on a gross basis except for purchases and sales of short- term instruments held in consolidated liquidity funds which are presented on a net basis. Dividends received from associates and joint ventures are presented as cash flows arising from operating activities. Movements in cash collateral held in relation to derivative contracts hedging subordinated debt are presented as cash flows arisin g from financin g activities. Contingent liabilities are possible obligations of the Group of which timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised on the consolidated statement of financial position but are disclosed, unless they are considered remote. If such an obligation becomes probable and the amount can be measured reliably it is no longer considered contingent and is recognised as a liability. Conversely, contingent assets are possible benefits to the Group. Contingent assets are only disclosed if it is probable that the Group will receive the benefit. If such a benefit becomes virtually certain it is no longer considered contingent and is reco g nised as an asset. The Group has contractual commitments in respect of expenditure on investment property, funding arrangements and leases which will be payable in future periods. These commitments are not recognised on the Group\u2019s statement of financial position at the year end but are disclosed to g ive an indication of the Group\u2019s future committed cash flows. The Group operates share incentive plans for its employees. These generally take the form of an award of options, conditional awards or restricted shares in abrdn plc (equity-settled share-based payments) but can also take the form of a cash award based on the share price of abrdn plc (cash-settled share-based payments). The Group also incentivises certain employees through the award of units in Group managed funds (deferred fund awards) which are cash-settled. All the Group\u2019s incentive plans have conditions attached before the employee becomes entitled to the award. These can be performance and/or service conditions (vesting conditions) or the requirement of employees to save in the save-as-you-earn scheme (non-vesting condition). The period over which all vesting conditions are satisfied is the vesting period and the awards vest at the end of this period. For all share-based payments services received for the incentive granted are measured at fair value. For equity-settled share-based payment transactions, the fair value of services received is measured by reference to the fair value of the equity instruments at the grant date. The fair value of the number of instruments expected to vest is charged to the income statement over the vesting period with a corresponding credit to the equity compensation reserve in equity. At each period end the Group reassesses the number of equity instruments expected to vest and recognises any difference between the revised and original estimate in the consolidated income statement with a corresponding adjustment to the equity compensation reserve. At the time the equity instruments vest, the amount recognised in the equity compensation reserve in respect of those equity instruments is transferred to retained earnings. For cash-settled share-based payment and deferred fund awards transactions, services received are measured at the fair value of the liability. The fair value of the liability is remeasured at each reporting date and any changes in fair value are reco g nised in the consolidated income statement. The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings which is set out in this Note. Related undertakings are subsidiaries, joint ventures, associates and other significant holdings. In this context significant means either a shareholding greater than or equal to 20% of the nominal value of any class of shares, or a book value g reater than 20% of the Group\u2019s assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-559": { "value": "(a) Basis of preparation These consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, as modified by the revaluation of owner-occupied property, derivative instruments and other financial assets and financial liabilities at fair value through profit or loss (FVTPL). The principal accounting policies set out in these consolidated financial statements have been consistently applied to all financial reporting periods presented except as described below. (a)(i) New standards, interpretations and amendments to existing standards that have been adopted by the Group The Group has adopted the following new International Financial Reporting Standards (IFRSs), interpretations and amendments to existing standards, which are effective for annual periods beginning on or after 1 April 2021 and 1 January 2022. Amendments to existing standards \u2013 COVID-19 - Related Rent Concessions beyond 30 June 2021 \u2013 Amendment to IFRS 16. \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16. \u2013 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37. \u2013 Annual Improvements 2018-2020 cycle. The Group\u2019s accounting policies have been updated to reflect these amendments. Management considers the implementation of the above amendments to existing standards has had no significant impact on the Group\u2019s financial statements. (a)(ii) Standards, interpretations and amendments to existing standards that are not yet effective and have not been early adopted by the Group Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Group\u2019s annual accounting periods beginning after 1 January 2022. The Group has not early adopted the standards, amendments and interpretations described below. IFRS 17 Insurance Contracts (effective for annual periods beginning on or after 1 January 2023) IFRS 17 was issued in May 2017 and will replace IFRS 4 Insurance Contracts. The standard was endorsed by the UK Endorsement Board on 16 May 2022. IFRS 4 is an interim standard which permits the continued application of accounting policies, for insurance contracts and contracts with discretionary participation features, which were being used at transition to IFRS except where a change satisfies criteria set out in IFRS 4. IFRS 17 introduces new required measurement and presentation accounting policies for such contracts which reflect the view that these contracts combine features of a financial instrument and a service contract. IFRS 17\u2019s measurement model, which applies to groups of contracts, combines a risk-adjusted present value of future cash flows and an amount representing unearned profit. On transition retrospective application is required unless impracticable, in which case either a modified retrospective approach or a fair value approach is required. IFRS 17 introduces a new approach to presentation in the income statement and statement of comprehensive income. The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features which will be impacted by the adoption of IFRS 17. However, the results of the Group\u2019s joint venture Heng An Standard Life Insurance Company Limited (HASL) are expected to be impacted by IFRS 17, and the related adoption by HASL of IFRS 9, with a resulting restatement of the carrying value of the joint venture as at 1 January 2022. The amount of the restatement is not currently known. Other There are no other new standards, interpretations and amendments to existing standards that have been published that are expected to have a significant impact on the consolidated financial statements of the Group. (a)(iii) Critical accounting estimates and judgements in applying accounting policies The preparation of financial statements requires management to exercise judgements in applying accounting policies and make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses arising during the year. Judgements and sources of estimation uncertainty are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas where judgements have the most significant effect on the amounts recognised in the consolidated financial statements are as follows: Financial statement area Critical judgements in applying accounting policies Related note Defined benefit pension plans Assessment of whether the Group has an unconditional right to a refund of the surplus. Treatment of tax relating to the surplus. Note 31 Intangible assets Identification, valuation and allocation to cash generating units of intangible assets arising from business combinations, and the determination of useful lives. Note 13 Provisions Determining whether a provision is required for separation costs. Note 34 The following changes have been made to the Group\u2019s critical judgements: \u2013 Determining whether the investments in Phoenix and HDFC Asset Management should continue to be classified as associates is no longer a critical judgement for the Group, following their reclassifications during 2021 (refer Note 1(c)(iii)). \u2013 Identification, valuation and determination of useful lives for equity accounting purposes, of the Group\u2019s share of its associate\u2019s intangible assets at the date of acquisition of an investment in the associate is also no longer a critical judgement for the Group, following the reclassification of Phoenix during 2021. \u2013 In relation to the acquisition of ii (refer Note 1(b)(i)), the allocation to cash generating units of goodwill arising from the acquisition was a critical judgement during 2022 in addition to identification and valuation of the intangible assets. There are no other changes to critical judgements in applying accounting policies from the prior year. The areas where assumptions and other sources of estimation uncertainty at the end of the reporting period have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Financial statement area Critical accounting estimates and assumptions Related note Intangible assets Determination of the recoverable amount in relation to the impairment of goodwill Note 13 Financial instruments at fair value through profit or loss Determination of the fair value of contingent consideration liabilities relating to the acquisition of Tritax Notes 35 and 37 Defined benefit pension plans Determination of principal UK pension plan assumptions for mortality, discount rate and inflation Note 31 The following changes have been made to the Group\u2019s critical estimates and assumptions: \u2013 As a result of market and macroeconomic conditions and acquisitions in the period the determination of the recoverable amount in relation to the impairment of goodwill is now considered a critical accounting estimate. All other critical accounting estimates and assumptions are the same as the prior year. Further detail on critical accountin g estimates and assumptions is provided in the relevant note. (a)(iv) Foreign currency translation The consolidated financial statements are presented in million pounds Sterling. The statements of financial position of Group entities, including associates and joint ventures accounted for using the equity method, that have a different functional currency than the Group\u2019s presentation currency are translated into the presentation currency at the year end exchange rate and their income statements and cash flows are translated at average exchange rates for the year. All resulting exchange differences arising are recognised in other comprehensive income and the foreign currency translation reserve in equity. On disposal of a Group entity the cumulative amount of any such exchange differences recognised in other comprehensive income is reclassified to profit or loss. Foreign currency transactions are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Gains and losses arising from such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the relevant line in the consolidated income statement. Translation differences on non-monetary items, such as equity securities held at fair value through profit or loss, are reported as part of the fair value gain or loss within Net gains or losses on financial instruments and other income in the consolidated income statement. Translation differences on financial assets and liabilities held at amortised cost are included in the relevant line in the consolidated income statement. (a)(v) Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and financial position, are set out in the Strategic report. This includes details on our liquidity and capital management and our viability statement in the Chief Financial Officer\u2019s overview section and our principal risks in the Risk management section including the impacts of the macroeconomic environment and higher inflation, the Ukraine conflict and COVID-19 on these principal risks. In addition, these financial statements include notes on the Group\u2019s subordinated liabilities (Note 30), management of its risks including market, credit and liquidity risk (Note 35), its contingent liabilities and commitments (Notes 39 and 40), and its capital structure and position (Note 43). In preparing these financial statements on a going concern basis, the Directors have considered the following matters and have taken into account market uncertainty. \u2013 The Group has cash and liquid resources of \u00a31.7bn at 31 December 2022. In addition, the Company has a revolving credit facility of \u00a3400m as part of our contingency funding plans which is due to mature in 2026 and remains undrawn. \u2013 The Group\u2019s indicative regulatory capital surplus on an IFPR basis was \u00a30.7bn in excess of capital requirements at 31 December 2022. The regulatory capital surplus does not include the value of the Group\u2019s significant listed investments HDFC Asset Management, HDFC Life and Phoenix. \u2013 The Group performs regular stress and scenario analysis as described in the Annual report and accounts 2022 Viability statement. The diverse range of management actions available meant the Group was able to withstand these extreme stresses. \u2013 The Group\u2019s operational resilience processes have operated effectively during the period including the provision of services by key outsource providers. Based on a review of the above factors the Directors are satisfied that the Group and Company have and will maintain sufficient resources to enable them to continue operating for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. There were no material uncertainties relating to this going concern conclusion. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-606": { "value": "(a)(i) New standards, interpretations and amendments to existing standards that have been adopted by the Group The Group has adopted the following new International Financial Reporting Standards (IFRSs), interpretations and amendments to existing standards, which are effective for annual periods beginning on or after 1 April 2021 and 1 January 2022. Amendments to existing standards \u2013 COVID-19 - Related Rent Concessions beyond 30 June 2021 \u2013 Amendment to IFRS 16. \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16. \u2013 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37. \u2013 Annual Improvements 2018-2020 cycle. The Group\u2019s accounting policies have been updated to reflect these amendments. Management considers the implementation of the above amendments to existing standards has had no significant impact on the Group\u2019s financial statements. (a)(ii) Standards, interpretations and amendments to existing standards that are not yet effective and have not been early adopted by the Group Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Group\u2019s annual accounting periods beginning after 1 January 2022. The Group has not early adopted the standards, amendments and interpretations described below. IFRS 17 Insurance Contracts (effective for annual periods beginning on or after 1 January 2023) IFRS 17 was issued in May 2017 and will replace IFRS 4 Insurance Contracts. The standard was endorsed by the UK Endorsement Board on 16 May 2022. IFRS 4 is an interim standard which permits the continued application of accounting policies, for insurance contracts and contracts with discretionary participation features, which were being used at transition to IFRS except where a change satisfies criteria set out in IFRS 4. IFRS 17 introduces new required measurement and presentation accounting policies for such contracts which reflect the view that these contracts combine features of a financial instrument and a service contract. IFRS 17\u2019s measurement model, which applies to groups of contracts, combines a risk-adjusted present value of future cash flows and an amount representing unearned profit. On transition retrospective application is required unless impracticable, in which case either a modified retrospective approach or a fair value approach is required. IFRS 17 introduces a new approach to presentation in the income statement and statement of comprehensive income. The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features which will be impacted by the adoption of IFRS 17. However, the results of the Group\u2019s joint venture Heng An Standard Life Insurance Company Limited (HASL) are expected to be impacted by IFRS 17, and the related adoption by HASL of IFRS 9, with a resulting restatement of the carrying value of the joint venture as at 1 January 2022. The amount of the restatement is not currently known. Other There are no other new standards, interpretations and amendments to existing standards that have been published that are expected to have a significant impact on the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-661": { "value": "(a)(i) New standards, interpretations and amendments to existing standards that have been adopted by the Group The Group has adopted the following new International Financial Reporting Standards (IFRSs), interpretations and amendments to existing standards, which are effective for annual periods beginning on or after 1 April 2021 and 1 January 2022. Amendments to existing standards \u2013 COVID-19 - Related Rent Concessions beyond 30 June 2021 \u2013 Amendment to IFRS 16. \u2013 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. \u2013 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16. \u2013 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37. \u2013 Annual Improvements 2018-2020 cycle. The Group\u2019s accounting policies have been updated to reflect these amendments. Management considers the implementation of the above amendments to existing standards has had no significant impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-662": { "value": "(a)(ii) Standards, interpretations and amendments to existing standards that are not yet effective and have not been early adopted by the Group Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Group\u2019s annual accounting periods beginning after 1 January 2022. The Group has not early adopted the standards, amendments and interpretations described below. IFRS 17 Insurance Contracts (effective for annual periods beginning on or after 1 January 2023) IFRS 17 was issued in May 2017 and will replace IFRS 4 Insurance Contracts. The standard was endorsed by the UK Endorsement Board on 16 May 2022. IFRS 4 is an interim standard which permits the continued application of accounting policies, for insurance contracts and contracts with discretionary participation features, which were being used at transition to IFRS except where a change satisfies criteria set out in IFRS 4. IFRS 17 introduces new required measurement and presentation accounting policies for such contracts which reflect the view that these contracts combine features of a financial instrument and a service contract. IFRS 17\u2019s measurement model, which applies to groups of contracts, combines a risk-adjusted present value of future cash flows and an amount representing unearned profit. On transition retrospective application is required unless impracticable, in which case either a modified retrospective approach or a fair value approach is required. IFRS 17 introduces a new approach to presentation in the income statement and statement of comprehensive income. The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features which will be impacted by the adoption of IFRS 17. However, the results of the Group\u2019s joint venture Heng An Standard Life Insurance Company Limited (HASL) are expected to be impacted by IFRS 17, and the related adoption by HASL of IFRS 9, with a resulting restatement of the carrying value of the joint venture as at 1 January 2022. The amount of the restatement is not currently known. Other There are no other new standards, interpretations and amendments to existing standards that have been published that are expected to have a significant impact on the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-607": { "value": "(a)(iii) Critical accounting estimates and judgements in applying accounting policies The preparation of financial statements requires management to exercise judgements in applying accounting policies and make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses arising during the year. Judgements and sources of estimation uncertainty are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas where judgements have the most significant effect on the amounts recognised in the consolidated financial statements are as follows: Financial statement area Critical judgements in applying accounting policies Related note Defined benefit pension plans Assessment of whether the Group has an unconditional right to a refund of the surplus. Treatment of tax relating to the surplus. Note 31 Intangible assets Identification, valuation and allocation to cash generating units of intangible assets arising from business combinations, and the determination of useful lives. Note 13 Provisions Determining whether a provision is required for separation costs. Note 34 The following changes have been made to the Group\u2019s critical judgements: \u2013 Determining whether the investments in Phoenix and HDFC Asset Management should continue to be classified as associates is no longer a critical judgement for the Group, following their reclassifications during 2021 (refer Note 1(c)(iii)). \u2013 Identification, valuation and determination of useful lives for equity accounting purposes, of the Group\u2019s share of its associate\u2019s intangible assets at the date of acquisition of an investment in the associate is also no longer a critical judgement for the Group, following the reclassification of Phoenix during 2021. \u2013 In relation to the acquisition of ii (refer Note 1(b)(i)), the allocation to cash generating units of goodwill arising from the acquisition was a critical judgement during 2022 in addition to identification and valuation of the intangible assets. There are no other changes to critical judgements in applying accounting policies from the prior year. The areas where assumptions and other sources of estimation uncertainty at the end of the reporting period have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Financial statement area Critical accounting estimates and assumptions Related note Intangible assets Determination of the recoverable amount in relation to the impairment of goodwill Note 13 Financial instruments at fair value through profit or loss Determination of the fair value of contingent consideration liabilities relating to the acquisition of Tritax Notes 35 and 37 Defined benefit pension plans Determination of principal UK pension plan assumptions for mortality, discount rate and inflation Note 31 The following changes have been made to the Group\u2019s critical estimates and assumptions: \u2013 As a result of market and macroeconomic conditions and acquisitions in the period the determination of the recoverable amount in relation to the impairment of goodwill is now considered a critical accounting estimate. All other critical accounting estimates and assumptions are the same as the prior year. Further detail on critical accountin g estimates and assumptions is provided in the relevant note. Estimates and assumptions The key estimates and assumptions in relation to intangible assets are: \u2013 Determination of the recoverable amount of goodwill and customer intangibles. \u2013 Determination of useful lives. The determination of the recoverable amount of the asset management and Finimize cash-generating units was a key estimate in relation to these 2022 accounts. However, following the impairments in 2022, including the full impairment of asset management goodwill, the determination of the recoverable amount for these cash-generating units is not considered a source of estimation uncertainty at 31 December 2022 with a significant risk of resulting in material adjustments to the carrying amount in the next financial year. The determination of the recoverable amount of the interactive investor and the abrdn financial planning business cash-generating units is a key area of estimation, and further details of assumptions and sensitivities are disclosed in this section. Determination of the recoverable amount of goodwill and customer intangibles For all intangible assets including goodwill, an assessment is made at each reporting date as to whether there is an indication that the goodwill or intangible asset has become impaired. If any indication of impairment exists then the recoverable amount of the asset is determined. In addition, the recoverable amount for goodwill must be assessed annually. The recoverable amounts are defined as the higher of fair value less costs of disposal (FVLCD) and the value in use (VIU) where the value in use is based on the present value of future cash flows. Where the carrying value exceeds the recoverable amount then the carrying value is written down to the recoverable amount. In assessing value in use or FVLCD measured using a discounted cash flow approach, expected future cash flows are discounted to their present value using a pre-tax discount rate for VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the expected cash flows and an appropriate discount rate which is based on current market assessments of the time value of money and the risks associated with the asset. Goodwill In 2022 impairments of goodwill of \u00a3340m (2021: \u00a3nil) have been recognised. The goodwill impairment comprises \u00a3299m relating to the asset management group of cash generating units and \u00a341m relating to the Finimize cash- generating unit. Both impairments relate to assets included in the Investments segment. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. Asset management The asset management group of cash generating units comprises the Investments segment (excluding Finimize) which is the lowest group of cash generating units to which asset management goodwill has been allocated. The impairment of \u00a3299m (2021: \u00a3nil) resulted from lower future revenue projections and further work being required to reduce Investments costs given this level of revenue. The lower future revenue projections primarily resulted from the impact of lower equity market levels during 2022 and forecast equity market falls in 2023 on assets under management, net outflows in 2022 particularly in the equity asset class and lower forecasts of net inflows in future periods reflecting both macroeconomic conditions and business performance, and the expected reduction in Phoenix revenue as a result of certain active equity and fixed income strategies moving to lower yielding passive quantitative strategies and related pricing changes. Following the impairment the goodwill allocated to the asset management group of cash generating units was \u00a3nil (2021: \u00a3167m). The goodwill prior to impairment of \u00a3299m included additions of \u00a3132m allocated to the asset management group of cash generating units for revenue synergies in our Investments segment in relation to the acquisition of ii. Refer Note 1(b)(i) for further details. The recoverable amount of this group of cash-generating units at 31 December 2022 was \u00a31,532m which was based on FVLCD. This was also the carrying value of this group of cash-generating units at 31 December 2022. The FVLCD considered a number of valuation approaches, with the primary approach being a discounted cash flow approach. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. Cash flows were based on the three year financial budgets approved by management. The key assumptions used by management in setting the three-year profit forecasts are: \u2013 Revenue in the management forecasts reflects past experience and modelling based on assets under management and fee revenue yields by asset class. \u2013 Assets under management is modelled from future net flow assumptions and market movements. Net flow assumptions take into account past experience and assume institutional and wholesale flows move to a net inflow position over the business plan cycle. Market assumptions assume equity market falls in 2023 with recovery during 2024 and 2025. Fee revenue yield assumptions are adjusted to take into account an expected contraction in the yield on Phoenix assets. \u2013 Expenses in the management forecasts were based on past experience adjusted for planned expense savings and inflation impacts and take into account related restructuring costs. Cash flow projections were extrapolated using a 5% revenue growth in years 4 and 5, and then a 2% terminal rate profit growth based on long-term inflation forecasts. A post tax discount rate of 15.35% was used based on the Group/peer companies cost of equity adjusted for forecasting risk. The recoverable amount at 31 December 2021 was based on VIU. The reason for the change in 2022 was that, at 31 December 2022, FVLCD was assessed by management as being higher than VIU. The VIU is significantly reduced by the IFRS requirement to add back certain staff and property expense savings to management\u2019s expectation of the level of future operating expenses, where these expense savings require provisions to be made in future years. Finimize The impairment of goodwill allocated to the Finimize cash-generating unit, which comprises the Finimize business, was \u00a341m. The impairment resulted from a significant fall in market multiples and lower projected revenues as a result of macroeconomic conditions and 2022 revenues being lower than previous expectations. Following the impairment the goodwill allocated to the Finimize cash-generating unit was \u00a331m (2021: \u00a372m). The recoverable amount of the Finimize cash-generating unit at 31 December 2022 was \u00a335m which was based on FVLCD. This was also the carrying value of the Finimize cash-generating unit at 31 December 2022. The FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. The key assumptions used in determining the revenue multiple valuation were future revenue projections, which were based on management forecasts and assumed a continued level of revenue growth, and market multiples. Market multiples were based on comparable listed companies, with appropriate discounts applied to take into account profitability, track record, revenue growth potential, and net premiums for control. Following the impairment the residual goodwill allocated to the Finimize cash-generating unit is not significant in comparison to the total carrying amount of goodwill. interactive investor Goodwill of \u00a3819m (2021: \u00a3nil) is allocated to the interactive investor cash generating unit which comprises the interactive investor business in the Personal segment. The recoverable amount of this cash-generating unit was determined based on FVLCD. The FVLCD was based on an earnings multiple approach. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. The key assumptions used in determining the earnings multiple valuation were future post tax adjusted earnings, which were based on management\u2019s business plan projections and reflected past experience and market price to earnings multiples, which were based on multiples of a peer group of comparable listed direct-to-consumer investment platform providers. Sensitivities of key assumptions The business plan projections used to determine the future earnings are based on macroeconomic forecasts including interest rates and inflation, and forecast levels of client activity, market pricing, the percentage of client funds held in cash and expenses. The projections are therefore sensitive to these assumptions. The interactive investor treasury income forecast is sensitive to interest rate levels and the level of interest paid to customers and would be expected to reduce if market interest rates fell below 1% and returned to the historic lows seen in 2021. The business plan projections were based on market forward interest rates and assumed that market interest rates remained above 1% over the plan period. Given current macroeconomic uncertainties a 20% reduction in forecast earnings has been provided as a sensitivity. The market price to earnings multiple used in the valuation is 20x based on multiples of a peer group of comparable listed direct-to-consumer investment platform providers. This assumption is sensitive to general equity market fluctuations and to market views on UK direct-to-consumer investment platform companies. Taking into account historic equity market fluctuations a 25% sensitivity to an earnings multiple has been provided as a sensitivity. The recoverable amount at 31 December 2022 exceeds the carrying amount of the cash-generating unit by \u00a3400m. The impact of sensitivities to a single variable and the change required to reduce headroom to zero are shown in the tables below. Reduction in headroom for illustrative sensitivities \u00a3m 20% reduction in forecast post tax adjusted earnings (335) 25% reduction in market multiple (419) Change required to reduce headroom to zero % Change in forecast post tax adjusted earnings (24) Reduction in market multiple (24) We consider the 24% reduction in market multiple assumption to 15x to reduce the headroom to zero to be a reasonably possible change. Other goodwill Goodwill of \u00a385m (2021: \u00a392m) is attributable to a number of smaller cash-generating units in the Personal segment. No goodwill amounts are significant in comparison to the total carrying amount of goodwill and the recoverable amounts are not based on the same key assumptions. Included in this balance is \u00a360m of goodwill allocated to the abrdn financial planning business cash-generating unit. The year end carrying value of this cash-generating unit is equal to the recoverable amount. The recoverable amount was based on FVLCD which considered a number of valuation approaches, with the primary approach being a multiples approach based on price to revenue and price to assets under advice (AUAdv). Multiples were based on recent transactions, adjusted to take into account profitability where appropriate, and were benchmarked against trading multiples for peer companies. Revenue and AuAdv were based on 2022 results. The expected cost of disposal was based on past experience of previous transactions. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. As the year end carrying value is the recoverable amount any downside sensitivity will lead to a further impairment loss. A 20% reduction in recurring revenue and AUAdv would result in an impairment of \u00a317m. A 20% reduction in market transaction multiples for similar businesses, adjusted to be appropriate to the abrdn financial planning business, would also result in an impairment of \u00a317m. Customer relationship and investment management contract intangibles In 2022 an impairment of \u00a328m (2021: \u00a3nil) has been recognised in relation to customer relationship and investment management contract intangibles. The impairment is included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. The impairment relates to the Phoenix Life business intangible asset which was recognised on the acquisition of Ignis Asset Management in 2014, and is part of the Investments segment. The assets under management relating to this Phoenix Life intangible are c\u00a334bn at 31 December 2022 and are therefore less than 25% of the total assets managed for Phoenix. The impairment resulted from the expected reduction in revenue from these Phoenix assets as a result of certain active equity and fixed income strategies moving to lower yielding passive quantitative strategies and related pricing changes. Following the impairment the recoverable amount of the asset is \u00a3nil based on FVLCD. This is also the carry value at 31 December 2022 (2021: \u00a331m). FVLCD was based on a discounted cash flow approach based on expected future cashflows for the Phoenix Life business and a post tax discount rate of 15.35%. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. The key assumption related to expected future profitability and was based on management forecasts. Determination of useful lives The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive benefits from the asset and considers for example expected duration of customer relationships and when technology is expected to become obsolete for technology based assets. The amortisation period and method for each of the Group\u2019s intangible asset categories is as follows: \u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally reducing balance method. \u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years, straight-line. \u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line. \u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight-line. \u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once the asset is available for use. \u2013 Purchased software \u2013 between 2 and 6 years, straight-line. \u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method. Internally developed software There was no impairment of internally developed software in 2022. In 2021, an impairment of internally developed software of \u00a38m was recognised. The impairment in 2021 primarily related to an impairment of a digital advice application in the Personal se g ment as a result of a reduction in expected future cash flows. (e) Estimates and assumptions Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors. The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below: 2022 2021 % % Discount rate 4.85 2.05 Rates of inflation Consumer Price Index (CPI) 2.75 2.85 Retail Price Index (RPI) 3.10 3.25 The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The population of corporate bond prices excludes bonds issued by UK universities. The discount rate assumption for 2022 adopts a new yield curve projection method, which involves an earlier flattening of the curve compared to the previous approach \u2013 the impact of this change on 2022 remeasurement losses is an increase of c\u00a317m. The inflation assumption reflects the future reform of RPI effective from 2030 as described in Section (g)(i) below. The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The assumptions (along with sample expectations of life) are illustrated below: Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2022 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2021 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality assumptions have not been updated for COVID-19 at this point as the impact on long-term mortality rates for pension scheme members is not clear. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-608": { "value": "The consolidated financial statements are presented in million pounds Sterling. The statements of financial position of Group entities, including associates and joint ventures accounted for using the equity method, that have a different functional currency than the Group\u2019s presentation currency are translated into the presentation currency at the year end exchange rate and their income statements and cash flows are translated at average exchange rates for the year. All resulting exchange differences arising are recognised in other comprehensive income and the foreign currency translation reserve in equity. On disposal of a Group entity the cumulative amount of any such exchange differences recognised in other comprehensive income is reclassified to profit or loss. Foreign currency transactions are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Gains and losses arising from such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the relevant line in the consolidated income statement. Translation differences on non-monetary items, such as equity securities held at fair value through profit or loss, are reported as part of the fair value gain or loss within Net gains or losses on financial instruments and other income in the consolidated income statement. Translation differences on financial assets and liabilities held at amortised cost are included in the relevant line in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-663": { "value": "The consolidated financial statements are presented in million pounds Sterling. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-609": { "value": "(a)(v) Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and financial position, are set out in the Strategic report. This includes details on our liquidity and capital management and our viability statement in the Chief Financial Officer\u2019s overview section and our principal risks in the Risk management section including the impacts of the macroeconomic environment and higher inflation, the Ukraine conflict and COVID-19 on these principal risks. In addition, these financial statements include notes on the Group\u2019s subordinated liabilities (Note 30), management of its risks including market, credit and liquidity risk (Note 35), its contingent liabilities and commitments (Notes 39 and 40), and its capital structure and position (Note 43). In preparing these financial statements on a going concern basis, the Directors have considered the following matters and have taken into account market uncertainty. \u2013 The Group has cash and liquid resources of \u00a31.7bn at 31 December 2022. In addition, the Company has a revolving credit facility of \u00a3400m as part of our contingency funding plans which is due to mature in 2026 and remains undrawn. \u2013 The Group\u2019s indicative regulatory capital surplus on an IFPR basis was \u00a30.7bn in excess of capital requirements at 31 December 2022. The regulatory capital surplus does not include the value of the Group\u2019s significant listed investments HDFC Asset Management, HDFC Life and Phoenix. \u2013 The Group performs regular stress and scenario analysis as described in the Annual report and accounts 2022 Viability statement. The diverse range of management actions available meant the Group was able to withstand these extreme stresses. \u2013 The Group\u2019s operational resilience processes have operated effectively during the period including the provision of services by key outsource providers. Based on a review of the above factors the Directors are satisfied that the Group and Company have and will maintain sufficient resources to enable them to continue operating for at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. There were no material uncertainties relating to this going concern conclusion. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-560": { "value": "(b) Basis of consolidation The Group\u2019s financial statements consolidate the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including investment vehicles) over which the Group has control. Control arises when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For operating entities this generally accompanies a shareholding of 50% or more in the entity. For investment vehicles, including structured entities, the control assessment also considers the removal rights of other investors and whether the Group acts as principal or agent in assessing the link between power and variable returns. In determining whether the Group acts as principal, and therefore controls the entity, the removal rights of other investors and the magnitude of the variability associated with the returns are also taken into account. As a result, the Group often is considered to control investment vehicles in which its shareholding is less than 50%. Where the Group is considered to control an investment vehicle, such as an open-ended investment company, a unit trust or a limited partnership, and it is therefore consolidated, the interests of parties other than the Group are assessed to determine whether they should be classified as liabilities or as non-controlling interests. The liabilities are recognised in the third party interest in consolidated funds line in the consolidated statement of financial position and any movements are recognised in the consolidated income statement. The financial liability is designated at fair value through profit or loss (FVTPL) as it is implicitly managed on a fair value basis as its value is directly linked to the market value of the underlying portfolio of assets. The interests of parties other than the Group in all other types of entities are recorded as non-controlling interests. All intra-group transactions, balances, income and expenses are eliminated in full. The Group uses the acquisition method to account for acquisitions of businesses. At the acquisition date the assets and liabilities of the business acquired and any non-controlling interests are identified and initially measured at fair value on the consolidated statement of financial position. When the Group acquires or disposes of a subsidiary, the profits and losses of the subsidiary are included from the date on which control was transferred to the Group until the date on which it ceases, with consistent accounting policies applied across all entities throughout. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-561": { "value": "1. Group structure (a) Composition The following diagram is an extract of the Group structure at 31 December 2022 and gives an overview of the composition of the Group. A full list of the Company\u2019s subsidiaries is provided in Note 45. (b) Acquisitions (b)(i) Current year acquisitions of subsidiaries Interactive Investor (ii) On 27 May 2022, abrdn plc purchased 100% of the issued share capital of Antler Holdco Limited (Antler), the parent company for the Interactive Investor group of companies. ii is the no.1 UK subscription-based trading platform and the no.2 UK direct investing platform, by assets under administration. The cash outflow at the completion of the acquisition was \u00a31,496m, which comprised consideration of \u00a31,485m and payments of \u00a311m made by abrdn to fund the settlement of ii transaction liabilities as part of the transaction. The acquisition of ii provides abrdn with direct entry to the high-growth digitally enabled direct investing market, accessing new customer segments and capabilities. This will allow abrdn customers to choose from a wide spectrum of wealth services, spanning self-directed investing through to high-touch financial advice, depending on their specific needs over their financial life. Trust Managers Funds Limited Heng An abrdn plc Aberdeen Corporate Services Limited Focus Business Solutions Limited abrdn Financial Planning Limited abrdn Client Management Limited abrdn Capital abrdn Holdings Limited abrdn Alternative SLTM Limited Limited Standard Life Insurance Company Limited (China JV - 50%) Virgin Money Unit Limited (UK JV - 50%) Tritax Management LLP Finimize Limited Asia Limited abrdn abrdn Investments Management Limited abrdn Investment abrdn Private Equity (Europe) Limited abrdn Life and Pensions Limited abrdn Hong Kong Limited abrdn Inc Interactive Investor LimitedInteractive Investor Services Limitedabrdn Investments Limited (Holdings) Limited Standard Life Savings Limited Elevate Portfolio Services Limited abrdn (Mauritius Holdings) 2006 Limited Ignis Asset Management Limited Ignis Investment Services Limited abrdn Investments Luxembourg SA abrdn Investments Ireland Limited abrdn Fund Managers Limited abrdn Investment Group Limited 7. Group financial statements continued At the acquisition date the consideration, net assets acquired and resulting goodwill were as follows: 27 May 2022 \u00a3m Cash consideration1,2 1,485 Fair value of net assets acquired Intangible assets Customer relationships 421 Brand 16 Technology and other intangibles 32 Property, plant and equipment 8 Deferred tax assets 5 Receivables and other financial assets3 411 Other assets 7 Cash and cash equivalents 107 Total assets 1,007 Other financial liabilities (400) Provisions (1) Deferred tax liabilities (114) Total liabilities (515) Goodwill 993 1. Cash consideration includes \u00a361m paid by abrdn to redeem discount notes issued by Antler as part of the acquisition transaction. Not included in the cash consideration is \u00a311m of payments made by abrdn to fund the settlement of ii transaction liabilities. These liabilities are included within other financial liabilities of ii at the acquisition date. 2. Cash consideration includes \u00a310m paid to Richard Wilson the CEO of ii which is subject to a Reinvestment Agreement. Under the Reinvestment Agreement Mr Wilson was required to invest at least \u00a35m in abrdn shares and at least a further \u00a33m in abrdn shares or funds managed by the abrdn group. The Reinvestment Agreement contains restrictions on the sale of abrdn shares and fund units acquired which fall away in three equal tranches over a three-year period following completion. 3. The estimated contractual cash flow not expected to be collected is not material and therefore the gross contractual amounts receivable is materially in line with the fair value. The cash outflow shown in the consolidated statement of cash flows of \u00a31,378m comprises cash consideration of \u00a31,485m less cash and cash equivalents acquired of \u00a3107m. Intangible assets acquired in the business combination consist of customer relationships, brand and technology and other intangibles. Refer Note 13 for details of the key assumptions used in measuring the fair value of these intangibles at the acquisition date. The goodwill arising on acquisition of ii is mainly attributable to expected future cash flows from new customers, the quality and experience of the ii executive team and employees, and revenue synergies in our Investments and Personal segments. The goodwill is not expected to be deductible for tax purposes. The goodwill has been primarily allocated to the ii cash- generating unit in the Personal segment (\u00a3819m), with \u00a3132m and \u00a342m allocated to the asset management group of cash-generating units in the Investments segment and a cash-generating unit in the Personal segment respectively for the revenue synergies noted above. The revenue from contracts with customers and post tax profit contributed to the Group\u2019s consolidated income statement for the year ended 31 December 2022 from the acquired ii business were \u00a3117m and \u00a341m respectively. The profit contributed excludes amortisation of intangible assets acquired through business combinations. If the acquisition had occurred on 1 January 2022, the Group\u2019s total revenue from contracts with customers for the period would have increased by \u00a365m to \u00a31,603m and the loss would have increased by \u00a34m to \u00a3553m. This increase in the loss includes increased amortisation of intangible assets acquired through business combinations (net of deferred tax) of \u00a324m. As part of the transaction, abrdn plc has also agreed the following retention incentive schemes which are not recognised as part of the business combination: \u2013 A retention scheme for senior ii executives. These are awards over abrdn plc shares with a vesting period of up to 3 years and are subject to pre-determined performance metrics. The value of abrdn plc shares subject to these awards was c\u00a325m at date of grant. The awards are accounted for as post completion share based payments and spread over the relevant vesting periods and will be recognised in Restructuring and corporate transaction expenses in the consolidated income statement. \u2013 Cash and share incentive retention awards to the wider ii workforce with vesting periods of up to c3 years. These awards are funded by the proceeds received by the ii employee benefit trust as part of the transaction. These are accounted for as post completion share based payments and remuneration and are spread over the relevant vesting periods and will be recognised in Restructuring and corporate transaction expenses in the consolidated income statement. Corporate transaction deal costs amounted to \u00a327m of which \u00a313m and \u00a314m were included within Restructuring and corporate transaction expenses in the year ended 31 December 2022 and 31 December 2021 respectively. On 1 September 2022, Antler made a dividend in specie to abrdn plc of its investment in Interactive Investor Limited which is now a direct subsidiary of abrdn plc. Refer Note A of the Company financial statements for further details. (b)(ii) Prior year acquisitions of subsidiaries On 1 April 2021, abrdn Holdings Limited (formerly named Aberdeen Asset Management PLC )(aHL) purchased 60% of the membership interests in Tritax, a specialist logistics real estate fund manager (the acquisition of Tritax). The initial cash consideration payable at the completion of the acquisition was \u00a364m. Subject to the satisfaction of certain conditions, an additional contingent deferred earn-out is expected to be payable to acquire the remaining 40% of membership interests in Tritax should the selling Tritax partners choose to exercise three put options in each of years ended 31 March 2024, 2025 and 2026. The amount payable is linked to the EBITDA of the Tritax business in the relevant period. The Group will also have the right to purchase any outstanding membership interests at the end of the five-year period through exercising a call option. Based on the transaction terms, Tritax has been fully consolidated from 1 April 2021 and no non-controlling interest is recognised in the Group\u2019s total equity in relation to the 40% of the membership interests in Tritax subject to the put and call options. A contingent consideration financial liability is recognised at fair value in relation to the earn-out payments (under the put and call options) and the expected non-discretionary allocation of profit payments to the holders of the 40% membership interests up to the date of the exercise of the options. Refer Note 37(a)(iv) for further details on the contingent consideration liability. In addition, on 29 October 2021, aHL purchased 100% of the issued share capital of the investing insights platform Finimize. The cash outflow at the completion of the acquisition was \u00a387m, which comprised consideration of \u00a375m and payments made to settle debt and other liabilities on behalf of Finimize as part of the transaction of \u00a312m. Finimize empowers retail investors by equipping them with information to make their own informed investment decisions, without any jargon, in less than fifteen minutes a day. Refer Note 13 for details of the goodwill impairment in 2022. (c) Disposals (c)(i) Prior year disposal of subsidiaries and other operations During 2021, the Group made two material disposals of subsidiaries and other operations: \u2013 On 30 June 2021, the Group completed the sale of Parmenion Capital Partners LLP (Parmenion) to Preservation Capital Partners. \u2013 On 30 September 2021, the Group completed the sale of its Bonaccord US private market business (Bonaccord) to P10 Holdings Inc. (P10). Other disposals included the sale of the Nordics real estate business to DEAS Asset Management A/S on 31 May 2021, and the sale of Hark Capital US private market business to P10 on 30 September 2021. Profit on disposal of subsidiaries and other operations in prior periods have been summarised below. 2021 \u00a3m Disposal of Parmenion 73 Disposal of Bonaccord 39 Other disposals 15 Profit on disposal of subsidiaries and other operations for the year ended 31 December 2021 127 On disposal, a loss of \u00a31m was recycled from the translation reserve and was included in determining the profit on disposal of subsidiaries and other operations for the year ended 31 December 2021. (c)(ii) Current year disposal of associates Profit on disposal of interests in associates for the year ended 31 December 2022 of \u00a36m relates to the sale of the Group\u2019s interest in Origo Services Limited in May 2022. (c)(iii) Prior period disposal and reclassification of associates Profit on disposal of associates in prior periods have been summarised below. 2021 \u00a3m Reclassification of Phoenix Group Holdings plc (Phoenix) 68 Sale of equity shares in HDFC Asset Management and reclassification 1,168 Profit on disposal of interests in associates for the year ended 31 December 2021 1,236 On disposal and reclassification, a loss of \u00a317m was recycled from the translation reserve and was included in determining the profit on disposal of interests in associates for the year ended 31 December 2021. In addition, other comprehensive income gains of \u00a39m were recycled from retained earnings and were included in determining the profit on disposal of interests in associates for the year ended 31 December 2021. Phoenix On 23 February 2021, the Group announced details of the simplification and extension of the strategic partnership between the Group and Phoenix. Following the changes to the commercial agreements, in particular in relation to the licencing of the \u2018Standard Life\u2019 brand, our judgement was that Phoenix should no longer be accounted for as an associate with effect from 23 February 2021. The Group\u2019s shareholding in Phoenix, which remained at 14.4%, was therefore reclassified from an investment in associates accounted for using the equity method to equity securities and interests in pooled investment funds measured at fair value. As part of the agreement, the Group announced the purchase of certain products in the Phoenix Group\u2019s savings business offered through abrdn\u2019s Wrap platform, comprising a self-invested pension plan (SIPP) and an onshore bond product; together with the Phoenix Group\u2019s trustee investment plan (TIP) business for UK pension scheme clients. The transaction is not expected to complete before 2024 and is subject to regulatory and court approvals. The upfront consideration paid by the Group in February 2021 was \u00a362.5m, which is offset in part by payments from Phoenix to the Group relating to profits of the products prior to completion of the legal transfer. The net amount of consideration paid is included in prepayments in the consolidated statement of financial position with cash movements in relation to the consideration included in prepayment in respect of potential acquisition of customer contracts in the consolidated statement of cash flows. HDFC Asset Management On 29 September 2021, the Group completed a sale of equity shares in HDFC Asset Management on the National Stock Exchange of India Limited and BSE Limited. The gain on sale and the gain on reclassification from an associate to an equity investment can be summarised as follows: 2021 \u00a3m Gain on sale of 10,650,000 equity shares in HDFC Asset Management sold through a Bulk Sale on 29 September 2021 271 Gain on reclassification of remaining 34,578,305 equity shares in HDFC Asset Management from an associate to equity investment on 29 September 2021 897 Gains on disposal and reclassification of HDFC Asset Management for the year ended 31 December 2021 1,168 Following the sale, the Group\u2019s shareholding in HDFC Asset Management was 34,578,305 equity shares or 16.22% and HDFC Asset Management was therefore no longer considered to be an associate of the Group. The Group\u2019s investment in HDFC Asset Management was reclassified from an investment in associates accounted for using the equity method to equity securities and interests in pooled investment funds measured at fair value. The Group\u2019s shareholdings in Phoenix and HDFC Asset Management are considered, along with HDFC Life, as significant listed investments for the purpose of determining the Group\u2019s adjusted profit. Refer Note 11(a) for changes in the Group\u2019s significant listed investments in the year ended 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-610": { "value": "(b) Acquisitions (b)(i) Current year acquisitions of subsidiaries Interactive Investor (ii) On 27 May 2022, abrdn plc purchased 100% of the issued share capital of Antler Holdco Limited (Antler), the parent company for the Interactive Investor group of companies. ii is the no.1 UK subscription-based trading platform and the no.2 UK direct investing platform, by assets under administration. The cash outflow at the completion of the acquisition was \u00a31,496m, which comprised consideration of \u00a31,485m and payments of \u00a311m made by abrdn to fund the settlement of ii transaction liabilities as part of the transaction. The acquisition of ii provides abrdn with direct entry to the high-growth digitally enabled direct investing market, accessing new customer segments and capabilities. This will allow abrdn customers to choose from a wide spectrum of wealth services, spanning self-directed investing through to high-touch financial advice, depending on their specific needs over their financial life. 7. Group financial statements continued At the acquisition date the consideration, net assets acquired and resulting goodwill were as follows: 27 May 2022 \u00a3m Cash consideration1,2 1,485 Fair value of net assets acquired Intangible assets Customer relationships 421 Brand 16 Technology and other intangibles 32 Property, plant and equipment 8 Deferred tax assets 5 Receivables and other financial assets3 411 Other assets 7 Cash and cash equivalents 107 Total assets 1,007 Other financial liabilities (400) Provisions (1) Deferred tax liabilities (114) Total liabilities (515) Goodwill 993 1. Cash consideration includes \u00a361m paid by abrdn to redeem discount notes issued by Antler as part of the acquisition transaction. Not included in the cash consideration is \u00a311m of payments made by abrdn to fund the settlement of ii transaction liabilities. These liabilities are included within other financial liabilities of ii at the acquisition date. 2. Cash consideration includes \u00a310m paid to Richard Wilson the CEO of ii which is subject to a Reinvestment Agreement. Under the Reinvestment Agreement Mr Wilson was required to invest at least \u00a35m in abrdn shares and at least a further \u00a33m in abrdn shares or funds managed by the abrdn group. The Reinvestment Agreement contains restrictions on the sale of abrdn shares and fund units acquired which fall away in three equal tranches over a three-year period following completion. 3. The estimated contractual cash flow not expected to be collected is not material and therefore the gross contractual amounts receivable is materially in line with the fair value. The cash outflow shown in the consolidated statement of cash flows of \u00a31,378m comprises cash consideration of \u00a31,485m less cash and cash equivalents acquired of \u00a3107m. Intangible assets acquired in the business combination consist of customer relationships, brand and technology and other intangibles. Refer Note 13 for details of the key assumptions used in measuring the fair value of these intangibles at the acquisition date. The goodwill arising on acquisition of ii is mainly attributable to expected future cash flows from new customers, the quality and experience of the ii executive team and employees, and revenue synergies in our Investments and Personal segments. The goodwill is not expected to be deductible for tax purposes. The goodwill has been primarily allocated to the ii cash- generating unit in the Personal segment (\u00a3819m), with \u00a3132m and \u00a342m allocated to the asset management group of cash-generating units in the Investments segment and a cash-generating unit in the Personal segment respectively for the revenue synergies noted above. The revenue from contracts with customers and post tax profit contributed to the Group\u2019s consolidated income statement for the year ended 31 December 2022 from the acquired ii business were \u00a3117m and \u00a341m respectively. The profit contributed excludes amortisation of intangible assets acquired through business combinations. If the acquisition had occurred on 1 January 2022, the Group\u2019s total revenue from contracts with customers for the period would have increased by \u00a365m to \u00a31,603m and the loss would have increased by \u00a34m to \u00a3553m. This increase in the loss includes increased amortisation of intangible assets acquired through business combinations (net of deferred tax) of \u00a324m. As part of the transaction, abrdn plc has also agreed the following retention incentive schemes which are not recognised as part of the business combination: \u2013 A retention scheme for senior ii executives. These are awards over abrdn plc shares with a vesting period of up to 3 years and are subject to pre-determined performance metrics. The value of abrdn plc shares subject to these awards was c\u00a325m at date of grant. The awards are accounted for as post completion share based payments and spread over the relevant vesting periods and will be recognised in Restructuring and corporate transaction expenses in the consolidated income statement. \u2013 Cash and share incentive retention awards to the wider ii workforce with vesting periods of up to c3 years. These awards are funded by the proceeds received by the ii employee benefit trust as part of the transaction. These are accounted for as post completion share based payments and remuneration and are spread over the relevant vesting periods and will be recognised in Restructuring and corporate transaction expenses in the consolidated income statement. Corporate transaction deal costs amounted to \u00a327m of which \u00a313m and \u00a314m were included within Restructuring and corporate transaction expenses in the year ended 31 December 2022 and 31 December 2021 respectively. On 1 September 2022, Antler made a dividend in specie to abrdn plc of its investment in Interactive Investor Limited which is now a direct subsidiary of abrdn plc. Refer Note A of the Company financial statements for further details. (b)(ii) Prior year acquisitions of subsidiaries On 1 April 2021, abrdn Holdings Limited (formerly named Aberdeen Asset Management PLC )(aHL) purchased 60% of the membership interests in Tritax, a specialist logistics real estate fund manager (the acquisition of Tritax). The initial cash consideration payable at the completion of the acquisition was \u00a364m. Subject to the satisfaction of certain conditions, an additional contingent deferred earn-out is expected to be payable to acquire the remaining 40% of membership interests in Tritax should the selling Tritax partners choose to exercise three put options in each of years ended 31 March 2024, 2025 and 2026. The amount payable is linked to the EBITDA of the Tritax business in the relevant period. The Group will also have the right to purchase any outstanding membership interests at the end of the five-year period through exercising a call option. Based on the transaction terms, Tritax has been fully consolidated from 1 April 2021 and no non-controlling interest is recognised in the Group\u2019s total equity in relation to the 40% of the membership interests in Tritax subject to the put and call options. A contingent consideration financial liability is recognised at fair value in relation to the earn-out payments (under the put and call options) and the expected non-discretionary allocation of profit payments to the holders of the 40% membership interests up to the date of the exercise of the options. Refer Note 37(a)(iv) for further details on the contingent consideration liability. In addition, on 29 October 2021, aHL purchased 100% of the issued share capital of the investing insights platform Finimize. The cash outflow at the completion of the acquisition was \u00a387m, which comprised consideration of \u00a375m and payments made to settle debt and other liabilities on behalf of Finimize as part of the transaction of \u00a312m. Finimize empowers retail investors by equipping them with information to make their own informed investment decisions, without any jargon, in less than fifteen minutes a day. Refer Note 13 for details of the goodwill impairment in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-664": { "value": "(b)(ii) Prior year acquisitions of subsidiaries On 1 April 2021, abrdn Holdings Limited (formerly named Aberdeen Asset Management PLC )(aHL) purchased 60% of the membership interests in Tritax, a specialist logistics real estate fund manager (the acquisition of Tritax). The initial cash consideration payable at the completion of the acquisition was \u00a364m. Subject to the satisfaction of certain conditions, an additional contingent deferred earn-out is expected to be payable to acquire the remaining 40% of membership interests in Tritax should the selling Tritax partners choose to exercise three put options in each of years ended 31 March 2024, 2025 and 2026. The amount payable is linked to the EBITDA of the Tritax business in the relevant period. The Group will also have the right to purchase any outstanding membership interests at the end of the five-year period through exercising a call option. Based on the transaction terms, Tritax has been fully consolidated from 1 April 2021 and no non-controlling interest is recognised in the Group\u2019s total equity in relation to the 40% of the membership interests in Tritax subject to the put and call options. A contingent consideration financial liability is recognised at fair value in relation to the earn-out payments (under the put and call options) and the expected non-discretionary allocation of profit payments to the holders of the 40% membership interests up to the date of the exercise of the options. Refer Note 37(a)(iv) for further details on the contingent consideration liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-562": { "value": "2. Segmental analysis The Group\u2019s reportable segments have been identified in accordance with the way in which the Group is structured and managed. IFRS 8 Operating Segments requires that the information presented in the financial statements is based on information provided to the \u2018Chief Operating Decision Maker\u2019 which for the Group is the executive leadership team. (a) Basis of segmentation (a)(i) Current reportable segments Investments Our global asset management business which provides investment solutions for Institutional, Wholesale and Insurance clients. The Investment segment includes the Tritax and Finimize businesses following their acquisitions during the year ended 31 December 2021. Adviser Our market-leading UK financial adviser business which provides platform services to wealth managers and advisers. Personal Our Personal business comprises Personal Wealth (which combines our financial planning business abrdn Financial Planning, our digital direct-to-consumer services and discretionary fund management services provided by abrdn Capital) and Interactive Investor following the completion of the acquisition on 27 May 2022. Refer Note 1(b)(i) for further details. In addition to the Group reportable segments above, the analysis of adjusted profit in Section b(i) below also reports the following: Corporate/strategic Corporate/strategic mainly comprises certain corporate costs. The comparative period also includes a business held for sale (Parmenion, the sale of which completed on 30 June 2021). The segments are reported to the level of adjusted operating profit. (b) Reportable segments \u2013 adjusted profit and revenue information (b)(i) Analysis of adjusted profit Adjusted operating profit is presented by reportable segment in the table below. Investments Adviser Personal Corporate/ strategic Total 31 December 2022 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Net operating revenue1 1,070 185 201 \u2013 1,456 Adjusted operating expenses (956) (99) (129) (9) (1,193) Adjusted operating profit 114 86 72 (9) 263 Adjusted net financing costs and investment return (10) Adjusted profit before tax 253 Tax on adjusted profit (22) Adjusted profit after tax 231 Adjusted for the following items Restructuring and corporate transaction expenses 8 (214) Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts 5 (494) Profit on disposal of interests in associates 1 6 Change in fair value of significant listed investments 4 (187) Dividends from significant listed investments 4 68 Share of profit or loss from associates and joint ventures 2 14 2 Impairment of interests in associates 14 (9) Other 11 (40) Total adjusting items including results of associates and joint ventures (868) Tax on adjusting items 88 Profit attributable to other equity holders (11) Profit attributable to non-controlling interests \u2013 ordinary shares (1) Loss for the year attributable to equity shareholders of abrdn plc (561) Profit attributable to other equity holders 11 Profit attributable to non-controlling interests \u2013 ordinary shares 1 Loss for the year (549) 1. The Group\u2019s measure of segmental revenue has been renamed from fee based revenue to net operating revenue. 2. Share of associates\u2019 and joint ventures\u2019 profit or loss primarily comprises the Group\u2019s share of results of HASL, Virgin Money Unit Trust Managers (Virgin Money UTM) and Tenet. Net operating revenue is reported as the measure of revenue in the analysis of adjusted operating profit and relates to revenues generated from external customers. In the year ended 31 December 2022, transactions with one external customer amounted to more than 10% of net operating revenue (2021: one). This net operating revenue of \u00a3180m (2021: \u00a3195m) is included in the Investments segment. Adjusted operating expenses includes depreciation and amortisation of \u00a341m (2021: \u00a347m); \u00a336m (2021: \u00a337m) for the Investments segment; \u00a32m (2021: \u00a34m) for the Adviser segment; \u00a33m (2021: \u00a34m) for the Personal segment; and \u00a3nil (2021: \u00a32m) for Corporate/strategic. Interest income, interest expense and income tax expense are not analysed by segment in the information provided to the executive leadership team. Assets and liabilities by segment is not required to be presented as such information is not presented on a regular basis to the executive leadership team. Investments Adviser Personal Corporate/ strategic Total 31 December 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Net operating revenue1 1,231 178 92 14 1,515 Adjusted operating expenses (978) (104) (84) (26) (1,192) Adjusted operating profit 253 74 8 (12) 323 Adjusted net financing costs and investment return \u2013 A djusted profit before tax 323 Tax on adjusted profit (26) Adjusted profit after tax 297 Adjusted for the following items Restructuring and corporate transaction expenses 8 (259) Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts 5 (99) Profit on disposal of subsidiaries and other operations 1 127 Profit on disposal of interests in associates 1 1,236 Change in fair value of significant listed investments 4 (298) Dividends from significant listed investments 4 71 Share of profit or loss from associates and joint ventures 2 14 (22) Other 11 36 Total adjusting items including results of associates and joint ventures 792 Tax on adjusting items (94) Profit attributable to non-controlling interests - ordinary shares (1) Profit for the year attributable to equity shareholders of abrdn plc 994 Profit attributable to non-controlling interests - ordinary shares 1 Profit for the year 995 1. The Group\u2019s measure of segmental revenue has been renamed from fee based revenue to net operating revenue. This measure of segmental revenue excludes \u00a328m of net operating revenue as presented in the IFRS consolidated income statement for the year ended 31 December 2021 which was classified as adjusting items. The adjusting items primarily relate to the net release of deferred income of \u00a325m. Refer Note 32. 2. Share of associates\u2019 and joint ventures\u2019 profit or loss comprises the Group\u2019s share of results of HASL, Virgin Money UTM, Phoenix (until 22 February 2021) and HDFC Asset Management (until 29 September 2021). (b)(ii) Reconciliation to the IFRS consolidated income statement Net operating revenue The reconciliation of net operating revenue, as presented in the analysis of Group adjusted profit by segment to revenue from contracts with customers, as presented in the IFRS consolidated income statement, is included in Note 3. Adjusted operating expenses The following table provides a reconciliation of adjusted operating expenses, as presented in the analysis of Group adjusted profit by segment, to total administrative and other expenses, as presented in the IFRS consolidated income statement. 2022 2021 \u00a3m \u00a3m Total administrative and other expenses as presented in the IFRS consolidated income statement (1,919) (1,556) Restructuring and corporate transaction expenses included in adjusting items 214 259 Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts included in adjusting items 494 99 Administrative and other expenses relating to the unit linked business 1 3 Other differences 17 3 Adjusted operating expenses as presented in the analysis of Group adjusted profit by segment (1,193) (1,192) Other differences relate to items presented in adjusted net financing costs and investment return for segment reporting (see commentary under table below) and other items classified as adjusting items (refer Note 11). Adjusted net financing costs and investment return The following table provides a reconciliation of adjusted net financing costs and investment return, as presented in the analysis of Group adjusted profit by segment, to Net gains or losses on financial instruments and other income, as presented in the IFRS consolidated income statement. 2022 2021 \u00a3m \u00a3m Net gains or losses on financial instruments and other income as presented in the IFRS consolidated income statement (122) (183) Finance costs separately disclosed in the IFRS consolidated income statement (29) (30) Change in fair value of significant listed investments included in adjusting items 187 298 Dividends from significant listed investments included in adjusting items (68) (71) Net gains or losses on financial instruments and other income relating to the unit linked business (5) (7) Other differences 27 (7) Adjusted net financing costs and investment return as presented in the analysis of Group adjusted profit by segment (10) \u2013 Other differences primarily relate to amounts presented in a different line item of the IFRS consolidated income statement and other items classified as adjusting items. This includes the net interest credit relating to the staff pension schemes of \u00a329m (2021: \u00a317m) which is presented in total administrative and other expenses in the IFRS consolidated income statement and in adjusted net financing costs and investment return in the analysis of Group adjusted profit by segment. (c) Total net operating revenue by geographical location Total net operating revenue1 split by geographical location is as follows: 2022 2021 \u00a3m \u00a3m UK 1,041 1,015 Europe, Middle East and Africa 114 132 Asia Pacific 164 209 Americas 137 159 Total 1,456 1,515 1. Net operating revenue is allocated based on legal entity revenue recognition. (d) Non-current non-financial assets by geographical location 2022 2021 \u00a3m \u00a3m UK 1,745 808 Europe, Middle East and Africa 10 9 Asia Pacific 8 13 Americas 57 61 Total 1,820 891 Non-current non-financial assets for this purpose consist of property, plant and equipment and intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-611": { "value": "The Group\u2019s reportable segments have been identified in accordance with the way in which the Group is structured and managed. IFRS 8 Operating Segments requires that the information presented in the financial statements is based on information provided to the \u2018Chief Operating Decision Maker\u2019 which for the Group is the executive leadership team. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-612": { "value": "(c) Total net operating revenue by geographical location Total net operating revenue1 split by geographical location is as follows: 2022 2021 \u00a3m \u00a3m UK 1,041 1,015 Europe, Middle East and Africa 114 132 Asia Pacific 164 209 Americas 137 159 Total 1,456 1,515 1. Net operating revenue is allocated based on legal entity revenue recognition. (d) Non-current non-financial assets by geographical location 2022 2021 \u00a3m \u00a3m UK 1,745 808 Europe, Middle East and Africa 10 9 Asia Pacific 8 13 Americas 57 61 Total 1,820 891 Non-current non-financial assets for this purpose consist of property, plant and equipment and intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-563": { "value": "3. Net operating revenue Net operating revenue represents revenue from contracts with customers after deduction of cost of sales. Revenue from contracts with customers is recognised as services are provided i.e. as the performance obligation is satisfied. Performance fees and carried interest are only recognised once it is highly probable that a significant reversal will not occur in future periods. Where revenue is received in advance (front-end fees), this income is deferred and recognised as a deferred income liability until the services have been provided (refer Note 32). Commission and other fee expenses which relate directly to revenue are presented as cost of sales. These expenses include ongoing commission expenses payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products which are generally based on an agreed percentage of AUM and are recognised in the income statement as the service is received. Other cost of sales also includes amounts payable to employees and others relatin g to carried interest and performance fee revenue. (a) Revenue from contracts with customers The following table provides a breakdown of total revenue from contracts with customers. 2022 2021 \u00a3m \u00a3m Investments Management fee income \u2013 Institutional and Wholesale 1 901 1,043 Management fee income \u2013 Insurance 1 167 200 Performance fees and carried interest 41 99 Other revenue from contracts with customers 38 54 Revenue from contracts with customers for the Investments segment 1,147 1,396 Adviser Platform charges 176 179 Treasury income 11 1 Revenue from contracts with customers for the Adviser segment 187 180 Personal Fee income \u2013 Advice and Discretionary 87 92 Account fees 32 \u2013 Trading transactions 27 \u2013 Treasury income 58 \u2013 Revenue from contracts with customers for the Personal segment 204 92 Corporate/strategic \u2013 Parmenion fund platform fee income \u2013 17 Total revenue from contracts with customers 1,538 1,685 1. In addition to revenues earned as a percentage of AUM, management fee income includes certain other revenues such as registration fees. Investments Through a number of its subsidiaries, the Group provides asset management services to its customers. This performance obligation is performed over time with the revenue recognised as the obligation is performed. The Group generally receives asset management fees based on the percentage of the assets under management. The percentage varies depending on the level and nature of assets under management. Asset management fees are either deducted from assets or invoiced. Deducted fees are generally calculated, recognised and collected on a daily basis. Other asset management fees are invoiced to the customer either monthly or quarterly with receivables recognised for unpaid invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of invoice. Accrued income is recognised to account for income earned but not yet invoiced which is not dependent on any future performance. There is also some use of performance fees and carried interest arrangements. Performance fees and carried interest are earned from some investment mandates when contractually agreed performance levels are exceeded within specified performance measurement periods. Performance fees and carried interest are only recognised once it is highly probable that a significant reversal will not occur in future periods. Given the unpredictability of future performance, the risk of a significant reversal occurring will typically only be considered low enough to make recognition appropriate upon the crystallisation event occurring. Adviser Through a number of its subsidiaries, the Group offers customers access to fund platforms. The platforms give customers the ongoing functionality to manage and administer their investments. This performance obligation is performed over time with the revenue recognised as the obligation is performed. Customers pay a platform charge which is generally calculated as a percentage of their assets. The percentage varies depending on the level of assets on the specific platform. The main platform charges are calculated either daily or monthly and are collected and recognised monthly. The charges are collected directly from assets on the platform. There are no significant payment terms. In addition, Adviser receives treasury income for providing management and administration of cash held in platform cash accounts. The performance obligation for cash management and administration is performed over time with the revenue recognised as the obligation is performed. The customer receives interest on their cash balances after deduction of a cash management administration charge which is generally calculated as a percentage of their cash held in relevant accounts. The percentage varies depending on the interest received from the banks used to provide the cash accounts. There are no significant payment terms. Personal Through a number of its subsidiaries, the Group also offers financial planning and discretionary fund management services. Financial planning is either provided on a one-off basis or on an ongoing basis. The performance obligation for one-off advice is performed at a point in time with the revenue recognised when the advice is provided. The performance obligation for ongoing financial planning is performed over time with the revenue recognised as the obligation is performed. The Group generally receives ongoing financial planning fees based on the percentage of the assets under advice. One-off financial planning fees are invoiced to the customer following delivery of the advice. Ongoing financial planning fees are invoiced to the customer or a designated financial provider either monthly or quarterly. Receivables are recognised for unpaid invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of invoice. Accrued income is recognised to account for income earned but not yet invoiced which is not dependent on any future performance. The performance obligation for discretionary fund management services is also performed over time with the revenue recognised as the obligation is performed. The Group generally receives discretionary fund management services fees based on the percentage of the assets under management. The percentage varies depending on the level and nature of assets under management. Discretionary fund management services fees are deducted from assets. Deducted fees are generally calculated, recognised and collected on a daily basis. Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a subscription-based trading and direct investing platform. The services that ii offers are provided on both a point in time and an over time basis. Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are invoiced monthly and are payable immediately from the customer\u2019s account, with receivables recognised if there are insufficient funds available. The account fees cover the performance obligation to provide the customer with access to the platform and custody services. For certain subscription levels, the account fee also entitles the customer to receive trading credits which can be redeemed against future trades. For these subscription levels, the account fees also cover ii\u2019s performance obligation to perform these future trades. In accordance with IFRS 15, the account fees are allocated to the two performance obligations. Access to the platform and custody services is provided over time and the account fees revenue allocated to this performance obligation is recognised over the calendar month as the customer receives the benefit of these services. Trading credits need to be used by the customer within 31 days of the credit arising, therefore the revenue is recognised over the calendar month as a reasonable approximation of when the performance obligation is satisfied at a point in time within the month. In addition, ii performs additional trades and foreign exchange transactions for its customers. These are performed at a point in time with the revenue recognised at the trade date of the transaction. Trading fees for transactions not covered by trading credits are generally charged on a flat fee basis with larger international share trades charged based on a percentage of the trade value. These are added to the cost of purchasing shares or deducted from the proceeds from the sale of shares with receivables recognised for unsettled trades. For foreign exchange trades, ii receives a margin (varying depending on the size of the transaction) via a third party in the month following the transaction, with receivables recognised prior to the payment. In addition, ii is entitled to receive treasury income in relation to its performance obligations to the customer. Treasury income is the interest earned on cash balances less the interest paid to customers based on the client money balances held with third party banks and by reference to the applicable interest rates. Treasury income is recognised on an over time basis with accrued income recognised for unpaid interest. (b) Cost of sales The following table provides a breakdown of total cost of sales. 2022 2021 \u00a3m \u00a3m Cost of sales Commission expenses 66 87 Other cost of sales 16 55 Total cost of sales 82 142 Other cost of sales includes amounts payable to employees and others relating to carried interest and performance fee revenue. Cost of sales for each of the Group\u2019s reportable segments is disclosed in Section (c) below. (c) Reconciliation of revenue from contracts with customers to net operating revenue as presented in the analysis of adjusted operating profit The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated income statement to net operating revenue as presented in the analysis of adjusted operating profit (see Note 2(b) for each of the Group\u2019s reportable segments). Investments Adviser Personal Corporate/strategic Total 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Revenue from contracts with customers 1,147 187 204 \u2013 1,538 Cost of sales (77) (2) (3) \u2013 (82) Net operating revenue 1,070 185 201 \u2013 1,456 Investments Adviser Personal Corporate/strategic Total 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Revenue from contracts with customers 1,396 180 92 17 1,685 Cost of sales (137) (2) \u2013 (3) (142) Net operating revenue as presented in the IFRS consolidated income statement 1,259 178 92 14 1,543 Other differences (28) \u2013 \u2013 \u2013 (28) Net operating revenue as presented in the analysis of Group adjusted profit by segment 1,231 178 92 14 1,515 There are no differences between net operating revenue as presented in the IFRS consolidated income statement and the analysis of Group adjusted profit by segment for the year ended 31 December 2022. Other differences for the year ended 31 December 2021 primarily related to the net release of deferred income of \u00a325m which was classified as an adjusting item (refer Note 32). (d) Contract receivables, assets and liabilities The Group has recognised the following receivables, assets and liabilities in relation to contracts with customers. 31 December 2022 31 December 2021 1 January 2021 Notes \u00a3m \u00a3m \u00a3m Amounts receivable from contracts with customers 19 161 135 115 Accrued income from contracts with customers 19 273 260 221 Cost of obtaining customer contracts 13 27 37 49 Deferred acquisition costs 20 1 3 4 Total contract receivables and assets 462 435 389 31 December 2022 31 December 2021 1 January 2021 Notes \u00a3m \u00a3m \u00a3m Deferred Income 32 3 5 73 Total contract liabilities 3 5 73 The increase in amounts receivable from contracts with customers and accrued income from contracts with customers is primarily due to the inclusion of balances relating to ii which was acquired during the year ended 31 December 2022. Refer Note 1(b)(i) for further details. Refer Note 32 for details of the release of \u00a357m of deferred income in the year ended 31 December 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-613": { "value": "Net operating revenue represents revenue from contracts with customers after deduction of cost of sales. Revenue from contracts with customers is recognised as services are provided i.e. as the performance obligation is satisfied. Performance fees and carried interest are only recognised once it is highly probable that a significant reversal will not occur in future periods. Where revenue is received in advance (front-end fees), this income is deferred and recognised as a deferred income liability until the services have been provided (refer Note 32). Commission and other fee expenses which relate directly to revenue are presented as cost of sales. These expenses include ongoing commission expenses payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products which are generally based on an agreed percentage of AUM and are recognised in the income statement as the service is received. Other cost of sales also includes amounts payable to employees and others relatin g to carried interest and performance fee revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-665": { "value": "(a) Revenue from contracts with customers The following table provides a breakdown of total revenue from contracts with customers. 2022 2021 \u00a3m \u00a3m Investments Management fee income \u2013 Institutional and Wholesale 1 901 1,043 Management fee income \u2013 Insurance 1 167 200 Performance fees and carried interest 41 99 Other revenue from contracts with customers 38 54 Revenue from contracts with customers for the Investments segment 1,147 1,396 Adviser Platform charges 176 179 Treasury income 11 1 Revenue from contracts with customers for the Adviser segment 187 180 Personal Fee income \u2013 Advice and Discretionary 87 92 Account fees 32 \u2013 Trading transactions 27 \u2013 Treasury income 58 \u2013 Revenue from contracts with customers for the Personal segment 204 92 Corporate/strategic \u2013 Parmenion fund platform fee income \u2013 17 Total revenue from contracts with customers 1,538 1,685 1. In addition to revenues earned as a percentage of AUM, management fee income includes certain other revenues such as registration fees. Investments Through a number of its subsidiaries, the Group provides asset management services to its customers. This performance obligation is performed over time with the revenue recognised as the obligation is performed. The Group generally receives asset management fees based on the percentage of the assets under management. The percentage varies depending on the level and nature of assets under management. Asset management fees are either deducted from assets or invoiced. Deducted fees are generally calculated, recognised and collected on a daily basis. Other asset management fees are invoiced to the customer either monthly or quarterly with receivables recognised for unpaid invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of invoice. Accrued income is recognised to account for income earned but not yet invoiced which is not dependent on any future performance. There is also some use of performance fees and carried interest arrangements. Performance fees and carried interest are earned from some investment mandates when contractually agreed performance levels are exceeded within specified performance measurement periods. Performance fees and carried interest are only recognised once it is highly probable that a significant reversal will not occur in future periods. Given the unpredictability of future performance, the risk of a significant reversal occurring will typically only be considered low enough to make recognition appropriate upon the crystallisation event occurring. Adviser Through a number of its subsidiaries, the Group offers customers access to fund platforms. The platforms give customers the ongoing functionality to manage and administer their investments. This performance obligation is performed over time with the revenue recognised as the obligation is performed. Customers pay a platform charge which is generally calculated as a percentage of their assets. The percentage varies depending on the level of assets on the specific platform. The main platform charges are calculated either daily or monthly and are collected and recognised monthly. The charges are collected directly from assets on the platform. There are no significant payment terms. In addition, Adviser receives treasury income for providing management and administration of cash held in platform cash accounts. The performance obligation for cash management and administration is performed over time with the revenue recognised as the obligation is performed. The customer receives interest on their cash balances after deduction of a cash management administration charge which is generally calculated as a percentage of their cash held in relevant accounts. The percentage varies depending on the interest received from the banks used to provide the cash accounts. There are no significant payment terms. Personal Through a number of its subsidiaries, the Group also offers financial planning and discretionary fund management services. Financial planning is either provided on a one-off basis or on an ongoing basis. The performance obligation for one-off advice is performed at a point in time with the revenue recognised when the advice is provided. The performance obligation for ongoing financial planning is performed over time with the revenue recognised as the obligation is performed. The Group generally receives ongoing financial planning fees based on the percentage of the assets under advice. One-off financial planning fees are invoiced to the customer following delivery of the advice. Ongoing financial planning fees are invoiced to the customer or a designated financial provider either monthly or quarterly. Receivables are recognised for unpaid invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of invoice. Accrued income is recognised to account for income earned but not yet invoiced which is not dependent on any future performance. The performance obligation for discretionary fund management services is also performed over time with the revenue recognised as the obligation is performed. The Group generally receives discretionary fund management services fees based on the percentage of the assets under management. The percentage varies depending on the level and nature of assets under management. Discretionary fund management services fees are deducted from assets. Deducted fees are generally calculated, recognised and collected on a daily basis. Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a subscription-based trading and direct investing platform. The services that ii offers are provided on both a point in time and an over time basis. Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are invoiced monthly and are payable immediately from the customer\u2019s account, with receivables recognised if there are insufficient funds available. The account fees cover the performance obligation to provide the customer with access to the platform and custody services. For certain subscription levels, the account fee also entitles the customer to receive trading credits which can be redeemed against future trades. For these subscription levels, the account fees also cover ii\u2019s performance obligation to perform these future trades. In accordance with IFRS 15, the account fees are allocated to the two performance obligations. Access to the platform and custody services is provided over time and the account fees revenue allocated to this performance obligation is recognised over the calendar month as the customer receives the benefit of these services. Trading credits need to be used by the customer within 31 days of the credit arising, therefore the revenue is recognised over the calendar month as a reasonable approximation of when the performance obligation is satisfied at a point in time within the month. In addition, ii performs additional trades and foreign exchange transactions for its customers. These are performed at a point in time with the revenue recognised at the trade date of the transaction. Trading fees for transactions not covered by trading credits are generally charged on a flat fee basis with larger international share trades charged based on a percentage of the trade value. These are added to the cost of purchasing shares or deducted from the proceeds from the sale of shares with receivables recognised for unsettled trades. For foreign exchange trades, ii receives a margin (varying depending on the size of the transaction) via a third party in the month following the transaction, with receivables recognised prior to the payment. In addition, ii is entitled to receive treasury income in relation to its performance obligations to the customer. Treasury income is the interest earned on cash balances less the interest paid to customers based on the client money balances held with third party banks and by reference to the applicable interest rates. Treasury income is recognised on an over time basis with accrued income recognised for unpaid interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-614": { "value": "(a) Revenue from contracts with customers The following table provides a breakdown of total revenue from contracts with customers. 2022 2021 \u00a3m \u00a3m Investments Management fee income \u2013 Institutional and Wholesale 1 901 1,043 Management fee income \u2013 Insurance 1 167 200 Performance fees and carried interest 41 99 Other revenue from contracts with customers 38 54 Revenue from contracts with customers for the Investments segment 1,147 1,396 Adviser Platform charges 176 179 Treasury income 11 1 Revenue from contracts with customers for the Adviser segment 187 180 Personal Fee income \u2013 Advice and Discretionary 87 92 Account fees 32 \u2013 Trading transactions 27 \u2013 Treasury income 58 \u2013 Revenue from contracts with customers for the Personal segment 204 92 Corporate/strategic \u2013 Parmenion fund platform fee income \u2013 17 Total revenue from contracts with customers 1,538 1,685 1. In addition to revenues earned as a percentage of AUM, management fee income includes certain other revenues such as registration fees. Investments Through a number of its subsidiaries, the Group provides asset management services to its customers. This performance obligation is performed over time with the revenue recognised as the obligation is performed. The Group generally receives asset management fees based on the percentage of the assets under management. The percentage varies depending on the level and nature of assets under management. Asset management fees are either deducted from assets or invoiced. Deducted fees are generally calculated, recognised and collected on a daily basis. Other asset management fees are invoiced to the customer either monthly or quarterly with receivables recognised for unpaid invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of invoice. Accrued income is recognised to account for income earned but not yet invoiced which is not dependent on any future performance. There is also some use of performance fees and carried interest arrangements. Performance fees and carried interest are earned from some investment mandates when contractually agreed performance levels are exceeded within specified performance measurement periods. Performance fees and carried interest are only recognised once it is highly probable that a significant reversal will not occur in future periods. Given the unpredictability of future performance, the risk of a significant reversal occurring will typically only be considered low enough to make recognition appropriate upon the crystallisation event occurring. Adviser Through a number of its subsidiaries, the Group offers customers access to fund platforms. The platforms give customers the ongoing functionality to manage and administer their investments. This performance obligation is performed over time with the revenue recognised as the obligation is performed. Customers pay a platform charge which is generally calculated as a percentage of their assets. The percentage varies depending on the level of assets on the specific platform. The main platform charges are calculated either daily or monthly and are collected and recognised monthly. The charges are collected directly from assets on the platform. There are no significant payment terms. In addition, Adviser receives treasury income for providing management and administration of cash held in platform cash accounts. The performance obligation for cash management and administration is performed over time with the revenue recognised as the obligation is performed. The customer receives interest on their cash balances after deduction of a cash management administration charge which is generally calculated as a percentage of their cash held in relevant accounts. The percentage varies depending on the interest received from the banks used to provide the cash accounts. There are no significant payment terms. Personal Through a number of its subsidiaries, the Group also offers financial planning and discretionary fund management services. Financial planning is either provided on a one-off basis or on an ongoing basis. The performance obligation for one-off advice is performed at a point in time with the revenue recognised when the advice is provided. The performance obligation for ongoing financial planning is performed over time with the revenue recognised as the obligation is performed. The Group generally receives ongoing financial planning fees based on the percentage of the assets under advice. One-off financial planning fees are invoiced to the customer following delivery of the advice. Ongoing financial planning fees are invoiced to the customer or a designated financial provider either monthly or quarterly. Receivables are recognised for unpaid invoices. The payment terms for invoiced revenue vary but are typically 30 days from receipt of invoice. Accrued income is recognised to account for income earned but not yet invoiced which is not dependent on any future performance. The performance obligation for discretionary fund management services is also performed over time with the revenue recognised as the obligation is performed. The Group generally receives discretionary fund management services fees based on the percentage of the assets under management. The percentage varies depending on the level and nature of assets under management. Discretionary fund management services fees are deducted from assets. Deducted fees are generally calculated, recognised and collected on a daily basis. Through its subsidiary Interactive Investor Services Limited (ii), the Group offers a subscription-based trading and direct investing platform. The services that ii offers are provided on both a point in time and an over time basis. Customers pay monthly account fees as part of ii\u2019s subscription model. Account fees are invoiced monthly and are payable immediately from the customer\u2019s account, with receivables recognised if there are insufficient funds available. The account fees cover the performance obligation to provide the customer with access to the platform and custody services. For certain subscription levels, the account fee also entitles the customer to receive trading credits which can be redeemed against future trades. For these subscription levels, the account fees also cover ii\u2019s performance obligation to perform these future trades. In accordance with IFRS 15, the account fees are allocated to the two performance obligations. Access to the platform and custody services is provided over time and the account fees revenue allocated to this performance obligation is recognised over the calendar month as the customer receives the benefit of these services. Trading credits need to be used by the customer within 31 days of the credit arising, therefore the revenue is recognised over the calendar month as a reasonable approximation of when the performance obligation is satisfied at a point in time within the month. In addition, ii performs additional trades and foreign exchange transactions for its customers. These are performed at a point in time with the revenue recognised at the trade date of the transaction. Trading fees for transactions not covered by trading credits are generally charged on a flat fee basis with larger international share trades charged based on a percentage of the trade value. These are added to the cost of purchasing shares or deducted from the proceeds from the sale of shares with receivables recognised for unsettled trades. For foreign exchange trades, ii receives a margin (varying depending on the size of the transaction) via a third party in the month following the transaction, with receivables recognised prior to the payment. In addition, ii is entitled to receive treasury income in relation to its performance obligations to the customer. Treasury income is the interest earned on cash balances less the interest paid to customers based on the client money balances held with third party banks and by reference to the applicable interest rates. Treasury income is recognised on an over time basis with accrued income recognised for unpaid interest. (c) Reconciliation of revenue from contracts with customers to net operating revenue as presented in the analysis of adjusted operating profit The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated income statement to net operating revenue as presented in the analysis of adjusted operating profit (see Note 2(b) for each of the Group\u2019s reportable segments). Investments Adviser Personal Corporate/strategic Total 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Revenue from contracts with customers 1,147 187 204 \u2013 1,538 Cost of sales (77) (2) (3) \u2013 (82) Net operating revenue 1,070 185 201 \u2013 1,456 Investments Adviser Personal Corporate/strategic Total 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Revenue from contracts with customers 1,396 180 92 17 1,685 Cost of sales (137) (2) \u2013 (3) (142) Net operating revenue as presented in the IFRS consolidated income statement 1,259 178 92 14 1,543 Other differences (28) \u2013 \u2013 \u2013 (28) Net operating revenue as presented in the analysis of Group adjusted profit by segment 1,231 178 92 14 1,515 There are no differences between net operating revenue as presented in the IFRS consolidated income statement and the analysis of Group adjusted profit by segment for the year ended 31 December 2022. Other differences for the year ended 31 December 2021 primarily related to the net release of deferred income of \u00a325m which was classified as an adjusting item (refer Note 32). (d) Contract receivables, assets and liabilities The Group has recognised the following receivables, assets and liabilities in relation to contracts with customers. 31 December 2022 31 December 2021 1 January 2021 Notes \u00a3m \u00a3m \u00a3m Amounts receivable from contracts with customers 19 161 135 115 Accrued income from contracts with customers 19 273 260 221 Cost of obtaining customer contracts 13 27 37 49 Deferred acquisition costs 20 1 3 4 Total contract receivables and assets 462 435 389 31 December 2022 31 December 2021 1 January 2021 Notes \u00a3m \u00a3m \u00a3m Deferred Income 32 3 5 73 Total contract liabilities 3 5 73 The increase in amounts receivable from contracts with customers and accrued income from contracts with customers is primarily due to the inclusion of balances relating to ii which was acquired during the year ended 31 December 2022. Refer Note 1(b)(i) for further details. Refer Note 32 for details of the release of \u00a357m of deferred income in the year ended 31 December 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-615": { "value": "(b) Cost of sales The following table provides a breakdown of total cost of sales. 2022 2021 \u00a3m \u00a3m Cost of sales Commission expenses 66 87 Other cost of sales 16 55 Total cost of sales 82 142 Other cost of sales includes amounts payable to employees and others relating to carried interest and performance fee revenue. Cost of sales for each of the Group\u2019s reportable segments is disclosed in Section (c) below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-666": { "value": "(c) Reconciliation of revenue from contracts with customers to net operating revenue as presented in the analysis of adjusted operating profit The following table provides a reconciliation of revenue from contracts with customers as presented in the consolidated income statement to net operating revenue as presented in the analysis of adjusted operating profit (see Note 2(b) for each of the Group\u2019s reportable segments). Investments Adviser Personal Corporate/strategic Total 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Revenue from contracts with customers 1,147 187 204 \u2013 1,538 Cost of sales (77) (2) (3) \u2013 (82) Net operating revenue 1,070 185 201 \u2013 1,456 Investments Adviser Personal Corporate/strategic Total 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Revenue from contracts with customers 1,396 180 92 17 1,685 Cost of sales (137) (2) \u2013 (3) (142) Net operating revenue as presented in the IFRS consolidated income statement 1,259 178 92 14 1,543 Other differences (28) \u2013 \u2013 \u2013 (28) Net operating revenue as presented in the analysis of Group adjusted profit by segment 1,231 178 92 14 1,515 There are no differences between net operating revenue as presented in the IFRS consolidated income statement and the analysis of Group adjusted profit by segment for the year ended 31 December 2022. Other differences for the year ended 31 December 2021 primarily related to the net release of deferred income of \u00a325m which was classified as an adjusting item (refer Note 32). ", "dimensions": { "concept": "ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-564": { "value": "4. Net gains or losses on financial instruments and other income Gains and losses resulting from changes in both market value and foreign exchange on investments classified as fair value through profit or loss are recognised in the consolidated income statement in the period in which they occur. The gains and losses include investment income received such as interest payments and dividend income. Dividend income is recognised when the right to receive payment is established. Interest income on financial instruments measured at amortised cost is separately recognised in the consolidated income statement using the effective interest rate method. The effective interest rate method allocates interest and other finance costs at a constant rate over the expected life of the financial instrument, or where appropriate a shorter period, by using as the interest rate the rate that exactly discounts the future cash receipts over the expected life to the net carrying value of the instrument. Other income includes income related to vacant property and fair value movements in contingent consideration. 2022 2021 Notes \u00a3m \u00a3m Fair value movements and dividend income on significant listed investments Fair value movements on significant listed investments (other than dividend income) (187) (298) Dividend income from significant listed investments 68 71 Total fair value movements and dividend income on significant listed investments (119) (227) Non-unit linked business \u2013 excluding significant listed investments Net gains or losses on financial instruments at fair value through profit or loss (83) 20 Interest and similar income from financial instruments at amortised cost 25 10 Foreign exchange gains or losses on financial instruments at amortised cost 9 (1) Other income 41 8 Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments (8) 37 Unit linked business Net gains or losses on financial instruments at fair value through profit or loss Net gains or losses on financial assets at fair value through profit or loss (130) 174 Change in non-participating investment contract financial liabilities 112 (124) Change in liability for third party interests in consolidated funds 23 (43) Total net gains or losses on financial instruments at fair value through profit or loss 5 7 Net gains or losses on financial instruments and other income \u2013 unit linked business1 23 5 7 Total other net gains or losses on financial instruments and other income (3) 44 Total net gains or losses on financial instruments and other income (122) (183) 1. In addition to the Net gains or losses on financial instruments and other income \u2013 unit linked business of \u00a35m (2021: \u00a37m), there are administrative expenses and policyholder tax of \u00a31m (2021: \u00a33m) and \u00a34m (2021: \u00a34m) respectively relating to unit linked business for the account of policyholders so the result attributable to unit linked business for the year is \u00a3nil (2021: \u00a3nil). Refer Note 23 for further details. Fair value movements on significant listed investments (other than dividend income) of losses of \u00a3187m (2021: losses of \u00a3298m) comprises losses of \u00a338m relating to HDFC Life (2021: losses of \u00a352m), losses of \u00a3105m relating to HDFC Asset Management (2021: losses of \u00a3164m) and losses of \u00a344m relating to Phoenix (2021: losses of \u00a382m). Dividend income from significant listed investments of \u00a368m (2021: \u00a371m) comprises \u00a352m (2021: \u00a369m) relating to Phoenix, \u00a315m (2021: \u00a3nil) relating to HDFC Asset Management and \u00a31m (2021: \u00a32m) relating to HDFC Life. ", "dimensions": { "concept": "abrdnplc:DisclosureOfNetGainsOrLossesOnFinancialInstrumentsAndOtherIncome", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-616": { "value": "Gains and losses resulting from changes in both market value and foreign exchange on investments classified as fair value through profit or loss are recognised in the consolidated income statement in the period in which they occur. The gains and losses include investment income received such as interest payments and dividend income. Dividend income is recognised when the right to receive payment is established. Interest income on financial instruments measured at amortised cost is separately recognised in the consolidated income statement using the effective interest rate method. The effective interest rate method allocates interest and other finance costs at a constant rate over the expected life of the financial instrument, or where appropriate a shorter period, by using as the interest rate the rate that exactly discounts the future cash receipts over the expected life to the net carrying value of the instrument. Other income includes income related to vacant property and fair value movements in contingent consideration. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForNetGainsOrLossesOnFinancialInstrumentsAndOtherIncome", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-565": { "value": "5. Administrative and other expenses 2022 2021 Notes \u00a3m \u00a3m Restructuring and corporate transaction expenses 8 214 259 Impairment of intangibles acquired in business combinations and through the purchase of customer contracts Impairment of intangibles acquired in business combinations 13 368 \u2013 Impairment of intangibles acquired through the purchase of customer contracts 13 1 \u2013 Total impairment of intangibles acquired in business combinations and through the purchase of customer contracts 369 \u2013 Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts Amortisation of intangibles acquired in business combinations 13 115 87 Amortisation of intangibles acquired through the purchase of customer contracts 13 10 12 Total amortisation of intangibles acquired in business combinations and through the purchase of customer contracts 125 99 Staff costs and other employee-related costs 6 549 604 Other administrative expenses1,2 662 594 Total administrative and other expenses 3 1,919 1,556 1. Other administrative expenses includes expense relating to a single process execution event provision, refer Note 34. 2. Other administrative expenses includes interest expense of \u00a32m (2021: \u00a31m). In addition, interest expense of \u00a323m (2021: \u00a324m) was incurred in respect of subordinated liabilities and the related cash flow hedge (refer Note 18) and interest expense of \u00a36m (2021: \u00a36m) in respect of lease liabilities (refer Note 16) which are included in Finance costs in the consolidated income statement. 3. Total administrative and other expenses includes \u00a31m (2021: \u00a33m) relating to unit linked business. Refer Note 23 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-566": { "value": "6. Staff costs and other employee-related costs 2022 2021 Notes \u00a3m \u00a3m The aggregate remuneration payable in respect of employees: Wages and salaries 452 469 Social security costs 50 56 Pension costs Defined benefit plans (29) (17) Defined contribution plans 56 53 Employee share-based payments and deferred fund awards 41 20 43 Total staff costs and other employee-related costs 549 604 In addition, wages and salaries of \u00a325m (2021: \u00a327m), social security costs of \u00a33m (2021: \u00a33m), pension costs \u2013 defined benefit plans of less than \u00a31m (2021: less than \u00a31m), pension costs \u2013 defined contribution plans of \u00a31m (2021: \u00a31m), employee share-based payments and deferred fund awards relating to transformation, leavers and corporate transactions of \u00a36m (2021: \u00a316m) and termination benefits of \u00a353m (2021: \u00a350m) have been included in restructuring and corporate transaction expenses. Refer Note 8. A further \u00a311m (2021: \u00a353m) of expenses are included in other cost of sales in relation to amounts payable to employees and former employees relating to carried interest and performance fee revenue. Refer Note 3. The following table provides an analysis of the average number of staff employed by the Group during the year. The average number of staff for the year ended 31 December 2021 included roles classified as Operations, IT and support functions which from 1 January 2022 have been allocated directly to the reportable segment as a result of changes to reporting lines. 2022 2021 Investments 2,344 1,683 Adviser 658 136 Personal 928 626 Operations, IT and support functions 1,369 3,018 Total employees 5,299 5,463 Information in respect of Directors\u2019 remuneration is provided in the Directors\u2019 remuneration report on pages 103 to 130. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-567": { "value": "7. Auditors\u2019 remuneration The following table shows the auditors\u2019 remuneration during the year. 2022 2021 \u00a3m \u00a3m Fees payable to the Company\u2019s auditors for the audit of the Company\u2019s individual and consolidated financial statements 1.5 1.0 Fees payable to the Company\u2019s auditors for other services The audit of the Company\u2019s consolidated subsidiaries pursuant to legislation 4.7 4.1 Audit related assurance services 2.3 2.0 Total audit and audit related assurance fees 8.5 7.1 Other assurance services 1.0 1.2 Other non-audit fee services 0.3 0.9 Total non-audit fees 1.3 2.1 Total auditors\u2019 remuneration 9.8 9.2 Auditors\u2019 remuneration disclosed above excludes audit and non-audit fees payable to the Group\u2019s principal auditor by Group managed funds which are not controlled by the Group, and therefore not consolidated in the Group\u2019s financial statements. During the year ended 31 December 2022 no audit fees were payable in respect of defined benefit plans to the Group\u2019s principal auditor (2021: \u00a3nil). For more information on non-audit services, refer to the Audit Committee report in Section 3 \u2013 Corporate governance statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-568": { "value": "8. Restructuring and corporate transaction expenses Total restructuring and corporate transaction expenses during the year were \u00a3214m (2021: \u00a3259m). Restructuring expenses of \u00a3169m (2021: \u00a3224m) mainly relate to transformation costs including severance, platform transformation and specific costs to effect savings in Investments. Corporate transaction expenses were \u00a345m (2021: \u00a335m) and include deal costs relating to acquisitions for the year ended 31 December 2022 of \u00a314m (2021: \u00a316m). ", "dimensions": { "concept": "abrdnplc:DisclosureOfRestructuringAndCorporateTransactions", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-617": { "value": "9. Taxation The Group\u2019s tax expense comprises both current tax and deferred tax expense. Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws substantively enacted at the balance sheet date. A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or prior year transaction. Where local tax law allows, deferred tax assets and liabilities are netted off on the statement of financial position. The tax rates used to determine deferred tax are those enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset or liability are realised. Any tax consequences of distributions on other equity instruments are credited to the statement in which the profit distributed originally arose. Deferred tax is recognised on temporary differences arising from investments in subsidiaries and associates unless the timing of the reversal is in our control and it is expected that the temporary difference will not reverse in the foreseeable future. Current tax and deferred tax are recognised in the consolidated income statement except when it relates to items recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity respectively. The Group operates in a large number of territories and during the normal course of business will be subject to audit or enquiry by local tax authorities. At any point in time the Group will also be engaged in commercial transactions the tax outcome of which may be uncertain due to their complexity or uncertain application of tax law. Tax provisions, therefore, are subjective by their nature and require management judgement based on the interpretation of legislation, management experience and professional advice. As such, this may result in the Group recognising provisions for uncertain tax positions. Management will provide for uncertain tax positions where they judge that it is probable there will be a future outflow of economic benefits from the Group to settle the obligation. In assessing uncertain tax positions management considers each issue on its own merits using their judgement as to the estimate of the most likely outcome. When making estimates, management considers all available evidence. This may include forecasts of future profitability, the frequency and severity of any losses, and statutory carry forward and carry back provisions as well as management experience of tax attributes expiring without use. Where the final outcome differs from the amount provided this difference will impact the tax charge in future periods. Management re-assesses provisions at each reportin g date based upon latest available information. (a) Tax charge in the consolidated income statement (a)(i) Current year tax expense 2022 2021 \u00a3m \u00a3m Current tax: UK 5 5 Overseas 45 60 Adjustment to tax expense in respect of prior years (8) 11 Total current tax 42 76 Deferred tax: Deferred tax (credit)/expense arising from the current year (104) 36 Adjustment to deferred tax in respect of prior years (4) 8 Total deferred tax (108) 44 Total tax (credit)/expense 1 (66) 120 1. The tax credit of \u00a366m (2021: tax expense of \u00a3120m) includes a tax expense of \u00a34m (2021: \u00a34m) relating to unit linked business. Refer Note 23 for further details. In 2022 unrecognised tax losses from previous years were used to reduce the current tax expense by \u00a33m (2021: \u00a315m). Current tax recoverable and current tax liabilities at 31 December 2022 were \u00a37m (2021: \u00a32m) and \u00a311m (2021: \u00a327m) respectively. In addition current tax recoverable and current tax liabilities in relation to unit linked business were less than \u00a31m (2021: \u00a31m) and less than \u00a31m (2021: \u00a31m) respectively. Current tax assets and liabilities are expected to be recoverable or payable in less than 12 months at both 31 December 2022 and 31 December 2021. (a)(ii) Reconciliation of tax expense 2022 2021 \u00a3m \u00a3m (Loss)/profit before tax (615) 1,115 Tax at 19% (2021: 19%) (117) 212 Remeasurement of deferred tax due to rate changes (15) (24) Permanent differences 1 1 1 Non-taxable dividends from significant listed investments 1 (13) (14) Non-taxable fair value movements on significant listed investments 21 7 Tax effect of accounting for Share of profit or loss from associates and joint ventures (1) 4 Tax effect of distributions on other equity instruments (2) \u2013 Impairment losses on goodwill 65 \u2013 Impairment of investment in associates and joint ventures 2 \u2013 Differences in overseas tax rates 5 (70) Adjustment to current tax expense in respect of prior years (8) 11 Recognition of previously unrecognised deferred tax credit (3) (15) Deferred tax not recognised 4 2 Adjustment to deferred tax expense in respect of prior years (4) 8 Non-taxable profit or loss on sale of subsidiaries, associates and significant listed investments (5) (5) Other 4 3 Total tax (credit)/expense for the year (66) 120 1. 2021 figures were previously disclosed as a single line \u2013 permanent differences (\u00a313m). The standard UK Corporation Tax rate for the accounting period is 19%. The rate of UK Corporation Tax will increase from 19% to 25% with effect from 1 April 2023. The increased rate for future periods has been taken into account in the calculation of UK deferred tax balances. The accounting for certain items in the consolidated income statement results in certain reconciling items in the table above, the values of which vary from year to year depending upon the underlying accounting values. Details of significant reconciling items are as follows: \u2013 Dividends from significant listed investments not being subject to tax in the UK. \u2013 Losses on fair value movements on HDFC Life and Phoenix not deductible for tax purposes. \u2013 Goodwill impairments that are not deductible for tax purposes. \u2013 Certain profits are taxed at rates which differ from the UK Corporation Tax rate. The difference in overseas tax rates includes a reconciling item relating to the fair value movements and gain on sale of our investment in HDFC Asset Management. This arises because the Indian rate of tax on long-term capital gains is less than the UK Corporation Tax rate. (b) Tax relating to components of other comprehensive income Tax relating to components of other comprehensive income is as follows: 2022 2021 \u00a3m \u00a3m Tax relating to defined benefit pension plan deficits \u2013 (3) Equity holder tax effect relating to items that will not be reclassified subsequently to profit or loss \u2013 (3) Tax relating to fair value gains and losses recognised on cash flow hedges 21 6 Tax relating to cash flow hedge gains and losses transferred to consolidated income statement (19) (3) Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss 2 3 Tax relating to other comprehensive income 2 \u2013 All of the amounts presented above are in respect of equity holders of abrdn plc. (c) Deferred tax assets and liabilities (c)(i) Analysis of recognised deferred tax 2022 2021 \u00a3m \u00a3m Deferred tax assets comprise: Losses carried forward 170 129 Depreciable assets 33 25 Employee benefits 26 30 Provisions and other temporary timing differences 5 4 Gross deferred tax assets 234 188 Less: Offset against deferred tax liabilities (22) (20) Deferred tax assets 212 168 Deferred tax liabilities comprise: Unrealised gains on investments 60 104 Deferred tax on intangible assets acquired through business combinations 162 72 Other 11 9 Gross deferred tax liabilities 233 185 Less: Offset against deferred tax assets (22) (20) Deferred tax liabilities 211 165 Net deferred tax asset at 31 December 1 3 A deferred tax asset of \u00a3170m (2021: \u00a3129m) has been recognised by the Group in respect of losses of the parent company and various subsidiaries. The increase in this deferred tax asset in 2022 largely reflects the effect of restructuring expenses incurred during the year. Deferred tax assets are recognised to the extent that it is probable that the losses will be capable of being offset against taxable profits and gains in future periods. The value attributed to them takes into account the certainty or otherwise of their recoverability. Their recoverability is measured against the reversal of deferred tax liabilities and anticipated taxable profits and gains based on business plans. The deferred tax asset recognised on losses relates to UK entities where there is currently no restriction on the period of time over which losses can be utilised. Recognition of this deferred tax asset requires that management must consider if it is more likely than not that this asset will be recoverable in future periods against future profits arising in the UK. In making this assessment management have considered future operating plans and forecast taxable profits and are satisfied that, following completion of transformation activities, forecast taxable profits will be sufficient to enable recovery of the UK tax losses. The financial forecasts considered were consistent with those used for the assessment of the Group\u2019s intangible assets (refer Note 13). Based upon the level of forecast taxable profits management do not consider there is significant risk of a material adjustment to the carrying amount of the deferred tax asset on UK tax losses within the next financial year. Management expect the deferred tax asset to be utilised over a period of between four and six years. Deferred tax liabilities relating to unrealised gains on investments of \u00a360m (2021: \u00a3104m) include \u00a352m (2021: \u00a392m) relating to our investment in HDFC Asset Management which was reclassified from an associate during 2021. Deferred tax assets and liabilities are expected to be recovered or settled after more than 12 months. (c)(ii) Movements in deferred tax assets and liabilities Losses carried forward Depreciable assets Employee benefits Provisions and other temporary timing differences Unrealised gains on investments Deferred tax on intangible assets acquired through business combinations Other Net deferred tax asset \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 2022 129 25 30 4 (104) (72) (9) 3 Acquired through business combinations \u2013 5 \u2013 \u2013 \u2013 (114) \u2013 (109) Amounts (expensed) in/credited to the consolidated income statement 41 3 (5 ) 1 44 24 \u2013 108 Tax on cash flow hedge \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2) (2) Other \u2013 \u2013 1 \u2013 \u2013 \u2013 \u2013 1 At 31 December 2022 170 33 26 5 (60) (162) (11) 1 Losses carried forward Depreciable assets Employee benefits Provisions and other temporary timing differences Unrealised gains on investments Deferred tax on intangible assets acquired through business combinations Other Net deferred tax asset \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 2021 89 12 28 2 (4) (52) (10) 65 Acquired through business combinations - - - - - (19) - (19) Amounts (expensed) in/credited to the consolidated income statement 40 13 (1) 2 (100) (2) 4 (44) Tax on defined benefit pension plan deficits - - 3 - - - - 3 Tax on cash flow hedge - - - - - - (3) (3) Other - - - - - 1 - 1 At 31 December 2021 129 25 30 4 (104) (72) (9) 3 (d) Unrecognised deferred tax Due to uncertainty regarding recoverability, deferred tax assets have not been recognised in respect of the following: \u2013 Cumulative losses carried forward of \u00a381m in the UK and cumulative losses and other temporary differences of \u00a3318m overseas (2021: \u00a378m, \u00a3361m respectively). Of these unrecognised deferred tax assets, certain losses have expiry dates as follows: \u2013 US losses of \u00a379m with expiry dates between 2027-2037 (2021: \u00a3104m). \u2013 Other overseas losses of \u00a327m with expiry dates between 2022-2036 (2021: \u00a343m). The following table provides an analysis of the losses with expiry dates for unrecognised deferred tax assets. 2022 2021 \u00a3m \u00a3m Less than 1 year 5 17 Greater than or equal to 1 year and less than 5 years 11 13 Greater than or equal to 5 years and less than 10 years 11 13 Greater than 10 years 79 104 Total losses with expiry dates 106 147 There is no unrecognised deferred tax relating to temporary timing differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements (2021: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-569": { "value": "9. Taxation The Group\u2019s tax expense comprises both current tax and deferred tax expense. Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws substantively enacted at the balance sheet date. A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or prior year transaction. Where local tax law allows, deferred tax assets and liabilities are netted off on the statement of financial position. The tax rates used to determine deferred tax are those enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset or liability are realised. Any tax consequences of distributions on other equity instruments are credited to the statement in which the profit distributed originally arose. Deferred tax is recognised on temporary differences arising from investments in subsidiaries and associates unless the timing of the reversal is in our control and it is expected that the temporary difference will not reverse in the foreseeable future. Current tax and deferred tax are recognised in the consolidated income statement except when it relates to items recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity respectively. The Group operates in a large number of territories and during the normal course of business will be subject to audit or enquiry by local tax authorities. At any point in time the Group will also be engaged in commercial transactions the tax outcome of which may be uncertain due to their complexity or uncertain application of tax law. Tax provisions, therefore, are subjective by their nature and require management judgement based on the interpretation of legislation, management experience and professional advice. As such, this may result in the Group recognising provisions for uncertain tax positions. Management will provide for uncertain tax positions where they judge that it is probable there will be a future outflow of economic benefits from the Group to settle the obligation. In assessing uncertain tax positions management considers each issue on its own merits using their judgement as to the estimate of the most likely outcome. When making estimates, management considers all available evidence. This may include forecasts of future profitability, the frequency and severity of any losses, and statutory carry forward and carry back provisions as well as management experience of tax attributes expiring without use. Where the final outcome differs from the amount provided this difference will impact the tax charge in future periods. Management re-assesses provisions at each reportin g date based upon latest available information. (a) Tax charge in the consolidated income statement (a)(i) Current year tax expense 2022 2021 \u00a3m \u00a3m Current tax: UK 5 5 Overseas 45 60 Adjustment to tax expense in respect of prior years (8) 11 Total current tax 42 76 Deferred tax: Deferred tax (credit)/expense arising from the current year (104) 36 Adjustment to deferred tax in respect of prior years (4) 8 Total deferred tax (108) 44 Total tax (credit)/expense 1 (66) 120 1. The tax credit of \u00a366m (2021: tax expense of \u00a3120m) includes a tax expense of \u00a34m (2021: \u00a34m) relating to unit linked business. Refer Note 23 for further details. In 2022 unrecognised tax losses from previous years were used to reduce the current tax expense by \u00a33m (2021: \u00a315m). Current tax recoverable and current tax liabilities at 31 December 2022 were \u00a37m (2021: \u00a32m) and \u00a311m (2021: \u00a327m) respectively. In addition current tax recoverable and current tax liabilities in relation to unit linked business were less than \u00a31m (2021: \u00a31m) and less than \u00a31m (2021: \u00a31m) respectively. Current tax assets and liabilities are expected to be recoverable or payable in less than 12 months at both 31 December 2022 and 31 December 2021. (a)(ii) Reconciliation of tax expense 2022 2021 \u00a3m \u00a3m (Loss)/profit before tax (615) 1,115 Tax at 19% (2021: 19%) (117) 212 Remeasurement of deferred tax due to rate changes (15) (24) Permanent differences 1 1 1 Non-taxable dividends from significant listed investments 1 (13) (14) Non-taxable fair value movements on significant listed investments 21 7 Tax effect of accounting for Share of profit or loss from associates and joint ventures (1) 4 Tax effect of distributions on other equity instruments (2) \u2013 Impairment losses on goodwill 65 \u2013 Impairment of investment in associates and joint ventures 2 \u2013 Differences in overseas tax rates 5 (70) Adjustment to current tax expense in respect of prior years (8) 11 Recognition of previously unrecognised deferred tax credit (3) (15) Deferred tax not recognised 4 2 Adjustment to deferred tax expense in respect of prior years (4) 8 Non-taxable profit or loss on sale of subsidiaries, associates and significant listed investments (5) (5) Other 4 3 Total tax (credit)/expense for the year (66) 120 1. 2021 figures were previously disclosed as a single line \u2013 permanent differences (\u00a313m). The standard UK Corporation Tax rate for the accounting period is 19%. The rate of UK Corporation Tax will increase from 19% to 25% with effect from 1 April 2023. The increased rate for future periods has been taken into account in the calculation of UK deferred tax balances. The accounting for certain items in the consolidated income statement results in certain reconciling items in the table above, the values of which vary from year to year depending upon the underlying accounting values. Details of significant reconciling items are as follows: \u2013 Dividends from significant listed investments not being subject to tax in the UK. \u2013 Losses on fair value movements on HDFC Life and Phoenix not deductible for tax purposes. \u2013 Goodwill impairments that are not deductible for tax purposes. \u2013 Certain profits are taxed at rates which differ from the UK Corporation Tax rate. The difference in overseas tax rates includes a reconciling item relating to the fair value movements and gain on sale of our investment in HDFC Asset Management. This arises because the Indian rate of tax on long-term capital gains is less than the UK Corporation Tax rate. (b) Tax relating to components of other comprehensive income Tax relating to components of other comprehensive income is as follows: 2022 2021 \u00a3m \u00a3m Tax relating to defined benefit pension plan deficits \u2013 (3) Equity holder tax effect relating to items that will not be reclassified subsequently to profit or loss \u2013 (3) Tax relating to fair value gains and losses recognised on cash flow hedges 21 6 Tax relating to cash flow hedge gains and losses transferred to consolidated income statement (19) (3) Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss 2 3 Tax relating to other comprehensive income 2 \u2013 All of the amounts presented above are in respect of equity holders of abrdn plc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-682": { "value": "The Group\u2019s tax expense comprises both current tax and deferred tax expense. Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws substantively enacted at the balance sheet date. A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or prior year transaction. Where local tax law allows, deferred tax assets and liabilities are netted off on the statement of financial position. The tax rates used to determine deferred tax are those enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset or liability are realised. Any tax consequences of distributions on other equity instruments are credited to the statement in which the profit distributed originally arose. Deferred tax is recognised on temporary differences arising from investments in subsidiaries and associates unless the timing of the reversal is in our control and it is expected that the temporary difference will not reverse in the foreseeable future. Current tax and deferred tax are recognised in the consolidated income statement except when it relates to items recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity respectively. The Group operates in a large number of territories and during the normal course of business will be subject to audit or enquiry by local tax authorities. At any point in time the Group will also be engaged in commercial transactions the tax outcome of which may be uncertain due to their complexity or uncertain application of tax law. Tax provisions, therefore, are subjective by their nature and require management judgement based on the interpretation of legislation, management experience and professional advice. As such, this may result in the Group recognising provisions for uncertain tax positions. Management will provide for uncertain tax positions where they judge that it is probable there will be a future outflow of economic benefits from the Group to settle the obligation. In assessing uncertain tax positions management considers each issue on its own merits using their judgement as to the estimate of the most likely outcome. When making estimates, management considers all available evidence. This may include forecasts of future profitability, the frequency and severity of any losses, and statutory carry forward and carry back provisions as well as management experience of tax attributes expiring without use. Where the final outcome differs from the amount provided this difference will impact the tax charge in future periods. Management re-assesses provisions at each reportin g date based upon latest available information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-667": { "value": "The Group\u2019s tax expense comprises both current tax and deferred tax expense. Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws substantively enacted at the balance sheet date. A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or prior year transaction. Where local tax law allows, deferred tax assets and liabilities are netted off on the statement of financial position. The tax rates used to determine deferred tax are those enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset or liability are realised. Any tax consequences of distributions on other equity instruments are credited to the statement in which the profit distributed originally arose. Deferred tax is recognised on temporary differences arising from investments in subsidiaries and associates unless the timing of the reversal is in our control and it is expected that the temporary difference will not reverse in the foreseeable future. Current tax and deferred tax are recognised in the consolidated income statement except when it relates to items recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity respectively. The Group operates in a large number of territories and during the normal course of business will be subject to audit or enquiry by local tax authorities. At any point in time the Group will also be engaged in commercial transactions the tax outcome of which may be uncertain due to their complexity or uncertain application of tax law. Tax provisions, therefore, are subjective by their nature and require management judgement based on the interpretation of legislation, management experience and professional advice. As such, this may result in the Group recognising provisions for uncertain tax positions. Management will provide for uncertain tax positions where they judge that it is probable there will be a future outflow of economic benefits from the Group to settle the obligation. In assessing uncertain tax positions management considers each issue on its own merits using their judgement as to the estimate of the most likely outcome. When making estimates, management considers all available evidence. This may include forecasts of future profitability, the frequency and severity of any losses, and statutory carry forward and carry back provisions as well as management experience of tax attributes expiring without use. Where the final outcome differs from the amount provided this difference will impact the tax charge in future periods. Management re-assesses provisions at each reportin g date based upon latest available information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-570": { "value": "10. Earnings per share Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders by the weighted average number of ordinary shares in issue during the period excluding shares owned by the employee trusts that have not vested unconditionally to employees. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume the conversion of all dilutive potential ordinary shares, such as share options granted to employees. Details of the share options and awards issued under the Group\u2019s employee plans are provided in Note 41. Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the Company. Basic earnings per share was (26.8p) (2021: 46.8p) and diluted earnings per share was (26.8p) (2021: 46.0p) for the year ended 31 December 2022. The following table shows details of basic, diluted and adjusted earnings per share. 2022 2021 \u00a3m \u00a3m Adjusted profit before tax 253 323 Tax on adjusted profit (22) (26) Adjusted profit after tax 231 297 Attributable to: Other equity holders (11) \u2013 Non-controlling interests \u2013 ordinary shares (1) (1) Adjusted profit after tax attributable to equity shareholders of abrdn plc 219 296 Total adjusting items including results of associates and joint ventures (868) 792 Tax on adjusting items 88 (94) (Loss)/profit attributable to equity shareholders of abrdn plc (561) 994 2022 2021 Millions Millions Weighted average number of ordinary shares outstanding 2,094 2,123 Dilutive effect of share options and awards 16 36 Weighted average number of diluted ordinary shares outstanding 2,110 2,159 In accordance with IAS 33, no share options and awards have been treated as dilutive for the year ended 31 December 2022 due to the loss attributable to equity holders of abrdn plc in that period. This resulted in the adjusted diluted earnings per share being calculated using a weighted average number of ordinary shares of 2,094 million. 2022 2021 Pence Pence Basic earnings per share (26.8) 46.8 Diluted earnings per share (26.8) 46.0 Adjusted earnings per share 10.5 13.9 Adjusted diluted earnings per share 10.5 13.7", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-618": { "value": "Basic earnings per share is calculated by dividing profit or loss attributable to ordinary equity holders by the weighted average number of ordinary shares in issue during the period excluding shares owned by the employee trusts that have not vested unconditionally to employees. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume the conversion of all dilutive potential ordinary shares, such as share options granted to employees. Details of the share options and awards issued under the Group\u2019s employee plans are provided in Note 41. Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-571": { "value": "11. Adjusted profit and adjusting items Adjusted profit excludes the impact of the following items: \u2013 Restructuring costs and corporate transaction expenses. Restructuring includes the impact of major regulatory change. \u2013 Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts. \u2013 Profit or loss arising on the disposal of a subsidiary, joint venture or equity accounted associate. \u2013 Change in fair value of/dividends from significant listed investments (see (a) below). \u2013 Share of profit or loss from associates and joint ventures. \u2013 Impairment loss/reversal of impairment loss recognised on investments in associates and joint ventures accounted for using the equity method. \u2013 Fair value movements in contingent consideration. \u2013 Items which are one-off and, due to their size or nature, are not indicative of the long-term operating performance of the Group. The tax charge or credit allocated to adjusting items is based on the tax treatment of each adjusting item. The operating, investing and financing cash flows presented in the consolidated statement of cash flows are for both adjusting and non-adjusting items. (a) Significant listed investments During 2021, the Group\u2019s investments in Phoenix and HDFC Asset Management were reclassified from associates to equity securities. Refer Note 1(c)(iii) for further details. The Group\u2019s investment in HDFC Life was similarly reclassified in 2020 and all three are now considered significant listed investments of the Group. Fair value movements on these investments are included as adjusting items, which is aligned with our treatment of gains on disposal for these holdings when they were classified as associates. Dividends from significant listed investments are also included as adjusting items, as these result in fair value movements. During the year ended 31 December 2022: \u2013 The Group\u2019s holding in Phoenix reduced by 4% to 10.4% following the sale of 39,981,442 ordinary shares on 28 January 2022. The total consideration net of taxes and expenses was \u00a3263m. \u2013 The Group\u2019s holding in HDFC Asset Management reduced by 6% to 10.2% following the sale of 12,800,000 million equity shares through a Bulk Sale on 16 August 2022. The total consideration net of taxes, expenses and related foreign exchange hedging was \u00a3229m. \u2013 The Group\u2019s holding in HDFC Life reduced by 2% to 1.7% following the sale of 43,000,000 equity shares through a Bulk Sale on 13 September 2022. The total consideration net of taxes, expenses and related foreign exchange hedging was \u00a3261m. (b) Other Other adjusting items in 2022 primarily relates to a single process execution event provision of \u00a341m, refer Note 34. Other adjusting items for the year ended 31 December 2022 also includes a net gain on fair value movements in contingent consideration of \u00a335m (2021: loss of \u00a33m). The net gain primarily relates to a \u00a337m gain from a reduction in the fair value of the contingent consideration liability relating to the Tritax acquisition in 2021 and reflects lower revenue expectations as a result of logistic market falls and a higher discount rate due to higher market interest rates. Further information on the valuation of this contingent consideration liability and related sensitivities is included in Note 37. Other adjusting items for the year ended 31 December 2022 also includes a fair value loss of \u00a311m (2021: \u00a3nil) on a financial instrument liability related to a prior period acquisition and a loss of \u00a313m (2021: profit of \u00a310m) in relation to market losses on the investments held by the abrdn Financial Fairness Trust which is consolidated by the Group. The assets of the abrdn Financial Fairness Trust are restricted to be used for charitable purposes. Other adjusting items for the year ended 31 December 2021 also included a net release of deferred income of \u00a325m (2022: \u00a3nil) following the transfer of workplace pensions marketing staff to Phoenix in May 2021 (refer Note 32). ", "dimensions": { "concept": "abrdnplc:DisclosureOfAdjustedProfitAndAdjustingItems", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-619": { "value": "Adjusted profit excludes the impact of the following items: \u2013 Restructuring costs and corporate transaction expenses. Restructuring includes the impact of major regulatory change. \u2013 Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts. \u2013 Profit or loss arising on the disposal of a subsidiary, joint venture or equity accounted associate. \u2013 Change in fair value of/dividends from significant listed investments (see (a) below). \u2013 Share of profit or loss from associates and joint ventures. \u2013 Impairment loss/reversal of impairment loss recognised on investments in associates and joint ventures accounted for using the equity method. \u2013 Fair value movements in contingent consideration. \u2013 Items which are one-off and, due to their size or nature, are not indicative of the long-term operating performance of the Group. The tax charge or credit allocated to adjusting items is based on the tax treatment of each adjusting item. The operating, investing and financing cash flows presented in the consolidated statement of cash flows are for both adjusting and non-adjusting items. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForAdjustedProfitAndAdjustingItems", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-572": { "value": "12. Dividends on ordinary shares Dividends are distributions of profit to holders of abrdn plc\u2019s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual report and accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half year results and are recognised when they are paid. 2022 2021 Pence per share \u00a3m1 Pence per share \u00a3m Prior year\u2019s final dividend paid 7.30 154 7.30 154 Interim dividend paid 7.30 153 7.30 154 Total dividends paid on ordinary shares 307 308 Current year final recommended dividend 7.30 142 7.30 154 1. Estimated for current year final recommended dividend. The final recommended dividend will be paid on 16 May 2023 to shareholders on the Company\u2019s register as at 31 March 2023, subject to approval at the 2023 Annual General Meeting. After the current year final recommended dividend, the total dividend in respect of the year ended 31 December 2022 is 14.60p (2021: 14.60p). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-620": { "value": "Dividends are distributions of profit to holders of abrdn plc\u2019s share capital and as a result are recognised as a deduction in equity. Final dividends are announced with the Annual report and accounts and are recognised when they have been approved by shareholders. Interim dividends are announced with the Half year results and are recognised when they are paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-573": { "value": "13. Intangible assets Goodwill is created when the Group acquires a business and the consideration exceeds the fair value of the net assets acquired. In determining the net assets acquired in business combinations, intangible assets are recognised where they are separable or arise from contractual or legal rights. Intangible assets acquired by the Group through business combinations consist mainly of customer relationships and investment management contracts, technology and brands. Any remaining value that cannot be identified as a separate intangible asset on acquisition forms part of goodwill. In addition to intangible assets acquired through business combinations, the Group recognises as intangible assets software which has been developed internally and other purchased technology which is used in managing and executing our business. Costs to develop software internally are capitalised after the research phase and when it has been established that the project is technically feasible and the Group has both the intention and ability to use the completed asset. Intangible assets are recognised at cost and amortisation is charged to the income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the income statement charge to each reporting period is dependent on the expected pattern over which future benefits are expected to be derived. Where this pattern cannot be determined reliably the charge is allocated on a straight-line basis. Goodwill is not charged to the income statement unless it becomes impaired. The Group also recognises the cost of obtaining customer contracts (refer Note 3) as an intangible asset. These costs primarily relate to the cost of acquiring existing investment management contracts from other asset managers and commission costs for initial investors into new closed end funds where these are borne by the Group. For the cost of obtaining customer contracts, the intangible asset is amortised on the same basis as the transfer to the customer of the services to which the intan g ible asset relates. Acquired through business combinations Goodwill Brand Customer relationships and investment management contracts Technology and other Internally developed software 1 Purchased software and other Cost of obtaining customer contracts Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross amount At 1 January 2021 3,475 93 1,031 64 131 5 104 4,903 Disposals and adjustments \u2013 \u2013 (15) \u2013 \u2013 \u2013 \u2013 (15) Additions 246 1 72 5 \u2013 \u2013 \u2013 324 At 31 December 2021 3,721 94 1,088 69 131 5 104 5,212 Reclassified as held for sale during the year (49) \u2013 (28) \u2013 \u2013 \u2013 \u2013 (77) Disposals and adjustments \u2013 \u2013 2 \u2013 \u2013 \u2013 1 3 Additions - ii 993 16 421 32 \u2013 \u2013 \u2013 1,462 Additions - other \u2013 \u2013 \u2013 \u2013 6 \u2013 \u2013 6 At 31 December 2022 4,665 110 1,483 101 137 5 105 6,606 Accumulated amortisation and impairment At 1 January 2021 (3,390) (63) (717) (61) (114) (2) (55) (4,402) Disposals and adjustments \u2013 \u2013 10 (2) 2 \u2013 \u2013 10 Amortisation charge for the year2 \u2013 (19) (67) (1) (7) (2) (12) (108) Impairment losses recognised3 \u2013 \u2013 \u2013 \u2013 (8) \u2013 \u2013 (8) At 31 December 2021 (3,390) (82) (774) (64) (127) (4) (67) (4,508) Reclassified as held for sale during the year \u2013 \u2013 19 \u2013 \u2013 \u2013 \u2013 19 Amortisation charge for the year2 \u2013 (14) (91) (10) (3) (1) (10) (129) Impairment losses recognised3 (340) \u2013 (28) \u2013 \u2013 \u2013 (1) (369) At 31 December 2022 (3,730) (96) (874) (74) (130) (5) (78) (4,987) Carrying amount At 1 January 2021 85 30 314 3 17 3 49 501 At 31 December 2021 331 12 314 5 4 1 37 704 At 31 December 2022 935 14 609 27 7 \u2013 27 1,619 1. Included in the internally developed software of \u00a37m (2021: \u00a34m) is \u00a35m (2021: \u00a3nil) relating to intangible assets not yet ready for use. 2. For the year ended 31 December 2022, \u00a3125m (2021: \u00a399m) of the amortisation charge is recognised in Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts with \u00a34m (2021: \u00a39m) recognised in Other administrative expenses. 3. For the year ended 31 December 2022, \u00a3369m (2021: \u00a3nil) of impairment is recognised in Impairment of intangibles acquired in business combinations and through the purchase of customer contracts with \u00a3nil (2021: \u00a38m) recognised in Restructuring and corporate transaction expenses. At 31 December 2022, there was \u00a3nil (2021: \u00a3167m) of goodwill attributable to the asset management group of cash- generating units and \u00a331m (2021: \u00a372m) of goodwill attributable to the Finimize cash-generating unit, both in the Investments segment. There was \u00a3819m (2021: \u00a3nil) of goodwill attributable to the ii cash generating unit in the Personal segment. Refer Note 1(b)(i) for further details on the acquisition of ii. The remaining goodwill of \u00a385m (2021: \u00a392m) is attributable to a number of smaller cash-generating units in the Personal segment. Goodwill of \u00a349m relating to the Personal segment was classified as held for sale at 31 December 2022 (refer Note 21). ii intangible assets On acquisition of ii, customer relationships, brand and technology and other intangibles of \u00a3421m, \u00a316m and \u00a332m respectively were recognised. Identification and valuation of intangible assets acquired in business combinations is a key judgement. The description of the individually material intangible asset including the estimated useful life at the acquisition date of 27 May 2022 was as follows: Customer relationship intangible asset Description Useful life at acquisition date Fair value on acquisition date Carrying value 2022 Carrying value 2021 \u00a3m \u00a3m \u00a3m Customer base ii\u2019s customer base at the date of acquisition 15 years 421 390 N/A The key assumptions in measuring the fair value of this intangible asset at acquisition date were as follows: \u2013 Revenue per customer growth \u2013 comprises expected growth in account fees, treasury income and trading transactions revenue from ii business plans. Treasury income is the interest earned on cash balances less the interest paid to customers and was assumed to grow in line with assets under administration. Market interest rates were assumed to remain at or above 1%. \u2013 Customer attrition \u2013 customer attrition represents the expected rate of existing customers leaving ii. This assumption was primarily based on historical attrition rates and was assumed to remain constant over time. \u2013 Operating margin - this assumption was based on the current operating margins adjusted for marketing costs which are not attributable to the servicing of existing customers. Expected future operating margins are adjusted to take into account that increased treasury income does not result in higher costs. \u2013 Discount rate - this assumption was based on a market participant weighted average cost of capital. The above assumptions, and in particular the customer attrition assumption, were also used to determine the 15 year useful economic life at the acquisition date. There has been no change to the useful life and therefore the residual useful life of the customer relationships intangible asset is 14.4 years. The reducing balance method of amortisation is considered appropriate for this intangible, consistent with the attrition rate being constant over time. The technology intangible asset relates to ii\u2019s internally generated technology which has been valued based on the replacement cost method. The brand intangible asset relates to the ii brand and has been valued based on applying an assumed royalty rate to revenue forecasts. As set out in Note 1(b)(i) following the valuation of the ii intangibles discussed above goodwill of \u00a3993m was recognised. The allocation of this goodwill to cash-generating units was a key judgement in 2022. The goodwill was allocated to cash- generating units based on expected earnings contribution, including in relation to revenue synergies, at the time of the transaction. We considered an earnings contribution method of allocation to be appropriate as earnings multiples are a primary valuation method for businesses such as ii. This resulted in the goodwill being primarily allocated to the ii cash- generating unit in the Personal segment (\u00a3819m), with \u00a3132m and \u00a342m allocated to the asset management group of cash-generating units in the Investments segment and a cash-generating unit in the Personal segment respectively. Tritax investment management contract intangible assets On acquisition of Tritax, \u00a371m of customer relationships and investment management contracts intangibles were recognised. These assets primarily relate to Tritax\u2019s investment management contracts with Tritax Big Box REIT plc and Tritax Euro Box plc which are listed closed-end real estate funds. The description of the individually material intangible asset including the estimated useful life at the acquisition date of 1 April 2021 was as follows: Investment management contract intangible asset Description Useful life at acquisition date Fair value on acquisition date Carrying value 2022 Carrying value 2021 \u00a3m \u00a3m \u00a3m Tritax Big Box REIT plc Investment management contract with Tritax Big Box REIT plc 13 years 50 43 47 The key assumptions, other than the useful life, in measuring the fair value of the investment contract intangible assets at acquisition date were as follows: \u2013 Revenue growth \u2013 this assumption was based on the fund growth (from markets and investment performance) included in the Tritax business plan as adjusted for the impact of fund raisings which commenced prior to the acquisition date. Management fee rates are assumed to stay in line with current rates. \u2013 Operating margin \u2013 this assumption was based on the current operating margins adjusted for expected cost synergies. \u2013 Discount rate \u2013 this assumption was based on a market participant weighted average cost of capital. As the investment management contracts relate to closed-end funds, the straight-line method of amortisation is considered appropriate for these intangibles. There has been no change to the useful lives and therefore the residual useful life of these investment management contract intangible assets is 11.25 years. abrdn Holdings Limited (formerly named Aberdeen Asset Management PLC (aHL)) intangibles On the acquisition of aHL in 2017, we identified intangible assets in relation to customer relationships, brand and technology as being separable from goodwill. Identification and valuation of intangible assets acquired in business combinations is a key judgement. The customer relationships acquired through aHL were grouped where the customer groups have similar economic characteristics and similar useful economic lives. This gave rise to three separate intangible assets which we termed Lloyds Banking Group, Open ended funds, and Segregated and similar. In relation to the Open ended funds we considered that it was most appropriate to recognise an intangible asset relating to customer relationships between aHL and open ended fund customers, rather than an intangible asset relating to investment management agreements between aHL and aHL\u2019s open ended funds. Our judgement was that the value associated with the open ended fund assets under management was predominantly derived from the underlying customer relationships, taking into account that a significant proportion of these assets under management are from institutional clients. The intangible asset for Lloyds Banking Group had a carrying value of \u00a3nil at the end of 2019. The description of the remaining two separate intangible assets including their estimated useful life at the acquisition date of 14 August 2017 was as follows: Customer relationship intangible asset Description Useful life at acquisition date Fair value on acquisition date Carrying value 2022 Carrying value 2021 \u00a3m \u00a3m \u00a3m Open ended funds Separate vehicle group \u2013 open ended investment vehicles 11 years 223 45 62 Segregated and similar All other vehicle groups dominated by segregated mandates which represent 75% of this group 12 years 427 63 83 Measuring the fair value of intangible assets acquired in business combinations required further assumptions and judgements. Customer relationships were valued using discounted cash flow projections. The key assumptions in measuring the fair value of the customer relationships at the acquisition date were as follows: \u2013 Net attrition \u2013 net attrition represents the expected rate of outflows of assets under management net of inflows from existing customers. This assumption was primarily based on recent experience. \u2013 Market growth \u2013 a market growth adjustment was applied based on the asset class. \u2013 Operating margin \u2013 this assumption was consistent with forecast margins and included the impact of synergies that would be expected by any market participant and impacted the Aberdeen customer relationship cash flows. \u2013 Discount rate \u2013 this assumption was based on the internal rate of return (IRR) of the transaction and is consistent with a market participant discount rate. The above assumptions, and in particular the net attrition assumption, were also used to determine the useful economic life at the acquisition date of each asset used for amortisation. The reducing balance method of amortisation is considered appropriate for these intangibles, consistent with the attrition pattern on customer relationships which means that the economic benefits delivered from the existing customer base will reduce disproportionately over time. There has been no change to the useful lives of the Open ended funds and Segregated and similar customer relationship intangible assets. Therefore the residual useful life of the Open ended funds customer relationship intangible asset is 5.6 years and the residual life of the Segregated and similar customer relationship intangible asset is 6.6 years. Estimates and assumptions The key estimates and assumptions in relation to intangible assets are: \u2013 Determination of the recoverable amount of goodwill and customer intangibles. \u2013 Determination of useful lives. The determination of the recoverable amount of the asset management and Finimize cash-generating units was a key estimate in relation to these 2022 accounts. However, following the impairments in 2022, including the full impairment of asset management goodwill, the determination of the recoverable amount for these cash-generating units is not considered a source of estimation uncertainty at 31 December 2022 with a significant risk of resulting in material adjustments to the carrying amount in the next financial year. The determination of the recoverable amount of the interactive investor and the abrdn financial planning business cash-generating units is a key area of estimation, and further details of assumptions and sensitivities are disclosed in this section. Determination of the recoverable amount of goodwill and customer intangibles For all intangible assets including goodwill, an assessment is made at each reporting date as to whether there is an indication that the goodwill or intangible asset has become impaired. If any indication of impairment exists then the recoverable amount of the asset is determined. In addition, the recoverable amount for goodwill must be assessed annually. The recoverable amounts are defined as the higher of fair value less costs of disposal (FVLCD) and the value in use (VIU) where the value in use is based on the present value of future cash flows. Where the carrying value exceeds the recoverable amount then the carrying value is written down to the recoverable amount. In assessing value in use or FVLCD measured using a discounted cash flow approach, expected future cash flows are discounted to their present value using a pre-tax discount rate for VIU or a post-tax discount rate for FVLCD. Judgement is required in assessing both the expected cash flows and an appropriate discount rate which is based on current market assessments of the time value of money and the risks associated with the asset. Goodwill In 2022 impairments of goodwill of \u00a3340m (2021: \u00a3nil) have been recognised. The goodwill impairment comprises \u00a3299m relating to the asset management group of cash generating units and \u00a341m relating to the Finimize cash- generating unit. Both impairments relate to assets included in the Investments segment. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. Asset management The asset management group of cash generating units comprises the Investments segment (excluding Finimize) which is the lowest group of cash generating units to which asset management goodwill has been allocated. The impairment of \u00a3299m (2021: \u00a3nil) resulted from lower future revenue projections and further work being required to reduce Investments costs given this level of revenue. The lower future revenue projections primarily resulted from the impact of lower equity market levels during 2022 and forecast equity market falls in 2023 on assets under management, net outflows in 2022 particularly in the equity asset class and lower forecasts of net inflows in future periods reflecting both macroeconomic conditions and business performance, and the expected reduction in Phoenix revenue as a result of certain active equity and fixed income strategies moving to lower yielding passive quantitative strategies and related pricing changes. Following the impairment the goodwill allocated to the asset management group of cash generating units was \u00a3nil (2021: \u00a3167m). The goodwill prior to impairment of \u00a3299m included additions of \u00a3132m allocated to the asset management group of cash generating units for revenue synergies in our Investments segment in relation to the acquisition of ii. Refer Note 1(b)(i) for further details. The recoverable amount of this group of cash-generating units at 31 December 2022 was \u00a31,532m which was based on FVLCD. This was also the carrying value of this group of cash-generating units at 31 December 2022. The FVLCD considered a number of valuation approaches, with the primary approach being a discounted cash flow approach. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. Cash flows were based on the three year financial budgets approved by management. The key assumptions used by management in setting the three-year profit forecasts are: \u2013 Revenue in the management forecasts reflects past experience and modelling based on assets under management and fee revenue yields by asset class. \u2013 Assets under management is modelled from future net flow assumptions and market movements. Net flow assumptions take into account past experience and assume institutional and wholesale flows move to a net inflow position over the business plan cycle. Market assumptions assume equity market falls in 2023 with recovery during 2024 and 2025. Fee revenue yield assumptions are adjusted to take into account an expected contraction in the yield on Phoenix assets. \u2013 Expenses in the management forecasts were based on past experience adjusted for planned expense savings and inflation impacts and take into account related restructuring costs. Cash flow projections were extrapolated using a 5% revenue growth in years 4 and 5, and then a 2% terminal rate profit growth based on long-term inflation forecasts. A post tax discount rate of 15.35% was used based on the Group/peer companies cost of equity adjusted for forecasting risk. The recoverable amount at 31 December 2021 was based on VIU. The reason for the change in 2022 was that, at 31 December 2022, FVLCD was assessed by management as being higher than VIU. The VIU is significantly reduced by the IFRS requirement to add back certain staff and property expense savings to management\u2019s expectation of the level of future operating expenses, where these expense savings require provisions to be made in future years. Finimize The impairment of goodwill allocated to the Finimize cash-generating unit, which comprises the Finimize business, was \u00a341m. The impairment resulted from a significant fall in market multiples and lower projected revenues as a result of macroeconomic conditions and 2022 revenues being lower than previous expectations. Following the impairment the goodwill allocated to the Finimize cash-generating unit was \u00a331m (2021: \u00a372m). The recoverable amount of the Finimize cash-generating unit at 31 December 2022 was \u00a335m which was based on FVLCD. This was also the carrying value of the Finimize cash-generating unit at 31 December 2022. The FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. The key assumptions used in determining the revenue multiple valuation were future revenue projections, which were based on management forecasts and assumed a continued level of revenue growth, and market multiples. Market multiples were based on comparable listed companies, with appropriate discounts applied to take into account profitability, track record, revenue growth potential, and net premiums for control. Following the impairment the residual goodwill allocated to the Finimize cash-generating unit is not significant in comparison to the total carrying amount of goodwill. interactive investor Goodwill of \u00a3819m (2021: \u00a3nil) is allocated to the interactive investor cash generating unit which comprises the interactive investor business in the Personal segment. The recoverable amount of this cash-generating unit was determined based on FVLCD. The FVLCD was based on an earnings multiple approach. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. The key assumptions used in determining the earnings multiple valuation were future post tax adjusted earnings, which were based on management\u2019s business plan projections and reflected past experience and market price to earnings multiples, which were based on multiples of a peer group of comparable listed direct-to-consumer investment platform providers. Sensitivities of key assumptions The business plan projections used to determine the future earnings are based on macroeconomic forecasts including interest rates and inflation, and forecast levels of client activity, market pricing, the percentage of client funds held in cash and expenses. The projections are therefore sensitive to these assumptions. The interactive investor treasury income forecast is sensitive to interest rate levels and the level of interest paid to customers and would be expected to reduce if market interest rates fell below 1% and returned to the historic lows seen in 2021. The business plan projections were based on market forward interest rates and assumed that market interest rates remained above 1% over the plan period. Given current macroeconomic uncertainties a 20% reduction in forecast earnings has been provided as a sensitivity. The market price to earnings multiple used in the valuation is 20x based on multiples of a peer group of comparable listed direct-to-consumer investment platform providers. This assumption is sensitive to general equity market fluctuations and to market views on UK direct-to-consumer investment platform companies. Taking into account historic equity market fluctuations a 25% sensitivity to an earnings multiple has been provided as a sensitivity. The recoverable amount at 31 December 2022 exceeds the carrying amount of the cash-generating unit by \u00a3400m. The impact of sensitivities to a single variable and the change required to reduce headroom to zero are shown in the tables below. Reduction in headroom for illustrative sensitivities \u00a3m 20% reduction in forecast post tax adjusted earnings (335) 25% reduction in market multiple (419) Change required to reduce headroom to zero % Change in forecast post tax adjusted earnings (24) Reduction in market multiple (24) We consider the 24% reduction in market multiple assumption to 15x to reduce the headroom to zero to be a reasonably possible change. Other goodwill Goodwill of \u00a385m (2021: \u00a392m) is attributable to a number of smaller cash-generating units in the Personal segment. No goodwill amounts are significant in comparison to the total carrying amount of goodwill and the recoverable amounts are not based on the same key assumptions. Included in this balance is \u00a360m of goodwill allocated to the abrdn financial planning business cash-generating unit. The year end carrying value of this cash-generating unit is equal to the recoverable amount. The recoverable amount was based on FVLCD which considered a number of valuation approaches, with the primary approach being a multiples approach based on price to revenue and price to assets under advice (AUAdv). Multiples were based on recent transactions, adjusted to take into account profitability where appropriate, and were benchmarked against trading multiples for peer companies. Revenue and AuAdv were based on 2022 results. The expected cost of disposal was based on past experience of previous transactions. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. As the year end carrying value is the recoverable amount any downside sensitivity will lead to a further impairment loss. A 20% reduction in recurring revenue and AUAdv would result in an impairment of \u00a317m. A 20% reduction in market transaction multiples for similar businesses, adjusted to be appropriate to the abrdn financial planning business, would also result in an impairment of \u00a317m. Customer relationship and investment management contract intangibles In 2022 an impairment of \u00a328m (2021: \u00a3nil) has been recognised in relation to customer relationship and investment management contract intangibles. The impairment is included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. The impairment relates to the Phoenix Life business intangible asset which was recognised on the acquisition of Ignis Asset Management in 2014, and is part of the Investments segment. The assets under management relating to this Phoenix Life intangible are c\u00a334bn at 31 December 2022 and are therefore less than 25% of the total assets managed for Phoenix. The impairment resulted from the expected reduction in revenue from these Phoenix assets as a result of certain active equity and fixed income strategies moving to lower yielding passive quantitative strategies and related pricing changes. Following the impairment the recoverable amount of the asset is \u00a3nil based on FVLCD. This is also the carry value at 31 December 2022 (2021: \u00a331m). FVLCD was based on a discounted cash flow approach based on expected future cashflows for the Phoenix Life business and a post tax discount rate of 15.35%. This is a level 3 measurement as it is measured using inputs which are not based on observable market data. The key assumption related to expected future profitability and was based on management forecasts. Determination of useful lives The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive benefits from the asset and considers for example expected duration of customer relationships and when technology is expected to become obsolete for technology based assets. The amortisation period and method for each of the Group\u2019s intangible asset categories is as follows: \u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally reducing balance method. \u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years, straight-line. \u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line. \u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight-line. \u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once the asset is available for use. \u2013 Purchased software \u2013 between 2 and 6 years, straight-line. \u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method. Internally developed software There was no impairment of internally developed software in 2022. In 2021, an impairment of internally developed software of \u00a38m was recognised. The impairment in 2021 primarily related to an impairment of a digital advice application in the Personal se g ment as a result of a reduction in expected future cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-621": { "value": "Goodwill is created when the Group acquires a business and the consideration exceeds the fair value of the net assets acquired. In determining the net assets acquired in business combinations, intangible assets are recognised where they are separable or arise from contractual or legal rights. Intangible assets acquired by the Group through business combinations consist mainly of customer relationships and investment management contracts, technology and brands. Any remaining value that cannot be identified as a separate intangible asset on acquisition forms part of goodwill. In addition to intangible assets acquired through business combinations, the Group recognises as intangible assets software which has been developed internally and other purchased technology which is used in managing and executing our business. Costs to develop software internally are capitalised after the research phase and when it has been established that the project is technically feasible and the Group has both the intention and ability to use the completed asset. Intangible assets are recognised at cost and amortisation is charged to the income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the income statement charge to each reporting period is dependent on the expected pattern over which future benefits are expected to be derived. Where this pattern cannot be determined reliably the charge is allocated on a straight-line basis. Goodwill is not charged to the income statement unless it becomes impaired. The Group also recognises the cost of obtaining customer contracts (refer Note 3) as an intangible asset. These costs primarily relate to the cost of acquiring existing investment management contracts from other asset managers and commission costs for initial investors into new closed end funds where these are borne by the Group. For the cost of obtaining customer contracts, the intangible asset is amortised on the same basis as the transfer to the customer of the services to which the intan g ible asset relates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-574": { "value": "14. Investments in associates and joint ventures Associates are entities where the Group can significantly influence decisions made relating to the financial and operating policies of the entity but does not control the entity. For entities where voting rights exist, significant influence is presumed where the Group holds between 20% and 50% of the voting rights. Where the Group holds less than 20% of voting rights, consideration is given to other indicators and entities are classified as associates where it is judged that these other indicators result in significant influence. Joint ventures are strategic investments where the Group has agreed to share control of an entity\u2019s financial and operating policies through a shareholders\u2019 agreement and decisions can only be taken with unanimous consent. Associates, other than those accounted for at fair value through profit or loss, and joint ventures are accounted for using the equity method from the date that significant influence or shared control, respectively, commences until the date this ceases with consistent accounting policies applied throughout. Under the equity method, investments in associates and joint ventures are initially recognised at cost. When an interest is acquired at fair value from a third party, the value of the Group\u2019s share of the investee\u2019s identifiable assets and liabilities is determined applying the same valuation criteria as for a business combination at the acquisition date. This is compared to the cost of the investment in the investee. Where cost is higher the difference is identified as goodwill and the investee is initially recognised at cost which includes this component of goodwill. Where cost is lower a bargain purchase has arisen and the investee is initially recognised at the Group\u2019s share of the investee\u2019s identifiable assets and liabilities unless the recoverable amount for the purpose of assessing impairment is lower, in which case the investee is initially recognised at the recoverable amount. Subsequently the carrying value is adjusted for the Group\u2019s share of post-acquisition profit or loss and other comprehensive income of the associate or joint venture, which are recognised in the consolidated income statement and other comprehensive income respectively. The Group\u2019s share of post-acquisition profit or loss includes amortisation charges based on the valuation exercise at acquisition. The carrying value is also adjusted for any impairment losses. On partial disposal of an associate, a gain or loss is recognised based on the difference between the proceeds received and the equity accounted value of the portion disposed of. Indicators of significant influence are reassessed based on the remaining voting rights. Where significant influence is judged to have been lost, the investment in associate is reclassified to interests in equity securities and pooled investment funds measured at fair value. If an entity is reclassified, the difference between the fair value and the remaining equity accounted value is accounted for as a reclassification gain or loss on disposal. Where the Group has an investment in an associate, a portion of which is held by, or is held indirectly through, a mutual fund, unit trust or similar entity, including investment-linked insurance funds, that portion of the investment is measured at FVTPL. In general, investment vehicles which are not subsidiaries are considered to be associates where the Group holds more than 20% of the votin g ri g hts. The level of future dividend payments and other transfers of funds to the Group from associates and joint ventures accounted for using the equity method could be restricted by the regulatory solvency and capital requirements of the associate or joint venture, certain local laws or foreign currency transaction restrictions. (a) Investments in associates and joint ventures accounted for using the equity method 2022 2021 Associates Joint ventures Total Associates Joint ventures Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 10 264 274 1,134 237 1,371 Exchange translation adjustments \u2013 8 8 \u2013 7 7 A dditions 18 2 20 \u2013 11 11 Disposals \u2013 \u2013 \u2013 (29) \u2013 (29) Profit/(loss) after tax (5) 7 2 (35) 13 (22) Other comprehensive income \u2013 (28) (28) 12 (4) 8 Im pairment (9) \u2013 (9) \u2013 \u2013 \u2013 Distributions of profit \u2013 \u2013 \u2013 (15) \u2013 (15) Reclassified to equity securities and interests in pooled investments funds \u2013 \u2013 \u2013 (1,057) \u2013 (1,057) At 31 December 14 253 267 10 264 274 The following joint venture is considered to be material to the Group as at 31 December 2022. Name Nature of relationship Principal place of business Measurement method Interest held by the Group at 31 December 2022 Interest held by the Group at 31 December 2021 Heng An Standard Life Insurance Company Limited (HASL) Joint venture China Equity accounted 50.00% 50.00% The country of incorporation or registration is the same as the principal place of business. The interest held by the Group is the same as the proportion of voting rights held. HASL is not listed. (b) Investments in associates accounted for using the equity method 2022 2021 Other Total Phoenix HDFC Asset Management Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Carrying value of associates accounted for using the equity method 14 14 \u2013 \u2013 10 10 Dividends received \u2013 \u2013 \u2013 15 \u2013 15 Share of profit/(loss) after tax (5) (5) (56) 21 \u2013 (35) The Group\u2019s investments in Phoenix and HDFC Asset Management were reclassified to equity securities and interests in pooled investment funds in 2021 so were not material associates at 31 December 2021 (refer below for further details of the reclassification). The Group continues to have no material associates at 31 December 2022. Other primarily relates to the Group\u2019s interests in Archax Holdings Limited and Tenet Group Limited. During the year ended 31 December 2022, the Group recognised an impairment of \u00a39m in relation to its interest in Tenet Group Limited. HDFC Asset Management HDFC Asset Management manages a range of mutual funds and provides portfolio management and advisory services. On 29 September 2021 the Group reduced its interest in HDFC Asset Management to 16.22% (2020: 21.24%). Refer Note 1(c)(iii) for further details of the sale. Following the sale, HDFC Asset Management was no longer considered to be an associate of the Group and the Group\u2019s interest in HDFC Asset Management was reclassified from an investment in associates accounted for using the equity method to equity securities and interests in pooled investment funds measured at fair value on 29 September 2021. The sale reduced the Group\u2019s interest in HDFC Asset Management below 20%, which is the threshold where significant influence is presumed. While the Group does retain board representation, there are no significant decisions that require unanimous board approval under the articles of association and the Group has no significant contractual relationships with HDFC Asset Management. We considered that the Group no longer has significant influence over HDFC Asset Management after the sale, and therefore should no longer be classified as an associate. On 29 September 2021, the equity accounted value of HDFC Asset Management was \u00a393m and the fair value of the Group\u2019s investment in HDFC Asset Management was \u00a31,003m based on the share price on this date. A reclassification gain of \u00a3897m was recognised in the consolidated income statement. On reclassification a loss of \u00a313m was recycled from the translation reserve and was included in determining the gain. The year end date of HDFC Asset Management is 31 March which is different from the Group\u2019s year end date of 31 December. For the purposes of the preparation of the Group\u2019s consolidated financial statements, financial information for the period from 1 January 2021 to 29 September 2021 was used for HDFC Asset Management for equity accounting purposes. Phoenix Phoenix is the largest life and pensions consolidator in Europe. Following the completion of the Sale of the Group\u2019s UK and European insurance business in August 2018, as part of the total consideration, the Group was issued with new Phoenix shares representing 19.98% of the issued share capital of Phoenix. During the year ended 31 December 2020, the Group\u2019s interest in Phoenix was reduced to 14.4%. Although our interest in Phoenix had reduced to 14.4%, taking into account our continued representation on Phoenix\u2019s board and, in particular, the contractual relationships with Phoenix, including the licensing to Phoenix of the Standard Life brand, our judgement was that Phoenix should continue to be classified as an associate. On 23 February 2021, the Group announced a simplification and extension of the strategic partnership between the Group and Phoenix. Refer Note1(c)(iii). The announcement included the sale of the \u2018Standard Life\u2019 brand to Phoenix, replacing the existing agreement to licence the brand for no fee to Phoenix. Following the changes to the commercial agreements, in particular in relation to the licensing of the \u2018Standard Life\u2019 brand, our judgement is that Phoenix should no longer be accounted for as an associate with effect from 23 February 2021. The changes simplified the agreements between abrdn and Phoenix such that the Group was no longer able to control Phoenix\u2019s use of the Standard Life brand. The Group\u2019s shareholding in Phoenix, which remained at 14.4%, was therefore reclassified from an investment in associates accounted for using the equity method to equity securities and interests in pooled investment funds measured at fair value. A reclassification gain of \u00a368m was included in the profit on disposal of interests in associates for the year ended 31 December 2021 as the fair value on 22 February 2021 of \u00a31,023m was higher than the previous carrying value as an associate of \u00a3964m. On disposal, other comprehensive income gains of \u00a39m were recycled from retained earnings and included in determining the gain on sale. (c) Investments in joint ventures HASL Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Carrying value of joint ventures accounted for using the equity method 245 258 8 6 253 264 Dividends received \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Share of profit/(loss) after tax 7 19 \u2013 (6) 7 13 For the years ended 31 December 2022 and 2021, the carrying value of joint ventures accounted for using the equity method for Other primarily relates to the Group\u2019s interest in Virgin Money UTM. HASL The Group has a 50% share in HASL, one of China\u2019s leading life insurance companies offering life and health insurance products. HASL is an investment which gives the Group access to one of the world\u2019s largest markets. The table below provides summarised financial information for HASL, the joint venture which is considered to be material to the Group. The summarised financial information reflects the amounts presented in the financial statements of HASL amended to reflect adjustments made when using the equity method. HASL 2022 2021 \u00a3m \u00a3m Summarised financial information of joint venture: Revenue 861 612 Depreciation and amortisation 6 4 Interest income 93 68 Interest expense 2 2 Income tax credit/(expense) 5 (3) Profit after tax 14 39 Other comprehensive income (56) (11) Total comprehensive income (42) 28 Total assets 1 4,482 3,787 Total liabilities 1 3,992 3,271 Cash and cash equivalents 130 102 Net assets 490 516 Attributable to investee\u2019s shareholders 490 516 Interest held 50% 50% Share of net assets 245 258 1. As a liquidity presentation is used by insurance companies when presenting their statement of financial position, an analysis of total assets and total liabilities between current and non-current has not been provided for HASL. HASL will adopt IFRS 9 and IFRS 17 for the purposes of the preparation of the Group\u2019s consolidated financial statements from 1 January 2023. Refer Section (a)(ii) of the basis of preparation for further details. At 31 December 2015 HASL had significant insurance liabilities and its liabilities arising from contracts within the scope of IFRS 4 and liabilities connected with insurance were over 90% of its total liabilities. Therefore, HASL was eligible to defer the implementation of IFRS 9 for equity accounting purposes. The fair value of HASL\u2019s financial assets at 31 December 2022 that remain under IAS 39 for equity accounting purposes and the change in fair value during the year ended 31 December 2022 are as follows: Fair value as at 31 December 2022 Fair value as at 31 December 2021 \u00a3m \u00a3m Financial assets with contractual cash flows that are solely payments of principal and interest (SPPI) excluding those held for trading or managed on a fair value basis1,2 2,544 2,384 Financial assets other than those above2 1,114 562 Total 3,658 2,946 1. Financial assets that are SPPI (excluding those held for trading or managed on a fair value basis) are predominantly AAA debt instruments. Their carrying value at 31 December 2022 is \u00a32,444m (2021: \u00a32,320m). No securities are rated below BBB (2021: none). 2. The change in fair value in the year to 31 December 2022 for financial assets that are SPPI (excluding those held for trading or managed on a fair value basis) is a gain of \u00a322m (2021: \u00a3136m). The change in fair value for all other financial assets is a loss of \u00a397m (2021: gain of \u00a345m) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-622": { "value": "Associates are entities where the Group can significantly influence decisions made relating to the financial and operating policies of the entity but does not control the entity. For entities where voting rights exist, significant influence is presumed where the Group holds between 20% and 50% of the voting rights. Where the Group holds less than 20% of voting rights, consideration is given to other indicators and entities are classified as associates where it is judged that these other indicators result in significant influence. Joint ventures are strategic investments where the Group has agreed to share control of an entity\u2019s financial and operating policies through a shareholders\u2019 agreement and decisions can only be taken with unanimous consent. Associates, other than those accounted for at fair value through profit or loss, and joint ventures are accounted for using the equity method from the date that significant influence or shared control, respectively, commences until the date this ceases with consistent accounting policies applied throughout. Under the equity method, investments in associates and joint ventures are initially recognised at cost. When an interest is acquired at fair value from a third party, the value of the Group\u2019s share of the investee\u2019s identifiable assets and liabilities is determined applying the same valuation criteria as for a business combination at the acquisition date. This is compared to the cost of the investment in the investee. Where cost is higher the difference is identified as goodwill and the investee is initially recognised at cost which includes this component of goodwill. Where cost is lower a bargain purchase has arisen and the investee is initially recognised at the Group\u2019s share of the investee\u2019s identifiable assets and liabilities unless the recoverable amount for the purpose of assessing impairment is lower, in which case the investee is initially recognised at the recoverable amount. Subsequently the carrying value is adjusted for the Group\u2019s share of post-acquisition profit or loss and other comprehensive income of the associate or joint venture, which are recognised in the consolidated income statement and other comprehensive income respectively. The Group\u2019s share of post-acquisition profit or loss includes amortisation charges based on the valuation exercise at acquisition. The carrying value is also adjusted for any impairment losses. On partial disposal of an associate, a gain or loss is recognised based on the difference between the proceeds received and the equity accounted value of the portion disposed of. Indicators of significant influence are reassessed based on the remaining voting rights. Where significant influence is judged to have been lost, the investment in associate is reclassified to interests in equity securities and pooled investment funds measured at fair value. If an entity is reclassified, the difference between the fair value and the remaining equity accounted value is accounted for as a reclassification gain or loss on disposal. Where the Group has an investment in an associate, a portion of which is held by, or is held indirectly through, a mutual fund, unit trust or similar entity, including investment-linked insurance funds, that portion of the investment is measured at FVTPL. In general, investment vehicles which are not subsidiaries are considered to be associates where the Group holds more than 20% of the votin g ri g hts. The level of future dividend payments and other transfers of funds to the Group from associates and joint ventures accounted for using the equity method could be restricted by the regulatory solvency and capital requirements of the associate or joint venture, certain local laws or foreign currency transaction restrictions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-683": { "value": "(a) Investments in associates and joint ventures accounted for using the equity method 2022 2021 Associates Joint ventures Total Associates Joint ventures Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 10 264 274 1,134 237 1,371 Exchange translation adjustments \u2013 8 8 \u2013 7 7 A dditions 18 2 20 \u2013 11 11 Disposals \u2013 \u2013 \u2013 (29) \u2013 (29) Profit/(loss) after tax (5) 7 2 (35) 13 (22) Other comprehensive income \u2013 (28) (28) 12 (4) 8 Im pairment (9) \u2013 (9) \u2013 \u2013 \u2013 Distributions of profit \u2013 \u2013 \u2013 (15) \u2013 (15) Reclassified to equity securities and interests in pooled investments funds \u2013 \u2013 \u2013 (1,057) \u2013 (1,057) At 31 December 14 253 267 10 264 274 ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfJointVentureAccountedForUsingEquityMethodToCarryingAmountOfInterestInJointVentureExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-668": { "value": "(a) Investments in associates and joint ventures accounted for using the equity method 2022 2021 Associates Joint ventures Total Associates Joint ventures Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 10 264 274 1,134 237 1,371 Exchange translation adjustments \u2013 8 8 \u2013 7 7 A dditions 18 2 20 \u2013 11 11 Disposals \u2013 \u2013 \u2013 (29) \u2013 (29) Profit/(loss) after tax (5) 7 2 (35) 13 (22) Other comprehensive income \u2013 (28) (28) 12 (4) 8 Im pairment (9) \u2013 (9) \u2013 \u2013 \u2013 Distributions of profit \u2013 \u2013 \u2013 (15) \u2013 (15) Reclassified to equity securities and interests in pooled investments funds \u2013 \u2013 \u2013 (1,057) \u2013 (1,057) At 31 December 14 253 267 10 264 274 The following joint venture is considered to be material to the Group as at 31 December 2022. Name Nature of relationship Principal place of business Measurement method Interest held by the Group at 31 December 2022 Interest held by the Group at 31 December 2021 Heng An Standard Life Insurance Company Limited (HASL) Joint venture China Equity accounted 50.00% 50.00% The country of incorporation or registration is the same as the principal place of business. The interest held by the Group is the same as the proportion of voting rights held. HASL is not listed. (c) Investments in joint ventures HASL Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Carrying value of joint ventures accounted for using the equity method 245 258 8 6 253 264 Dividends received \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Share of profit/(loss) after tax 7 19 \u2013 (6) 7 13 For the years ended 31 December 2022 and 2021, the carrying value of joint ventures accounted for using the equity method for Other primarily relates to the Group\u2019s interest in Virgin Money UTM. HASL The Group has a 50% share in HASL, one of China\u2019s leading life insurance companies offering life and health insurance products. HASL is an investment which gives the Group access to one of the world\u2019s largest markets. The table below provides summarised financial information for HASL, the joint venture which is considered to be material to the Group. The summarised financial information reflects the amounts presented in the financial statements of HASL amended to reflect adjustments made when using the equity method. HASL 2022 2021 \u00a3m \u00a3m Summarised financial information of joint venture: Revenue 861 612 Depreciation and amortisation 6 4 Interest income 93 68 Interest expense 2 2 Income tax credit/(expense) 5 (3) Profit after tax 14 39 Other comprehensive income (56) (11) Total comprehensive income (42) 28 Total assets 1 4,482 3,787 Total liabilities 1 3,992 3,271 Cash and cash equivalents 130 102 Net assets 490 516 Attributable to investee\u2019s shareholders 490 516 Interest held 50% 50% Share of net assets 245 258 1. As a liquidity presentation is used by insurance companies when presenting their statement of financial position, an analysis of total assets and total liabilities between current and non-current has not been provided for HASL. HASL will adopt IFRS 9 and IFRS 17 for the purposes of the preparation of the Group\u2019s consolidated financial statements from 1 January 2023. Refer Section (a)(ii) of the basis of preparation for further details. At 31 December 2015 HASL had significant insurance liabilities and its liabilities arising from contracts within the scope of IFRS 4 and liabilities connected with insurance were over 90% of its total liabilities. Therefore, HASL was eligible to defer the implementation of IFRS 9 for equity accounting purposes. The fair value of HASL\u2019s financial assets at 31 December 2022 that remain under IAS 39 for equity accounting purposes and the change in fair value during the year ended 31 December 2022 are as follows: Fair value as at 31 December 2022 Fair value as at 31 December 2021 \u00a3m \u00a3m Financial assets with contractual cash flows that are solely payments of principal and interest (SPPI) excluding those held for trading or managed on a fair value basis1,2 2,544 2,384 Financial assets other than those above2 1,114 562 Total 3,658 2,946 1. Financial assets that are SPPI (excluding those held for trading or managed on a fair value basis) are predominantly AAA debt instruments. Their carrying value at 31 December 2022 is \u00a32,444m (2021: \u00a32,320m). No securities are rated below BBB (2021: none). 2. The change in fair value in the year to 31 December 2022 for financial assets that are SPPI (excluding those held for trading or managed on a fair value basis) is a gain of \u00a322m (2021: \u00a3136m). The change in fair value for all other financial assets is a loss of \u00a397m (2021: gain of \u00a345m) (c) Associates and joint ventures Name of related undertaking Share class1 % interest held 2 Aberdeen Standard SICAV I - Europe ex UK Sustainable Equity Fund19 SICAV 25% abrdn OEIC I - abrdn (AAM) Sterling Government Bond Fund3 OEIC 25% Archax Holdings Limited61 Ordinary shares 10% Concession Infrastructure Investments Manager Limited62 Ordinary shares 50% Criterion Tec Holdings Ltd63 Ordinary shares 21% Heng An Standard Life Insurance Company Limited64 Ordinary shares 50% PURetail Luxembourg Management Company S.a.r.l.65 Class A shares 50% Tenet Group Limited 66 Ordinary B Shares 25% Virgin Money Unit Trust Managers Limited67 Ordinary shares 50% 1. OEIC = Open-ended investment company SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable ETF = Exchange traded fund 2. Limited Partnerships or limited liability companies in which the Group has no interest but whose general partner or manager is controlled by the Group are considered subsidiaries under Companies Act 2006. Where the Group has no interest in a limited partnership or limited liability company that is considered a subsidiary, the interest held is disclosed as 0% ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-623": { "value": "(a) Investments in associates and joint ventures accounted for using the equity method 2022 2021 Associates Joint ventures Total Associates Joint ventures Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 10 264 274 1,134 237 1,371 Exchange translation adjustments \u2013 8 8 \u2013 7 7 A dditions 18 2 20 \u2013 11 11 Disposals \u2013 \u2013 \u2013 (29) \u2013 (29) Profit/(loss) after tax (5) 7 2 (35) 13 (22) Other comprehensive income \u2013 (28) (28) 12 (4) 8 Im pairment (9) \u2013 (9) \u2013 \u2013 \u2013 Distributions of profit \u2013 \u2013 \u2013 (15) \u2013 (15) Reclassified to equity securities and interests in pooled investments funds \u2013 \u2013 \u2013 (1,057) \u2013 (1,057) At 31 December 14 253 267 10 264 274 (b) Investments in associates accounted for using the equity method 2022 2021 Other Total Phoenix HDFC Asset Management Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Carrying value of associates accounted for using the equity method 14 14 \u2013 \u2013 10 10 Dividends received \u2013 \u2013 \u2013 15 \u2013 15 Share of profit/(loss) after tax (5) (5) (56) 21 \u2013 (35) The Group\u2019s investments in Phoenix and HDFC Asset Management were reclassified to equity securities and interests in pooled investment funds in 2021 so were not material associates at 31 December 2021 (refer below for further details of the reclassification). The Group continues to have no material associates at 31 December 2022. Other primarily relates to the Group\u2019s interests in Archax Holdings Limited and Tenet Group Limited. During the year ended 31 December 2022, the Group recognised an impairment of \u00a39m in relation to its interest in Tenet Group Limited. HDFC Asset Management HDFC Asset Management manages a range of mutual funds and provides portfolio management and advisory services. On 29 September 2021 the Group reduced its interest in HDFC Asset Management to 16.22% (2020: 21.24%). Refer Note 1(c)(iii) for further details of the sale. Following the sale, HDFC Asset Management was no longer considered to be an associate of the Group and the Group\u2019s interest in HDFC Asset Management was reclassified from an investment in associates accounted for using the equity method to equity securities and interests in pooled investment funds measured at fair value on 29 September 2021. The sale reduced the Group\u2019s interest in HDFC Asset Management below 20%, which is the threshold where significant influence is presumed. While the Group does retain board representation, there are no significant decisions that require unanimous board approval under the articles of association and the Group has no significant contractual relationships with HDFC Asset Management. We considered that the Group no longer has significant influence over HDFC Asset Management after the sale, and therefore should no longer be classified as an associate. On 29 September 2021, the equity accounted value of HDFC Asset Management was \u00a393m and the fair value of the Group\u2019s investment in HDFC Asset Management was \u00a31,003m based on the share price on this date. A reclassification gain of \u00a3897m was recognised in the consolidated income statement. On reclassification a loss of \u00a313m was recycled from the translation reserve and was included in determining the gain. The year end date of HDFC Asset Management is 31 March which is different from the Group\u2019s year end date of 31 December. For the purposes of the preparation of the Group\u2019s consolidated financial statements, financial information for the period from 1 January 2021 to 29 September 2021 was used for HDFC Asset Management for equity accounting purposes. Phoenix Phoenix is the largest life and pensions consolidator in Europe. Following the completion of the Sale of the Group\u2019s UK and European insurance business in August 2018, as part of the total consideration, the Group was issued with new Phoenix shares representing 19.98% of the issued share capital of Phoenix. During the year ended 31 December 2020, the Group\u2019s interest in Phoenix was reduced to 14.4%. Although our interest in Phoenix had reduced to 14.4%, taking into account our continued representation on Phoenix\u2019s board and, in particular, the contractual relationships with Phoenix, including the licensing to Phoenix of the Standard Life brand, our judgement was that Phoenix should continue to be classified as an associate. On 23 February 2021, the Group announced a simplification and extension of the strategic partnership between the Group and Phoenix. Refer Note1(c)(iii). The announcement included the sale of the \u2018Standard Life\u2019 brand to Phoenix, replacing the existing agreement to licence the brand for no fee to Phoenix. Following the changes to the commercial agreements, in particular in relation to the licensing of the \u2018Standard Life\u2019 brand, our judgement is that Phoenix should no longer be accounted for as an associate with effect from 23 February 2021. The changes simplified the agreements between abrdn and Phoenix such that the Group was no longer able to control Phoenix\u2019s use of the Standard Life brand. The Group\u2019s shareholding in Phoenix, which remained at 14.4%, was therefore reclassified from an investment in associates accounted for using the equity method to equity securities and interests in pooled investment funds measured at fair value. A reclassification gain of \u00a368m was included in the profit on disposal of interests in associates for the year ended 31 December 2021 as the fair value on 22 February 2021 of \u00a31,023m was higher than the previous carrying value as an associate of \u00a3964m. On disposal, other comprehensive income gains of \u00a39m were recycled from retained earnings and included in determining the gain on sale. (c) Associates and joint ventures Name of related undertaking Share class1 % interest held 2 Aberdeen Standard SICAV I - Europe ex UK Sustainable Equity Fund19 SICAV 25% abrdn OEIC I - abrdn (AAM) Sterling Government Bond Fund3 OEIC 25% Archax Holdings Limited61 Ordinary shares 10% Concession Infrastructure Investments Manager Limited62 Ordinary shares 50% Criterion Tec Holdings Ltd63 Ordinary shares 21% Heng An Standard Life Insurance Company Limited64 Ordinary shares 50% PURetail Luxembourg Management Company S.a.r.l.65 Class A shares 50% Tenet Group Limited 66 Ordinary B Shares 25% Virgin Money Unit Trust Managers Limited67 Ordinary shares 50% 1. OEIC = Open-ended investment company SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable ETF = Exchange traded fund 2. Limited Partnerships or limited liability companies in which the Group has no interest but whose general partner or manager is controlled by the Group are considered subsidiaries under Companies Act 2006. Where the Group has no interest in a limited partnership or limited liability company that is considered a subsidiary, the interest held is disclosed as 0% ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-575": { "value": "(d) Investments in associates measured at FVTPL The aggregate fair value of associates accounted for at FVTPL included in equity securities and interests in pooled investment funds (refer Note 17) at 31 December 2022 is \u00a346m (2021: \u00a363m) none of which are considered individually material to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-576": { "value": "15. Property, plant and equipment Property, plant and equipment consists primarily of property owned and occupied by the Group and the computer equipment used to carry out the Group\u2019s business along with right-of-use assets for leased property and equipment. Owner occupied property: Owner occupied property is initially recognised at cost and subsequently revalued to fair value at each reporting date. Depreciation, being the difference between the carrying amount and the residual value of each significant part of a building, is charged to the consolidated income statement over its useful life. The useful life of each significant part of a building is estimated as being between 30 and 50 years. A revaluation surplus is recognised in other comprehensive income unless it reverses a revaluation deficit which has been recognised in the consolidated income statement. Equipment: Equipment is initially recognised at cost and subsequently measured at cost less depreciation. Depreciation is charged to the income statement over 2 to 15 years depending on the length of time the Group expects to derive benefit from the asset. Ri g ht-of-use asset: Refer Note 16 below for the accountin g policies for ri g ht-of-use assets. Owner occupied property Equipment Right-of-use assets \u2013 property Right-of-use assets \u2013 equipment Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost or valuation At 1 January 2021 2 108 370 3 483 Additions \u2013 12 4 \u2013 16 Disposals and adjustments1 \u2013 (16) (44) \u2013 (60) Derecognition of right-of-use assets relating to subleases classified as finance leases \u2013 \u2013 (6) \u2013 (6) Foreign exchange adjustment \u2013 \u2013 (2) \u2013 (2) At 31 December 2021 2 104 322 3 431 Reclassified as held for sale during the year \u2013 \u2013 (1) \u2013 (1) Additions \u2013 24 36 1 61 Disposals and adjustments1 \u2013 (11) (41) \u2013 (52) Derecognition of right-of-use assets relating to subleases classified as finance leases \u2013 \u2013 (6) \u2013 (6) Foreign exchange adjustment \u2013 3 11 \u2013 14 At 31 December 2022 2 120 321 4 447 Accumulated depreciation and impairment At 1 January 2021 (1) (49) (195) (2) (247) Depreciation charge for the year2 \u2013 (18) (21) \u2013 (39) Disposals and adjustments1 \u2013 13 42 \u2013 55 Derecognition of right-of-use assets relating to subleases classified as finance leases \u2013 \u2013 1 \u2013 1 Impairment 3 \u2013 \u2013 (15) \u2013 (15) Foreign exchange adjustment \u2013 \u2013 1 \u2013 1 At 31 December 2021 (1) (54) (187) (2) (244) Reclassified as held for sale during the year \u2013 \u2013 1 \u2013 1 Depreciation charge for the year2 \u2013 (18) (20) (1) (39) Disposals and adjustments1 \u2013 10 38 \u2013 48 Derecognition of right-of-use assets relating to subleases classified as finance leases \u2013 \u2013 3 \u2013 3 Impairment 3 \u2013 \u2013 (7) \u2013 (7) Foreign exchange adjustment \u2013 (3) (5) \u2013 (8) At 31 December 2022 (1) (65) (177) (3) (246) Carrying amount At 1 January 2021 1 59 175 1 236 At 31 December 2021 1 50 135 1 187 At 31 December 2022 1 55 144 1 201 1. For the year ended 31 December 2022, \u00a31m (2021: \u00a38m) of disposals and adjustments relates to equipment with net book value of \u00a3nil which is no longer in use. 2. Included in other administrative expenses. 3. Included in restructuring and corporate transaction expenses. ncluded in property right-of-use assets, are right-of-use assets that meet the definition of investment property. Their carrying amount at 31 December 2022 is \u00a314m (2021: \u00a321m). This comprises a gross carrying value of \u00a349m (2021: \u00a381m) and accumulated depreciation and impairment of \u00a335m (2021: \u00a360m). During the year to 31 December 2022 there were no transfers to investment property (2021: \u00a319m), depreciation of (\u00a32m) (2021: (\u00a32m)), derecognition related to new subleases classified as finance leases of (\u00a31m) (2021: (\u00a36m)), impairments of (\u00a33m) (2021: (\u00a315m)) and disposals and adjustments of (\u00a31m) (2021: \u00a3nil) related to these assets. Rental income received and direct operating expenses incurred to generate that rental income in the year to 31 December 2022 were \u00a33m (2021: \u00a32m) and \u00a33m (2021: \u00a33m) respectively. In addition, there were direct expenses of \u00a31m (2021: \u00a31m) in relation to investment properties not currently generating income. The transfers to investment property in 2021 of \u00a319m relate to right-of-use assets that are no longer being used operationally by the Group. The right-of-use assets were assessed for impairment at the point of transfer. The recoverable amount which was based on value in use was \u00a34m using a pre-tax discount rate of 3%. The right-of-use assets related to the Investment segment (\u00a36m impairment) and Corporate/strategic (\u00a39m impairment). The fair value of these right-of-use assets at 31 December 2022 is \u00a314m (2021: \u00a321m). The valuation technique used to determine the fair value considers the rental income expected to be received under subleases during the term of the lease and the direct expenses expected to be incurred in managing the leased property, discounted using a discount rate that reflects the risks inherent in the cash flow estimates. It is not based on valuations by an independent valuer. This is a Level 3 valuation technique as defined in Note 37. If owner occupied property was measured using the cost model, the historical cost before impairment would be \u00a31m (2021: \u00a31m). As the expected residual value of owner occupied property is in line with the current fair value, no depreciation is currently charged. Further details on the leases under which the Group\u2019s right-of-use assets are recognised are provided in Note 16 below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-624": { "value": "Property, plant and equipment consists primarily of property owned and occupied by the Group and the computer equipment used to carry out the Group\u2019s business along with right-of-use assets for leased property and equipment. Owner occupied property: Owner occupied property is initially recognised at cost and subsequently revalued to fair value at each reporting date. Depreciation, being the difference between the carrying amount and the residual value of each significant part of a building, is charged to the consolidated income statement over its useful life. The useful life of each significant part of a building is estimated as being between 30 and 50 years. A revaluation surplus is recognised in other comprehensive income unless it reverses a revaluation deficit which has been recognised in the consolidated income statement. Equipment: Equipment is initially recognised at cost and subsequently measured at cost less depreciation. Depreciation is charged to the income statement over 2 to 15 years depending on the length of time the Group expects to derive benefit from the asset. Ri g ht-of-use asset: Refer Note 16 below for the accountin g policies for ri g ht-of-use assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-577": { "value": "16. Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. In 2019, on adoption of IFRS 16 the Group used the practical expedient permitted to apply the new standard at transition solely to leases previously identified in accordance with IAS 17 and IFRIC 4 Determining whether an Arrangement Contains a Lease. Right-of-use assets are measured at cost less accumulated depreciation and impairment losses and are presented in property, plant and equipment (refer Note 15). The Group does not revalue its right-of-use assets. This applies to all right-of-use assets, including those that are assessed as meeting the definition of investment property. The cost comprises the amount of the initial measurement of the lease liability plus any initial direct costs and expected restoration costs not relating to wear and tear. Costs relating to wear and tear are expensed over the term of the lease. Depreciation is charged on right-of-use assets on a straight -line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group assesses right-of-use assets for impairment when such indicators exist, and where required, reduces the value of the right-of-use asset accordingly. The related lease liability (included in other financial liabilities \u2013 refer Note 33) is calculated as the present value of the future lease payments. The lease payments are discounted using the rate implicit within the lease where readily available or the Group\u2019s incremental borrowing rate where the implicit rate is not readily available. Interest is calculated on the liability using the discount rate and is charged to the consolidated income statement under finance costs. In determining the value of the right-of-use assets and lease liabilities, the Group considers whether any leases contain lease extensions or termination options that the Group is reasonably certain to exercise. Where a leased property has been sublet, the Group assesses whether the sublease has transferred substantially all the risk and rewards of the right-of-use asset to the lessee under the sublease. Where this is the case, the right-of-use asset is derecognised and a net investment in finance leases (included in Receivables and other financial assets \u2013 refer Note 19) is recognised, calculated as the present value of the future lease payments receivable under the sublease. Where a property is only partially sublet, only the portion of the right-of-use asset relating to the sublet part of the property is derecognised and recognised as a net investment in finance leases. Any difference between the initial value of the net investment in finance leases and the right-of-use asset derecognised is recognised in the consolidated income statement (within other income or expenses). Interest is calculated on the net investment in finance lease using the discount rate and is recognised in the consolidated income statement as interest income. Where the sublease does not transfer substantially all the risk and rewards of the right-of-use assets to the lessee under the sublease, the Group continues to recognise the right-of-use asset. The sublease is accounted for as an operating lease with the lease payments received recognised as property rental income in other income in the consolidated income statement. Lease incentives granted are recognised as an integral part of the property rental income and are spread over the term of the lease. The Group does not recognise right-of-use assets and lease liabilities for short-term leases (less than one year from inception ) and leases where the underlyin g asset is of low value. (a) Leases where the Group is lessee The Group leases various offices and equipment used to carry out its business. Leases are generally for fixed periods but may be subject to extensions or early termination clauses. The remaining periods for current leases range from less than 1 year to 16 years (2021: less than 1 year to 17 years). A number of leases which are due to end in 2031 contain options that would allow the Group to extend the lease term. The Group reviews its property use on an ongoing basis and these extensions have not been included in the right-of-use asset or lease liability calculations. The Group has committed to two leases at 31 December 2022 which had not commenced at this date. The expected lease liability for these leases is not significant to the Group. The Group has recognised the following assets and liabilities in relation to these leases where the Group is a lessee: 2022 2021 \u00a3m \u00a3m Right-of-use assets: Property 144 135 Equipment 1 1 Total right-of-use assets 145 136 Lease liabilities (224) (225) Details of the movements in the Group\u2019s right-of-use assets including additions and depreciation are included in Note 15. The interest on lease liabilities is as follows: 2022 2021 \u00a3m \u00a3m Interest on lease liabilities 6 6 The total cash outflow for lease liabilities recognised in the consolidated statement of cash flows for the year ended 31 December 2022 was \u00a352m (2021: \u00a333m). Refer Note 38(f) for further details. The following table provides a maturity analysis of the contractual undiscounted cash flows for the lease liabilities. 2022 2021 \u00a3m \u00a3m Less than 1 year 29 28 Greater than or equal to 1 year and less than 2 years 24 28 Greater than or equal to 2 years and less than 3 years 23 24 Greater than or equal to 3 years and less than 4 years 24 23 Greater than or equal to 4 years and less than 5 years 23 21 Greater than or equal to 5 years and less than 10 years 99 93 Greater than or equal to 10 years and less than 15 years 38 33 Greater than or equal to 15 years 4 7 Total undiscounted lease liabilities 264 257 The Group does not recognise right-of-use assets and lease liabilities for short-term leases and leases where the underlying asset is of low value. The expenses for these leases for the year ended 31 December 2022 were \u00a33m (2021: \u00a32m). The Group lease commitment for short-term leases was \u00a3nil at 31 December 2022 (2021: \u00a3nil). (b) Leases where the Group is lessor (subleases) Where the Group no longer requires a leased property, the property may be sublet to a third party. The sublease may be for the full remaining term of the Group\u2019s lease or only part of the remaining term. At 31 December 2022, the Group had a net investment in finance leases asset of \u00a329m (2021: \u00a330m) for subleases which had transferred substantially all the risk and rewards of the right-of-use assets to the lessee under the sublease. All other subleases are accounted for as operating leases. (b)(i) Finance leases During the year ended 31 December 2022, the Group received finance income on the net investment in finance leases asset of less than \u00a31m (2021: less than \u00a31m). The Group recorded an initial gain of \u00a31m in relation to new subleases entered into during the year ended 31 December 2022 (2021: \u00a38m). The following table provides a maturity analysis of the future contractual undiscounted cash flows for the net investment in finance leases and a reconciliation to the net investment in finance leases asset. 2022 2021 \u00a3m \u00a3m Less than 1 year 3 3 Greater than or equal to 1 year and less than 2 years 3 3 Greater than or equal to 2 years and less than 3 years 4 3 Greater than or equal to 3 years and less than 4 years 4 3 Greater than or equal to 4 years and less than 5 years 4 3 Greater than or equal to 5 years and less than 10 years 12 14 Greater than or equal to 10 years and less than 15 years 2 3 Total contractual undiscounted cash flows under finance leases 32 32 Unearned finance income (3) (2) Total net investment in finance leases 29 30 (b)(ii) Operating leases During the year ended 31 December 2022, the Group received property rental income from operating leases of \u00a33m (2021: \u00a32m). The following table provides a maturity analysis of the future contractual undiscounted cash flows for subleases classified as operating leases. 2022 2021 \u00a3m \u00a3m Less than 1 year 1 3 Greater than or equal to 1 year and less than 2 years 1 1 Greater than or equal to 2 years and less than 3 years 1 1 Greater than or equal to 3 years and less than 4 years 1 1 Total contractual undiscounted cash flows under operating leases 4 6", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-625": { "value": "A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. In 2019, on adoption of IFRS 16 the Group used the practical expedient permitted to apply the new standard at transition solely to leases previously identified in accordance with IAS 17 and IFRIC 4 Determining whether an Arrangement Contains a Lease. Right-of-use assets are measured at cost less accumulated depreciation and impairment losses and are presented in property, plant and equipment (refer Note 15). The Group does not revalue its right-of-use assets. This applies to all right-of-use assets, including those that are assessed as meeting the definition of investment property. The cost comprises the amount of the initial measurement of the lease liability plus any initial direct costs and expected restoration costs not relating to wear and tear. Costs relating to wear and tear are expensed over the term of the lease. Depreciation is charged on right-of-use assets on a straight -line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group assesses right-of-use assets for impairment when such indicators exist, and where required, reduces the value of the right-of-use asset accordingly. The related lease liability (included in other financial liabilities \u2013 refer Note 33) is calculated as the present value of the future lease payments. The lease payments are discounted using the rate implicit within the lease where readily available or the Group\u2019s incremental borrowing rate where the implicit rate is not readily available. Interest is calculated on the liability using the discount rate and is charged to the consolidated income statement under finance costs. In determining the value of the right-of-use assets and lease liabilities, the Group considers whether any leases contain lease extensions or termination options that the Group is reasonably certain to exercise. Where a leased property has been sublet, the Group assesses whether the sublease has transferred substantially all the risk and rewards of the right-of-use asset to the lessee under the sublease. Where this is the case, the right-of-use asset is derecognised and a net investment in finance leases (included in Receivables and other financial assets \u2013 refer Note 19) is recognised, calculated as the present value of the future lease payments receivable under the sublease. Where a property is only partially sublet, only the portion of the right-of-use asset relating to the sublet part of the property is derecognised and recognised as a net investment in finance leases. Any difference between the initial value of the net investment in finance leases and the right-of-use asset derecognised is recognised in the consolidated income statement (within other income or expenses). Interest is calculated on the net investment in finance lease using the discount rate and is recognised in the consolidated income statement as interest income. Where the sublease does not transfer substantially all the risk and rewards of the right-of-use assets to the lessee under the sublease, the Group continues to recognise the right-of-use asset. The sublease is accounted for as an operating lease with the lease payments received recognised as property rental income in other income in the consolidated income statement. Lease incentives granted are recognised as an integral part of the property rental income and are spread over the term of the lease. The Group does not recognise right-of-use assets and lease liabilities for short-term leases (less than one year from inception ) and leases where the underlyin g asset is of low value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-669": { "value": "(a) Leases where the Group is lessee The Group leases various offices and equipment used to carry out its business. Leases are generally for fixed periods but may be subject to extensions or early termination clauses. The remaining periods for current leases range from less than 1 year to 16 years (2021: less than 1 year to 17 years). A number of leases which are due to end in 2031 contain options that would allow the Group to extend the lease term. The Group reviews its property use on an ongoing basis and these extensions have not been included in the right-of-use asset or lease liability calculations. The Group has committed to two leases at 31 December 2022 which had not commenced at this date. The expected lease liability for these leases is not significant to the Group. The Group has recognised the following assets and liabilities in relation to these leases where the Group is a lessee: 2022 2021 \u00a3m \u00a3m Right-of-use assets: Property 144 135 Equipment 1 1 Total right-of-use assets 145 136 Lease liabilities (224) (225) Details of the movements in the Group\u2019s right-of-use assets including additions and depreciation are included in Note 15. The interest on lease liabilities is as follows: 2022 2021 \u00a3m \u00a3m Interest on lease liabilities 6 6 The total cash outflow for lease liabilities recognised in the consolidated statement of cash flows for the year ended 31 December 2022 was \u00a352m (2021: \u00a333m). Refer Note 38(f) for further details. The following table provides a maturity analysis of the contractual undiscounted cash flows for the lease liabilities. 2022 2021 \u00a3m \u00a3m Less than 1 year 29 28 Greater than or equal to 1 year and less than 2 years 24 28 Greater than or equal to 2 years and less than 3 years 23 24 Greater than or equal to 3 years and less than 4 years 24 23 Greater than or equal to 4 years and less than 5 years 23 21 Greater than or equal to 5 years and less than 10 years 99 93 Greater than or equal to 10 years and less than 15 years 38 33 Greater than or equal to 15 years 4 7 Total undiscounted lease liabilities 264 257 The Group does not recognise right-of-use assets and lease liabilities for short-term leases and leases where the underlying asset is of low value. The expenses for these leases for the year ended 31 December 2022 were \u00a33m (2021: \u00a32m). The Group lease commitment for short-term leases was \u00a3nil at 31 December 2022 (2021: \u00a3nil). (b) Leases where the Group is lessor (subleases) Where the Group no longer requires a leased property, the property may be sublet to a third party. The sublease may be for the full remaining term of the Group\u2019s lease or only part of the remaining term. At 31 December 2022, the Group had a net investment in finance leases asset of \u00a329m (2021: \u00a330m) for subleases which had transferred substantially all the risk and rewards of the right-of-use assets to the lessee under the sublease. All other subleases are accounted for as operating leases. (b)(i) Finance leases During the year ended 31 December 2022, the Group received finance income on the net investment in finance leases asset of less than \u00a31m (2021: less than \u00a31m). The Group recorded an initial gain of \u00a31m in relation to new subleases entered into during the year ended 31 December 2022 (2021: \u00a38m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-626": { "value": "(a) Leases where the Group is lessee The Group leases various offices and equipment used to carry out its business. Leases are generally for fixed periods but may be subject to extensions or early termination clauses. The remaining periods for current leases range from less than 1 year to 16 years (2021: less than 1 year to 17 years). A number of leases which are due to end in 2031 contain options that would allow the Group to extend the lease term. The Group reviews its property use on an ongoing basis and these extensions have not been included in the right-of-use asset or lease liability calculations. The Group has committed to two leases at 31 December 2022 which had not commenced at this date. The expected lease liability for these leases is not significant to the Group. The Group has recognised the following assets and liabilities in relation to these leases where the Group is a lessee: 2022 2021 \u00a3m \u00a3m Right-of-use assets: Property 144 135 Equipment 1 1 Total right-of-use assets 145 136 Lease liabilities (224) (225) Details of the movements in the Group\u2019s right-of-use assets including additions and depreciation are included in Note 15. The interest on lease liabilities is as follows: 2022 2021 \u00a3m \u00a3m Interest on lease liabilities 6 6 The total cash outflow for lease liabilities recognised in the consolidated statement of cash flows for the year ended 31 December 2022 was \u00a352m (2021: \u00a333m). Refer Note 38(f) for further details. The following table provides a maturity analysis of the contractual undiscounted cash flows for the lease liabilities. 2022 2021 \u00a3m \u00a3m Less than 1 year 29 28 Greater than or equal to 1 year and less than 2 years 24 28 Greater than or equal to 2 years and less than 3 years 23 24 Greater than or equal to 3 years and less than 4 years 24 23 Greater than or equal to 4 years and less than 5 years 23 21 Greater than or equal to 5 years and less than 10 years 99 93 Greater than or equal to 10 years and less than 15 years 38 33 Greater than or equal to 15 years 4 7 Total undiscounted lease liabilities 264 257 The Group does not recognise right-of-use assets and lease liabilities for short-term leases and leases where the underlying asset is of low value. The expenses for these leases for the year ended 31 December 2022 were \u00a33m (2021: \u00a32m). The Group lease commitment for short-term leases was \u00a3nil at 31 December 2022 (2021: \u00a3nil). ", "dimensions": { "concept": "abrdnplc:DisclosureOfLeasesWhereTheGroupIsLessee", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-627": { "value": "(b) Leases where the Group is lessor (subleases) Where the Group no longer requires a leased property, the property may be sublet to a third party. The sublease may be for the full remaining term of the Group\u2019s lease or only part of the remaining term. At 31 December 2022, the Group had a net investment in finance leases asset of \u00a329m (2021: \u00a330m) for subleases which had transferred substantially all the risk and rewards of the right-of-use assets to the lessee under the sublease. All other subleases are accounted for as operating leases. (b)(i) Finance leases During the year ended 31 December 2022, the Group received finance income on the net investment in finance leases asset of less than \u00a31m (2021: less than \u00a31m). The Group recorded an initial gain of \u00a31m in relation to new subleases entered into during the year ended 31 December 2022 (2021: \u00a38m). The following table provides a maturity analysis of the future contractual undiscounted cash flows for the net investment in finance leases and a reconciliation to the net investment in finance leases asset. 2022 2021 \u00a3m \u00a3m Less than 1 year 3 3 Greater than or equal to 1 year and less than 2 years 3 3 Greater than or equal to 2 years and less than 3 years 4 3 Greater than or equal to 3 years and less than 4 years 4 3 Greater than or equal to 4 years and less than 5 years 4 3 Greater than or equal to 5 years and less than 10 years 12 14 Greater than or equal to 10 years and less than 15 years 2 3 Total contractual undiscounted cash flows under finance leases 32 32 Unearned finance income (3) (2) Total net investment in finance leases 29 30 (b)(ii) Operating leases During the year ended 31 December 2022, the Group received property rental income from operating leases of \u00a33m (2021: \u00a32m). The following table provides a maturity analysis of the future contractual undiscounted cash flows for subleases classified as operating leases. 2022 2021 \u00a3m \u00a3m Less than 1 year 1 3 Greater than or equal to 1 year and less than 2 years 1 1 Greater than or equal to 2 years and less than 3 years 1 1 Greater than or equal to 3 years and less than 4 years 1 1 Total contractual undiscounted cash flows under operating leases 4 6", "dimensions": { "concept": "abrdnplc:DisclosureOfLeasesWhereTheGroupIsLessor", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-670": { "value": "The following table provides a maturity analysis of the future contractual undiscounted cash flows for the net investment in finance leases and a reconciliation to the net investment in finance leases asset. 2022 2021 \u00a3m \u00a3m Less than 1 year 3 3 Greater than or equal to 1 year and less than 2 years 3 3 Greater than or equal to 2 years and less than 3 years 4 3 Greater than or equal to 3 years and less than 4 years 4 3 Greater than or equal to 4 years and less than 5 years 4 3 Greater than or equal to 5 years and less than 10 years 12 14 Greater than or equal to 10 years and less than 15 years 2 3 Total contractual undiscounted cash flows under finance leases 32 32 Unearned finance income (3) (2) Total net investment in finance leases 29 30 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-684": { "value": "(b)(ii) Operating leases During the year ended 31 December 2022, the Group received property rental income from operating leases of \u00a33m (2021: \u00a32m). The following table provides a maturity analysis of the future contractual undiscounted cash flows for subleases classified as operating leases. 2022 2021 \u00a3m \u00a3m Less than 1 year 1 3 Greater than or equal to 1 year and less than 2 years 1 1 Greater than or equal to 2 years and less than 3 years 1 1 Greater than or equal to 3 years and less than 4 years 1 1 Total contractual undiscounted cash flows under operating leases 4 6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-578": { "value": "17. Financial assets Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled investment funds and derivative instruments are measured at fair value. All equity securities and interests in pooled investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or losses on financial instruments and other income in the consolidated income statement. The classification of derivatives and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 18. The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of principal and interest and the nature of the business model they are held in as follows: SPPI 1 test satisfied? Business model Classification Yes A: Objective is to hold to collect contractual cash flows Amortised cost 2 Yes B: Objective is achieved by both collecting contractual cash flows and selling Fair value through other comprehensive income (FVOCI) 2 Yes C: Objective is neither A nor B FVTPL No N/A FVTPL 1. Solely payments of principal and interest. 2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Group has no debt instruments that are managed within a business model whose objective is achieved both by collecting contractual cash flows and selling and therefore there are no debt instruments classified as FVOCI. Debt instruments classified as FVTPL are classified as such due to the business model they are managed under, predominantly being held in consolidated investment vehicles. The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37. Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective interest method. Impairment is determined using an expected credit loss impairment model which is applied to all financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance equal to either: \u2013 12 month expected credit losses (losses resulting from possible default within the next 12 months). \u2013 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset). Financial assets attract a 12 month ECL allowance unless the asset has suffered a significant deterioration in credit quality or the simplified approach for calculation of ECL has been applied. As permitted under IFRS 9 Financial Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade receivables and contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised under IFRS 16 Leases. Under the simplified approach the ECL is always equal to the lifetime expected credit loss. The table below sets out an analysis of financial assets excluding those assets backing unit linked liabilities which are set out in Note 23. At fair value through profit or loss 1 Cash flow hedge2 At amortised cost Total 2022 2021 2022 2021 2022 2021 2022 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Derivative financial assets 18 19 6 85 8 \u2013 \u2013 104 14 Equity securities and interests in pooled investment funds 37 2,033 3,115 \u2013 \u2013 \u2013 \u2013 2,033 3,115 Debt securities 37 592 961 \u2013 \u2013 210 226 802 1,187 Financial investments 2,644 4,082 85 8 210 226 2,939 4,316 Receivables and other financial assets 19 19 31 \u2013 \u2013 888 649 907 680 Cash and cash equivalents 22 \u2013 \u2013 \u2013 \u2013 1,133 1,904 1,133 1,904 Total 2,663 4,113 85 8 2,231 2,779 4,979 6,900 1. All financial assets measured at fair value through profit or loss have been classified at FVTPL on a mandatory basis. The Group has not designated any financial assets as FVTPL. 2. Changes in fair value are recognised in the Cash Flow Hedges Reserve (refer Note 27) but may be reclassified subsequently to profit or loss. The amount of debt securities expected to be recovered or settled after more than 12 months is \u00a32m (2021: \u00a363m). Due to the nature of equity securities and interests in pooled investment funds, there is no fixed term associated with these securities. The amount of equity securities and interests in pooled investment funds expected to be recovered or settled after more than 12 months is \u00a3669m (2021: \u00a31,947m). Included in Proceeds from sale or redemption of financial investments of \u00a31,633m (2021: \u00a3938m) within the consolidated statement of cash flows are \u00a3789m (2021: \u00a3655m) in relation to sales of significant listed investments. Refer Note 11 for further details of the sales in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-628": { "value": "Financial assets are initially recognised at their fair value. Subsequently all equity securities and interests in pooled investment funds and derivative instruments are measured at fair value. All equity securities and interests in pooled investment funds are classified as FVTPL on a mandatory basis. Changes in their fair value are recognised in Net gains or losses on financial instruments and other income in the consolidated income statement. The classification of derivatives and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 18. The subsequent measurement of debt instruments depends on whether their cash flows are solely payments of principal and interest and the nature of the business model they are held in as follows: SPPI 1 test satisfied? Business model Classification Yes A: Objective is to hold to collect contractual cash flows Amortised cost 2 Yes B: Objective is achieved by both collecting contractual cash flows and selling Fair value through other comprehensive income (FVOCI) 2 Yes C: Objective is neither A nor B FVTPL No N/A FVTPL 1. Solely payments of principal and interest. 2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Group has no debt instruments that are managed within a business model whose objective is achieved both by collecting contractual cash flows and selling and therefore there are no debt instruments classified as FVOCI. Debt instruments classified as FVTPL are classified as such due to the business model they are managed under, predominantly being held in consolidated investment vehicles. The methods and assumptions used to determine fair value of financial assets at FVTPL are discussed in Note 37. Amortised cost is calculated, and related interest is credited to the consolidated income statement, using the effective interest method. Impairment is determined using an expected credit loss impairment model which is applied to all financial assets measured at amortised cost. Financial assets measured at amortised cost attract a loss allowance equal to either: \u2013 12 month expected credit losses (losses resulting from possible default within the next 12 months). \u2013 Lifetime expected credit losses (losses resulting from possible defaults over the remaining life of the financial asset). Financial assets attract a 12 month ECL allowance unless the asset has suffered a significant deterioration in credit quality or the simplified approach for calculation of ECL has been applied. As permitted under IFRS 9 Financial Instruments, the Group has applied the simplified approach to calculate the ECL allowance for trade receivables and contract assets recognised under IFRS 15 Revenue from Contracts with Customers and lease receivables recognised under IFRS 16 Leases. Under the simplified approach the ECL is always equal to the lifetime expected credit loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-579": { "value": "18. Derivative financial instruments A derivative is a financial instrument that is typically used to manage risk and whose value moves in response to an underlying variable such as interest or foreign exchange rates. The Group uses derivative financial instruments in order to match subordinated debt liabilities and to reduce the risk from potential movements in foreign exchange rates on seed capital and co-investments and potential movements in market rates on seed capital. Certain consolidated investment vehicles may also use derivatives to take and alter market exposure, with the objective of enhancing performance and controlling risk. Management determines the classification of derivatives at initial recognition. All derivative instruments are classified as at FVTPL except those designated as part of a cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair value with changes in fair value recognised in the consolidated income statement. On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue applying the hedge accounting requirements of IAS 39. The accounting treatment below applies to derivatives designated as part of a hedging relationship. Using derivatives to manage a particular exposure is referred to as hedging. For a derivative to be considered as part of a hedging relationship its purpose must be formally documented at inception. In addition, the effectiveness of the hedge must be initially high and be able to be reliably measured on a regular basis. Derivatives used to hedge variability in future cash flows such as coupons payable on subordinated liabilities or revenue receivable in a foreign currency are designated as cash flow hedges, while derivatives used to hedge currency risk on investments in foreign operations are designated as net investment hedges. Where a derivative qualifies as a cash flow or net investment hedge, hedge accounting is applied. The effective part of any gain or loss resulting from the change in fair value is recognised in other comprehensive income, and in the cash flow or net investment hedge reserve in equity, while any ineffective part is recognised immediately in the consolidated income statement. If a derivative ceases to meet the relevant hedging criteria, hedge accounting is discontinued. For cash flow hedges, the amount recognised in the cash flow hedge reserve is transferred to the consolidated income statement (recycled) in the same period or periods during which the hedged item affects profit or loss and is transferred immediately if the cash flow is no longer expected to occur. For net investment hedges, the amount recognised in the net investment hed g e reserve is transferred to the consolidated income statement on disposal of the investment. 2022 2021 Contract amount Fair value assets Fair value liabilities Contract amount Fair value assets Fair value liabilities Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash flow hedges 17,29 623 85 \u2013 554 8 \u2013 FVTPL 17,29 638 19 1 889 6 5 Derivative financial instruments 37 1,261 104 1 1,443 14 5 Derivative financial instruments backing unit linked liabilities 23 258 1 2 399 7 3 Total derivative financial instruments 1,519 105 3 1,842 21 8 Derivative assets of \u00a385m (2021: \u00a38m) are expected to be recovered after more than 12 months. Derivative liabilities of \u00a3nil (2021: \u00a3nil) are expected to be settled after more than 12 months. (a) Hedging strategy The Group generally does not hedge the currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the income statement. Where appropriate, the Group may use derivative contracts to reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity. (a)(i) Cash flow hedges On 18 October 2017, the Group issued subordinated notes with a principal amount of US$750m. In order to manage its foreign exchange risk relating to the principal and coupons payable on these notes the Group entered into a cross- currency swap which is designated as a cash flow hedge. The cash flow hedge was fully effective during the year. The cross-currency swap has the effect of swapping the 4.25% US Dollar fixed rate subordinated notes into 3.2% Sterling fixed rate subordinated notes with a principal amount of \u00a3569m. The cross-currency swap has a fair value asset position of \u00a385m (2021: \u00a38m asset). During the year ended 31 December 2022 fair value gains of \u00a385m (2021: gains of \u00a319m) were recognised in other comprehensive income in relation to the cross-currency swap. Gains of \u00a370m (2021: gains of \u00a35m) were transferred from other comprehensive income to Net gains or losses on financial instruments and other income in the consolidated income statement in relation to the cross-currency swap during the year. In addition, forward points of \u00a36m (2021: \u00a36m) and gains of \u00a32m (2021: losses of \u00a31m) were transferred from other comprehensive income to Finance costs in the consolidated income statement. (a)(ii) FVTPL Derivative financial instruments classified as FVTPL include those that the Group holds as economic hedges of financial instruments that are measured at fair value. FVTPL derivative financial instruments are also held by the Group to match contractual liabilities that are measured at fair value or to achieve efficient portfolio management in respect of instruments measured at fair value. 2022 2021 Contract amount Fair value assets Fair value liabilities Contract amount Fair value assets Fair value liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Equity derivatives: Futures 137 3 \u2013 336 3 4 Variance swaps \u2013 \u2013 \u2013 6 6 \u2013 Interest rate derivatives: Swaps 18 1 \u2013 11 \u2013 \u2013 Futures \u2013 \u2013 \u2013 40 \u2013 \u2013 Foreign exchange derivatives: Forwards 678 16 3 806 4 3 Other derivatives: Inflation rate swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Credit default swaps 63 \u2013 \u2013 89 \u2013 1 Derivative financial instruments at FVTPL 896 20 3 1,288 13 8 (b) Maturity profile The maturity profile of the contractual undiscounted cash flows in relation to derivative financial instruments is as follows: Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash inflows Derivative financial assets 569 66 107 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,313 749 Derivative financial liabilities 138 13 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 138 13 Total 707 79 107 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,451 762 Cash outflows Derivative financial assets (541) (60) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,210) (729) Derivative financial liabilities (141) (13) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (141) (13) Total (682) (73) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,351) (742) Net derivative financial instruments cash inflows 25 6 16 21 59 (7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 100 20 Included in the above maturity profile are the following cash flows in relation to cash flow hedge assets: Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash inflows 26 24 106 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 769 707 Cash outflows (18) (18) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (687) (687) Net cash flow hedge cash inflows 8 6 15 21 59 (7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 82 20 Cash inflows and outflows are presented on a net basis where the Group is required to settle cash flows net. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-671": { "value": "A derivative is a financial instrument that is typically used to manage risk and whose value moves in response to an underlying variable such as interest or foreign exchange rates. The Group uses derivative financial instruments in order to match subordinated debt liabilities and to reduce the risk from potential movements in foreign exchange rates on seed capital and co-investments and potential movements in market rates on seed capital. Certain consolidated investment vehicles may also use derivatives to take and alter market exposure, with the objective of enhancing performance and controlling risk. Management determines the classification of derivatives at initial recognition. All derivative instruments are classified as at FVTPL except those designated as part of a cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair value with changes in fair value recognised in the consolidated income statement. On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue applying the hedge accounting requirements of IAS 39. The accounting treatment below applies to derivatives designated as part of a hedging relationship. Using derivatives to manage a particular exposure is referred to as hedging. For a derivative to be considered as part of a hedging relationship its purpose must be formally documented at inception. In addition, the effectiveness of the hedge must be initially high and be able to be reliably measured on a regular basis. Derivatives used to hedge variability in future cash flows such as coupons payable on subordinated liabilities or revenue receivable in a foreign currency are designated as cash flow hedges, while derivatives used to hedge currency risk on investments in foreign operations are designated as net investment hedges. Where a derivative qualifies as a cash flow or net investment hedge, hedge accounting is applied. The effective part of any gain or loss resulting from the change in fair value is recognised in other comprehensive income, and in the cash flow or net investment hedge reserve in equity, while any ineffective part is recognised immediately in the consolidated income statement. If a derivative ceases to meet the relevant hedging criteria, hedge accounting is discontinued. For cash flow hedges, the amount recognised in the cash flow hedge reserve is transferred to the consolidated income statement (recycled) in the same period or periods during which the hedged item affects profit or loss and is transferred immediately if the cash flow is no longer expected to occur. For net investment hedges, the amount recognised in the net investment hed g e reserve is transferred to the consolidated income statement on disposal of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-629": { "value": "A derivative is a financial instrument that is typically used to manage risk and whose value moves in response to an underlying variable such as interest or foreign exchange rates. The Group uses derivative financial instruments in order to match subordinated debt liabilities and to reduce the risk from potential movements in foreign exchange rates on seed capital and co-investments and potential movements in market rates on seed capital. Certain consolidated investment vehicles may also use derivatives to take and alter market exposure, with the objective of enhancing performance and controlling risk. Management determines the classification of derivatives at initial recognition. All derivative instruments are classified as at FVTPL except those designated as part of a cash flow hedge or net investment hedge. Derivatives at FVTPL are measured at fair value with changes in fair value recognised in the consolidated income statement. On adoption of IFRS 9 Financial instruments in 2019, the Group has elected to continue applying the hedge accounting requirements of IAS 39. The accounting treatment below applies to derivatives designated as part of a hedging relationship. Using derivatives to manage a particular exposure is referred to as hedging. For a derivative to be considered as part of a hedging relationship its purpose must be formally documented at inception. In addition, the effectiveness of the hedge must be initially high and be able to be reliably measured on a regular basis. Derivatives used to hedge variability in future cash flows such as coupons payable on subordinated liabilities or revenue receivable in a foreign currency are designated as cash flow hedges, while derivatives used to hedge currency risk on investments in foreign operations are designated as net investment hedges. Where a derivative qualifies as a cash flow or net investment hedge, hedge accounting is applied. The effective part of any gain or loss resulting from the change in fair value is recognised in other comprehensive income, and in the cash flow or net investment hedge reserve in equity, while any ineffective part is recognised immediately in the consolidated income statement. If a derivative ceases to meet the relevant hedging criteria, hedge accounting is discontinued. For cash flow hedges, the amount recognised in the cash flow hedge reserve is transferred to the consolidated income statement (recycled) in the same period or periods during which the hedged item affects profit or loss and is transferred immediately if the cash flow is no longer expected to occur. For net investment hedges, the amount recognised in the net investment hed g e reserve is transferred to the consolidated income statement on disposal of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-685": { "value": "(a) Hedging strategy The Group generally does not hedge the currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the income statement. Where appropriate, the Group may use derivative contracts to reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity. (a)(i) Cash flow hedges On 18 October 2017, the Group issued subordinated notes with a principal amount of US$750m. In order to manage its foreign exchange risk relating to the principal and coupons payable on these notes the Group entered into a cross- currency swap which is designated as a cash flow hedge. The cash flow hedge was fully effective during the year. The cross-currency swap has the effect of swapping the 4.25% US Dollar fixed rate subordinated notes into 3.2% Sterling fixed rate subordinated notes with a principal amount of \u00a3569m. The cross-currency swap has a fair value asset position of \u00a385m (2021: \u00a38m asset). During the year ended 31 December 2022 fair value gains of \u00a385m (2021: gains of \u00a319m) were recognised in other comprehensive income in relation to the cross-currency swap. Gains of \u00a370m (2021: gains of \u00a35m) were transferred from other comprehensive income to Net gains or losses on financial instruments and other income in the consolidated income statement in relation to the cross-currency swap during the year. In addition, forward points of \u00a36m (2021: \u00a36m) and gains of \u00a32m (2021: losses of \u00a31m) were transferred from other comprehensive income to Finance costs in the consolidated income statement. (a)(ii) FVTPL Derivative financial instruments classified as FVTPL include those that the Group holds as economic hedges of financial instruments that are measured at fair value. FVTPL derivative financial instruments are also held by the Group to match contractual liabilities that are measured at fair value or to achieve efficient portfolio management in respect of instruments measured at fair value. 2022 2021 Contract amount Fair value assets Fair value liabilities Contract amount Fair value assets Fair value liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Equity derivatives: Futures 137 3 \u2013 336 3 4 Variance swaps \u2013 \u2013 \u2013 6 6 \u2013 Interest rate derivatives: Swaps 18 1 \u2013 11 \u2013 \u2013 Futures \u2013 \u2013 \u2013 40 \u2013 \u2013 Foreign exchange derivatives: Forwards 678 16 3 806 4 3 Other derivatives: Inflation rate swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Credit default swaps 63 \u2013 \u2013 89 \u2013 1 Derivative financial instruments at FVTPL 896 20 3 1,288 13 8", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-686": { "value": "(b) Maturity profile The maturity profile of the contractual undiscounted cash flows in relation to derivative financial instruments is as follows: Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash inflows Derivative financial assets 569 66 107 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,313 749 Derivative financial liabilities 138 13 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 138 13 Total 707 79 107 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,451 762 Cash outflows Derivative financial assets (541) (60) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,210) (729) Derivative financial liabilities (141) (13) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (141) (13) Total (682) (73) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,351) (742) Net derivative financial instruments cash inflows 25 6 16 21 59 (7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 100 20 Included in the above maturity profile are the following cash flows in relation to cash flow hedge assets: Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash inflows 26 24 106 94 637 589 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 769 707 Cash outflows (18) (18) (91) (73) (578) (596) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (687) (687) Net cash flow hedge cash inflows 8 6 15 21 59 (7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 82 20 Cash inflows and outflows are presented on a net basis where the Group is required to settle cash flows net. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-580": { "value": "19. Receivables and other financial assets 2022 2021 Notes \u00a3m \u00a3m Amounts receivable from contracts with customers 3(d) 161 135 Accrued income 278 263 Amounts due from counterparties and customers for unsettled trades and fund transactions1 317 113 Net investment in finance leases 29 30 Collateral pledged in respect of derivative contracts 35 14 26 Contingent consideration assets 37 19 31 Other 89 82 Receivables and other financial assets 907 680 1. The 2021 figure was previously disclosed as cancellation of units awaiting settlement. The carrying amounts disclosed above reasonably approximate the fair values as at the year end. The amount of receivables and other financial assets expected to be recovered after more than 12 months is \u00a334m (2021: \u00a335m). Accrued income includes \u00a3273m (2021: \u00a3260m) of accrued income from contracts with customers (refer Note 3(d)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-581": { "value": "20. Other assets 2022 2021 \u00a3m \u00a3m Prepayments 89 100 Deferred acquisition costs 1 3 Other 2 2 Other assets 92 105 The amount of other assets expected to be recovered after more than 12 months is \u00a321m (2021: \u00a348m). Prepayments includes \u00a343m (2021: \u00a356m) relating to the Group\u2019s future purchase of certain products in the Phoenix Group\u2019s savings business offered through abrdn\u2019s adviser platforms together with the Phoenix Group\u2019s trustee investment plan business for UK pension scheme clients. Refer Note 1(c)(iii) for further details. All deferred acquisition costs above are costs deferred on investment contracts (deferred origination costs) which relate to contracts with customers (refer Note 3(d)). The amortisation charge for deferred origination costs relating to contracts with customers for the year was \u00a32m (2021: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-582": { "value": "21. Assets and liabilities held for sale Assets and liabilities held for sale are presented separately in the consolidated statement of financial position and consist of operations and individual non-current assets whose carrying amount will be recovered principally through a sale transaction (expected within one year) and not through continuing use. Operations held for sale, being disposal groups, and investments in associates accounted for using the equity method are measured at the lower of their carrying amount and their fair value less disposal costs. No depreciation or amortisation is charged on assets in a disposal group once it has been classified as held for sale. Operations held for sale include newly established investment vehicles which the Group has seeded but is actively seeking to divest from. For these investment funds, which do not have significant liabilities or non-financial assets, financial assets continue to be measured based on the accounting policies that applied before they were classified as held for sale. The Group classifies seeded operations as held for sale where the intention is to dispose of the investment vehicle in a single transaction. Where disposal of a seeded investment vehicle will be in more than one tranche the operations are not classified as held for sale in the consolidated statement of financial position. Certain amounts seeded into funds are classified as interests in pooled investment funds. Investment property and owner occupied property held for sale relates to property for which contracts have been exchanged but the sale had not completed during the current financial year. Interests in pooled investment funds and investment property held for sale continue to be measured based on the accountin g policies that applied before they were classified as held for sale. 2022 2021 \u00a3m \u00a3m Assets of operations held for sale abrdn Capital Limited 87 \u2013 Assets held for sale 87 \u2013 Liabilities of operations held for sale abrdn Capital Limited 14 \u2013 Liabilities of operations held for sale 14 \u2013 (a) abrdn Capital Limited abrdn Capital Limited, in the Personal segment, was classified as an operation held for sale at 31 December 2022 as at that point a sale of the business was considered highly probable. Refer Note 44 for details of the agreed sale. 2022 \u00a3m Assets of operations held for sale Intangible assets 58 Property, plant and equipment \u2013 Receivables and other financial assets 15 Other assets 1 Cash and cash equivalents 13 Total assets of operations held for sale 87 Liabilities of operations held for sale Other financial liabilities 14 Total liabilities of operations held for sale 14 Net assets of operations held for sale 73 Net assets of operations held for sale are net of intercompany balances between abrdn Capital Limited and other group entities, the net assets of abrdn Capital Limited on a gross basis as at 31 December 2022 are \u00a370m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-630": { "value": "Assets and liabilities held for sale are presented separately in the consolidated statement of financial position and consist of operations and individual non-current assets whose carrying amount will be recovered principally through a sale transaction (expected within one year) and not through continuing use. Operations held for sale, being disposal groups, and investments in associates accounted for using the equity method are measured at the lower of their carrying amount and their fair value less disposal costs. No depreciation or amortisation is charged on assets in a disposal group once it has been classified as held for sale. Operations held for sale include newly established investment vehicles which the Group has seeded but is actively seeking to divest from. For these investment funds, which do not have significant liabilities or non-financial assets, financial assets continue to be measured based on the accounting policies that applied before they were classified as held for sale. The Group classifies seeded operations as held for sale where the intention is to dispose of the investment vehicle in a single transaction. Where disposal of a seeded investment vehicle will be in more than one tranche the operations are not classified as held for sale in the consolidated statement of financial position. Certain amounts seeded into funds are classified as interests in pooled investment funds. Investment property and owner occupied property held for sale relates to property for which contracts have been exchanged but the sale had not completed during the current financial year. Interests in pooled investment funds and investment property held for sale continue to be measured based on the accountin g policies that applied before they were classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-583": { "value": "22. Cash and cash equivalents Cash and cash equivalents include cash at bank, money at call and short notice with banks, money market funds and any highly liquid investments with less than three months to maturity from the date of acquisition. For the purposes of the consolidated statement of cash flows, cash and cash equivalents also include bank overdrafts which are included in other financial liabilities on the consolidated statement of financial position. Where the Group has a legally enforceable right of set off and intention to settle on a net basis, cash and overdrafts are offset in the consolidated statement of financial position. 2022 2021 \u00a3m \u00a3m Cash at bank and in hand 783 638 Money at call, term deposits, reverse repurchase agreements and debt instruments with less than three months to maturity from acquisition 236 1,122 Money market funds 114 144 Cash and cash equivalents 1,133 1,904 2022 2021 Notes \u00a3m \u00a3m Cash and cash equivalents 1,133 1,904 Cash and cash equivalents backing unit linked liabilities 23 23 33 Cash and cash equivalents classified as held for sale 21 13 \u2013 Bank overdrafts 33 (3) (62) Total cash and cash equivalents for consolidated statement of cash flows 1,166 1,875 Cash at bank, money at call and short notice and deposits are subject to variable interest rates. At 31 December 2022, the Group has no cash and cash equivalents and bank overdrafts within a cash pooling facility or similar arrangement. Included in cash and cash equivalents and bank overdrafts at 31 December 2021 were \u00a382m and \u00a362m respectively relating to balances within a cash pooling facility in support of which cross guarantees were provided by certain subsidiary undertakings and interest is paid or received on the net balance. Cash and cash equivalents in respect of unit linked funds (including third party interests in consolidated funds) are held in separate bank accounts and are not available for general use by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-631": { "value": "Cash and cash equivalents include cash at bank, money at call and short notice with banks, money market funds and any highly liquid investments with less than three months to maturity from the date of acquisition. For the purposes of the consolidated statement of cash flows, cash and cash equivalents also include bank overdrafts which are included in other financial liabilities on the consolidated statement of financial position. Where the Group has a legally enforceable right of set off and intention to settle on a net basis, cash and overdrafts are offset in the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-584": { "value": "23. Unit linked liabilities and assets backing unit linked liabilities T he Group operates unit linked life assurance businesses through an insurance subsidiary. This subsidiary provides investment products through a life assurance wrapper. These products do not contain any features which transfer significant insurance risk and therefore are classified as investment contracts. Unit linked non-participating investment contracts are separated into two components being an investment management services component and a financial liability. All fees and related administrative expenses are deemed to be associated with the investment management services component (refer Note 3). The financial liability component is designated at FVTPL as it is implicitly managed on a fair value basis as its value is directly linked to the market value of the underlying portfolio of assets. Where the Group is deemed to control an investment vehicle as a result of holdings in that vehicle by subsidiaries to back unit linked non-participating investment contract liabilities, the assets and liabilities of the vehicle are consolidated within the Group\u2019s statement of financial position. The liability for third party interest in such consolidated funds is presented as a unit linked liability. Unit linked liabilities and assets backing unit linked liabilities are presented separately in the consolidated statement of financial position except for those held in operations held for sale, which are presented in assets and liabilities held for sale in the consolidated statement of financial position. Contributions received on non-participating investment contracts and from third party interest in consolidated funds are treated as deposits and not reported as revenue in the consolidated income statement. Withdrawals paid out to policyholders on non-participating investment contracts and to third party interest in consolidated funds are treated as a reduction to deposits and not recognised as expenses in the consolidated income statement. Investment return and related benefits credited in respect of non-participating investment contracts and third party interest in consolidated funds are recognised in the consolidated income statement as changes in investment contract liabilities and changes in liability for third party interest in consolidated funds respectively. Investment returns relating to unit linked business are for the account of policyholders and have an equal and opposite effect on income and expenses in the consolidated income statement with no impact on profit or loss after tax. Assets backing unit linked liabilities comprise financial investments, which are all classified as FVTPL on a mandatory basis, and receivables and other financial assets and cash and cash equivalents which are measured at amortised cost. (a) Result for the year attributable to unit linked business 2022 2021 Notes \u00a3m \u00a3m Net gains or losses on financial instruments and other income 4 5 7 Other administrative expense 5 (1) (3) Profit before tax 4 4 Tax expense attributable to unit linked business 9 (4) (4) Profit after tax \u2013 \u2013 (b) Financial instrument risk management The shareholder is not directly exposed to market risk or credit risk in relation to the financial assets backing unit linked liabilities. The shareholder\u2019s exposure to market risk on these assets is limited to variations in the value of future revenue as fees are based on a percentage of fund value. The shareholder is exposed to liquidity risk relating to unit linked funds. For the unit linked business, liquidity risk is primarily managed by holding a range of diversified instruments which are assessed against cash flow and funding requirements. A core portfolio of assets is maintained and invested in accordance with the mandates of the relevant unit linked funds. Given that unit linked policyholders can usually choose to surrender, in part or in full, their unit linked contracts at any time, the non-participating investment contract unit linked liabilities are designated as payable within one year. Such surrenders would be matched in practice, if necessary, by sales of underlying assets. Policyholder behaviour and the trading position of asset classes are actively monitored. The Group can delay settling liabilities to unit linked policyholders to ensure fairness between those remaining in the fund and those leaving the fund. The length of any such delay is dependent on the underlying financial assets (c) Fair value measurement of unit linked financial liabilities and financial assets backing unit linked liabilities Each of the unit linked financial liabilities and the financial assets backing unit linked liabilities has been categorised below using the fair value hierarchy as defined in Note 37. Refer Note 37 for details of valuation techniques used. Level 1 Level 2 Level 3 Not at fair value Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial investments 601 974 322 455 1 1 \u2013 \u2013 924 1,430 Receivables and other financial assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5 7 5 7 Cash and cash equivalents \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23 33 23 33 Total financial assets backing unit linked liabilities 601 974 322 455 1 1 28 40 952 1,470 Investment contract liabilities \u2013 \u2013 772 1,087 1 1 \u2013 \u2013 773 1,088 Third party interest in consolidated funds \u2013 \u2013 173 378 \u2013 \u2013 \u2013 \u2013 173 378 Other unit linked financial liabilities \u2013 1 2 2 \u2013 \u2013 4 1 6 4 Total unit linked financial liabilities \u2013 1 947 1,467 1 1 4 1 952 1,470 In addition to financial assets backing unit linked liabilities and unit linked financial liabilities shown above there is a current tax asset of less than \u00a31m (2021: \u00a31m) included in unit linked assets and a current tax liability of less than \u00a31m (2021: \u00a31m) included in unit linked liabilities. The financial investments backing unit linked liabilities comprise equity securities and interests in pooled investment funds of \u00a3811m (2021: \u00a31,232m), debt securities of \u00a3112m (2021: \u00a3191m) and derivative financial assets of \u00a31m (2021: \u00a37m). The fair value of financial instruments not held at fair value approximates to their carrying value at both 31 December 2022 and 31 December 2021. There were transfers of \u00a352m (2021: \u00a3nil) from level 1 to level 2 during the year ended 31 December 2022. The Group now considers government bonds not issued by the G7 countries or the European Union as level 2. There were no significant transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: \u00a3nil). The movements during the period of level 3 unit linked assets and liabilities held at fair value are analysed below. Equity securities and interests in pooled investment funds Investment contract liabilities 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3m \u00a3m \u00a3m \u00a3m At start of period 1 18 (1) (18) Total gains/(losses) recognised in the consolidated income statement \u2013 \u2013 \u2013 \u2013 Purchases \u2013 1 \u2013 (1) Sales \u2013 (18) \u2013 18 Transfers in to level 3 1 \u2013 \u2013 \u2013 \u2013 At end of period 1 1 (1) (1) 1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. Unit linked level 3 assets relate to holdings in real estate funds. No individual unobservable input is considered significant. Changing unobservable inputs in the measurement of the fair value of these unit linked level 3 financial assets and liabilities to reasonably possible alternative assumptions would have no impact on profit attributable to equity holders or on total assets. Transfers of unit linked assets and liabilities to level 3 generally arise when external pricing providers stop providing prices for the underlying assets and liabilities in the funds or where the price provided is considered stale.(d) Change in non-participating investment contract liabilities The change in non-participating investment contract liabilities was as follows: 2022 2021 \u00a3m \u00a3m At 1 January 1,088 1,042 Contributions 36 119 Account balances paid on surrender and other terminations in the year (237) (195) Change in non-participating investment contract liabilities recognised in the consolidated income statement (112) 124 Recurring management charges (2) (2) At 31 December 773 1,088 (e) Derivatives The treatment of collateral accepted and pledged in respect of financial instruments and the Group\u2019s approach to offsetting financial assets and liabilities is described in Note 35. The following table presents the impact of master netting agreements and similar arrangements for derivatives backing unit linked liabilities. R elated amounts not offset on the consolidated statement of financial position Gross amounts of financial instruments as presented on the consolidated statement of financial position Financial instruments Financial collateral pledged/(received) N et position 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Derivatives 1 1 4 \u2013 (1) \u2013 \u2013 1 3 Total financial assets 1 4 \u2013 (1) \u2013 \u2013 1 3 Financial liabilities Derivatives 1 (1) (2) \u2013 1 \u2013 \u2013 (1) (1) Total financial liabilities (1) (2) \u2013 1 \u2013 \u2013 (1) (1) 1. Only OTC derivatives subject to master netting agreements have been included above. 2 11abrdn.comAnnual report 2022", "dimensions": { "concept": "abrdnplc:DisclosureOfUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-632": { "value": "T he Group operates unit linked life assurance businesses through an insurance subsidiary. This subsidiary provides investment products through a life assurance wrapper. These products do not contain any features which transfer significant insurance risk and therefore are classified as investment contracts. Unit linked non-participating investment contracts are separated into two components being an investment management services component and a financial liability. All fees and related administrative expenses are deemed to be associated with the investment management services component (refer Note 3). The financial liability component is designated at FVTPL as it is implicitly managed on a fair value basis as its value is directly linked to the market value of the underlying portfolio of assets. Where the Group is deemed to control an investment vehicle as a result of holdings in that vehicle by subsidiaries to back unit linked non-participating investment contract liabilities, the assets and liabilities of the vehicle are consolidated within the Group\u2019s statement of financial position. The liability for third party interest in such consolidated funds is presented as a unit linked liability. Unit linked liabilities and assets backing unit linked liabilities are presented separately in the consolidated statement of financial position except for those held in operations held for sale, which are presented in assets and liabilities held for sale in the consolidated statement of financial position. Contributions received on non-participating investment contracts and from third party interest in consolidated funds are treated as deposits and not reported as revenue in the consolidated income statement. Withdrawals paid out to policyholders on non-participating investment contracts and to third party interest in consolidated funds are treated as a reduction to deposits and not recognised as expenses in the consolidated income statement. Investment return and related benefits credited in respect of non-participating investment contracts and third party interest in consolidated funds are recognised in the consolidated income statement as changes in investment contract liabilities and changes in liability for third party interest in consolidated funds respectively. Investment returns relating to unit linked business are for the account of policyholders and have an equal and opposite effect on income and expenses in the consolidated income statement with no impact on profit or loss after tax. Assets backing unit linked liabilities comprise financial investments, which are all classified as FVTPL on a mandatory basis, and receivables and other financial assets and cash and cash equivalents which are measured at amortised cost. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-633": { "value": "(c) Fair value measurement of unit linked financial liabilities and financial assets backing unit linked liabilities Each of the unit linked financial liabilities and the financial assets backing unit linked liabilities has been categorised below using the fair value hierarchy as defined in Note 37. Refer Note 37 for details of valuation techniques used. Level 1 Level 2 Level 3 Not at fair value Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial investments 601 974 322 455 1 1 \u2013 \u2013 924 1,430 Receivables and other financial assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 5 7 5 7 Cash and cash equivalents \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23 33 23 33 Total financial assets backing unit linked liabilities 601 974 322 455 1 1 28 40 952 1,470 Investment contract liabilities \u2013 \u2013 772 1,087 1 1 \u2013 \u2013 773 1,088 Third party interest in consolidated funds \u2013 \u2013 173 378 \u2013 \u2013 \u2013 \u2013 173 378 Other unit linked financial liabilities \u2013 1 2 2 \u2013 \u2013 4 1 6 4 Total unit linked financial liabilities \u2013 1 947 1,467 1 1 4 1 952 1,470 In addition to financial assets backing unit linked liabilities and unit linked financial liabilities shown above there is a current tax asset of less than \u00a31m (2021: \u00a31m) included in unit linked assets and a current tax liability of less than \u00a31m (2021: \u00a31m) included in unit linked liabilities. The financial investments backing unit linked liabilities comprise equity securities and interests in pooled investment funds of \u00a3811m (2021: \u00a31,232m), debt securities of \u00a3112m (2021: \u00a3191m) and derivative financial assets of \u00a31m (2021: \u00a37m). The fair value of financial instruments not held at fair value approximates to their carrying value at both 31 December 2022 and 31 December 2021. There were transfers of \u00a352m (2021: \u00a3nil) from level 1 to level 2 during the year ended 31 December 2022. The Group now considers government bonds not issued by the G7 countries or the European Union as level 2. There were no significant transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: \u00a3nil). The movements during the period of level 3 unit linked assets and liabilities held at fair value are analysed below. Equity securities and interests in pooled investment funds Investment contract liabilities 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3m \u00a3m \u00a3m \u00a3m At start of period 1 18 (1) (18) Total gains/(losses) recognised in the consolidated income statement \u2013 \u2013 \u2013 \u2013 Purchases \u2013 1 \u2013 (1) Sales \u2013 (18) \u2013 18 Transfers in to level 3 1 \u2013 \u2013 \u2013 \u2013 At end of period 1 1 (1) (1) 1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. Unit linked level 3 assets relate to holdings in real estate funds. No individual unobservable input is considered significant. Changing unobservable inputs in the measurement of the fair value of these unit linked level 3 financial assets and liabilities to reasonably possible alternative assumptions would have no impact on profit attributable to equity holders or on total assets. Transfers of unit linked assets and liabilities to level 3 generally arise when external pricing providers stop providing prices for the underlying assets and liabilities in the funds or where the price provided is considered stale.", "dimensions": { "concept": "abrdnplc:DisclosureOfFairValueMeasurementOfUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-672": { "value": "(d) Change in non-participating investment contract liabilities The change in non-participating investment contract liabilities was as follows: 2022 2021 \u00a3m \u00a3m At 1 January 1,088 1,042 Contributions 36 119 Account balances paid on surrender and other terminations in the year (237) (195) Change in non-participating investment contract liabilities recognised in the consolidated income statement (112) 124 Recurring management charges (2) (2) At 31 December 773 1,088 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-585": { "value": "24. Issued share capital and share premium Shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity on terms that may be unfavourable. The Company\u2019s share capital consists of the number of ordinary shares in issue multiplied by their nominal value. The difference between the proceeds received on issue of the shares and the nominal value of the shares issued is recorded in share premium. The movement in the issued ordinary share capital and share premium of the Company was: 2022 2021 Ordinary share capital Share premium Ordinary share capital Share premium Issued shares fully paid 13 61/63p each \u00a3m \u00a3m 13 61/63p each \u00a3m \u00a3m At 1 January 2,180,724,786 305 640 2,194,115,616 306 640 Shares issued in respect of share incentive plans 2,381 \u2013 \u2013 2,032 \u2013 \u2013 Share buyback (178,835,268) (25) \u2013 (13,392,862) (1) \u2013 At 31 December 2,001,891,899 280 640 2,180,724,786 305 640 All ordinary shares in issue in the Company rank pari passu and carry the same voting rights and entitlement to receive dividends and other distributions declared or paid by the Company. On 6 July 2022 the Company announced that it would commence a \u00a3300m return to shareholders. During the year ended 31 December 2022, the Company bought back and cancelled 178,835,268 shares. The total consideration was \u00a3302m which includes transaction costs. During the year ended 31 December 2021, the Company completed its share buyback of up to \u00a3400m through on-market purchases which commenced on 10 February 2020 and was completed on 12 February 2021. During the year ended 31 December 2021, the Company bought back and cancelled 13,392,862 shares. The total consideration was \u00a341m which included transaction costs. The share buyback has resulted in a reduction in retained earnings of \u00a3302m (2021: \u00a3nil). In relation to the share buyback completed in 2021, there was an irrevocable contractual obligation at 31 December 2020 with a third party to purchase the Company\u2019s own shares of \u00a340m and consequently the 2021 consideration had already been recognised as a part of the share buyback reduction to retained earnings of \u00a3402m for the year ended 31 December 2020. In addition, an amount of \u00a325m (2021: \u00a31m) has been credited to the capital redemption reserve relating to the nominal value of the shares cancelled. The Company can issue shares to satisfy awards granted under employee incentive plans which have been approved by shareholders. Details of the Group\u2019s employee plans are provided in Note 41.", "dimensions": { "concept": "abrdnplc:DisclosureOfIssuedShareCapitalAndSharePremium", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-634": { "value": "Shares are classified as equity instruments when there is no contractual obligation to deliver cash or other assets to another entity on terms that may be unfavourable. The Company\u2019s share capital consists of the number of ordinary shares in issue multiplied by their nominal value. The difference between the proceeds received on issue of the shares and the nominal value of the shares issued is recorded in share premium. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForIssuedShareCapitalAndSharePremium", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-586": { "value": "25. Shares held by trusts Shares held by trusts relates to shares in abrdn plc that are held by the abrdn Employee Benefit Trust (formerly named the Standard Life Aberdeen Employee Benefit Trust) (abrdn EBT), Standard Life Employee Trust (ET) and the Aberdeen Asset Management Employee Benefit Trust 2003 (AAM EBT). The abrdn EBT, ET and AAM EBT purchase shares in the Company for delivery to employees under employee incentive plans. Purchased shares are recognised as a deduction from equity at the price paid. Where new shares are issued to the abrdn EBT, ET or AAM EBT the price paid is the nominal value of the shares. When shares are distributed from the trust their correspondin g value is released to retained earnin g s. The number of shares held by trusts was as follows: 2022 2021 Number of shares held by trusts abrdn Employee Benefit Trust 36,112,240 39,630,532 Standard Life Employee Trust 22,629,035 22,688,815 Aberdeen Asset Management Employee Benefit Trust 2003 2,264,591 2,647,359", "dimensions": { "concept": "abrdnplc:DisclosureOfSharesHeldByTrusts", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-635": { "value": "Shares held by trusts relates to shares in abrdn plc that are held by the abrdn Employee Benefit Trust (formerly named the Standard Life Aberdeen Employee Benefit Trust) (abrdn EBT), Standard Life Employee Trust (ET) and the Aberdeen Asset Management Employee Benefit Trust 2003 (AAM EBT). The abrdn EBT, ET and AAM EBT purchase shares in the Company for delivery to employees under employee incentive plans. Purchased shares are recognised as a deduction from equity at the price paid. Where new shares are issued to the abrdn EBT, ET or AAM EBT the price paid is the nominal value of the shares. When shares are distributed from the trust their correspondin g value is released to retained earnin g s. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForSharesHeldByTrusts", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-587": { "value": "26. Retained earnings The following table shows movements in retained earnings during the year. 2022 2021 Notes \u00a3m \u00a3m At 1 January 5,775 4,970 Recognised in comprehensive income Recognised in (loss)/profit for the year attributable to equity holders (561) 994 Recognised in other comprehensive income Remeasurement (losses)/gains on defined benefit pension plans 31 (793) 117 Share of other comprehensive income of associates and joint ventures (28) (1) Equity holder tax effect of items that will not be reclassified subsequently to profit or loss 9 \u2013 3 Total items recognised in comprehensive income (1,382) 1,113 Recognised directly in equity Dividends paid on ordinary shares (307) (308) Other movements in non-controlling interests in the year 28 \u2013 6 Share buyback 24 (302) \u2013 Cancellation of capital redemption reserve 27 1,059 \u2013 Transfer for vested employee share-based payments 63 36 Transfer between reserves on disposal of subsidiaries 1 \u2013 Transfer between reserves on impairment of subsidiaries 27 207 \u2013 Shares distributed by employee and other trusts (70) (42) Other movements 1 (23) \u2013 Aggregate tax effect of items recognised directly in equity \u2013 \u2013 Total items recognised directly in equity 628 (308) At 31 December 5,021 5,775 1. Other movements in 2022 include the transfer of (\u00a317m) previously recognised in the foreign currency translation reserve (which is part of Other reserves) to Retained earnings. In prior years we have considered the functional currency of an intermediate subsidiary holding the Group\u2019s investment in HDFC Life to be US Dollars. We now consider that the functional currency should have been GBP, resulting in the current period transfer between reserves. Prior periods have not been restated as the impact on prior periods is not considered material. ", "dimensions": { "concept": "abrdnplc:DisclosureOfRetainedEarnings", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-588": { "value": "27. Movements in other reserves In July 2006 Standard Life Group demutualised and during this process the merger reserve, the reserve arising on Group reconstruction and the special reserve were created. Merger reserve: the merger reserve consists of two components. Firstly at demutualisation in July 2006 the Company issued shares to former members of the mutual company. The difference between the nominal value of these shares and their issue value was recognised in the merger reserve. The reserve includes components attaching to each subsidiary that was transferred to the Company at demutualisation based on their fair value at that date. Secondly following the completion of the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017, an additional amount was recognised in the merger reserve representing the difference between the nominal value of shares issued to shareholders of Aberdeen Asset Management PLC and their fair value at that date. On disposal or impairment of a subsidiary any related component of the merger reserve is released to retained earnings. Reserve arising on Group reconstruction: The value of the shares issued at demutualisation was equal to the fair value of the business at that date. The business\u2019s assets and liabilities were recognised at their book value at the time of demutualisation. The difference between the book value of the business\u2019s net assets and its fair value was recognised in the reserve arising on Group reconstruction. The reserve comprises components attaching to each subsidiary that was transferred to the Company at demutualisation. On disposal of such a subsidiary any related component of the reserve arising on Group reconstruction is released to retained earnings. Special reserve: Immediately following demutualisation and the related initial public offering, the Company reduced its share premium reserve by court order giving rise to the special reserve. Dividends can be paid out of this reserve. Capital redemption reserve: In August 2018, as part of the return of capital and share buyback the capital redemption reserve was created. Additional capital redemption reserve is created by subsequent buybacks (refer Note 24). See below for the cancellation of the capital redemption reserve as at 1 July 2022. The following tables show the movements in other reserves during the year. Cash flow hedges Foreign currency translation Merger reserve Equity compensation reserve Special reserve Reserve arising on Group reconstruction Capital redemption reserve Total Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m 1 January 2022 18 17 483 87 115 (685) 1,059 1,094 Recognised in other comprehensive income Fair value gains on cash flow hedges 85 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 85 Exchange differences on translating foreign operations \u2013 36 \u2013 \u2013 \u2013 \u2013 \u2013 36 Items transferred to profit or loss (78) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (78) Aggregate tax effect of items recognised in other comprehensive income (2) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2) Total items recognised in other comprehensive income 5 36 \u2013 \u2013 \u2013 \u2013 \u2013 41 Recognised directly in equity Share buyback 24 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25 25 Cancellation of capital redemption reserve \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,059) (1,059) Reserves credit for employee share-based payments \u2013 \u2013 \u2013 24 \u2013 \u2013 \u2013 24 Transfer to retained earnings for vested employee share-based payments \u2013 \u2013 \u2013 (63) \u2013 \u2013 \u2013 (63) Transfer between reserves on disposal of subsidiaries \u2013 \u2013 (1) \u2013 \u2013 \u2013 \u2013 (1) Transfer between reserves on impairment of subsidiaries \u2013 \u2013 (207) \u2013 \u2013 \u2013 \u2013 (207) Other movements 1 \u2013 17 \u2013 \u2013 \u2013 \u2013 \u2013 17 Total items recognised directly within equity \u2013 17 (208) (39) \u2013 \u2013 (1,034) (1,264) At 31 December 2022 23 70 275 48 115 (685) 25 (129) 1. Other movements include the transfer of (\u00a317m) previously recognised in the foreign currency translation reserve to Retained earnings. In prior years we have considered the functional currency of an intermediate subsidiary holding the Group\u2019s investment in HDFC Life to be US Dollars. We now consider that the functional currency should have been GBP, resulting in the current period transfer between reserves. Prior periods have not been restated as the impact on prior periods is not considered material. There is no impact on net assets for any period presented. The merger reserve includes \u00a3263m (2021: \u00a3470m) in relation to the Group\u2019s asset management businesses. Following the impairment of the Company\u2019s investments in abrdn Holdings Limited and abrdn Investments (Holdings) Limited (refer Section 8), \u00a3207m (2021: \u00a3nil) was transferred from the merger reserve to retained earnings. On 1 July 2022, the Company\u2019s capital redemption reserve at this date was cancelled in accordance with section 649 of the Companies Act 2006 resulting in a transfer of \u00a31,059m to retained earnings. Cash flow hedges Foreign currency translation Merger reserve Equity compensation reserve Special reserve Reserve arising on Group reconstruction Capital redemption reserve Total Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m 1 January 2021 12 1 483 80 115 (685) 1,058 1,064 Recognised in other comprehensive income Fair value gains on cash flow hedges 19 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 19 Exchange differences on translating foreign operations \u2013 (2) \u2013 \u2013 \u2013 \u2013 \u2013 (2) Items transferred to profit or loss (10) 18 \u2013 \u2013 \u2013 \u2013 \u2013 8 Aggregate tax effect of items recognised in other comprehensive income (3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3) Total items recognised in other comprehensive income 6 16 \u2013 \u2013 \u2013 \u2013 \u2013 22 Recognised directly in equity Share buyback 24 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1 1 Reserves credit for employee share-based payments \u2013 \u2013 \u2013 43 \u2013 \u2013 \u2013 43 Transfer to retained earnings for vested employee share-based payments \u2013 \u2013 \u2013 (36) \u2013 \u2013 \u2013 (36) Total items recognised directly within equity \u2013 \u2013 \u2013 7 \u2013 \u2013 1 8 At 31 December 2021 18 17 483 87 115 (685) 1,059 1,094", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-636": { "value": "In July 2006 Standard Life Group demutualised and during this process the merger reserve, the reserve arising on Group reconstruction and the special reserve were created. Merger reserve: the merger reserve consists of two components. Firstly at demutualisation in July 2006 the Company issued shares to former members of the mutual company. The difference between the nominal value of these shares and their issue value was recognised in the merger reserve. The reserve includes components attaching to each subsidiary that was transferred to the Company at demutualisation based on their fair value at that date. Secondly following the completion of the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017, an additional amount was recognised in the merger reserve representing the difference between the nominal value of shares issued to shareholders of Aberdeen Asset Management PLC and their fair value at that date. On disposal or impairment of a subsidiary any related component of the merger reserve is released to retained earnings. Reserve arising on Group reconstruction: The value of the shares issued at demutualisation was equal to the fair value of the business at that date. The business\u2019s assets and liabilities were recognised at their book value at the time of demutualisation. The difference between the book value of the business\u2019s net assets and its fair value was recognised in the reserve arising on Group reconstruction. The reserve comprises components attaching to each subsidiary that was transferred to the Company at demutualisation. On disposal of such a subsidiary any related component of the reserve arising on Group reconstruction is released to retained earnings. Special reserve: Immediately following demutualisation and the related initial public offering, the Company reduced its share premium reserve by court order giving rise to the special reserve. Dividends can be paid out of this reserve. Capital redemption reserve: In August 2018, as part of the return of capital and share buyback the capital redemption reserve was created. Additional capital redemption reserve is created by subsequent buybacks (refer Note 24). See below for the cancellation of the capital redemption reserve as at 1 July 2022. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForMovementInOtherReserves", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-673": { "value": "28. Other equity and non-controlling interests Perpetual subordinated notes issued by abrdn plc are classified as other equity where no contractual obligation to deliver cash exists. (a) Other equity \u2013 perpetual subordinated notes 5.25% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes On 13 December 2021, the Company issued \u00a3210m of 5.25% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes (the \u2018Notes\u2019). These were classified as other equity and initially recognised at \u00a3207m (proceeds received less issuance costs of \u00a33m). The Notes initially bear interest on their principal amount at 5.25% per annum payable semi-annually in arrears on 13 June and 13 December in each year. The interest rate is subject to reset on 13 June 2027 and then every five years thereafter. The payments of interest are discretionary and non-cumulative. The interest paid is recognised as profit attributable to other equity when paid. The profit for the year attributable to other equity was \u00a311m (2021: \u00a3nil). The Notes have no fixed redemption date. The Company has the option to redeem the Notes (in full) between 13 December 2026 and 13 June 2027 and every five years thereafter. The Notes are convertible to ordinary shares in abrdn plc at a conversion price of \u00a31.6275 (fixed subject to adjustment for share corporate actions e.g. share consolidations in accordance with the terms and conditions of the Notes) if the Group IFPR CET1 Ratio falls below 70%. The IFPR CET1 ratio at 31 December 2022 was 408% (2021: 774%). (b) Non-controlling interests \u2013 ordinary shares Non-controlling interests \u2013 ordinary shares of \u00a37m were held at 31 December 2022 (2021: \u00a36m). The profit for the year attributable to non-controlling interests \u2013 ordinary shares was \u00a31m (2021: \u00a31m). ", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherEquityAndNonControllingInterests", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-638": { "value": "Perpetual subordinated notes issued by abrdn plc are classified as other equity where no contractual obligation to deliver cash exists. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForOtherEquityAndNoncontrollingInterests", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-639": { "value": "(a) Other equity \u2013 perpetual subordinated notes 5.25% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes On 13 December 2021, the Company issued \u00a3210m of 5.25% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes (the \u2018Notes\u2019). These were classified as other equity and initially recognised at \u00a3207m (proceeds received less issuance costs of \u00a33m). The Notes initially bear interest on their principal amount at 5.25% per annum payable semi-annually in arrears on 13 June and 13 December in each year. The interest rate is subject to reset on 13 June 2027 and then every five years thereafter. The payments of interest are discretionary and non-cumulative. The interest paid is recognised as profit attributable to other equity when paid. The profit for the year attributable to other equity was \u00a311m (2021: \u00a3nil). The Notes have no fixed redemption date. The Company has the option to redeem the Notes (in full) between 13 December 2026 and 13 June 2027 and every five years thereafter. The Notes are convertible to ordinary shares in abrdn plc at a conversion price of \u00a31.6275 (fixed subject to adjustment for share corporate actions e.g. share consolidations in accordance with the terms and conditions of the Notes) if the Group IFPR CET1 Ratio falls below 70%. The IFPR CET1 ratio at 31 December 2022 was 408% (2021: 774%). ", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherEquityPerpetualSubordinatedNotes", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-589": { "value": "(b) Non-controlling interests \u2013 ordinary shares Non-controlling interests \u2013 ordinary shares of \u00a37m were held at 31 December 2022 (2021: \u00a36m). The profit for the year attributable to non-controlling interests \u2013 ordinary shares was \u00a31m (2021: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-590": { "value": "29. Financial liabilities Management determines the classification of financial liabilities at initial recognition. Financial liabilities which are managed and whose performance is evaluated on a fair value basis are designated as at fair value through profit or loss. Changes in the fair value of these financial liabilities are recognised in the consolidated income statement. Derivatives are also measured at fair value. Changes in the fair value of derivatives are recognised in Net gains or losses on financial instruments and other income in the consolidated income statement except for derivative instruments that are designated as a cash flow hedge or net investment hedge. The classification of derivatives and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 18. Except for contingent consideration liabilities which are measured at fair value, other financial liabilities are classified as being subsequently measured at amortised cost. Amortised cost is calculated, and the related interest expense is recognised in the consolidated income statement, using the effective interest method. All financial liabilities are initially recognised at fair value less, in the case of financial liabilities subsequently measured at amortised cost, transaction costs that are directly attributable to the issue of the liability. Where the terms of a financial liability measured at amortised cost are modified and the modification does not result in the derecognition of the liability, the liability is adjusted to the net present value of the future cash flows less transaction costs with a modification gain or loss recognised in the income statement. The methods and assumptions used to determine fair value of financial liabilities measured at fair value through profit or loss and derivatives are discussed in Note 37. The table below sets out an analysis of financial liabilities excluding unit linked financial liabilities which are set out in Note 23. At fair value through profit or loss1 At amortised cost Total 2022 2021 2022 2021 2022 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Third party interest in consolidated funds 242 104 \u2013 \u2013 242 104 Subordinated liabilities 30 \u2013 \u2013 621 644 621 644 Derivative financial liabilities 18 1 5 \u2013 \u2013 1 5 Other financial liabilities 33 143 165 1,055 881 1,198 1,046 Total 386 274 1,676 1,525 2,062 1,799 1. All financial liabilities measured at fair value through profit or loss have been classified at FVTPL on a mandatory basis except for third party interest in consolidated funds which the Group has designated as at FVTPL. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-637": { "value": "Management determines the classification of financial liabilities at initial recognition. Financial liabilities which are managed and whose performance is evaluated on a fair value basis are designated as at fair value through profit or loss. Changes in the fair value of these financial liabilities are recognised in the consolidated income statement. Derivatives are also measured at fair value. Changes in the fair value of derivatives are recognised in Net gains or losses on financial instruments and other income in the consolidated income statement except for derivative instruments that are designated as a cash flow hedge or net investment hedge. The classification of derivatives and the accounting treatment of derivatives designated as a hedging instrument are set out in Note 18. Except for contingent consideration liabilities which are measured at fair value, other financial liabilities are classified as being subsequently measured at amortised cost. Amortised cost is calculated, and the related interest expense is recognised in the consolidated income statement, using the effective interest method. All financial liabilities are initially recognised at fair value less, in the case of financial liabilities subsequently measured at amortised cost, transaction costs that are directly attributable to the issue of the liability. Where the terms of a financial liability measured at amortised cost are modified and the modification does not result in the derecognition of the liability, the liability is adjusted to the net present value of the future cash flows less transaction costs with a modification gain or loss recognised in the income statement. The methods and assumptions used to determine fair value of financial liabilities measured at fair value through profit or loss and derivatives are discussed in Note 37. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-591": { "value": "30. Subordinated liabilities Subordinated liabilities are debt instruments issued by the Company which rank below its other obligations in the event of liquidation but above the share capital. Subordinated liabilities are initially recognised at the value of proceeds received after deduction of issue expenses. Subsequent measurement is at amortised cost using the effective interest rate method. 2022 2021 Notes Principal amount Carrying value Principal amount Carrying value Subordinated notes 4.25% US Dollar fixed rate due 30 June 2028 $750m \u00a3621m $750m \u00a3552m 5.5% Sterling fixed rate due 4 December 2042 \u2013 \u2013 \u00a392m \u00a392m Total subordinated liabilities 37 \u00a3621m \u00a3644m A description of the key features of the Group\u2019s subordinated liabilities as at 31 December 2022 is as follows: 4.25% US Dollar fixed rate1 Principal amount $750m Issue date 18 October 2017 Maturity date 30 June 2028 Callable at par at option of the Company from Not applicable If not called by the Company interest will reset to Not applicable 1. The cash flows arising from the US dollar subordinated notes give rise to foreign exchange exposure which the Group manages with a cross-currency swap designated as a cash flow hedge. Refer Note 18 for further details. The difference between the fair value and carrying value of the subordinated liabilities is presented in Note 37. A reconciliation of movements in subordinated liabilities in the year is provided in Note 38. The principal amount of the subordinated liabilities is expected to be settled after more than 12 months. There is no accrued interest on the subordinated liabilities at 31 December 2022 (2021: less than \u00a31m). During the year ended 31 December 2022, the Group redeemed subordinated liabilities with the following key features: 5.5% Sterling fixed rate Principal amount \u00a392m Issue date 4 December 2012 Maturity date 4 December 2042 Callable at par at option of the Company from 4 December 2022 and on every interest payment date (semi-annually) thereafter If not called by the Company interest will reset to 4.85% over the five-year gilt rate (and at each fifth anniversary) The 5.5% Sterling fixed rate subordinated notes with a principal amount of \u00a392m were redeemed on 4 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-640": { "value": "Subordinated liabilities are debt instruments issued by the Company which rank below its other obligations in the event of liquidation but above the share capital. Subordinated liabilities are initially recognised at the value of proceeds received after deduction of issue expenses. Subsequent measurement is at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForSubordinatedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-674": { "value": "31. Pension and other post-retirement benefit provisions The Group operates two types of pension plans: \u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual. \u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further payment obligations once the contributions have been paid. The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee- administered funds. The Group has further smaller defined benefit plans some of which are unfunded. The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation. For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus. Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan. Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due. Defined contribution plans The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some of these plans are located within the same legal vehicles as defined benefit plans. The Group contributes a percentage of pensionable salary to each employee\u2019s plan. The contribution levels vary by employing entity and other factors. Defined benefit plans UK plans These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent trustee. The plans are subject to the statutory funding objective requirements of the Pensions Act 2004, which require that plans be funded to at least the level of their technical provisions (an actuarial estimate of the assets needed to provide for benefits already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding objective. While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent estimate. There is no material difference in how assets are measured. The funding measure of liabilities (technical provisions) and the IAS 19 measure are materially different. The key differences are the discount rate and inflation assumptions. While IAS 19 requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of inflation without any adjustment. The IAS 19 RPI inflation assumption is derived from market-implied RPI inflation with an adjustment to remove the inflation risk premium believed to exist within market prices, with an additional deduction required to derive the IAS 19 CPI inflation assumption (to reflect differences between RPI and CPI). The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees\u2019 measure of the value of assets needed to meet the trustees\u2019 objectives. This investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities. After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule of contributions. If necessary, this schedule includes a recovery plan that aims to restore the funding level to the level of the technical provisions. abrdn UK Group (SLSPS) plan 1 (principal plan) This is the Group\u2019s principal defined benefit plan. The plan closed to new membership in 2004 and changed from a final salary basis to a revalued career average salary basis in 2008. Accrual ceased in April 2016. Following a High Court ruling against a third party\u2019s pension scheme in 2018, that required pension schemes to address inequalities for the effect of unequal GMPs accrued between May 1990 and April 1997, an allowance for assumed equalisation was recognised as a past service cost for our principal defined benefit plan in 2018 and this adjustment has been carried forward to 2022. There was a further judgement in 2020 requiring pension schemes to address inequalities for the effect of unequal GMPs for those beneficiaries that transferred out of the scheme between May 1990 and October 2018. The estimated impact is immaterial and was recognised as a past service cost in 2020 and this adjustment has been carried forward to 2022. The funding of the plan depends on the statutory valuation performed by the trustees, and the relevant employers, with the assistance of the scheme actuary \u2013 i.e. not the IAS 19 valuation. The funding valuation was last completed as at 31 December 2019, and measured plan assets and liabilities to be \u00a34.6bn and \u00a33.3bn respectively. This corresponds to a surplus of \u00a31.3bn and funding level of 140%. As there is currently no deficit, no recovery plan is required. Following actions taken in recent years to reduce risk in abrdn\u2019s principal defined benefit pension plan, we are working with the trustee on next steps. In connection with this de-risking work, the trustee expects to submit a petition to the Court of Session during H1 2023 that will seek direction on the destination of any residual surplus assets that remain after all plan-related obligations are settled or otherwise provided for. Any such residual surplus would be determined on a different basis to the IAS 19 or funding measures of the plan surplus. The IAS 19 defined benefit plan asset is not included in abrdn\u2019s regulatory capital surplus. Other UK plans The Group also operates two UK defined benefit plans as a result of the acquisition of Aberdeen Asset Management PLC (now renamed abrdn Holdings Limited) in 2017. These plans are final salary based, with benefits depending on members\u2019 length of service and salary prior to retirement. At the last statutory valuation date (30 June 2019), both plans were in deficit and the Group agreed funding plans with the plans\u2019 trustees which aimed to eliminate the deficits (the 30 June 2022 statutory valuation is in progress). At 31 December 2022, one of the two schemes is in surplus on an IAS 19 basis. Other plans abrdn ROI plan 1 In December 2009, this plan closed to new membership and changed from a final salary basis to a career average revalued earnings (CARE) basis. Following the sale of the UK and European insurance business in 2018, there remain fewer than 10 employees who continue to accrue benefits under this plan. At the last funding valuation, effective 1 January 2022, the plan was 73% funded on an ongoing basis. Other The Group operates smaller funded and unfunded defined benefit plans in other countries. 1. Previously included as UK Standard Life Group plan and Ireland Standard Life plan respectively. Plan regulations The plans are administered according to local laws and regulations in each country. Responsibility for the governance of the plans rests with the relevant trustee boards (or equivalent). The UK pensions market is regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website, www.thepensionsregulator.gov.uk (a) Analysis of amounts recognised in the consolidated income statement The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as follows: 2022 2021 \u00a3m \u00a3m Current service cost 56 53 Net interest income (32) (21) Administrative expenses 3 4 Expense recognised in the consolidated income statement 27 36 Contributions made to defined contribution plans are included within current service cost. Contributions to defined benefit plans in the year ended 31 December 2022 comprised \u00a314m (2021: \u00a314m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to be \u00a38m in 2023 and are expected to further reduce in the two subsequent years. These contributions include a mixture of deficit funding and funding to achieve a targeted level of overall financial strength. (b) Analysis of amounts recognised in the consolidated statement of financial position 2022 2021 Principal plan Other Total Principal plan Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Present value of funded obligation (1,755) (228) (1,983) (2,899) (350) (3,249) Present value of unfunded obligation \u2013 (3) (3) \u2013 (3) (3) Fair value of plan assets 3,001 251 3,252 5,337 349 5,686 Net asset/(liability) before the limit on plan surplus 1,246 20 1,266 2,438 (4) 2,434 Effect of limit on plan surplus1 (436) (11) (447) (853) (12) (865) Net asset/(liability) 810 9 819 1,585 (16) 1,569 1. UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 35% that would arise on a refund. This applies to both the principal plan surplus and the defined benefit plan within Other which has a net asset of \u00a321m at 31 December 2022 (2021: \u00a322m). Other comprises a defined benefit plan asset of \u00a321m (2021: \u00a322m) and a number of other defined benefit plans with a total liability of \u00a312m (2021: \u00a338m). A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan surplus has reduced significantly in 2022 due to market movements, primarily driven by the increase in UK high quality bond yields with a smaller impact from UK inflation changes during 2022. (c) Movement in the net defined benefit asset Present value of obligation Fair value of plan assets Total Effect of limit on plan surpluses Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January (3,252) (3,394) 5,686 5,596 2,434 2,202 (865) (783) 1,569 1,419 Total expense Current service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest (expense)/income (65) (48) 115 80 50 32 (18) (11) 32 21 Administrative expenses (3) (4) \u2013 \u2013 (3) (4) \u2013 \u2013 (3) (4) Total (expense)/income recognised in consolidated income statement (68) (52) 115 80 47 28 (18) (11) 29 17 Remeasurements Return on plan assets, excluding amounts included in interest income \u2013 \u2013 (2,473) 120 (2,473) 120 \u2013 \u2013 (2,473) 120 Gain from change in demographic assumptions 5 \u2013 \u2013 \u2013 5 \u2013 \u2013 \u2013 5 \u2013 Gain from change in financial assumptions 1,450 144 \u2013 \u2013 1,450 144 \u2013 \u2013 1,450 144 Experience losses (211) (78) \u2013 \u2013 (211) (78) \u2013 \u2013 (211) (78) Change in effect of limit on plan surplus \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 436 (69) 436 (69) Remeasurement (losses)/gains recognised in other comprehensive income 1,244 66 (2,473) 120 (1,229) 186 436 (69) (793) 117 Exchange differences (6) 10 5 (7) (1) 3 \u2013 \u2013 (1) 3 Employer contributions \u2013 \u2013 14 14 14 14 \u2013 (2) 14 12 Benefit payments 96 118 (95) (117) 1 1 \u2013 \u2013 1 1 At 31 December (1,986) (3,252) 3,252 5,686 1,266 2,434 (447) (865) 819 1,569 (d) Defined benefit plan assets Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities. Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories disclosed below. To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those assets which cannot be classified as level 1 have been presented together as level 2 or 3. The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows: Principal plan Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets measured at fair value based on level 1 inputs Derivatives 9 8 \u2013 \u2013 9 8 Equity securities 55 \u2013 \u2013 \u2013 55 \u2013 Debt securities 2,186 4,557 93 \u2013 2,279 4,557 Total assets measured at fair value based on level 1 inputs 2,250 4,565 93 \u2013 2,343 4,565 Assets measured at fair value based on level 2 or 3 inputs Derivatives (7) 43 (3) 18 (10) 61 Equity securities 55 100 \u2013 \u2013 55 100 Interests in pooled investment funds Debt 284 440 16 12 300 452 Equity \u2013 \u2013 6 18 6 18 Multi-asset private markets 224 194 \u2013 \u2013 224 194 Property 95 139 12 12 107 151 Absolute return \u2013 77 24 92 24 169 Cash 39 15 41 37 80 52 Debt securities 581 415 12 99 593 514 Qualifying insurance policies 2 3 45 76 47 79 Total assets measured at fair value based on level 2 or 3 inputs 1,273 1,426 153 364 1,426 1,790 Cash and cash equivalents 160 138 5 2 165 140 Liability in respect of collateral held (682) (792) \u2013 (17) (682) (809) Other \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 3,001 5,337 251 349 3,252 5,686 Further information on risks is provided at Section (g) of this Note. The \u00a32,872m (2021: \u00a35,071m) of debt securities includes \u00a32,550m (2021: \u00a34,884m) of government bonds (including conventional and index-linked). Of the remaining \u00a3322m (2021: \u00a3187m) debt securities, \u00a3190m (2021: \u00a3108m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a347m (2021: \u00a379m) is an insurance policy purchased by the trustees of one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks. The \u00a3682m liability in respect of collateral held (2021: \u00a3809m) consists of repurchase agreements of \u00a3652m (2021: \u00a3786m), margins on derivatives of (\u00a310m) (2021: (\u00a310m)) and collateral of \u00a340m (2021: \u00a333m). One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is a liability of \u00a31m at 31 December 2022 (2021: \u00a3nil). (e) Estimates and assumptions Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors. The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below: 2022 2021 % % Discount rate 4.85 2.05 Rates of inflation Consumer Price Index (CPI) 2.75 2.85 Retail Price Index (RPI) 3.10 3.25 The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The population of corporate bond prices excludes bonds issued by UK universities. The discount rate assumption for 2022 adopts a new yield curve projection method, which involves an earlier flattening of the curve compared to the previous approach \u2013 the impact of this change on 2022 remeasurement losses is an increase of c\u00a317m. The inflation assumption reflects the future reform of RPI effective from 2030 as described in Section (g)(i) below. The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The assumptions (along with sample expectations of life) are illustrated below: Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2022 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2021 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality assumptions have not been updated for COVID-19 at this point as the impact on long-term mortality rates for pension scheme members is not clear. (f) Duration of defined benefit obligation The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations. Undiscounted benefit payments (\u00a3m) 2022 2021 Weighted average duration years years Current pensioner 11 14 Non-current pensioner 22 27 The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount rate used (Refer Section (e)). (g) Risk (g)(i) Risks and mitigating actions The Group\u2019s consolidated statement of financial position is exposed to movements in the defined benefit plans\u2019 net asset. In particular, the consolidated statement of financial position could be materially sensitive to reasonably likely movements in the principal assumptions for the principal plan. By having offered post-retirement defined benefit pension plans the Group is exposed to a number of risks. An explanation of the key risks and mitigating actions in place for the principal plan is given below. Asset volatility Investment strategy risks include underperformance of the absolute return strategy and underperformance of the liability hedging strategy. As the trustees set investment strategy to protect their own view of plan strength (not the IAS 19 position), changes in the IAS 19 liabilities (e.g. due to movements in corporate bond prices) may not always result in a similar movement in plan assets. Failure of the asset strategy to keep pace with changes in plan liabilities would expose the plan to the risk of a deficit developing, which could increase funding requirements for the Group. abrdn and the trustees are working together to determine the most appropriate de-risking strategy to best protect against the risk that this plan strength deteriorates in the future. Yields/discount rate Falls in yields would in isolation be expected to increase the defined benefit plan liabilities. The principal plan uses both bonds and derivatives to hedge out yield risks on the relevant plan basis in order to meet the trustee\u2019s objectives, rather than the IAS 19 basis, which is expected to minimise the plan\u2019s need to rely on support from the Group. 0 20 40 60 80 100 120 140 Non-current pensioner Current pensioner 2023 2030 2040 2090 21102100 Inflation Increases in inflation expectations would in isolation be expected to increase the defined benefit plan liabilities. The principal plan uses both bonds and derivatives to hedge out inflation risks on the relevant plan basis in order to meet the objectives, rather than the IAS 19 basis, which is expected to minimise the plan\u2019s need to rely on support from the Group. In the principal plan, pensions in payment are generally linked to CPI, however inflationary risks are hedged using RPI instruments due to lack of availability of CPI linked instruments. Therefore, the plan is exposed to movements in the actual and expected long-term gap between RPI and CPI. A House of Lords report in 2019 raised the potential for changes to the RPI measure of inflation, which was followed by recommendations from the UK Statistics Authority. The results of the consultation on the reform of RPI (announced on 25 November 2020) confirmed that RPI will be aligned to CPIH (CPI excluding owner occupiers\u2019 housing costs) as proposed, but not before 2030. While uncertainty remains, there is a risk that future cash flows from, and thus the value of, the plan\u2019s RPI-linked assets fall without a corresponding reduction in the plan\u2019s CPI-linked liabilities. While not directly observable from market data, the plan\u2019s RPI-linked asset values may already reflect an element of the expected changes and risk of such changes. Life expectancy Increases in life expectancy beyond those currently assumed will lead to an increase in plan liabilities. Regular reviews of longevity assumptions are performed to ensure assumptions remain appropriate. Climate The principal plan adopts a low-risk strategy to investment, with the majority of plan assets invested in UK government bonds. The trustees have assessed the principal plan\u2019s exposure to severe climate change as being minimal, as a result of the low-risk investment strategy alongside the plan\u2019s strong funding level. (g)(ii) Sensitivity to key assumptions The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below. 2022 2021 Change in assumption (Increase)/decrease in present value of obligation Increase/(decrease) in fair value of plan assets (Increase)/decrease in present value of obligation Increase/(decrease) in fair value of plan assets \u00a3m \u00a3m \u00a3m \u00a3m Yield/discount rate Decrease by 1% (e.g. from 4.85% to 3.85%) (341) 698 (735) 1,584 Increase by 1% 268 (525) 586 (1,185) Rates of inflation Decrease by 1% 235 (445) 498 (1,029) Increase by 1% (305) 591 (670) 1,402 Life expectancy Decrease by 1 year 60 N/A 99 N/A Increase by 1 year (60) N/A (99) N/A", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-592": { "value": "31. Pension and other post-retirement benefit provisions The Group operates two types of pension plans: \u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual. \u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further payment obligations once the contributions have been paid. The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee- administered funds. The Group has further smaller defined benefit plans some of which are unfunded. The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation. For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus. Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan. Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due. Defined contribution plans The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some of these plans are located within the same legal vehicles as defined benefit plans. The Group contributes a percentage of pensionable salary to each employee\u2019s plan. The contribution levels vary by employing entity and other factors. Defined benefit plans UK plans These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent trustee. The plans are subject to the statutory funding objective requirements of the Pensions Act 2004, which require that plans be funded to at least the level of their technical provisions (an actuarial estimate of the assets needed to provide for benefits already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding objective. While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent estimate. There is no material difference in how assets are measured. The funding measure of liabilities (technical provisions) and the IAS 19 measure are materially different. The key differences are the discount rate and inflation assumptions. While IAS 19 requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of inflation without any adjustment. The IAS 19 RPI inflation assumption is derived from market-implied RPI inflation with an adjustment to remove the inflation risk premium believed to exist within market prices, with an additional deduction required to derive the IAS 19 CPI inflation assumption (to reflect differences between RPI and CPI). The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees\u2019 measure of the value of assets needed to meet the trustees\u2019 objectives. This investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities. After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule of contributions. If necessary, this schedule includes a recovery plan that aims to restore the funding level to the level of the technical provisions. abrdn UK Group (SLSPS) plan 1 (principal plan) This is the Group\u2019s principal defined benefit plan. The plan closed to new membership in 2004 and changed from a final salary basis to a revalued career average salary basis in 2008. Accrual ceased in April 2016. Following a High Court ruling against a third party\u2019s pension scheme in 2018, that required pension schemes to address inequalities for the effect of unequal GMPs accrued between May 1990 and April 1997, an allowance for assumed equalisation was recognised as a past service cost for our principal defined benefit plan in 2018 and this adjustment has been carried forward to 2022. There was a further judgement in 2020 requiring pension schemes to address inequalities for the effect of unequal GMPs for those beneficiaries that transferred out of the scheme between May 1990 and October 2018. The estimated impact is immaterial and was recognised as a past service cost in 2020 and this adjustment has been carried forward to 2022. The funding of the plan depends on the statutory valuation performed by the trustees, and the relevant employers, with the assistance of the scheme actuary \u2013 i.e. not the IAS 19 valuation. The funding valuation was last completed as at 31 December 2019, and measured plan assets and liabilities to be \u00a34.6bn and \u00a33.3bn respectively. This corresponds to a surplus of \u00a31.3bn and funding level of 140%. As there is currently no deficit, no recovery plan is required. Following actions taken in recent years to reduce risk in abrdn\u2019s principal defined benefit pension plan, we are working with the trustee on next steps. In connection with this de-risking work, the trustee expects to submit a petition to the Court of Session during H1 2023 that will seek direction on the destination of any residual surplus assets that remain after all plan-related obligations are settled or otherwise provided for. Any such residual surplus would be determined on a different basis to the IAS 19 or funding measures of the plan surplus. The IAS 19 defined benefit plan asset is not included in abrdn\u2019s regulatory capital surplus. Other UK plans The Group also operates two UK defined benefit plans as a result of the acquisition of Aberdeen Asset Management PLC (now renamed abrdn Holdings Limited) in 2017. These plans are final salary based, with benefits depending on members\u2019 length of service and salary prior to retirement. At the last statutory valuation date (30 June 2019), both plans were in deficit and the Group agreed funding plans with the plans\u2019 trustees which aimed to eliminate the deficits (the 30 June 2022 statutory valuation is in progress). At 31 December 2022, one of the two schemes is in surplus on an IAS 19 basis. Other plans abrdn ROI plan 1 In December 2009, this plan closed to new membership and changed from a final salary basis to a career average revalued earnings (CARE) basis. Following the sale of the UK and European insurance business in 2018, there remain fewer than 10 employees who continue to accrue benefits under this plan. At the last funding valuation, effective 1 January 2022, the plan was 73% funded on an ongoing basis. Other The Group operates smaller funded and unfunded defined benefit plans in other countries. 1. Previously included as UK Standard Life Group plan and Ireland Standard Life plan respectively. Plan regulations The plans are administered according to local laws and regulations in each country. Responsibility for the governance of the plans rests with the relevant trustee boards (or equivalent). The UK pensions market is regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website, www.thepensionsregulator.gov.uk (a) Analysis of amounts recognised in the consolidated income statement The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as follows: 2022 2021 \u00a3m \u00a3m Current service cost 56 53 Net interest income (32) (21) Administrative expenses 3 4 Expense recognised in the consolidated income statement 27 36 Contributions made to defined contribution plans are included within current service cost. Contributions to defined benefit plans in the year ended 31 December 2022 comprised \u00a314m (2021: \u00a314m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to be \u00a38m in 2023 and are expected to further reduce in the two subsequent years. These contributions include a mixture of deficit funding and funding to achieve a targeted level of overall financial strength. (b) Analysis of amounts recognised in the consolidated statement of financial position 2022 2021 Principal plan Other Total Principal plan Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Present value of funded obligation (1,755) (228) (1,983) (2,899) (350) (3,249) Present value of unfunded obligation \u2013 (3) (3) \u2013 (3) (3) Fair value of plan assets 3,001 251 3,252 5,337 349 5,686 Net asset/(liability) before the limit on plan surplus 1,246 20 1,266 2,438 (4) 2,434 Effect of limit on plan surplus1 (436) (11) (447) (853) (12) (865) Net asset/(liability) 810 9 819 1,585 (16) 1,569 1. UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 35% that would arise on a refund. This applies to both the principal plan surplus and the defined benefit plan within Other which has a net asset of \u00a321m at 31 December 2022 (2021: \u00a322m). Other comprises a defined benefit plan asset of \u00a321m (2021: \u00a322m) and a number of other defined benefit plans with a total liability of \u00a312m (2021: \u00a338m). A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan surplus has reduced significantly in 2022 due to market movements, primarily driven by the increase in UK high quality bond yields with a smaller impact from UK inflation changes during 2022. (c) Movement in the net defined benefit asset Present value of obligation Fair value of plan assets Total Effect of limit on plan surpluses Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January (3,252) (3,394) 5,686 5,596 2,434 2,202 (865) (783) 1,569 1,419 Total expense Current service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest (expense)/income (65) (48) 115 80 50 32 (18) (11) 32 21 Administrative expenses (3) (4) \u2013 \u2013 (3) (4) \u2013 \u2013 (3) (4) Total (expense)/income recognised in consolidated income statement (68) (52) 115 80 47 28 (18) (11) 29 17 Remeasurements Return on plan assets, excluding amounts included in interest income \u2013 \u2013 (2,473) 120 (2,473) 120 \u2013 \u2013 (2,473) 120 Gain from change in demographic assumptions 5 \u2013 \u2013 \u2013 5 \u2013 \u2013 \u2013 5 \u2013 Gain from change in financial assumptions 1,450 144 \u2013 \u2013 1,450 144 \u2013 \u2013 1,450 144 Experience losses (211) (78) \u2013 \u2013 (211) (78) \u2013 \u2013 (211) (78) Change in effect of limit on plan surplus \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 436 (69) 436 (69) Remeasurement (losses)/gains recognised in other comprehensive income 1,244 66 (2,473) 120 (1,229) 186 436 (69) (793) 117 Exchange differences (6) 10 5 (7) (1) 3 \u2013 \u2013 (1) 3 Employer contributions \u2013 \u2013 14 14 14 14 \u2013 (2) 14 12 Benefit payments 96 118 (95) (117) 1 1 \u2013 \u2013 1 1 At 31 December (1,986) (3,252) 3,252 5,686 1,266 2,434 (447) (865) 819 1,569 (d) Defined benefit plan assets Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities. Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories disclosed below. To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those assets which cannot be classified as level 1 have been presented together as level 2 or 3. The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows: Principal plan Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets measured at fair value based on level 1 inputs Derivatives 9 8 \u2013 \u2013 9 8 Equity securities 55 \u2013 \u2013 \u2013 55 \u2013 Debt securities 2,186 4,557 93 \u2013 2,279 4,557 Total assets measured at fair value based on level 1 inputs 2,250 4,565 93 \u2013 2,343 4,565 Assets measured at fair value based on level 2 or 3 inputs Derivatives (7) 43 (3) 18 (10) 61 Equity securities 55 100 \u2013 \u2013 55 100 Interests in pooled investment funds Debt 284 440 16 12 300 452 Equity \u2013 \u2013 6 18 6 18 Multi-asset private markets 224 194 \u2013 \u2013 224 194 Property 95 139 12 12 107 151 Absolute return \u2013 77 24 92 24 169 Cash 39 15 41 37 80 52 Debt securities 581 415 12 99 593 514 Qualifying insurance policies 2 3 45 76 47 79 Total assets measured at fair value based on level 2 or 3 inputs 1,273 1,426 153 364 1,426 1,790 Cash and cash equivalents 160 138 5 2 165 140 Liability in respect of collateral held (682) (792) \u2013 (17) (682) (809) Other \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 3,001 5,337 251 349 3,252 5,686 Further information on risks is provided at Section (g) of this Note. The \u00a32,872m (2021: \u00a35,071m) of debt securities includes \u00a32,550m (2021: \u00a34,884m) of government bonds (including conventional and index-linked). Of the remaining \u00a3322m (2021: \u00a3187m) debt securities, \u00a3190m (2021: \u00a3108m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a347m (2021: \u00a379m) is an insurance policy purchased by the trustees of one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks. The \u00a3682m liability in respect of collateral held (2021: \u00a3809m) consists of repurchase agreements of \u00a3652m (2021: \u00a3786m), margins on derivatives of (\u00a310m) (2021: (\u00a310m)) and collateral of \u00a340m (2021: \u00a333m). One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is a liability of \u00a31m at 31 December 2022 (2021: \u00a3nil). (e) Estimates and assumptions Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors. The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below: 2022 2021 % % Discount rate 4.85 2.05 Rates of inflation Consumer Price Index (CPI) 2.75 2.85 Retail Price Index (RPI) 3.10 3.25 The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The population of corporate bond prices excludes bonds issued by UK universities. The discount rate assumption for 2022 adopts a new yield curve projection method, which involves an earlier flattening of the curve compared to the previous approach \u2013 the impact of this change on 2022 remeasurement losses is an increase of c\u00a317m. The inflation assumption reflects the future reform of RPI effective from 2030 as described in Section (g)(i) below. The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The assumptions (along with sample expectations of life) are illustrated below: Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2022 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2021 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality assumptions have not been updated for COVID-19 at this point as the impact on long-term mortality rates for pension scheme members is not clear. (f) Duration of defined benefit obligation The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations. Undiscounted benefit payments (\u00a3m) 2022 2021 Weighted average duration years years Current pensioner 11 14 Non-current pensioner 22 27 The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount rate used (Refer Section (e)). (g) Risk (g)(i) Risks and mitigating actions The Group\u2019s consolidated statement of financial position is exposed to movements in the defined benefit plans\u2019 net asset. In particular, the consolidated statement of financial position could be materially sensitive to reasonably likely movements in the principal assumptions for the principal plan. By having offered post-retirement defined benefit pension plans the Group is exposed to a number of risks. An explanation of the key risks and mitigating actions in place for the principal plan is given below. Asset volatility Investment strategy risks include underperformance of the absolute return strategy and underperformance of the liability hedging strategy. As the trustees set investment strategy to protect their own view of plan strength (not the IAS 19 position), changes in the IAS 19 liabilities (e.g. due to movements in corporate bond prices) may not always result in a similar movement in plan assets. Failure of the asset strategy to keep pace with changes in plan liabilities would expose the plan to the risk of a deficit developing, which could increase funding requirements for the Group. abrdn and the trustees are working together to determine the most appropriate de-risking strategy to best protect against the risk that this plan strength deteriorates in the future. Yields/discount rate Falls in yields would in isolation be expected to increase the defined benefit plan liabilities. The principal plan uses both bonds and derivatives to hedge out yield risks on the relevant plan basis in order to meet the trustee\u2019s objectives, rather than the IAS 19 basis, which is expected to minimise the plan\u2019s need to rely on support from the Group. 0 20 40 60 80 100 120 140 Non-current pensioner Current pensioner 2023 2030 2040 2090 21102100 Inflation Increases in inflation expectations would in isolation be expected to increase the defined benefit plan liabilities. The principal plan uses both bonds and derivatives to hedge out inflation risks on the relevant plan basis in order to meet the objectives, rather than the IAS 19 basis, which is expected to minimise the plan\u2019s need to rely on support from the Group. In the principal plan, pensions in payment are generally linked to CPI, however inflationary risks are hedged using RPI instruments due to lack of availability of CPI linked instruments. Therefore, the plan is exposed to movements in the actual and expected long-term gap between RPI and CPI. A House of Lords report in 2019 raised the potential for changes to the RPI measure of inflation, which was followed by recommendations from the UK Statistics Authority. The results of the consultation on the reform of RPI (announced on 25 November 2020) confirmed that RPI will be aligned to CPIH (CPI excluding owner occupiers\u2019 housing costs) as proposed, but not before 2030. While uncertainty remains, there is a risk that future cash flows from, and thus the value of, the plan\u2019s RPI-linked assets fall without a corresponding reduction in the plan\u2019s CPI-linked liabilities. While not directly observable from market data, the plan\u2019s RPI-linked asset values may already reflect an element of the expected changes and risk of such changes. Life expectancy Increases in life expectancy beyond those currently assumed will lead to an increase in plan liabilities. Regular reviews of longevity assumptions are performed to ensure assumptions remain appropriate. Climate The principal plan adopts a low-risk strategy to investment, with the majority of plan assets invested in UK government bonds. The trustees have assessed the principal plan\u2019s exposure to severe climate change as being minimal, as a result of the low-risk investment strategy alongside the plan\u2019s strong funding level. (g)(ii) Sensitivity to key assumptions The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below. 2022 2021 Change in assumption (Increase)/decrease in present value of obligation Increase/(decrease) in fair value of plan assets (Increase)/decrease in present value of obligation Increase/(decrease) in fair value of plan assets \u00a3m \u00a3m \u00a3m \u00a3m Yield/discount rate Decrease by 1% (e.g. from 4.85% to 3.85%) (341) 698 (735) 1,584 Increase by 1% 268 (525) 586 (1,185) Rates of inflation Decrease by 1% 235 (445) 498 (1,029) Increase by 1% (305) 591 (670) 1,402 Life expectancy Decrease by 1 year 60 N/A 99 N/A Increase by 1 year (60) N/A (99) N/A", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-696": { "value": "The Group operates two types of pension plans: \u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual. \u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further payment obligations once the contributions have been paid. The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee- administered funds. The Group has further smaller defined benefit plans some of which are unfunded. The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation. For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus. Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan. Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due. Defined contribution plans The defined contribution plans comprise a mixture of arrangements depending on the employing entity and other factors. Some of these plans are located within the same legal vehicles as defined benefit plans. The Group contributes a percentage of pensionable salary to each employee\u2019s plan. The contribution levels vary by employing entity and other factors. Defined benefit plans UK plans These plans are governed by trustee boards, which comprise employer and employee nominated trustees and an independent trustee. The plans are subject to the statutory funding objective requirements of the Pensions Act 2004, which require that plans be funded to at least the level of their technical provisions (an actuarial estimate of the assets needed to provide for benefits already built-up under the plan). The trustees perform regular valuations to check that the plans meet the statutory funding objective. While the IAS 19 valuation reflects a best estimate of the financial position of the plan, the funding valuation reflects a prudent estimate. There is no material difference in how assets are measured. The funding measure of liabilities (technical provisions) and the IAS 19 measure are materially different. The key differences are the discount rate and inflation assumptions. While IAS 19 requires that the discount rate reflect corporate bond yields, the funding measure discount rate reflects a prudent estimate of future investment returns based on the actual investment strategy. The funding valuation adopts a market consistent measure of inflation without any adjustment. The IAS 19 RPI inflation assumption is derived from market-implied RPI inflation with an adjustment to remove the inflation risk premium believed to exist within market prices, with an additional deduction required to derive the IAS 19 CPI inflation assumption (to reflect differences between RPI and CPI). The trustees set the plan investment strategy to protect the ratio of plan assets to the trustees\u2019 measure of the value of assets needed to meet the trustees\u2019 objectives. This investment strategy does not aim to protect the IAS 19 surplus or the ratio of plan assets to the IAS 19 measure of liabilities. After consulting the relevant employers, the trustees prepare statements of funding and investment principles and set a schedule of contributions. If necessary, this schedule includes a recovery plan that aims to restore the funding level to the level of the technical provisions. abrdn UK Group (SLSPS) plan 1 (principal plan) This is the Group\u2019s principal defined benefit plan. The plan closed to new membership in 2004 and changed from a final salary basis to a revalued career average salary basis in 2008. Accrual ceased in April 2016. Following a High Court ruling against a third party\u2019s pension scheme in 2018, that required pension schemes to address inequalities for the effect of unequal GMPs accrued between May 1990 and April 1997, an allowance for assumed equalisation was recognised as a past service cost for our principal defined benefit plan in 2018 and this adjustment has been carried forward to 2022. There was a further judgement in 2020 requiring pension schemes to address inequalities for the effect of unequal GMPs for those beneficiaries that transferred out of the scheme between May 1990 and October 2018. The estimated impact is immaterial and was recognised as a past service cost in 2020 and this adjustment has been carried forward to 2022. The funding of the plan depends on the statutory valuation performed by the trustees, and the relevant employers, with the assistance of the scheme actuary \u2013 i.e. not the IAS 19 valuation. The funding valuation was last completed as at 31 December 2019, and measured plan assets and liabilities to be \u00a34.6bn and \u00a33.3bn respectively. This corresponds to a surplus of \u00a31.3bn and funding level of 140%. As there is currently no deficit, no recovery plan is required. Following actions taken in recent years to reduce risk in abrdn\u2019s principal defined benefit pension plan, we are working with the trustee on next steps. In connection with this de-risking work, the trustee expects to submit a petition to the Court of Session during H1 2023 that will seek direction on the destination of any residual surplus assets that remain after all plan-related obligations are settled or otherwise provided for. Any such residual surplus would be determined on a different basis to the IAS 19 or funding measures of the plan surplus. The IAS 19 defined benefit plan asset is not included in abrdn\u2019s regulatory capital surplus. Other UK plans The Group also operates two UK defined benefit plans as a result of the acquisition of Aberdeen Asset Management PLC (now renamed abrdn Holdings Limited) in 2017. These plans are final salary based, with benefits depending on members\u2019 length of service and salary prior to retirement. At the last statutory valuation date (30 June 2019), both plans were in deficit and the Group agreed funding plans with the plans\u2019 trustees which aimed to eliminate the deficits (the 30 June 2022 statutory valuation is in progress). At 31 December 2022, one of the two schemes is in surplus on an IAS 19 basis. Other plans abrdn ROI plan 1 In December 2009, this plan closed to new membership and changed from a final salary basis to a career average revalued earnings (CARE) basis. Following the sale of the UK and European insurance business in 2018, there remain fewer than 10 employees who continue to accrue benefits under this plan. At the last funding valuation, effective 1 January 2022, the plan was 73% funded on an ongoing basis. Other The Group operates smaller funded and unfunded defined benefit plans in other countries. 1. Previously included as UK Standard Life Group plan and Ireland Standard Life plan respectively. Plan regulations The plans are administered according to local laws and regulations in each country. Responsibility for the governance of the plans rests with the relevant trustee boards (or equivalent). The UK pensions market is regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website, www.thepensionsregulator.gov.uk (a) Analysis of amounts recognised in the consolidated income statement The amounts recognised in the consolidated income statement for defined contribution and defined benefit plans are as follows: 2022 2021 \u00a3m \u00a3m Current service cost 56 53 Net interest income (32) (21) Administrative expenses 3 4 Expense recognised in the consolidated income statement 27 36 Contributions made to defined contribution plans are included within current service cost. Contributions to defined benefit plans in the year ended 31 December 2022 comprised \u00a314m (2021: \u00a314m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to be \u00a38m in 2023 and are expected to further reduce in the two subsequent years. These contributions include a mixture of deficit funding and funding to achieve a targeted level of overall financial strength. (b) Analysis of amounts recognised in the consolidated statement of financial position 2022 2021 Principal plan Other Total Principal plan Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Present value of funded obligation (1,755) (228) (1,983) (2,899) (350) (3,249) Present value of unfunded obligation \u2013 (3) (3) \u2013 (3) (3) Fair value of plan assets 3,001 251 3,252 5,337 349 5,686 Net asset/(liability) before the limit on plan surplus 1,246 20 1,266 2,438 (4) 2,434 Effect of limit on plan surplus1 (436) (11) (447) (853) (12) (865) Net asset/(liability) 810 9 819 1,585 (16) 1,569 1. UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 35% that would arise on a refund. This applies to both the principal plan surplus and the defined benefit plan within Other which has a net asset of \u00a321m at 31 December 2022 (2021: \u00a322m). Other comprises a defined benefit plan asset of \u00a321m (2021: \u00a322m) and a number of other defined benefit plans with a total liability of \u00a312m (2021: \u00a338m). A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan surplus has reduced significantly in 2022 due to market movements, primarily driven by the increase in UK high quality bond yields with a smaller impact from UK inflation changes during 2022. (e) Estimates and assumptions Determination of the valuation of principal plan liabilities is a key estimate as a result of the assumptions made relating to both economic and non-economic factors. The key economic assumptions for the principal plan, which are based in part on current market conditions, are shown below: 2022 2021 % % Discount rate 4.85 2.05 Rates of inflation Consumer Price Index (CPI) 2.75 2.85 Retail Price Index (RPI) 3.10 3.25 The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The population of corporate bond prices excludes bonds issued by UK universities. The discount rate assumption for 2022 adopts a new yield curve projection method, which involves an earlier flattening of the curve compared to the previous approach \u2013 the impact of this change on 2022 remeasurement losses is an increase of c\u00a317m. The inflation assumption reflects the future reform of RPI effective from 2030 as described in Section (g)(i) below. The most significant non-economic assumption for the principal plan is post-retirement longevity which is inherently uncertain. The assumptions (along with sample expectations of life) are illustrated below: Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2022 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 Normal Retirement Age (NRA) Expectation of life from NRA Male age today Female age today 2021 Table Improvements NRA 40 NRA 40 Plan specific basis (calibrated by Club Vita) reflecting membership demographics Core parameterisation of the CMI 2019 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. 60 27 29 29 31 These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The mortality assumptions have not been updated for COVID-19 at this point as the impact on long-term mortality rates for pension scheme members is not clear. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-694": { "value": "The Group operates two types of pension plans: \u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual. \u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further payment obligations once the contributions have been paid. The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee- administered funds. The Group has further smaller defined benefit plans some of which are unfunded. The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation. For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus. Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan. Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForDefinedContributionPlans", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-691": { "value": "The Group operates two types of pension plans: \u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual. \u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further payment obligations once the contributions have been paid. The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee- administered funds. The Group has further smaller defined benefit plans some of which are unfunded. The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation. For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus. Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan. Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForDefinedBenefitPlans", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-687": { "value": "The Group operates two types of pension plans: \u2013 Defined benefit plans which provide pension payments upon retirement to members as defined by the plan rules. All of the Group\u2019s defined benefit plans, with the exception of a small plan in Ireland, are closed to future service accrual. \u2013 Defined contribution plans where the Group makes contributions to a member\u2019s pension plan but has no further payment obligations once the contributions have been paid. The Group\u2019s liabilities in relation to its defined benefit plans are valued by at least annual actuarial calculations. The Group has funded these liabilities in relation to its UK and Ireland defined benefit plans by ring-fencing assets in trustee- administered funds. The Group has further smaller defined benefit plans some of which are unfunded. The statement of financial position reflects a net asset or net liability for each defined benefit pension plan. The liability recognised is the present value of the defined benefit obligation (estimated future cash flows are discounted using the yields on high quality corporate bonds) less the fair value of plan assets, if any. If the fair value of the plan assets exceeds the defined benefit obligation, a pension surplus is only recognised if the Group considers that it has an unconditional right to a refund of the surplus from the plan. The amount of surplus recognised will be limited by tax and expenses. Our judgement is that, in the UK, an authorised surplus tax charge is not an income tax. Consequently, any UK surplus is recognised net of this tax charge rather than the tax charge being included within deferred taxation. For the principal defined benefit plan (abrdn UK Group plan), the Group considers that it has an unconditional right to a refund of a surplus, assuming the gradual settlement of the plan liabilities over time until all members have left the plan. The plan trustees can purchase annuities to insure member benefits and can, for the majority of benefits, transfer these annuities to members. The trustees cannot unconditionally wind up the plan or use the surplus to enhance member benefits without employer consent. Our judgement is that these trustee rights do not prevent us from recognising an unconditional right to a refund and therefore a surplus. Net interest income (if a plan is in surplus) or interest expense (if a plan is in deficit) is calculated using yields on high quality corporate bonds and recognised in the consolidated income statement. A current service cost is also recognised which represents the expected present value of the defined benefit pension entitlement earned by members in the period. A past service cost is also recognised which represents the change in the present value of the defined benefit obligation for service in prior periods, resulting from an amendment or curtailment to a plan. Remeasurements, which include gains and losses as a result of changes in actuarial assumptions, the effect of the limit on the plan surplus and returns on plan assets (other than amounts included in net interest) are recognised in other comprehensive income in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. For defined contribution plans, the Group pays contributions to separately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised in current service cost in the consolidated income statement as staff costs and other employee-related costs when they are due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-641": { "value": "(b) Analysis of amounts recognised in the consolidated statement of financial position 2022 2021 Principal plan Other Total Principal plan Other Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Present value of funded obligation (1,755) (228) (1,983) (2,899) (350) (3,249) Present value of unfunded obligation \u2013 (3) (3) \u2013 (3) (3) Fair value of plan assets 3,001 251 3,252 5,337 349 5,686 Net asset/(liability) before the limit on plan surplus 1,246 20 1,266 2,438 (4) 2,434 Effect of limit on plan surplus1 (436) (11) (447) (853) (12) (865) Net asset/(liability) 810 9 819 1,585 (16) 1,569 1. UK recoverable surpluses are reduced to reflect an authorised surplus payments charge of 35% that would arise on a refund. This applies to both the principal plan surplus and the defined benefit plan within Other which has a net asset of \u00a321m at 31 December 2022 (2021: \u00a322m). Other comprises a defined benefit plan asset of \u00a321m (2021: \u00a322m) and a number of other defined benefit plans with a total liability of \u00a312m (2021: \u00a338m). A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan surplus has reduced significantly in 2022 due to market movements, primarily driven by the increase in UK high quality bond yields with a smaller impact from UK inflation changes during 2022. (d) Defined benefit plan assets Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities. Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories disclosed below. To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those assets which cannot be classified as level 1 have been presented together as level 2 or 3. The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows: Principal plan Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets measured at fair value based on level 1 inputs Derivatives 9 8 \u2013 \u2013 9 8 Equity securities 55 \u2013 \u2013 \u2013 55 \u2013 Debt securities 2,186 4,557 93 \u2013 2,279 4,557 Total assets measured at fair value based on level 1 inputs 2,250 4,565 93 \u2013 2,343 4,565 Assets measured at fair value based on level 2 or 3 inputs Derivatives (7) 43 (3) 18 (10) 61 Equity securities 55 100 \u2013 \u2013 55 100 Interests in pooled investment funds Debt 284 440 16 12 300 452 Equity \u2013 \u2013 6 18 6 18 Multi-asset private markets 224 194 \u2013 \u2013 224 194 Property 95 139 12 12 107 151 Absolute return \u2013 77 24 92 24 169 Cash 39 15 41 37 80 52 Debt securities 581 415 12 99 593 514 Qualifying insurance policies 2 3 45 76 47 79 Total assets measured at fair value based on level 2 or 3 inputs 1,273 1,426 153 364 1,426 1,790 Cash and cash equivalents 160 138 5 2 165 140 Liability in respect of collateral held (682) (792) \u2013 (17) (682) (809) Other \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 3,001 5,337 251 349 3,252 5,686 Further information on risks is provided at Section (g) of this Note. The \u00a32,872m (2021: \u00a35,071m) of debt securities includes \u00a32,550m (2021: \u00a34,884m) of government bonds (including conventional and index-linked). Of the remaining \u00a3322m (2021: \u00a3187m) debt securities, \u00a3190m (2021: \u00a3108m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a347m (2021: \u00a379m) is an insurance policy purchased by the trustees of one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks. The \u00a3682m liability in respect of collateral held (2021: \u00a3809m) consists of repurchase agreements of \u00a3652m (2021: \u00a3786m), margins on derivatives of (\u00a310m) (2021: (\u00a310m)) and collateral of \u00a340m (2021: \u00a333m). One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is a liability of \u00a31m at 31 December 2022 (2021: \u00a3nil). (c) Movement in the net defined benefit asset Present value of obligation Fair value of plan assets Total Effect of limit on plan surpluses Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January (3,252) (3,394) 5,686 5,596 2,434 2,202 (865) (783) 1,569 1,419 Total expense Current service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest (expense)/income (65) (48) 115 80 50 32 (18) (11) 32 21 Administrative expenses (3) (4) \u2013 \u2013 (3) (4) \u2013 \u2013 (3) (4) Total (expense)/income recognised in consolidated income statement (68) (52) 115 80 47 28 (18) (11) 29 17 Remeasurements Return on plan assets, excluding amounts included in interest income \u2013 \u2013 (2,473) 120 (2,473) 120 \u2013 \u2013 (2,473) 120 Gain from change in demographic assumptions 5 \u2013 \u2013 \u2013 5 \u2013 \u2013 \u2013 5 \u2013 Gain from change in financial assumptions 1,450 144 \u2013 \u2013 1,450 144 \u2013 \u2013 1,450 144 Experience losses (211) (78) \u2013 \u2013 (211) (78) \u2013 \u2013 (211) (78) Change in effect of limit on plan surplus \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 436 (69) 436 (69) Remeasurement (losses)/gains recognised in other comprehensive income 1,244 66 (2,473) 120 (1,229) 186 436 (69) (793) 117 Exchange differences (6) 10 5 (7) (1) 3 \u2013 \u2013 (1) 3 Employer contributions \u2013 \u2013 14 14 14 14 \u2013 (2) 14 12 Benefit payments 96 118 (95) (117) 1 1 \u2013 \u2013 1 1 At 31 December (1,986) (3,252) 3,252 5,686 1,266 2,434 (447) (865) 819 1,569 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-695": { "value": "(d) Defined benefit plan assets Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities. Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories disclosed below. To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those assets which cannot be classified as level 1 have been presented together as level 2 or 3. The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows: Principal plan Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets measured at fair value based on level 1 inputs Derivatives 9 8 \u2013 \u2013 9 8 Equity securities 55 \u2013 \u2013 \u2013 55 \u2013 Debt securities 2,186 4,557 93 \u2013 2,279 4,557 Total assets measured at fair value based on level 1 inputs 2,250 4,565 93 \u2013 2,343 4,565 Assets measured at fair value based on level 2 or 3 inputs Derivatives (7) 43 (3) 18 (10) 61 Equity securities 55 100 \u2013 \u2013 55 100 Interests in pooled investment funds Debt 284 440 16 12 300 452 Equity \u2013 \u2013 6 18 6 18 Multi-asset private markets 224 194 \u2013 \u2013 224 194 Property 95 139 12 12 107 151 Absolute return \u2013 77 24 92 24 169 Cash 39 15 41 37 80 52 Debt securities 581 415 12 99 593 514 Qualifying insurance policies 2 3 45 76 47 79 Total assets measured at fair value based on level 2 or 3 inputs 1,273 1,426 153 364 1,426 1,790 Cash and cash equivalents 160 138 5 2 165 140 Liability in respect of collateral held (682) (792) \u2013 (17) (682) (809) Other \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 3,001 5,337 251 349 3,252 5,686 Further information on risks is provided at Section (g) of this Note. The \u00a32,872m (2021: \u00a35,071m) of debt securities includes \u00a32,550m (2021: \u00a34,884m) of government bonds (including conventional and index-linked). Of the remaining \u00a3322m (2021: \u00a3187m) debt securities, \u00a3190m (2021: \u00a3108m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a347m (2021: \u00a379m) is an insurance policy purchased by the trustees of one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks. The \u00a3682m liability in respect of collateral held (2021: \u00a3809m) consists of repurchase agreements of \u00a3652m (2021: \u00a3786m), margins on derivatives of (\u00a310m) (2021: (\u00a310m)) and collateral of \u00a340m (2021: \u00a333m). One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is a liability of \u00a31m at 31 December 2022 (2021: \u00a3nil). 37. Fair value of assets and liabilities The Group uses fair value to measure many of its assets and liabilities. Fair value is the amou be exchanged, or a liability settled, between knowledgeable willing parties in an arm\u2019s lengt An analysis of the Group\u2019s financial assets and financial liabilities in accordance with the cate set out in IFRS 9 Financial Instruments is presented in Notes 17, 23 and 29 and includes those fi held at fair value. (a) Fair value hierarchy In determining fair value, the following fair value hierarchy categorisation has been used: \u2013 Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identi active market exists where transactions take place with sufficient frequency and volume to on an ongoing basis. \u2013 Level 2: Fair values measured using inputs other than quoted prices included within level 1 t asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3: Fair values measured using inputs that are not based on observable market data (u Information on the methods and assumptions used to determine fair values for equity securiti investment funds, debt securities and derivatives measured at fair value is given below: Equities and interests in pooled investment funds1,2 Debt securities Level 1 Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. Debt secur on a recog exchange prices sour their prima exchange. Level 2 Pooled investment funds where daily unit prices are available and reference is made to observable market data. Debt secur using price from exter providers quotes rec a number participant Debt secur using mod standard v formulas b observabl data 4. Level 3 These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, these valuations are reviewed and, where appropriate, adjustments are made to reflect the impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued at indicative share prices from off market transactions. Debt secur using price from exter providers single brok quote. Debt secur using mod standard v formulas b unobserva data 4. 1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in poo 2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sal negligible. The fair value of pooled investment funds held for sale is calculated as equal to the observable unit price. 3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in lin policies. At 31 December 2022 and 31 December 2021, the residual credit risk is considered immaterial and no credit ri 4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established p assessment of the fair value. The fair value of liabilities in respect of third party interest in consolidated funds and non-participating investment contracts are calculated equal to the fair value of the underlying assets and liabilities. Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying assets and liabilities: \u2013 For third party interest in consolidated funds, when the underlying assets and liabilities are valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 2. Where the underlying assets and liabilities are not valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 3. \u2013 For non-participating investment contracts, the underlying assets and liabilities are predominately categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities are observable and these liabilities are predominately categorised within level 2 of the fair value hierarchy. Where the underlying assets are categorised as level 3, the liabilities are also categorised as level 3. In addition, contingent consideration assets and contingent consideration liabilities are also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and liabilities have been recognised in respect of acquisitions and disposals. Generally valuations are based on unobservable assumptions regarding the probability weighted cash flows and, where relevant, discount rate. (a)(i) Fair value hierarchy for assets measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing unit linked liabilities). Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner occupied property 1 1 \u2013 \u2013 \u2013 \u2013 1 1 Derivative financial assets 104 14 3 \u2013 101 14 \u2013 \u2013 Equity securities and interests in pooled investment vehicles1 2,033 3,115 1,621 2,600 181 409 231 106 Debt securities 592 961 2 1 588 959 2 1 Contingent consideration assets 19 31 \u2013 \u2013 \u2013 \u2013 19 31 Total assets at fair value 2,749 4,122 1,626 2,601 870 1,382 253 139 1. Includes \u00a3634m (2021: \u00a3941m), \u00a3477m (2021: \u00a3840m) and \u00a3203m (2021: \u00a3508m) for the Group\u2019s listed equity investments in Phoenix, HDFC Asset Management and HDFC Life respectively, which are classified as significant listed investments (refer Note 11). There were no significant transfers from level 1 to level 2 during the year ended 31 December 2022 (2021: none). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: none). Transfers generally relate to assets where changes in the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar quarter in which they arose. Refer Section (a)(iii) below for details of movements in level 3. (a)(ii) Fair value hierarchy for liabilities measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy. Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Liabilities in respect of third party interest in consolidated funds 242 104 \u2013 \u2013 242 104 \u2013 \u2013 Derivative financial liabilities 1 5 \u2013 3 1 2 \u2013 \u2013 Contingent consideration liabilities 132 165 \u2013 \u2013 \u2013 \u2013 132 165 Other financial liabilities1 11 \u2013 \u2013 \u2013 \u2013 \u2013 11 \u2013 Total liabilities at fair value 386 274 \u2013 3 243 106 143 165 1. Excluding contingent consideration liabilities. There were no significant transfers between levels 1 and 2 during the year (2021: none). Refer Section (a)(iii) below for details of movements in level 3. 7. Group financial statements continued (a)(iii) Reconciliation of movements in level 3 instruments The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below. Owner occupied property Equity securities and interests in pooled investment funds Debt securities 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 1 1 106 101 1 1 Total gains recognised in the consolidated income statement \u2013 \u2013 2 8 (2) \u2013 Purchases \u2013 \u2013 139 24 3 \u2013 Sales and other adjustments \u2013 \u2013 (16) (27) \u2013 \u2013 Transfers in to level 31 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 1 1 231 106 2 1 1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. Contingent consideration assets Contingent consideration liabilities Other financial liabilities1 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 31 28 (165) (6) \u2013 \u2013 Total amounts recognised in the consolidated income statement 3 \u2013 32 (3) (11) \u2013 Additions 1 31 (6) (155) \u2013 \u2013 Settlements (18) (34) 7 8 \u2013 \u2013 Other movements 2 (3) \u2013 \u2013 \u2013 \u2013 Transfer to contingent consideration liability \u2013 9 \u2013 (9) \u2013 \u2013 At 31 December 19 31 (132) (165) (11) \u2013 1. Excluding contingent consideration liabilities. The significant additions in the year ended 31 December 2021 primarily related to the disposals of Parmenion and Bonaccord and the acquisition of Tritax. Refer Note 1 for further details. For the year ended 31 December 2022, gains of \u00a324m (2021: gains of \u00a35m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, gains of \u00a324m (2021: gains of \u00a35m) were recognised in Net gains or losses on financial instruments and other income. Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become available from external pricing providers. (a)(iv) Significant unobservable inputs in level 3 instrument valuations The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at 31 December 2022 with a fair value of \u00a3231m (2021: \u00a3106m). Fair value 2022 \u00a3m 2021 \u00a3m Valuation technique Unobservable input Range (weighted average) Private equity, real estate and infrastructure funds 219 91 Net asset value Net asset value statements provided for a large number of funds including seven significant funds (fair value >\u00a35m). A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. Other unlisted equity securities 12 15 Indicative share price Recent off market capital raising transactions. A range of unobservable inputs is not applicable as we have determined that the indicative share price from off market transactions represents fair value at the end of the reporting period. The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3 instruments at 31 December 2022 with a fair value of (\u00a3124m) (2021: (\u00a3134m)). Fair value 2022 2021 \u00a3m \u00a3m Valuation technique Unobservable input Input used Contingent consideration assets and liabilities and other financial instrument liabilities (124) (134) Probability weighted cash flow and where applicable discount rates Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a3112m (2021: \u00a3156m). For Tritax a number of scenarios were prepared, around a base case, with probabilities assigned to each scenario (based on an assessment of the likelihood of each scenario). The value of the contingent consideration was determined for each scenario, and these were then probability weighted, with this probability weighted valuation then discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2024, 2025 and 2026 (refer Note 1(b)(ii)) would be that which is most beneficial to the holders of the put options. The base scenario for Tritax contingent consideration used a revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 of 14% (2021: CAGR from 31 March 2021 to 31 March 2026 of 21%) with other scenarios using a range of revenue growth rates around this base. The base scenario used a cost/income ratio of c52% (2021: c50%) with other scenarios using a range of cost/income ratios around this base. The risk adjusted contingent consideration cash flows have been discounted using a primary discount rate of 4.5% (2021: 1.9%). (a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2022 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. No level 3 instruments are held in consolidated structured entities. See Note 23 for unit linked level 3 instruments. Sensitivities for material level 3 assets and liabilities are provided below. Changing unobservable inputs in the measurement of the fair value of the other level 3 financial assets and financial liabilities to reasonably possible alternative assumptions would not have a significant impact on loss attributable to equity holders or on total assets. (a)(v)(i) Equity securities and interests in pooled investment funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3219m relates to private equity, real estate and infrastructure funds (2021: \u00a391m) which are valued using net asset value statements. A 10% increase or decrease in the net asset value of these investments would increase or decrease the fair value of the investments by \u00a322m (2021: \u00a39m). 7. Group financial statements continued (a)(v)(ii) Contingent consideration assets and liabilities and other financial instrument liabilities As noted above, the most significant unobservable inputs for level 3 instruments relate to assumptions used to value the contingent consideration related to the purchase of Tritax. Sensitivities for reasonably possible changes to key assumptions are provided in the table below. Assumption Chan ge in assumption Consequential increase/(decrease) in contingent consideration liability 2022 \u00a3m Revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 Decreased by 10% (43) Increased by 10% 40 Cost/income ratio Decreased by 5% 13 Increased by 5% (14) Discount rate Decreased by 2% 7 Increased by 2% ( 6) (b) Assets and liabilities not carried at fair value The table below presents estimated fair values by level of the fair value hierarchy of non-unit linked financial assets and liabilities whose carrying value does not approximate fair value. Fair values of assets and liabilities are based on observable market inputs where available, or are estimated using other valuation techniques. As recognised in the consolidated statement of financial position line item Fair value Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets Debt securities 210 226 211 230 \u2013 12 210 218 1 \u2013 Liabilities Subordinated liabilities 30 621 644 550 683 \u2013 \u2013 550 683 \u2013 \u2013 The estimated fair values for subordinated liabilities are based on the quoted market offer price. The carrying value of all other financial assets and liabilities measured at amortised cost approximates their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-692": { "value": "(d) Defined benefit plan assets Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities. Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories disclosed below. To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those assets which cannot be classified as level 1 have been presented together as level 2 or 3. The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows: Principal plan Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets measured at fair value based on level 1 inputs Derivatives 9 8 \u2013 \u2013 9 8 Equity securities 55 \u2013 \u2013 \u2013 55 \u2013 Debt securities 2,186 4,557 93 \u2013 2,279 4,557 Total assets measured at fair value based on level 1 inputs 2,250 4,565 93 \u2013 2,343 4,565 Assets measured at fair value based on level 2 or 3 inputs Derivatives (7) 43 (3) 18 (10) 61 Equity securities 55 100 \u2013 \u2013 55 100 Interests in pooled investment funds Debt 284 440 16 12 300 452 Equity \u2013 \u2013 6 18 6 18 Multi-asset private markets 224 194 \u2013 \u2013 224 194 Property 95 139 12 12 107 151 Absolute return \u2013 77 24 92 24 169 Cash 39 15 41 37 80 52 Debt securities 581 415 12 99 593 514 Qualifying insurance policies 2 3 45 76 47 79 Total assets measured at fair value based on level 2 or 3 inputs 1,273 1,426 153 364 1,426 1,790 Cash and cash equivalents 160 138 5 2 165 140 Liability in respect of collateral held (682) (792) \u2013 (17) (682) (809) Other \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 3,001 5,337 251 349 3,252 5,686 Further information on risks is provided at Section (g) of this Note. The \u00a32,872m (2021: \u00a35,071m) of debt securities includes \u00a32,550m (2021: \u00a34,884m) of government bonds (including conventional and index-linked). Of the remaining \u00a3322m (2021: \u00a3187m) debt securities, \u00a3190m (2021: \u00a3108m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a347m (2021: \u00a379m) is an insurance policy purchased by the trustees of one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks. The \u00a3682m liability in respect of collateral held (2021: \u00a3809m) consists of repurchase agreements of \u00a3652m (2021: \u00a3786m), margins on derivatives of (\u00a310m) (2021: (\u00a310m)) and collateral of \u00a340m (2021: \u00a333m). One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is a liability of \u00a31m at 31 December 2022 (2021: \u00a3nil). (a) Fair value hierarchy In determining fair value, the following fair value hierarchy categorisation has been used: \u2013 Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identi cal assets or liabilities. An active market exists where transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. \u2013 Level 2: Fair values measured using inputs other than quoted prices included within level 1 t hat are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3: Fair values measured using inputs that are not based on observable market data (u nobservable inputs). Information on the methods and assumptions used to determine fair values for equity securiti es and interests in pooled investment funds, debt securities and derivatives measured at fair value is given below: Equities and interests in pooled investment funds1,2 Debt securities Derivatives3 Level 1 Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. Debt secur ities listed on a recog nised exchange valued using prices sour ced from their prima ry exchange. Exchange traded derivatives valued using prices sourced from the relevant exchange. Level 2 Pooled investment funds where daily unit prices are available and reference is made to observable market data. Debt secur ities valued using price s received from exter nal pricing providers based on quotes rec eived from a number of market participant s. Debt secur ities valued using mod els and standard v aluation formulas b ased on observabl e market data 4. Over-the- counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques. Level 3 These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, these valuations are reviewed and, where appropriate, adjustments are made to reflect the impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued at indicative share prices from off market transactions. Debt secur ities valued using price s received from exter nal pricing providers based on a single brok er indicative quote. Debt secur ities valued using mod els and standard v aluation formulas b ased on unobserva ble market data 4. N/A 1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in poo led investment funds. 2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sal e, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is calculated as equal to the observable unit price. 3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in lin e with the Group\u2019s risk management policies. At 31 December 2022 and 31 December 2021, the residual credit risk is considered immaterial and no credit ri sk adjustment has been made. 4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established p rocedures to arrive at an internal assessment of the fair value. The fair value of liabilities in respect of third party interest in consolidated funds and non-participating investment contracts are calculated equal to the fair value of the underlying assets and liabilities. Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying assets and liabilities: \u2013 For third party interest in consolidated funds, when the underlying assets and liabilities are valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 2. Where the underlying assets and liabilities are not valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 3. \u2013 For non-participating investment contracts, the underlying assets and liabilities are predominately categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities are observable and these liabilities are predominately categorised within level 2 of the fair value hierarchy. Where the underlying assets are categorised as level 3, the liabilities are also categorised as level 3. In addition, contingent consideration assets and contingent consideration liabilities are also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and liabilities have been recognised in respect of acquisitions and disposals. Generally valuations are based on unobservable assumptions regarding the probability weighted cash flows and, where relevant, discount rate. (a)(i) Fair value hierarchy for assets measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing unit linked liabilities). Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner occupied property 1 1 \u2013 \u2013 \u2013 \u2013 1 1 Derivative financial assets 104 14 3 \u2013 101 14 \u2013 \u2013 Equity securities and interests in pooled investment vehicles1 2,033 3,115 1,621 2,600 181 409 231 106 Debt securities 592 961 2 1 588 959 2 1 Contingent consideration assets 19 31 \u2013 \u2013 \u2013 \u2013 19 31 Total assets at fair value 2,749 4,122 1,626 2,601 870 1,382 253 139 1. Includes \u00a3634m (2021: \u00a3941m), \u00a3477m (2021: \u00a3840m) and \u00a3203m (2021: \u00a3508m) for the Group\u2019s listed equity investments in Phoenix, HDFC Asset Management and HDFC Life respectively, which are classified as significant listed investments (refer Note 11). There were no significant transfers from level 1 to level 2 during the year ended 31 December 2022 (2021: none). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: none). Transfers generally relate to assets where changes in the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar quarter in which they arose. Refer Section (a)(iii) below for details of movements in level 3. (a)(ii) Fair value hierarchy for liabilities measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy. Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Liabilities in respect of third party interest in consolidated funds 242 104 \u2013 \u2013 242 104 \u2013 \u2013 Derivative financial liabilities 1 5 \u2013 3 1 2 \u2013 \u2013 Contingent consideration liabilities 132 165 \u2013 \u2013 \u2013 \u2013 132 165 Other financial liabilities1 11 \u2013 \u2013 \u2013 \u2013 \u2013 11 \u2013 Total liabilities at fair value 386 274 \u2013 3 243 106 143 165 1. Excluding contingent consideration liabilities. There were no significant transfers between levels 1 and 2 during the year (2021: none). Refer Section (a)(iii) below for details of movements in level 3. (a)(iii) Reconciliation of movements in level 3 instruments The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below. Owner occupied property Equity securities and interests in pooled investment funds Debt securities 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 1 1 106 101 1 1 Total gains recognised in the consolidated income statement \u2013 \u2013 2 8 (2) \u2013 Purchases \u2013 \u2013 139 24 3 \u2013 Sales and other adjustments \u2013 \u2013 (16) (27) \u2013 \u2013 Transfers in to level 31 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 1 1 231 106 2 1 1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. Contingent consideration assets Contingent consideration liabilities Other financial liabilities1 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 31 28 (165) (6) \u2013 \u2013 Total amounts recognised in the consolidated income statement 3 \u2013 32 (3) (11) \u2013 Additions 1 31 (6) (155) \u2013 \u2013 Settlements (18) (34) 7 8 \u2013 \u2013 Other movements 2 (3) \u2013 \u2013 \u2013 \u2013 Transfer to contingent consideration liability \u2013 9 \u2013 (9) \u2013 \u2013 At 31 December 19 31 (132) (165) (11) \u2013 1. Excluding contingent consideration liabilities. The significant additions in the year ended 31 December 2021 primarily related to the disposals of Parmenion and Bonaccord and the acquisition of Tritax. Refer Note 1 for further details. For the year ended 31 December 2022, gains of \u00a324m (2021: gains of \u00a35m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, gains of \u00a324m (2021: gains of \u00a35m) were recognised in Net gains or losses on financial instruments and other income. Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become available from external pricing providers. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-688": { "value": "(d) Defined benefit plan assets Investment strategy is directed by the trustee boards (where relevant) who pursue different strategies according to the characteristics and maturity profile of each plan\u2019s liabilities. Assets and liabilities are managed holistically to create a portfolio with the dual objectives of return generation and liability management. In the principal plan this is achieved through a diversified multi-asset absolute return strategy seeking consistent positive returns, and hedging techniques which protect liabilities against movements arising from changes in interest rates and inflation expectations. Derivative financial instruments support both of these objectives and may lead to increased or decreased exposures to the physical asset categories disclosed below. To provide more information on the approach used to determine and measure the fair value of the plan assets, the fair value hierarchy has been used as defined in Note 37. Those assets which cannot be classified as level 1 have been presented together as level 2 or 3. The distribution of the fair value of the assets of the Group\u2019s funded defined benefit plans is as follows: Principal plan Other Total 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Assets measured at fair value based on level 1 inputs Derivatives 9 8 \u2013 \u2013 9 8 Equity securities 55 \u2013 \u2013 \u2013 55 \u2013 Debt securities 2,186 4,557 93 \u2013 2,279 4,557 Total assets measured at fair value based on level 1 inputs 2,250 4,565 93 \u2013 2,343 4,565 Assets measured at fair value based on level 2 or 3 inputs Derivatives (7) 43 (3) 18 (10) 61 Equity securities 55 100 \u2013 \u2013 55 100 Interests in pooled investment funds Debt 284 440 16 12 300 452 Equity \u2013 \u2013 6 18 6 18 Multi-asset private markets 224 194 \u2013 \u2013 224 194 Property 95 139 12 12 107 151 Absolute return \u2013 77 24 92 24 169 Cash 39 15 41 37 80 52 Debt securities 581 415 12 99 593 514 Qualifying insurance policies 2 3 45 76 47 79 Total assets measured at fair value based on level 2 or 3 inputs 1,273 1,426 153 364 1,426 1,790 Cash and cash equivalents 160 138 5 2 165 140 Liability in respect of collateral held (682) (792) \u2013 (17) (682) (809) Other \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 3,001 5,337 251 349 3,252 5,686 Further information on risks is provided at Section (g) of this Note. The \u00a32,872m (2021: \u00a35,071m) of debt securities includes \u00a32,550m (2021: \u00a34,884m) of government bonds (including conventional and index-linked). Of the remaining \u00a3322m (2021: \u00a3187m) debt securities, \u00a3190m (2021: \u00a3108m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a347m (2021: \u00a379m) is an insurance policy purchased by the trustees of one of the Other UK defined benefit plans to protect the plan against future investment and actuarial risks. The \u00a3682m liability in respect of collateral held (2021: \u00a3809m) consists of repurchase agreements of \u00a3652m (2021: \u00a3786m), margins on derivatives of (\u00a310m) (2021: (\u00a310m)) and collateral of \u00a340m (2021: \u00a333m). One Other UK plan has a contract in place to hedge longevity risk for pensioners. The fair value of this derivative is a liability of \u00a31m at 31 December 2022 (2021: \u00a3nil). (a) Fair value hierarchy In determining fair value, the following fair value hierarchy categorisation has been used: \u2013 Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identi cal assets or liabilities. An active market exists where transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. \u2013 Level 2: Fair values measured using inputs other than quoted prices included within level 1 t hat are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3: Fair values measured using inputs that are not based on observable market data (u nobservable inputs). Information on the methods and assumptions used to determine fair values for equity securiti es and interests in pooled investment funds, debt securities and derivatives measured at fair value is given below: Equities and interests in pooled investment funds1,2 Debt securities Derivatives3 Level 1 Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. Debt secur ities listed on a recog nised exchange valued using prices sour ced from their prima ry exchange. Exchange traded derivatives valued using prices sourced from the relevant exchange. Level 2 Pooled investment funds where daily unit prices are available and reference is made to observable market data. Debt secur ities valued using price s received from exter nal pricing providers based on quotes rec eived from a number of market participant s. Debt secur ities valued using mod els and standard v aluation formulas b ased on observabl e market data 4. Over-the- counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques. Level 3 These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, these valuations are reviewed and, where appropriate, adjustments are made to reflect the impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued at indicative share prices from off market transactions. Debt secur ities valued using price s received from exter nal pricing providers based on a single brok er indicative quote. Debt secur ities valued using mod els and standard v aluation formulas b ased on unobserva ble market data 4. N/A 1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in poo led investment funds. 2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sal e, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is calculated as equal to the observable unit price. 3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in lin e with the Group\u2019s risk management policies. At 31 December 2022 and 31 December 2021, the residual credit risk is considered immaterial and no credit ri sk adjustment has been made. 4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established p rocedures to arrive at an internal assessment of the fair value. The fair value of liabilities in respect of third party interest in consolidated funds and non-participating investment contracts are calculated equal to the fair value of the underlying assets and liabilities. Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying assets and liabilities: \u2013 For third party interest in consolidated funds, when the underlying assets and liabilities are valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 2. Where the underlying assets and liabilities are not valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 3. \u2013 For non-participating investment contracts, the underlying assets and liabilities are predominately categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities are observable and these liabilities are predominately categorised within level 2 of the fair value hierarchy. Where the underlying assets are categorised as level 3, the liabilities are also categorised as level 3. In addition, contingent consideration assets and contingent consideration liabilities are also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and liabilities have been recognised in respect of acquisitions and disposals. Generally valuations are based on unobservable assumptions regarding the probability weighted cash flows and, where relevant, discount rate. (a)(i) Fair value hierarchy for assets measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing unit linked liabilities). Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner occupied property 1 1 \u2013 \u2013 \u2013 \u2013 1 1 Derivative financial assets 104 14 3 \u2013 101 14 \u2013 \u2013 Equity securities and interests in pooled investment vehicles1 2,033 3,115 1,621 2,600 181 409 231 106 Debt securities 592 961 2 1 588 959 2 1 Contingent consideration assets 19 31 \u2013 \u2013 \u2013 \u2013 19 31 Total assets at fair value 2,749 4,122 1,626 2,601 870 1,382 253 139 1. Includes \u00a3634m (2021: \u00a3941m), \u00a3477m (2021: \u00a3840m) and \u00a3203m (2021: \u00a3508m) for the Group\u2019s listed equity investments in Phoenix, HDFC Asset Management and HDFC Life respectively, which are classified as significant listed investments (refer Note 11). There were no significant transfers from level 1 to level 2 during the year ended 31 December 2022 (2021: none). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: none). Transfers generally relate to assets where changes in the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar quarter in which they arose. Refer Section (a)(iii) below for details of movements in level 3. (a)(ii) Fair value hierarchy for liabilities measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy. Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Liabilities in respect of third party interest in consolidated funds 242 104 \u2013 \u2013 242 104 \u2013 \u2013 Derivative financial liabilities 1 5 \u2013 3 1 2 \u2013 \u2013 Contingent consideration liabilities 132 165 \u2013 \u2013 \u2013 \u2013 132 165 Other financial liabilities1 11 \u2013 \u2013 \u2013 \u2013 \u2013 11 \u2013 Total liabilities at fair value 386 274 \u2013 3 243 106 143 165 1. Excluding contingent consideration liabilities. There were no significant transfers between levels 1 and 2 during the year (2021: none). Refer Section (a)(iii) below for details of movements in level 3. (a)(iii) Reconciliation of movements in level 3 instruments The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below. Owner occupied property Equity securities and interests in pooled investment funds Debt securities 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 1 1 106 101 1 1 Total gains recognised in the consolidated income statement \u2013 \u2013 2 8 (2) \u2013 Purchases \u2013 \u2013 139 24 3 \u2013 Sales and other adjustments \u2013 \u2013 (16) (27) \u2013 \u2013 Transfers in to level 31 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 1 1 231 106 2 1 1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. Contingent consideration assets Contingent consideration liabilities Other financial liabilities1 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 31 28 (165) (6) \u2013 \u2013 Total amounts recognised in the consolidated income statement 3 \u2013 32 (3) (11) \u2013 Additions 1 31 (6) (155) \u2013 \u2013 Settlements (18) (34) 7 8 \u2013 \u2013 Other movements 2 (3) \u2013 \u2013 \u2013 \u2013 Transfer to contingent consideration liability \u2013 9 \u2013 (9) \u2013 \u2013 At 31 December 19 31 (132) (165) (11) \u2013 1. Excluding contingent consideration liabilities. The significant additions in the year ended 31 December 2021 primarily related to the disposals of Parmenion and Bonaccord and the acquisition of Tritax. Refer Note 1 for further details. For the year ended 31 December 2022, gains of \u00a324m (2021: gains of \u00a35m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, gains of \u00a324m (2021: gains of \u00a35m) were recognised in Net gains or losses on financial instruments and other income. Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become available from external pricing providers. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-642": { "value": "(f) Duration of defined benefit obligation The graph below provides an illustration of the undiscounted expected benefit payments included in the valuation of the principal plan obligations. Undiscounted benefit payments (\u00a3m) 2022 2021 Weighted average duration years years Current pensioner 11 14 Non-current pensioner 22 27 The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount rate used (Refer Section (e)). 0 20 40 60 80 100 120 140 Non-current pensioner Current pensioner 2023 2030 2040 2090 21102100 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-643": { "value": "(g)(ii) Sensitivity to key assumptions The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below. 2022 Change in assumption (Increase)/decrease in present value of obligation Increase/(decrease) in fair value of plan assets (Increase)/decrease in present value of obligation Increase/(decrease) in fair value of plan assets \u00a3m \u00a3m \u00a3m \u00a3m Yield/discount rate Decrease by 1% (e.g. from 4.85% to 3.85%) (341) 698 (735) 1,584 Increase by 1% 268 (525) 586 (1,185) Rates of inflation Decrease by 1% 235 (445) 498 (1,029) Increase by 1% (305) 591 (670) 1,402 Life expectancy Decrease by 1 year 60 N/A 99 N/A Increase by 1 year (60) N/A (99) N/A ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-593": { "value": "32. Deferred income Where the Group receives fees in advance (front-end fees) for services it is providing, including investment management services, these fees are initially recognised as a deferred income liability and released to the consolidated income statement over the period services are provided. 2022 2021 \u00a3m \u00a3m At 1 January 5 73 Additions during the year 9 2 Released to the consolidated income statement as revenue from contracts with customers (11) (70) At 31 December 3 5 The amount of deferred income expected to be settled after more than 12 months is \u00a3nil (2021: \u00a3nil). Deferred income at 1 January 2021 included deferred income recognised in 2018 following the sale of the UK and European insurance business to Phoenix for future services to be provided to Phoenix relating to certain client propositions. As part of the simplification and extension of the strategic partnership between the Group and Phoenix (refer Note 1(c)(iii)), in May 2021 the Group transferred workplace pensions marketing staff to Phoenix, who were employed by the Group but provided services to Phoenix, and made an associated payment of \u00a332m to Phoenix. As a result, the Group released the related deferred income of \u00a357m in May 2021. The release of deferred income was recognised in revenue from contracts with customers for the year ended 31 December 2021 in the consolidated income statement net of the \u00a332m payment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-644": { "value": "Where the Group receives fees in advance (front-end fees) for services it is providing, including investment management services, these fees are initially recognised as a deferred income liability and released to the consolidated income statement over the period services are provided. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForDeferredIncome", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-594": { "value": "33. Other financial liabilities 2022 2021 Notes \u00a3m \u00a3m Accruals 326 377 Amounts due to counterparties and customers for unsettled trades and fund transactions 1 300 112 Lease liabilities 16 224 225 Cash collateral held in respect of derivative contracts 35 109 15 Bank overdrafts 22 3 62 Contingent consideration liabilities 37 132 165 Outstanding contractual obligation for share buyback 24 \u2013 \u2013 Other 104 90 Other financial liabilities 1,198 1,046 1. The 2021 figure was previously disclosed as creation of units awaiting settlement (\u00a3107m) and outstanding purchases of investment securities (\u00a35m). The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3318m (2021: \u00a3303m). ", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-595": { "value": "34. Provisions and other liabilities Provisions are obligations of the Group which are of uncertain timing or amount. They are recognised when the Group has a present obligation as a result of a past event, it is probable that a loss will be incurred in settling the obligation and a reliable estimate of the amount can be made. (a) Provisions The movement in provisions during the year is as follows: Separation costs Process execution Other provisions Total provisions 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 35 68 \u2013 \u2013 14 25 49 93 Reclassified as held for sale during the year \u2013 \u2013 \u2013 \u2013 (2) \u2013 (2) \u2013 Charged/(credited) to the consolidated income statement Additional provisions \u2013 \u2013 41 \u2013 18 7 59 7 Release of unused provision \u2013 (25) \u2013 \u2013 (1) (1) (1) (26) Used during the year (2) (8) \u2013 \u2013 (6) (17) (8) (25) At 31 December 33 35 41 \u2013 23 14 97 49 The provision for separation costs of \u00a333m (2021: \u00a335m) is for costs expected to be incurred following the sale of the UK and European insurance business to Phoenix. Our judgement is that a provision should be recognised for costs for which the Group will not derive ongoing benefits such as those relating to the de-coupling and decommissioning of systems and data but that a provision should not be recognised for costs related to the development of replacement systems and services as these will give future benefits. The main uncertainty relating to the provision relates to the costs required to complete the de-coupling of systems including amounts payable to Phoenix. Following a reassessment of these costs during the year, less than \u00a31m (2021: \u00a325m) was released from the provision. The remaining costs covered by the provision are expected to be incurred in the next year. The process execution provision of \u00a341m relates to a payment required to compensate an asset management client relating to the provision of certain services. Subsequent to the year end the matter has been sufficiently clarified such that the amount and timing are no longer uncertain. The Group has in place liability insurance and expects to recover \u00a336m being the cost of the compensation, net of a \u00a35m excess. No insurance recovery asset has been recognised in these financial statements. Other provisions primarily relates to restructuring and dilapidations on leased properties. Restructuring provisions are generally expected to be settled within 12 months. Dilapidations are generally expected to be settled after more than 12 months. Refer Note 16 for further details of the Group\u2019s leases. The amount of provisions expected to be settled after more than 12 months is \u00a33m (2021: \u00a310m). (b) Other liabilities As at 31 December 2022, other liabilities totalled \u00a38m (2021: \u00a38m). The amount of other liabilities expected to be settled after more than 12 months is \u00a33m (2021: \u00a33m).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-645": { "value": "Provisions are obligations of the Group which are of uncertain timing or amount. They are recognised when the Group has a present obligation as a result of a past event, it is probable that a loss will be incurred in settling the obligation and a reliable estimate of the amount can be made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-646": { "value": "(b) Other liabilities As at 31 December 2022, other liabilities totalled \u00a38m (2021: \u00a38m). The amount of other liabilities expected to be settled after more than 12 months is \u00a33m (2021: \u00a33m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-596": { "value": "35. Financial instruments risk management (a) Overview The principal risks and uncertainties that affect the Group\u2019s business model and the Group\u2019s approach to risk management are set out in the Risk management section of the Strategic report. The Group\u2019s exposure to financial instrument risk is derived from the financial instruments that it holds directly, the assets and liabilities of the unit linked funds of the life operations of the Group and the Group\u2019s defined benefit pension plans. In addition due to the nature of the business, the Group\u2019s secondary exposure extends to the impact on investment management and other fees that are determined on the basis of a percentage of AUMA and are therefore impacted by financial risks borne by third party investors. In this Note, exposures and sensitivities provided relate to the financial instrument assets and liabilities, in scope of IFRS 7, to which the shareholder is directly exposed. For the purposes of this Note: \u2013 Shareholder business refers to the assets and liabilities to which the shareholder is directly exposed. The shareholder refers to the equity holders of the Company. \u2013 Unit linked funds refers to the assets and liabilities of the unit linked funds of the life operations of the Group. It does not include the cash flows (such as asset management charges or investment expenses) arising from the unit linked fund contracts. These cash flows are included in shareholder business. \u2013 Third party interest in consolidated funds and non-controlling interests refers to the assets and liabilities recorded on the Group\u2019s consolidated statement of financial position which belong to third parties. The Group controls the entities which own the assets and liabilities but the Group does not own 100% of the equity or units of the relevant entities. Unit linked funds are excluded from the analysis in this Note. Details regarding the financial risks of instruments relating to the Group\u2019s unit linked funds can be found in Note 23 and the risks relating to the Group\u2019s principal defined benefit pension plan are explained in Note 31. Third party interests in consolidated funds do not expose the shareholder to market, credit or liquidity risk since the financial risks from the assets and obligations are borne by third parties. As a result equity risk, interest rate risk and credit risk quantitative disclosures in this Note exclude these assets. Under IFRS 7 the following financial instruments are excluded from scope: \u2013 Interests in subsidiaries, associates and joint ventures. \u2013 Rights and obligations arising from employee benefit plans. \u2013 Insurance contracts as defined by IFRS 4. \u2013 Share-based payment transactions. For the purposes of managing risks to the Group\u2019s financial instrument assets and liabilities, the Group considers the following categories: Risk Definition and exposure Market The risk of financial loss as a result of adverse financial market movements. The shareholder is directly exposed to the impact of movements in equity prices, interest rates and foreign exchange rates on the value of assets held by the shareholder business. Credit The risk of financial loss as a result of the failure of a counterparty, issuer or borrower to meet their obligations or perform them in a timely manner. The shareholder is directly exposed to credit risk from holding cash, debt securities, derivative financial instruments and receivables and other financial assets. Liquidity The risk of financial loss as a result of being unable to settle financial obligations when they fall due, as a result of having insufficient liquid resources or being unable to realise investments and other assets other than at excessive costs. The shareholder is directly exposed to the liquidity risk from the shareholder business if it is unable to realise investments and other assets in order to settle its financial obligations when they fall due, or can do so only at excessive cost. As set out in the Risk management section of the Strategic report, the Group reviews and manages climate related risks. We continue to assess the potential impacts on our business with a view to the resilience of our operations and investment strategies. This is monitored through our climate risk and opportunity radar to ensure we are well positioned to realise opportunities and mitigate risks. Our day-to-day business is predominantly exposed to transition risk as markets, policy, and reputations come to terms with alignment to net zero. We have a critical role to play as stewards of clients capital and this is reflected in our business strategy and our commitment to reduce the carbon intensity of our portfolios and absolute emissions from our direct operations. We have considered the implications of climate related risk, including transition risks, for the 2022 financial statements, and have concluded that there are no impacts on the valuation of the Group\u2019s assets and liabilities including the valuation of financial instruments held at fair value through profit or loss (in particular in relation to level 3 investments) or at amortised cost (in particular in relation to expected credit losses). (b) Market risk The Group\u2019s largest exposure to market risk relates to our investments in Phoenix, HDFC Life and HDFC Asset Management. Refer Sections (b)(i)(i) and (b)(i)(iii) below for further details of the equity and foreign currency risks on these investments. Other market risk exposures primarily arise as a result of holdings in newly established investment vehicles which the Group has seeded and co-investments in property and infrastructure funds in the Investments segment. Seed capital is classified as held for sale when it is the intention to dispose of the vehicle in a single transaction and within one year. Co-investments are typically held for a longer term and align the Group\u2019s economic interests with those of property, private equity and infrastructure fund co-investors. The consolidated statement of financial position includes the following amounts in respect of seed capital and co-investments. 2022 2021 Notes \u00a3m \u00a3m Equity securities and interests in pooled investment funds at FVTPL 213 239 Debt securities 76 76 Total seed capital 289 315 Equity securities and interests in pooled investment funds at FVTPL 107 96 Total co-investments 107 96 The Group sets limits for investing in seed capital and co-investment activity and regularly monitors exposures arising from these investments. The Group will consider hedging its exposure to market risk in respect of seed capital investments where it is appropriate and efficient to do so. The Group will also consider hedging its exposure to currency risk in respect of co-investments where it is appropriate and efficient to do so. Other market risks associated with co-investments are not hedged given the need for the Group\u2019s economic interests to be aligned with those of the co-investors. (b)(i) Elements of market risk The main elements of market risk to which the Group is exposed are equity risk, interest rate risk and foreign currency risk, which are discussed on the following pages. Information on the methods used to determine fair values for each major category of financial instrument measured at fair value is presented in Note 37. (b)(i)(i) Exposure to equity risk The Group is exposed to the risk of adverse equity market movements which could result in losses. This applies to daily changes in the market values and returns on the holdings in equity securities. At 31 December 2022 the shareholder exposure to equity markets was \u00a31,577m (2021: \u00a32,584m) in relation to equity securities. This primarily relates to the Group\u2019s investments in Phoenix of \u00a3634m (2021: \u00a3941m), HDFC Life of \u00a3203m (2021: \u00a3508m) and HDFC Asset Management of \u00a3477m (2021: \u00a3840m), seed capital investments of \u00a3171m (2021: \u00a3188m), and equity securities held by the abrdn Financial Fairness Trust of \u00a361m (2021: \u00a369m). The Group is also exposed to adverse market price movements on its interests in pooled investment funds. The shareholder exposure of \u00a3268m (2021: \u00a3456m) to pooled investment funds primarily relates to \u00a3149m (2021: \u00a3147m) of seed capital and co-investments, corporate funds held in absolute return funds of \u00a350m (2021: \u00a3218m), investments in certain managed funds to hedge against liabilities from variable pay awards that are deferred and settled in cash by reference to the price of those funds of \u00a337m (2021: \u00a356m) and pooled investment funds held by the abrdn Financial Fairness Trust of \u00a325m (2021: \u00a331m). The Equities and interests in pooled investment funds at FVTPL included in the consolidated statement of financial position includes \u00a3188m (2021: \u00a375m) relating to third party interest in consolidated funds and non-controlling interests \u2013 ordinary shares to which the shareholder is not exposed. Exposures to equity risk are primarily managed though the hedging of market risk in respect of seed capital investments where it is appropriate and efficient to do so. Additionally limits are imposed on the amount of seed capital and co- investment activity that may be undertaken. The Group does not hedge equity risk in relation to its investments in Phoenix, HDFC Life and HDFC Asset Management. (b)(i)(ii) Exposure to interest rate risk Interest rate risk is the risk that arises from exposures to changes in the shape and level of yield curves which could result in losses due to the value of financial assets and liabilities, or the cash flows relating to these, fluctuating by different amounts. The main financial assets held by the Group which give rise to interest rate risk are debt securities and cash and cash equivalents. The Group is also exposed to interest rate risk on its investments in pooled investment funds where the underlying instruments are exposed to interest rate risk. Interest rate exposures are managed in line with the Group\u2019s risk appetite. (b)(i)(iii) Exposure to foreign currency risk Foreign currency risk arises where adverse movements in currency exchange rates impact the value of revenues received from, and the value of assets and liabilities held in, currencies other than UK Sterling. The Group\u2019s financial assets are generally held in the local currency of its operational geographic locations. The Group generally does not hedge the currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the income statement. Where appropriate, the Group may use derivative contracts to reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity. The Group does not hedge foreign exchange risk in relation to its investments in HDFC Life and HDFC Asset Management. The table below summarises the financial instrument exposure to foreign currency risks in UK Sterling. UK Sterling Indian Rupee Euro US Dollar Singapore Dollar Other curr enci es Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets 17 3,237 4,606 680 1,348 219 212 585 552 48 56 210 126 4,979 6,900 Financial liabilities 29 (1,202) (1,044) \u2013 \u2013 (53) (25) (776) (692) (8) (15) (23) (23) (2,062) (1,799) Cash flow hedges (623) (554) \u2013 \u2013 \u2013 \u2013 623 554 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Non- designated derivatives 296 330 \u2013 (1) (68) (79) (182) (203) \u2013 (1) (46) (46) \u2013 \u2013 1,708 3,338 680 1,347 98 108 250 211 40 40 141 57 2,917 5,101 The Indian Rupee exposure primarily relates to the Group\u2019s investments in HDFC Life and HDFC Asset Management. Other currencies include assets of \u00a385m (2021: \u00a38m) and liabilities of \u00a31m (2021: liabilities of \u00a31m) in relation to the fair value of derivatives used to manage currency risk. On 18 October 2017, the Group issued US dollar subordinated notes with a principal amount of US$750m. The related cash flows expose the Group to foreign currency risk on the principal and coupons payable. The Group manages the foreign exchange risk with a cross-currency swap which is designated as a cash flow hedge. Non-designated derivatives relate to foreign exchange forward contracts that are not designated as cash flow hedges or net investment hedges and primarily relate to the management of currency risk arising from seed capital and co-investment activity. In addition to financial instruments analysed above, the principal source of foreign currency risk for shareholders arises from the Group\u2019s investments in overseas subsidiaries and associates and joint ventures accounted for using the equity method. The carrying value of the Group\u2019s Chinese joint venture is disclosed in Note 14. The Group does not hedge foreign currency risk in relation to these investments. (b)(ii) Sensitivity of financial instruments to market risk analysis The Group\u2019s profit/loss after tax and equity are sensitive to variations in respect of the Group\u2019s market risk exposures and a sensitivity analysis is presented below. The analysis has been performed by calculating the sensitivity of loss after tax and equity to changes in equity security prices (equity risk), changes in interest rates (interest rate risk) and changes in foreign exchange rate (foreign currency risk) as at the reporting date applied to assets and liabilities other than those classified as held for sale, and after allowing for the Group\u2019s hedging strategy. The variables used in the sensitivity analysis are considered reasonable assumptions and are consistent with market peers. Changes to variables are provided by internal specialists who determine what are reasonable assumptions. Profit/loss after tax and equity sensitivity to market risk 31 December 2022 31 December 2021 A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit % \u00a3m % \u00a3m Equity prices Increase 10 148 10 246 Decrease 10 (148) 10 (246) Indian Rupee against Sterling Strengthen 10 70 10 139 Weaken 10 (57) 10 (114) US Dollar against Sterling Strengthen 10 14 10 22 Weaken 10 (11) 10 (18) Euro against Sterling Strengthen 10 11 10 12 Weaken 10 (9) 10 (10) The equity prices sensitivities primarily relate to the Group\u2019s investments in HDFC Life, HDFC Asset Management and Phoenix. The Indian Rupee sensitivities primarily relate to the Group\u2019s investments in HDFC Life and HDFC Asset Management. The reasonable change in variables have no impact on any other components of equity. These sensitivities concern only the impact on financial instruments and exclude indirect impacts of the variable on fee income and certain costs which may be affected by the changes in market conditions. Interest rate sensitivity to a reasonable change in the variable within the next calendar year is not material in either 2022 or 2021. Limitations The sensitivity of the Group\u2019s profit after tax and equity may be non-linear and larger or smaller impacts should not be derived from these results. The sensitivities provided illustrate the impact of a reasonably possible change in a single sensitivity factor, while the other sensitivity factors remain unchanged. Correlations between the different risks and/or other factors may mean that experience would differ from that expected if more than one risk event occurred simultaneously. (c) Credit risk Exposures to credit risk and concentrations of credit risk are managed by setting exposure limits for different types of financial instruments and counterparties. The limits are established using the following controls: Financial instrument with credit risk exposure Control Cash and cash equivalents Maximum counterparty exposure limits are set with reference to internal credit assessments. Derivative financial instruments Maximum counterparty exposure limits, net of collateral, are set with reference to internal credit assessments. The forms of collateral that may be accepted are also specified and minimum transfer amounts in respect of collateral transfers are documented. Debt securities The Group\u2019s policy is to set exposure limits by name of issuer, sector and credit rating. Other financial instruments Appropriate limits are set for other financial instruments to which the Group may have exposure at certain times. Group Treasury perform central monitoring of exposures against limits and are responsible for the escalation of any limit breaches to the Chief Risk Officer. Expected credit losses (ECL) are calculated on financial assets which are measured at amortised cost. Financial assets attract an ECL allowance equal to either: 12 month ECL (losses resulting from possible default within the next 12 months) No significant increase in credit risk since initial recognition. Trade receivables or contract assets with significant financing component, or lease receivables if lifetime ECL measurement has not been elected. Lifetime ECL (losses resulting from possible defaults over the remaining life of the financial asset) Significant increase in credit risk since initial recognition. Trade receivables or contract assets with no significant financing component. Trade receivables or contract assets with significant financing component, or lease receivables for which lifetime ECL measurement has been elected. Changes in Lifetime ECL Credit-impaired at initial recognition. I n determining whether a default has taken place, or where there is an increased risk of a default, a number of factors are taken into account including a deterioration in the credit quality of a counterparty, the number of days that a payment is past due, and specific events which could impact a counterparty\u2019s ability to pay. The Group assumes that a significant increase in credit risk has arisen when contractual payments are more than 30 days past due. The Group assumes that credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Financial instruments with an external rating of \u2018investment grade\u2019 are presumed to have low credit risk in the absence of evidence to the contrary. Investment grade financial instruments are financial assets with credit ratings assigned by external rating agencies with classification within the range of AAA to BBB. If a financial asset is not rated by an external agency it is classified as \u2018not rated\u2019. The Group applies the simplified approach, as permitted under IFRS 9, to calculate the ECL allowance for trade receivables and contract assets including accrued income from contracts with customers and lease receivables. Under the simplified approach, the ECL allowance is calculated over the remaining life of the asset, using a provision matrix approach based on historic observed default rates adjusted for knowledge of specific events which could influence loss rates. At 31 December 2022 the Group does not hold financial assets at amortised cost that it regards as credit-impaired or for which it considers the probability of default would result in material expected credit losses in its Investments and Adviser segments. Historically, default levels have been insignificant for the Group\u2019s customers within these segments. Trade debtors past due but not in default at 31 December 2022 for these segments were \u00a384m (2021: \u00a377m) the majority of which were less than 90 days past due (2021: less than 90 days). Of amounts greater than 90 days at 31 December 2022, less than \u00a319m had not been received at the date of this report of which no single counterparty represented more than \u00a34m. The expected credit losses recognised were less than \u00a31m (2021: less than \u00a31m). In making this assessment the Group has considered if any evidence is available to indicate the occurrence of an event which would result in a detrimental impact on the estimated future cash flows of these assets. With the acquisition of ii (refer Note 1(b)(i)), the Group is exposed to an increased level of credit risk within its Personal segment. Trade debtors past due for the Personal segment at 31 December 2022 were \u00a35m (2021: less than \u00a31m), the majority of which were considered to be credit impaired. A lifetime loss allowance of \u00a33m (2021: less than \u00a31m) has been recognised based on expected recovery. This primarily relates to ii and is in line with the loss allowance recognised at the date of acquisition. (c)(i) Credit exposure The following table presents an analysis of the credit quality of shareholder financial assets and the maximum exposure to credit risk without taking into account any collateral held. Amortised cost Fair value through profit or loss Cash flow hedge 12 month ECL Lifetime ECL 1 Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m AAA \u2013 \u2013 \u2013 \u2013 89 134 \u2013 \u2013 89 134 AA+ to AA- 164 241 \u2013 \u2013 162 396 \u2013 \u2013 326 637 A+ to A- 327 618 85 8 953 1,446 \u2013 \u2013 1,365 2,072 BBB 76 82 \u2013 \u2013 126 131 \u2013 \u2013 202 213 BB \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6 \u2013 6 Not rated 21 32 \u2013 \u2013 429 241 463 418 913 691 Gross carrying amount 588 973 85 8 1,759 2,348 463 424 2,895 3,753 Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3) \u2013 (3) \u2013 Carrying amount 588 973 85 8 1,759 2,348 460 424 2,892 3,753 Derivative financial assets 19 6 85 8 \u2013 \u2013 \u2013 \u2013 104 14 Debt securities 550 936 \u2013 \u2013 210 221 \u2013 5 760 1,162 Receivables and other financial assets 19 31 \u2013 \u2013 428 231 460 418 907 680 Cash and cash equivalents \u2013 \u2013 \u2013 \u2013 1,121 1,896 \u2013 1 1,121 1,897 Carrying amount 588 973 85 8 1,759 2,348 460 424 2,892 3,753 1. As noted in Section (c) above, Lifetime ECL balances include trade debtors with a gross carrying value of \u00a35m (2021: \u00a3nil) which are credit impaired for which a loss allowance of \u00a33m (2021: \u00a3nil) has been recognised. All other Lifetime ECL balances are not credit impaired. In the table above debt securities exclude debt securities relating to third party interests in consolidated funds of \u00a342m (2021: \u00a325m). Cash and cash equivalents exclude cash and cash equivalents relating to third party interests in consolidated funds of \u00a312m (2021: \u00a37m). The shareholder is not exposed to the credit risk in respect of third party interests in consolidated funds since the financial risk of the assets are borne by third parties. (c)(ii) Collateral accepted and pledged in respect of financial instruments Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments and bilateral repurchase agreements is accepted from and provided to certain market counterparties to mitigate counterparty risk in the event of default. The use of collateral in respect of these instruments is governed by formal bilateral agreements between the parties. For OTC derivatives the amount of collateral required by either party is determined by the daily bilateral OTC exposure calculations in accordance with these agreements and collateral is moved on a daily basis to ensure there is full collateralisation. Under the terms of these agreements, collateral is posted with the ownership captured under title transfer of the contract. With regard to either collateral pledged or accepted, the Group may request the return of, or be required to return, collateral to the extent it differs from that required under the daily bilateral OTC exposure calculations. Where there is an event of default under the terms of the agreements, any collateral balances will be included in the close- out calculation of net counterparty exposure. At 31 December 2022, the Group had pledged \u00a314m (2021: \u00a326m) of cash and \u00a3nil (2021: \u00a3nil) of securities as collateral for derivative financial liabilities. At 31 December 2022, the Group had accepted \u00a3109m (2021: \u00a315m) of cash and \u00a3nil (2021: \u00a350m) of securities as collateral for derivatives financial assets and reverse repurchase agreements. None of the securities were sold or repledged at the year end. (c)(iii) Offsetting financial assets and liabilities Financial assets and liabilities are offset and the net amount reported on the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group does not offset financial assets and liabilities on the consolidated statement of financial position, as there are no unconditional rights to set off. Consequently, the gross amount of other financial instruments presented on the consolidated statement of financial position is the net amount. The Group\u2019s bilateral OTC derivatives are all subject to an International Swaps and Derivative Association (ISDA) master agreement. ISDA master agreements and reverse repurchase agreements entered into by the Group are considered master netting agreements as they provide a right of set off that is enforceable only in the event of default, insolvency, or bankruptcy. The Group does not hold any other financial instruments which are subject to master netting agreements or similar arrangements. The following table presents the effect of master netting agreements and similar arrangements. Related amounts not offset on the consolidated statement of financial position Gross amounts of financial instruments as presented on the consolidated statement of financial position Financial instruments Financial collateral pledged/(received) Net position 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Derivatives1 102 8 (1) \u2013 (100) (8) 1 \u2013 Reverse repurchase agreements \u2013 50 \u2013 \u2013 \u2013 (50) \u2013 \u2013 Total financial assets 102 58 (1) \u2013 (100) (58) 1 \u2013 Financial liabilities Derivatives1 (1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2) Total financial liabilities (1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2) 1. Only OTC derivatives subject to master netting agreements have been included above.(d) Liquidity risk The shareholder is exposed to liquidity risk if the Group is unable to realise investments and other assets in order to settle its financial obligations when they fall due, or can do so only at excessive cost. The following quantitative liquidity risk disclosures are provided in respect of these financial liabilities. The Group has a liquidity risk framework and processes in place for monitoring, assessing, and managing liquidity risk. This framework ensures that liquidity risks are identified across the Group and, where relevant, mitigation measures are put in place. Stress testing of the residual risks is performed to understand the quantum of risk under stress conditions. This then informs the level of liquid resources that need to be maintained. Where appropriate, this is enhanced with external credit facilities and the Group has a syndicated revolving credit facility of \u00a3400m which was undrawn at 31 December 2022. The level of liquid resources in the Group is also projected under a number of adverse scenarios. These are described more fully in the Viability Statement. A contingency funding plan is maintained to ensure that if liquidity risk did materialise, processes and procedures are already in place to assist with resolving the issue. Regular monitoring of liquid resources is performed and projections undertaken (under both base and stressed conditions) to understand the outlook. As a result of the policies and processes established to manage risk, the Group expects to be able to manage liquidity risk on an ongoing basis. We recognise there are a number of scenarios that can impact the liquid resources of a business as discussed in the Risk management section of the Strategic report. (d)(i) Maturity analysis The analysis that follows presents the undiscounted cash flows payable under contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked funds which are discussed in Note 23. Refer Note 18 for the maturity profile of undiscounted cash flows of derivative financial instruments. The Group also had unrecognised commitments in respect of financial instruments as at 31 December 2022 (refer Note 40) with a contractual maturity of within one year, between one and five years and over five years of \u00a33m, \u00a332m and \u00a337m respectively (2021: \u00a335m, \u00a37m and \u00a363m). The commitments may generally be requested anytime up to the contractual maturity. Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Subordinated liabilities 24 29 94 114 577 627 \u2013 26 \u2013 26 \u2013 97 695 919 Other financial liabilities 891 701 198 244 105 93 48 40 6 \u2013 15 \u2013 1,263 1,078 Total 915 730 292 358 682 720 48 66 6 26 15 97 1,958 1,997 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-647": { "value": "(b) Market risk The Group\u2019s largest exposure to market risk relates to our investments in Phoenix, HDFC Life and HDFC Asset Management. Refer Sections (b)(i)(i) and (b)(i)(iii) below for further details of the equity and foreign currency risks on these investments. Other market risk exposures primarily arise as a result of holdings in newly established investment vehicles which the Group has seeded and co-investments in property and infrastructure funds in the Investments segment. Seed capital is classified as held for sale when it is the intention to dispose of the vehicle in a single transaction and within one year. Co-investments are typically held for a longer term and align the Group\u2019s economic interests with those of property, private equity and infrastructure fund co-investors. The consolidated statement of financial position includes the following amounts in respect of seed capital and co-investments. 2022 2021 Notes \u00a3m \u00a3m Equity securities and interests in pooled investment funds at FVTPL 213 239 Debt securities 76 76 Total seed capital 289 315 Equity securities and interests in pooled investment funds at FVTPL 107 96 Total co-investments 107 96 The Group sets limits for investing in seed capital and co-investment activity and regularly monitors exposures arising from these investments. The Group will consider hedging its exposure to market risk in respect of seed capital investments where it is appropriate and efficient to do so. The Group will also consider hedging its exposure to currency risk in respect of co-investments where it is appropriate and efficient to do so. Other market risks associated with co-investments are not hedged given the need for the Group\u2019s economic interests to be aligned with those of the co-investors. (b)(i) Elements of market risk The main elements of market risk to which the Group is exposed are equity risk, interest rate risk and foreign currency risk, which are discussed on the following pages. Information on the methods used to determine fair values for each major category of financial instrument measured at fair value is presented in Note 37. (b)(i)(i) Exposure to equity risk The Group is exposed to the risk of adverse equity market movements which could result in losses. This applies to daily changes in the market values and returns on the holdings in equity securities. At 31 December 2022 the shareholder exposure to equity markets was \u00a31,577m (2021: \u00a32,584m) in relation to equity securities. This primarily relates to the Group\u2019s investments in Phoenix of \u00a3634m (2021: \u00a3941m), HDFC Life of \u00a3203m (2021: \u00a3508m) and HDFC Asset Management of \u00a3477m (2021: \u00a3840m), seed capital investments of \u00a3171m (2021: \u00a3188m), and equity securities held by the abrdn Financial Fairness Trust of \u00a361m (2021: \u00a369m). The Group is also exposed to adverse market price movements on its interests in pooled investment funds. The shareholder exposure of \u00a3268m (2021: \u00a3456m) to pooled investment funds primarily relates to \u00a3149m (2021: \u00a3147m) of seed capital and co-investments, corporate funds held in absolute return funds of \u00a350m (2021: \u00a3218m), investments in certain managed funds to hedge against liabilities from variable pay awards that are deferred and settled in cash by reference to the price of those funds of \u00a337m (2021: \u00a356m) and pooled investment funds held by the abrdn Financial Fairness Trust of \u00a325m (2021: \u00a331m). The Equities and interests in pooled investment funds at FVTPL included in the consolidated statement of financial position includes \u00a3188m (2021: \u00a375m) relating to third party interest in consolidated funds and non-controlling interests \u2013 ordinary shares to which the shareholder is not exposed. Exposures to equity risk are primarily managed though the hedging of market risk in respect of seed capital investments where it is appropriate and efficient to do so. Additionally limits are imposed on the amount of seed capital and co- investment activity that may be undertaken. The Group does not hedge equity risk in relation to its investments in Phoenix, HDFC Life and HDFC Asset Management. (b)(i)(ii) Exposure to interest rate risk Interest rate risk is the risk that arises from exposures to changes in the shape and level of yield curves which could result in losses due to the value of financial assets and liabilities, or the cash flows relating to these, fluctuating by different amounts. The main financial assets held by the Group which give rise to interest rate risk are debt securities and cash and cash equivalents. The Group is also exposed to interest rate risk on its investments in pooled investment funds where the underlying instruments are exposed to interest rate risk. Interest rate exposures are managed in line with the Group\u2019s risk appetite. (b)(i)(iii) Exposure to foreign currency risk Foreign currency risk arises where adverse movements in currency exchange rates impact the value of revenues received from, and the value of assets and liabilities held in, currencies other than UK Sterling. The Group\u2019s financial assets are generally held in the local currency of its operational geographic locations. The Group generally does not hedge the currency exposure relating to revenue and expenditure, nor does it hedge translation of overseas profits in the income statement. Where appropriate, the Group may use derivative contracts to reduce or eliminate currency risk arising from individual transactions or seed capital and co-investment activity. The Group does not hedge foreign exchange risk in relation to its investments in HDFC Life and HDFC Asset Management. The table below summarises the financial instrument exposure to foreign currency risks in UK Sterling. UK Sterling Indian Rupee Euro US Dollar Singapore Dollar Other curr enci es Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets 17 3,237 4,606 680 1,348 219 212 585 552 48 56 210 126 4,979 6,900 Financial liabilities 29 (1,202) (1,044) \u2013 \u2013 (53) (25) (776) (692) (8) (15) (23) (23) (2,062) (1,799) Cash flow hedges (623) (554) \u2013 \u2013 \u2013 \u2013 623 554 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Non- designated derivatives 296 330 \u2013 (1) (68) (79) (182) (203) \u2013 (1) (46) (46) \u2013 \u2013 1,708 3,338 680 1,347 98 108 250 211 40 40 141 57 2,917 5,101 The Indian Rupee exposure primarily relates to the Group\u2019s investments in HDFC Life and HDFC Asset Management. Other currencies include assets of \u00a385m (2021: \u00a38m) and liabilities of \u00a31m (2021: liabilities of \u00a31m) in relation to the fair value of derivatives used to manage currency risk. On 18 October 2017, the Group issued US dollar subordinated notes with a principal amount of US$750m. The related cash flows expose the Group to foreign currency risk on the principal and coupons payable. The Group manages the foreign exchange risk with a cross-currency swap which is designated as a cash flow hedge. Non-designated derivatives relate to foreign exchange forward contracts that are not designated as cash flow hedges or net investment hedges and primarily relate to the management of currency risk arising from seed capital and co-investment activity. In addition to financial instruments analysed above, the principal source of foreign currency risk for shareholders arises from the Group\u2019s investments in overseas subsidiaries and associates and joint ventures accounted for using the equity method. The carrying value of the Group\u2019s Chinese joint venture is disclosed in Note 14. The Group does not hedge foreign currency risk in relation to these investments. (b)(ii) Sensitivity of financial instruments to market risk analysis The Group\u2019s profit/loss after tax and equity are sensitive to variations in respect of the Group\u2019s market risk exposures and a sensitivity analysis is presented below. The analysis has been performed by calculating the sensitivity of loss after tax and equity to changes in equity security prices (equity risk), changes in interest rates (interest rate risk) and changes in foreign exchange rate (foreign currency risk) as at the reporting date applied to assets and liabilities other than those classified as held for sale, and after allowing for the Group\u2019s hedging strategy. The variables used in the sensitivity analysis are considered reasonable assumptions and are consistent with market peers. Changes to variables are provided by internal specialists who determine what are reasonable assumptions. Profit/loss after tax and equity sensitivity to market risk 31 December 2022 31 December 2021 A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit % \u00a3m % \u00a3m Equity prices Increase 10 148 10 246 Decrease 10 (148) 10 (246) Indian Rupee against Sterling Strengthen 10 70 10 139 Weaken 10 (57) 10 (114) US Dollar against Sterling Strengthen 10 14 10 22 Weaken 10 (11) 10 (18) Euro against Sterling Strengthen 10 11 10 12 Weaken 10 (9) 10 (10) The equity prices sensitivities primarily relate to the Group\u2019s investments in HDFC Life, HDFC Asset Management and Phoenix. The Indian Rupee sensitivities primarily relate to the Group\u2019s investments in HDFC Life and HDFC Asset Management. The reasonable change in variables have no impact on any other components of equity. These sensitivities concern only the impact on financial instruments and exclude indirect impacts of the variable on fee income and certain costs which may be affected by the changes in market conditions. Interest rate sensitivity to a reasonable change in the variable within the next calendar year is not material in either 2022 or 2021. Limitations The sensitivity of the Group\u2019s profit after tax and equity may be non-linear and larger or smaller impacts should not be derived from these results. The sensitivities provided illustrate the impact of a reasonably possible change in a single sensitivity factor, while the other sensitivity factors remain unchanged. Correlations between the different risks and/or other factors may mean that experience would differ from that expected if more than one risk event occurred simultaneously. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-675": { "value": "(b)(ii) Sensitivity of financial instruments to market risk analysis The Group\u2019s profit/loss after tax and equity are sensitive to variations in respect of the Group\u2019s market risk exposures and a sensitivity analysis is presented below. The analysis has been performed by calculating the sensitivity of loss after tax and equity to changes in equity security prices (equity risk), changes in interest rates (interest rate risk) and changes in foreign exchange rate (foreign currency risk) as at the reporting date applied to assets and liabilities other than those classified as held for sale, and after allowing for the Group\u2019s hedging strategy. The variables used in the sensitivity analysis are considered reasonable assumptions and are consistent with market peers. Changes to variables are provided by internal specialists who determine what are reasonable assumptions. Profit/loss after tax and equity sensitivity to market risk 31 December 2022 31 December 2021 A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit A reasonable change in the variable within the next calendar year Increase/(decrease) in post-tax profit % \u00a3m % \u00a3m Equity prices Increase 10 148 10 246 Decrease 10 (148) 10 (246) Indian Rupee against Sterling Strengthen 10 70 10 139 Weaken 10 (57) 10 (114) US Dollar against Sterling Strengthen 10 14 10 22 Weaken 10 (11) 10 (18) Euro against Sterling Strengthen 10 11 10 12 Weaken 10 (9) 10 (10) The equity prices sensitivities primarily relate to the Group\u2019s investments in HDFC Life, HDFC Asset Management and Phoenix. The Indian Rupee sensitivities primarily relate to the Group\u2019s investments in HDFC Life and HDFC Asset Management. The reasonable change in variables have no impact on any other components of equity. These sensitivities concern only the impact on financial instruments and exclude indirect impacts of the variable on fee income and certain costs which may be affected by the changes in market conditions. Interest rate sensitivity to a reasonable change in the variable within the next calendar year is not material in either 2022 or 2021. Limitations The sensitivity of the Group\u2019s profit after tax and equity may be non-linear and larger or smaller impacts should not be derived from these results. The sensitivities provided illustrate the impact of a reasonably possible change in a single sensitivity factor, while the other sensitivity factors remain unchanged. Correlations between the different risks and/or other factors may mean that experience would differ from that expected if more than one risk event occurred simultaneously. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-676": { "value": "(c) Credit risk Exposures to credit risk and concentrations of credit risk are managed by setting exposure limits for different types of financial instruments and counterparties. The limits are established using the following controls: Financial instrument with credit risk exposure Control Cash and cash equivalents Maximum counterparty exposure limits are set with reference to internal credit assessments. Derivative financial instruments Maximum counterparty exposure limits, net of collateral, are set with reference to internal credit assessments. The forms of collateral that may be accepted are also specified and minimum transfer amounts in respect of collateral transfers are documented. Debt securities The Group\u2019s policy is to set exposure limits by name of issuer, sector and credit rating. Other financial instruments Appropriate limits are set for other financial instruments to which the Group may have exposure at certain times. Group Treasury perform central monitoring of exposures against limits and are responsible for the escalation of any limit breaches to the Chief Risk Officer. Expected credit losses (ECL) are calculated on financial assets which are measured at amortised cost. Financial assets attract an ECL allowance equal to either: 12 month ECL (losses resulting from possible default within the next 12 months) No significant increase in credit risk since initial recognition. Trade receivables or contract assets with significant financing component, or lease receivables if lifetime ECL measurement has not been elected. Lifetime ECL (losses resulting from possible defaults over the remaining life of the financial asset) Significant increase in credit risk since initial recognition. Trade receivables or contract assets with no significant financing component. Trade receivables or contract assets with significant financing component, or lease receivables for which lifetime ECL measurement has been elected. Changes in Lifetime ECL Credit-impaired at initial recognition. n determining whether a default has taken place, or where there is an increased risk of a default, a number of factors are taken into account including a deterioration in the credit quality of a counterparty, the number of days that a payment is past due, and specific events which could impact a counterparty\u2019s ability to pay. The Group assumes that a significant increase in credit risk has arisen when contractual payments are more than 30 days past due. The Group assumes that credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Financial instruments with an external rating of \u2018investment grade\u2019 are presumed to have low credit risk in the absence of evidence to the contrary. Investment grade financial instruments are financial assets with credit ratings assigned by external rating agencies with classification within the range of AAA to BBB. If a financial asset is not rated by an external agency it is classified as \u2018not rated\u2019. The Group applies the simplified approach, as permitted under IFRS 9, to calculate the ECL allowance for trade receivables and contract assets including accrued income from contracts with customers and lease receivables. Under the simplified approach, the ECL allowance is calculated over the remaining life of the asset, using a provision matrix approach based on historic observed default rates adjusted for knowledge of specific events which could influence loss rates. At 31 December 2022 the Group does not hold financial assets at amortised cost that it regards as credit-impaired or for which it considers the probability of default would result in material expected credit losses in its Investments and Adviser segments. Historically, default levels have been insignificant for the Group\u2019s customers within these segments. Trade debtors past due but not in default at 31 December 2022 for these segments were \u00a384m (2021: \u00a377m) the majority of which were less than 90 days past due (2021: less than 90 days). Of amounts greater than 90 days at 31 December 2022, less than \u00a319m had not been received at the date of this report of which no single counterparty represented more than \u00a34m. The expected credit losses recognised were less than \u00a31m (2021: less than \u00a31m). In making this assessment the Group has considered if any evidence is available to indicate the occurrence of an event which would result in a detrimental impact on the estimated future cash flows of these assets. With the acquisition of ii (refer Note 1(b)(i)), the Group is exposed to an increased level of credit risk within its Personal segment. Trade debtors past due for the Personal segment at 31 December 2022 were \u00a35m (2021: less than \u00a31m), the majority of which were considered to be credit impaired. A lifetime loss allowance of \u00a33m (2021: less than \u00a31m) has been recognised based on expected recovery. This primarily relates to ii and is in line with the loss allowance recognised at the date of acquisition. ", "dimensions": { "concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-648": { "value": "(c) Credit risk Exposures to credit risk and concentrations of credit risk are managed by setting exposure limits for different types of financial instruments and counterparties. The limits are established using the following controls: Financial instrument with credit risk exposure Control Cash and cash equivalents Maximum counterparty exposure limits are set with reference to internal credit assessments. Derivative financial instruments Maximum counterparty exposure limits, net of collateral, are set with reference to internal credit assessments. The forms of collateral that may be accepted are also specified and minimum transfer amounts in respect of collateral transfers are documented. Debt securities The Group\u2019s policy is to set exposure limits by name of issuer, sector and credit rating. Other financial instruments Appropriate limits are set for other financial instruments to which the Group may have exposure at certain times. Group Treasury perform central monitoring of exposures against limits and are responsible for the escalation of any limit breaches to the Chief Risk Officer. Expected credit losses (ECL) are calculated on financial assets which are measured at amortised cost. Financial assets attract an ECL allowance equal to either: 12 month ECL (losses resulting from possible default within the next 12 months) No significant increase in credit risk since initial recognition. Trade receivables or contract assets with significant financing component, or lease receivables if lifetime ECL measurement has not been elected. Lifetime ECL (losses resulting from possible defaults over the remaining life of the financial asset) Significant increase in credit risk since initial recognition. Trade receivables or contract assets with no significant financing component. Trade receivables or contract assets with significant financing component, or lease receivables for which lifetime ECL measurement has been elected. Changes in Lifetime ECL Credit-impaired at initial recognition. n determining whether a default has taken place, or where there is an increased risk of a default, a number of factors are taken into account including a deterioration in the credit quality of a counterparty, the number of days that a payment is past due, and specific events which could impact a counterparty\u2019s ability to pay. The Group assumes that a significant increase in credit risk has arisen when contractual payments are more than 30 days past due. The Group assumes that credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. Financial instruments with an external rating of \u2018investment grade\u2019 are presumed to have low credit risk in the absence of evidence to the contrary. Investment grade financial instruments are financial assets with credit ratings assigned by external rating agencies with classification within the range of AAA to BBB. If a financial asset is not rated by an external agency it is classified as \u2018not rated\u2019. The Group applies the simplified approach, as permitted under IFRS 9, to calculate the ECL allowance for trade receivables and contract assets including accrued income from contracts with customers and lease receivables. Under the simplified approach, the ECL allowance is calculated over the remaining life of the asset, using a provision matrix approach based on historic observed default rates adjusted for knowledge of specific events which could influence loss rates. At 31 December 2022 the Group does not hold financial assets at amortised cost that it regards as credit-impaired or for which it considers the probability of default would result in material expected credit losses in its Investments and Adviser segments. Historically, default levels have been insignificant for the Group\u2019s customers within these segments. Trade debtors past due but not in default at 31 December 2022 for these segments were \u00a384m (2021: \u00a377m) the majority of which were less than 90 days past due (2021: less than 90 days). Of amounts greater than 90 days at 31 December 2022, less than \u00a319m had not been received at the date of this report of which no single counterparty represented more than \u00a34m. The expected credit losses recognised were less than \u00a31m (2021: less than \u00a31m). In making this assessment the Group has considered if any evidence is available to indicate the occurrence of an event which would result in a detrimental impact on the estimated future cash flows of these assets. With the acquisition of ii (refer Note 1(b)(i)), the Group is exposed to an increased level of credit risk within its Personal segment. Trade debtors past due for the Personal segment at 31 December 2022 were \u00a35m (2021: less than \u00a31m), the majority of which were considered to be credit impaired. A lifetime loss allowance of \u00a33m (2021: less than \u00a31m) has been recognised based on expected recovery. This primarily relates to ii and is in line with the loss allowance recognised at the date of acquisition. (c)(i) Credit exposure The following table presents an analysis of the credit quality of shareholder financial assets and the maximum exposure to credit risk without taking into account any collateral held. Amortised cost Fair value through profit or loss Cash flow hedge 12 month ECL Lifetime ECL 1 Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m AAA \u2013 \u2013 \u2013 \u2013 89 134 \u2013 \u2013 89 134 AA+ to AA- 164 241 \u2013 \u2013 162 396 \u2013 \u2013 326 637 A+ to A- 327 618 85 8 953 1,446 \u2013 \u2013 1,365 2,072 BBB 76 82 \u2013 \u2013 126 131 \u2013 \u2013 202 213 BB \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6 \u2013 6 Not rated 21 32 \u2013 \u2013 429 241 463 418 913 691 Gross carrying amount 588 973 85 8 1,759 2,348 463 424 2,895 3,753 Loss allowance \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3) \u2013 (3) \u2013 Carrying amount 588 973 85 8 1,759 2,348 460 424 2,892 3,753 Derivative financial assets 19 6 85 8 \u2013 \u2013 \u2013 \u2013 104 14 Debt securities 550 936 \u2013 \u2013 210 221 \u2013 5 760 1,162 Receivables and other financial assets 19 31 \u2013 \u2013 428 231 460 418 907 680 Cash and cash equivalents \u2013 \u2013 \u2013 \u2013 1,121 1,896 \u2013 1 1,121 1,897 Carrying amount 588 973 85 8 1,759 2,348 460 424 2,892 3,753 1. As noted in Section (c) above, Lifetime ECL balances include trade debtors with a gross carrying value of \u00a35m (2021: \u00a3nil) which are credit impaired for which a loss allowance of \u00a33m (2021: \u00a3nil) has been recognised. All other Lifetime ECL balances are not credit impaired. In the table above debt securities exclude debt securities relating to third party interests in consolidated funds of \u00a342m (2021: \u00a325m). Cash and cash equivalents exclude cash and cash equivalents relating to third party interests in consolidated funds of \u00a312m (2021: \u00a37m). The shareholder is not exposed to the credit risk in respect of third party interests in consolidated funds since the financial risk of the assets are borne by third parties. (c)(ii) Collateral accepted and pledged in respect of financial instruments Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments and bilateral repurchase agreements is accepted from and provided to certain market counterparties to mitigate counterparty risk in the event of default. The use of collateral in respect of these instruments is governed by formal bilateral agreements between the parties. For OTC derivatives the amount of collateral required by either party is determined by the daily bilateral OTC exposure calculations in accordance with these agreements and collateral is moved on a daily basis to ensure there is full collateralisation. Under the terms of these agreements, collateral is posted with the ownership captured under title transfer of the contract. With regard to either collateral pledged or accepted, the Group may request the return of, or be required to return, collateral to the extent it differs from that required under the daily bilateral OTC exposure calculations. Where there is an event of default under the terms of the agreements, any collateral balances will be included in the close- out calculation of net counterparty exposure. At 31 December 2022, the Group had pledged \u00a314m (2021: \u00a326m) of cash and \u00a3nil (2021: \u00a3nil) of securities as collateral for derivative financial liabilities. At 31 December 2022, the Group had accepted \u00a3109m (2021: \u00a315m) of cash and \u00a3nil (2021: \u00a350m) of securities as collateral for derivatives financial assets and reverse repurchase agreements. None of the securities were sold or repledged at the year end. (c)(iii) Offsetting financial assets and liabilities Financial assets and liabilities are offset and the net amount reported on the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group does not offset financial assets and liabilities on the consolidated statement of financial position, as there are no unconditional rights to set off. Consequently, the gross amount of other financial instruments presented on the consolidated statement of financial position is the net amount. The Group\u2019s bilateral OTC derivatives are all subject to an International Swaps and Derivative Association (ISDA) master agreement. ISDA master agreements and reverse repurchase agreements entered into by the Group are considered master netting agreements as they provide a right of set off that is enforceable only in the event of default, insolvency, or bankruptcy. The Group does not hold any other financial instruments which are subject to master netting agreements or similar arrangements. The following table presents the effect of master netting agreements and similar arrangements. Related amounts not offset on the consolidated statement of financial position Gross amounts of financial instruments as presented on the consolidated statement of financial position Financial instruments Financial collateral pledged/(received) Net position 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Derivatives1 102 8 (1) \u2013 (100) (8) 1 \u2013 Reverse repurchase agreements \u2013 50 \u2013 \u2013 \u2013 (50) \u2013 \u2013 Total financial assets 102 58 (1) \u2013 (100) (58) 1 \u2013 Financial liabilities Derivatives1 (1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2) Total financial liabilities (1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2) 1. Only OTC derivatives subject to master netting agreements have been included above.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-677": { "value": "(c)(ii) Collateral accepted and pledged in respect of financial instruments Collateral in respect of bilateral over-the-counter (OTC) derivative financial instruments and bilateral repurchase agreements is accepted from and provided to certain market counterparties to mitigate counterparty risk in the event of default. The use of collateral in respect of these instruments is governed by formal bilateral agreements between the parties. For OTC derivatives the amount of collateral required by either party is determined by the daily bilateral OTC exposure calculations in accordance with these agreements and collateral is moved on a daily basis to ensure there is full collateralisation. Under the terms of these agreements, collateral is posted with the ownership captured under title transfer of the contract. With regard to either collateral pledged or accepted, the Group may request the return of, or be required to return, collateral to the extent it differs from that required under the daily bilateral OTC exposure calculations. Where there is an event of default under the terms of the agreements, any collateral balances will be included in the close- out calculation of net counterparty exposure. At 31 December 2022, the Group had pledged \u00a314m (2021: \u00a326m) of cash and \u00a3nil (2021: \u00a3nil) of securities as collateral for derivative financial liabilities. At 31 December 2022, the Group had accepted \u00a3109m (2021: \u00a315m) of cash and \u00a3nil (2021: \u00a350m) of securities as collateral for derivatives financial assets and reverse repurchase agreements. None of the securities were sold or repledged at the year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-678": { "value": "(c)(iii) Offsetting financial assets and liabilities Financial assets and liabilities are offset and the net amount reported on the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group does not offset financial assets and liabilities on the consolidated statement of financial position, as there are no unconditional rights to set off. Consequently, the gross amount of other financial instruments presented on the consolidated statement of financial position is the net amount. The Group\u2019s bilateral OTC derivatives are all subject to an International Swaps and Derivative Association (ISDA) master agreement. ISDA master agreements and reverse repurchase agreements entered into by the Group are considered master netting agreements as they provide a right of set off that is enforceable only in the event of default, insolvency, or bankruptcy. The Group does not hold any other financial instruments which are subject to master netting agreements or similar arrangements. The following table presents the effect of master netting agreements and similar arrangements. Related amounts not offset on the consolidated statement of financial position Gross amounts of financial instruments as presented on the consolidated statement of financial position Financial instruments Financial collateral pledged/(received) Net position 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Derivatives1 102 8 (1) \u2013 (100) (8) 1 \u2013 Reverse repurchase agreements \u2013 50 \u2013 \u2013 \u2013 (50) \u2013 \u2013 Total financial assets 102 58 (1) \u2013 (100) (58) 1 \u2013 Financial liabilities Derivatives1 (1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2) Total financial liabilities (1) (2) 1 \u2013 \u2013 \u2013 \u2013 (2) 1. Only OTC derivatives subject to master netting agreements have been included above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-689": { "value": "Financial assets and liabilities are offset and the net amount reported on the consolidated statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-649": { "value": "(d) Liquidity risk The shareholder is exposed to liquidity risk if the Group is unable to realise investments and other assets in order to settle its financial obligations when they fall due, or can do so only at excessive cost. The following quantitative liquidity risk disclosures are provided in respect of these financial liabilities. The Group has a liquidity risk framework and processes in place for monitoring, assessing, and managing liquidity risk. This framework ensures that liquidity risks are identified across the Group and, where relevant, mitigation measures are put in place. Stress testing of the residual risks is performed to understand the quantum of risk under stress conditions. This then informs the level of liquid resources that need to be maintained. Where appropriate, this is enhanced with external credit facilities and the Group has a syndicated revolving credit facility of \u00a3400m which was undrawn at 31 December 2022. The level of liquid resources in the Group is also projected under a number of adverse scenarios. These are described more fully in the Viability Statement. A contingency funding plan is maintained to ensure that if liquidity risk did materialise, processes and procedures are already in place to assist with resolving the issue. Regular monitoring of liquid resources is performed and projections undertaken (under both base and stressed conditions) to understand the outlook. As a result of the policies and processes established to manage risk, the Group expects to be able to manage liquidity risk on an ongoing basis. We recognise there are a number of scenarios that can impact the liquid resources of a business as discussed in the Risk management section of the Strategic report. (d)(i) Maturity analysis The analysis that follows presents the undiscounted cash flows payable under contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked funds which are discussed in Note 23. Refer Note 18 for the maturity profile of undiscounted cash flows of derivative financial instruments. The Group also had unrecognised commitments in respect of financial instruments as at 31 December 2022 (refer Note 40) with a contractual maturity of within one year, between one and five years and over five years of \u00a33m, \u00a332m and \u00a337m respectively (2021: \u00a335m, \u00a37m and \u00a363m). The commitments may generally be requested anytime up to the contractual maturity. Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Subordinated liabilities 24 29 94 114 577 627 \u2013 26 \u2013 26 \u2013 97 695 919 Other financial liabilities 891 701 198 244 105 93 48 40 6 \u2013 15 \u2013 1,263 1,078 Total 915 730 292 358 682 720 48 66 6 26 15 97 1,958 1,997 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-679": { "value": "(d)(i) Maturity analysis The analysis that follows presents the undiscounted cash flows payable under contractual maturity at the reporting date for all financial liabilities, other than those related to unit linked funds which are discussed in Note 23. Refer Note 18 for the maturity profile of undiscounted cash flows of derivative financial instruments. The Group also had unrecognised commitments in respect of financial instruments as at 31 December 2022 (refer Note 40) with a contractual maturity of within one year, between one and five years and over five years of \u00a33m, \u00a332m and \u00a337m respectively (2021: \u00a335m, \u00a37m and \u00a363m). The commitments may generally be requested anytime up to the contractual maturity. Within 1 year 1-5 years 5-10 years 10-15 years 15-20 years Greater than 20 years Total 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Subordinated liabilities 24 29 94 114 577 627 \u2013 26 \u2013 26 \u2013 97 695 919 Other financial liabilities 891 701 198 244 105 93 48 40 6 \u2013 15 \u2013 1,263 1,078 Total 915 730 292 358 682 720 48 66 6 26 15 97 1,958 1,997 ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-597": { "value": "36. Structured entities A structured entity is an entity that is structured in such a way that voting or similar rights are not the dominant factor in deciding who controls the entity. The Group has interests in structured entities through investments in a range of investment vehicles including: \u2013 Pooled investment funds managed internally and externally, including OEICs, SICAVs, unit trusts and limited partnerships. \u2013 Debt securitisation vehicles which issue asset-backed securities. The Group consolidates structured entities which it controls. Where the Group has an investment in, but not control over these types of entities, the investment is classified as an investment in associate when the Group has significant influence. Investments in associates at FVTPL are included in equity securities and pooled investment funds in the analysis of financial investments. The Group also has interests in structured entities through asset management fees and other fees received from these entities. (a) Consolidated structured entities As at 31 December 2022 and 31 December 2021, the Group has not provided any non-contractual financial or other support to any consolidated structured entity and there are no current intentions to do so. (b) Unconsolidated structured entities As at 31 December 2022 and 31 December 2021, the Group has not provided any non-contractual financial or other support to any unconsolidated structured entities and there are no current intentions to do so. The following table shows the carrying value of the Group\u2019s interests in unconsolidated structured entities by line item in the consolidated statement of financial position. 2022 2021 \u00a3m \u00a3m Financial investments Equity securities and interests in pooled investment funds 558 851 Debt securities \u2013 36 Total financial investments 558 887 Receivables and other financial assets 215 244 Other financial liabilities 95 121 The Group\u2019s exposure to loss in respect of unconsolidated structured entities is limited to the carrying value of the Group\u2019s investment in these entities and the loss of future asset management and other fees received by the Group for the management of these entities. Exposure to loss arising from market and credit risk in relation to investments held in the unit linked funds and relating to third party interest in consolidated funds and non-controlling interests \u2013 ordinary shares is not borne by the shareholder. Additional information on the Group\u2019s exposure to financial risk and the management of these risks can be found in Note 23 and Note 35. The total assets under management of unconsolidated structured entities are \u00a3126,019m at 31 December 2022 (2021: \u00a3135,007m). The fees recognised in respect of these assets under management during the year to 31 December 2022 were \u00a3566m (2021: \u00a3670m). As at 31 December 2022, the Group had no investments in unconsolidated structured debt securitisation vehicles. The total issuance balance relating to unconsolidated structured debt securitisation vehicles in which the Group is invested as at 31 December 2021 was \u00a31,741m. ", "dimensions": { "concept": "abrdnplc:DisclosureOfStructuredEntitites", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-650": { "value": "A structured entity is an entity that is structured in such a way that voting or similar rights are not the dominant factor in deciding who controls the entity. The Group has interests in structured entities through investments in a range of investment vehicles including: \u2013 Pooled investment funds managed internally and externally, including OEICs, SICAVs, unit trusts and limited partnerships. \u2013 Debt securitisation vehicles which issue asset-backed securities. The Group consolidates structured entities which it controls. Where the Group has an investment in, but not control over these types of entities, the investment is classified as an investment in associate when the Group has significant influence. Investments in associates at FVTPL are included in equity securities and pooled investment funds in the analysis of financial investments. The Group also has interests in structured entities through asset management fees and other fees received from these entities. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForStructuredEntities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-651": { "value": "(a) Consolidated structured entities As at 31 December 2022 and 31 December 2021, the Group has not provided any non-contractual financial or other support to any consolidated structured entity and there are no current intentions to do so. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-652": { "value": "(b) Unconsolidated structured entities As at 31 December 2022 and 31 December 2021, the Group has not provided any non-contractual financial or other support to any unconsolidated structured entities and there are no current intentions to do so. The following table shows the carrying value of the Group\u2019s interests in unconsolidated structured entities by line item in the consolidated statement of financial position. 2022 2021 \u00a3m \u00a3m Financial investments Equity securities and interests in pooled investment funds 558 851 Debt securities \u2013 36 Total financial investments 558 887 Receivables and other financial assets 215 244 Other financial liabilities 95 121 The Group\u2019s exposure to loss in respect of unconsolidated structured entities is limited to the carrying value of the Group\u2019s investment in these entities and the loss of future asset management and other fees received by the Group for the management of these entities. Exposure to loss arising from market and credit risk in relation to investments held in the unit linked funds and relating to third party interest in consolidated funds and non-controlling interests \u2013 ordinary shares is not borne by the shareholder. Additional information on the Group\u2019s exposure to financial risk and the management of these risks can be found in Note 23 and Note 35. The total assets under management of unconsolidated structured entities are \u00a3126,019m at 31 December 2022 (2021: \u00a3135,007m). The fees recognised in respect of these assets under management during the year to 31 December 2022 were \u00a3566m (2021: \u00a3670m). As at 31 December 2022, the Group had no investments in unconsolidated structured debt securitisation vehicles. The total issuance balance relating to unconsolidated structured debt securitisation vehicles in which the Group is invested as at 31 December 2021 was \u00a31,741m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-653": { "value": "The Group uses fair value to measure many of its assets and liabilities. Fair value is the amou nt for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm\u2019s lengt h transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-680": { "value": "(a) Fair value hierarchy In determining fair value, the following fair value hierarchy categorisation has been used: \u2013 Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identi cal assets or liabilities. An active market exists where transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. \u2013 Level 2: Fair values measured using inputs other than quoted prices included within level 1 t hat are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2013 Level 3: Fair values measured using inputs that are not based on observable market data (u nobservable inputs). Information on the methods and assumptions used to determine fair values for equity securiti es and interests in pooled investment funds, debt securities and derivatives measured at fair value is given below: Equities and interests in pooled investment funds1,2 Debt securities Derivatives3 Level 1 Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. Debt secur ities listed on a recog nised exchange valued using prices sour ced from their prima ry exchange. Exchange traded derivatives valued using prices sourced from the relevant exchange. Level 2 Pooled investment funds where daily unit prices are available and reference is made to observable market data. Debt secur ities valued using price s received from exter nal pricing providers based on quotes rec eived from a number of market participant s. Debt secur ities valued using mod els and standard v aluation formulas b ased on observabl e market data 4. Over-the- counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques. Level 3 These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, these valuations are reviewed and, where appropriate, adjustments are made to reflect the impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued at indicative share prices from off market transactions. Debt secur ities valued using price s received from exter nal pricing providers based on a single brok er indicative quote. Debt secur ities valued using mod els and standard v aluation formulas b ased on unobserva ble market data 4. N/A 1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in poo led investment funds. 2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sal e, the costs to sell are assumed to be negligible. The fair value of pooled investment funds held for sale is calculated as equal to the observable unit price. 3. Non-performance risk arising from the credit risk of each counterparty is also considered on a net exposure basis in lin e with the Group\u2019s risk management policies. At 31 December 2022 and 31 December 2021, the residual credit risk is considered immaterial and no credit ri sk adjustment has been made. 4. If prices are not available from the external pricing providers or are considered to be stale, the Group has established p rocedures to arrive at an internal assessment of the fair value. The fair value of liabilities in respect of third party interest in consolidated funds and non-participating investment contracts are calculated equal to the fair value of the underlying assets and liabilities. Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying assets and liabilities: \u2013 For third party interest in consolidated funds, when the underlying assets and liabilities are valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 2. Where the underlying assets and liabilities are not valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 3. \u2013 For non-participating investment contracts, the underlying assets and liabilities are predominately categorised as level 1 or 2 and as such, the inputs into the valuation of the liabilities are observable and these liabilities are predominately categorised within level 2 of the fair value hierarchy. Where the underlying assets are categorised as level 3, the liabilities are also categorised as level 3. In addition, contingent consideration assets and contingent consideration liabilities are also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and liabilities have been recognised in respect of acquisitions and disposals. Generally valuations are based on unobservable assumptions regarding the probability weighted cash flows and, where relevant, discount rate. (a)(i) Fair value hierarchy for assets measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked assets measured at fair value by level of the fair value hierarchy (refer Note 23 for fair value analysis in relation to assets backing unit linked liabilities). Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner occupied property 1 1 \u2013 \u2013 \u2013 \u2013 1 1 Derivative financial assets 104 14 3 \u2013 101 14 \u2013 \u2013 Equity securities and interests in pooled investment vehicles1 2,033 3,115 1,621 2,600 181 409 231 106 Debt securities 592 961 2 1 588 959 2 1 Contingent consideration assets 19 31 \u2013 \u2013 \u2013 \u2013 19 31 Total assets at fair value 2,749 4,122 1,626 2,601 870 1,382 253 139 1. Includes \u00a3634m (2021: \u00a3941m), \u00a3477m (2021: \u00a3840m) and \u00a3203m (2021: \u00a3508m) for the Group\u2019s listed equity investments in Phoenix, HDFC Asset Management and HDFC Life respectively, which are classified as significant listed investments (refer Note 11). There were no significant transfers from level 1 to level 2 during the year ended 31 December 2022 (2021: none). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2022 (2021: none). Transfers generally relate to assets where changes in the frequency of observable market transactions resulted in a change in whether the market was considered active and are deemed to have occurred at the end of the calendar quarter in which they arose. Refer Section (a)(iii) below for details of movements in level 3. (a)(ii) Fair value hierarchy for liabilities measured at fair value in the statement of financial position The table below presents the Group\u2019s non-unit linked liabilities measured at fair value by level of the fair value hierarchy. Fair value hierarchy Total Level 1 Level 2 Level 3 2022 2021 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Liabilities in respect of third party interest in consolidated funds 242 104 \u2013 \u2013 242 104 \u2013 \u2013 Derivative financial liabilities 1 5 \u2013 3 1 2 \u2013 \u2013 Contingent consideration liabilities 132 165 \u2013 \u2013 \u2013 \u2013 132 165 Other financial liabilities1 11 \u2013 \u2013 \u2013 \u2013 \u2013 11 \u2013 Total liabilities at fair value 386 274 \u2013 3 243 106 143 165 1. Excluding contingent consideration liabilities. There were no significant transfers between levels 1 and 2 during the year (2021: none). Refer Section (a)(iii) below for details of movements in level 3. (a)(iii) Reconciliation of movements in level 3 instruments The movements during the year of level 3 assets and liabilities held at fair value, excluding unit linked assets and liabilities and assets and liabilities held for sale, are analysed below. Owner occupied property Equity securities and interests in pooled investment funds Debt securities 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 1 1 106 101 1 1 Total gains recognised in the consolidated income statement \u2013 \u2013 2 8 (2) \u2013 Purchases \u2013 \u2013 139 24 3 \u2013 Sales and other adjustments \u2013 \u2013 (16) (27) \u2013 \u2013 Transfers in to level 31 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 1 1 231 106 2 1 1. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. Contingent consideration assets Contingent consideration liabilities Other financial liabilities1 2022 2021 2022 2021 2022 2021 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 31 28 (165) (6) \u2013 \u2013 Total amounts recognised in the consolidated income statement 3 \u2013 32 (3) (11) \u2013 Additions 1 31 (6) (155) \u2013 \u2013 Settlements (18) (34) 7 8 \u2013 \u2013 Other movements 2 (3) \u2013 \u2013 \u2013 \u2013 Transfer to contingent consideration liability \u2013 9 \u2013 (9) \u2013 \u2013 At 31 December 19 31 (132) (165) (11) \u2013 1. Excluding contingent consideration liabilities. The significant additions in the year ended 31 December 2021 primarily related to the disposals of Parmenion and Bonaccord and the acquisition of Tritax. Refer Note 1 for further details. For the year ended 31 December 2022, gains of \u00a324m (2021: gains of \u00a35m) were recognised in the consolidated income statement in respect of non-unit linked assets and liabilities held at fair value classified as level 3 at the year end, excluding assets and liabilities held for sale. Of this amount, gains of \u00a324m (2021: gains of \u00a35m) were recognised in Net gains or losses on financial instruments and other income. Transfers of equity securities and interests in pooled investment funds and debt securities into level 3 generally arise when external pricing providers stop providing a price or where the price provided is considered stale. Transfers of equity securities and interests in pooled investment funds and debt securities out of level 3 arise when acceptable prices become available from external pricing providers. (a)(iv) Significant unobservable inputs in level 3 instrument valuations The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at 31 December 2022 with a fair value of \u00a3231m (2021: \u00a3106m). Fair value 2022 \u00a3m 2021 \u00a3m Valuation technique Unobservable input Range (weighted average) Private equity, real estate and infrastructure funds 219 91 Net asset value Net asset value statements provided for a large number of funds including seven significant funds (fair value >\u00a35m). A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. Other unlisted equity securities 12 15 Indicative share price Recent off market capital raising transactions. A range of unobservable inputs is not applicable as we have determined that the indicative share price from off market transactions represents fair value at the end of the reporting period. The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3 instruments at 31 December 2022 with a fair value of (\u00a3124m) (2021: (\u00a3134m)). Fair value 2022 2021 \u00a3m \u00a3m Valuation technique Unobservable input Input used Contingent consideration assets and liabilities and other financial instrument liabilities (124) (134) Probability weighted cash flow and where applicable discount rates Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a3112m (2021: \u00a3156m). For Tritax a number of scenarios were prepared, around a base case, with probabilities assigned to each scenario (based on an assessment of the likelihood of each scenario). The value of the contingent consideration was determined for each scenario, and these were then probability weighted, with this probability weighted valuation then discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2024, 2025 and 2026 (refer Note 1(b)(ii)) would be that which is most beneficial to the holders of the put options. The base scenario for Tritax contingent consideration used a revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 of 14% (2021: CAGR from 31 March 2021 to 31 March 2026 of 21%) with other scenarios using a range of revenue growth rates around this base. The base scenario used a cost/income ratio of c52% (2021: c50%) with other scenarios using a range of cost/income ratios around this base. The risk adjusted contingent consideration cash flows have been discounted using a primary discount rate of 4.5% (2021: 1.9%). (a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2022 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. No level 3 instruments are held in consolidated structured entities. See Note 23 for unit linked level 3 instruments. Sensitivities for material level 3 assets and liabilities are provided below. Changing unobservable inputs in the measurement of the fair value of the other level 3 financial assets and financial liabilities to reasonably possible alternative assumptions would not have a significant impact on loss attributable to equity holders or on total assets. (a)(v)(i) Equity securities and interests in pooled investment funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3219m relates to private equity, real estate and infrastructure funds (2021: \u00a391m) which are valued using net asset value statements. A 10% increase or decrease in the net asset value of these investments would increase or decrease the fair value of the investments by \u00a322m (2021: \u00a39m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-690": { "value": "(a)(iv) Significant unobservable inputs in level 3 instrument valuations The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at 31 December 2022 with a fair value of \u00a3231m (2021: \u00a3106m). Fair value 2022 \u00a3m 2021 \u00a3m Valuation technique Unobservable input Range (weighted average) Private equity, real estate and infrastructure funds 219 91 Net asset value Net asset value statements provided for a large number of funds including seven significant funds (fair value >\u00a35m). A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. Other unlisted equity securities 12 15 Indicative share price Recent off market capital raising transactions. A range of unobservable inputs is not applicable as we have determined that the indicative share price from off market transactions represents fair value at the end of the reporting period. The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3 instruments at 31 December 2022 with a fair value of (\u00a3124m) (2021: (\u00a3134m)). Fair value 2022 2021 \u00a3m \u00a3m Valuation technique Unobservable input Input used Contingent consideration assets and liabilities and other financial instrument liabilities (124) (134) Probability weighted cash flow and where applicable discount rates Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a3112m (2021: \u00a3156m). For Tritax a number of scenarios were prepared, around a base case, with probabilities assigned to each scenario (based on an assessment of the likelihood of each scenario). The value of the contingent consideration was determined for each scenario, and these were then probability weighted, with this probability weighted valuation then discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2024, 2025 and 2026 (refer Note 1(b)(ii)) would be that which is most beneficial to the holders of the put options. The base scenario for Tritax contingent consideration used a revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 of 14% (2021: CAGR from 31 March 2021 to 31 March 2026 of 21%) with other scenarios using a range of revenue growth rates around this base. The base scenario used a cost/income ratio of c52% (2021: c50%) with other scenarios using a range of cost/income ratios around this base. The risk adjusted contingent consideration cash flows have been discounted using a primary discount rate of 4.5% (2021: 1.9%). (a)(v)(ii) Contingent consideration assets and liabilities and other financial instrument liabilities As noted above, the most significant unobservable inputs for level 3 instruments relate to assumptions used to value the contingent consideration related to the purchase of Tritax. Sensitivities for reasonably possible changes to key assumptions are provided in the table below. Assumption Chan ge in assumption Consequential increase/(decrease) in contingent consideration liability 2022 \u00a3m Revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 Decreased by 10% (43) Increased by 10% 40 Cost/income ratio Decreased by 5% 13 Increased by 5% (14) Discount rate Decreased by 2% 7 Increased by 2% ( 6) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-654": { "value": "(a)(iv) Significant unobservable inputs in level 3 instrument valuations The table below identifies the significant unobservable inputs in relation to equity securities and interests in pooled investment funds categorised as level 3 instruments at 31 December 2022 with a fair value of \u00a3231m (2021: \u00a3106m). Fair value 2022 \u00a3m 2021 \u00a3m Valuation technique Unobservable input Range (weighted average) Private equity, real estate and infrastructure funds 219 91 Net asset value Net asset value statements provided for a large number of funds including seven significant funds (fair value >\u00a35m). A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. Other unlisted equity securities 12 15 Indicative share price Recent off market capital raising transactions. A range of unobservable inputs is not applicable as we have determined that the indicative share price from off market transactions represents fair value at the end of the reporting period. The table below identifies the significant unobservable inputs in relation to contingent consideration assets and liabilities and other financial instrument liabilities categorised as level 3 instruments at 31 December 2022 with a fair value of (\u00a3124m) (2021: (\u00a3134m)). Fair value 2022 2021 \u00a3m \u00a3m Valuation technique Unobservable input Input used Contingent consideration assets and liabilities and other financial instrument liabilities (124) (134) Probability weighted cash flow and where applicable discount rates Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a3112m (2021: \u00a3156m). For Tritax a number of scenarios were prepared, around a base case, with probabilities assigned to each scenario (based on an assessment of the likelihood of each scenario). The value of the contingent consideration was determined for each scenario, and these were then probability weighted, with this probability weighted valuation then discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2024, 2025 and 2026 (refer Note 1(b)(ii)) would be that which is most beneficial to the holders of the put options. The base scenario for Tritax contingent consideration used a revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 of 14% (2021: CAGR from 31 March 2021 to 31 March 2026 of 21%) with other scenarios using a range of revenue growth rates around this base. The base scenario used a cost/income ratio of c52% (2021: c50%) with other scenarios using a range of cost/income ratios around this base. The risk adjusted contingent consideration cash flows have been discounted using a primary discount rate of 4.5% (2021: 1.9%). (a)(v)(ii) Contingent consideration assets and liabilities and other financial instrument liabilities As noted above, the most significant unobservable inputs for level 3 instruments relate to assumptions used to value the contingent consideration related to the purchase of Tritax. Sensitivities for reasonably possible changes to key assumptions are provided in the table below. Assumption Chan ge in assumption Consequential increase/(decrease) in contingent consideration liability 2022 \u00a3m Revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 Decreased by 10% (43) Increased by 10% 40 Cost/income ratio Decreased by 5% 13 Increased by 5% (14) Discount rate Decreased by 2% 7 Increased by 2% ( ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-697": { "value": "(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2022 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. No level 3 instruments are held in consolidated structured entities. See Note 23 for unit linked level 3 instruments. Sensitivities for material level 3 assets and liabilities are provided below. Changing unobservable inputs in the measurement of the fair value of the other level 3 financial assets and financial liabilities to reasonably possible alternative assumptions would not have a significant impact on loss attributable to equity holders or on total assets. (a)(v)(i) Equity securities and interests in pooled investment funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3219m relates to private equity, real estate and infrastructure funds (2021: \u00a391m) which are valued using net asset value statements. A 10% increase or decrease in the net asset value of these investments would increase or decrease the fair value of the investments by \u00a322m (2021: \u00a39m). (a)(v)(ii) Contingent consideration assets and liabilities and other financial instrument liabilities As noted above, the most significant unobservable inputs for level 3 instruments relate to assumptions used to value the contingent consideration related to the purchase of Tritax. Sensitivities for reasonably possible changes to key assumptions are provided in the table below. Assumption Chan ge in assumption Consequential increase/(decrease) in contingent consideration liability 2022 \u00a3m Revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 Decreased by 10% (43) Increased by 10% 40 Cost/income ratio Decreased by 5% 13 Increased by 5% (14) Discount rate Decreased by 2% 7 Increased by 2% ( 6) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-693": { "value": "(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2022 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. No level 3 instruments are held in consolidated structured entities. See Note 23 for unit linked level 3 instruments. Sensitivities for material level 3 assets and liabilities are provided below. Changing unobservable inputs in the measurement of the fair value of the other level 3 financial assets and financial liabilities to reasonably possible alternative assumptions would not have a significant impact on loss attributable to equity holders or on total assets. (a)(v)(i) Equity securities and interests in pooled investment funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3219m relates to private equity, real estate and infrastructure funds (2021: \u00a391m) which are valued using net asset value statements. A 10% increase or decrease in the net asset value of these investments would increase or decrease the fair value of the investments by \u00a322m (2021: \u00a39m). (a)(v)(ii) Contingent consideration assets and liabilities and other financial instrument liabilities As noted above, the most significant unobservable inputs for level 3 instruments relate to assumptions used to value the contingent consideration related to the purchase of Tritax. Sensitivities for reasonably possible changes to key assumptions are provided in the table below. Assumption Chan ge in assumption Consequential increase/(decrease) in contingent consideration liability 2022 \u00a3m Revenue compound annual growth rate (CAGR) from 31 March 2022 to 31 March 2026 Decreased by 10% (43) Increased by 10% 40 Cost/income ratio Decreased by 5% 13 Increased by 5% (14) Discount rate Decreased by 2% 7 Increased by 2% ( 6) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-598": { "value": "38. Statement of cash flows The Group classifies cash flows in the consolidated statement of cash flows as arising from operating, investing or financing activities. Cash flows are classified based on the nature of the activity to which they relate and with consideration to generally accepted presentation adopted by peers. For activities related to asset management business, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds, with the exception of those related to unit linked funds, are classified as cash flows arising from investing activities. For activities related to insurance business, including those related to unit linked funds, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds are classified as cash flows arising from operating activities. For activities related to the acquisition and disposal of subsidiaries, associates and joint ventures, cash flows are classified as investing activities. The settlement of contingent and deferred amounts recognised on acquisitions and disposals are classified as investing activities where there is not considered to be a significant financing component of the related inflows or outflows. Purchases and sales of financial investments are presented on a gross basis except for purchases and sales of short- term instruments held in consolidated liquidity funds which are presented on a net basis. Dividends received from associates and joint ventures are presented as cash flows arising from operating activities. Movements in cash collateral held in relation to derivative contracts hedging subordinated debt are presented as cash flows arisin g from financin g activities. The tables below provide further analysis of the balances in the consolidated statement of cash flows. (a) Change in operating assets 2022 2021 \u00a3m \u00a3m Equity securities and interests in pooled investment funds 680 137 Debt securities 89 23 Derivative financial instruments (11) 9 Receivables and other financial assets and other assets 174 26 Assets held for sale (16) 19 Change in operating assets 916 214 Change in operating assets includes related non-cash items. (b) Change in operating liabilities 2022 2021 \u00a3m \u00a3m Other financial liabilities, provisions and other liabilities (180) (128) Pension and other post-retirement benefit provisions (44) (31) Deferred income 1 (68) Investment contract liabilities (315) 46 Change in liability for third party interest in consolidated funds (196) (17) Liabilities held for sale 9 (11) Change in operating liabilities (725) (209) Change in operating liabilities includes related non-cash items. (c) Other non-cash and non-operating items 2022 2021 \u00a3m \u00a3m Gain on sale of subsidiaries and other operations \u2013 (127) Profit on disposal of interests in associates (6) (1,236) Loss on disposal of property, plant and equipment 7 (4) Depreciation of property, plant and equipment 39 39 Amortisation of intangible assets 129 108 Impairment losses on intangible assets 369 8 Loss on impairment of associates 9 \u2013 Impairment losses recognised on property, plant and equipment 7 15 Impairment losses on disposal group held for sale \u2013 \u2013 Movement in contingent consideration assets/liabilities (35) 3 Equity settled share-based payments 24 43 Finance costs 29 30 Share of profit or loss from associates and joint ventures accounted for using the equity method (2) 22 Other non-cash and non-operating items 570 (1,099) (d) Disposal of subsidiaries and other operations 2021 1 Notes \u00a3m Equity securities and interests in pooled investment funds 15 Other assets of operations disposed of 34 Other liabilities of operations disposed of (18) Net assets disposed of 31 Items transferred to profit or loss on disposal of subsidiaries 1 (1) Fair value of earn-out payments and retained interest (32) Other non-cash consideration (9) Gain on sale 1 127 Transaction costs 7 Total cash consideration 123 Cash and cash equivalents disposed of (11) Cash inflow from disposal of subsidiary 112 1. Relates to the number of 2021 disposals. Refer Note 1(c)(i) for further details. There were no operations disposed of in the year ended 31 December 2022. (e) Movement in subordinated liabilities The following table reconciles the movement in subordinated liabilities in the year, split between cash and non-cash items. 2022 2021 \u00a3m \u00a3m At 1 January 644 638 Cash flows from financing activities Repayment of subordinated liabilities (92) \u2013 Interest paid 1 (31) (28) Cash flows from financing activities (123) (28) Non-cash items Interest expense 30 28 Foreign exchange adjustment 70 6 At 31 December 621 644 1. Interest paid on subordinated liabilities and other equity in the consolidated statement of cash flows of \u00a334m (2021: \u00a328m) includes an inflow of \u00a38m (2021: \u00a3nil) in relation to the related cash flow hedge (refer Note 18) and an outflow of \u00a311m (2021: \u00a3nil) in relation to other equity (refer Note 28). Other movements in the fair value of the cash flow hedge relate to non-cash movements. Cash collateral held in respect of derivative contracts of \u00a3109m (2021: \u00a315m) in Other financial liabilities (refer Note 33) includes collateral held in respect of the cash flow hedge of \u00a389m (2021: \u00a315m). (f) Movement in lease liabilities The following table reconciles the movement in lease liabilities in the year, split between cash and non-cash items. 2022 2021 \u00a3m \u00a3m At 1 January 225 249 Cash flows from financing activities Payment of lease liabilities \u2013 principal (46) (27) Payment of lease liabilities \u2013 interest (6) (6) Cash flows from financing activities (52) (33) Non-cash items Additions 46 6 Disposals and adjustments (8) (3) Interest capitalised 6 6 Foreign exchange adjustment 7 \u2013 At 31 December 224 225", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-655": { "value": "The Group classifies cash flows in the consolidated statement of cash flows as arising from operating, investing or financing activities. Cash flows are classified based on the nature of the activity to which they relate and with consideration to generally accepted presentation adopted by peers. For activities related to asset management business, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds, with the exception of those related to unit linked funds, are classified as cash flows arising from investing activities. For activities related to insurance business, including those related to unit linked funds, cash flows arising from the sale and purchase of debt securities and equity securities and interests in pooled investment funds are classified as cash flows arising from operating activities. For activities related to the acquisition and disposal of subsidiaries, associates and joint ventures, cash flows are classified as investing activities. The settlement of contingent and deferred amounts recognised on acquisitions and disposals are classified as investing activities where there is not considered to be a significant financing component of the related inflows or outflows. Purchases and sales of financial investments are presented on a gross basis except for purchases and sales of short- term instruments held in consolidated liquidity funds which are presented on a net basis. Dividends received from associates and joint ventures are presented as cash flows arising from operating activities. Movements in cash collateral held in relation to derivative contracts hedging subordinated debt are presented as cash flows arisin g from financin g activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-599": { "value": "39. Contingent liabilities and contingent assets Contingent liabilities are possible obligations of the Group of which timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised on the consolidated statement of financial position but are disclosed, unless they are considered remote. If such an obligation becomes probable and the amount can be measured reliably it is no longer considered contingent and is recognised as a liability. Conversely, contingent assets are possible benefits to the Group. Contingent assets are only disclosed if it is probable that the Group will receive the benefit. If such a benefit becomes virtually certain it is no longer considered contingent and is reco g nised as an asset. Legal proceedings, complaints and regulations The Group is subject to regulation in all of the territories in which it operates investment management and insurance businesses. In the UK, where the Group primarily operates, the FCA has broad powers, including powers to investigate marketing and sales practices. The Group, like other financial organisations, is subject to legal proceedings, complaints and regulatory discussions, reviews and challenges in the normal course of its business. All such material matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Group incurring a liability. Where it is concluded that it is more likely than not that a material outflow will be made a provision is established based on management\u2019s best estimate of the amount that will be payable. At 31 December 2022, there are no identified contingent liabilities expected to lead to a material exposure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-656": { "value": "Contingent liabilities are possible obligations of the Group of which timing and amount are subject to significant uncertainty. Contingent liabilities are not recognised on the consolidated statement of financial position but are disclosed, unless they are considered remote. If such an obligation becomes probable and the amount can be measured reliably it is no longer considered contingent and is recognised as a liability. Conversely, contingent assets are possible benefits to the Group. Contingent assets are only disclosed if it is probable that the Group will receive the benefit. If such a benefit becomes virtually certain it is no longer considered contingent and is reco g nised as an asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-600": { "value": "40. Commitments The Group has contractual commitments in respect of expenditure on investment property, funding arrangements and leases which will be payable in future periods. These commitments are not recognised on the Group\u2019s statement of financial position at the year end but are disclosed to g ive an indication of the Group\u2019s future committed cash flows. (a) Unrecognised financial instruments As at 31 December 2022, the Group has committed to investing an additional \u00a372m (2021: \u00a3105m) into funds in which it holds a co-investment interest. (b) Capital commitments As at 31 December 2022, the Group has capital commitments other than in relation to financial instruments of \u00a32m (2021: \u00a32m). In addition, commitments relating to future acquisitions are disclosed in Note 1(c)(iii). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-657": { "value": "The Group has contractual commitments in respect of expenditure on investment property, funding arrangements and leases which will be payable in future periods. These commitments are not recognised on the Group\u2019s statement of financial position at the year end but are disclosed to g ive an indication of the Group\u2019s future committed cash flows. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForCommitments", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-601": { "value": "41. Employee share-based payments and deferred fund awards The Group operates share incentive plans for its employees. These generally take the form of an award of options, conditional awards or restricted shares in abrdn plc (equity-settled share-based payments) but can also take the form of a cash award based on the share price of abrdn plc (cash-settled share-based payments). The Group also incentivises certain employees through the award of units in Group managed funds (deferred fund awards) which are cash-settled. All the Group\u2019s incentive plans have conditions attached before the employee becomes entitled to the award. These can be performance and/or service conditions (vesting conditions) or the requirement of employees to save in the save-as-you-earn scheme (non-vesting condition). The period over which all vesting conditions are satisfied is the vesting period and the awards vest at the end of this period. For all share-based payments services received for the incentive granted are measured at fair value. For equity-settled share-based payment transactions, the fair value of services received is measured by reference to the fair value of the equity instruments at the grant date. The fair value of the number of instruments expected to vest is charged to the income statement over the vesting period with a corresponding credit to the equity compensation reserve in equity. At each period end the Group reassesses the number of equity instruments expected to vest and recognises any difference between the revised and original estimate in the consolidated income statement with a corresponding adjustment to the equity compensation reserve. At the time the equity instruments vest, the amount recognised in the equity compensation reserve in respect of those equity instruments is transferred to retained earnings. For cash-settled share-based payment and deferred fund awards transactions, services received are measured at the fair value of the liability. The fair value of the liability is remeasured at each reporting date and any changes in fair value are reco g nised in the consolidated income statement. The following plans made awards during the year ended 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting abrdn plc Deferred Share Plan/ Discretionary Share Plan/Executive LTIP Plan1 Yes Yes No 1-3 years (3 years for Executive LTIP) Up to 10 years from date of grant Executives and senior management Service, or service and performance conditions. These can be tailored to the individual award. Sharesave (Save- as-you-earn) Yes No No 3 or 5 Up to six months after vesting UK and Irish employees Service only Share incentive plan No No Yes 3 years Not applicable UK and Irish employees Service only 1. Included in Deferred and discretionary share plans in Section (b)(i) below. All of the awards made under these plans are equity-settled except for a small number of cash-settled awards for the deferred and discretionary share plans (see Section (d)(ii) below). The fair value of awards granted under the Group\u2019s incentive schemes is determined using a relevant valuation technique, such as the Black Scholes option pricing model. The awards made under the deferred and discretionary share plans include awards for deferred bonuses of the prior year. With the exception of the Executive Incentive Plan (EIP) awards, the deferred bonus awards have service conditions of one, two and three years after the date of the award and no outstanding performance conditions. The awards for deferred bonus for executive Directors in 2020 were made under the conditions of the EIP including a performance underpin. The awards made include the awards for executive Directors under the Executive LTIP plan and certain awards under the deferred and discretionary share plans to senior management with specific performance conditions. Further details of the EIP and the Executive LTIP are set out in the Directors\u2019 remuneration report. The deferred and discretionary share plans also made a number of deferred fund awards in the year end 31 December 2022 (see Section (d)(i) below). Options and conditional awards are all at nil cost with the exception of Sharesave where eligible employees in the UK and Ireland save a monthly amount from their salaries, over either a three or five year period, which can be used to purchase shares in the Company at a predetermined price. The share incentive plan allows employees the opportunity to buy up to \u00a31,800 of shares from their salary each year with the Group matching up to \u00a3600 per year. The matching shares awarded are granted each month but are restricted for three years (two years for Ireland). In addition, the Group operates the following plans for which there are outstanding awards but for which no awards were made during the year ended 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Aberdeen Asset Management Deferred Share Plan 2009 1 Yes No No 1-3 (3-5 for executive management) Up to 10 years from date of grant Executives and senior management Service only. There are no outstanding performance conditions at date of grant. Aberdeen Asset Management USA Deferred Share Award Plan No Yes No 1-3 (3-5 for executive management) Not applicable US based executives and senior management Service only. There are no outstanding performance conditions at date of grant. 1. Included in Annual bonus deferred share options Section (b)(i) below. The Group also operated the following plans for which no awards were made during the year ended 31 December 2022 and for which all outstanding awards were exercised by 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Standard Life Restricted stock plan (RSP) Yes No No 1-3 Up to six months after vesting Executives (other than executive Directors) and senior management Service, or service and performance conditions. These are tailored to the individual award. The Group also operated the following plans for which no awards were made during the year ended 31 December 2021 and for which all outstanding awards were exercised by 31 December 2021: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Standard Life Long-Term Incentive Plan Yes No No 3 (5 for executive Directors) Up to six months after vesting Executives and senior management Service and performance conditions as set out in the prior years\u2019 Directors\u2019 remuneration reports Standard Life Investments Long-Term Incentive Plan Yes No No 3 Up to six months after vesting Executives and senior management Service and performance conditions Standard Life Group Short- term incentive plan 1 Yes No No 3 Up to six months after vesting Executives and senior management Service only. There are no outstanding performance conditions at date of grant. 1. Included in Annual bonus deferred share options. Refer Section (b)(i) below . (a) Employee share-based payments and deferred fund awards expense The amounts recognised as an expense for equity-settled share-based payment transactions and deferred fund awards with employees are as follows: 2022 2021 \u00a3m \u00a3m Share options and share awards granted under deferred and discretionary share plans 1 22 41 Share options granted under long-term incentive plans \u2013 \u2013 Share options granted under Sharesave 1 1 Matching shares granted under share incentive plans 1 1 Equity-settled share-based payments 24 43 Cash-settled deferred fund awards 2 2 16 Total expense 26 59 1. Includes expense for annual bonus deferred share options and conditional awards. 2. The expense for cash-settled deferred fund awards includes \u00a32m (2021: \u00a34m) for awards related to funds which are consolidated. Included in the expense above is \u00a36m (2021: \u00a316m) which is included in Restructuring and corporate transaction expenses in the consolidated income statement. (b) Options and conditional awards granted (b)(i) Deferred and discretionary share plans The number and remaining contractual life for options outstanding and the share price at exercise of options exercised during the year are as follows: 2022 2021 Deferred and discretionary share plans Annual bonus deferred share options Deferred and discretionary share plans Annual bonus deferred share options Outstanding at 1 January 37,133,812 6,604,504 46,077,386 10,670,331 Granted 45,752,914 \u2013 4,582,659 \u2013 Forfeited (3,540,675) \u2013 (4,028,599) (47,887) Exercised (18,228,674) (1,030,082) (9,497,634) (4,017,940) Outstanding at 31 December 61,117,377 5,574,422 37,133,812 6,604,504 Exercisable at 31 December 3,907,131 5,418,292 1,591,628 5,920,543 Remaining contractual life of options outstanding (years)1 6.45 3.56 7.97 4.59 Options exercised during the year \u2013 \u2013 Share price at time of exercise 1 194p 189p 291p 287p 1. Weighted average. The options granted under the deferred and discretionary share plans were made throughout the year ended 31 December 2022 with a main grant date of 8 April 2022 and had a \u00a3nil exercise price. The weighted average option term was 2.23 years. The weighted average share price at grant date was 171p and the weighted average fair value at grant date was 168p. The options include an entitlement to the receipt of dividends in respect of awards that ultimately vest between the date of grant and the vesting date. In addition to nil costs options, 2,464,050 nil cost conditional awards were also granted under the deferred and discretionary share plans (2021: 556,569) with a weighted average share price at grant date of 174p which was also the weighted average fair value at grant date. (b)(ii) Standard Life/Standard Life Investments Long-term incentive plans The number and remaining contractual life for options outstanding and the share price at exercise of options exercised during the year are as follows: 2022 2021 RSP Long-term incentive plans (excluding RSP) RSP Outstanding at 1 January 3,372 16,202,527 268,897 Granted \u2013 \u2013 \u2013 Forfeited \u2013 (16,178,183) (153,176) Exercised (3,372) (24,344) (112,349) Outstanding at 31 December \u2013 \u2013 3,372 Exercisable at 31 December \u2013 \u2013 \u2013 Remaining contractual life of options outstanding (years)1 \u2013 \u2013 0.57 Options exercised during the year Share price at time of exercise 1 241p 286p 288p 1. Weighted average.(b)(iii) Sharesave The number, exercise price and remaining contractual life for options outstanding and the share price at exercise of options exercised during the year are as follows: 2022 2021 Sharesave Weighted average exercise price for Sharesave Sharesave Weighted average exercise price for Sharesave Outstanding at 1 January 7,862,031 203p 8,734,919 210p Granted 6,997,665 118p 1,081,098 206p Forfeited (165,551) 191p (500,343) 216p Exercised (46,727) 200p (272,103) 210p Expired (759,965) 235p (531,108) 274p Cancelled (3,905,890) 197p (650,432) 225p Outstanding at 31 December 9,981,563 143p 7,862,031 203p Exercisable at 31 December 1,390,636 206p 563,903 249p Remaining contractual life of options outstanding (years) 1 3.12 2.36 Options exercised during the year Share price at time of exercise 1 223p 265p 1. Weighted average. The Sharesave options were granted on 12 October 2022 with an exercise price of 118p. The weighted average option term was 3.63 years. The weighted average share price at grant date was 133p and the weighted average fair value at grant date was 20p. Sharesave options have no dividend entitlement. In determining the fair value of options granted under the Sharesave scheme the historic volatility of the share price over a period of up to five years and a risk-free rate determined by reference to swap rates was also considered. The following table shows the range of exercise prices of Sharesave options outstanding. 2022 2021 Number of options outstanding Number of options outstanding 117p-188p 6,930,983 \u2013 189p-199p 2,390,606 6,060,069 200p-327p 587,801 1,685,559 328p-345p 72,173 116,403 Outstanding at 31 December 9,981,563 7,862,031 (c) Matching shares granted under share incentive plans During the year ended 31 December 2022, 490,814 matching shares were granted under the share incentive plan (2021: 345,476). The weighted average share price at grant date was 181p which was also the weighted average fair value at grant date. The plans include the entitlement to the receipt of dividends in respect of awards that ultimately vest between the date of grant and the vesting date. (d) Deferred fund awards and cash settled share based payments (d)(i) Deferred fund awards At 31 December 2022, the liability recognised for cash-settled deferred fund awards was \u00a344m (2021: \u00a358m). The liability includes \u00a39m (2021: \u00a310m) for deferred fund awards related to funds which are consolidated. The intrinsic value for vested deferred fund awards related to funds which are consolidated was \u00a36m (2021: \u00a36m). (d)(ii) Cash settled share based payments At 31 December 2022, the liability recognised for cash-settled share based payments was \u00a3nil (2021: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-658": { "value": "The Group operates share incentive plans for its employees. These generally take the form of an award of options, conditional awards or restricted shares in abrdn plc (equity-settled share-based payments) but can also take the form of a cash award based on the share price of abrdn plc (cash-settled share-based payments). The Group also incentivises certain employees through the award of units in Group managed funds (deferred fund awards) which are cash-settled. All the Group\u2019s incentive plans have conditions attached before the employee becomes entitled to the award. These can be performance and/or service conditions (vesting conditions) or the requirement of employees to save in the save-as-you-earn scheme (non-vesting condition). The period over which all vesting conditions are satisfied is the vesting period and the awards vest at the end of this period. For all share-based payments services received for the incentive granted are measured at fair value. For equity-settled share-based payment transactions, the fair value of services received is measured by reference to the fair value of the equity instruments at the grant date. The fair value of the number of instruments expected to vest is charged to the income statement over the vesting period with a corresponding credit to the equity compensation reserve in equity. At each period end the Group reassesses the number of equity instruments expected to vest and recognises any difference between the revised and original estimate in the consolidated income statement with a corresponding adjustment to the equity compensation reserve. At the time the equity instruments vest, the amount recognised in the equity compensation reserve in respect of those equity instruments is transferred to retained earnings. For cash-settled share-based payment and deferred fund awards transactions, services received are measured at the fair value of the liability. The fair value of the liability is remeasured at each reporting date and any changes in fair value are reco g nised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-681": { "value": "The following plans made awards during the year ended 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting abrdn plc Deferred Share Plan/ Discretionary Share Plan/Executive LTIP Plan1 Yes Yes No 1-3 years (3 years for Executive LTIP) Up to 10 years from date of grant Executives and senior management Service, or service and performance conditions. These can be tailored to the individual award. Sharesave (Save- as-you-earn) Yes No No 3 or 5 Up to six months after vesting UK and Irish employees Service only Share incentive plan No No Yes 3 years Not applicable UK and Irish employees Service only 1. Included in Deferred and discretionary share plans in Section (b)(i) below. All of the awards made under these plans are equity-settled except for a small number of cash-settled awards for the deferred and discretionary share plans (see Section (d)(ii) below). The fair value of awards granted under the Group\u2019s incentive schemes is determined using a relevant valuation technique, such as the Black Scholes option pricing model. The awards made under the deferred and discretionary share plans include awards for deferred bonuses of the prior year. With the exception of the Executive Incentive Plan (EIP) awards, the deferred bonus awards have service conditions of one, two and three years after the date of the award and no outstanding performance conditions. The awards for deferred bonus for executive Directors in 2020 were made under the conditions of the EIP including a performance underpin. The awards made include the awards for executive Directors under the Executive LTIP plan and certain awards under the deferred and discretionary share plans to senior management with specific performance conditions. Further details of the EIP and the Executive LTIP are set out in the Directors\u2019 remuneration report. The deferred and discretionary share plans also made a number of deferred fund awards in the year end 31 December 2022 (see Section (d)(i) below). Options and conditional awards are all at nil cost with the exception of Sharesave where eligible employees in the UK and Ireland save a monthly amount from their salaries, over either a three or five year period, which can be used to purchase shares in the Company at a predetermined price. The share incentive plan allows employees the opportunity to buy up to \u00a31,800 of shares from their salary each year with the Group matching up to \u00a3600 per year. The matching shares awarded are granted each month but are restricted for three years (two years for Ireland). In addition, the Group operates the following plans for which there are outstanding awards but for which no awards were made during the year ended 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Aberdeen Asset Management Deferred Share Plan 2009 1 Yes No No 1-3 (3-5 for executive management) Up to 10 years from date of grant Executives and senior management Service only. There are no outstanding performance conditions at date of grant. Aberdeen Asset Management USA Deferred Share Award Plan No Yes No 1-3 (3-5 for executive management) Not applicable US based executives and senior management Service only. There are no outstanding performance conditions at date of grant. 1. Included in Annual bonus deferred share options Section (b)(i) below. The Group also operated the following plans for which no awards were made during the year ended 31 December 2022 and for which all outstanding awards were exercised by 31 December 2022: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Standard Life Restricted stock plan (RSP) Yes No No 1-3 Up to six months after vesting Executives (other than executive Directors) and senior management Service, or service and performance conditions. These are tailored to the individual award. The Group also operated the following plans for which no awards were made during the year ended 31 December 2021 and for which all outstanding awards were exercised by 31 December 2021: Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting Standard Life Long-Term Incentive Plan Yes No No 3 (5 for executive Directors) Up to six months after vesting Executives and senior management Service and performance conditions as set out in the prior years\u2019 Directors\u2019 remuneration reports Standard Life Investments Long-Term Incentive Plan Yes No No 3 Up to six months after vesting Executives and senior management Service and performance conditions Standard Life Group Short- term incentive plan 1 Yes No No 3 Up to six months after vesting Executives and senior management Service only. There are no outstanding performance conditions at date of grant. 1. Included in Annual bonus deferred share options. Refer Section (b)(i) below ", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-602": { "value": "42. Related party transactions (a) Transactions and balances with related parties In the normal course of business, the Group enters into transactions with related parties that relate to investment management and insurance businesses. In the year ended 31 December 2022, there have been no changes in the nature of these transactions. During the year, the Group recognised management fees of \u00a33m (2021: \u00a34m) from the Group\u2019s defined benefit pension plans. The Group\u2019s defined benefit pension plans have assets of \u00a3847m (2021: \u00a31,138m) invested in investment vehicles managed by the Group. During the year, there were no sales to associates accounted for using the equity method in relation to management fees (2021: \u00a336m) and no purchases in relation to services received (2021: \u00a32m). Purchases and sales in 2021 related to Phoenix prior to its reclassification (refer Note 1(c)(iii) for further details). Management fees included sales where the selection of the Group as the asset manager was made by the underlying policyholder. During the year ended 31 December 2022, there were sales to joint ventures accounted for using the equity method of \u00a34m (2021: \u00a34m) and no purchases from joint ventures (2021: \u00a3nil). During the year ended 31 December 2022, the Group contributed capital of \u00a32m (2021: \u00a311m) to a joint venture. At 31 December 2022, there was no outstanding funding commitment to this joint venture (31 December 2021: \u00a32m). The Group had no balances due to or from associates accounted for using the equity method as at 31 December 2022 (2021: \u00a3nil). The Group had balances of \u00a31m due from joint ventures (2021: \u00a31m) as at 31 December 2022. There were no balances due to joint ventures (2021: \u00a3nil). During the year ended 31 December 2022, the Group contributed capital of \u00a33m to an associate. At 31 December, the Group also has a commitment to make a capital contribution of \u00a32m to an associate. In addition to these transactions between the Group and related parties during the year, in the normal course of business the Group made a number of investments into/divestments from investment vehicles managed by the Group including investment vehicles which are classified as investments in associates measured at FVTPL. Group entities paid amounts for the issue of shares or units and received amounts for the cancellation of shares or units. (b) Compensation of key management personnel Key management personnel includes Directors of abrdn plc (since appointment) and the members of the executive leadership team (since appointment). The summary of compensation of key management personnel is as follows: 2022 2021 \u00a3m \u00a3m Salaries and other short-term employee benefits 11 12 Post-employment benefits - \u2013 Share-based payments and deferred fund awards 6 7 Termination benefits 2 1 Total compensation of key management personnel 19 20 (c) Transactions with key management personnel and their close family members Certain members of key management personnel hold investments in investments products which are managed by the Group. None of the amounts concerned are material in the context of funds managed by the Group. All transactions between key management and their close family members and the Group during the year are on terms which are equivalent to those available to all employees of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-659": { "value": "(b) Compensation of key management personnel Key management personnel includes Directors of abrdn plc (since appointment) and the members of the executive leadership team (since appointment). The summary of compensation of key management personnel is as follows: 2022 2021 \u00a3m \u00a3m Salaries and other short-term employee benefits 11 12 Post-employment benefits - \u2013 Share-based payments and deferred fund awards 6 7 Termination benefits 2 1 Total compensation of key management personnel 19 20 (c) Transactions with key management personnel and their close family members Certain members of key management personnel hold investments in investments products which are managed by the Group. None of the amounts concerned are material in the context of funds managed by the Group. All transactions between key management and their close family members and the Group during the year are on terms which are equivalent to those available to all employees of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-603": { "value": "43. Capital management (a) Capital and risk management policies and objectives Managing capital is the ongoing process of determining and maintaining the quantity and quality of capital appropriate for the Group and ensuring capital is deployed in a manner consistent with the expectations of our stakeholders. For these purposes, the Board considers our key stakeholders to be our clients, the providers of capital (our equity holders and holders of our subordinated liabilities) and the Financial Conduct Authority (FCA) as the lead prudential supervisor for the Group. There are two primary objectives of capital management within the Group. The first objective is to ensure that capital is, and will continue to be, adequate to maintain the required level of financial stability of the Group and hence to provide an appropriate degree of security to our stakeholders. The second objective is to create equity holder value by driving profit attributable to equity holders. The treasury and capital management policy, which is subject to review at least annually, forms one element of the Group\u2019s overall management framework. Most notably, it operates alongside and complements the strategic investment policy and the Group risk policies. Integrating policies in this way enables the Group to have a capital management framework that robustly links the process of capital allocation, value creation and risk management. Capital requirements are forecast on a periodic basis and assessed against the forecast available capital resources. In addition, rates of return achieved on capital invested are assessed against hurdle rates, which are intended to represent the minimum acceptable return given the risks associated with each investment. Ongoing monitoring of investments is incorporated into the Group\u2019s established performance management process. The capital planning process is the responsibility of the Chief Financial Officer. Capital plans are ultimately subject to approval by the Board. The formal procedures for identifying and assessing risks that could affect the capital position of the Group are described in the Risk management section of the Strategic report. Information on financial instruments risk is also provided in Note 35. (b) Regulatory capital (b)(i) Regulatory capital framework From 1 January 2022, the Group has been supervised under the Investment Firms Prudential Regime (IFPR). Prior to this date, the Group was supervised under the CRD IV regulatory regime. The Group\u2019s regulatory capital position under IFPR is determined by consolidating the eligible capital and reserves of the Group (subject to a number of deductions) to derive regulatory capital resources, and comparing this to the Group\u2019s regulatory capital requirements. Stress testing is completed to inform the appropriate level of regulatory capital and liquidity that the Group must hold, with results shared with the FCA at least annually. In addition, the Group monitors a range of capital and liquidity statistics on a daily, monthly or less frequent basis as required. Surplus capital levels are forecast, taking account of projected dividends and investment requirements, to ensure that appropriate levels of capital resources are maintained. The Group is required to hold capital resources to cover both the Own Funds Requirement and the Own Funds Threshold Requirement described below in complying with the Overall Financial Adequacy Rule. Own Funds Requirement The Own Funds Requirement focuses on the Group\u2019s permanent minimum capital requirement, its fixed overhead requirement and its K-factor requirement with the own funds requirement being the highest of the three. At 31 December 2022, the Group\u2019s indicative Own Funds Requirement was \u00a30.3bn. Own Funds Threshold Requirement The Own Funds Threshold Requirement supplements the own funds requirement via the Internal Capital Adequacy and Risk Assessment (ICARA), which is the means by which the Group assesses the level of capital that adequately supports all of the relevant current and future risks in its business, taking into account potential periods of financial stress during the economic cycle as well as a potential wind-down scenario with the own funds threshold requirement being the highest of the two, as per the Overall Financial Adequacy Rule. The results of the Group\u2019s ICARA process will be subject to periodic review by the FCA under the Supervisory Review and Evaluation Process (SREP). Under IFPR the Group fully excludes the value of its holding in significant listed investments from its capital resources. IFPR also includes constraints on the proportion of the minimum capital requirement that can be met by each tier of capital. As a result, approximately \u00a30.3bn of Tier 2 capital, whilst continuing to be reported within the Group\u2019s capital resources, is not available to meet the minimum capital requirement. (b)(ii) IFPR (unaudited) 20221 2021 2 \u00a3bn \u00a3bn IFRS equity attributable to equity holders of abrdn plc 5.7 7.6 Deductions for intangibles and defined benefit pension assets, net of related deferred tax liabilities (2.3) (2.2) Deductions for significant investments in financial sector entities (1.4) (2.0) Deductions for non-significant investments in financial sector entities (0.2) (0.5) Other deductions and adjustments, including provision for foreseeable dividend (0.5) (0.5) Common Equity Tier 1 capital resources 1.3 2.4 Additional Tier 1 capital resources 0.2 0.2 Total Tier 1 capital resources 1.5 2.6 Tier 2 capital resources 0.6 0.6 Total regulatory capital resources 2.1 3.2 Subordinated debt restriction (0.3) (0.3) Total regulatory capital resources available to meet total regulatory capital requirements 1.8 2.9 Total regulatory capital requirements (1.1) (1.1) Surplus regulatory capital 0.7 1.8 CET1 ratio 408% 774% 1. 2022 draft position on 28 February 2023 following finalisation of the Annual report and accounts. 2. Indicative regulatory capital position under IFPR at 31 December 2021 if the Group had been supervised under IFPR at this date. The Group has complied with all externally imposed capital requirements during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-604": { "value": "44. Events after the reporting date In January 2023 the Group decided to exit a leased US property and an impairment of \u00a313m was recognised on the right- of-use property asset. On 26 February 2023, the Group agreed the sale of abrdn Capital Limited (aCL), its discretionary fund management business, to LGT. aCL is part of the Personal segment. The sale is expected to complete in the second half of 2023, following satisfaction of certain conditions including receipt of customary regulatory approvals. The sale involves the transfer of approximately \u00a36.1bn in assets under management (as at 31 December 2022) and approximately 140 employees. The agreed purchase price to be paid at completion is \u00a3140m, subject to certain adjustments, principally reflecting activity in the period to completion. The sale is expected to result in an IFRS profit on disposal of subsidiaries of approximately \u00a360m and an IFPR regulatory capital benefit of approximately \u00a3120m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-605": { "value": "45. Related undertakings The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings which is set out in this Note. Related undertakings are subsidiaries, joint ventures, associates and other significant holdings. In this context significant means either a shareholding greater than or equal to 20% of the nominal value of any class of shares, or a book value g reater than 20% of the Group\u2019s assets. The particulars of the Company\u2019s related undertakings at 31 December 2022 are listed below. For details of the Group\u2019s consolidation policy refer to (b) Basis of consolidation in the Presentation of consolidated financial statements section. Under that policy limited partnerships and limited liability companies in which the Group has no interest but whose general partner or manager is controlled by the Group are not consolidated. However such limited partnerships are considered to be subsidiaries under Companies Act 2006 and therefore are listed below. Where the Group has no interest in a limited partnership or limited liability company that is considered a related entity, the interest held is disclosed as 0%. The ability of subsidiaries to transfer cash or other assets within the Group for example through payment of cash dividends is generally restricted only by local laws and regulations, and solvency requirements. Included in equity attributable to equity holders of abrdn plc at 31 December 2022 is \u00a390m (2021: \u00a3104m) related to the abrdn Financial Fairness Trust, a subsidiary undertaking of the Group. The assets of the abrdn Financial Fairness Trust are restricted to be used for charitable purposes. The registered head office of all related undertakings is 1 George Street, Edinburgh, EH2 2LL unless otherwise stated. (a) Direct subsidiaries Name of related undertaking Share class1 % interest held2 30 STMA 1 Limited 3 Ordinary shares 100% 30 STMA 2 Limited 3 Ordinary shares 100% 30 STMA 3 Limited 3 Ordinary shares 100% 30 STMA 4 Limited 3 Ordinary shares 100% 30 STMA 5 Limited 3 Ordinary shares 100% 6 SAS 3 Limited 3 Ordinary shares 100% Aberdeen Corporate Services Limited Ordinary shares 100% abrdn Charitable Foundation4 N/A 100% abrdn Client Management Limited Ordinary shares 100% abrdn Finance Limited Ordinary shares 100% abrdn Financial Fairness Trust N/A 100% abrdn Financial Planning Limited3 Ordinary shares 100% abrdn Holdings Limited 4 Ordinary shares 100% abrdn Investments (Holdings) Limited Ordinary shares 100% abrdn (Mauritius Holdings) 2006 Limited5 Ordinary shares 100% Antler Holdco Limited6 Ordinary shares 100% Interactive Investor Limited7 Ordinary shares 100% Focus Business Solutions Limited8 Ordinary shares 100% Standard Life Aberdeen Trustee Company Limited Ordinary shares 100% Standard Life Savings Limited Ordinary shares 100% The abrdn Company 2006 N/A 100% Threesixty Services LLP 9 Limited Liability Partnership 100% Threesixty Support LLP9 Limited Liability Partnership 100% (b) Other subsidiaries Name of related undertaking Share class 1 % interest held 2 6 SAS 1 Limited Ordinary shares 100% 6 SAS 2 Limited Ordinary shares 100% Aberdeen ACM Team LP 4 Limited Partnership 0% Aberdeen ACP LLP 4 Limited Liability Partnership 100% Aberdeen Asia IV (General Partner) S.a.r.l. 10 Ordinary shares 100% Aberdeen Asia Pacific Fund, LP 11 Limited Partnership 0% Aberdeen Asia Pacific Fund II, LP 11 Limited Partnership 0% Aberdeen Asia Pacific II (Offshore), LP 11 Limited Partnership 0% Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP 11 Limited Partnership 0% Aberdeen Asia Pacific III Ex-Co-Investment, LP 11 Limited Partnership 0% Aberdeen Asia Pacific III, LP 11 Limited Partnership 0% Name of related undertaking Share class 1 % interest held2 Aberdeen Asia Partners III, LP12 Limited Partnership 0% Aberdeen ASIF Carry LP4 Limited Partnership 25% Aberdeen Asset Management (Thailand) Ltd 13 Ordinary shares 100% Aberdeen Asset Management Cayman Limited11 Ordinary shares 100% Aberdeen Asset Management Denmark A/S 14 Ordinary shares 100% Aberdeen Asset Management Finland Oy15 Ordinary shares 100% Aberdeen Asset Management US GP Control LLC12 Limited Liability Company 100% Aberdeen Asset Middle East Limited16 Ordinary shares 100% Aberdeen Capital Management LLC 12 Limited Liability Company 100% Aberdeen Capital Managers GP LLC 17 Limited Liability Company 100% Aberdeen Claims Administration, Inc. 18 Ordinary shares 100% Aberdeen Co-Investment Mandate LP4 Limited Partnership 0% Aberdeen Direct Property (Holding) Limited3 Ordinary shares 100% Aberdeen Emerging Asia Fund, LP11 Limited Partnership 0% Aberdeen Emerging Asia Pacific II (Offshore), LP 11 Limited Partnership 0% Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP11 Limited Partnership 0% Aberdeen Energy & Resource Company IV, LLC 12 Limited Liability Company 73% Aberdeen Energy & Resources Company V, LLC12 Limited Liability Company 93% Aberdeen Energy & Resources Partners II, LP12 Limited Partnership 0% Aberdeen Energy & Resources Partners III, LP12 Limited Partnership 0% Aberdeen Energy & Resources Partners IV, LP12 Limited Partnership 1% Aberdeen Energy & Resources Partners V, LP12 Limited Partnership 2% Aberdeen European Infrastructure Carry GP Limited4 Ordinary shares 100% Aberdeen European Infrastructure Carry Limited4 Ordinary shares 100% Aberdeen European Infrastructure Co-Invest II LP3 Limited Partnership 0% Aberdeen European Infrastructure GP Limited3 Ordinary shares 100% Aberdeen European Infrastructure GP II Limited3 Ordinary shares 100% Aberdeen European Infrastructure GP III Limited 3 Ordinary shares 100% Aberdeen European Infrastructure III A Limited 3 Ordinary shares 100% Aberdeen European Infrastructure III B Limited3 Ordinary shares 100% Aberdeen European Infrastructure IV Ltd3 Ordinary shares 100% Aberdeen European Infrastructure Partners Carry LP 4 Limited Partnership 25% Aberdeen European Infrastructure Partners Carry II LP4 Limited Partnership 25% Aberdeen European Infrastructure Partners Carry III LP 4 Limited Partnership 25% Aberdeen European Infrastructure Partners LP3 Limited Partnership 3% Aberdeen European Infrastructure Partners II LP 3 Limited Partnership 3% Aberdeen European Infrastructure Partners III LP3 Limited Partnership 5% Aberdeen European Opportunities Property Fund of Funds LLC18 Limited Liability Company 3% Aberdeen European Residential Opportunities Fund SCSp19 Limited Partnership 0% Aberdeen Fund Distributors LLC18 Limited Liability Company 100% Aberdeen Fund Management II Oy 15 Ordinary shares 100% Aberdeen General Partner 1 Limited4 Ordinary shares 100% Aberdeen General Partner 2 Limited4 Ordinary shares 100% Aberdeen General Partner CAPELP Limited11 Ordinary shares 100% Aberdeen General Partner CGPLP Limited11 Ordinary shares 100% Aberdeen General Partner CMENAPELP Limited11 Ordinary shares 100% Aberdeen General Partner CPELP II Limited 11 Ordinary shares 100% Aberdeen General Partner CPELP Limited 11 Ordinary shares 100% Aberdeen Global ex-Japan FoF's LP11 Limited Partnership 5% Aberdeen Global ex-Japan GP Limited11 Ordinary shares 100% Aberdeen Global Infrastructure Carry GP Limited4 Ordinary shares 100% Aberdeen Global Infrastructure GP Limited 20 Ordinary shares 100% Aberdeen Global Infrastructure GP II Limited 20 Ordinary shares 100% Aberdeen Global Infrastructure Partners II Carry LP4 Limited Partnership 25% Aberdeen Global Infrastructure Partners II LP20 Limited Partnership 0%
Name of related undertaking Share class
1
% interest held
2
Aberdeen Global Infrastructure Partners III Carry LP Limited Partnership 25%
Aberdeen Global Infrastructure Partners LP
20
Limited Partnership 0%
Aberdeen Global Partners, LP
12
Limited Partnership 0%
Aberdeen GP 1 LLP
4
Limited Liability Partnership 100%
Aberdeen GP 2 LLP
4
Limited Liability Partnership 100%
Aberdeen GP 3 LLP
4
Limited Liability Partnership 100%
Aberdeen Infrastructure Feeder GP Limited
4
Ordinary shares 100%
Aberdeen Infrastructure Finance GP Limited
20
Ordinary shares 100%
Aberdeen Infrastructure GP II Limited
3
Ordinary shares 100%
Aberdeen Infrastructure Partners II Carry LP
4
Limited Partnership 25%
Aberdeen Infrastructure Partners II LP
3
Limited Partnership 0%
Aberdeen Infrastructure Partners LP Inc
20
Limited Partnership 0%
Aberdeen International Partners II, LP
12
Limited Partnership 0%
Aberdeen International Partners II (Offshore), LP
21
Limited Partnership 0%
Aberdeen International Partners III, LP
12
Limited Partnership 0%
Aberdeen International Partners III (Offshore), LP
21
Limited Partnership 0%
Aberdeen Investment Company Limited
4
Ordinary shares 100%
Aberdeen Investment Solutions Limited
22
Ordinary shares 100%
Aberdeen Keva Asia IV Property Partners SCSp
10
Limited Partnership 1%
Aberdeen Next Generation Partners V, LP
12
Limited Partnership 0%
Aberdeen Pension Trustees Limited
4
Ordinary shares 100%
Aberdeen Pooling II GP AB
23
Ordinary shares 100%
Aberdeen Private Equity Company VII, LLC
12
Limited Liability Company 67%
Aberdeen Private Equity Company VIII, LLC
12
Limited Liability Company 77%
Aberdeen Property Fund Management (Jersey) Limited
24
Ordinary shares 100%
Aberdeen Property Fund Management Estonia Ou
25
Ordinary shares 100%
Aberdeen Property Investors (General Partner) S.a.r.l.
26
Ordinary shares 100%
Aberdeen Property Investors Estonia Ou
25
Ordinary shares 100%
Aberdeen Property Investors Limited Partner Oy
15
Ordinary shares 100%
Aberdeen Property Investors The Netherlands BV
27
Ordinary shares 100%
Aberdeen Property Secondaries Partners II
19
Limited Partnership 2%
Aberdeen Real Estate Fund Finland II LP
28
Limited Partnership 100%
Aberdeen Real Estate Partners II, LP
12
Limited Partnership 0%
Aberdeen Real Estate Partners III, LP
12
Limited Partnership 0%
Aberdeen Secondaries II GP S.a.r.l.
19
Ordinary shares 100%
Aberdeen Sidecar LP Inc
20
Limited Partnership 0%
Aberdeen Standard 2019 European PE A Carry LP Limited Partnership 40%
Aberdeen Standard 2019 European PE B Carry LP Limited Partnership 40%
Aberdeen Standard Carlsbad Carry LP
4
Limited Partnership 25%
Aberdeen Standard Carlsbad GP Limited
20
Ordinary shares 100%
Aberdeen Standard Carlsbad LP
20
Limited Partnership 0%
Aberdeen Standard Global Infrastructure Partners III LP
20
Limited Partnership 0%
Aberdeen Standard Core Infrastructure III LTP LP Limited Partnership 100%
Aberdeen Standard Core Infrastructure III SCSp
19
Limited Partnership 1%
Aberdeen Standard ECF II GP LP Limited Partnership 0%
Aberdeen Standard European Infrastructure GP IV Limited
3
Ordinary shares 100%
Aberdeen Standard European Infrastructure Partners Carry IV LP Limited Partnership 25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP
3
Limited Partnership 0%
Aberdeen Standard European Infrastructure Partners IV LP
3
Limited Partnership 5%
Aberdeen Standard European Long Income Real Estate Fund SCSp
19
Limited Partnership 0%
Aberdeen Standard European Property Growth Fund LP
3
Limited Partnership 0%
Aberdeen Standard Global Infrastructure GP III Ltd
20
Ordinary shares 100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP Limited Partnership 25%
Aberdeen Standard Global Infrastructure Partners III (2021) Carry LP
4
Limited Partnership 25%
Aberdeen Standard Global Risk Mitigation Fund (Australia)
29
Unit Trust 19%
Aberdeen Standard Gulf Carry GP Limited
4
Ordinary shares 100%
Aberdeen Standard Gulf Carry LP
4
Limited Partnership 10%
Name of related undertaking Share class 1 % interest held 2 Aberdeen Standard Investments ETFs - abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF 30 ETF 80% Aberdeen Standard Investments Sweden AB 23 Ordinary shares 100% Aberdeen Standard Investments Taiwan Limited 31 Ordinary shares 100% Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund 19 SICAV 100% Aberdeen Standard MSPC General Partner S.a.r.l. 19 Ordinary shares 100% Aberdeen Standard Multi-Sector Private Credit Fund SCSp 19 Limited Partnership 3% Aberdeen Standard Pan European Residential Property Fund SICAV-RAIF 19 Limited Partnership 0% Aberdeen Standard Private Equity Company IX, LLC 12 Limited Liability Company 80% Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC 12 Limited Liability Company 80% Aberdeen Standard Private Real Assets Co-Investment Fund I, LP 12 Limited Partnership 1% Aberdeen Standard Secure Credit LP Limited Partnership 0% Aberdeen Standard SICAV I - Asian Credit Sustainable Bond Fund 19 SICAV 55% Aberdeen Standard SICAV I - Asian Sustainable Development Equity Fund 19 SICAV 98% Aberdeen Standard SICAV I - ASI-CCBI Belt & Road Bond Fund 19 SICAV 32% Aberdeen Standard SICAV I - China Next Generation Fund 19 SICAV 73% Aberdeen Standard SICAV I - Climate Transition Bond Fund 19 SICAV 55% Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Corporate Bond Fund 19 SICAV 7% Aberdeen Standard SICAV I - Global Climate & Environment Equity Fund 19 SICAV 84% Aberdeen Standard SICAV I - Global Mid-Cap Equity Fund 19 SICAV 38% Aberdeen Standard SOF IV Feeder LP Limited Partnership 0% Aberdeen Standard SOF IV GP LP Limited Partnership 25% Aberdeen Standard SOF IV LP Limited Partnership 0% Aberdeen Standard SOF Evergreen GP LP Limited Partnership 40% Aberdeen Standard SOF Evergreen LP Limited Partnership 0% Aberdeen Standard UK Shopping Centre Feeder Fund Limited Partnership 3 Limited Partnership 100% Aberdeen Standard U.S. Private Equity IX, LP 12 Limited Partnership 0% Aberdeen Standard Venture Company XII, LLC 12 Limited Liability Company 91% Aberdeen Trust Limited 4 Ordinary shares 100% Aberdeen UK Infrastructure Carry GP Limited 4 Ordinary shares 100% Aberdeen UK Infrastructure Carry Limited 4 Ordinary shares 100% Aberdeen Unit Trust Managers Limited 4 Ordinary shares 100% Aberdeen U.S. Private Equity III (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity IV, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity IV (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity IV SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity V, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity V (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity V SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VI, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VI (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity VI SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VII, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VII (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity VIII, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VIII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Company X, LLC 12 Limited Liability Company 60% Aberdeen Venture Company XI, LLC 12 Limited Liability Company 87% Aberdeen Venture Partners VII, LP 12 Limited Partnership 0% Aberdeen Venture Partners VII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners VII SPV-A, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-A, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-B, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-C, LP 12 Limited Partnership 0 Name of related undertaking Share class1 % interest held 2 Aberdeen Venture Partners IX, LP 12 Limited Partnership 0% Aberdeen Venture Partners IX (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners X, LP12 Limited Partnership 1% Aberdeen Venture Partners X (Offshore) LP 21 Limited Partnership 0% Aberdeen Venture Partners X SPV-A, LP12 Limited Partnership 0% Aberdeen Venture Partners X SPV-B, LP12 Limited Partnership 0% Aberdeen Venture Partners XI, LP 12 Limited Partnership 1% Aberdeen Venture Partners XI (Offshore), LP21 Limited Partnership 0% Aberdeen Venture Partners XI SPV-A, LP12 Limited Partnership 0% Aberdeen Venture Partners XI SPV-B, LP12 Limited Partnership 0% Aberdeen Venture Partners XII, LP12 Limited Partnership 1% Aberdeen Venture Partners XIII LP12 Limited Partnership 1% abrdn \u2013 Emerging Markets Equity ADR Fund12 Ordinary shares 100% abrdn \u2013 International Equity ADR Fund12 Ordinary shares 100% abrdn - US Equity Impact Fund12 Ordinary shares 100% abrdn - US SMID Cap Equity Fund12 Ordinary shares 100% abrdn ACS I - abrdn Sustainable Index UK Equity Fund3 OEIC 23% abrdn Alternative Funds Limited Ordinary shares 100% abrdn Alternative Holdings Limited4 Ordinary shares 100% abrdn Alternative Investments Limited3 Ordinary shares 100% abrdn Asia Limited32 Ordinary shares 100% abrdn Australia Ltd 29 Ordinary shares 100% abrdn Brasil Investimentos Ltda33 Limited Liability Company 100% abrdn Canada Funds - Global Smaller Companies Equity Fund 34 Private Commingled Fund 100% abrdn Canada Limited34 Ordinary shares 100% abrdn Capital (CI) Limited35 Ordinary shares 100% abrdn Capital International Limited35 Ordinary shares 100% abrdn Capital Limited Ordinary shares 100% abrdn Capital Partners LLP Limited Liability Partnership 100% abrdn Colombia SAS 36 Ordinary shares 100% abrdn Commercial Real Estate Debt II LP Limited Partnership 0% abrdn Corporate Secretary Limited Ordinary shares 100% abrdn CP (Holdings) Limited Ordinary shares 100% abrdn (CRED II) GP Limited Ordinary shares 100% abrdn Digital Solutions Limited22 Ordinary shares 100% abrdn Eclipse HFRI 500 SP11 Private Commingled Fund 36% abrdn ETFs Advisors LLC 12 Limited Liability Company 100% abrdn ETFs Sponsor LLC12 Limited Liability Company 100% abrdn Financial Planning & Advice Limited 3 Ordinary A Shares Ordinary B Shares 100% abrdn Founder Co Limited Ordinary shares 100% abrdn Fund Managers Limited3 Ordinary shares 100% abrdn Global Absolute Return Strategies Master Fund Limited11 Ordinary shares 100% abrdn Global Absolute Return Strategies Offshore Feeder Fund Limited 11 Ordinary shares 100% abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP12 Limited Partnership 0% abrdn Hong Kong Limited37 Ordinary shares 100% abrdn (IL Infrastructure Debt) GP Limited 3 Ordinary shares 100% abrdn Inc. 12 Ordinary shares 100% abrdn Inflation-Linked Infrastructure Debt LP 3 Limited Partnership 0% abrdn Investment Management Limited Ordinary shares 100% abrdn Investments Beteiligungs GmbH38 Limited Liability Company 90% abrdn Investments Deutschland AG38 Ordinary shares 90% abrdn Investments Group Limited3 Ordinary shares 100% abrdn Investments Holdings Europe Limited3 Ordinary shares 100% abrdn Investments Ireland Limited39 Ordinary shares 100% abrdn Investments Jersey Limited35 Ordinary shares 100% abrdn Investments Limited 4 Ordinary shares 100% Name of related undertaking Share class1 % interest held2 abrdn Investments Luxembourg Corporate Manager S.a r.l. 19 Ordinary shares 100% abrdn Investments Luxembourg S.A.19 Ordinary shares 100% abrdn Investments Switzerland AG 40 Ordinary shares 100% abrdn Islamic Malaysia Sdn. Bhd. 41 Ordinary shares 100% abrdn Japan Limited42 Ordinary shares 100% abrdn Jersey Limited43 Ordinary shares 100% abrdn Korea Co. Limited. 44 Ordinary shares 100% abrdn Korea GP 2 Pte. Ltd45 Ordinary shares 100% abrdn Korea Separate Account 2 LP45 Limited Partnership 1% abrdn Life and Pensions Limited3 Ordinary shares 100% abrdn Malaysia Sdn. Bhd.41 Ordinary shares, Irredeemable non- convertible preference shares 100% abrdn Nominees Services HK Limited 37 Ordinary shares 100% abrdn OEIC I - abrdn China A Share Equity Fund3 OEIC 45% abrdn OEIC I - abrdn Sterling Long Dated Government Bond Fund3 OEIC 57% abrdn OEIC III - abrdn MyFolio Sustainable I Fund3 OEIC 45% abrdn OEIC III - abrdn MyFolio Sustainable II Fund3 OEIC 23% abrdn OEIC III - abrdn MyFolio Sustainable V Fund 3 OEIC 29% abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund 3 OEIC 100% abrdn OEIC III - abrdn MyFolio Sustainable Index II Fund3 OEIC 88% abrdn OEIC III - abrdn MyFolio Sustainable Index III Fund3 OEIC 94% abrdn OEIC III - abrdn MyFolio Sustainable Index IV Fund3 OEIC 99% abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund3 OEIC 100% abrdn OEIC V - abrdn Multi-Asset Climate Solutions Fund 3 OEIC 76% abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF 19 Limited Partnership 0% abrdn Poinsettia GP Ltd 11 Ordinary shares 100% abrdn Portfolio Investments abrdn Asia-China Bond 32 Corporate Fund 100% abrdn Portfolio Investments Limited Ordinary shares 100% abrdn Portfolio Investments US Inc.12 Ordinary shares 100% abrdn Premises Services Limited Ordinary shares 100% abrdn Private Equity (Europe) Limited Ordinary shares 100% abrdn Private Fund Management (Shanghai) Company Limited 46 Ordinary shares 100% abrdn Property Investors France SAS47 Ordinary shares 100% abrdn Real Estate Operations Limited 4 Ordinary shares 100% abrdn SICAV II - Multi Asset Climate Opportunities48 SICAV 99% abrdn Si Yuan Private Fund Management (Shanghai) Company Limited 46 Ordinary shares 100% abrdn (SLSPS) Pension Trustee Company Ltd Ordinary shares 100% abrdn SPV 2021 A GP, LLC12 Limited Liability Company 79% abrdn Unit Trust I - abrdn Diversified Growth Fund 3 Unit trust 51% abrdn (USA) Limited Ordinary shares 100% abrdn Venture Company XIII, LLC12 Limited Liability Company 46% ACM Carry LP4 Limited Partnership 40% AEROF (Luxembourg) GP S.a.r.l. 19 Ordinary shares 100% AERP V-A Master, LP12 Limited Partnership 0% AIA Series T Holdings LLC49 Limited Liability Company 0% AIPP Folksam Europe II Kommanditbolag50 Limited Partnership 1% AIPP Pooling I SA19 Ordinary shares 100% Airport Industrial GP Limited3 Ordinary shares 100% Airport Industrial Limited Partnership3 Limited Partnership 0% Aldwych Capital Partners, LP Limited Partnership 0% Alliance Trust Savings Limited Ordinary shares 100% Andean Social Infrastructure (No. 1) Limited 3 Ordinary shares 100% Andean Social Infrastructure Fund I LP11 Limited Partnership 5% Andean Social Infrastructure GP Limited11 Ordinary shares 100% Arden Garden State NJ Fund, LP49 Limited Partnership 0% Arden Institutional Advisers, LP49 Limited Partnership 0% Name of related undertaking Share class1 % interest held 2 Arthur House (No.6) Limited3 Ordinary shares 100% Artio Global Investors Inc.18 Ordinary shares 100% ASI Core Private Equity Fund GP, LLC12 Limited Liability Company 94% ASI Direct RE GP LLP Limited Liability Partnership 100% ASI European Private Equity 2019 B LP12 Limited Partnership 0% ASI (General Partner 2019 European PE A Carry) Limited Ordinary shares 100% ASI (General Partner 2019 European PE A) S.a.r.l.19 Ordinary shares 100% ASI (General Partner 2019 European PE B) Limited Ordinary shares 100% ASI (General Partner 2019 European PE B) LLC12 Ordinary shares 0% ASI (General Partner ECF II) Limited Ordinary shares 100% ASI (General Partner PE2) Limited Ordinary shares 100% ASI (General Partner PFF 2018) S.a.r.l. 19 Ordinary shares 100% ASI (General Partner SOF IV) Limited Ordinary shares 100% ASI (Gold) Limited51 Ordinary shares 100% ASI Han Co-Investment LP Limited Partnership 93% ASI (KFAS) RE GP LLP Limited Liability Partnership 100% ASI Little Mill Carry LP 4 Limited Partnership 0% ASI Little Mill Co-Invest LP4 Limited Partnership 0% ASI Little Mill LP 4 Limited Partnership 0% ASI Mid-Market 1 LP 4 Limited Partnership 0% ASI MM Executive Co Investment LP4 Limited Partnership 0% ASI (NWPE 2021) Carry LP Limited Partnership 0% ASI PE 1 Carry LP4 Limited Partnership 40% ASI (PGPE III) GP LP Limited Partnership 40% ASI Phoenix Fund Financing SCSp19 Limited Partnership 0% ASI Phoenix Global Private Equity III LP Limited Partnership 0% ASI Phoenix Venture Capital Partners LP Limited Partnership 0% ASI Private Equity 1 LP4 Limited Partnership 0% ASI Private Equity 2 GP LP Limited Partnership 40% ASI Private Equity 2 LP Limited Partnership 0% ASI (PVCP) GP LP Limited Partnership 0% ASI REMM GP LLP4 Limited Liability Partnership 100% ASI Shin Co-Investment LP4 Limited Partnership 100% ASI Shin Global Investment GP Limited11 Ordinary shares 100% ASI (SOF E GP) Limited Ordinary shares 100% ASIF Sidecar Carry LP4 Limited Partnership 25% ASPER (Luxembourg) GP S.a.r.l. 19 Ordinary shares 100% Ballentine Core Private Equity Fund, LP 12 Limited Partnership 25% BOSEMP Feeder LP4 Limited Partnership 0% Brain Co-Invest General Partner LLP Limited Liability Partnership 100% Brain Co-Invest LP Limited Partnership 0% C.C. U.S. Private Equity Fund GP, LLC12 Limited Liability Company 81% C.C. U.S. Private Equity Fund GP II, LLC12 Limited Liability Company 84% C.C. U.S. Private Equity Fund, LP 12 Limited Partnership 1% C.C. U.S. Private Equity Fund II, LP12 Limited Partnership 0% Coutts Asian Private Equity Limited Partnership11 Limited Partnership 0% Coutts Global Property Limited Partnership11 Limited Partnership 0% Coutts Middle East and North Africa Private Equity Limited Partnership 11 Limited Partnership 0% Coutts Private Equity Limited Partnership11 Limited Partnership 0% Coutts Private Equity Limited Partnership II11 Limited Partnership 0% CPP General Partner Limited Partnership Limited Partnership 20% Cumberland Place Financial Management Limited3 Ordinary shares 100% Edinburgh Fund Managers Group Limited4 Ordinary shares 100% Edinburgh Fund Managers Plc Ordinary shares 100% Edinburgh Unit Trust Managers Limited4 Ordinary shares Deferred shares 100% Elevate Portfolio Services Limited3 Ordinary shares 100% Name of related undertaking Share class1 % interest held2 ESF I Executive Co Investment Limited Partnership Limited Partnership 0% ESP 2004 Co Investment Limited Partnership Limited Partnership 0% ESP 2004 Conduit LP Limited Partnership 0% ESP 2004 General Partner Limited Partnership Limited Partnership 0% ESP 2006 Co Investment Limited Partnership Limited Partnership 0% ESP 2006 Conduit LP Limited Partnership 0% ESP 2006 General Partner Limited Partnership Limited Partnership 20% ESP 2008 Conduit LP Limited Partnership 0% ESP 2008 Executive Co Investment Limited Partnership Limited Partnership 0% ESP 2008 General Partner Limited Partnership Limited Partnership 0% ESP CPPIB European Mid Market Fund Limited Partnership 1% ESP General Partner Limited Partnership Limited Partnership 0% ESP Golden Bear Europe Fund Limited Partnership 3% ESP Golden Bear General Partner Limited Partnership Limited Partnership 0% ESP II Co Investment Limited Partnership Limited Partnership 0% ESP II Conduit LP Limited Partnership 0% ESP II General Partner Limited Partnership Limited Partnership 0% ESP Tidal Reach General Partner Limited Partnership Limited Partnership 20% ESP Tidal Reach LP Limited Partnership 1% European Strategic Partners Limited Partnership 0% European Strategic Partners - I LP17 Limited Partnership 0% European Strategic Partners 2004 'A' Limited Partnership 0% European Strategic Partners 2004 'B' Limited Partnership 0% European Strategic Partners 2006 'A' Limited Partnership 0% European Strategic Partners 2006 'B' Limited Partnership 0% European Strategic Partners 2008 'A' Limited Partnership 0% European Strategic Partners 2008 'B' Limited Partnership 0% European Strategic Partners II 'A' Limited Partnership 0% European Strategic Partners II 'B' Limited Partnership 0% European Strategic Partners II 'C' Limited Partnership 0% European Strategic Partners II 'D' Limited Partnership 0% European Strategic Partners II 'E' Limited Partnership 0% European Strategic Partners Scottish 'B' Limited Partnership 0% European Strategic Partners Scottish 'C' Limited Partnership 0% Finimize Limited3 Ordinary shares 100% Flag Asia Company III, LLC 12 Limited Liability Company 100% Flag Asia Company III, LP12 Limited Partnership 0% Flag Energy & Resource Company II, LLC12 Limited Liability Company 0% Flag Energy & Resource Company III, LLC12 Limited Liability Company 0% Flag Global Company, LLC 12 Limited Liability Company 0% Flag International Company, LLC12 Limited Liability Company 0% Flag International Company II, LLC 12 Limited Liability Company 0% Flag International Company III, LLC 12 Limited Liability Company 0% Flag International Company, LP 12 Limited Partnership 0% Flag International Company II, LP 12 Limited Partnership 0% Flag International Company III, LP12 Limited Partnership 0% Flag Offshore GP, Ltd21 Ordinary shares 100% Flag Private Equity Company III, LLC 12 Limited Liability Company 0% Flag Private Equity Company IV, LLC 12 Limited Liability Company 0% Flag Private Equity Company V, LLC12 Limited Liability Company 0% Flag Private Equity Company VI, LLC 12 Limited Liability Company 0% Flag Private Equity Company III, LP 12 Limited Partnership 0% Flag Private Equity Company IV, LP 12 Limited Partnership 0% Flag Private Equity Company V, LP 12 Limited Partnership 0% Flag Real Assets Company LLC12 Limited Liability Company 0% Flag Real Estate Company II, LLC 12 Limited Liability Company 0% Flag Real Estate Company III, LLC12 Limited Liability Company 0% Name of related undertaking Share class1 % interest held 2 Flag Squadron Asia Pacific III GP LP11 Limited Partnership 100% Flag Venture Company V, LLC12 Limited Liability Company 0% Flag Venture Company VI, LLC12 Limited Liability Company 0% Flag Venture Company VII, LLC12 Limited Liability Company 0% Flag Venture Company VIII, LLC 12 Limited Liability Company 0% Flag Venture Company IX, LLC12 Limited Liability Company 0% Flag Venture Company VI, LP12 Limited Partnership 0% Flag Venture Company VII, LP 12 Limited Partnership 0% Flag Venture Company VIII, LP12 Limited Partnership 0% Fraser Heath Financial Management Limited3 Ordinary shares 100% FSA III EA SPV, LP11 Limited Partnership 0% FSA III Pacific SPV, LP11 Limited Partnership 0% Griffin Nominees Limited 3 Ordinary shares 100% Ignis Asset Management Limited Ordinary shares 100% Ignis Cayman GP2 Limited11 Ordinary shares 100% Ignis Cayman GP3 Limited11 Ordinary shares 100% Ignis Investment Services Limited Ordinary shares 100% Ignis Private Equity Fund LP 11 Limited Partnership 0% Ignis Strategic Credit Fund LP 11 Limited Partnership 0% Interactive Investor Services Limited7 Ordinary shares 100% Interactive Investor Services Nominees Limited 7 Ordinary shares 100% Investor Nominees (Dundee) Limited Ordinary shares 100% Investor Nominees Limited7 Ordinary shares 100% Investor SIPP Trustees Ltd7 Ordinary shares 100% KFAS Real Estate Limited Partnership Limited Partnership 0% Local2Local Limited52 Ordinary shares 60% Moneywise Publishing Limited7 Ordinary shares 100% Murray Johnstone Holdings Limited 22 Ordinary shares 100% Murray Johnstone Limited4 Ordinary shares 100% NASP 2006 General Partner Limited Partnership Limited Partnership 5% NASP 2006 Special Limited Partnership Limited Partnership 0% NASP 2008 General Partner Limited Partnership Limited Partnership 0% NASP 2008 Special Limited Partnership Limited Partnership 0% Next Generation Associates V, LLC12 Limited Liability Company 0% Next Generation Associates V, LP12 Limited Partnership 0% North American Strategic Partners GP, LP 53 Limited Partnership 0% North American Strategic Partners, LP53 Limited Partnership 0% North American Strategic Partners 2006 LP18 Limited Partnership 0% North American Strategic Partners 2008 LP18 Limited Partnership 0% North American Strategic Partners Companion Fund LP53 Limited Partnership 0% North American Strategic Partners (Feeder) 2006 Limited Partnership 0% North American Strategic Partners (Feeder) 2008 Limited Partnership Limited Partnership 0% North East Trustees Limited3 Ordinary A Shares Ordinary B Shares 100% Orion Partners CLP Inc.54 Ordinary shares 100% Orion Partners Services Inc.54 Ordinary shares 100% Ostara China Real Estate Fund LP 54 Limited Partnership 0% Ostara Japan Fund 3 LP 54 Limited Partnership 1% Ostara Korea GP 2 Pte. Ltd45 Ordinary shares 100% Ostara Korea Separate Account LP45 Limited Partnership 0% Ostara Partners Inc. China54 Ordinary shares 100% Ostara Partners Inc. Japan 3 54 Ordinary shares 100% Parnell Fisher Child & Co. Limited3 Ordinary shares 100% Parnell Fisher Child Holdings Limited3 Ordinary A Shares Ordinary B Shares 100% PE1 LP4 Limited Partnership 0% PE1A LP4 Limited Partnership 0%
Name of related undertaking Share class
1
% interest held
2
PE2 Carry LP
4
Limited Partnership 40%
PE2 LP
4
Limited Partnership 0%
Pearl Private Equity LP Limited Partnership 0%
Pearl Strategic Credit LP Limited Partnership 0%
Pearson Jones & Company (Trustees) Limited
3
Ordinary shares 100%
Pearson Jones Nominees Limited
3
Ordinary shares 100%
Personal Retirement Account Limited
7
Ordinary shares 100%
PGB European Buy-out Fund I SCSp
19
Limited Partnership 0%
PGB European Co-Investment Fund I SCSp
19
Limited Partnership 0%
Poinsettia Holdco LP
11
Limited Partnership 0%
PT Aberdeen Standard Investments Indonesia
55
Limited Liability Company 99%
Regent Property Partners (Retail Parks) Limited
51
Ordinary shares 100%
SG Commercial LLP
52
Limited Liability Partnership 60%
Share Limited
7
Ordinary shares 100%
Share Nominees Limited
7
Ordinary shares 100%
Sharesecure Limited
7
Ordinary shares 100%
Shin Global Investment Partners LP
11
Limited Partnership 50%
SL Capital 2016 Co-Investment GP LP Limited Partnership 5%
SL Capital 2016 Co-Investment LP Limited Partnership 5%
SL Capital ECF GP LP Limited Partnership 4%
SL Capital ESF I GP LP Limited Partnership 0%
SL Capital ESF I LP Limited Partnership 1%
SL Capital European Co-Investment B LP Limited Partnership 0%
SL Capital European Co-Investment LP Limited Partnership 0%
SL Capital Ignis Private Equity Founder LP Limited Partnership 65%
SL Capital Ignis Strategic Credit Founder LP Limited Partnership 0%
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp
19
Limited Partnership 0%
SL Capital Infrastructure I GP LP Limited Partnership 100%
SL Capital Infrastructure I LP Limited Partnership 0%
SL Capital Infrastructure II LTP LP Limited Partnership 25%
SL Capital Infrastructure II SCSp
19
Limited Partnership 1%
SL Capital Infrastructure Secondary I GP LP Limited Partnership 25%
SL Capital Infrastructure Secondary I LP Limited Partnership 0%
SL Capital Infrastructure Secondary II LP Limited Partnership 0%
SL Capital NASF I A LP Limited Partnership 2%
SL Capital NASF I Carry LP Limited Partnership 0%
SL Capital NASF I GP LP Limited Partnership 0%
SL Capital NASF I LP
12
Limited Partnership 0%
SL Capital Partners (US) Limited
56
Ordinary shares 100%
SL Capital Pearl Private Equity GP LP Limited Partnership 0%
SL Capital Pearl Strategic Credit GP LP Limited Partnership 1%
SL Capital SOF I Feeder LP Limited Partnership 0%
SL Capital SOF II Feeder LP Limited Partnership 1%
SL Capital SOF III Feeder LP Limited Partnership 0%
SL Capital SOF I GP LP Limited Partnership 0%
SL Capital SOF II GP LP Limited Partnership 0%
SL Capital SOF III GP LP Limited Partnership 0%
SL Capital SOF I LP Limited Partnership 0%
SL Capital SOF II LP Limited Partnership 0%
SL Capital SOF III LP Limited Partnership 0%
SLC EC I Executive Co Investment Limited Partnership Limited Partnership 0%
SLCI I Executive Co Investment Limited Partnership Limited Partnership 0%
SLCI II Executive Co-Investment LP Limited Partnership 0%
SLCI Rail Co-Invest LP Limited Partnership 0%
SLCP 2016 Co-Investment LP Limited Partnership 0%
SLCP (Founder Partner Ignis Private Equity) Limited Ordinary shares 100%
SLCP (Founder Partner Ignis Strategic Credit) Limited Ordinary shares 100%
Name of related undertaking Share class1 % interest held2 SLCP (General Partner) Limited Ordinary shares 100% SLCP (General Partner II) Limited Ordinary shares 100% SLCP (General Partner 2016 Co-investment) Limited Ordinary shares 100% SLCP (General Partner CPP) Limited Ordinary shares 100% SLCP (General Partner EC) Limited Ordinary shares 100% SLCP (General Partner Edcastle) Limited Ordinary shares 100% SLCP (General Partner ESF I) Limited Ordinary shares 100% SLCP (General Partner ESF II) Limited Ordinary shares 100% SLCP (General Partner ESP 2004) Limited Ordinary shares 100% SLCP (General Partner ESP 2006) Limited Ordinary shares 100% SLCP (General Partner ESP 2008 Coinvestment) Limited Ordinary shares 100% SLCP (General Partner ESP 2008) Limited Ordinary shares 100% SLCP (General Partner ESP CAL) Limited Ordinary shares 100% SLCP (General Partner Europe VI) Limited Ordinary shares 100% SLCP (General Partner Infrastructure I) Limited Ordinary shares 100% SLCP (General Partner Infrastructure Secondary I) Limited Ordinary shares 100% SLCP (General Partner NASF I) Limited Ordinary shares 100% SLCP (General Partner NASP 2006) Limited Ordinary shares 100% SLCP (General Partner NASP 2008) Limited Ordinary shares 100% SLCP (General Partner Pearl Private Equity) Limited Ordinary shares 100% SLCP (General Partner Pearl Strategic Credit) Limited Ordinary shares 100% SLCP (General Partner SOF I) Limited Ordinary shares 100% SLCP (General Partner SOF II) Limited Ordinary shares 100% SLCP (General Partner SOF III) Limited Ordinary shares 100% SLCP (General Partner Tidal Reach) Limited Ordinary shares 100% SLCP (General Partner USA) Limited Ordinary shares 100% SLIPC (General Partner Infrastructure II LTP 2017) Limited Ordinary shares 100% SLIPC (General Partner Infrastructure II) S.a.r.l. 19 Ordinary shares 100% SLIPC (General Partner Infrastructure III) S.\u00e0 r.l.19 Ordinary shares 100% SLIPC (General Partner PMD Co-Invest 2017) Limited Ordinary shares 100% SLIPC (General Partner SCF 1) Limited Ordinary shares 100% SLTM Limited Ordinary shares 100% SOF I Executive Co Investment Limited Partnership Limited Partnership 0% SOF II Executive Co Investment Limited Partnership Limited Partnership 0% SOF III Executive Co Investment Limited Partnership Limited Partnership 0% SOF IV Carry LP Limited Partnership 25% SOF IV Executive Co Investment Limited Partnership Limited Partnership 0% Squadron Asia Pacific Fund, LP11 Limited Partnership 0% Squadron Asia Pacific Fund II, LP 11 Limited Partnership 0% Squadron Capital Asia Pacific GP, LP11 Limited Partnership 100% Squadron Capital Asia Pacific II GP LP 11 Limited Partnership 100% Squadron Capital Partners Limited 11 Ordinary shares 100% Squadron GP Participation, LP11 Limited Partnership 0% Squadron GP Participation II, LP11 Limited Partnership 0% Standard Life Investments Brent Cross General Partner Limited Ordinary shares 100% Standard Life investments Brent Cross LP Limited Partnership 0% Standard Life Investments Commercial Real Estate Debt LP 3 Limited Partnership 0% Standard Life Investments European RE Club (Offshore Feeder) Ltd11 Ordinary shares 100% Standard Life Investments European RE Club II (Offshore Feeder) Ltd11 Ordinary shares 100% Standard Life investments European Real Estate Club LP 3 Limited Partnership 2% Standard Life Investments European Real Estate Club II LP 3 Limited Partnership 1% Standard Life Investments European Real Estate Club III LP3 Limited Partnership 2% Standard Life Investments (General Partner CRED) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner ELIREF) S.a.r.l.19 Ordinary shares 100% Standard Life Investments (General Partner EPGF) Limited Ordinary shares 100% Standard Life Investments (General Partner European Real Estate Club) Limited 3 Ordinary shares 100% Name of related undertaking Share class 1 % interest held 2 Standard Life Investments (General Partner European Real Estate Club II) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner European Real Estate Club III) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner GARS) Limited Ordinary shares 100% Standard Life Investments (General Partner GFS) Limited Ordinary shares 100% Standard Life Investments (General Partner Global Tactical Asset Allocation) Limited Ordinary shares 100% Standard Life Investments (General Partner MAC) Limited Ordinary shares 100% Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Limited 3 Ordinary shares 100% Standard Life Investments (Mutual Funds) Limited 22 Ordinary shares 100% Standard Life Investments UK Shopping Centre Feeder Fund Company Limited 57 Ordinary shares 100% Standard Life Savings Nominees Limited Ordinary shares 100% Tenon Nominees Limited 4 Ordinary shares 100% The Lighthouse Living Co Limited Ordinary shares 75% The Munro Partnership Ltd Ordinary shares 100% The Share Centre (Administration Services) Ltd 7 Ordinary shares 100% The Share Centre Limited 7 Ordinary shares 100% Touchstone Insurance Company Limited 58 Ordinary shares 100% TPIF (No. 1) GP LLP 59 Limited Liability Partnership 60% TPIF (No. 1) LP 59 Limited Partnership 0% TPIF (Portfolio No. 1) GP LLP 52 Limited Liability Partnership 60% TPIF (Portfolio No. 1) LP 52 Limited Partnership 0% TPIF (Portfolio No. 1) Nominee Limited 52 Ordinary shares 60% Tritax Aberdeen HQ Office (General Partner) Limited 52 Ordinary shares 60% Tritax Aberdeen HQ Office Limited Partnership 60 Limited Partnership 0% Tritax abrdn Supply Chain GP LLP 52 Limited Liability Partnership 60% Tritax Assets LLP 52 Limited Liability Partnership 60% Tritax LMR Carry GP LLP 59 Limited Liability Partnership 60% Tritax LMR Carry Limited Partnership 59 Limited Partnership 7% Tritax Management LLP 3 Limited Liability Partnership 60% Tritax PowerBox Limited 52 Ordinary shares 60% Tritax Securities LLP 52 Limited Liability Partnership 60% Two Rivers One Limited 24 Ordinary shares 100% Two Rivers Two Limited 24 Ordinary shares 100% UK PRS Opportunities General Partner Limited 3 Ordinary shares 100% UK PRS Opportunities LP 3 Limited Partnership 0% VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG 38 Limited Partnership 0% VZWL Private Equity GmbH & Co geschlossene Investment KG 38 Limited Partnership 0% Waverley Healthcare Private Equity Limited 4 Ordinary shares 100 (c) Associates and joint ventures Name of related undertaking Share class1 % interest held 2 Aberdeen Standard SICAV I - Europe ex UK Sustainable Equity Fund19 SICAV 25% abrdn OEIC I - abrdn (AAM) Sterling Government Bond Fund3 OEIC 25% Archax Holdings Limited61 Ordinary shares 10% Concession Infrastructure Investments Manager Limited62 Ordinary shares 50% Criterion Tec Holdings Ltd63 Ordinary shares 21% Heng An Standard Life Insurance Company Limited64 Ordinary shares 50% PURetail Luxembourg Management Company S.a.r.l.65 Class A shares 50% Tenet Group Limited 66 Ordinary B Shares 25% Virgin Money Unit Trust Managers Limited67 Ordinary shares 50% 1. OEIC = Open-ended investment company SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable ETF = Exchange traded fund 2. Limited Partnerships or limited liability companies in which the Group has no interest but whose general partner or manager is controlled by the Group are considered subsidiaries under Companies Act 2006. Where the Group has no interest in a limited partnership or limited liability company that is considered a subsidiary, the interest held is disclosed as 0% . Registered offices 3. 280 Bishopsgate, London, EC2M 4AG 4. 10 Queens Terrace, Aberdeen, AB10 1XL 5. c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis, 11324, Mauritius 6. PO Box 19, Martello Court, Admiral Park, St Peter Port, GY1 3HB, Guernsey 7. 201 Deansgate, Manchester, M3 3NW 8. Cranford House, Kenilworth Road, Blackdown, Leamington Spa, CV32 6RQ 9. 2nd Floor, The Royals, Altrincham Road, Sharston, Manchester M22 4BJ 10. 2-8 avenue Charles De Gaulle, L-1653 Luxembourg, Luxembourg 11. c/o Maples Corporate Services Limited ,Ugland House, P.O. Box 309, Grand Cayman, KY1-1104, Cayman Islands 12. c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE, 19808, USA 13. Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok, 10120, Thailand 14. Strandvejen 171,3, 2900 Hellerup, Denmark 15. c/o Aatsto DLA Piper Finland Oy, Fabianinkatu 23, FI-00130 Helsinki, Finland 16. Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market Square, Al Marya Island, PO Box 764605, Abu Dhabi, United Arab Emirates 17. c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE, 19801, USA 18. c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE, 19808, USA 19. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg 20. Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ 21. c/o Mourant Governance Services (Cayman) Limited; 94 Solaris Avenue, Camana Bay, PO Box 1348; Grand Cayman KY1-1108, Cayman Islands 22. 7 Exchange Crescent, Conference Square, Edinburgh, EH3 8AN 23. Box 3039, Stockholm, 103 63, Sweden 24. Level 1, 1FC1, Esplanade, St Helier, JE2 3BX, Jersey 25. Harju maakond, Tallinn, Kesklinna linnaosa, Ahtri tn 6a, 10151, Estonia 26. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg 27. WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands 28. One London Wall, London, EC2Y 5AB 29. Level 10, 255 George Street, Sydney, NSW 2000, Australia 30. 712 5th Ave, New York, NY 10019, USA 31. 8F-1, No. 101, Songren Road, Taipei City, 110, Taiwan, Republic of China 32. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore 33. Rua Joaquim Floriano, 913 \u2013 7th floor \u2013 Cj. 71, Itaim Bibi, S\u00e3o Paulo, 04534-013, Brasil 34. 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada 35. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey 36. AC 82 NO. 10 60 P 5 Bogota DC, Columbia 37. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong 38. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany 39. 2-4 Merrion Row, Dublin 2, D02 WP23, Ireland 40. Schweizergasse 14, Zurich, 8001, Switzerland 41. Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang 50100 Kuala Lumpur, Malaysia 42. Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan 43. 44 Esplanade, St Helier, Jersey, JE4 9WG 44. 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam- daero, Seocho-gu, Seoul, Korea 45. 80 Robinson Road, #02-00, 068898, Singapore 46. West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone 47. 29 Rue De Berri, Paris, 75008, France 48. 2-4, Rue Eug\u00e8ne Ruppert, L-2453 Luxembourg, Luxembourg 49. 1900 Market St, Suite 200, Philadelphia, PA 19103, USA 50. Box 16285, Stockholm, 103 25, Sweden 51. 30 Finsbury Square, London, EC2A 1AG 52. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN 53. RL&F Service Corp., 920 N King St FL 2, Wilmington, New Castle, DE, 19801, USA 54. Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket Square, Grand Cayman, KY1-9010, Cayman Islands 55. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl Mega Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia 56. 7 Conference Square, Edinburgh, EH3 8AN 57. Ogier House, Esplanade, St Helier, JE4 9WG, Jersey 58. c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port, Guernsey GY1 4AT 59. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ 60. DWF LLP, 110 Queen Street, Glasgow, G1 3HD 61. 4th Floor, 1 Old Jewry, London, EC2R 8DN 62. c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands 63. 7 Lochside View, Edinburgh, EH12 9DH 64. 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin, People\u2019s Republic of China, 300051 65. 80, route d'Esch, L-1470 Luxembourg, Luxembourg 66. 5 Lister Hill, Horsforth, Leeds LS18 5AZ 67. Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL", "dimensions": { "concept": "abrdnplc:DisclosureOfRelatedUndertakings", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-660": { "value": "45. Related undertakings The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings which is set out in this Note. Related undertakings are subsidiaries, joint ventures, associates and other significant holdings. In this context significant means either a shareholding greater than or equal to 20% of the nominal value of any class of shares, or a book value g reater than 20% of the Group\u2019s assets. The particulars of the Company\u2019s related undertakings at 31 December 2022 are listed below. For details of the Group\u2019s consolidation policy refer to (b) Basis of consolidation in the Presentation of consolidated financial statements section. Under that policy limited partnerships and limited liability companies in which the Group has no interest but whose general partner or manager is controlled by the Group are not consolidated. However such limited partnerships are considered to be subsidiaries under Companies Act 2006 and therefore are listed below. Where the Group has no interest in a limited partnership or limited liability company that is considered a related entity, the interest held is disclosed as 0%. The ability of subsidiaries to transfer cash or other assets within the Group for example through payment of cash dividends is generally restricted only by local laws and regulations, and solvency requirements. Included in equity attributable to equity holders of abrdn plc at 31 December 2022 is \u00a390m (2021: \u00a3104m) related to the abrdn Financial Fairness Trust, a subsidiary undertaking of the Group. The assets of the abrdn Financial Fairness Trust are restricted to be used for charitable purposes. The registered head office of all related undertakings is 1 George Street, Edinburgh, EH2 2LL unless otherwise stated. (a) Direct subsidiaries Name of related undertaking Share class1 % interest held2 30 STMA 1 Limited 3 Ordinary shares 100% 30 STMA 2 Limited 3 Ordinary shares 100% 30 STMA 3 Limited 3 Ordinary shares 100% 30 STMA 4 Limited 3 Ordinary shares 100% 30 STMA 5 Limited 3 Ordinary shares 100% 6 SAS 3 Limited 3 Ordinary shares 100% Aberdeen Corporate Services Limited Ordinary shares 100% abrdn Charitable Foundation4 N/A 100% abrdn Client Management Limited Ordinary shares 100% abrdn Finance Limited Ordinary shares 100% abrdn Financial Fairness Trust N/A 100% abrdn Financial Planning Limited3 Ordinary shares 100% abrdn Holdings Limited 4 Ordinary shares 100% abrdn Investments (Holdings) Limited Ordinary shares 100% abrdn (Mauritius Holdings) 2006 Limited5 Ordinary shares 100% Antler Holdco Limited6 Ordinary shares 100% Interactive Investor Limited7 Ordinary shares 100% Focus Business Solutions Limited8 Ordinary shares 100% Standard Life Aberdeen Trustee Company Limited Ordinary shares 100% Standard Life Savings Limited Ordinary shares 100% The abrdn Company 2006 N/A 100% Threesixty Services LLP 9 Limited Liability Partnership 100% Threesixty Support LLP9 Limited Liability Partnership 100% (b) Other subsidiaries Name of related undertaking Share class 1 % interest held 2 6 SAS 1 Limited Ordinary shares 100% 6 SAS 2 Limited Ordinary shares 100% Aberdeen ACM Team LP 4 Limited Partnership 0% Aberdeen ACP LLP 4 Limited Liability Partnership 100% Aberdeen Asia IV (General Partner) S.a.r.l. 10 Ordinary shares 100% Aberdeen Asia Pacific Fund, LP 11 Limited Partnership 0% Aberdeen Asia Pacific Fund II, LP 11 Limited Partnership 0% Aberdeen Asia Pacific II (Offshore), LP 11 Limited Partnership 0% Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP 11 Limited Partnership 0% Aberdeen Asia Pacific III Ex-Co-Investment, LP 11 Limited Partnership 0% Aberdeen Asia Pacific III, LP 11 Limited Partnership 0% Name of related undertaking Share class 1 % interest held2 Aberdeen Asia Partners III, LP12 Limited Partnership 0% Aberdeen ASIF Carry LP4 Limited Partnership 25% Aberdeen Asset Management (Thailand) Ltd 13 Ordinary shares 100% Aberdeen Asset Management Cayman Limited11 Ordinary shares 100% Aberdeen Asset Management Denmark A/S 14 Ordinary shares 100% Aberdeen Asset Management Finland Oy15 Ordinary shares 100% Aberdeen Asset Management US GP Control LLC12 Limited Liability Company 100% Aberdeen Asset Middle East Limited16 Ordinary shares 100% Aberdeen Capital Management LLC 12 Limited Liability Company 100% Aberdeen Capital Managers GP LLC 17 Limited Liability Company 100% Aberdeen Claims Administration, Inc. 18 Ordinary shares 100% Aberdeen Co-Investment Mandate LP4 Limited Partnership 0% Aberdeen Direct Property (Holding) Limited3 Ordinary shares 100% Aberdeen Emerging Asia Fund, LP11 Limited Partnership 0% Aberdeen Emerging Asia Pacific II (Offshore), LP 11 Limited Partnership 0% Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP11 Limited Partnership 0% Aberdeen Energy & Resource Company IV, LLC 12 Limited Liability Company 73% Aberdeen Energy & Resources Company V, LLC12 Limited Liability Company 93% Aberdeen Energy & Resources Partners II, LP12 Limited Partnership 0% Aberdeen Energy & Resources Partners III, LP12 Limited Partnership 0% Aberdeen Energy & Resources Partners IV, LP12 Limited Partnership 1% Aberdeen Energy & Resources Partners V, LP12 Limited Partnership 2% Aberdeen European Infrastructure Carry GP Limited4 Ordinary shares 100% Aberdeen European Infrastructure Carry Limited4 Ordinary shares 100% Aberdeen European Infrastructure Co-Invest II LP3 Limited Partnership 0% Aberdeen European Infrastructure GP Limited3 Ordinary shares 100% Aberdeen European Infrastructure GP II Limited3 Ordinary shares 100% Aberdeen European Infrastructure GP III Limited 3 Ordinary shares 100% Aberdeen European Infrastructure III A Limited 3 Ordinary shares 100% Aberdeen European Infrastructure III B Limited3 Ordinary shares 100% Aberdeen European Infrastructure IV Ltd3 Ordinary shares 100% Aberdeen European Infrastructure Partners Carry LP 4 Limited Partnership 25% Aberdeen European Infrastructure Partners Carry II LP4 Limited Partnership 25% Aberdeen European Infrastructure Partners Carry III LP 4 Limited Partnership 25% Aberdeen European Infrastructure Partners LP3 Limited Partnership 3% Aberdeen European Infrastructure Partners II LP 3 Limited Partnership 3% Aberdeen European Infrastructure Partners III LP3 Limited Partnership 5% Aberdeen European Opportunities Property Fund of Funds LLC18 Limited Liability Company 3% Aberdeen European Residential Opportunities Fund SCSp19 Limited Partnership 0% Aberdeen Fund Distributors LLC18 Limited Liability Company 100% Aberdeen Fund Management II Oy 15 Ordinary shares 100% Aberdeen General Partner 1 Limited4 Ordinary shares 100% Aberdeen General Partner 2 Limited4 Ordinary shares 100% Aberdeen General Partner CAPELP Limited11 Ordinary shares 100% Aberdeen General Partner CGPLP Limited11 Ordinary shares 100% Aberdeen General Partner CMENAPELP Limited11 Ordinary shares 100% Aberdeen General Partner CPELP II Limited 11 Ordinary shares 100% Aberdeen General Partner CPELP Limited 11 Ordinary shares 100% Aberdeen Global ex-Japan FoF's LP11 Limited Partnership 5% Aberdeen Global ex-Japan GP Limited11 Ordinary shares 100% Aberdeen Global Infrastructure Carry GP Limited4 Ordinary shares 100% Aberdeen Global Infrastructure GP Limited 20 Ordinary shares 100% Aberdeen Global Infrastructure GP II Limited 20 Ordinary shares 100% Aberdeen Global Infrastructure Partners II Carry LP4 Limited Partnership 25% Aberdeen Global Infrastructure Partners II LP20 Limited Partnership 0% Name of related undertaking Share class 1 % interest held 2 Aberdeen Global Infrastructure Partners III Carry LP Limited Partnership 25% Aberdeen Global Infrastructure Partners LP 20 Limited Partnership 0% Aberdeen Global Partners, LP 12 Limited Partnership 0% Aberdeen GP 1 LLP 4 Limited Liability Partnership 100% Aberdeen GP 2 LLP 4 Limited Liability Partnership 100% Aberdeen GP 3 LLP 4 Limited Liability Partnership 100% Aberdeen Infrastructure Feeder GP Limited 4 Ordinary shares 100% Aberdeen Infrastructure Finance GP Limited 20 Ordinary shares 100% Aberdeen Infrastructure GP II Limited 3 Ordinary shares 100% Aberdeen Infrastructure Partners II Carry LP 4 Limited Partnership 25% Aberdeen Infrastructure Partners II LP 3 Limited Partnership 0% Aberdeen Infrastructure Partners LP Inc 20 Limited Partnership 0% Aberdeen International Partners II, LP 12 Limited Partnership 0% Aberdeen International Partners II (Offshore), LP 21 Limited Partnership 0% Aberdeen International Partners III, LP 12 Limited Partnership 0% Aberdeen International Partners III (Offshore), LP 21 Limited Partnership 0% Aberdeen Investment Company Limited 4 Ordinary shares 100% Aberdeen Investment Solutions Limited 22 Ordinary shares 100% Aberdeen Keva Asia IV Property Partners SCSp 10 Limited Partnership 1% Aberdeen Next Generation Partners V, LP 12 Limited Partnership 0% Aberdeen Pension Trustees Limited 4 Ordinary shares 100% Aberdeen Pooling II GP AB 23 Ordinary shares 100% Aberdeen Private Equity Company VII, LLC 12 Limited Liability Company 67% Aberdeen Private Equity Company VIII, LLC 12 Limited Liability Company 77% Aberdeen Property Fund Management (Jersey) Limited 24 Ordinary shares 100% Aberdeen Property Fund Management Estonia Ou 25 Ordinary shares 100% Aberdeen Property Investors (General Partner) S.a.r.l. 26 Ordinary shares 100% Aberdeen Property Investors Estonia Ou 25 Ordinary shares 100% Aberdeen Property Investors Limited Partner Oy 15 Ordinary shares 100% Aberdeen Property Investors The Netherlands BV 27 Ordinary shares 100% Aberdeen Property Secondaries Partners II 19 Limited Partnership 2% Aberdeen Real Estate Fund Finland II LP 28 Limited Partnership 100% Aberdeen Real Estate Partners II, LP 12 Limited Partnership 0% Aberdeen Real Estate Partners III, LP 12 Limited Partnership 0% Aberdeen Secondaries II GP S.a.r.l. 19 Ordinary shares 100% Aberdeen Sidecar LP Inc 20 Limited Partnership 0% Aberdeen Standard 2019 European PE A Carry LP Limited Partnership 40% Aberdeen Standard 2019 European PE B Carry LP Limited Partnership 40% Aberdeen Standard Carlsbad Carry LP 4 Limited Partnership 25% Aberdeen Standard Carlsbad GP Limited 20 Ordinary shares 100% Aberdeen Standard Carlsbad LP 20 Limited Partnership 0% Aberdeen Standard Global Infrastructure Partners III LP 20 Limited Partnership 0% Aberdeen Standard Core Infrastructure III LTP LP Limited Partnership 100% Aberdeen Standard Core Infrastructure III SCSp 19 Limited Partnership 1% Aberdeen Standard ECF II GP LP Limited Partnership 0% Aberdeen Standard European Infrastructure GP IV Limited 3 Ordinary shares 100% Aberdeen Standard European Infrastructure Partners Carry IV LP Limited Partnership 25% Aberdeen Standard European Infrastructure Partners Co-invest IV LP 3 Limited Partnership 0% Aberdeen Standard European Infrastructure Partners IV LP 3 Limited Partnership 5% Aberdeen Standard European Long Income Real Estate Fund SCSp 19 Limited Partnership 0% Aberdeen Standard European Property Growth Fund LP 3 Limited Partnership 0% Aberdeen Standard Global Infrastructure GP III Ltd 20 Ordinary shares 100% Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP Limited Partnership 25% Aberdeen Standard Global Infrastructure Partners III (2021) Carry LP 4 Limited Partnership 25% Aberdeen Standard Global Risk Mitigation Fund (Australia) 29 Unit Trust 19% Aberdeen Standard Gulf Carry GP Limited 4 Ordinary shares 100% Aberdeen Standard Gulf Carry LP 4 Limited Partnership 10% Name of related undertaking Share class 1 % interest held 2 Aberdeen Standard Investments ETFs - abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF 30 ETF 80% Aberdeen Standard Investments Sweden AB 23 Ordinary shares 100% Aberdeen Standard Investments Taiwan Limited 31 Ordinary shares 100% Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund 19 SICAV 100% Aberdeen Standard MSPC General Partner S.a.r.l. 19 Ordinary shares 100% Aberdeen Standard Multi-Sector Private Credit Fund SCSp 19 Limited Partnership 3% Aberdeen Standard Pan European Residential Property Fund SICAV-RAIF 19 Limited Partnership 0% Aberdeen Standard Private Equity Company IX, LLC 12 Limited Liability Company 80% Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC 12 Limited Liability Company 80% Aberdeen Standard Private Real Assets Co-Investment Fund I, LP 12 Limited Partnership 1% Aberdeen Standard Secure Credit LP Limited Partnership 0% Aberdeen Standard SICAV I - Asian Credit Sustainable Bond Fund 19 SICAV 55% Aberdeen Standard SICAV I - Asian Sustainable Development Equity Fund 19 SICAV 98% Aberdeen Standard SICAV I - ASI-CCBI Belt & Road Bond Fund 19 SICAV 32% Aberdeen Standard SICAV I - China Next Generation Fund 19 SICAV 73% Aberdeen Standard SICAV I - Climate Transition Bond Fund 19 SICAV 55% Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Corporate Bond Fund 19 SICAV 7% Aberdeen Standard SICAV I - Global Climate & Environment Equity Fund 19 SICAV 84% Aberdeen Standard SICAV I - Global Mid-Cap Equity Fund 19 SICAV 38% Aberdeen Standard SOF IV Feeder LP Limited Partnership 0% Aberdeen Standard SOF IV GP LP Limited Partnership 25% Aberdeen Standard SOF IV LP Limited Partnership 0% Aberdeen Standard SOF Evergreen GP LP Limited Partnership 40% Aberdeen Standard SOF Evergreen LP Limited Partnership 0% Aberdeen Standard UK Shopping Centre Feeder Fund Limited Partnership 3 Limited Partnership 100% Aberdeen Standard U.S. Private Equity IX, LP 12 Limited Partnership 0% Aberdeen Standard Venture Company XII, LLC 12 Limited Liability Company 91% Aberdeen Trust Limited 4 Ordinary shares 100% Aberdeen UK Infrastructure Carry GP Limited 4 Ordinary shares 100% Aberdeen UK Infrastructure Carry Limited 4 Ordinary shares 100% Aberdeen Unit Trust Managers Limited 4 Ordinary shares 100% Aberdeen U.S. Private Equity III (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity IV, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity IV (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity IV SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity V, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity V (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity V SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VI, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VI (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity VI SPV-A, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VII, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VII (Offshore), LP 21 Limited Partnership 0% Aberdeen U.S. Private Equity VIII, LP 12 Limited Partnership 0% Aberdeen U.S. Private Equity VIII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Company X, LLC 12 Limited Liability Company 60% Aberdeen Venture Company XI, LLC 12 Limited Liability Company 87% Aberdeen Venture Partners VII, LP 12 Limited Partnership 0% Aberdeen Venture Partners VII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners VII SPV-A, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-A, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-B, LP 12 Limited Partnership 0% Aberdeen Venture Partners VIII SPV-C, LP 12 Limited Partnership 0 % Name of related undertaking Share class1 % interest held 2 Aberdeen Venture Partners IX, LP 12 Limited Partnership 0% Aberdeen Venture Partners IX (Offshore), LP 21 Limited Partnership 0% Aberdeen Venture Partners X, LP12 Limited Partnership 1% Aberdeen Venture Partners X (Offshore) LP 21 Limited Partnership 0% Aberdeen Venture Partners X SPV-A, LP12 Limited Partnership 0% Aberdeen Venture Partners X SPV-B, LP12 Limited Partnership 0% Aberdeen Venture Partners XI, LP 12 Limited Partnership 1% Aberdeen Venture Partners XI (Offshore), LP21 Limited Partnership 0% Aberdeen Venture Partners XI SPV-A, LP12 Limited Partnership 0% Aberdeen Venture Partners XI SPV-B, LP12 Limited Partnership 0% Aberdeen Venture Partners XII, LP12 Limited Partnership 1% Aberdeen Venture Partners XIII LP12 Limited Partnership 1% abrdn \u2013 Emerging Markets Equity ADR Fund12 Ordinary shares 100% abrdn \u2013 International Equity ADR Fund12 Ordinary shares 100% abrdn - US Equity Impact Fund12 Ordinary shares 100% abrdn - US SMID Cap Equity Fund12 Ordinary shares 100% abrdn ACS I - abrdn Sustainable Index UK Equity Fund3 OEIC 23% abrdn Alternative Funds Limited Ordinary shares 100% abrdn Alternative Holdings Limited4 Ordinary shares 100% abrdn Alternative Investments Limited3 Ordinary shares 100% abrdn Asia Limited32 Ordinary shares 100% abrdn Australia Ltd 29 Ordinary shares 100% abrdn Brasil Investimentos Ltda33 Limited Liability Company 100% abrdn Canada Funds - Global Smaller Companies Equity Fund 34 Private Commingled Fund 100% abrdn Canada Limited34 Ordinary shares 100% abrdn Capital (CI) Limited35 Ordinary shares 100% abrdn Capital International Limited35 Ordinary shares 100% abrdn Capital Limited Ordinary shares 100% abrdn Capital Partners LLP Limited Liability Partnership 100% abrdn Colombia SAS 36 Ordinary shares 100% abrdn Commercial Real Estate Debt II LP Limited Partnership 0% abrdn Corporate Secretary Limited Ordinary shares 100% abrdn CP (Holdings) Limited Ordinary shares 100% abrdn (CRED II) GP Limited Ordinary shares 100% abrdn Digital Solutions Limited22 Ordinary shares 100% abrdn Eclipse HFRI 500 SP11 Private Commingled Fund 36% abrdn ETFs Advisors LLC 12 Limited Liability Company 100% abrdn ETFs Sponsor LLC12 Limited Liability Company 100% abrdn Financial Planning & Advice Limited 3 Ordinary A Shares Ordinary B Shares 100% abrdn Founder Co Limited Ordinary shares 100% abrdn Fund Managers Limited3 Ordinary shares 100% abrdn Global Absolute Return Strategies Master Fund Limited11 Ordinary shares 100% abrdn Global Absolute Return Strategies Offshore Feeder Fund Limited 11 Ordinary shares 100% abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP12 Limited Partnership 0% abrdn Hong Kong Limited37 Ordinary shares 100% abrdn (IL Infrastructure Debt) GP Limited 3 Ordinary shares 100% abrdn Inc. 12 Ordinary shares 100% abrdn Inflation-Linked Infrastructure Debt LP 3 Limited Partnership 0% abrdn Investment Management Limited Ordinary shares 100% abrdn Investments Beteiligungs GmbH38 Limited Liability Company 90% abrdn Investments Deutschland AG38 Ordinary shares 90% abrdn Investments Group Limited3 Ordinary shares 100% abrdn Investments Holdings Europe Limited3 Ordinary shares 100% abrdn Investments Ireland Limited39 Ordinary shares 100% abrdn Investments Jersey Limited35 Ordinary shares 100% abrdn Investments Limited 4 Ordinary Name of related undertaking Share class1 % interest held2 abrdn Investments Luxembourg Corporate Manager S.a r.l. 19 Ordinary shares 100% abrdn Investments Luxembourg S.A.19 Ordinary shares 100% abrdn Investments Switzerland AG 40 Ordinary shares 100% abrdn Islamic Malaysia Sdn. Bhd. 41 Ordinary shares 100% abrdn Japan Limited42 Ordinary shares 100% abrdn Jersey Limited43 Ordinary shares 100% abrdn Korea Co. Limited. 44 Ordinary shares 100% abrdn Korea GP 2 Pte. Ltd45 Ordinary shares 100% abrdn Korea Separate Account 2 LP45 Limited Partnership 1% abrdn Life and Pensions Limited3 Ordinary shares 100% abrdn Malaysia Sdn. Bhd.41 Ordinary shares, Irredeemable non- convertible preference shares 100% abrdn Nominees Services HK Limited 37 Ordinary shares 100% abrdn OEIC I - abrdn China A Share Equity Fund3 OEIC 45% abrdn OEIC I - abrdn Sterling Long Dated Government Bond Fund3 OEIC 57% abrdn OEIC III - abrdn MyFolio Sustainable I Fund3 OEIC 45% abrdn OEIC III - abrdn MyFolio Sustainable II Fund3 OEIC 23% abrdn OEIC III - abrdn MyFolio Sustainable V Fund 3 OEIC 29% abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund 3 OEIC 100% abrdn OEIC III - abrdn MyFolio Sustainable Index II Fund3 OEIC 88% abrdn OEIC III - abrdn MyFolio Sustainable Index III Fund3 OEIC 94% abrdn OEIC III - abrdn MyFolio Sustainable Index IV Fund3 OEIC 99% abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund3 OEIC 100% abrdn OEIC V - abrdn Multi-Asset Climate Solutions Fund 3 OEIC 76% abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF 19 Limited Partnership 0% abrdn Poinsettia GP Ltd 11 Ordinary shares 100% abrdn Portfolio Investments abrdn Asia-China Bond 32 Corporate Fund 100% abrdn Portfolio Investments Limited Ordinary shares 100% abrdn Portfolio Investments US Inc.12 Ordinary shares 100% abrdn Premises Services Limited Ordinary shares 100% abrdn Private Equity (Europe) Limited Ordinary shares 100% abrdn Private Fund Management (Shanghai) Company Limited 46 Ordinary shares 100% abrdn Property Investors France SAS47 Ordinary shares 100% abrdn Real Estate Operations Limited 4 Ordinary shares 100% abrdn SICAV II - Multi Asset Climate Opportunities48 SICAV 99% abrdn Si Yuan Private Fund Management (Shanghai) Company Limited 46 Ordinary shares 100% abrdn (SLSPS) Pension Trustee Company Ltd Ordinary shares 100% abrdn SPV 2021 A GP, LLC12 Limited Liability Company 79% abrdn Unit Trust I - abrdn Diversified Growth Fund 3 Unit trust 51% abrdn (USA) Limited Ordinary shares 100% abrdn Venture Company XIII, LLC12 Limited Liability Company 46% ACM Carry LP4 Limited Partnership 40% AEROF (Luxembourg) GP S.a.r.l. 19 Ordinary shares 100% AERP V-A Master, LP12 Limited Partnership 0% AIA Series T Holdings LLC49 Limited Liability Company 0% AIPP Folksam Europe II Kommanditbolag50 Limited Partnership 1% AIPP Pooling I SA19 Ordinary shares 100% Airport Industrial GP Limited3 Ordinary shares 100% Airport Industrial Limited Partnership3 Limited Partnership 0% Aldwych Capital Partners, LP Limited Partnership 0% Alliance Trust Savings Limited Ordinary shares 100% Andean Social Infrastructure (No. 1) Limited 3 Ordinary shares 100% Andean Social Infrastructure Fund I LP11 Limited Partnership 5% Andean Social Infrastructure GP Limited11 Ordinary shares 100% Arden Garden State NJ Fund, LP49 Limited Partnership 0% Arden Institutional Advisers, LP49 Limited Partnership 0% Name of related undertaking Share class1 % interest held 2 Arthur House (No.6) Limited3 Ordinary shares 100% Artio Global Investors Inc.18 Ordinary shares 100% ASI Core Private Equity Fund GP, LLC12 Limited Liability Company 94% ASI Direct RE GP LLP Limited Liability Partnership 100% ASI European Private Equity 2019 B LP12 Limited Partnership 0% ASI (General Partner 2019 European PE A Carry) Limited Ordinary shares 100% ASI (General Partner 2019 European PE A) S.a.r.l.19 Ordinary shares 100% ASI (General Partner 2019 European PE B) Limited Ordinary shares 100% ASI (General Partner 2019 European PE B) LLC12 Ordinary shares 0% ASI (General Partner ECF II) Limited Ordinary shares 100% ASI (General Partner PE2) Limited Ordinary shares 100% ASI (General Partner PFF 2018) S.a.r.l. 19 Ordinary shares 100% ASI (General Partner SOF IV) Limited Ordinary shares 100% ASI (Gold) Limited51 Ordinary shares 100% ASI Han Co-Investment LP Limited Partnership 93% ASI (KFAS) RE GP LLP Limited Liability Partnership 100% ASI Little Mill Carry LP 4 Limited Partnership 0% ASI Little Mill Co-Invest LP4 Limited Partnership 0% ASI Little Mill LP 4 Limited Partnership 0% ASI Mid-Market 1 LP 4 Limited Partnership 0% ASI MM Executive Co Investment LP4 Limited Partnership 0% ASI (NWPE 2021) Carry LP Limited Partnership 0% ASI PE 1 Carry LP4 Limited Partnership 40% ASI (PGPE III) GP LP Limited Partnership 40% ASI Phoenix Fund Financing SCSp19 Limited Partnership 0% ASI Phoenix Global Private Equity III LP Limited Partnership 0% ASI Phoenix Venture Capital Partners LP Limited Partnership 0% ASI Private Equity 1 LP4 Limited Partnership 0% ASI Private Equity 2 GP LP Limited Partnership 40% ASI Private Equity 2 LP Limited Partnership 0% ASI (PVCP) GP LP Limited Partnership 0% ASI REMM GP LLP4 Limited Liability Partnership 100% ASI Shin Co-Investment LP4 Limited Partnership 100% ASI Shin Global Investment GP Limited11 Ordinary shares 100% ASI (SOF E GP) Limited Ordinary shares 100% ASIF Sidecar Carry LP4 Limited Partnership 25% ASPER (Luxembourg) GP S.a.r.l. 19 Ordinary shares 100% Ballentine Core Private Equity Fund, LP 12 Limited Partnership 25% BOSEMP Feeder LP4 Limited Partnership 0% Brain Co-Invest General Partner LLP Limited Liability Partnership 100% Brain Co-Invest LP Limited Partnership 0% C.C. U.S. Private Equity Fund GP, LLC12 Limited Liability Company 81% C.C. U.S. Private Equity Fund GP II, LLC12 Limited Liability Company 84% C.C. U.S. Private Equity Fund, LP 12 Limited Partnership 1% C.C. U.S. Private Equity Fund II, LP12 Limited Partnership 0% Coutts Asian Private Equity Limited Partnership11 Limited Partnership 0% Coutts Global Property Limited Partnership11 Limited Partnership 0% Coutts Middle East and North Africa Private Equity Limited Partnership 11 Limited Partnership 0% Coutts Private Equity Limited Partnership11 Limited Partnership 0% Coutts Private Equity Limited Partnership II11 Limited Partnership 0% CPP General Partner Limited Partnership Limited Partnership 20% Cumberland Place Financial Management Limited3 Ordinary shares 100% Edinburgh Fund Managers Group Limited4 Ordinary shares 100% Edinburgh Fund Managers Plc Ordinary shares 100% Edinburgh Unit Trust Managers Limited4 Ordinary shares Deferred shares 100% Elevate Portfolio Services Limited3 Ordinary shares 100% Name of related undertaking Share class1 % interest held2 ESF I Executive Co Investment Limited Partnership Limited Partnership 0% ESP 2004 Co Investment Limited Partnership Limited Partnership 0% ESP 2004 Conduit LP Limited Partnership 0% ESP 2004 General Partner Limited Partnership Limited Partnership 0% ESP 2006 Co Investment Limited Partnership Limited Partnership 0% ESP 2006 Conduit LP Limited Partnership 0% ESP 2006 General Partner Limited Partnership Limited Partnership 20% ESP 2008 Conduit LP Limited Partnership 0% ESP 2008 Executive Co Investment Limited Partnership Limited Partnership 0% ESP 2008 General Partner Limited Partnership Limited Partnership 0% ESP CPPIB European Mid Market Fund Limited Partnership 1% ESP General Partner Limited Partnership Limited Partnership 0% ESP Golden Bear Europe Fund Limited Partnership 3% ESP Golden Bear General Partner Limited Partnership Limited Partnership 0% ESP II Co Investment Limited Partnership Limited Partnership 0% ESP II Conduit LP Limited Partnership 0% ESP II General Partner Limited Partnership Limited Partnership 0% ESP Tidal Reach General Partner Limited Partnership Limited Partnership 20% ESP Tidal Reach LP Limited Partnership 1% European Strategic Partners Limited Partnership 0% European Strategic Partners - I LP17 Limited Partnership 0% European Strategic Partners 2004 'A' Limited Partnership 0% European Strategic Partners 2004 'B' Limited Partnership 0% European Strategic Partners 2006 'A' Limited Partnership 0% European Strategic Partners 2006 'B' Limited Partnership 0% European Strategic Partners 2008 'A' Limited Partnership 0% European Strategic Partners 2008 'B' Limited Partnership 0% European Strategic Partners II 'A' Limited Partnership 0% European Strategic Partners II 'B' Limited Partnership 0% European Strategic Partners II 'C' Limited Partnership 0% European Strategic Partners II 'D' Limited Partnership 0% European Strategic Partners II 'E' Limited Partnership 0% European Strategic Partners Scottish 'B' Limited Partnership 0% European Strategic Partners Scottish 'C' Limited Partnership 0% Finimize Limited3 Ordinary shares 100% Flag Asia Company III, LLC 12 Limited Liability Company 100% Flag Asia Company III, LP12 Limited Partnership 0% Flag Energy & Resource Company II, LLC12 Limited Liability Company 0% Flag Energy & Resource Company III, LLC12 Limited Liability Company 0% Flag Global Company, LLC 12 Limited Liability Company 0% Flag International Company, LLC12 Limited Liability Company 0% Flag International Company II, LLC 12 Limited Liability Company 0% Flag International Company III, LLC 12 Limited Liability Company 0% Flag International Company, LP 12 Limited Partnership 0% Flag International Company II, LP 12 Limited Partnership 0% Flag International Company III, LP12 Limited Partnership 0% Flag Offshore GP, Ltd21 Ordinary shares 100% Flag Private Equity Company III, LLC 12 Limited Liability Company 0% Flag Private Equity Company IV, LLC 12 Limited Liability Company 0% Flag Private Equity Company V, LLC12 Limited Liability Company 0% Flag Private Equity Company VI, LLC 12 Limited Liability Company 0% Flag Private Equity Company III, LP 12 Limited Partnership 0% Flag Private Equity Company IV, LP 12 Limited Partnership 0% Flag Private Equity Company V, LP 12 Limited Partnership 0% Flag Real Assets Company LLC12 Limited Liability Company 0% Flag Real Estate Company II, LLC 12 Limited Liability Company 0% Flag Real Estate Company III, LLC12 Limited Liability Company 0% Name of related undertaking Share class1 % interest held 2 Flag Squadron Asia Pacific III GP LP11 Limited Partnership 100% Flag Venture Company V, LLC12 Limited Liability Company 0% Flag Venture Company VI, LLC12 Limited Liability Company 0% Flag Venture Company VII, LLC12 Limited Liability Company 0% Flag Venture Company VIII, LLC 12 Limited Liability Company 0% Flag Venture Company IX, LLC12 Limited Liability Company 0% Flag Venture Company VI, LP12 Limited Partnership 0% Flag Venture Company VII, LP 12 Limited Partnership 0% Flag Venture Company VIII, LP12 Limited Partnership 0% Fraser Heath Financial Management Limited3 Ordinary shares 100% FSA III EA SPV, LP11 Limited Partnership 0% FSA III Pacific SPV, LP11 Limited Partnership 0% Griffin Nominees Limited 3 Ordinary shares 100% Ignis Asset Management Limited Ordinary shares 100% Ignis Cayman GP2 Limited11 Ordinary shares 100% Ignis Cayman GP3 Limited11 Ordinary shares 100% Ignis Investment Services Limited Ordinary shares 100% Ignis Private Equity Fund LP 11 Limited Partnership 0% Ignis Strategic Credit Fund LP 11 Limited Partnership 0% Interactive Investor Services Limited7 Ordinary shares 100% Interactive Investor Services Nominees Limited 7 Ordinary shares 100% Investor Nominees (Dundee) Limited Ordinary shares 100% Investor Nominees Limited7 Ordinary shares 100% Investor SIPP Trustees Ltd7 Ordinary shares 100% KFAS Real Estate Limited Partnership Limited Partnership 0% Local2Local Limited52 Ordinary shares 60% Moneywise Publishing Limited7 Ordinary shares 100% Murray Johnstone Holdings Limited 22 Ordinary shares 100% Murray Johnstone Limited4 Ordinary shares 100% NASP 2006 General Partner Limited Partnership Limited Partnership 5% NASP 2006 Special Limited Partnership Limited Partnership 0% NASP 2008 General Partner Limited Partnership Limited Partnership 0% NASP 2008 Special Limited Partnership Limited Partnership 0% Next Generation Associates V, LLC12 Limited Liability Company 0% Next Generation Associates V, LP12 Limited Partnership 0% North American Strategic Partners GP, LP 53 Limited Partnership 0% North American Strategic Partners, LP53 Limited Partnership 0% North American Strategic Partners 2006 LP18 Limited Partnership 0% North American Strategic Partners 2008 LP18 Limited Partnership 0% North American Strategic Partners Companion Fund LP53 Limited Partnership 0% North American Strategic Partners (Feeder) 2006 Limited Partnership 0% North American Strategic Partners (Feeder) 2008 Limited Partnership Limited Partnership 0% North East Trustees Limited3 Ordinary A Shares Ordinary B Shares 100% Orion Partners CLP Inc.54 Ordinary shares 100% Orion Partners Services Inc.54 Ordinary shares 100% Ostara China Real Estate Fund LP 54 Limited Partnership 0% Ostara Japan Fund 3 LP 54 Limited Partnership 1% Ostara Korea GP 2 Pte. Ltd45 Ordinary shares 100% Ostara Korea Separate Account LP45 Limited Partnership 0% Ostara Partners Inc. China54 Ordinary shares 100% Ostara Partners Inc. Japan 3 54 Ordinary shares 100% Parnell Fisher Child & Co. Limited3 Ordinary shares 100% Parnell Fisher Child Holdings Limited3 Ordinary A Shares Ordinary B Shares 100% PE1 LP4 Limited Partnership 0% PE1A LP4 Limited Partnership 0% Name of related undertaking Share class 1 % interest held 2 PE2 Carry LP 4 Limited Partnership 40% PE2 LP 4 Limited Partnership 0% Pearl Private Equity LP Limited Partnership 0% Pearl Strategic Credit LP Limited Partnership 0% Pearson Jones & Company (Trustees) Limited 3 Ordinary shares 100% Pearson Jones Nominees Limited 3 Ordinary shares 100% Personal Retirement Account Limited 7 Ordinary shares 100% PGB European Buy-out Fund I SCSp 19 Limited Partnership 0% PGB European Co-Investment Fund I SCSp 19 Limited Partnership 0% Poinsettia Holdco LP 11 Limited Partnership 0% PT Aberdeen Standard Investments Indonesia 55 Limited Liability Company 99% Regent Property Partners (Retail Parks) Limited 51 Ordinary shares 100% SG Commercial LLP 52 Limited Liability Partnership 60% Share Limited 7 Ordinary shares 100% Share Nominees Limited 7 Ordinary shares 100% Sharesecure Limited 7 Ordinary shares 100% Shin Global Investment Partners LP 11 Limited Partnership 50% SL Capital 2016 Co-Investment GP LP Limited Partnership 5% SL Capital 2016 Co-Investment LP Limited Partnership 5% SL Capital ECF GP LP Limited Partnership 4% SL Capital ESF I GP LP Limited Partnership 0% SL Capital ESF I LP Limited Partnership 1% SL Capital European Co-Investment B LP Limited Partnership 0% SL Capital European Co-Investment LP Limited Partnership 0% SL Capital Ignis Private Equity Founder LP Limited Partnership 65% SL Capital Ignis Strategic Credit Founder LP Limited Partnership 0% SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp 19 Limited Partnership 0% SL Capital Infrastructure I GP LP Limited Partnership 100% SL Capital Infrastructure I LP Limited Partnership 0% SL Capital Infrastructure II LTP LP Limited Partnership 25% SL Capital Infrastructure II SCSp 19 Limited Partnership 1% SL Capital Infrastructure Secondary I GP LP Limited Partnership 25% SL Capital Infrastructure Secondary I LP Limited Partnership 0% SL Capital Infrastructure Secondary II LP Limited Partnership 0% SL Capital NASF I A LP Limited Partnership 2% SL Capital NASF I Carry LP Limited Partnership 0% SL Capital NASF I GP LP Limited Partnership 0% SL Capital NASF I LP 12 Limited Partnership 0% SL Capital Partners (US) Limited 56 Ordinary shares 100% SL Capital Pearl Private Equity GP LP Limited Partnership 0% SL Capital Pearl Strategic Credit GP LP Limited Partnership 1% SL Capital SOF I Feeder LP Limited Partnership 0% SL Capital SOF II Feeder LP Limited Partnership 1% SL Capital SOF III Feeder LP Limited Partnership 0% SL Capital SOF I GP LP Limited Partnership 0% SL Capital SOF II GP LP Limited Partnership 0% SL Capital SOF III GP LP Limited Partnership 0% SL Capital SOF I LP Limited Partnership 0% SL Capital SOF II LP Limited Partnership 0% SL Capital SOF III LP Limited Partnership 0% SLC EC I Executive Co Investment Limited Partnership Limited Partnership 0% SLCI I Executive Co Investment Limited Partnership Limited Partnership 0% SLCI II Executive Co-Investment LP Limited Partnership 0% SLCI Rail Co-Invest LP Limited Partnership 0% SLCP 2016 Co-Investment LP Limited Partnership 0% SLCP (Founder Partner Ignis Private Equity) Limited Ordinary shares 100% SLCP (Founder Partner Ignis Strategic Credit) Limited Ordinary shares 100% Name of related undertaking Share class1 % interest held2 SLCP (General Partner) Limited Ordinary shares 100% SLCP (General Partner II) Limited Ordinary shares 100% SLCP (General Partner 2016 Co-investment) Limited Ordinary shares 100% SLCP (General Partner CPP) Limited Ordinary shares 100% SLCP (General Partner EC) Limited Ordinary shares 100% SLCP (General Partner Edcastle) Limited Ordinary shares 100% SLCP (General Partner ESF I) Limited Ordinary shares 100% SLCP (General Partner ESF II) Limited Ordinary shares 100% SLCP (General Partner ESP 2004) Limited Ordinary shares 100% SLCP (General Partner ESP 2006) Limited Ordinary shares 100% SLCP (General Partner ESP 2008 Coinvestment) Limited Ordinary shares 100% SLCP (General Partner ESP 2008) Limited Ordinary shares 100% SLCP (General Partner ESP CAL) Limited Ordinary shares 100% SLCP (General Partner Europe VI) Limited Ordinary shares 100% SLCP (General Partner Infrastructure I) Limited Ordinary shares 100% SLCP (General Partner Infrastructure Secondary I) Limited Ordinary shares 100% SLCP (General Partner NASF I) Limited Ordinary shares 100% SLCP (General Partner NASP 2006) Limited Ordinary shares 100% SLCP (General Partner NASP 2008) Limited Ordinary shares 100% SLCP (General Partner Pearl Private Equity) Limited Ordinary shares 100% SLCP (General Partner Pearl Strategic Credit) Limited Ordinary shares 100% SLCP (General Partner SOF I) Limited Ordinary shares 100% SLCP (General Partner SOF II) Limited Ordinary shares 100% SLCP (General Partner SOF III) Limited Ordinary shares 100% SLCP (General Partner Tidal Reach) Limited Ordinary shares 100% SLCP (General Partner USA) Limited Ordinary shares 100% SLIPC (General Partner Infrastructure II LTP 2017) Limited Ordinary shares 100% SLIPC (General Partner Infrastructure II) S.a.r.l. 19 Ordinary shares 100% SLIPC (General Partner Infrastructure III) S.\u00e0 r.l.19 Ordinary shares 100% SLIPC (General Partner PMD Co-Invest 2017) Limited Ordinary shares 100% SLIPC (General Partner SCF 1) Limited Ordinary shares 100% SLTM Limited Ordinary shares 100% SOF I Executive Co Investment Limited Partnership Limited Partnership 0% SOF II Executive Co Investment Limited Partnership Limited Partnership 0% SOF III Executive Co Investment Limited Partnership Limited Partnership 0% SOF IV Carry LP Limited Partnership 25% SOF IV Executive Co Investment Limited Partnership Limited Partnership 0% Squadron Asia Pacific Fund, LP11 Limited Partnership 0% Squadron Asia Pacific Fund II, LP 11 Limited Partnership 0% Squadron Capital Asia Pacific GP, LP11 Limited Partnership 100% Squadron Capital Asia Pacific II GP LP 11 Limited Partnership 100% Squadron Capital Partners Limited 11 Ordinary shares 100% Squadron GP Participation, LP11 Limited Partnership 0% Squadron GP Participation II, LP11 Limited Partnership 0% Standard Life Investments Brent Cross General Partner Limited Ordinary shares 100% Standard Life investments Brent Cross LP Limited Partnership 0% Standard Life Investments Commercial Real Estate Debt LP 3 Limited Partnership 0% Standard Life Investments European RE Club (Offshore Feeder) Ltd11 Ordinary shares 100% Standard Life Investments European RE Club II (Offshore Feeder) Ltd11 Ordinary shares 100% Standard Life investments European Real Estate Club LP 3 Limited Partnership 2% Standard Life Investments European Real Estate Club II LP 3 Limited Partnership 1% Standard Life Investments European Real Estate Club III LP3 Limited Partnership 2% Standard Life Investments (General Partner CRED) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner ELIREF) S.a.r.l.19 Ordinary shares 100% Standard Life Investments (General Partner EPGF) Limited Ordinary shares 100% Standard Life Investments (General Partner European Real Estate Club) Limited 3 Ordinary shares 100% Name of related undertaking Share class 1 % interest held 2 Standard Life Investments (General Partner European Real Estate Club II) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner European Real Estate Club III) Limited 3 Ordinary shares 100% Standard Life Investments (General Partner GARS) Limited Ordinary shares 100% Standard Life Investments (General Partner GFS) Limited Ordinary shares 100% Standard Life Investments (General Partner Global Tactical Asset Allocation) Limited Ordinary shares 100% Standard Life Investments (General Partner MAC) Limited Ordinary shares 100% Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Limited 3 Ordinary shares 100% Standard Life Investments (Mutual Funds) Limited 22 Ordinary shares 100% Standard Life Investments UK Shopping Centre Feeder Fund Company Limited 57 Ordinary shares 100% Standard Life Savings Nominees Limited Ordinary shares 100% Tenon Nominees Limited 4 Ordinary shares 100% The Lighthouse Living Co Limited Ordinary shares 75% The Munro Partnership Ltd Ordinary shares 100% The Share Centre (Administration Services) Ltd 7 Ordinary shares 100% The Share Centre Limited 7 Ordinary shares 100% Touchstone Insurance Company Limited 58 Ordinary shares 100% TPIF (No. 1) GP LLP 59 Limited Liability Partnership 60% TPIF (No. 1) LP 59 Limited Partnership 0% TPIF (Portfolio No. 1) GP LLP 52 Limited Liability Partnership 60% TPIF (Portfolio No. 1) LP 52 Limited Partnership 0% TPIF (Portfolio No. 1) Nominee Limited 52 Ordinary shares 60% Tritax Aberdeen HQ Office (General Partner) Limited 52 Ordinary shares 60% Tritax Aberdeen HQ Office Limited Partnership 60 Limited Partnership 0% Tritax abrdn Supply Chain GP LLP 52 Limited Liability Partnership 60% Tritax Assets LLP 52 Limited Liability Partnership 60% Tritax LMR Carry GP LLP 59 Limited Liability Partnership 60% Tritax LMR Carry Limited Partnership 59 Limited Partnership 7% Tritax Management LLP 3 Limited Liability Partnership 60% Tritax PowerBox Limited 52 Ordinary shares 60% Tritax Securities LLP 52 Limited Liability Partnership 60% Two Rivers One Limited 24 Ordinary shares 100% Two Rivers Two Limited 24 Ordinary shares 100% UK PRS Opportunities General Partner Limited 3 Ordinary shares 100% UK PRS Opportunities LP 3 Limited Partnership 0% VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG 38 Limited Partnership 0% VZWL Private Equity GmbH & Co geschlossene Investment KG 38 Limited Partnership 0% Waverley Healthcare Private Equity Limited 4 Ordinary shares 100 % Registered offices 3. 280 Bishopsgate, London, EC2M 4AG 4. 10 Queens Terrace, Aberdeen, AB10 1XL 5. c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street, Port Louis, 11324, Mauritius 6. PO Box 19, Martello Court, Admiral Park, St Peter Port, GY1 3HB, Guernsey 7. 201 Deansgate, Manchester, M3 3NW 8. Cranford House, Kenilworth Road, Blackdown, Leamington Spa, CV32 6RQ 9. 2nd Floor, The Royals, Altrincham Road, Sharston, Manchester M22 4BJ 10. 2-8 avenue Charles De Gaulle, L-1653 Luxembourg, Luxembourg 11. c/o Maples Corporate Services Limited ,Ugland House, P.O. Box 309, Grand Cayman, KY1-1104, Cayman Islands 12. c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE, 19808, USA 13. Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok, 10120, Thailand 14. Strandvejen 171,3, 2900 Hellerup, Denmark 15. c/o Aatsto DLA Piper Finland Oy, Fabianinkatu 23, FI-00130 Helsinki, Finland 16. Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market Square, Al Marya Island, PO Box 764605, Abu Dhabi, United Arab Emirates 17. c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE, 19801, USA 18. c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE, 19808, USA 19. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg 20. Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ 21. c/o Mourant Governance Services (Cayman) Limited; 94 Solaris Avenue, Camana Bay, PO Box 1348; Grand Cayman KY1-1108, Cayman Islands 22. 7 Exchange Crescent, Conference Square, Edinburgh, EH3 8AN 23. Box 3039, Stockholm, 103 63, Sweden 24. Level 1, 1FC1, Esplanade, St Helier, JE2 3BX, Jersey 25. Harju maakond, Tallinn, Kesklinna linnaosa, Ahtri tn 6a, 10151, Estonia 26. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg 27. WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands 28. One London Wall, London, EC2Y 5AB 29. Level 10, 255 George Street, Sydney, NSW 2000, Australia 30. 712 5th Ave, New York, NY 10019, USA 31. 8F-1, No. 101, Songren Road, Taipei City, 110, Taiwan, Republic of China 32. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore 33. Rua Joaquim Floriano, 913 \u2013 7th floor \u2013 Cj. 71, Itaim Bibi, S\u00e3o Paulo, 04534-013, Brasil 34. 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada 35. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey 36. AC 82 NO. 10 60 P 5 Bogota DC, Columbia 37. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong 38. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany 39. 2-4 Merrion Row, Dublin 2, D02 WP23, Ireland 40. Schweizergasse 14, Zurich, 8001, Switzerland 41. Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang 50100 Kuala Lumpur, Malaysia 42. Otemachi Financial City Grand Cube 9F, 1-9-2 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan 43. 44 Esplanade, St Helier, Jersey, JE4 9WG 44. 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465, Gangnam- daero, Seocho-gu, Seoul, Korea 45. 80 Robinson Road, #02-00, 068898, Singapore 46. West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone 47. 29 Rue De Berri, Paris, 75008, France 48. 2-4, Rue Eug\u00e8ne Ruppert, L-2453 Luxembourg, Luxembourg 49. 1900 Market St, Suite 200, Philadelphia, PA 19103, USA 50. Box 16285, Stockholm, 103 25, Sweden 51. 30 Finsbury Square, London, EC2A 1AG 52. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN 53. RL&F Service Corp., 920 N King St FL 2, Wilmington, New Castle, DE, 19801, USA 54. Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket Square, Grand Cayman, KY1-9010, Cayman Islands 55. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl Mega Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia 56. 7 Conference Square, Edinburgh, EH3 8AN 57. Ogier House, Esplanade, St Helier, JE4 9WG, Jersey 58. c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port, Guernsey GY1 4AT 59. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ 60. DWF LLP, 110 Queen Street, Glasgow, G1 3HD 61. 4th Floor, 1 Old Jewry, London, EC2R 8DN 62. c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands 63. 7 Lochside View, Edinburgh, EH12 9DH 64. 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin, People\u2019s Republic of China, 300051 65. 80, route d'Esch, L-1470 Luxembourg, Luxembourg 66. 5 Lister Hill, Horsforth, Leeds LS18 5AZ 67. 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