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"unit": "iso4217:GBP" } }, "fact-558": { "value": "1166000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-559": { "value": "1875000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-560": { "value": "-8000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-561": { "value": "28000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-562": { "value": "1210000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-563": { "value": "1166000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-564": { "value": "85000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-565": { "value": "38000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-566": { "value": "91000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-567": { "value": "110000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-568": { "value": "3000000", "decimals": -6, "dimensions": { "concept": "abrdnplc:RentalIncomeReceivedOnInvestmentPropertyClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-569": { "value": "2000000", "decimals": -6, "dimensions": { "concept": "abrdnplc:RentalIncomeReceivedOnInvestmentPropertyClassifiedAsOperatingActivities", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "75000000", "decimals": -6, "dimensions": { "concept": "abrdnplc:TotalTaxationPaid", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-4": { "value": "64000000", "decimals": -6, "dimensions": { "concept": "abrdnplc:TotalTaxationPaid", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-571": { "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 (refer Note 32) and released to the Consolidated income statement over the
period services are provided.
Where revenue received relates to performance obligations whose fulfilment involves another external party, for
example fund accounting or custodian services, the Group assesses if it is acting as a principal with full responsibility for
the performance obligation and control over its fulfilment or solely responsible for arranging for the third party to fulfil the
performance obligation i.e. acting as an agent. Where the Group is acting as an agent, only its share of the revenue for
the arrangement of the relevant service is recognised within revenue from contracts from customers, therefore the
revenue is recognised net of the revenue passed on to the third party.
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.
The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
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 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 or disclosing contingent
liabilities 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. Where a future
outflow of economic benefits is judged as less than probable but more than remote, a contingent liability will be
disclosed, where material. 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. Mana
g
ement 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 40.
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 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 32) 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
Yes B: Objective is achieved by both collecting contractual cash Fair value through other comprehensive
flows and selling income (FVOCI)
Yes
C: Objective is neither A nor B
FVTPL
No
N/A
FVTPL
2
2
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 direct holding in 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. The Group\u2019s Chinese joint venture, HASL, does hold debt securities classified as FVOCI. Refer Basis of Preparation
for further details. 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 36.
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 hedge 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 accounting 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 overdraft is repayable on demand
and forms an integral part of the Group\u2019s cash management.
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.
The 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.
Where the Company undertakes share buybacks, the reduction to retained earnings is accounted for on the trade date
of the transaction of each repurchase with a liability recognised for unsettled trades, unless the Company has an
irrevocable contractual obligation with a third party. Where the Company has an irrevocable contractual obligation, the
full contractual value of the buyback programme is recognised as a liability and as a reduction to retained earnings on
the date of the agreement. The reduction to share capital for the cancellation of the shares and the related credit to the
capital redemption reserve is always accounted for on the settlement date for the repurchases.
Shares held by trusts relates to shares in abrdn plc that are held by the abrdn Employee Benefit Trust (abrdn EBT), the
abrdn Employee Trust (formerly named the Standard Life Employee Trust)(abrdn ET) and the Aberdeen Asset
Management Employee Benefit Trust 2003 (AAM EBT).
The abrdn EBT, abrdn 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, abrdn 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 36.
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.
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.
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, a
separate reimbursement asset is recognised when it is virtually certain that reimbursement will be received if the Group
settles the obligation.
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 amount for which an asset could
be exchanged, or a liability settled, between knowledgeable willing parties in an arm\u2019s length 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 with a high turnover 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 recognised as an asset.
251abrdn.comAnnual report 2023
FINANCIAL INFORMATION
39. Commitments
The Group has contractual commitments 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 give 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 recognised 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 greater than 20% of the Group\u2019s assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "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).
Climate risks have been taken into consideration in the preparation of the consolidated financial statements, primarily in
relation to fair value calculations and impairment assessments. Refer Note 34(a) for further details of our consideration of
climate impact including our current assessment that the impact on the consolidated financial statements is not material.
The current inflationary environment has also been taken into consideration in the preparation of the consolidated
financial statements. Again this primarily relates to fair value calculations and impairment assessments. The impact of
inflation has been factored into budgeted cash flows used in these calculations and assessment. However, terminal growth
rates are still based on longer term inflation expectations which are largely unchanged.
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 January 2023.
IFRS 17 Insurance Contracts
On 1 January 2023, the Group adopted IFRS 17 Insurance Contracts. IFRS 17 replaces IFRS 4 Insurance Contracts which
was an interim standard which permitted 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
satisfied 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. IFRS 17 introduces a new approach to presentation in the income
statement and statement of comprehensive income in relation to direct exposure to insurance contracts.
The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features
and the adoption of this standard has had no significant direct impact on the measurement or presentation of insurance
contracts and therefore no restatement of prior periods was required in relation to direct exposure.
However, the results of the Group\u2019s joint venture Heng An Standard Life Insurance Company Limited (HASL) have been
impacted by the adoption of IFRS 17 on 1 January 2023. HASL has also applied IFRS 9 Financial Instruments on 1 January
2023. While the Group had adopted IFRS 9 on 1 January 2019 following the sale of its UK and European insurance in 2018,
HASL had continued to take the permitted temporary exemption granted to insurers in IFRS 4 to defer the implementation
of IFRS 9 until the implementation of IFRS 17.
IFRS 17 must be applied retrospectively, however as permitted by the standard, HASL has applied IFRS 9 prospectively.
Consequently, the combined impact of the change of accounting policy comes through at 1 January 2023. The net impact
of the changes is an increase in the carrying value of HASL, the Group\u2019s retained earnings and net assets of \u00a316m,
comprising a decrease of \u00a335m for IFRS 17 offset by an increase of \u00a351m for IFRS 9.
IFRS 17 has three main measurement models: the general measurement model; the variable fee approach and the
premium allocation approach. HASL is primarily using the general measurement model for its traditional insurance
business and the variable fee approach for its direct participating contracts and investment contracts with direct
participation features with some use of the premium allocation approach. The results reflect the election to take the other
comprehensive income (OCI) options under IFRS 17 to take elements of the movements in the measurement of insurance
contract through OCI to minimise income statement volatility.
The impact of the restatement in 2022 below partly reflects that the measurement of investment contracts under the variable fee approach reflect the fair value of the underlying assets from 1 January 2022 but a number of these assets were not accounted for at fair value until 1 January 2023 upon HASL\u2019s adoption of IFRS 9 (see below). The measurement of the insurance contracts is also impacted by the use of lower discount rates to discount liabilities under IFRS 17 as compared to those used under IFRS 4 and higher liabilities for financial related guarantees within some products. In relation to IFRS 9, the largest impact relates to its debt investments which were classified as held to maturity under IAS 39 and subsequently accounted for at amortised cost but are now classified as fair value through OCI under IFRS 9. As noted above, IFRS 17 is applied retrospectively. However, it was not practicable for HASL to apply a full retrospective approach. Depending on the nature and start date of the insurance contract, HASL has applied either a modified retrospective approach or a fair value approach. The choice of transition approach is not expected to have a significant impact on future periods. The carrying value of the joint venture and opening retained earnings as at 1 January 2022 have been restated for IFRS 17.
31 December
2021 as
previously Impact 1 January 2022 as
presented of IFRS 17 restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
258
(9)
249
Inves
tments in associates and joint ventures accounted for using the equity method
274
(9)
265
Total assets
11
,418
(9)
11
,409
Re
tained earnings
5,
775
(9)
5,
766
Total
equity attributable to equity shareholders of abrdn plc
7,643
(9)
7,634
Total equity
7,
856
(9)
7,
847
Total equit
y and liabilities
11,418
(9)
11,409
The carrying value of HASL and the movements in the carrying value as at 31 December 2022 have also been restated.
2022 as
previously Impact
presented
of IFRS 17
2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated income statement
Share of profit or loss from associates and joint ventures
2
3
5
Loss before tax
(615)
3
(612)
Loss for th
e year
(549)
3
(546)
A
ttributable to:
E
quity shareholders of abrdn plc
(561)
3
(558)
Earnings per share
B
asic (pence per share)
(26.8)
0.2
(26.6)
Diluted (pence per share)
(26.8)
0.2
(26.6)
Consolidated statement of comprehensive income
Loss for the year
(549)
3
(546)
Share of other comprehensive income of associates and joint ventures
(28)
(29)
(57)
Total items that may be reclassified subsequently to profit or loss
13
(29)
(16)
Other comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,329)
(26)
(1,355)
A
ttributable to:
E
quity shareholders of abrdn plc
(1,341)
(26)
(1,367)
A
nalysis of adjusted profit
Adjus
ted for the following items
Sha
re of profit or loss from associates and joint ventures
2
3
5
Total adjusting items including results of associates and joint ventures
(868)
3
(865)
Lo
ss for the year attributable to equity shareholders of abrdn plc
(561)
3
(558)
Loss for th
e year
(549)
3
(546)
31 December
2022 as
previously Impact 31 December
presented of IFRS 17 2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
245
(35)
210
Inves
tments in associates and joint ventures accounted for using the equity method
267
(35)
232
Total assets
9,
247
(35)
9,
212
Re
tained earnings
5,
021
(35)
4,
986
Total
equity attributable to equity shareholders of abrdn plc
5,663
(35)
5,628
Total equity
5,
877
(35)
5,
842
Total equit
y and liabilities
9,247
(35)
9,212
Con
solidated statement of changes in equity
O
pening retained earnings
5,775
(9)
5,766
Loss for the year
(561)
3
(558)
Oth
er comprehensive income for the year
(821)
(29)
(850)
Total comprehensive income for the year
(1,382)
(26)
(1,408)
Closing retained earnings
5,021
(35)
4,986
Op
ening total equity attributable to equity shareholders of abrdn plc
7,643
(9)
7,634
Loss for the year
(561)
3
(558)
Oth
er comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,341)
(26)
(1,367)
Closing total equity attributable to equity shareholders of abrdn plc
5,663
(35)
5,628
Op
ening total equity
7,
856
(9)
7,
847
Loss for th
e year
(549)
3
(546)
Oth
er comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,329)
(26)
(1,355)
Closing total equity
5,
877
(35)
5,
842
The restatement has no overall impact on the cash flows of the Group but does impact certain line items in the
consolidated statement of cash flows:
31 December
2022 as
previously Impact 31 December
presented of IFRS 17 2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of cash flows
Loss before tax
(615)
3
(612)
Oth
er non-cash and non-operating items
570
(3)
567
In line with the approach adopted by the Group on its implementation of IFRS 9 on 1 January 2019 and as permitted by IFRS
9, the comparatives have not been restated for HASL\u2019s adoption of IFRS 9. The impact of HASL adopting IFRS 9 is recognised
in retained earnings at 1 January 2023.
31 December
2022 as restated Impact
for IFRS 17 of IFRS 9 1 January 2023
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
210
51
261
Inves
tments in associates and joint ventures accounted for using the equity method
232
51
283
Total assets
9,
212
51
9,
263
Re
tained earnings
4,
986
51
5,
037
Total
equity attributable to equity shareholders of abrdn plc
5,628
51
5,679
Total equity
5,
842
51
5,893
Total equity and liabilities
9,212
51
9,263
Amendments to existing standards
International Tax Reform \u2013 Organization for Economic Cooperation and Development (OECD) Pillar Two Model Rules -
Amendments to IAS 12
In May 2023, amendments to IAS 12 were issued which were endorsed by the UK endorsement board on 19 July 2023. The
amendments were effective immediately.
The amendments clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to
implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic
minimum top-up taxes. However, the amendments also introduce a mandatory exception in IAS 12 from recognising and
disclosing deferred tax assets and liabilities related to Pillar Two income taxes which the Group has applied.
The amendments introduce new disclosure requirements in relation to Pillar Two income taxes including qualitative and
quantitative information about Group\u2019s exposure to Pillar Two income taxes in relation to Pillar Two legislation enacted or
substantively enacted but not yet effective at the end of the reporting period. Refer Note 9(e) for the information on this
exposure.
Other amendments
\u2013 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2.
\u2013 Definition of Accounting Estimates - Amendments to IAS 8.
\u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12.
The Group\u2019s accounting policies have been updated to reflect these other 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 2023. The Group has not early adopted the
standards, amendments and interpretations described below.
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 Note 31
the surplus.
Treatment of tax relating to the surplus.
Intangible assets
Identification and valuation of intangible assets arising from business
Note 13
combinations, and the determination of useful lives.
The following changes have been made to the Group\u2019s critical judgements:
\u2013 In addition to identification and valuation of the intangible assets, the allocation to cash generating units of goodwill
arising from the acquisition was considered a critical judgement during 2022 in relation to the acquisition of ii (refer Note
1(b)(ii)). This is not considered as a critical judgement in relation to the 2023 acquisition of the healthcare fund
management capabilities of Tekla Capital Management LLC (Tekla) (refer Note 1(b)(i)).
\u2013 Following the final release of the Group\u2019s separation costs provision (refer Note 33 for further details), determining
whether a provision is required for separation costs is not considered as a critical judgement.
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
Note 13
goodwill.
Financial instruments at fair value Determination of the fair value of contingent consideration Notes 34 and 36
through profit or loss liabilities relating to the acquisition of Tritax.
Defined benefit pension plans
Determination of principal UK pension plan assumptions for mortality,
Note 31
discount rate and inflation.
All other critical accounting estimates and assumptions are the same as the prior year.
Further detail on critical accounting 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 global and regional geopolitical events 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 34), its contingent liabilities and commitments (Notes 38 and 39), and its capital structure and position (Note 42). 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 \u00a31.8bn at 31 December 2023. 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 Common Equity Tier 1 (CET1) capital surplus on an IFPR basis was \u00a3876m in excess of capital requirements at 31 December 2023. The regulatory CET1 capital surplus does not include the value of the Group\u2019s significant listed investment in Phoenix Group Holdings (Phoenix). \u2013 The Group performs regular stress and scenario analysis as described in the Annual report and accounts 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "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 January 2023. IFRS 17 Insurance Contracts On 1 January 2023, the Group adopted IFRS 17 Insurance Contracts. IFRS 17 replaces IFRS 4 Insurance Contracts which was an interim standard which permitted 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 satisfied 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. IFRS 17 introduces a new approach to presentation in the income statement and statement of comprehensive income in relation to direct exposure to insurance contracts. The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features and the adoption of this standard has had no significant direct impact on the measurement or presentation of insurance contracts and therefore no restatement of prior periods was required in relation to direct exposure. However, the results of the Group\u2019s joint venture Heng An Standard Life Insurance Company Limited (HASL) have been impacted by the adoption of IFRS 17 on 1 January 2023. HASL has also applied IFRS 9 Financial Instruments on 1 January 2023. While the Group had adopted IFRS 9 on 1 January 2019 following the sale of its UK and European insurance in 2018, HASL had continued to take the permitted temporary exemption granted to insurers in IFRS 4 to defer the implementation of IFRS 9 until the implementation of IFRS 17. IFRS 17 must be applied retrospectively, however as permitted by the standard, HASL has applied IFRS 9 prospectively. Consequently, the combined impact of the change of accounting policy comes through at 1 January 2023. The net impact of the changes is an increase in the carrying value of HASL, the Group\u2019s retained earnings and net assets of \u00a316m, comprising a decrease of \u00a335m for IFRS 17 offset by an increase of \u00a351m for IFRS 9. IFRS 17 has three main measurement models: the general measurement model; the variable fee approach and the premium allocation approach. HASL is primarily using the general measurement model for its traditional insurance business and the variable fee approach for its direct participating contracts and investment contracts with direct participation features with some use of the premium allocation approach. The results reflect the election to take the other comprehensive income (OCI) options under IFRS 17 to take elements of the movements in the measurement of insurance contract through OCI to minimise income statement volatility. The impact of the restatement in 2022 below partly reflects that the measurement of investment contracts under the variable fee approach reflect the fair value of the underlying assets from 1 January 2022 but a number of these assets were not accounted for at fair value until 1 January 2023 upon HASL\u2019s adoption of IFRS 9 (see below). The measurement of the insurance contracts is also impacted by the use of lower discount rates to discount liabilities under IFRS 17 as compared to those used under IFRS 4 and higher liabilities for financial related guarantees within some products. In relation to IFRS 9, the largest impact relates to its debt investments which were classified as held to maturity under IAS 39 and subsequently accounted for at amortised cost but are now classified as fair value through OCI under IFRS 9. As noted above, IFRS 17 is applied retrospectively. However, it was not practicable for HASL to apply a full retrospective approach. Depending on the nature and start date of the insurance contract, HASL has applied either a modified retrospective approach or a fair value approach. The choice of transition approach is not expected to have a significant impact on future periods. The carrying value of the joint venture and opening retained earnings as at 1 January 2022 have been restated for IFRS 17.
31 December
2021 as
previously Impact 1 January 2022 as
presented of IFRS 17 restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
258
(9)
249
Inves
tments in associates and joint ventures accounted for using the equity method
274
(9)
265
Total assets
11
,418
(9)
11
,409
Re
tained earnings
5,
775
(9)
5,
766
Total
equity attributable to equity shareholders of abrdn plc
7,643
(9)
7,634
Total equity
7,
856
(9)
7,
847
Total equit
y and liabilities
11,418
(9)
11,409
The carrying value of HASL and the movements in the carrying value as at 31 December 2022 have also been restated.
2022 as
previously Impact
presented
of IFRS 17
2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated income statement
Share of profit or loss from associates and joint ventures
2
3
5
Loss before tax
(615)
3
(612)
Loss for th
e year
(549)
3
(546)
A
ttributable to:
E
quity shareholders of abrdn plc
(561)
3
(558)
Earnings per share
B
asic (pence per share)
(26.8)
0.2
(26.6)
Diluted (pence per share)
(26.8)
0.2
(26.6)
Consolidated statement of comprehensive income
Loss for the year
(549)
3
(546)
Share of other comprehensive income of associates and joint ventures
(28)
(29)
(57)
Total items that may be reclassified subsequently to profit or loss
13
(29)
(16)
Other comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,329)
(26)
(1,355)
A
ttributable to:
E
quity shareholders of abrdn plc
(1,341)
(26)
(1,367)
A
nalysis of adjusted profit
Adjus
ted for the following items
Sha
re of profit or loss from associates and joint ventures
2
3
5
Total adjusting items including results of associates and joint ventures
(868)
3
(865)
Lo
ss for the year attributable to equity shareholders of abrdn plc
(561)
3
(558)
Loss for th
e year
(549)
3
(546)
31 December
2022 as
previously Impact 31 December
presented of IFRS 17 2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
245
(35)
210
Inves
tments in associates and joint ventures accounted for using the equity method
267
(35)
232
Total assets
9,
247
(35)
9,
212
Re
tained earnings
5,
021
(35)
4,
986
Total
equity attributable to equity shareholders of abrdn plc
5,663
(35)
5,628
Total equity
5,
877
(35)
5,
842
Total equit
y and liabilities
9,247
(35)
9,212
Con
solidated statement of changes in equity
O
pening retained earnings
5,775
(9)
5,766
Loss for the year
(561)
3
(558)
Oth
er comprehensive income for the year
(821)
(29)
(850)
Total comprehensive income for the year
(1,382)
(26)
(1,408)
Closing retained earnings
5,021
(35)
4,986
Op
ening total equity attributable to equity shareholders of abrdn plc
7,643
(9)
7,634
Loss for the year
(561)
3
(558)
Oth
er comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,341)
(26)
(1,367)
Closing total equity attributable to equity shareholders of abrdn plc
5,663
(35)
5,628
Op
ening total equity
7,
856
(9)
7,
847
Loss for th
e year
(549)
3
(546)
Oth
er comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,329)
(26)
(1,355)
Closing total equity
5,
877
(35)
5,
842
The restatement has no overall impact on the cash flows of the Group but does impact certain line items in the
consolidated statement of cash flows:
31 December
2022 as
previously Impact 31 December
presented of IFRS 17 2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of cash flows
Loss before tax
(615)
3
(612)
Oth
er non-cash and non-operating items
570
(3)
567
In line with the approach adopted by the Group on its implementation of IFRS 9 on 1 January 2019 and as permitted by IFRS 9, the comparatives have not been restated for HASL\u2019s adoption of IFRS 9. The impact of HASL adopting IFRS 9 is recognised in retained earnings at 1 January 2023.
31 December
2022 as restated Impact
for IFRS 17 of IFRS 9 1 January 2023
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
210
51
261
Inves
tments in associates and joint ventures accounted for using the equity method
232
51
283
Total assets
9,
212
51
9,
263
Re
tained earnings
4,
986
51
5,
037
Total
equity attributable to equity shareholders of abrdn plc
5,628
51
5,679
Total equity
5,
842
51
5,893
Total equity and liabilities
9,212
51
9,263
Amendments to existing standards International Tax Reform \u2013 Organization for Economic Cooperation and Development (OECD) Pillar Two Model Rules - Amendments to IAS 12 In May 2023, amendments to IAS 12 were issued which were endorsed by the UK endorsement board on 19 July 2023. The amendments were effective immediately. The amendments clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes. However, the amendments also introduce a mandatory exception in IAS 12 from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes which the Group has applied. The amendments introduce new disclosure requirements in relation to Pillar Two income taxes including qualitative and quantitative information about Group\u2019s exposure to Pillar Two income taxes in relation to Pillar Two legislation enacted or substantively enacted but not yet effective at the end of the reporting period. Refer Note 9(e) for the information on this exposure. Other amendments \u2013 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2. \u2013 Definition of Accounting Estimates - Amendments to IAS 8. \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12. The Group\u2019s accounting policies have been updated to reflect these other 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 2023. The Group has not early adopted the standards, amendments and interpretations described below. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-676": { "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 January 2023. IFRS 17 Insurance Contracts On 1 January 2023, the Group adopted IFRS 17 Insurance Contracts. IFRS 17 replaces IFRS 4 Insurance Contracts which was an interim standard which permitted 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 satisfied 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. IFRS 17 introduces a new approach to presentation in the income statement and statement of comprehensive income in relation to direct exposure to insurance contracts. The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features and the adoption of this standard has had no significant direct impact on the measurement or presentation of insurance contracts and therefore no restatement of prior periods was required in relation to direct exposure. However, the results of the Group\u2019s joint venture Heng An Standard Life Insurance Company Limited (HASL) have been impacted by the adoption of IFRS 17 on 1 January 2023. HASL has also applied IFRS 9 Financial Instruments on 1 January 2023. While the Group had adopted IFRS 9 on 1 January 2019 following the sale of its UK and European insurance in 2018, HASL had continued to take the permitted temporary exemption granted to insurers in IFRS 4 to defer the implementation of IFRS 9 until the implementation of IFRS 17. IFRS 17 must be applied retrospectively, however as permitted by the standard, HASL has applied IFRS 9 prospectively. Consequently, the combined impact of the change of accounting policy comes through at 1 January 2023. The net impact of the changes is an increase in the carrying value of HASL, the Group\u2019s retained earnings and net assets of \u00a316m, comprising a decrease of \u00a335m for IFRS 17 offset by an increase of \u00a351m for IFRS 9. IFRS 17 has three main measurement models: the general measurement model; the variable fee approach and the premium allocation approach. HASL is primarily using the general measurement model for its traditional insurance business and the variable fee approach for its direct participating contracts and investment contracts with direct participation features with some use of the premium allocation approach. The results reflect the election to take the other comprehensive income (OCI) options under IFRS 17 to take elements of the movements in the measurement of insurance contract through OCI to minimise income statement volatility.
The impact of the restatement in 2022 below partly reflects that the measurement of investment contracts under the
variable fee approach reflect the fair value of the underlying assets from 1 January 2022 but a number of these assets
were not accounted for at fair value until 1 January 2023 upon HASL\u2019s adoption of IFRS 9 (see below). The measurement of
the insurance contracts is also impacted by the use of lower discount rates to discount liabilities under IFRS 17 as compared
to those used under IFRS 4 and higher liabilities for financial related guarantees within some products.
In relation to IFRS 9, the largest impact relates to its debt investments which were classified as held to maturity under IAS 39
and subsequently accounted for at amortised cost but are now classified as fair value through OCI under IFRS 9.
As noted above, IFRS 17 is applied retrospectively. However, it was not practicable for HASL to apply a full retrospective
approach. Depending on the nature and start date of the insurance contract, HASL has applied either a modified
retrospective approach or a fair value approach. The choice of transition approach is not expected to have a significant
impact on future periods.
The carrying value of the joint venture and opening retained earnings as at 1 January 2022 have been restated for IFRS 17.
31 December
2021 as
previously Impact 1 January 2022 as
presented of IFRS 17 restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
258
(9)
249
Inves
tments in associates and joint ventures accounted for using the equity method
274
(9)
265
Total assets
11
,418
(9)
11
,409
Re
tained earnings
5,
775
(9)
5,
766
Total
equity attributable to equity shareholders of abrdn plc
7,643
(9)
7,634
Total equity
7,
856
(9)
7,
847
Total equit
y and liabilities
11,418
(9)
11,409
The carrying value of HASL and the movements in the carrying value as at 31 December 2022 have also been restated.
2022 as
previously Impact
presented
of IFRS 17
2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated income statement
Share of profit or loss from associates and joint ventures
2
3
5
Loss before tax
(615)
3
(612)
Loss for th
e year
(549)
3
(546)
A
ttributable to:
E
quity shareholders of abrdn plc
(561)
3
(558)
Earnings per share
B
asic (pence per share)
(26.8)
0.2
(26.6)
Diluted (pence per share)
(26.8)
0.2
(26.6)
Consolidated statement of comprehensive income
Loss for the year
(549)
3
(546)
Share of other comprehensive income of associates and joint ventures
(28)
(29)
(57)
Total items that may be reclassified subsequently to profit or loss
13
(29)
(16)
Other comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,329)
(26)
(1,355)
A
ttributable to:
E
quity shareholders of abrdn plc
(1,341)
(26)
(1,367)
A
nalysis of adjusted profit
Adjus
ted for the following items
Sha
re of profit or loss from associates and joint ventures
2
3
5
Total adjusting items including results of associates and joint ventures
(868)
3
(865)
Lo
ss for the year attributable to equity shareholders of abrdn plc
(561)
3
(558)
Loss for th
e year
(549)
3
(546)
31 December
2022 as
previously Impact 31 December
presented of IFRS 17 2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
245
(35)
210
Inves
tments in associates and joint ventures accounted for using the equity method
267
(35)
232
Total assets
9,
247
(35)
9,
212
Re
tained earnings
5,
021
(35)
4,
986
Total
equity attributable to equity shareholders of abrdn plc
5,663
(35)
5,628
Total equity
5,
877
(35)
5,
842
Total equit
y and liabilities
9,247
(35)
9,212
Con
solidated statement of changes in equity
O
pening retained earnings
5,775
(9)
5,766
Loss for the year
(561)
3
(558)
Oth
er comprehensive income for the year
(821)
(29)
(850)
Total comprehensive income for the year
(1,382)
(26)
(1,408)
Closing retained earnings
5,021
(35)
4,986
Op
ening total equity attributable to equity shareholders of abrdn plc
7,643
(9)
7,634
Loss for the year
(561)
3
(558)
Oth
er comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,341)
(26)
(1,367)
Closing total equity attributable to equity shareholders of abrdn plc
5,663
(35)
5,628
Op
ening total equity
7,
856
(9)
7,
847
Loss for th
e year
(549)
3
(546)
Oth
er comprehensive income for the year
(780)
(29)
(809)
Total comprehensive income for the year
(1,329)
(26)
(1,355)
Closing total equity
5,
877
(35)
5,
842
The restatement has no overall impact on the cash flows of the Group but does impact certain line items in the
consolidated statement of cash flows:
31 December
2022 as
previously Impact 31 December
presented of IFRS 17 2022 as restated
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of cash flows
Loss before tax
(615)
3
(612)
Oth
er non-cash and non-operating items
570
(3)
567
In line with the approach adopted by the Group on its implementation of IFRS 9 on 1 January 2019 and as permitted by IFRS 9, the comparatives have not been restated for HASL\u2019s adoption of IFRS 9. The impact of HASL adopting IFRS 9 is recognised in retained earnings at 1 January 2023.
31 December
2022 as restated Impact
for IFRS 17 of IFRS 9 1 January 2023
\u00a3m
\u00a3m
\u00a3m
Consolidated statement of financial position
Carrying value of HASL
210
51
261
Inves
tments in associates and joint ventures accounted for using the equity method
232
51
283
Total assets
9,
212
51
9,
263
Re
tained earnings
4,
986
51
5,
037
Total
equity attributable to equity shareholders of abrdn plc
5,628
51
5,679
Total equity
5,
842
51
5,893
Total equity and liabilities
9,212
51
9,263
Amendments to existing standards International Tax Reform \u2013 Organization for Economic Cooperation and Development (OECD) Pillar Two Model Rules - Amendments to IAS 12 In May 2023, amendments to IAS 12 were issued which were endorsed by the UK endorsement board on 19 July 2023. The amendments were effective immediately. The amendments clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes. However, the amendments also introduce a mandatory exception in IAS 12 from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes which the Group has applied. The amendments introduce new disclosure requirements in relation to Pillar Two income taxes including qualitative and quantitative information about Group\u2019s exposure to Pillar Two income taxes in relation to Pillar Two legislation enacted or substantively enacted but not yet effective at the end of the reporting period. Refer Note 9(e) for the information on this exposure. Other amendments \u2013 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2. \u2013 Definition of Accounting Estimates - Amendments to IAS 8. \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12. The Group\u2019s accounting policies have been updated to reflect these other 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-677": { "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 2023. The Group has not early adopted the standards, amendments and interpretations described below. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "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 Note 31
the surplus.
Treatment of tax relating to the surplus.
Intangible assets
Identification and valuation of intangible assets arising from business
Note 13
combinations, and the determination of useful lives.
The following changes have been made to the Group\u2019s critical judgements: \u2013 In addition to identification and valuation of the intangible assets, the allocation to cash generating units of goodwill arising from the acquisition was considered a critical judgement during 2022 in relation to the acquisition of ii (refer Note 1(b)(ii)). This is not considered as a critical judgement in relation to the 2023 acquisition of the healthcare fund management capabilities of Tekla Capital Management LLC (Tekla) (refer Note 1(b)(i)). \u2013 Following the final release of the Group\u2019s separation costs provision (refer Note 33 for further details), determining whether a provision is required for separation costs is not considered as a critical judgement. 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
Note 13
goodwill.
Financial instruments at fair value Determination of the fair value of contingent consideration Notes 34 and 36
through profit or loss liabilities relating to the acquisition of Tritax.
Defined benefit pension plans
Determination of principal UK pension plan assumptions for mortality,
Note 31
discount rate and inflation.
All other critical accounting estimates and assumptions are the same as the prior year. Further detail on critical accounting 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 interactive investor CGU is a key area of estimation uncertainty at 31 December 2023, 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 2023 impairments of goodwill of \u00a362m (2022: \u00a3340m) have been recognised. The goodwill impairment for the year ended 31 December 2023 comprises \u00a336m relating to the abrdn Financial Planning Limited (aFPL) CGU which is included in the ii segment and \u00a326m relating to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31 December 2022 comprised \u00a3299m relating to the asset management group of CGUs and \u00a341m relating to the Finimize CGU. Both impairments relate to assets which were included in the Investments segment. As noted above, the Finimize CGU is now reported within Other business operations and corporate costs. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. aFPL The aFPL CGU comprises the Group\u2019s financial planning business. A total impairment of \u00a336m has been recognised in the year ended 31 December 2023 of which \u00a323m was initially recognised at 30 June 2023. The impairments resulted from lower projected revenues as a result of lower markets and macroeconomic conditions and the impact of business restructuring. Following the impairment, the goodwill allocated to the aFPL CGU was \u00a324m (2022: \u00a360m). The recoverable amount of the aFPL CGU which was its FVLCD at 31 December 2023 was \u00a345m. This was also the carrying value of the CGU at 31 December 2023. The FVLCD 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 trading multiples for aFPL\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. Revenue was based on actual 2023 and forecast 2024 revenue and AUAdv were based on forecast 2024 AUAdv. The expected cost of disposal was based on past experience of previous transactions. This is a level 3 measurement as they are measured using inputs which are not based on observable market data. As the carrying value of the CGU is equal to the recoverable amount any downside sensitivity will lead to a further future impairment loss. A 20% reduction in recurring revenue and AUAdv would result in a further impairment of \u00a311m. A 20% reduction in multiples would result in a further impairment of \u00a311m. No impairment of this goodwill was recognised in 2022. At 31 December 2022, the carrying value of this CGU was equal to the recoverable amount. As above, the recoverable amount was based on FVLCD which similarly considered a number of valuation approaches, with the primary approach being a multiples approach based on price to revenue and price to AUAdv. The Finimize CGU comprises the Finimize business. A total impairment of \u00a326m has been recognised in the year ended 31 December 2023 of which \u00a314m was initially recognised at 30 June 2023. The impairments resulted from lower short- term projected growth following a strategic shift that prioritises profitability over revenue growth in the pursuit of a sustainable, resilient if lower growing business in the short term and broader market conditions. Following the impairment, the goodwill allocated to the Finimize CGU was \u00a35m (2022: \u00a331m). The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. This was also the carrying value of the CGU at 31 December 2023. The FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. 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 broadly comparable listed companies, with appropriate discounts applied to take into account profitability, track record, revenue growth potential, and net premiums for control. This is a level 3 measurement as they are measured using inputs which are not based on observable market data. The residual goodwill allocated to the Finimize CGU is not significant in comparison to the total carrying amount of goodwill. The goodwill allocated to the Finimize CGU was also impaired in 2022 by \u00a341m. The recoverable amount of the Finimize CGU at 31 December 2022 was \u00a335m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. Asset management At 31 December 2023, there is no goodwill allocated to the asset management group of CGUs (2022: none). The goodwill of \u00a341m in relation to the acquisition of healthcare fund management capabilities of Tekla has been allocated to the abrdn Inc. CGU (see below). As noted above, an impairment of \u00a3299m was recognised in 2022 in relation to goodwill allocated to the asset management group of CGUs. The asset management group of CGUs comprised the Investments segment (excluding Finimize) which was the lowest group of CGUs to which the asset management goodwill had been allocated at this time. The goodwill prior to impairment of \u00a3299m included additions in 2022 of \u00a3132m allocated to the asset management group of CGUs for revenue synergies in our Investments segment in relation to the acquisition of ii. The recoverable amount of this group of CGUs at 31 December 2022 was \u00a31,532m which was based on FVLCD. The FVLCD considered a number of valuation approaches, with the primary approach being a discounted cash flow approach. interactive investor Goodwill of \u00a3819m (2022: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. The recoverable amount of this CGU 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. 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 16x 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 2023 exceeds the carrying amount of the cash-generating unit by \u00a3398m. 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 (346)
25% reduction in market multiple (433)
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 12x to reduce the headroom to zero to be a reasonably possible change. Other goodwill Goodwill of \u00a339m (2022: \u00a3nil) is attributable to the abrdn Inc. CGU in the Investments segment. As noted above, this relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. No impairment of this goodwill has been identified since acquisition. Goodwill of \u00a325m (2022: \u00a325m) is attributable to an Adviser segment CGU (included in an ii segment CGU in 2022). These goodwill balances are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of customer relationship and investment management contract intangibles of \u00a31m has been recognised in 2023. In 2022, an impairment of \u00a328m was recognised in relation to customer relationship and investment management contract intangibles. The impairment was included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. The impairment related to the Phoenix Life business intangible asset which was recognised on the acquisition of Ignis Asset Management in 2014, and was part of the Investments segment. The recoverable of this intangible asset at 31 December 2022 was \u00a3nil which was based on its FVLCD, based on a discounted cash flow approach based on expected future cashflows for the Phoenix Life business. 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 an impairment of internally developed software of \u00a32m in 2023 ( 2022: \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:
2023
2022
%
%
Discount rate
4.60
4.85
Rates of inflation
Consumer Price Index (CPI)
2.65
2.75
Retail Price Index (RPI)
3.00
3.10
The changes in economic assumptions over the period reflect changes in both corporate bond prices and market
implied inflation. The underlying methodology used to set these assumptions has not changed over the reporting period.
The population of corporate bond prices excludes bonds issued by UK universities. 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. These non-economic assumptions have been updated for the current reporting date. The longevity
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
2023
Table
Improvements
NRA
40
NRA
40
Plan specific basis Core parameterisation of the CMI
60
27
28
29
31
(calibrated by Club 2021 mortality improvements model
Vita) reflecting (SK parameter of 7.0), with an initial
membership improvement (or \u2018A\u2019) parameter of
demographics +0.5% for males and females, and a
long-term rate of improvement of
1.5%.
Expectation of life from NRA
Normal Retirement
Male age today
Female age today
2022
Table
Improvements
Age (NRA)
NRA
NRA
40
40
Plan specific basis Core parameterisation of the CMI
60
27
29
29
31
(calibrated by Club 2019 mortality improvements model
Vita) reflecting (SK parameter of 7.0), with an initial
membership improvement (or \u2018A\u2019) parameter of
demographics +0.5% for males and females, and a
long-term rate of improvement of
1.5%.
These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The
updated mortality improvement assumptions are in line with CMI 2021 but with a 10% weighting on 2020 and 2021 data.
This makes some allowance for recent post-pandemic experience whilst recognising that greater stability in recent
2022 mortality experience may be indicative of expected future trends.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-678": { "value": "The consolidated financial statements are presented in million pounds Sterling. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "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 global and regional geopolitical events 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 34), its contingent liabilities and commitments (Notes 38 and 39), and its
capital structure and position (Note 42).
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 \u00a31.8bn at 31 December 2023. 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 Common Equity Tier 1 (CET1) capital surplus on an IFPR basis was \u00a3876m in excess of
capital requirements at 31 December 2023. The regulatory CET1 capital surplus does not include the value of the
Group\u2019s significant listed investment in Phoenix Group Holdings (Phoenix).
\u2013 The Group performs regular stress and scenario analysis as described in the Annual report and accounts 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "
1. Group structure
(a) Composition
The following diagram is an extract of the Group structure at 31 December 2023 and gives an overview of the composition
of the Group.
A full list of the Company\u2019s subsidiaries is provided in Note 44.
(b) Acquisitions
(b)(i) Current year acquisitions of subsidiaries and other operations
Healthcare fund management capabilities of Tekla Capital Management
On 27 October 2023, abrdn Inc. purchased the healthcare fund management capabilities of Tekla Capital Management
LLC (Tekla) through a purchase agreement. Tekla\u2019s investment team transferred to the Group as part of the agreement.
The assets under management at the acquisition date were \u00a32.3bn. The acquisition further strengthens abrdn\u2019s closed-
end fund business and allows the Group to draw on Tekla\u2019s expertise in investing in the healthcare sector as it looks to build
out its offering in this area.
At the acquisition date the consideration, net assets acquired and resulting goodwill were as follows:
27 October 2023
\u00a3m
Cash consideration
108
Fair value of deferred and contingent consideration
11
Consideration 119
Fair value of net assets acquired
Intangible assets
Cus
tomer relationships and investment management contracts
78
Total assets 78
Total liabilities
\u2013
Goodwill
41
The fair value of the deferred and contingent consideration of \u00a311m comprises:
\u2013 A guaranteed deferred consideration of \u00a37m which is payable in equal instalments on the first, second and third
anniversaries of the closing date.
\u2013 A contingent consideration with a fair value at acquisition of \u00a34m. This has been calculated by reference to fee revenue
and could range from US$nil to US$20m. It is measured on the first, second and third anniversaries of the closing date.
The seller has elected that a portion of deferred and contingent consideration will be payable to employees that transferred from Tekla to abrdn who are still employed by the Group at each anniversary date. Any consideration that was allocated to employees that have left revert to the seller so this arrangement has no impact on the total value of the consideration for the business acquired. Intangible assets acquired in the business combination consist of investment management contract intangibles for the four NYSE listed funds which were managed by Tekla. 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 is mainly attributable to: \u2013 The ability to develop and evolve the acquired product suite through the launch of other vehicles. \u2013 The specialist knowledge in the equities and fixed income healthcare sector that the Tekla\u2019s investment team brings to the Group. This will generate market leading research and insights, which can be used by portfolio managers across our Investments segment. The goodwill has been allocated to the abrdn Inc. cash generating unit. The goodwill is expected to be deductible for tax purposes. The amounts of revenue from contracts with customers and profit after tax contributed to the Group\u2019s consolidated income statement for the year ended 31 December 2023 from the acquired Tekla business were \u00a34m and \u00a32m respectively. The profit contributed excludes amortisation of intangible assets acquired through business combinations. If the acquisition had occurred on 1 January 2023, the Group\u2019s total revenue from contracts with customers for the year would have increased by \u00a321m to \u00a31,495m and the profit after tax would have increased by \u00a313m to \u00a325m. Corporate transaction deal costs amounted to \u00a32m of which were included within Restructuring and corporate transaction expenses in the year ended 31 December 2023. (b)(ii) Prior 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. 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 allows 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. 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. (c) Disposals (c)(i) Current year disposal of subsidiaries and other operations During 2023, the Group made two material disposals of subsidiaries and other operations: \u2013 On 1 September 2023, the Group completed the sale of abrdn Capital Limited (aCL), its discretionary fund management business, to LGT UK Holdings Limited. \u2013 On 2 October 2023, the Group completed the sale of its US Private Equity and Venture Capital capabilities to HighVista Strategies LLC. aCL and the Group\u2019s US Private Equity and Venture Capital capabilities were reported in the ii (previously named Personal) and Investments segments respectively. Other disposals included the sale of abrdn Australia Ltd to Melbourne Securities Corporation Limited on 1 July 2023. The disposal is not considered material to the Group. Profit on disposal of subsidiaries and other operations for the year ended 31 December 2023 have been summarised below.
2023
\u00a3m
Disposal of aCL
58
Disposal of US Private Equity and Venture Capital capabilities
22
Other disposals (1)
Profit on disposal of subsidiaries and other operations for the year ended 31 December 2023 79
On disposal, a net gain 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 2023.
aCL
The gain on sale, which is included in profit on disposals of subsidiaries and other operations in the consolidated income
statement for the year ended 31 December 2023 for aCL was calculated as follows:
1 September 2023 \u00a3m
Total assets of operations disposed of (85)
Total liabilities of operations disposed of 10
Net assets of operations disposed of (75)
Cash consideration (less transaction costs) and amount receivable from aCL 133
Gain on sale before tax
1
58
1. Following the completion of the sale, an intercompany receivable due from aCL to abrdn Investments (Holdings) Limited of \u00a33m which previously eliminated
on consolidation is now recognised as an asset of the Group.
Prior to the completion of the sale, aCL was classified as an operation held for sale (refer Note 21).
US Private Equity and Venture Capital capabilities
The gain on sale, which is included in profit on disposals of subsidiaries and other operations in the consolidated income
statement for the year ended 31 December 2023 for US Private Equity and Venture Capital capabilities was calculated as
follows:
2 October 2023 \u00a3m
Total assets of operations disposed of (1)
Total liabilities of operations disposed of
2
Net assets of operations disposed of 1
Cash consideration (less transaction costs) 17
Fair value of earn-out payments and retained interest 2
Gain recycled from the translation reserve 2
Gain on sale before tax 22
1
1. Following the sale, the Group has retained certain carried interest entitlements which was been recognised in the consolidated statement of financial position
at fair value.
(c)(ii) Prior 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "(b) Acquisitions (b)(i) Current year acquisitions of subsidiaries and other operations Healthcare fund management capabilities of Tekla Capital Management On 27 October 2023, abrdn Inc. purchased the healthcare fund management capabilities of Tekla Capital Management LLC (Tekla) through a purchase agreement. Tekla\u2019s investment team transferred to the Group as part of the agreement. The assets under management at the acquisition date were \u00a32.3bn. The acquisition further strengthens abrdn\u2019s closed- end fund business and allows the Group to draw on Tekla\u2019s expertise in investing in the healthcare sector as it looks to build out its offering in this area. At the acquisition date the consideration, net assets acquired and resulting goodwill were as follows:
27 October 2023
\u00a3m
Cash consideration
108
Fair value of deferred and contingent consideration
11
Consideration 119
Fair value of net assets acquired
Intangible assets
Cus
tomer relationships and investment management contracts
78
Total assets 78
Total liabilities
\u2013
Goodwill
41
The fair value of the deferred and contingent consideration of \u00a311m comprises: \u2013 A guaranteed deferred consideration of \u00a37m which is payable in equal instalments on the first, second and third anniversaries of the closing date. \u2013 A contingent consideration with a fair value at acquisition of \u00a34m. This has been calculated by reference to fee revenue and could range from US$nil to US$20m. It is measured on the first, second and third anniversaries of the closing date.
The seller has elected that a portion of deferred and contingent consideration will be payable to employees that
transferred from Tekla to abrdn who are still employed by the Group at each anniversary date. Any consideration that was
allocated to employees that have left revert to the seller so this arrangement has no impact on the total value of the
consideration for the business acquired.
Intangible assets acquired in the business combination consist of investment management contract intangibles for the four
NYSE listed funds which were managed by Tekla. 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 is mainly attributable to:
\u2013 The ability to develop and evolve the acquired product suite through the launch of other vehicles.
\u2013 The specialist knowledge in the equities and fixed income healthcare sector that the Tekla\u2019s investment team brings to
the Group. This will generate market leading research and insights, which can be used by portfolio managers across our
Investments segment.
The goodwill has been allocated to the abrdn Inc. cash generating unit. The goodwill is expected to be deductible for tax
purposes.
The amounts of revenue from contracts with customers and profit after tax contributed to the Group\u2019s consolidated
income statement for the year ended 31 December 2023 from the acquired Tekla business were \u00a34m and \u00a32m
respectively. The profit contributed excludes amortisation of intangible assets acquired through business combinations. If
the acquisition had occurred on 1 January 2023, the Group\u2019s total revenue from contracts with customers for the year
would have increased by \u00a321m to \u00a31,495m and the profit after tax would have increased by \u00a313m to \u00a325m.
Corporate transaction deal costs amounted to \u00a32m of which were included within Restructuring and corporate
transaction expenses in the year ended 31 December 2023.
(b)(ii) Prior 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. 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 allows 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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-679": { "value": "(b)(i) Current year acquisitions of subsidiaries and other operations Healthcare fund management capabilities of Tekla Capital Management On 27 October 2023, abrdn Inc. purchased the healthcare fund management capabilities of Tekla Capital Management LLC (Tekla) through a purchase agreement. Tekla\u2019s investment team transferred to the Group as part of the agreement. The assets under management at the acquisition date were \u00a32.3bn. The acquisition further strengthens abrdn\u2019s closed- end fund business and allows the Group to draw on Tekla\u2019s expertise in investing in the healthcare sector as it looks to build out its offering in this area. At the acquisition date the consideration, net assets acquired and resulting goodwill were as follows:
27 October 2023
\u00a3m
Cash consideration
108
Fair value of deferred and contingent consideration
11
Consideration 119
Fair value of net assets acquired
Intangible assets
Cus
tomer relationships and investment management contracts
78
Total assets 78
Total liabilities
\u2013
Goodwill
41
The fair value of the deferred and contingent consideration of \u00a311m comprises: \u2013 A guaranteed deferred consideration of \u00a37m which is payable in equal instalments on the first, second and third anniversaries of the closing date. \u2013 A contingent consideration with a fair value at acquisition of \u00a34m. This has been calculated by reference to fee revenue and could range from US$nil to US$20m. It is measured on the first, second and third anniversaries of the closing date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "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, Retail Wealth (previously named Wholesale) and Insurance Partners (previously named Insurance) clients. Adviser Our UK financial adviser business which provides platform services to wealth managers and advisers. ii (previously named Personal) ii, our direct investing platform, following its acquisition in 2022 (refer Note 1(b)(ii) for further details) and our financial planning business, abrdn Financial Planning and Advice. It also included the Group\u2019s discretionary fund management business until the completion of the sale of aCL on 1 September 2023. Refer Note 1 (c)(i) for further details. These are all reported to the level of adjusted operating profit. In addition to the Group\u2019s reportable segments above, the analysis of adjusted profit in Section b(i) below also reports the following: Other business operations and corporate costs (Other) Other comprises of Finimize and our digital innovation group along with certain corporate costs. (a)(ii) Changes to basis of segmentation As noted above, the Group now reports Other in addition to its reportable segments. Previously the Group only reported certain corporate costs in addition to its reportable segments (reported as Corporate/strategic). These costs are now reported within Other along with Finimize and our digital innovation group which were previously reported within Investments. Including Finimize and our digital innovation group within Other rather than the Investments reportable segment is considered to provide a clearer depiction of business structure and performance. Comparative amounts for the year ended 31 December 2022 have been prepared on a consistent basis. In addition, from January 2023 and May 2023 respectively, threesixty and our Managed Portfolio Service (MPS) business have been reported within Adviser, both of which were previously reported within ii.
(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
ii
Other
Total
31 December 2023
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net operating revenue
878
224
287
9
1,398
Adjusted operating expenses
(828)
(106)
(173)
(42)
(1,149)
Adjusted operating profit
50
118
114
(33)
249
Adjusted net financing costs and investment
return 81
Ad
justed profit before tax
330
Tax on adjusted profit
(50)
Adjusted profit after tax 280
Adjusted for the following items
Restructuring and corporate transaction
expenses
5
(152)
Amortisation and impairment of intangible
assets acquired in business combinations and
through the purchase of customer contracts
5
(189)
Profit on disposal of subsidiaries and other
operations
1 79
Change in fair value of significant listed
investments
4
(178
)
Divid
ends from significant listed investments
4
64
Share of profit or loss from associates and joint
ventures
14
1
Reversal of impairment of interests in joint
ventures
14
2
Other
Total adjusting items including results of associates
11
37
and joint ventures
(336
)
Tax on adjusting items
68
Profit attributable to other equity holders
(11)
Profit attributable to non-controlling interests \u2013
ordinary shares
\u2013
Pro
fit for the year attributable to equity
shareholders of abrdn plc
1
Profit attributable to other equity holders
11
Profit attributable to non-controlling interests \u2013
ordinary shares
\u2013
Pro
fit for the year
12
1. Previously named Personal.
1
2
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 Group Limited (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 2023, transactions with one external customer amounted to more than 10% of net
operating revenue (2022: one). This net operating revenue of \u00a3150m (2022: \u00a3180m) is included in the Investments and
Adviser segments.
Adjusted operating expenses includes depreciation and amortisation of \u00a333m (2022: \u00a341m); \u00a326m (2022: \u00a336m) for the
Investments segment; \u00a32m (2022: \u00a32m) for the Adviser segment; and \u00a35m (2022: \u00a33m) for the ii segment. 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
ii
Other
Total
restated restated restated
31 December 2022
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net operating revenue
1,060
185
201
10
1,456
Adjusted operating expenses
(930)
(99)
(129)
(35)
(1,193)
Adjusted operating profit
130
86
72
(25)
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
5
(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
14
5
Impairment of interests in associates
14
(9)
Other
Total adjusting items including results of associates
11
(40)
and joint ventures (865)
Tax on adjusting items
88
Profit attributable to other equity holders
(11)
Profit attributable to non-controlling interests -
ordinary shares
 (1)
Loss for the year attributable to equity
shareholders of abrdn plc (558)
Profit attributable to other equity holders
11
Profit attributable to non-controlling interests \u2013
ordinary shares 1
Loss for the year (546)
2 1 1 3 3,4 1. The breakdown of net operating revenue, adjusted operating expenses and adjusted operating profit for the year ended 31 December 2022 have been restated in line with the changes to the Group\u2019s reportable segments (refer Section (a)(ii) above). 2. Previously named Personal. 3. Comparatives for 2022 have been restated for the implementation of IFRS 17 (refer Basis of preparation). 4. Share of associates\u2019 and joint ventures\u2019 profit or loss comprises the Group\u2019s share of results of HASL, Virgin Money UTM and Tenet. (b)(ii) Reconciliation to the 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 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 Consolidated income statement.
2023
2022
\u00a3m
\u00a3m
Total administrative and other expenses as presented in the Consolidated income statement
(1,463)
(1,919)
Restructuring and corporate transaction expenses included in adjusting items
152
214
Amortisation and impairment of intangible assets acquired in business combinations and
through the purchase of customer contracts included in adjusting items
189
494
Administrative and other expenses relating to the unit linked business
1
1
Other differences
(28)
17
Adjusted operating expenses as presented in the analysis of Group adjusted profit by segment
(1,149)
(1,193)
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 Consolidated income statement.
2023
2022
\u00a3m
\u00a3m
Net gains or losses on financial instruments and other income as presented in the Consolidated
income statement
2
(122)
Finance costs separately disclosed in the Consolidated income statement
(25)
(29)
Change in fair value of significant listed investments included in adjusting items
178
187
Dividends from significant listed investments included in adjusting items
(64)
(68)
Net gains or losses on financial instruments and other income relating to the unit linked
business
(4)
(5)
Other differences
(6)
27
Adjusted net financing costs and investment return as presented in the analysis of Group
adjusted profit by segment 81 (10)
Other differences primarily relate to amounts presented in a different line item of the Consolidated income statement and
other items classified as adjusting items. This includes the net interest credit relating to the staff pension schemes of \u00a334m
(2022: \u00a329m) which is presented in total administrative and other expenses in the 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:
2023
2022
\u00a3m
\u00a3m
UK
1,037
1,041
Europe, Middle East and Africa
107
114
Asia Pacific
137
164
Americas
117
137
Total
1,398
1,456
1. Net operating revenue is allocated based on legal entity revenue recognition.
(d) Non-current non-financial assets by geographical location
2023
2022
\u00a3m
\u00a3m
UK
1,565
1,745
Europe, Middle East and Africa
33
10
Asia Pacific
13
8
Americas
130
57
Total
1,741
1,820
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "value": "(c) Total net operating revenue by geographical location Total net operating revenue 1 split by geographical location is as follows:
2023
2022
\u00a3m
\u00a3m
UK
1,037
1,041
Europe, Middle East and Africa
107
114
Asia Pacific
137
164
Americas
117
137
Total
1,398
1,456
1. Net operating revenue is allocated based on legal entity revenue recognition. (d) Non-current non-financial assets by geographical location
2023
2022
\u00a3m
\u00a3m
UK
1,565
1,745
Europe, Middle East and Africa
33
10
Asia Pacific
13
8
Americas
130
57
Total
1,741
1,820
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "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 (refer Note 32) and released to the Consolidated income statement over the period services are provided. Where revenue received relates to performance obligations whose fulfilment involves another external party, for example fund accounting or custodian services, the Group assesses if it is acting as a principal with full responsibility for the performance obligation and control over its fulfilment or solely responsible for arranging for the third party to fulfil the performance obligation i.e. acting as an agent. Where the Group is acting as an agent, only its share of the revenue for the arrangement of the relevant service is recognised within revenue from contracts from customers, therefore the revenue is recognised net of the revenue passed on to the third party. 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.
2023
2022
restated
\u00a3m
\u00a3m
Investments
Management fee income \u2013 Institutional and Retail Wealth
769
901
Management fee income \u2013 Insurance Partners
132
167
Performance fees and carried interest
18
41
Other revenue from contracts with customers
27
28
Revenue from contracts with customers for the Investments segment
946
1,137
Adviser
P
latform charges
184
176
Treasury income
31
11
Other revenue from contracts with customers
11
\u2013
Revenue from contracts with customers for the Adviser segment
226
187
ii
Fee
income \u2013 Advice and Discretionary
57
87
Account fees
54
32
Trading transactions
48
27
Treasury income
134
58
Revenue from contracts with customers for the ii segment
293
204
Revenue from contracts with customers for Other
9
10
Total revenue from contracts with customers
1,474
1,538
1 2,3 2,4 5 5 1. The breakdown of revenue from contracts with customers for the year ended 31 December 2022 has been restated in line with the changes to the Group\u2019s reportable segments. Refer Note 2 for further details. 2. In addition to revenues earned as a percentage of AUM, management fee income includes certain other revenues not based on a percentage of AUM. 3. Previously named Institutional and Wholesale. 4. Previously named Insurance. 5. Previously named Personal . 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. ii Through a number of its subsidiaries, the Group also offers financial planning and discretionary fund management services. The sale of the Group\u2019s primary discretionary fund management business completed on 1 September 2023 (refer Note 1(c)(i) for further details) and the Managed Portfolio Service business has been reported within Adviser from May 2023 since its transfer from aCL. 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.
2023
2022
\u00a3m
\u00a3m
Cost of sales
Commission expenses
64
66
Other cost of sales
12
16
Total cost of sales
76
82
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
ii
Other
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
946
226
293
9
1,474
Cost of sales
(68)
(2)
(6)
\u2013
(76)
Net operating revenue
878
224
287
9
1,398
Investments
Adviser
ii
Other
Total
restated
restated
1
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
1,137
187
204
10
1,538
Cost of sales
(77)
(2)
(3)
\u2013
(82)
Net operating revenue
1,
060
185
201
10
1,
456
1. The breakdown for the year ended 31 December 2022 has been restated in line with the changes to the Group\u2019s reportable segments. Refer Note 2 for
1 further details. There are no differences between net operating revenue as presented in the Consolidated income statement and the analysis of Group adjusted profit by segment.
(d) Contract receivables, assets and liabilities
The Group has recognised the following receivables, assets and liabilities in relation to contracts with customers.
31 December 31 December 1 January
2023 2022 2022
Notes
\u00a3m
\u00a3m
\u00a3m
Amounts receivable from contracts with customers
19
110
161
135
Accrued income from contracts with customers
19
306
273
260
Cos
t of obtaining customer contracts
13
48
27
37
D
eferred acquisition costs
20
\u2013
1
3
Tota
l contract receivables and assets
464
462
435
31 December 31 December 1 January
2023 2022 2022
Notes
\u00a3m
\u00a3m
\u00a3m
Deferred Income
32
4
3
5
Total contract liabilities
4
3
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "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 (refer Note 32) and released to the Consolidated income statement over the period services are provided. Where revenue received relates to performance obligations whose fulfilment involves another external party, for example fund accounting or custodian services, the Group assesses if it is acting as a principal with full responsibility for the performance obligation and control over its fulfilment or solely responsible for arranging for the third party to fulfil the performance obligation i.e. acting as an agent. Where the Group is acting as an agent, only its share of the revenue for the arrangement of the relevant service is recognised within revenue from contracts from customers, therefore the revenue is recognised net of the revenue passed on to the third party. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-680": { "value": "(a) Revenue from contracts with customers The following table provides a breakdown of total revenue from contracts with customers.
2023
2022
restated
\u00a3m
\u00a3m
Investments
Management fee income \u2013 Institutional and Retail Wealth
769
901
Management fee income \u2013 Insurance Partners
132
167
Performance fees and carried interest
18
41
Other revenue from contracts with customers
27
28
Revenue from contracts with customers for the Investments segment
946
1,137
Adviser
P
latform charges
184
176
Treasury income
31
11
Other revenue from contracts with customers
11
\u2013
Revenue from contracts with customers for the Adviser segment
226
187
ii
Fee
income \u2013 Advice and Discretionary
57
87
Account fees
54
32
Trading transactions
48
27
Treasury income
134
58
Revenue from contracts with customers for the ii segment
293
204
Revenue from contracts with customers for Other
9
10
Total revenue from contracts with customers
1,474
1,538
1 2,3 2,4 5 5 1. The breakdown of revenue from contracts with customers for the year ended 31 December 2022 has been restated in line with the changes to the Group\u2019s reportable segments. Refer Note 2 for further details. 2. In addition to revenues earned as a percentage of AUM, management fee income includes certain other revenues not based on a percentage of AUM. 3. Previously named Institutional and Wholesale. 4. Previously named Insurance. 5. Previously named Personal
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.
ii
Through a number of its subsidiaries, the Group also offers financial planning and discretionary fund management
services. The sale of the Group\u2019s primary discretionary fund management business completed on 1 September 2023
(refer Note 1(c)(i) for further details) and the Managed Portfolio Service business has been reported within Adviser from
May 2023 since its transfer from aCL.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "value": "(a) Revenue from contracts with customers The following table provides a breakdown of total revenue from contracts with customers.
2023
2022
restated
\u00a3m
\u00a3m
Investments
Management fee income \u2013 Institutional and Retail Wealth
769
901
Management fee income \u2013 Insurance Partners
132
167
Performance fees and carried interest
18
41
Other revenue from contracts with customers
27
28
Revenue from contracts with customers for the Investments segment
946
1,137
Adviser
P
latform charges
184
176
Treasury income
31
11
Other revenue from contracts with customers
11
\u2013
Revenue from contracts with customers for the Adviser segment
226
187
ii
Fee
income \u2013 Advice and Discretionary
57
87
Account fees
54
32
Trading transactions
48
27
Treasury income
134
58
Revenue from contracts with customers for the ii segment
293
204
Revenue from contracts with customers for Other
9
10
Total revenue from contracts with customers
1,474
1,538
1 2,3 2,4 5 5 1. The breakdown of revenue from contracts with customers for the year ended 31 December 2022 has been restated in line with the changes to the Group\u2019s reportable segments. Refer Note 2 for further details. 2. In addition to revenues earned as a percentage of AUM, management fee income includes certain other revenues not based on a percentage of AUM. 3. Previously named Institutional and Wholesale. 4. Previously named Insurance. 5. Previously named Personal . 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. ii Through a number of its subsidiaries, the Group also offers financial planning and discretionary fund management services. The sale of the Group\u2019s primary discretionary fund management business completed on 1 September 2023 (refer Note 1(c)(i) for further details) and the Managed Portfolio Service business has been reported within Adviser from May 2023 since its transfer from aCL. 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.
2023
2022
\u00a3m
\u00a3m
Cost of sales
Commission expenses
64
66
Other cost of sales
12
16
Total cost of sales
76
82
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
ii
Other
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
946
226
293
9
1,474
Cost of sales
(68)
(2)
(6)
\u2013
(76)
Net operating revenue
878
224
287
9
1,398
Investments
Adviser
ii
Other
Total
restated
restated
1
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
1,137
187
204
10
1,538
Cost of sales
(77)
(2)
(3)
\u2013
(82)
Net operating revenue
1,
060
185
201
10
1,
456
1. The breakdown for the year ended 31 December 2022 has been restated in line with the changes to the Group\u2019s reportable segments. Refer Note 2 for
1 further details. There are no differences between net operating revenue as presented in the Consolidated income statement and the analysis of Group adjusted profit by segment. (d) Contract receivables, assets and liabilities The Group has recognised the following receivables, assets and liabilities in relation to contracts with customers. 31 December 31 December 1 January 2023 2022 2022 Notes \u00a3m \u00a3m \u00a3m Amounts receivable from contracts with customers 19 110 161 135 Accrued income from contracts with customers 19 306 273 260 Cos t of obtaining customer contracts 13 48 27 37 D eferred acquisition costs 20 \u2013 1 3 Tota l contract receivables and assets 464 462 435
31 December 31 December 1 January
2023 2022 2022
Notes
\u00a3m
\u00a3m
\u00a3m
Deferred Income
32
4
3
5
Total contract liabilities
4
3
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-681": { "value": "
(b) Cost of sales
The following table provides a breakdown of total cost of sales.
2023
2022
\u00a3m
\u00a3m
Cost of sales
Commission expenses
64
66
Other cost of sales
12
16
Total cost of sales
76
82
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-682": { "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
ii
Other
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
946
226
293
9
1,474
Cost of sales
(68)
(2)
(6)
\u2013
(76)
Net operating revenue
878
224
287
9
1,398
Investments
Adviser
ii
Other
Total
restated
restated
1
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from contracts with customers
1,137
187
204
10
1,538
Cost of sales
(77)
(2)
(3)
\u2013
(82)
Net operating revenue
1,
060
185
201
10
1,
456
1. The breakdown for the year ended 31 December 2022 has been restated in line with the changes to the Group\u2019s reportable segments. Refer Note 2 for
1
further details.
There are no differences between net operating revenue as presented in the Consolidated income statement and the
analysis of Group adjusted profit by segment.
", "dimensions": { "concept": "ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "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. 2023 2022 Notes \u00a3m \u00a3m Fair value movements and dividend income on significant listed investments Fair value movements on significant listed investments (other than dividend income) Dividend income from significant listed investments 64 68 Total fair value movements and dividend income on significant listed investments (114) (119) Non-unit linked business \u2013 excluding significant listed investments Net gains or losses on financial instruments at fair value through profit or loss 6 (83) Interest and similar income from financial instruments at amortised cost 76 25 Foreign exchange gains or losses on financial instruments at amortised cost (7) 9 Other income 37 41 Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments 112 (8) 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 69 (130) Change in non-participating investment contract financial liabilities (65) 112 Change in liability for third party interests in consolidated funds (1) 23 Total net gains or losses on financial instruments at fair value through profit or loss 3 5 Interest and similar income from financial instruments at amortised cost 1 - Net gains or losses on financial instruments and other income \u2013 unit linked business1 23 4 5 Total other net gains or losses on financial instruments and other income 116 (3) Total net gains or losses on financial instruments and other income 2 (122) 1. In addition to the Net gains or losses on financial instruments and other income \u2013 unit linked business of \u00a34m (2022: \u00a35m), there are administrative expenses and policyholder tax of \u00a31m (2022: \u00a31m) and \u00a33m (2022: \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 (2022: \u00a3nil). Refer Note 23 for further details. Fair value movements on significant listed investments (other than dividend income) of losses of \u00a3178m (2022: losses of \u00a3187m) comprises losses of \u00a35m relating to HDFC Life (2022: losses of \u00a338m), losses of \u00a396m relating to HDFC Asset Management (2022: losses of \u00a3105m) and losses of \u00a377m relating to Phoenix (2022: losses of \u00a344m). Dividend income from significant listed investments of \u00a364m (2022: \u00a368m) comprises \u00a354m (2022: \u00a352m) relating to Phoenix, \u00a310m (2022: \u00a315m) relating to HDFC Asset Management and \u00a3nil (2022: \u00a31m) relating to HDFC Life. ", "dimensions": { "concept": "abrdnplc:DisclosureOfNetGainsOrLossesOnFinancialInstrumentsAndOtherIncome", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "value": "
5. Administrative and other expenses
2023
2022
Notes
\u00a3m
\u00a3m
Restructuring and corporate transaction expenses
8
152
214
Impairment of intangibles acquired in business combinations and through the
purchase of customer contracts
Impairment of intangibles acquired in business combinations
13
63
368
Impairment of intangibles acquired through the purchase of customer
contracts
13
\u2013 1
Total impairment of intangibles acquired in business combinations and through
the purchase of customer contracts
63 369
Amortisation of intangibles acquired in business combinations and through the
purchase of customer contracts
Amortisation of intangibles acquired in business combinations
13
115
115
Amortisation of intangibles acquired through the purchase of customer
contracts
13
11 10
Total amortisation of intangibles acquired in business combinations and through
the purchase of customer contracts
126 125
Staff costs and other employee-related costs
6
529
549
Other administrative expenses
593
662
Total administrative and other expenses
1,463
1,919
1,2
3
1. Other administrative expenses in 2022 included expense relating to a single process execution event provision. Other administrative expenses in 2023
includes a related credit for the recovery from the Group\u2019s liability insurance for this provision which was received in 2023. Refer Note 33 for further details.
2. Other administrative expenses includes interest expense of \u00a34m (2022: \u00a32m). In addition, interest expense of \u00a319m (2022: \u00a323m) was incurred in respect of
subordinated liabilities and the related cash flow hedge (refer Note 18) and interest expense of \u00a36m (2022: \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 (2022: \u00a31m) relating to unit linked business. Refer Note 23 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "value": "
6. Staff costs and other employee-related costs
2023
2022
Notes
\u00a3m
\u00a3m
The aggregate remuneration payable in respect of employees:
Wages and salaries
443
452
Social security costs
51
50
Pension costs
Defined benefit plans
(39)
(29)
Defined contribution plans
55
56
Employee share-based payments and deferred fund awards
40
19
20
Total staff costs and other employee-related costs
529
549
In addition, wages and salaries of \u00a318m (2022: \u00a325m), social security costs of \u00a34m (2022: \u00a33m), pension costs \u2013 defined
benefit plans of \u00a3nil (2022: less than \u00a31m), pension costs \u2013 defined contribution plans of less than \u00a31m (2022: \u00a31m),
employee share-based payments and deferred fund awards relating to transformation, leavers and corporate
transactions of \u00a312m (2022: \u00a36m) and termination benefits of \u00a344m (2022: \u00a353m) have been included in restructuring and
corporate transaction expenses. Refer Note 8. A further \u00a34m (2022: \u00a311m) 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.
2023
2022
Investments
2,132
2,344
Adviser
536
658
ii (previously named Personal)
1,138
928
IT and support functions
1
1,252
1,369
Total employees
5,058
5,299
1. Previously named Operations, IT and support functions. All roles classified as Operations have been allocated directly to the reportable segment since 2022.
Information in respect of Directors\u2019 remuneration is provided in the Directors\u2019 remuneration report on pages 115 to 134. In
addition to the total remuneration disclosed as paid to the Director for the prior year are amounts paid to those Directors
who stepped down from the Board during 2022 being \u00a350,000 to Martin Pike, \u00a342,000 to Jutta af Rosenberg and \u00a381,000 to
Cecilia Reyes. This is as disclosed in the 2022 Directors\u2019 remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "
7. Auditors\u2019 remuneration
The following table shows the auditors\u2019 remuneration during the year.
2023
2022
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditors for the audit of the Company\u2019s individual and
consolidated financial statements
2.1
1.5
Fees payable to the Company\u2019s auditors for other services
The audit of the Company\u2019s consolidated subsidiaries pursuant to legislation
5.1
4.7
Audit related assurance services
2.8
2.3
Total audit and audit related assurance fees
10.0
8.5
Other assurance services
1.0
1.0
Other non-audit fee services
\u2013
0.3
Total non-audit fees
1.0
1.3
Total auditors\u2019 remuneration
11.0
9.8
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 2023 no audit fees were payable in respect of defined benefit plans to the Group\u2019s
principal auditor (2022: \u00a3nil).
For more information on non-audit services, refer to the Audit Committee report in the Corporate governance statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "
8. Restructuring and corporate transaction expenses
Total restructuring and corporate transaction expenses during the year were \u00a3152m (2022: \u00a3214m). Restructuring
expenses of \u00a3121m (2022: \u00a3169m) mainly consisting of property related impairments, severance, platform transformation
and specific costs to effect savings in Investments. This was partly offset by a \u00a332m release of the provision for separation
costs. Refer Note 33 for further details. Corporate transaction expenses were \u00a331m (2022: \u00a345m) and include deal costs
relating to acquisitions for the year ended 31 December 2023 of \u00a32m (2022: \u00a314m). Further information on restructuring
and corporate transaction expenses can be found in Section 1.1 of Supplementary information.
", "dimensions": { "concept": "abrdnplc:DisclosureOfRestructuringAndCorporateTransactions", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "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. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 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 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 or disclosing contingent liabilities 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. Where a future outflow of economic benefits is judged as less than probable but more than remote, a contingent liability will be disclosed, where material. 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. Mana g ement 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
2023
2022
\u00a3m
\u00a3m
Current tax:
UK
17
5
Overseas
51
45
Adjustment to tax expense in respect of prior years
(2)
(8)
Total current tax
66
42
Deferred tax:
Deferred tax credit arising from the current year
(69)
(104)
Adjustment to deferred tax in respect of prior years
(15)
(4)
Total deferred tax
(84)
(108)
Total tax credit
(18)
(66)
1 1. The tax credit of \u00a318m (2022: \u00a366m) includes a tax expense of \u00a33m (2022: \u00a34m) relating to unit linked business. Refer Note 23 for further details. In 2023 unrecognised tax losses from previous years were used to reduce the current tax expense by \u00a32m (2022: \u00a33m). Current tax recoverable and current tax liabilities at 31 December 2023 were \u00a310m (2022: \u00a37m) and \u00a36m (2022: \u00a311m) respectively. In addition current tax recoverable and current tax liabilities in relation to unit linked business were \u00a3nil (2022: less than \u00a31m) and \u00a3nil (2022: less than \u00a31m) respectively. Current tax assets and liabilities are expected to be recoverable or payable in less than 12 months at both 31 December 2023 and 31 December 2022. (a)(ii) Reconciliation of tax expense
2023
2022
restated
\u00a3m
\u00a3m
Loss before tax
(6)
(612)
Tax at 23.5% (2022: 19%)
(1)
(116)
Remeasurement of deferred tax due to rate changes
(5)
(15)
Permanent differences
1
1
Non-taxable dividends from significant listed investments
(13)
(13)
Non-taxable fair value movements on significant listed investments
18
21
Tax effect of accounting for Share of profit or loss from associates and joint ventures
\u2013
(2)
Tax effect of distributions on other equity instruments
(3)
(2)
Impairment losses on goodwill
15
65
Impairment of investment in associates and joint ventures
\u2013
2
Differences in overseas tax rates
4
5
Adjustment to current tax expense in respect of prior years
(2)
(8)
Recognition of previously unrecognised deferred tax credit
(1)
(3)
Deferred tax not recognised
2
4
Adjustment to deferred tax expense in respect of prior years
(15)
(4)
Non-taxable profit or loss on sale of subsidiaries, associates and significant listed investments
(18)
(5)
Other
-
4
Total tax credit for the year
(18)
(66)
1 1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation. The standard UK Corporation Tax rate for the accounting period is 23.5%. The rate of UK Corporation Tax increased from 19% to 25% with effect from 1 April 2023. 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 Dividend income and fair value movements from our investments in Phoenix not being subject to tax. \u2013 Movements in the fair value of our investment in HDFC Asset Management being tax effected at the Indian long-term capital gains tax rate, which is lower than the UK Corporation Tax rate. \u2013 Profit on the sale of abrdn Capital not being subject to tax. \u2013 Goodwill impairments not deductible for tax purposes. \u2013 Prior year adjustments to deferred tax liabilities on intangibles. (b) Tax relating to components of other comprehensive income Tax relating to components of other comprehensive income is as follows:
2023
2022
\u00a3m
\u00a3m
Tax relating to fair value gains and losses recognised on cash flow hedges
(10)
21
Tax relating to cash flow hedge gains and losses transferred to consolidated income statement
7
(19)
Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss
(3)
2
Tax relating to other comprehensive income
(3)
2
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
2023
2022
\u00a3m
\u00a3m
Deferred tax assets comprise:
Losses carried forward
160
170
Depreciable assets
35
33
Employee benefits
20
26
Provisions and other temporary timing differences
7
5
Gross deferred tax assets
222
234
Less: Offset against deferred tax liabilities
(7)
(22)
Deferred tax assets
215
212
Deferred tax liabilities comprise:
Unrealised gains on investments
4
60
Deferred tax on intangible assets acquired through business combinations
124
162
Other
8
11
Gross deferred tax liabilities
136
233
Less: Offset against deferred tax assets
(7)
(22)
Deferred tax liabilities
129
211
Net deferred tax asset at 31 December
86
1
A deferred tax asset of \u00a3160m (2022: \u00a3170m) has been recognised by the Group in respect of losses of the parent
company and various subsidiaries. The decrease in this deferred tax asset in 2023 reflects the utilisation of brought forward
losses against taxable profits in 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 five and seven years.
Deferred tax liabilities relating to unrealised gains on investments at 31 December 2022 of \u00a360m included \u00a352m relating to
the Group\u2019s investment in HDFC Asset Management. This investment was sold in 2023 (refer Note 11(a) for further details).
Deferred tax assets of \u00a3215m (2022: \u00a3212m) and liabilities of \u00a3129m (2022: \u00a3211m) are expected to be recovered or
settled after more than 12 months.
(c)(ii) Movements in deferred tax assets and liabilities
Deferred tax
on intangible
Provisions and assets
other acquired
temporary Unrealised through
Losses carried Depreciable Employee timing gains on business Net deferred
forward assets benefits differences investments combinations Other tax asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
170
33
26
5
(60)
(162)
(11)
1
Amounts (expensed) in/credited to the
consolidated income statement
(10)
2
(6)
2
56
38
2
84
Tax on cash flow hedge
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3
3
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(2)
At 31 December 2023
160
35
20
7
(4)
(124)
(8)
86
Deferred tax
on intangible
Provisions
assets
and other
acquired
Losses temporary Unrealised
through
carried Depreciable Employee timing gains on
business
Net deferred
forward assets benefits differences
investments
combinations
Other
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
(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 \u00a391m (2022: \u00a381m) in the UK and losses and other temporary differences of
\u00a3360m (2022: \u00a3275m) in the US, losses of \u00a310m in China (2022: \u00a311m), losses of \u00a310m in Japan (2022: \u00a313m) and losses
of \u00a39m (2022: \u00a319m) in other overseas jurisdictions.
Of these unrecognised deferred tax assets, certain losses have expiry dates as follows:
\u2013 US losses of \u00a3140m with expiry dates between 2035-2037 (2022: \u00a379m).
\u2013 Other overseas losses of \u00a321m with expiry dates between 2024-2033 (2022: \u00a327m).
The following table provides an analysis of the losses with expiry dates for unrecognised deferred tax assets.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
4
5
Greater than or equal to 1 year and less than 5 years
9
11
Greater than or equal to 5 years and less than 10 years
8
11
Greater than 10 years
140
79
Total losses with expiry dates
161
106
There is unrecognised deferred tax of \u00a318m (2022: \u00a3nil) relating to temporary timing differences associated with
investments in subsidiaries, branches and associates and interests in joint arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "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. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 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 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 or disclosing contingent liabilities 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. Where a future outflow of economic benefits is judged as less than probable but more than remote, a contingent liability will be disclosed, where material. 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. Mana g ement 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
2023
2022
\u00a3m
\u00a3m
Current tax:
UK
17
5
Overseas
51
45
Adjustment to tax expense in respect of prior years
(2)
(8)
Total current tax
66
42
Deferred tax:
Deferred tax credit arising from the current year
(69)
(104)
Adjustment to deferred tax in respect of prior years
(15)
(4)
Total deferred tax
(84)
(108)
Total tax credit
(18)
(66)
1 1. The tax credit of \u00a318m (2022: \u00a366m) includes a tax expense of \u00a33m (2022: \u00a34m) relating to unit linked business. Refer Note 23 for further details. In 2023 unrecognised tax losses from previous years were used to reduce the current tax expense by \u00a32m (2022: \u00a33m). Current tax recoverable and current tax liabilities at 31 December 2023 were \u00a310m (2022: \u00a37m) and \u00a36m (2022: \u00a311m) respectively. In addition current tax recoverable and current tax liabilities in relation to unit linked business were \u00a3nil (2022: less than \u00a31m) and \u00a3nil (2022: less than \u00a31m) respectively. Current tax assets and liabilities are expected to be recoverable or payable in less than 12 months at both 31 December 2023 and 31 December 2022.
(a)(ii) Reconciliation of tax expense
2023
2022
restated
\u00a3m
\u00a3m
Loss before tax
(6)
(612)
Tax at 23.5% (2022: 19%)
(1)
(116)
Remeasurement of deferred tax due to rate changes
(5)
(15)
Permanent differences
1
1
Non-taxable dividends from significant listed investments
(13)
(13)
Non-taxable fair value movements on significant listed investments
18
21
Tax effect of accounting for Share of profit or loss from associates and joint ventures
\u2013
(2)
Tax effect of distributions on other equity instruments
(3)
(2)
Impairment losses on goodwill
15
65
Impairment of investment in associates and joint ventures
\u2013
2
Differences in overseas tax rates
4
5
Adjustment to current tax expense in respect of prior years
(2)
(8)
Recognition of previously unrecognised deferred tax credit
(1)
(3)
Deferred tax not recognised
2
4
Adjustment to deferred tax expense in respect of prior years
(15)
(4)
Non-taxable profit or loss on sale of subsidiaries, associates and significant listed investments
(18)
(5)
Other
-
4
Total tax credit for the year
(18)
(66)
1
1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation.
The standard UK Corporation Tax rate for the accounting period is 23.5%. The rate of UK Corporation Tax increased from
19% to 25% with effect from 1 April 2023.
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 Dividend income and fair value movements from our investments in Phoenix not being subject to tax.
\u2013 Movements in the fair value of our investment in HDFC Asset Management being tax effected at the Indian long-term
capital gains tax rate, which is lower than the UK Corporation Tax rate.
\u2013 Profit on the sale of abrdn Capital not being subject to tax.
\u2013 Goodwill impairments not deductible for tax purposes.
\u2013 Prior year adjustments to deferred tax liabilities on intangibles.
(b) Tax relating to components of other comprehensive income
Tax relating to components of other comprehensive income is as follows:
2023
2022
\u00a3m
\u00a3m
Tax relating to fair value gains and losses recognised on cash flow hedges
(10)
21
Tax relating to cash flow hedge gains and losses transferred to consolidated income statement
7
(19)
Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss
(3)
2
Tax relating to other comprehensive income
(3)
2
All of the amounts presented above are in respect of equity holders of abrdn plc.
(e) Pillar Two taxes The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the UK, the jurisdiction in which abrdn plc is incorporated, and came into effect from 1 January 2024. The Group expects to be subject to top-up taxes in relation to its operations in Guernsey, where the statutory rate is below 15% and in Singapore where certain qualifying income is subject to a concessionary tax rate of 10% under the Singapore Financial Sector Incentive for Fund Managers. The Group also expects to be subject to top up taxes in the UK, in relation to its overseas joint ventures with a local effective tax rate below 15%. However, since the newly enacted tax legislation is only effective from 1 January 2024, there is no current tax impact for the year ended 31 December 2023. As noted above, the Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. If the top-up tax had applied in 2023, then the associated profits relating to the Group\u2019s operations for the year ended 31 December 2023 that would be subject to it amount to \u00a348.6m, with the average effective tax rate applicable to those profits during 2023 being 12 percent. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-704": { "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. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 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 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 or disclosing contingent liabilities 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. Where a future outflow of economic benefits is judged as less than probable but more than remote, a contingent liability will be disclosed, where material. 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. Mana g ement re-assesses provisions at each reportin g date based upon latest available information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-683": { "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. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 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 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 or disclosing contingent liabilities 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. Where a future outflow of economic benefits is judged as less than probable but more than remote, a contingent liability will be disclosed, where material. 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. Mana g ement re-assesses provisions at each reportin g date based upon latest available information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "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 40. Adjusted earnings per share is calculated on adjusted profit after tax attributable to ordinary equity holders of the Company. Basic earnings per share was 0.1p (2022: 26.6p) and diluted earnings per share was 0.1p (2022: 26.6p) for the year ended 31 December 2023. The following table shows details of basic, diluted and adjusted earnings per share.
2023
2022
restated
\u00a3m
\u00a3m
Adjusted profit before tax
330
253
Tax on adjusted profit
(50)
(22)
Adjusted profit after tax
280
231
Attributable to:
Other equity holders
(11)
(11)
Non-controlling interests \u2013 ordinary shares
\u2013
(1)
Adjusted profit after tax attributable to equity shareholders of abrdn plc
269
219
Total adjusting items including results of associates and joint ventures
(336)
(865)
Tax on adjusting items
68
88
Profit/(loss) attributable to equity shareholders of abrdn plc
1
(558)
2023
2022
Millions
Millions
Weighted average number of ordinary shares outstanding
1,902
2,094
Dilutive effect of share options and awards
28
16
Weighted average number of diluted ordinary shares outstanding
1,930
2,110
1 In accordance with IAS 33, no share options and awards were 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 diluted earnings per share and adjusted diluted earnings per share being calculated using the weighted average number of ordinary shares of 2,094 million. 2023 2022
restated
Pence
Pence
Basic earnings per share
0.1
(26.6)
Diluted earnings per share
0.1
(26.6)
Adjusted earnings per share
14.1
10.5
Adjusted diluted earnings per share
13.9
10.5
1 1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "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 40. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "11. Adjusted profit and adjusting items Adjusted profit excludes the impact of the following items: \u2013 Restructuring 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 2020 and 2021, the Group\u2019s investments in HDFC Life, Phoenix and HDFC Asset Management were reclassified from associates to equity securities and 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 2023: \u2013 The Group\u2019s holding in HDFC Life reduced by 1.7% following the sale of 35,694,105 equity shares through a Bulk Sale on 31 May 2023 and the Group now has no remaining shareholding in HDFC Life. The total consideration net of taxes, expenses and related foreign exchange hedging was \u00a3198m. \u2013 The Group\u2019s holding in HDFC Asset Management reduced by 10.2% following the sale of 21,778,305 equity shares through a Bulk Sale on 20 June 2023 and the Group now has no remaining shareholding in HDFC Asset Management. The total consideration net of taxes, expenses and related foreign exchange hedging was \u00a3337m. Following the sales, the Group has one remaining significant listed investment, Phoenix. (b) Other Other adjusting items for the year ended 31 December 2023 include: \u2013 \u00a336m for an insurance liability recovery in relation to the single process execution event in 2022. The \u00a341m provision expense was included in other adjusting items for the year ended 31 December 2022. Refer Note 33. \u2013 A \u00a323m gain (2022: \u00a335m gain) for net fair value movements in contingent consideration. \u2013 \u00a321m for provision expense relating to a potential tax liability. Refer Note 33. \u2013 A \u00a35m fair value loss (2022: \u00a311m loss) on a financial instrument liability related to a prior period acquisition. \u2013 A gain of \u00a34m (2022: loss of \u00a313m) in relation to market gains and 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. ", "dimensions": { "concept": "abrdnplc:DisclosureOfAdjustedProfitAndAdjustingItems", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "Adjusted profit excludes the impact of the following items: \u2013 Restructuring 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "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.
2023
2022
Pence per share
\u00a3m
Pence per share
\u00a3m
Prior year\u2019s final dividend paid
7.30
142
7.30
154
Interim dividend paid
7.30
137
7.30
153
Tota
l dividends paid on ordinary shares
279
307
Current year final recommended dividend
7.30
130
7.30
142
1 1. Estimated for current year final recommended dividend. The final recommended dividend will be paid on 30 April 2024 to shareholders on the Company\u2019s register as at 15 March 2024, subject to approval at the 2024 Annual General Meeting. After the current year final recommended dividend, the total dividend in respect of the year ended 31 December 2023 is 14.60p (2022: 14.60p). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "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
Customer
relationships and Cost of
investment Internally Purchased obtaining
management Technology developed software customer
Goodwill
Brand
contracts and other software and other
contracts
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amount
At 1 January 2022
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)
Disp
osals and adjustments
\u2013
\u2013
2
\u2013
\u2013
\u2013
1
3
Additions \u2013 ii
993
16
421
32
\u2013
\u2013
\u2013
1,462
Addi
tions \u2013 other
\u2013
\u2013
\u2013
\u2013
6
\u2013
\u2013
6
At
31 December 2022
4,665
110
1,483
101
137
5
105
6,606
Disposals and adjustments
\u2013
1
(4)
\u2013
2
\u2013
\u2013
(1)
Additions
41
\u2013
78
\u2013
8
\u2013
33
160
Foreign
exchange adjustment
(2
)
\u2013
(4)
\u2013
\u2013
\u2013
(1)
(7)
At 31 December 2023
4,704
111
1,553
101
147
5
137
6,758
Accumulated amortisation and impairment
At 1 January 2022
(3,390)
(82)
(774)
(64)
(127)
(4)
(67)
(4,508)
Rec
lassified as held for sale during the year
\u2013
\u2013
19
\u2013
\u2013
\u2013
\u2013
19
Amortisation charge for the year
\u2013
(14)
(91)
(10)
(3)
(1)
(10)
(129)
Impair
ment losses recognised
(340)
\u2013
(28)
\u2013
\u2013
\u2013
(1)
(369)
At
31 December 2022
(3
,730)
(96)
(874)
(74)
(130)
(5)
(78)
(4,987)
Amortisation charge for the year
\u2013
(4)
(99)
(12)
(2)
\u2013
(11)
(128)
Impairment losses recognised
(62)
\u2013
(1)
\u2013
(2)
\u2013
\u2013
(65)
At 31 December 2023
(3,792)
(100
)
(974)
(86)
(134)
(5)
(89)
(5,180)
Carrying amount
At 1 January 2022
331
12
314
5
4
1
37
704
At 31 December 2022
935
14
609
27
7
\u2013
27
1,619
At
31 December 2023
912
11
579
15
13
\u2013
48
1,578
1
2
3
2
3
1. Included in the internally developed software of \u00a313m (2022: \u00a37m) is \u00a310m (2022: \u00a35m) relating to intangible assets not yet ready for use.
2. For the year ended 31 December 2023, \u00a3126m (2022: \u00a3125m) of the amortisation charge is recognised in Amortisation of intangibles acquired in business
combinations and through the purchase of customer contracts with \u00a32m (2022: \u00a34m) recognised in Other administrative expenses.
3. For the year ended 31 December 2023, \u00a363m (2022: \u00a3369m) of impairment is recognised in Impairment of intangibles acquired in business combinations and
through the purchase of customer contracts with \u00a32m (2022: \u00a3nil) recognised in Restructuring and corporate transaction expenses.
At 31 December 2023, there was:
\u2013 \u00a339m (2022: \u00a3nil) of goodwill attributable to the abrdn Inc. cash-generating unit (CGU) in the Investments segment in
relation to the acquisition of the healthcare fund management capabilities of Tekla (refer Note 1(b)(i) for further
details).
\u2013 \u00a3819m (2022: \u00a3819m) and \u00a324m (2022: \u00a360m) of goodwill attributable to the ii CGU and abrdn financial planning
business CGU respectively in the ii segment (previously named Personal). At 31 December 2022 goodwill of \u00a349m
relating to the ii segment was classified as held for sale in relation to the sale of aCL which completed in 2023 (refer Note
1(c)(i) for further details).
\u2013 \u00a325m (2022: \u00a325m) of goodwill is attributable to an Adviser segment CGU. Prior to January 2023, this goodwill which
relates to the acquisition of threesixty was attributable to a CGU in the ii segment.
\u2013 \u00a35m (2022: \u00a331m) of goodwill attributable to the Finimize CGU which is reported within Other business operations and
corporate costs. Finimize was previously included within the Investments segment.
Tekla investment management contract intangible assets
On acquisition of the healthcare fund management capabilities of Tekla, \u00a378m of customer relationships and investment
management contract intangibles were recognised. These assets primarily relate to investment management contracts
with the four NYSE listed funds. The description of the individually material intangible assets including the estimated useful
life at the acquisition date of 27 October 2023 were as follows:
Investment management
Description
Useful life at
Fair value on Carrying Carrying
contract intangible asset acquisition date acquisition date value value
2023 2022
\u00a3m
\u00a3m
\u00a3m
Tekla Healthcare Investment management contract with
12.1 years
28
26
N/A
Opportunities Fund Tekla Healthcare Opportunities Fund
Tekla Healthcare Investment management contract with
12.1 years
25
23
N/A
Investors Tekla Healthcare Investors
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 past experience of growth for each fund in prior periods before
reverting to a long term growth in line with inflation estimates. Management fee rates are assumed to stay in line with
current rates.
\u2013 Operating margin \u2013 this assumption was based on the expected EBITDA of each acquired investment management
contract.
\u2013 Discount rate \u2013 this assumption was based on a risk adjusted internal rate of return (IRR) of the transaction.
As with prior significant acquisitions, the Group made use of assistance from a third-party valuation specialist in
determining the value of the customer intangibles.
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 11.9 years.
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
Description
Useful life at
Fair value on Carrying value Carrying value
intangible asset acquisition date acquisition date 2023 2022
\u00a3m
\u00a3m
\u00a3m
Customer base
ii\u2019s customer base at the date of acquisition
15 years
421
340
390
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 13.4 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.
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 ii
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 ii segment respectively. As noted below, the \u00a3132m allocated to
the asset management group of cash-generating units was subsequently impaired in 2022. The \u00a342m allocated to a cash-
generating unit in the ii segment was transferred to held for sale at 31 December 2022 and disposed of during 2023. Refer
Note 21 for further details.
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
Description
Useful life at
Fair value on Carrying Carrying
contract intangible asset acquisition date acquisition date value value
2023 2022
\u00a3m
\u00a3m
\u00a3m
Tritax Big Box REIT plc
Investment management contract with
13 years
50
40
43
Tritax Big Box REIT plc
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 10.25 years.
abrdn Holdings Limited (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:
Carrying Carrying
Customer relationship Useful life at Fair value on value value
intangible asset
Description
acquisition date acquisition date 2023 2022
\u00a3m
\u00a3m
\u00a3m
Open ended funds
Separate vehicle group \u2013 open ended
11 years
223
30
45
investment vehicles
Segregated and All other vehicle groups dominated by
12 years
427
43
63
similar segregated mandates which represent 75% of
this group
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 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 4.6
years and the residual life of the Segregated and similar customer relationship intangible asset is 5.6 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 interactive investor CGU is a key area of estimation uncertainty at
31 December 2023, 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 2023 impairments of goodwill of \u00a362m (2022: \u00a3340m) have been recognised. The goodwill impairment for the year
ended 31 December 2023 comprises \u00a336m relating to the abrdn Financial Planning Limited (aFPL) CGU which is
included in the ii segment and \u00a326m relating to the Finimize CGU which is reported within Other business operations and
corporate costs. The goodwill impairment for the year ended 31 December 2022 comprised \u00a3299m relating to the asset
management group of CGUs and \u00a341m relating to the Finimize CGU. Both impairments relate to assets which were
included in the Investments segment. As noted above, the Finimize CGU is now reported within Other business
operations and corporate costs.
The impairments are included within Impairment of intangibles acquired in business combinations and through the
purchase of customer contracts in the consolidated income statement.
aFPL
The aFPL CGU comprises the Group\u2019s financial planning business. A total impairment of \u00a336m has been recognised in
the year ended 31 December 2023 of which \u00a323m was initially recognised at 30 June 2023. The impairments resulted
from lower projected revenues as a result of lower markets and macroeconomic conditions and the impact of business
restructuring. Following the impairment, the goodwill allocated to the aFPL CGU was \u00a324m (2022: \u00a360m).
The recoverable amount of the aFPL CGU which was its FVLCD at 31 December 2023 was \u00a345m. This was also the
carrying value of the CGU at 31 December 2023. The FVLCD 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 trading multiples for aFPL\u2019s peer companies, adjusted to take into account profitability where
appropriate, and were benchmarked against recent transactions. Revenue was based on actual 2023 and forecast
2024 revenue and AUAdv were based on forecast 2024 AUAdv. The expected cost of disposal was based on past
experience of previous transactions. This is a level 3 measurement as they are measured using inputs which are not
based on observable market data.
As the carrying value of the CGU is equal to the recoverable amount any downside sensitivity will lead to a further future
impairment loss. A 20% reduction in recurring revenue and AUAdv would result in a further impairment of \u00a311m. A 20%
reduction in multiples would result in a further impairment of \u00a311m.
No impairment of this goodwill was recognised in 2022. At 31 December 2022, the carrying value of this CGU was equal
to the recoverable amount. As above, the recoverable amount was based on FVLCD which similarly considered a
number of valuation approaches, with the primary approach being a multiples approach based on price to revenue
and price to AUAdv.
The Finimize CGU comprises the Finimize business. A total impairment of \u00a326m has been recognised in the year ended 31 December 2023 of which \u00a314m was initially recognised at 30 June 2023. The impairments resulted from lower short- term projected growth following a strategic shift that prioritises profitability over revenue growth in the pursuit of a sustainable, resilient if lower growing business in the short term and broader market conditions. Following the impairment, the goodwill allocated to the Finimize CGU was \u00a35m (2022: \u00a331m). The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. This was also the carrying value of the CGU at 31 December 2023. The FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. 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 broadly comparable listed companies, with appropriate discounts applied to take into account profitability, track record, revenue growth potential, and net premiums for control. This is a level 3 measurement as they are measured using inputs which are not based on observable market data. The residual goodwill allocated to the Finimize CGU is not significant in comparison to the total carrying amount of goodwill. The goodwill allocated to the Finimize CGU was also impaired in 2022 by \u00a341m. The recoverable amount of the Finimize CGU at 31 December 2022 was \u00a335m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. Asset management At 31 December 2023, there is no goodwill allocated to the asset management group of CGUs (2022: none). The goodwill of \u00a341m in relation to the acquisition of healthcare fund management capabilities of Tekla has been allocated to the abrdn Inc. CGU (see below). As noted above, an impairment of \u00a3299m was recognised in 2022 in relation to goodwill allocated to the asset management group of CGUs. The asset management group of CGUs comprised the Investments segment (excluding Finimize) which was the lowest group of CGUs to which the asset management goodwill had been allocated at this time. The goodwill prior to impairment of \u00a3299m included additions in 2022 of \u00a3132m allocated to the asset management group of CGUs for revenue synergies in our Investments segment in relation to the acquisition of ii. The recoverable amount of this group of CGUs at 31 December 2022 was \u00a31,532m which was based on FVLCD. The FVLCD considered a number of valuation approaches, with the primary approach being a discounted cash flow approach. interactive investor Goodwill of \u00a3819m (2022: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. The recoverable amount of this CGU 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. 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 16x 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 2023 exceeds the carrying amount of the cash-generating unit by \u00a3398m. 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 (346)
25% reduction in market multiple (433)
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 12x to reduce the headroom to zero to be a
reasonably possible change.
Other goodwill
Goodwill of \u00a339m (2022: \u00a3nil) is attributable to the abrdn Inc. CGU in the Investments segment. As noted above, this
relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. No
impairment of this goodwill has been identified since acquisition.
Goodwill of \u00a325m (2022: \u00a325m) is attributable to an Adviser segment CGU (included in an ii segment CGU in 2022).
These goodwill balances are not significant in comparison to the total carrying amount of goodwill.
Customer relationship and investment management contract intangibles
An impairment of customer relationship and investment management contract intangibles of \u00a31m has been
recognised in 2023.
In 2022, an impairment of \u00a328m was recognised in relation to customer relationship and investment management
contract intangibles. The impairment was included within Impairment of intangibles acquired in business combinations
and through the purchase of customer contracts in the consolidated income statement. The impairment related to the
Phoenix Life business intangible asset which was recognised on the acquisition of Ignis Asset Management in 2014, and
was part of the Investments segment. The recoverable of this intangible asset at 31 December 2022 was \u00a3nil which was
based on its FVLCD, based on a discounted cash flow approach based on expected future cashflows for the Phoenix
Life business.
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 an impairment of internally developed software of \u00a32m in 2023
(
2022: \u00a3nil
)
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-705": { "value": "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 interactive investor CGU is a key area of estimation uncertainty at 31 December 2023, 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 2023 impairments of goodwill of \u00a362m (2022: \u00a3340m) have been recognised. The goodwill impairment for the year ended 31 December 2023 comprises \u00a336m relating to the abrdn Financial Planning Limited (aFPL) CGU which is included in the ii segment and \u00a326m relating to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31 December 2022 comprised \u00a3299m relating to the asset management group of CGUs and \u00a341m relating to the Finimize CGU. Both impairments relate to assets which were included in the Investments segment. As noted above, the Finimize CGU is now reported within Other business operations and corporate costs. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. aFPL The aFPL CGU comprises the Group\u2019s financial planning business. A total impairment of \u00a336m has been recognised in the year ended 31 December 2023 of which \u00a323m was initially recognised at 30 June 2023. The impairments resulted from lower projected revenues as a result of lower markets and macroeconomic conditions and the impact of business restructuring. Following the impairment, the goodwill allocated to the aFPL CGU was \u00a324m (2022: \u00a360m). The recoverable amount of the aFPL CGU which was its FVLCD at 31 December 2023 was \u00a345m. This was also the carrying value of the CGU at 31 December 2023. The FVLCD 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 trading multiples for aFPL\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. Revenue was based on actual 2023 and forecast 2024 revenue and AUAdv were based on forecast 2024 AUAdv. The expected cost of disposal was based on past experience of previous transactions. This is a level 3 measurement as they are measured using inputs which are not based on observable market data. As the carrying value of the CGU is equal to the recoverable amount any downside sensitivity will lead to a further future impairment loss. A 20% reduction in recurring revenue and AUAdv would result in a further impairment of \u00a311m. A 20% reduction in multiples would result in a further impairment of \u00a311m. No impairment of this goodwill was recognised in 2022. At 31 December 2022, the carrying value of this CGU was equal to the recoverable amount. As above, the recoverable amount was based on FVLCD which similarly considered a number of valuation approaches, with the primary approach being a multiples approach based on price to revenue and price to AUAdv.
The Finimize CGU comprises the Finimize business. A total impairment of \u00a326m has been recognised in the year ended
31 December 2023 of which \u00a314m was initially recognised at 30 June 2023. The impairments resulted from lower short-
term projected growth following a strategic shift that prioritises profitability over revenue growth in the pursuit of a
sustainable, resilient if lower growing business in the short term and broader market conditions. Following the
impairment, the goodwill allocated to the Finimize CGU was \u00a35m (2022: \u00a331m).
The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. This was
also the carrying value of the CGU at 31 December 2023. The FVLCD considered a number of valuation approaches,
with the primary approach being a revenue multiple approach. 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 broadly comparable listed
companies, with appropriate discounts applied to take into account profitability, track record, revenue growth potential,
and net premiums for control. This is a level 3 measurement as they are measured using inputs which are not based on
observable market data.
The residual goodwill allocated to the Finimize CGU is not significant in comparison to the total carrying amount of
goodwill.
The goodwill allocated to the Finimize CGU was also impaired in 2022 by \u00a341m. The recoverable amount of the Finimize
CGU at 31 December 2022 was \u00a335m which was based on FVLCD. As above, the FVLCD considered a number of
valuation approaches, with the primary approach being a revenue multiple approach.
Asset management
At 31 December 2023, there is no goodwill allocated to the asset management group of CGUs (2022: none). The
goodwill of \u00a341m in relation to the acquisition of healthcare fund management capabilities of Tekla has been allocated
to the abrdn Inc. CGU (see below).
As noted above, an impairment of \u00a3299m was recognised in 2022 in relation to goodwill allocated to the asset
management group of CGUs. The asset management group of CGUs comprised the Investments segment (excluding
Finimize) which was the lowest group of CGUs to which the asset management goodwill had been allocated at this
time. The goodwill prior to impairment of \u00a3299m included additions in 2022 of \u00a3132m allocated to the asset
management group of CGUs for revenue synergies in our Investments segment in relation to the acquisition of ii. The
recoverable amount of this group of CGUs at 31 December 2022 was \u00a31,532m which was based on FVLCD. The FVLCD
considered a number of valuation approaches, with the primary approach being a discounted cash flow approach.
interactive investor
Goodwill of \u00a3819m (2022: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor
business in the ii segment. The recoverable amount of this CGU 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. 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 16x 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 2023 exceeds the carrying amount of the cash-generating unit by \u00a3398m.
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 (346)
25% reduction in market multiple (433)
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 12x to reduce the headroom to zero to be a reasonably possible change. Other goodwill Goodwill of \u00a339m (2022: \u00a3nil) is attributable to the abrdn Inc. CGU in the Investments segment. As noted above, this relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. No impairment of this goodwill has been identified since acquisition. Goodwill of \u00a325m (2022: \u00a325m) is attributable to an Adviser segment CGU (included in an ii segment CGU in 2022). These goodwill balances are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of customer relationship and investment management contract intangibles of \u00a31m has been recognised in 2023. In 2022, an impairment of \u00a328m was recognised in relation to customer relationship and investment management contract intangibles. The impairment was included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. The impairment related to the Phoenix Life business intangible asset which was recognised on the acquisition of Ignis Asset Management in 2014, and was part of the Investments segment. The recoverable of this intangible asset at 31 December 2022 was \u00a3nil which was based on its FVLCD, based on a discounted cash flow approach based on expected future cashflows for the Phoenix Life business. 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 an impairment of internally developed software of \u00a32m in 2023 ( 2022: \u00a3nil ) .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-684": { "value": "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 interactive investor CGU is a key area of estimation uncertainty at 31 December 2023, 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 2023 impairments of goodwill of \u00a362m (2022: \u00a3340m) have been recognised. The goodwill impairment for the year ended 31 December 2023 comprises \u00a336m relating to the abrdn Financial Planning Limited (aFPL) CGU which is included in the ii segment and \u00a326m relating to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31 December 2022 comprised \u00a3299m relating to the asset management group of CGUs and \u00a341m relating to the Finimize CGU. Both impairments relate to assets which were included in the Investments segment. As noted above, the Finimize CGU is now reported within Other business operations and corporate costs. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. aFPL The aFPL CGU comprises the Group\u2019s financial planning business. A total impairment of \u00a336m has been recognised in the year ended 31 December 2023 of which \u00a323m was initially recognised at 30 June 2023. The impairments resulted from lower projected revenues as a result of lower markets and macroeconomic conditions and the impact of business restructuring. Following the impairment, the goodwill allocated to the aFPL CGU was \u00a324m (2022: \u00a360m). The recoverable amount of the aFPL CGU which was its FVLCD at 31 December 2023 was \u00a345m. This was also the carrying value of the CGU at 31 December 2023. The FVLCD 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 trading multiples for aFPL\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. Revenue was based on actual 2023 and forecast 2024 revenue and AUAdv were based on forecast 2024 AUAdv. The expected cost of disposal was based on past experience of previous transactions. This is a level 3 measurement as they are measured using inputs which are not based on observable market data. As the carrying value of the CGU is equal to the recoverable amount any downside sensitivity will lead to a further future impairment loss. A 20% reduction in recurring revenue and AUAdv would result in a further impairment of \u00a311m. A 20% reduction in multiples would result in a further impairment of \u00a311m. No impairment of this goodwill was recognised in 2022. At 31 December 2022, the carrying value of this CGU was equal to the recoverable amount. As above, the recoverable amount was based on FVLCD which similarly considered a number of valuation approaches, with the primary approach being a multiples approach based on price to revenue and price to AUAdv. The Finimize CGU comprises the Finimize business. A total impairment of \u00a326m has been recognised in the year ended 31 December 2023 of which \u00a314m was initially recognised at 30 June 2023. The impairments resulted from lower short- term projected growth following a strategic shift that prioritises profitability over revenue growth in the pursuit of a sustainable, resilient if lower growing business in the short term and broader market conditions. Following the impairment, the goodwill allocated to the Finimize CGU was \u00a35m (2022: \u00a331m). The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. This was also the carrying value of the CGU at 31 December 2023. The FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. 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 broadly comparable listed companies, with appropriate discounts applied to take into account profitability, track record, revenue growth potential, and net premiums for control. This is a level 3 measurement as they are measured using inputs which are not based on observable market data. The residual goodwill allocated to the Finimize CGU is not significant in comparison to the total carrying amount of goodwill. The goodwill allocated to the Finimize CGU was also impaired in 2022 by \u00a341m. The recoverable amount of the Finimize CGU at 31 December 2022 was \u00a335m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. Asset management At 31 December 2023, there is no goodwill allocated to the asset management group of CGUs (2022: none). The goodwill of \u00a341m in relation to the acquisition of healthcare fund management capabilities of Tekla has been allocated to the abrdn Inc. CGU (see below). As noted above, an impairment of \u00a3299m was recognised in 2022 in relation to goodwill allocated to the asset management group of CGUs. The asset management group of CGUs comprised the Investments segment (excluding Finimize) which was the lowest group of CGUs to which the asset management goodwill had been allocated at this time. The goodwill prior to impairment of \u00a3299m included additions in 2022 of \u00a3132m allocated to the asset management group of CGUs for revenue synergies in our Investments segment in relation to the acquisition of ii. The recoverable amount of this group of CGUs at 31 December 2022 was \u00a31,532m which was based on FVLCD. The FVLCD considered a number of valuation approaches, with the primary approach being a discounted cash flow approach. interactive investor Goodwill of \u00a3819m (2022: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. The recoverable amount of this CGU 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. 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 16x 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 2023 exceeds the carrying amount of the cash-generating unit by \u00a3398m. 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 (346)
25% reduction in market multiple (433)
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 12x to reduce the headroom to zero to be a reasonably possible change. Other goodwill Goodwill of \u00a339m (2022: \u00a3nil) is attributable to the abrdn Inc. CGU in the Investments segment. As noted above, this relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. No impairment of this goodwill has been identified since acquisition. Goodwill of \u00a325m (2022: \u00a325m) is attributable to an Adviser segment CGU (included in an ii segment CGU in 2022). These goodwill balances are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of customer relationship and investment management contract intangibles of \u00a31m has been recognised in 2023. In 2022, an impairment of \u00a328m was recognised in relation to customer relationship and investment management contract intangibles. The impairment was included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. The impairment related to the Phoenix Life business intangible asset which was recognised on the acquisition of Ignis Asset Management in 2014, and was part of the Investments segment. The recoverable of this intangible asset at 31 December 2022 was \u00a3nil which was based on its FVLCD, based on a discounted cash flow approach based on expected future cashflows for the Phoenix Life business. 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 an impairment of internally developed software of \u00a32m in 2023 ( 2022: \u00a3nil ) .", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "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
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
restated restated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance carried forward
14
218
232
10
255
265
Effect of application of IFRS 9
\u2013
51
51
\u2013
\u2013
\u2013
Opening balance at 1 January
14
269
283
10
255
265
Reclassified as held for sale during the year
\u2013
(9)
(9)
\u2013
\u2013
\u2013
Exchange translation adjustments
\u2013
(19)
(19)
\u2013
8
8
Additions
2
\u2013
2
18
2
20
Profit/(loss) after tax
(1)
2
1
(5)
10
5
Other comprehensive income
\u2013
(31)
(31)
\u2013
(57)
(57)
Reversal of impairment/(impairment)
\u2013
2
2
(9)
\u2013
(9)
At 31 December
15
214
229
14
218
232
1 1 2 1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation. 2. The Group implemented IFRS 9 in 2019. However, as permitted under a temporary exemption granted to insurers in IFRS 4 Insurance Contracts, HASL applied IFRS 9 at 1 January 2023 following the implementation of the new insurance standard, IFRS 17. Refer Basis of preparation. The following joint venture is considered to be material to the Group as at 31 December 2023.
Interest held by Interest held by
Principal place of the Group at 31 the Group at 31
Name
Nature of relationship
business
Measurement method
December 2023 December 2022
Heng An Standard Life Insurance
Joint venture
China
Equity
50.00%
50.00%
Company Limited (HASL) accounted
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
2023
2022
\u00a3m
\u00a3m
Carrying value of associates accounted for using the equity method
15
14
Share of profit/(loss) after tax
(1)
(5)
Investments in associates accounted for using the equity method primarily relates to the Group\u2019s interests in Archax Holdings Limited (Archax) and Tenet Group Limited (Tenet). During the year ended 31 December 2023, the Group increased its interest in Archax from 9.8% to 11% following a further \u00a32m investment. The classification of Archax as an associate reflects the Group\u2019s additional rights under Archax\u2019s articles of association as a large external investor. There are no indicators of impairment in relation to Archax at 31 December 2023. During the year ended 31 December 2022, the Group recognised an impairment of \u00a39m in relation to its interest in Tenet which reduced its value to \u00a3nil. There has been no further investment into Tenet in 2023 and no further impairment has been recognised. (c) Investments in joint ventures
HASL
Other
Total
2023
2022
2023
2022
2023
2022
restated
restated
1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of joint ventures accounted for using the
equity method
214
210
\u2013
8
214
218
Dividends received
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) after tax
3
10
(1)
-
2
10
1 1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation.
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.
HASL\u2019s year-end date is 31 December, however, HASL is not required to adopt IFRS 17 and IFRS 9 for its local reporting until
2026. Consequently, HASL has provided additional financial information on an IFRS 17 and IFRS 9 basis for the purposes of
the preparation of the Group\u2019s consolidated financial statements.
For further details of HASL\u2019s implementation of IFRS 17 and IFRS 9, refer Basis of Preparation.
HASL
2023
2022
restated
\u00a3m
\u00a3m
Summarised financial information of joint venture:
Revenue
154
162
Depreciation and amortisation
6
6
Interest income
97
93
Interest expense
2
2
Income tax (expense)/credit
(1)
6
Profit after tax
6
20
Other comprehensive income
(62)
(114)
Total comprehensive income
(56)
(94)
Total assets
5,267
4,348
Total liabilities
4,839
3,928
Cash and cash equivalents
179
130
Net assets
428
420
Attributable to investee\u2019s shareholders
428
420
Interest held
50%
50%
Share of net assets
214
210
1
2
2
1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation.
2. 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.
In relation to HASL, there are no indicators that the recoverable amount of the Group\u2019s investment in HASL is less than the
Group\u2019s share of net assets.
Virgin Money UTM
The carrying value of joint ventures accounted for using the equity method for Other at 31 December 2022 primarily
related to the Group\u2019s interest in Virgin Money UTM. As detailed in Note 43, the agreed sale of the Group\u2019s interest in Virgin
Money UTM to its joint venture partner, Clydesdale Bank, has been announced. At 31 December 2023, a sale was
considered as highly probable and the Group\u2019s interest in Virgin Money UTM was transferred to held for sale at this date at a
carrying value of \u00a39m (refer Note 21).
The sale was also considered as an indicator that there was a small reversal of the \u00a345m impairment of the interest that
was recognised in 2020. The carrying value prior to reversal of impairment was \u00a37m. The recoverable amount of Virgin
Money UTM prior to transfer was \u00a320m which was based on FVLCD and determined based on the agreed sale price.
However, as the Group had recognised \u00a311m for its share of Virgin Money UTM\u2019s losses since the previous impairment, the
reversal of impairment recognised prior to the transfer was limited to \u00a32m. The reversal of impairment is included in
Reversal of impairment/(impairment) of interests in associates and joint ventures in the consolidated income statement.
The interest in Virgin Money UTM does not form part of the Group\u2019s reportable segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-685": { "value": "
(a) Investments in associates and joint ventures accounted for using the equity method
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
restated restated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance carried forward
14
218
232
10
255
265
Effect of application of IFRS 9
\u2013
51
51
\u2013
\u2013
\u2013
Opening balance at 1 January
14
269
283
10
255
265
Reclassified as held for sale during the year
\u2013
(9)
(9)
\u2013
\u2013
\u2013
Exchange translation adjustments
\u2013
(19)
(19)
\u2013
8
8
Additions
2
\u2013
2
18
2
20
Profit/(loss) after tax
(1)
2
1
(5)
10
5
Other comprehensive income
\u2013
(31)
(31)
\u2013
(57)
(57)
Reversal of impairment/(impairment)
\u2013
2
2
(9)
\u2013
(9)
At 31 December
15
214
229
14
218
232
1
1
2
1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation.
2. The Group implemented IFRS 9 in 2019. However, as permitted under a temporary exemption granted to insurers in IFRS 4 Insurance Contracts, HASL applied
IFRS 9 at 1 January 2023 following the implementation of the new insurance standard, IFRS 17. Refer Basis of preparation.
The following joint venture is considered to be material to the Group as at 31 December 2023.
Interest held by Interest held by
Principal place of the Group at 31 the Group at 31
Name
Nature of relationship
business
Measurement method
December 2023 December 2022
Heng An Standard Life Insurance
Joint venture
China
Equity
50.00%
50.00%
Company Limited (HASL) accounted
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
2023
2022
2023
2022
2023
2022
restated
restated
1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value of joint ventures accounted for using the
equity method
214
210
\u2013
8
214
218
Dividends received
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) after tax
3
10
(1)
-
2
10
1
1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation.
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. HASL\u2019s year-end date is 31 December, however, HASL is not required to adopt IFRS 17 and IFRS 9 for its local reporting until 2026. Consequently, HASL has provided additional financial information on an IFRS 17 and IFRS 9 basis for the purposes of the preparation of the Group\u2019s consolidated financial statements. For further details of HASL\u2019s implementation of IFRS 17 and IFRS 9, refer Basis of Preparation.
HASL
2023
2022
restated
\u00a3m
\u00a3m
Summarised financial information of joint venture:
Revenue
154
162
Depreciation and amortisation
6
6
Interest income
97
93
Interest expense
2
2
Income tax (expense)/credit
(1)
6
Profit after tax
6
20
Other comprehensive income
(62)
(114)
Total comprehensive income
(56)
(94)
Total assets
5,267
4,348
Total liabilities
4,839
3,928
Cash and cash equivalents
179
130
Net assets
428
420
Attributable to investee\u2019s shareholders
428
420
Interest held
50%
50%
Share of net assets
214
210
1 2 2 1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation. 2. 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. In relation to HASL, there are no indicators that the recoverable amount of the Group\u2019s investment in HASL is less than the Group\u2019s share of net assets. Virgin Money UTM The carrying value of joint ventures accounted for using the equity method for Other at 31 December 2022 primarily related to the Group\u2019s interest in Virgin Money UTM. As detailed in Note 43, the agreed sale of the Group\u2019s interest in Virgin Money UTM to its joint venture partner, Clydesdale Bank, has been announced. At 31 December 2023, a sale was considered as highly probable and the Group\u2019s interest in Virgin Money UTM was transferred to held for sale at this date at a carrying value of \u00a39m (refer Note 21). The sale was also considered as an indicator that there was a small reversal of the \u00a345m impairment of the interest that was recognised in 2020. The carrying value prior to reversal of impairment was \u00a37m. The recoverable amount of Virgin Money UTM prior to transfer was \u00a320m which was based on FVLCD and determined based on the agreed sale price. However, as the Group had recognised \u00a311m for its share of Virgin Money UTM\u2019s losses since the previous impairment, the reversal of impairment recognised prior to the transfer was limited to \u00a32m. The reversal of impairment is included in Reversal of impairment/(impairment) of interests in associates and joint ventures in the consolidated income statement. The interest in Virgin Money UTM does not form part of the Group\u2019s reportable segments. (c) Associates and joint ventures
Name of related undertaking
Share class
 % interest held
abrdn Investcorp Infrastructure Investments Manager Limited
Ordinary shares
50%
abrdn SICAV I - Short Dated Enhanced Income Fund
10
SICAV
25%
Archax Holdings Limited
Ordinary shares
11%
Criterion Tec Holdings Ltd
Ordinary shares
21%
Heng An Standard Life Insurance Company Limited
Ordinary shares
50%
PURetail Luxembourg Management Company S.a.r.l.
Class A shares
50%
Tenet Group Limited
Ordinary B shares
25%
Virgin Money Unit Trust Managers Limited
Ordinary shares
50%
1 2 61 62 63 64 65 66 67 1. OEIC = Open-ended investment company SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable ETF = Exchange traded fund ICAV = Irish collective asset-management vehicle 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "value": "(a) Investments in associates and joint ventures accounted for using the equity method
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
restated restated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance carried forward
14
218
232
10
255
265
Effect of application of IFRS 9
\u2013
51
51
\u2013
\u2013
\u2013
Opening balance at 1 January
14
269
283
10
255
265
Reclassified as held for sale during the year
\u2013
(9)
(9)
\u2013
\u2013
\u2013
Exchange translation adjustments
\u2013
(19)
(19)
\u2013
8
8
Additions
2
\u2013
2
18
2
20
Profit/(loss) after tax
(1)
2
1
(5)
10
5
Other comprehensive income
\u2013
(31)
(31)
\u2013
(57)
(57)
Reversal of impairment/(impairment)
\u2013
2
2
(9)
\u2013
(9)
At 31 December
15
214
229
14
218
232
1 1 2 1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation. 2. The Group implemented IFRS 9 in 2019. However, as permitted under a temporary exemption granted to insurers in IFRS 4 Insurance Contracts, HASL applied IFRS 9 at 1 January 2023 following the implementation of the new insurance standard, IFRS 17. Refer Basis of preparation. The following joint venture is considered to be material to the Group as at 31 December 2023.
Interest held by Interest held by
Principal place of the Group at 31 the Group at 31
Name
Nature of relationship
business
Measurement method
December 2023 December 2022
Heng An Standard Life Insurance
Joint venture
China
Equity
50.00%
50.00%
Company Limited (HASL) accounted
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
2023
2022
\u00a3m
\u00a3m
Carrying value of associates accounted for using the equity method
15
14
Share of profit/(loss) after tax
(1)
(5)
Investments in associates accounted for using the equity method primarily relates to the Group\u2019s interests in Archax Holdings Limited (Archax) and Tenet Group Limited (Tenet). During the year ended 31 December 2023, the Group increased its interest in Archax from 9.8% to 11% following a further \u00a32m investment. The classification of Archax as an associate reflects the Group\u2019s additional rights under Archax\u2019s articles of association as a large external investor. There are no indicators of impairment in relation to Archax at 31 December 2023. During the year ended 31 December 2022, the Group recognised an impairment of \u00a39m in relation to its interest in Tenet which reduced its value to \u00a3nil. There has been no further investment into Tenet in 2023 and no further impairment has been recognised. (c) Associates and joint ventures
Name of related undertaking
Share class
 % interest held
abrdn Investcorp Infrastructure Investments Manager Limited
Ordinary shares
50%
abrdn SICAV I - Short Dated Enhanced Income Fund
10
SICAV
25%
Archax Holdings Limited
Ordinary shares
11%
Criterion Tec Holdings Ltd
Ordinary shares
21%
Heng An Standard Life Insurance Company Limited
Ordinary shares
50%
PURetail Luxembourg Management Company S.a.r.l.
Class A shares
50%
Tenet Group Limited
Ordinary B shares
25%
Virgin Money Unit Trust Managers Limited
Ordinary shares
50%
1 2 61 62 63 64 65 66 67 1. OEIC = Open-ended investment company SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable ETF = Exchange traded fund ICAV = Irish collective asset-management vehicle 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-706": { "value": "(a) Investments in associates and joint ventures accounted for using the equity method
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
restated restated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance carried forward
14
218
232
10
255
265
Effect of application of IFRS 9
\u2013
51
51
\u2013
\u2013
\u2013
Opening balance at 1 January
14
269
283
10
255
265
Reclassified as held for sale during the year
\u2013
(9)
(9)
\u2013
\u2013
\u2013
Exchange translation adjustments
\u2013
(19)
(19)
\u2013
8
8
Additions
2
\u2013
2
18
2
20
Profit/(loss) after tax
(1)
2
1
(5)
10
5
Other comprehensive income
\u2013
(31)
(31)
\u2013
(57)
(57)
Reversal of impairment/(impairment)
\u2013
2
2
(9)
\u2013
(9)
At 31 December
15
214
229
14
218
232
1 1 2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfAssociateAccountedForUsingEquityMethodToCarryingAmountOfInterestInAssociateExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-713": { "value": "(a) Investments in associates and joint ventures accounted for using the equity method
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
restated restated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance carried forward
14
218
232
10
255
265
Effect of application of IFRS 9
\u2013
51
51
\u2013
\u2013
\u2013
Opening balance at 1 January
14
269
283
10
255
265
Reclassified as held for sale during the year
\u2013
(9)
(9)
\u2013
\u2013
\u2013
Exchange translation adjustments
\u2013
(19)
(19)
\u2013
8
8
Additions
2
\u2013
2
18
2
20
Profit/(loss) after tax
(1)
2
1
(5)
10
5
Other comprehensive income
\u2013
(31)
(31)
\u2013
(57)
(57)
Reversal of impairment/(impairment)
\u2013
2
2
(9)
\u2013
(9)
At 31 December
15
214
229
14
218
232
1 1 2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfJointVentureAccountedForUsingEquityMethodToCarryingAmountOfInterestInJointVentureExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "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 2023 is \u00a310m (2022: \u00a346m) none of which are considered individually
material to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "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.
Right-of-use
Owner occupied Right-of-use assets \u2013
property Equipment assets \u2013 property equipment Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
At 1 January 2022
2
104
322
3
431
Rec
lassified as held for sale during the year
\u2013
\u2013
(1)
\u2013
(1)
Addi
tions
\u2013
24
36
1
61
Disp
osals and adjustments
1
\u2013
(11)
(41)
\u2013
(52)
Derec
ognition 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
Additions
\u2013
18
30
1
49
Disposals and adjustments
1
\u2013
(8)
(10)
(1)
(19)
Derecognition of right-of-use assets relating to
subleases classified as finance leases
\u2013
\u2013
(24)
\u2013
(24)
Foreign exchange adjustment
\u2013
(2)
(4)
\u2013
(6)
At 31 December 2023
2
128
313
4
447
Accumulated depreciation and impairment
At 1 January 2022
(1)
(54)
(187)
(2)
(244)
Rec
lassified as held for sale during the year
\u2013
\u2013
1
\u2013
1
Depre
ciation charge for the year
\u2013
(18)
(20)
(1)
(39)
Disp
osals and adjustments
1
\u2013
10
38
\u2013
48
Derec
ognition of right-of-use assets relating to
subleases classified as finance leases
\u2013
\u2013
3
\u2013
3
Impair
ment
3
\u2013
\u2013
(7)
\u2013
(7)
F
oreign exchange adjustment
\u2013
(3)
(5)
\u2013
(8)
At
31 December 2022
(1)
(65)
(177)
(3)
(246)
Depreciation charge for the year
\u2013
(15)
(16)
(1)
(32)
Disposals and adjustments
1
\u2013
7
9
\u2013
16
Derecognition of right-of-use assets relating to
subleases classified as finance leases
\u2013
\u2013
20
\u2013
20
Impairment
3
\u2013
(11)
(39)
\u2013
(50)
Reversal of impairment
-
\u2013
3
\u2013
3
Foreign exchange adjustment
\u2013
2
2
1
5
At 31 December 2023
(1)
(82)
(198)
(3)
(284)
Carrying amount
At 1 January 2022
1
50
135
1
187
At 31
December 2022
1
55
144
1
201
At
31 December 2023
1
46
115
1
163
2 2 3 1. For the year ended 31 December 2023, \u00a35m (2022: \u00a31m) 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. I ncluded in restructuring and corporate transaction expenses.
Included in property right-of-use assets, are right-of-use assets that meet the definition of investment property. Their
carrying amount at 31 December 2023 is \u00a331m (2022: \u00a314m). This comprises a gross carrying value of \u00a3134m (2022:
\u00a349m) and accumulated depreciation and impairment of \u00a3103m (2022: \u00a335m). Rental income received and direct
operating expenses incurred to generate that rental income in the year to 31 December 2023 were \u00a33m (2022: \u00a33m) and
\u00a32m (2022: \u00a33m) respectively. In addition, there were direct expenses of \u00a31m (2022: \u00a31m) in relation to investment
properties not currently generating income.
The movements during the period of the carrying value of the Group\u2019s investment property is analysed below.
2023
2022
\u00a3m
\u00a3m
At start of period
14
21
Transfers to investment property
63
\u2013
Transfers from investment property
(3)
\u2013
Depreciation
(4)
(2)
Derecognition related to new subleases classified as finance leases
(3)
(1)
Impairments
(39)
(3)
Reversal of impairment
3
\u2013
Disposals and adjustments
\u2013
(1)
At end of period
31
14
The transfers to investment property relate to a number of properties in the UK and the US that will no longer be used
operationally by the Group. The right-of-use assets were assessed for impairment at the point of transfer. Impairments of
\u00a339m have been recognised in the year ended 31 December 2023 in relation to these properties and one other property in
the UK previously transferred to investment property. The right-of-use assets are related to the Investments segment
(\u00a327m impairment) ii segment (\u00a31m impairment) and Other business operations and corporate costs (\u00a311m impairment).
The recoverable amount for the properties in the UK, which was based on value in use, was \u00a327m using a pre-tax discount
rate of 6%. The recoverable amount for the properties in the US, which was based on value in use, was \u00a34m using a pre-tax
discount rate of 7%. The cash flows were based on 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. The assessment of the cash flows takes into
consideration climate related factors such as the energy efficiency of the buildings. It is not based on valuations by an
independent valuer.
The transfers from investment property relate to a property in the UK which was not being used operationally but following
the review of properties in the UK is being brought back into operational use. The right-of-use asset was assessed for
reversal of impairment at the point of transfer. The Group has recognised a reversal of impairment of \u00a33m in the year
ended 31 December 2023 in relation to this property. The recoverable amount for this property was its carrying value at 30
June 2023 if it had not previously been impaired. The right-of-use asset is also related to the Investments segment.
The fair value of investment property included within right-of-use assets at 31 December 2023 is \u00a336m (2022: \u00a314m). 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 36.
If owner occupied property was measured using the cost model, the historical cost before impairment would be \u00a31m
(2022: \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "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 32) 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 15 years (2022: less than 1 year to 16 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 one
lease at 31 December 2023 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:
2023
2022
\u00a3m
\u00a3m
Right-of-use assets:
Property
115
144
Equipment
1
1
Total right-of-use assets
116
145
Lease liabilities
(223)
(224)
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:
2023
2022
\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 2023 was \u00a330m (2022: \u00a352m). Refer Note 37(f) for further details.
The following table provides a maturity analysis of the contractual undiscounted cash flows for the lease liabilities.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
26
29
Greater than or equal to 1 year and less than 2 years
25
24
Greater than or equal to 2 years and less than 3 years
26
23
Greater than or equal to 3 years and less than 4 years
26
24
Greater than or equal to 4 years and less than 5 years
25
23
Greater than or equal to 5 years and less than 10 years
91
99
Greater than or equal to 10 years and less than 15 years
32
38
Greater than or equal to 15 years
\u2013
4
Total undiscounted lease liabilities
251
264
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 2023 were \u00a31m
(2022: \u00a33m). The Group has no lease commitments for short-term leases at 31 December 2023 (2022: none).
(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 2023, the Group had a net investment in finance leases asset of \u00a331m (2022: \u00a329m) 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 2023, the Group received finance income on the net investment in finance leases
asset of less than \u00a31m (2022: less than \u00a31m). The Group recorded an initial gain of \u00a36m in relation to new subleases
entered into during the year ended 31 December 2023 (2022: \u00a31m). 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.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
3
3
Greater than or equal to 1 year and less than 2 years
4
3
Greater than or equal to 2 years and less than 3 years
4
4
Greater than or equal to 3 years and less than 4 years
4
4
Greater than or equal to 4 years and less than 5 years
4
4
Greater than or equal to 5 years and less than 10 years
14
12
Greater than or equal to 10 years and less than 15 years
1
2
Total contractual undiscounted cash flows under finance leases
34
32
Unearned finance income
(3)
(3)
Total net investment in finance leases
31
29
(b)(ii) Operating leases
During the year ended 31 December 2023, the Group received property rental income from operating leases of \u00a33m
(2022: \u00a33m).
The following table provides a maturity analysis of the future contractual undiscounted cash flows for subleases classified
as operating leases.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
2
1
Greater than or equal to 1 year and less than 2 years
2
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
\u2013
1
Total contractual undiscounted cash flows under operating leases
5
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "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 32) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "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 15 years (2022: less than 1 year to 16 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 one lease at 31 December 2023 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:
2023
2022
\u00a3m
\u00a3m
Right-of-use assets:
Property
115
144
Equipment
1
1
Total right-of-use assets
116
145
Lease liabilities
(223)
(224)
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:
2023
2022
\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 2023 was \u00a330m (2022: \u00a352m). Refer Note 37(f) for further details. The following table provides a maturity analysis of the contractual undiscounted cash flows for the lease liabilities.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
26
29
Greater than or equal to 1 year and less than 2 years
25
24
Greater than or equal to 2 years and less than 3 years
26
23
Greater than or equal to 3 years and less than 4 years
26
24
Greater than or equal to 4 years and less than 5 years
25
23
Greater than or equal to 5 years and less than 10 years
91
99
Greater than or equal to 10 years and less than 15 years
32
38
Greater than or equal to 15 years
\u2013
4
Total undiscounted lease liabilities
251
264
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 2023 were \u00a31m (2022: \u00a33m). The Group has no lease commitments for short-term leases at 31 December 2023 (2022: none). ", "dimensions": { "concept": "abrdnplc:DisclosureOfLeasesWhereTheGroupIsLessee", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-686": { "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 15 years (2022: less than 1 year to 16 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 one lease at 31 December 2023 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:
2023
2022
\u00a3m
\u00a3m
Right-of-use assets:
Property
115
144
Equipment
1
1
Total right-of-use assets
116
145
Lease liabilities
(223)
(224)
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:
2023
2022
\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 2023 was \u00a330m (2022: \u00a352m). Refer Note 37(f) for further details. The following table provides a maturity analysis of the contractual undiscounted cash flows for the lease liabilities.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
26
29
Greater than or equal to 1 year and less than 2 years
25
24
Greater than or equal to 2 years and less than 3 years
26
23
Greater than or equal to 3 years and less than 4 years
26
24
Greater than or equal to 4 years and less than 5 years
25
23
Greater than or equal to 5 years and less than 10 years
91
99
Greater than or equal to 10 years and less than 15 years
32
38
Greater than or equal to 15 years
\u2013
4
Total undiscounted lease liabilities
251
264
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 2023 were \u00a31m (2022: \u00a33m). The Group has no lease commitments for short-term leases at 31 December 2023 (2022: none). (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 2023, the Group had a net investment in finance leases asset of \u00a331m (2022: \u00a329m) 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-637": { "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 2023, the Group had a net investment in finance leases asset of \u00a331m (2022: \u00a329m) 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 2023, the Group received finance income on the net investment in finance leases asset of less than \u00a31m (2022: less than \u00a31m). The Group recorded an initial gain of \u00a36m in relation to new subleases entered into during the year ended 31 December 2023 (2022: \u00a31m). 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.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
3
3
Greater than or equal to 1 year and less than 2 years
4
3
Greater than or equal to 2 years and less than 3 years
4
4
Greater than or equal to 3 years and less than 4 years
4
4
Greater than or equal to 4 years and less than 5 years
4
4
Greater than or equal to 5 years and less than 10 years
14
12
Greater than or equal to 10 years and less than 15 years
1
2
Total contractual undiscounted cash flows under finance leases
34
32
Unearned finance income
(3)
(3)
Total net investment in finance leases
31
29
(b)(ii) Operating leases During the year ended 31 December 2023, the Group received property rental income from operating leases of \u00a33m (2022: \u00a33m). The following table provides a maturity analysis of the future contractual undiscounted cash flows for subleases classified as operating leases.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
2
1
Greater than or equal to 1 year and less than 2 years
2
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
\u2013
1
Total contractual undiscounted cash flows under operating leases
5
4
", "dimensions": { "concept": "abrdnplc:DisclosureOfLeasesWhereTheGroupIsLessor", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-687": { "value": "(b)(i) Finance leases During the year ended 31 December 2023, the Group received finance income on the net investment in finance leases asset of less than \u00a31m (2022: less than \u00a31m). The Group recorded an initial gain of \u00a36m in relation to new subleases entered into during the year ended 31 December 2023 (2022: \u00a31m). 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.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
3
3
Greater than or equal to 1 year and less than 2 years
4
3
Greater than or equal to 2 years and less than 3 years
4
4
Greater than or equal to 3 years and less than 4 years
4
4
Greater than or equal to 4 years and less than 5 years
4
4
Greater than or equal to 5 years and less than 10 years
14
12
Greater than or equal to 10 years and less than 15 years
1
2
Total contractual undiscounted cash flows under finance leases
34
32
Unearned finance income
(3)
(3)
Total net investment in finance leases
31
29
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-688": { "value": "(b)(ii) Operating leases During the year ended 31 December 2023, the Group received property rental income from operating leases of \u00a33m (2022: \u00a33m). The following table provides a maturity analysis of the future contractual undiscounted cash flows for subleases classified as operating leases.
2023
2022
\u00a3m
\u00a3m
Less than 1 year
2
1
Greater than or equal to 1 year and less than 2 years
2
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
\u2013
1
Total contractual undiscounted cash flows under operating leases
5
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "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
Yes B: Objective is achieved by both collecting contractual cash Fair value through other comprehensive
flows and selling income (FVOCI)
Yes
C: Objective is neither A nor B
FVTPL
No
N/A
FVTPL
2 2 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 direct holding in 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. The Group\u2019s Chinese joint venture, HASL, does hold debt securities classified as FVOCI. Refer Basis of Preparation for further details. 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 36. 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 Cash flow
or loss hedge
At amortised cost
Total
2023
2022
2023
2022
2023
2022
2023
2022
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
18
2
19
41
85
\u2013
\u2013
43
104
Equity securities and interests in
pooled investment funds
36
1,139
2,033
\u2013
\u2013
\u2013
\u2013
1,139
2,033
Debt securities
36
740
592
\u2013
\u2013
125
210
865
802
Financial investments
1,881
2,644
41
85
125
210
2,047
2,939
Receivables and other financial
assets
19
11
19
\u2013
\u2013
1,060
888
1,071
907
Cash and cash equivalents
22
\u2013
\u2013
\u2013
\u2013
1,196
1,133
1,196
1,133
Total
1,892
2,663
41
85
2,381
2,231
4,314
4,979
1 2 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 \u00a38m (2022: \u00a32m). 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 \u00a31,139m (2022: \u00a3669m).
Included in Proceeds from sale or redemption of financial investments of \u00a31,029m (2022: \u00a31,633m) within the consolidated
statement of cash flows are \u00a3576m (2022: \u00a3789m) in relation to sales of significant listed investments. Refer Note 11 for
further details of the sales in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-638": { "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
Yes B: Objective is achieved by both collecting contractual cash Fair value through other comprehensive
flows and selling income (FVOCI)
Yes
C: Objective is neither A nor B
FVTPL
No
N/A
FVTPL
2 2 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 direct holding in 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. The Group\u2019s Chinese joint venture, HASL, does hold debt securities classified as FVOCI. Refer Basis of Preparation for further details. 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 36. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "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 hedge reserve is transferred to the consolidated income statement on disposal of the investment.
2023
2022
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
588
41
\u2013
623
85
\u2013
FVTPL
17,29
628
2
9
638
19
1
Derivative financial instruments
36
1,216
43
9
1,261
104
1
Derivative financial
instruments backing unit linked
liabilities 23
2
\u2013
\u2013
258
1
2
Total derivative financial
instruments
1,218
43
9
1,519
105
3
Derivative assets of \u00a341m (2022: \u00a385m) are expected to be recovered after more than 12 months. There are no derivative liabilities (2022: none) 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
\u00a341m (2022: \u00a385m asset). During the year ended 31 December 2023 fair value losses of \u00a340m (2022: gains of \u00a385m) were
recognised in other comprehensive income in relation to the cross-currency swap. Losses of \u00a335m (2022: gains of \u00a370m)
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
(2022: \u00a36m) and gains of \u00a31m (2022: gains of \u00a32m) 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.
2023
2022
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
130
\u2013
5
137
3
\u2013
Swaps
13
\u2013
\u2013
\u2013
\u2013
\u2013
Bond derivatives:
Futures
46
\u2013
2
\u2013
\u2013
\u2013
Interest rate derivatives:
Swaps
21
1
\u2013
18
1
\u2013
Foreign exchange derivatives:
Forwards
339
1
\u2013
678
16
3
Other derivatives:
Credit default swaps
81
\u2013
2
63
\u2013
\u2013
Derivative financial instruments at FVTPL
630
2
9
896
20
3
(b) Maturity profile
The maturity profile of the contractual undiscounted cash flows in relation to derivative financial instruments is as follows:
Within 1 1-5 5-10
year years years Total
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
Derivative financial assets
339
569
677
107
\u2013
637
1,016
1,313
Derivative financial liabilities
25
138
\u2013
\u2013
\u2013
\u2013
25
138
Total
364
707
677
107
\u2013
637
1,041
1,451
Cash outflows
Derivative financial assets
(331)
(541)
(632)
(91)
\u2013
(578)
(963)
(1,210)
Derivative financial liabilities
(25)
(141)
(2)
\u2013
\u2013
\u2013
(27)
(141)
Total
(356)
(682)
(634)
(91)
\u2013
(578)
(990)
(1,351)
Net derivative financial
instruments cash inflows
8
25
43
16
\u2013
59
51
100
Included in the above maturity profile are the following cash flows in relation to cash flow hedge assets:
Within 1 1-5 5-10
year years
years
Total
2023
20222
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
25
26
676
106
\u2013
637
701
769
Cash outflows
(18)
(18)
(632)
(91)
\u2013
(578)
(650)
(687)
Net cash flow hedge cash
inflows
7
8
44
15
\u2013
59
51
82
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-689": { "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 hedge reserve is transferred to the consolidated income statement on disposal of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-639": { "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 hedge reserve is transferred to the consolidated income statement on disposal of the investment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-707": { "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 \u00a341m (2022: \u00a385m asset). During the year ended 31 December 2023 fair value losses of \u00a340m (2022: gains of \u00a385m) were recognised in other comprehensive income in relation to the cross-currency swap. Losses of \u00a335m (2022: gains of \u00a370m) 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 (2022: \u00a36m) and gains of \u00a31m (2022: gains of \u00a32m) 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.
2023
2022
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
130
\u2013
5
137
3
\u2013
Swaps
13
\u2013
\u2013
\u2013
\u2013
\u2013
Bond derivatives:
Futures
46
\u2013
2
\u2013
\u2013
\u2013
Interest rate derivatives:
Swaps
21
1
\u2013
18
1
\u2013
Foreign exchange derivatives:
Forwards
339
1
\u2013
678
16
3
Other derivatives:
Credit default swaps
81
\u2013
2
63
\u2013
\u2013
Derivative financial instruments at FVTPL
630
2
9
896
20
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-708": { "value": "(b) Maturity profile The maturity profile of the contractual undiscounted cash flows in relation to derivative financial instruments is as follows:
Within 1 1-5 5-10
year years years Total
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
Derivative financial assets
339
569
677
107
\u2013
637
1,016
1,313
Derivative financial liabilities
25
138
\u2013
\u2013
\u2013
\u2013
25
138
Total
364
707
677
107
\u2013
637
1,041
1,451
Cash outflows
Derivative financial assets
(331)
(541)
(632)
(91)
\u2013
(578)
(963)
(1,210)
Derivative financial liabilities
(25)
(141)
(2)
\u2013
\u2013
\u2013
(27)
(141)
Total
(356)
(682)
(634)
(91)
\u2013
(578)
(990)
(1,351)
Net derivative financial
instruments cash inflows
8
25
43
16
\u2013
59
51
100
Included in the above maturity profile are the following cash flows in relation to cash flow hedge assets:
Within 1 1-5 5-10
year years
years
Total
2023
20222
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash inflows
25
26
676
106
\u2013
637
701
769
Cash outflows
(18)
(18)
(632)
(91)
\u2013
(578)
(650)
(687)
Net cash flow hedge cash
inflows
7
8
44
15
\u2013
59
51
82
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "
19. Receivables and other financial assets
2023
2022
Notes
\u00a3m
\u00a3m
Amounts receivable from contracts with customers
3(d)
110
161
Accrued income
310
278
Amounts due from counterparties and customers for
unsettled trades and fund transactions
477
317
Net investment in finance leases
31
29
Collateral pledged in respect of derivative contracts
34
19
14
Contingent consideration assets
36
11
19
Other
113
89
Receivables and other financial assets
1,071
907
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 \u00a367m
(2022: \u00a334m).
Accrued income includes \u00a3306m (2022: \u00a3273m) of accrued income from contracts with customers (refer Note 3(d)).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-690": { "value": "19. Receivables and other financial assets
2023
2022
Notes
\u00a3m
\u00a3m
Amounts receivable from contracts with customers
3(d)
110
161
Accrued income
310
278
Amounts due from counterparties and customers for
unsettled trades and fund transactions
477
317
Net investment in finance leases
31
29
Collateral pledged in respect of derivative contracts
34
19
14
Contingent consideration assets
36
11
19
Other
113
89
Receivables and other financial assets
1,071
907
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 \u00a367m (2022: \u00a334m). Accrued income includes \u00a3306m (2022: \u00a3273m) of accrued income from contracts with customers (refer Note 3(d)).
32. Other financial liabilities
2023
2022
Notes
\u00a3m
\u00a3m
Accruals
284
326
Amounts due to counterparties and customers for unsettled
trades and fund transactions
464
300
Lease liabilities
16
223
224
Cash collateral held in respect of derivative contracts
34
40
109
Bank overdrafts
22
\u2013
3
Contingent consideration liabilities
36
114
132
Deferred income
1
4
3
Other
112
104
Other financial liabilities
1,241
1,201
1. The Group has made a presentational change to show Deferred income within Other financial liabilities.
The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3323m (2022: \u00a3318m).
(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 2023, the Group had pledged \u00a319m (2022: \u00a314m) of cash
and \u00a3nil (2022: \u00a3nil) of securities as collateral for derivative financial liabilities. At 31 December 2023, the Group had
accepted \u00a340m (2022: \u00a3109m) of cash and \u00a335m (2022: \u00a3nil) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "
20. Other assets
2023
2022
\u00a3m
\u00a3m
Prepayments
75
89
Deferred acquisition costs
\u2013
1
Other
2
2
Other assets
77
92
The amount of other assets expected to be recovered after more than 12 months is \u00a324m (2022: \u00a321m).
Prepayments includes \u00a323m (2022: \u00a343m) 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 39(b) 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 \u00a31m (2022: \u00a32m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-691": { "value": "20. Other assets
2023
2022
\u00a3m
\u00a3m
Prepayments
75
89
Deferred acquisition costs
\u2013
1
Other
2
2
Other assets
77
92
The amount of other assets expected to be recovered after more than 12 months is \u00a324m (2022: \u00a321m). Prepayments includes \u00a323m (2022: \u00a343m) 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 39(b) 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 \u00a31m (2022: \u00a32m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "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 accounting policies that applied before they were classified as held for sale.
2023
2022
\u00a3m
\u00a3m
Assets of operations held for sale
abrdn Capital Limited
\u2013
87
European-headquartered Private Equity business
10
\u2013
Investments in joint ventures accounted for using the equity method
Virgin Money UTM
14, 43
9
\u2013
Assets held for sale
19
87
Liabilities of operations held for sale
abrdn Capital Limited
\u2013
14
European-headquartered Private Equity business
2
\u2013
Liabilities of operations held for sale
2
14
(a) European-headquartered Private Equity business On 16 October 2023, the Group announced the proposed sale of its European-headquartered Private Equity business which is in the Investments segment. The sale is expected to complete in the first half of 2024 and this business has been classified as an operation held for sale. At 31 December 2023, this disposal group was measured at its carrying amount and comprised the following assets and liabilities:
2023
\u00a3m
Assets of operations held for sale
Receivables and other financial assets
9
Cash and cash equivalents
1
Total assets of operations held for sale
10
Liabilities of operations held for sale
Other financial liabilities
2
Total liabilities of operations held for sale
2
Net assets of operations held for sale
8
Net assets of operations held for sale were net of intercompany balances between the European-headquartered Private Equity business and other group entities, the net assets on a gross basis as at 31 December 2023 were \u00a38m.
(b) abrdn Capital Limited (aCL)
On 1 September 2023, the Group completed the sale of aCL. Refer Note 1 (c)(i). aCL was reported in the ii segment
(previously named Personal).
At 31 December 2022, this disposal group was measured at its carrying amount and comprised the following assets and
liabilities:
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 were 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 were \u00a370m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-640": { "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 accounting policies that applied before they were classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "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 overdraft is repayable on demand and forms an integral part of the Group\u2019s cash management. 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.
2023
2022
\u00a3m
\u00a3m
Cash at bank and in hand
704
783
Money at call, term deposits, reverse repurchase agreements and debt instruments with less
than three months to maturity from acquisition
301
236
Money market funds
191
114
Cash and cash equivalents
1,196
1,133
2023
2022
Notes
\u00a3m
\u00a3m
Cash and cash equivalents
1,196
1,133
Cash and cash equivalents backing unit linked liabilities
23
13
23
Cash and cash equivalents classified as held for sale
21
1
13
Bank overdrafts
32
\u2013
(3)
Total cash and cash equivalents for consolidated statement of cash flows
1,210
1,166
Cash at bank, money at call and short notice and deposits are subject to variable interest rates. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-641": { "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 overdraft is repayable on demand and forms an integral part of the Group\u2019s cash management. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "value": "23. Unit linked liabilities and assets backing unit linked liabilities The 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
2023
2022
Notes
\u00a3m
\u00a3m
Net gains or losses on financial instruments and other income
4
4
5
Other administrative expense
5
(1)
(1)
Profit before tax
3
4
Tax expense attributable to unit linked business
9
(3)
(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 36. Refer Note 36 for details of valuation techniques used.
Level 1
Level 2
Level 3
Not at fair value
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
396
601
273
322
\u2013
1
\u2013
\u2013
669
924
Receivables and other financial assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
5
4
5
Cash and cash equivalents
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
13
23
13
23
Total financial assets backing unit linked
liabilities
396
601
273
322
\u2013
1
17
28
686
952
Investment contract liabilities
\u2013
\u2013
684
772
\u2013
1
\u2013
\u2013
684
773
Third party interest in consolidated funds
\u2013
\u2013
\u2013
173
\u2013
\u2013
\u2013
\u2013
\u2013
173
Other unit linked financial liabilities
\u2013
\u2013
\u2013
2
\u2013
\u2013
2
4
2
6
Total unit linked financial liabilities
\u2013
\u2013
684
947
\u2013
1
2
4
686
952
In addition to financial assets backing unit linked liabilities and unit linked financial liabilities shown above there is a current
tax asset of \u00a3nil (2022: less than \u00a31m) included in unit linked assets and a current tax liability of \u00a3nil (2022: less than \u00a31m)
included in unit linked liabilities.
The financial investments backing unit linked liabilities comprise equity securities and interests in pooled investment funds of
\u00a3667m (2022: \u00a3811m), debt securities of \u00a32m (2022: \u00a3112m) and derivative financial assets of \u00a3nil (2022: \u00a31m).
The fair value of financial instruments not held at fair value approximates to their carrying value at both 31 December 2023
and 31 December 2022.
There were no significant transfers from level 1 to level 2 during the year ended 31 December 2023. There were transfers
from level 1 to level 2 of \u00a352m 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 2023 (2022: \u00a3nil). Transfers are deemed to have occurred at the end of the calendar quarter
in which they arose.
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 contract
investment funds liabilities
31 Dec 31 Dec 31 Dec 31 Dec
2023 2022 2023 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At start of period
1
1
(1)
(1)
Sales
(1)
\u2013
1
\u2013
At end of period
\u2013
1
\u2013
(1)
Unit linked level 3 assets related 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:
2023
2022
\u00a3m
\u00a3m
At 1 January
773
1,088
Contributions
54
36
Account balances paid on surrender and other terminations in the year
(206)
(237)
Change in non-participating investment contract liabilities recognised in the consolidated income
statement
65
(112)
Recurring management charges
(2)
(2)
At 31 December
684
773
(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 34. The following table presents the impact of master netting
agreements and similar arrangements for derivatives backing unit linked liabilities.
Related amounts not offset on the consolidated
statement of financial position
Gross amounts of financial
instruments as presented on the
consolidated statement of financial Financial Financial collateral
position instruments
pledged/(received)
Net position
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives
\u2013
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Total financial
assets
\u2013
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
Financial liabilities
Derivatives
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
Total financial
liabilities
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
1
1
1. Only OTC derivatives subject to master netting agreements have been included above.
", "dimensions": { "concept": "abrdnplc:DisclosureOfUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-642": { "value": "The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-643": { "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 36. Refer Note 36 for details of valuation techniques used.
Level 1
Level 2
Level 3
Not at fair value
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial investments
396
601
273
322
\u2013
1
\u2013
\u2013
669
924
Receivables and other financial assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
5
4
5
Cash and cash equivalents
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
13
23
13
23
Total financial assets backing unit linked
liabilities
396
601
273
322
\u2013
1
17
28
686
952
Investment contract liabilities
\u2013
\u2013
684
772
\u2013
1
\u2013
\u2013
684
773
Third party interest in consolidated funds
\u2013
\u2013
\u2013
173
\u2013
\u2013
\u2013
\u2013
\u2013
173
Other unit linked financial liabilities
\u2013
\u2013
\u2013
2
\u2013
\u2013
2
4
2
6
Total unit linked financial liabilities
\u2013
\u2013
684
947
\u2013
1
2
4
686
952
In addition to financial assets backing unit linked liabilities and unit linked financial liabilities shown above there is a current tax asset of \u00a3nil (2022: less than \u00a31m) included in unit linked assets and a current tax liability of \u00a3nil (2022: less than \u00a31m) included in unit linked liabilities. The financial investments backing unit linked liabilities comprise equity securities and interests in pooled investment funds of \u00a3667m (2022: \u00a3811m), debt securities of \u00a32m (2022: \u00a3112m) and derivative financial assets of \u00a3nil (2022: \u00a31m). The fair value of financial instruments not held at fair value approximates to their carrying value at both 31 December 2023 and 31 December 2022. There were no significant transfers from level 1 to level 2 during the year ended 31 December 2023. There were transfers from level 1 to level 2 of \u00a352m 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 2023 (2022: \u00a3nil). Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. 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 contract
investment funds liabilities
31 Dec 31 Dec 31 Dec 31 Dec
2023 2022 2023 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At start of period
1
1
(1)
(1)
Sales
(1)
\u2013
1
\u2013
At end of period
\u2013
1
\u2013
(1)
Unit linked level 3 assets related 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-692": { "value": "(d) Change in non-participating investment contract liabilities The change in non-participating investment contract liabilities was as follows:
2023
2022
\u00a3m
\u00a3m
At 1 January
773
1,088
Contributions
54
36
Account balances paid on surrender and other terminations in the year
(206)
(237)
Change in non-participating investment contract liabilities recognised in the consolidated income
statement
65
(112)
Recurring management charges
(2)
(2)
At 31 December
684
773
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-693": { "value": "(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 34. The following table presents the impact of master netting agreements and similar arrangements for derivatives backing unit linked liabilities. Related amounts not offset on the consolidated statement of financial position Gross amounts of financial instruments as presented on the consolidated statement of financial Financial Financial collateral position instruments pledged/(received) Net position 2023 2022 2023 2022 2023 2022 2023 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Derivatives \u2013 1 \u2013 \u2013 \u2013 \u2013 \u2013 1 Total financial assets \u2013 1 \u2013 \u2013 \u2013 \u2013 \u2013 1 Financial liabilities Derivatives \u2013 (1) \u2013 \u2013 \u2013 \u2013 \u2013 (1) Total financial liabilities \u2013 (1) \u2013 \u2013 \u2013 \u2013 \u2013 (1) 1 1 1. Only OTC derivatives subject to master netting agreements have been included above. ", "dimensions": { "concept": "abrdnplc:DisclosureOfOffsettingUnitLinkedFinancialAssetsAndLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "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. Where the Company undertakes share buybacks, the reduction to retained earnings is accounted for on the trade date of the transaction of each repurchase with a liability recognised for unsettled trades, unless the Company has an irrevocable contractual obligation with a third party. Where the Company has an irrevocable contractual obligation, the full contractual value of the buyback programme is recognised as a liability and as a reduction to retained earnings on the date of the agreement. The reduction to share capital for the cancellation of the shares and the related credit to the capital redemption reserve is always accounted for on the settlement date for the repurchases. The movement in the issued ordinary share capital and share premium of the Company was:
2023
2022
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
2,001,891,899
280
640
2,180,724,786
305
640
Shares issued in respect of share incentive
plans
2,414
\u2013
\u2013
2,381
\u2013
\u2013
Share buyback
(161,153,949)
(23)
\u2013
(178,835,268)
(25)
\u2013
At 31 December
1,840,740,364
257
640
2,001,891,899
280
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 5 June 2023, the Company announced that it would initiate a \u00a3150m return to shareholders. On 8 August 2023, the Company announced the extension of this programme to \u00a3300m. The share buyback commenced on 5 June 2023 and was completed on 19 December 2023. During the year ended 31 December 2023, the Company had bought back and cancelled 161,153,949 shares as part of this programme. The total consideration was \u00a3302m which includes transaction costs. During the year ended 31 December 2022, the Company bought back and cancelled 178,835,268 shares. The total consideration was \u00a3302m which included transaction costs. There were no unsettled purchases at 31 December 2022. The share buyback has resulted in a reduction in retained earnings of \u00a3302m (2022: \u00a3302m). In addition, an amount of \u00a323m (2022: \u00a325m) 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 40. ", "dimensions": { "concept": "abrdnplc:DisclosureOfIssuedShareCapitalAndSharePremium", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-644": { "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. Where the Company undertakes share buybacks, the reduction to retained earnings is accounted for on the trade date of the transaction of each repurchase with a liability recognised for unsettled trades, unless the Company has an irrevocable contractual obligation with a third party. Where the Company has an irrevocable contractual obligation, the full contractual value of the buyback programme is recognised as a liability and as a reduction to retained earnings on the date of the agreement. The reduction to share capital for the cancellation of the shares and the related credit to the capital redemption reserve is always accounted for on the settlement date for the repurchases. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForIssuedShareCapitalAndSharePremium", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "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 (abrdn EBT), the abrdn Employee Trust (formerly named the Standard Life Employee Trust)(abrdn ET) and the Aberdeen Asset Management Employee Benefit Trust 2003 (AAM EBT). The abrdn EBT, abrdn 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, abrdn 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:
2023
2022
Number of shares held by trusts
abrdn Employee Benefit Trust
34,076,343
36,112,240
abrdn Employee Trust
22,187,644
22,629,035
Aberdeen Asset Management Employee Benefit Trust 2003
2,080,853
2,264,591
", "dimensions": { "concept": "abrdnplc:DisclosureOfSharesHeldByTrusts", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-645": { "value": "Shares held by trusts relates to shares in abrdn plc that are held by the abrdn Employee Benefit Trust (abrdn EBT), the abrdn Employee Trust (formerly named the Standard Life Employee Trust)(abrdn ET) and the Aberdeen Asset Management Employee Benefit Trust 2003 (AAM EBT). The abrdn EBT, abrdn 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, abrdn 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "
26. Retained earnings
The following table shows movements in retained earnings during the year.
2023
2022
restated
Notes
\u00a3m
\u00a3m
Opening balance carried forward
4,986
5,766
Effect of application of IFRS 9 on Investments in associates and joint ventures accounted
for using the equity method
51
\u2013
Opening balance at 1 January
5,037
5,766
Recognised in comprehensive income
Recognised in profit/(loss) for the year attributable to equity holders
1
(558)
Recognised in other comprehensive income
Remeasurement losses on defined benefit pension plans
31
(139)
(793)
Share of other comprehensive income of associates and joint ventures
(31)
(57)
Total items recognised in comprehensive income
(169)
(1,408)
Recognised directly in equity
Dividends paid on ordinary shares
(279)
(307)
Share buyback
24
(302)
(302)
Cancellation of capital redemption reserve
27
\u2013
1,059
Transfer for vested employee share-based payments
31
63
Transfer between reserves on disposal of subsidiaries
\u2013
1
Transfer between reserves on impairment of subsidiaries
27
169
207
Shares distributed by employee and other trusts
(38)
(70)
Other movements
\u2013
(23)
Total items recognised directly in equity
(419)
628
At 31 December
4,449
4,986
1
2
1
1
3
1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation.
2. The Group implemented IFRS 9 in 2019. However, as permitted under a temporary exemption granted to insurers in IFRS 4 Insurance Contracts, the Group\u2019s
insurance joint venture, Heng An Standard Life Insurance Company Limited, applied IFRS 9 at 1 January 2023 following the implementation of the new
insurance standard, IFRS 17. Refer Basis of preparation.
3. Other movements in 2022 included 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "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.
Foreign Equity Capital
Cash flow currency Merger compensation Special Reserve arising on redemption
hedges translation reserve reserve reserve Group reconstruction
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2023
23
70
275
48
115
(685)
25
(129)
Recognised in other
comprehensive income
Fair value losses on cash
flow hedges
(40)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(40)
Exchange differences on
translating foreign
operations
\u2013
(35)
\u2013
\u2013
\u2013
\u2013
\u2013
(35)
Items transferred to profit
or loss
28
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
27
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
(9)
(36)
\u2013
\u2013
\u2013
\u2013
\u2013
(45)
Recognised directly in
equity
Share buyback
24
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
23
23
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
(31)
\u2013
\u2013
\u2013
(31)
Transfer between
reserves on impairment of
subsidiaries
\u2013
\u2013
(169)
\u2013
\u2013
\u2013
\u2013
(169)
Total items recognised
directly within equity
\u2013
\u2013
(169)
(7)
\u2013
\u2013
23
(153)
At 31 December 2023
14
34
106
41
115
(685)
48
(327)
The merger reserve includes \u00a394m (2022: \u00a3263m) in relation to the Group\u2019s asset management businesses. During 2023,
following the impairment of the Company\u2019s investment in abrdn Investments (Holdings) Limited, \u00a3169m was transferred
from the merger reserve to retained earnings. During 2022, following the impairment of the Company\u2019s investments in
abrdn Holdings Limited and abrdn Investments (Holdings) Limited, \u00a3207m was transferred from the merger reserve to
retained earnings. Refer to the Company financial statements for further details on these impairments.
Foreign Equity Reserve arising on Capital
Cash flow currency Merger compensation Special Group redemption
hedges translation reserve reserve reserve reconstruction
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
\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
1. Other movements included the transfer of (\u00a317m) previously recognised in the foreign currency translation reserve to Retained earnings. In prior periods we
had 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 transfer between reserves. Prior periods were not restated as the impact on prior periods was not
considered material. There was no impact on net assets for any period presented.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-646": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-694": { "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 (2022: \u00a311m). 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 2023 was 467% (2022: 408%). (b) Non-controlling interests \u2013 ordinary shares Non-controlling interests \u2013 ordinary shares of \u00a35m were held at 31 December 2023 (2022: \u00a37m). The profit for the year attributable to non-controlling interests \u2013 ordinary shares was less than \u00a31m (2022: \u00a31m).", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherEquityAndNonControllingInterests", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-647": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-648": { "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 (2022: \u00a311m).
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 2023 was 467% (2022: 408%).
", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherEquityPerpetualSubordinatedNotes", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "(b) Non-controlling interests \u2013 ordinary shares Non-controlling interests \u2013 ordinary shares of \u00a35m were held at 31 December 2023 (2022: \u00a37m). The profit for the year attributable to non-controlling interests \u2013 ordinary shares was less than \u00a31m (2022: \u00a31m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "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 36. 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
At amortised cost
Total
2023
2022
2023
2022
2023
2022
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Third party interest in consolidated funds
187
242
\u2013
\u2013
187
242
Subordinated liabilities
30
\u2013
\u2013
599
621
599
621
Derivative financial liabilities
18
9
1
\u2013
\u2013
9
1
Other financial liabilities
32
129
143
1,112
1,058
1,241
1,201
Total
325
386
1,711
1,679
2,036
2,065
1 2 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. 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-649": { "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 36. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "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.
2023
2022
Principal Carrying Principal Carrying
Notes amount value amount value
Subordinated notes
4.25% US Dollar fixed rate due 30 June 2028
$750m
\u00a3599m
$750m
\u00a3621m
Total subordinated liabilities
36
\u00a3599m
\u00a3621m
A description of the key features of the Group\u2019s subordinated liabilities as at 31 December 2023 is as follows:
4.25% US Dollar fixed rate
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 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 36. A reconciliation of movements in subordinated liabilities in the year is provided in Note 37. The principal amount of the subordinated liabilities is expected to be settled after more than 12 months. The accrued interest on the subordinated liabilities of \u00a313m (2022: \u00a3nil) is expected to be settled within 12 months. 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
4 December 2022 and on every interest
Callable at par at option of the Company from payment date (semi-annually) thereafter
4.85% over the five-year gilt rate
If not called by the Company interest will reset to (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-650": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-719": { "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
(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 2023. 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 2023.
The funding of the plan depends on the statutory valuation performed by the trustee, 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
at 31 December 2022, and measured plan assets and liabilities to be \u00a33.0bn and \u00a32.1bn respectively. This
corresponds to a surplus of \u00a30.9bn and a funding level of 144%. As there is currently no deficit, no recovery plan is
required.
As part of ongoing actions taken in recent years to reduce risk in abrdn\u2019s principal defined benefit pension plan, the
trustee submitted a petition to the Court of Session in March 2023 seeking a direction on the destination of any
residual surplus assets that remain after all plan-related obligations are settled or otherwise provided for. On 1
August 2023, the Court of Session, among other things, confirmed that if a buy-out were to be completed and
sufficient provision made for: (i) any remaining liabilities; and (ii) expenses of completing the winding-up of the
pension scheme, there would be a resulting trust in respect of any residual surplus assets in favour of the employer.
We are continuing to work with the trustee on next steps. Any residual surplus will be determined on a different basis
to IAS 19 or funding measures of the plan surplus. The timing of release of any surplus remains a matter for the
trustee. The IAS 19 defined benefit plan asset is not included in abrdn\u2019s regulatory capital.
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 2022), one plan, the Edinburgh Fund Managers Group Scheme (the EFM Scheme) was in deficit and the
Group agreed funding plans with the plan\u2019s trustees which aimed to eliminate the deficit. The other plan, the Murray
Johnstone Limited Retirement Benefits Plan (the MJ Plan), was in surplus. Refer Section 31(d) for details of the buy-in
undertaken on the MJ Plan in 2023.
Other plans
abrdn ROI
plan
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
two employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2022, the plan was in deficit and as above, the Group agreed
funding plans with the plan\u2019s trustees which aimed to eliminate the deficit.
Other The Group operates smaller funded and unfunded defined benefit plans in other countries.
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:
2023
2022
\u00a3m
\u00a3m
Current service cost
55
56
Past service cost
(5)
\u2013
Net interest income
(38)
(32)
Administrative expenses
4
3
Expense recognised in the consolidated income statement
16
27
Contributions made to defined contribution plans are included within current service cost. Contributions to defined benefit plans in the year ended 31 December 2023 comprised \u00a38m (2022: \u00a314m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to be \u00a35m in 2024 and are not expected to materially change 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
2023
2022
Principal Principal
plan
Other
Total
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,784)
(234)
(2,018)
(1,755)
(228)
(1,983)
Present value of unfunded
obligation
\u2013
(2)
(2)
\u2013
(3)
(3)
Fair value of plan assets
2,912
233
3,145
3,001
251
3,252
Net asset/(liability) before the limit
on plan surplus
1,128
(3)
1,125
1,246
20
1,266
Effect of limit on plan surplus
1, 2
(394)
(3)
(397)
(436)
(11)
(447)
Net asset/(liability)
734
(6)
728
810
9
819
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 \u00a36m at 31 December 2023 (2022: \u00a321m). 2. The UK Government announced in the Autumn Statement a proposed reduction in the authorised pension surplus charge from 35% to 25% to be effective from 6 April 2024. This change has not yet been enacted. The impact of the change would have been to increase the pension asset by \u00a3113m. Other comprises a defined benefit plan asset of \u00a36m (2022: \u00a321m) and a number of other defined benefit plans with a total liability of \u00a312m (2022: \u00a312m). A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan surplus had 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. There was further impact from these in 2023 but this was less significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-695": { "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 (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 2023. 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 2023. The funding of the plan depends on the statutory valuation performed by the trustee, 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 at 31 December 2022, and measured plan assets and liabilities to be \u00a33.0bn and \u00a32.1bn respectively. This corresponds to a surplus of \u00a30.9bn and a funding level of 144%. As there is currently no deficit, no recovery plan is required. As part of ongoing actions taken in recent years to reduce risk in abrdn\u2019s principal defined benefit pension plan, the trustee submitted a petition to the Court of Session in March 2023 seeking a direction on the destination of any residual surplus assets that remain after all plan-related obligations are settled or otherwise provided for. On 1 August 2023, the Court of Session, among other things, confirmed that if a buy-out were to be completed and sufficient provision made for: (i) any remaining liabilities; and (ii) expenses of completing the winding-up of the pension scheme, there would be a resulting trust in respect of any residual surplus assets in favour of the employer. We are continuing to work with the trustee on next steps. Any residual surplus will be determined on a different basis to IAS 19 or funding measures of the plan surplus. The timing of release of any surplus remains a matter for the trustee. The IAS 19 defined benefit plan asset is not included in abrdn\u2019s regulatory capital. 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 2022), one plan, the Edinburgh Fund Managers Group Scheme (the EFM Scheme) was in deficit and the Group agreed funding plans with the plan\u2019s trustees which aimed to eliminate the deficit. The other plan, the Murray Johnstone Limited Retirement Benefits Plan (the MJ Plan), was in surplus. Refer Section 31(d) for details of the buy-in undertaken on the MJ Plan in 2023. Other plans abrdn ROI plan 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 two employees who continue to accrue benefits under this plan. At the last funding valuation, effective 1 January 2022, the plan was in deficit and as above, the Group agreed funding plans with the plan\u2019s trustees which aimed to eliminate the deficit. Other The Group operates smaller funded and unfunded defined benefit plans in other countries. 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:
2023
2022
\u00a3m
\u00a3m
Current service cost
55
56
Past service cost
(5)
\u2013
Net interest income
(38)
(32)
Administrative expenses
4
3
Expense recognised in the consolidated income statement
16
27
Contributions made to defined contribution plans are included within current service cost. Contributions to defined benefit plans in the year ended 31 December 2023 comprised \u00a38m (2022: \u00a314m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to be \u00a35m in 2024 and are not expected to materially change 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
2023
2022
Principal Principal
plan
Other
Total
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,784)
(234)
(2,018)
(1,755)
(228)
(1,983)
Present value of unfunded
obligation
\u2013
(2)
(2)
\u2013
(3)
(3)
Fair value of plan assets
2,912
233
3,145
3,001
251
3,252
Net asset/(liability) before the limit
on plan surplus
1,128
(3)
1,125
1,246
20
1,266
Effect of limit on plan surplus
1, 2
(394)
(3)
(397)
(436)
(11)
(447)
Net asset/(liability)
734
(6)
728
810
9
819
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 \u00a36m at 31 December 2023 (2022: \u00a321m). 2. The UK Government announced in the Autumn Statement a proposed reduction in the authorised pension surplus charge from 35% to 25% to be effective from 6 April 2024. This change has not yet been enacted. The impact of the change would have been to increase the pension asset by \u00a3113m. Other comprises a defined benefit plan asset of \u00a36m (2022: \u00a321m) and a number of other defined benefit plans with a total liability of \u00a312m (2022: \u00a312m). A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan surplus had 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. There was further impact from these in 2023 but this was less significant. (c) Movement in the net defined benefit asset
Net asset/(liability)
Present value Fair value of before the limit on plan Effect of limit on plan
of obligation plan assets surplus
surpluses
Net asset/(liability)
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,986)
(3,252)
3,252
5,686
1,266
2,434
(447)
(865)
819
1,569
Total expense
Current service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Past service cost
5
\u2013
\u2013
\u2013
5
\u2013
\u2013
\u2013
5
\u2013
Interest (expense)/income
(88)
(65)
146
115
58
50
(20)
(18)
38
32
Administrative expenses
(4)
(3)
\u2013
\u2013
(4)
(3)
\u2013
\u2013
(4)
(3)
Total (expense)/income
recognised in consolidated income
statement
(87)
(68)
146
115
59
47
(20)
(18)
39
29
Remeasurements
Return on plan assets, excluding
amounts included in interest
income
\u2013
\u2013
(186)
(2,473)
(186)
(2,473)
\u2013
\u2013
(186)
(2,473)
Gain from change in
demographic assumptions
31
5
\u2013
\u2013
31
5
\u2013
\u2013
31
5
(Loss)/gain from change in
financial assumptions
(56)
1,450
\u2013
\u2013
(56)
1,450
\u2013
\u2013
(56)
1,450
Experience gains/(losses)
2
(211)
\u2013
\u2013
2
(211)
\u2013
\u2013
2
(211)
Change in effect of limit on plan
surplus
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
70
436
70
436
Remeasurement (losses)/gains
recognised in other comprehensive
income
(23)
1,244
(186)
(2,473)
(209)
(1,229)
70
436
(139)
(793)
Exchange differences
4
(6)
(4)
5
\u2013
(1)
\u2013
\u2013
\u2013
(1)
Employer contributions
\u2013
\u2013
8
14
8
14
\u2013
\u2013
8
14
Benefit payments
72
96
(71)
(95)
1
1
\u2013
\u2013
1
1
At 31 December
(2,020)
(1,986)
3,145
3,252
1,125
1,266
(397)
(447)
728
819
(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 36. 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
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Derivatives
\u2013
9
\u2013
\u2013
\u2013
9
Equity securities
\u2013
55
\u2013
\u2013
\u2013
55
Debt securities
1,403
2,186
\u2013
93
1,403
2,279
Total assets measured at fair value based on level 1 inputs
1,403
2,250
\u2013
93
1,403
2,343
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(3)
(7)
(2)
(3)
(5)
(10)
Equity securities
44
55
\u2013
\u2013
44
55
Interests in pooled investment funds
Debt
286
284
19
16
305
300
Equity
\u2013
\u2013
7
6
7
6
Multi-asset private markets
230
224
\u2013
\u2013
230
224
Property
82
95
11
12
93
107
Absolute return
\u2013
\u2013
9
24
9
24
Cash
9
39
73
41
82
80
Debt securities
1,110
581
2
12
1,112
593
Qualifying insurance policies
2
2
125
45
127
47
Total assets measured at fair value based on level 2 or 3 inputs
1,760
1,273
244
153
2,004
1,426
Cash and cash equivalents
103
160
4
5
107
165
Liability in respect of collateral held
(354)
(682)
(15)
\u2013
(369)
(682)
Total
2,912
3,001
233
251
3,145
3,252
Further information on risks is provided at Section (g) of this Note. The \u00a32,515m (2022: \u00a32,872m) of debt securities includes
\u00a31,608m (2022: \u00a32,550m) of government bonds (including conventional and index-linked). Of the remaining \u00a3907m (2022:
\u00a3322m) debt securities, \u00a3815m (2022: \u00a3190m) are investment grade corporate bonds or certificates of deposit.
Included in the qualifying insurance policy asset of \u00a3127m (2022: \u00a347m) is \u00a3121m (2022: \u00a342m) in relation to two insurance
policies purchased by the trustees of Other UK defined benefit plans to protect the plans against future investment and
actuarial risks.
\u2013 \u00a343m (2022: \u00a342m) in relation to the partial buy-in completed on the EFM Scheme in 2015.
\u2013 \u00a378m (2022: \u00a3nil) in relation to the substantially full buy-in completed on the MJ Plan in 2023. The premium paid was
\u00a399m.
The MJ Plan buy-in is not considered to be a settlement therefore, as noted above, the insurance policy has been
recognised within the plan assets. The buy-in transaction was an investment decision made by the trustee to increase the
security of plan benefits. The insurance policy does provide the option to convert the buy-in into individual policies which
would transfer the future obligation to pay pensions to the insurer for the members covered by the policy (known as a buy-
out). However, this obligation remains with the Group and while the conversion to a buy-out may be considered in the
future, a separate decision will be required, and certain conditions will need to be met, including changes to the MJ Plan's
trust deed and rules, before any buy-out can be executed. Consequently the difference between the valuation of the
policy and the premium paid has been recognised within Remeasurement (losses)/gains recognised in other
comprehensive income.
On completion of the MJ Plan buy-in, a contract in place to hedge longevity risk for pensioners on this plan was derecognised. The fair value of this derivative at 31 December 2022 was a liability of \u00a31m. The \u00a3369m liability in respect of collateral held (2022: \u00a3682m) consists of repurchase agreements of \u00a3353m (2022: \u00a3652m), margins on derivatives of (\u00a38m) (2022: (\u00a310m)) and collateral of \u00a324m (2022: \u00a340m). (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:
2023
2022
%
%
Discount rate
4.60
4.85
Rates of inflation
Consumer Price Index (CPI)
2.65
2.75
Retail Price Index (RPI)
3.00
3.10
The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The underlying methodology used to set these assumptions has not changed over the reporting period. The population of corporate bond prices excludes bonds issued by UK universities. 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. These non-economic assumptions have been updated for the current reporting date. The longevity 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
2023
Table
Improvements
NRA
40
NRA
40
Plan specific basis Core parameterisation of the CMI
60
27
28
29
31
(calibrated by Club 2021 mortality improvements model
Vita) reflecting (SK parameter of 7.0), with an initial
membership improvement (or \u2018A\u2019) parameter of
demographics +0.5% for males and females, and a
long-term rate of improvement of
1.5%.
Expectation of life from NRA
Normal Retirement
Male age today
Female age today
2022
Table
Improvements
Age (NRA)
NRA
NRA
40
40
Plan specific basis Core parameterisation of the CMI
60
27
29
29
31
(calibrated by Club 2019 mortality improvements model
Vita) reflecting (SK parameter of 7.0), with an initial
membership improvement (or \u2018A\u2019) parameter of
demographics +0.5% for males and females, and a
long-term rate of improvement of
1.5%.
These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The updated mortality improvement assumptions are in line with CMI 2021 but with a 10% weighting on 2020 and 2021 data. This makes some allowance for recent post-pandemic experience whilst recognising that greater stability in recent 2022 mortality experience may be indicative of expected future trends. (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)
2023
2022
Weighted average duration
years
years
Current pensioner
11
11
Non-current pensioner
22
22
The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount and inflation rates 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
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.
2023
2022
(Increase)/decrease Increase/(decrease) (Increase)/decrease Increase/(decrease)
in present value in fair value of in present value in fair value of
Change in assumption of obligation plan assets of obligation plan assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Yield/discount rate
Decrease by 1% (e.g. from
4.60% to 3.60%)
(342)
566
(341)
698
Increase by 1%
266
(432)
268
(525)
Rates of inflation
Decrease by 1%
233
(371)
235
(445)
Increase by 1%
(306)
485
(305)
591
Life expectancy
Decrease by 1 year
54
N/A
60
N/A
Increase by 1 year
(54)
N/A
(60)
N/A
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "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 (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 2023. 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 2023. The funding of the plan depends on the statutory valuation performed by the trustee, 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 at 31 December 2022, and measured plan assets and liabilities to be \u00a33.0bn and \u00a32.1bn respectively. This corresponds to a surplus of \u00a30.9bn and a funding level of 144%. As there is currently no deficit, no recovery plan is required. As part of ongoing actions taken in recent years to reduce risk in abrdn\u2019s principal defined benefit pension plan, the trustee submitted a petition to the Court of Session in March 2023 seeking a direction on the destination of any residual surplus assets that remain after all plan-related obligations are settled or otherwise provided for. On 1 August 2023, the Court of Session, among other things, confirmed that if a buy-out were to be completed and sufficient provision made for: (i) any remaining liabilities; and (ii) expenses of completing the winding-up of the pension scheme, there would be a resulting trust in respect of any residual surplus assets in favour of the employer. We are continuing to work with the trustee on next steps. Any residual surplus will be determined on a different basis to IAS 19 or funding measures of the plan surplus. The timing of release of any surplus remains a matter for the trustee. The IAS 19 defined benefit plan asset is not included in abrdn\u2019s regulatory capital. 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 2022), one plan, the Edinburgh Fund Managers Group Scheme (the EFM Scheme) was in deficit and the Group agreed funding plans with the plan\u2019s trustees which aimed to eliminate the deficit. The other plan, the Murray Johnstone Limited Retirement Benefits Plan (the MJ Plan), was in surplus. Refer Section 31(d) for details of the buy-in undertaken on the MJ Plan in 2023. Other plans abrdn ROI plan 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 two employees who continue to accrue benefits under this plan. At the last funding valuation, effective 1 January 2022, the plan was in deficit and as above, the Group agreed funding plans with the plan\u2019s trustees which aimed to eliminate the deficit. Other The Group operates smaller funded and unfunded defined benefit plans in other countries. 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:
2023
2022
\u00a3m
\u00a3m
Current service cost
55
56
Past service cost
(5)
\u2013
Net interest income
(38)
(32)
Administrative expenses
4
3
Expense recognised in the consolidated income statement
16
27
Contributions made to defined contribution plans are included within current service cost. Contributions to defined benefit plans in the year ended 31 December 2023 comprised \u00a38m (2022: \u00a314m) to the Other UK plans and the abrdn ROI plan. Contributions are expected to be \u00a35m in 2024 and are not expected to materially change 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
2023
2022
Principal Principal
plan
Other
Total
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,784)
(234)
(2,018)
(1,755)
(228)
(1,983)
Present value of unfunded
obligation
\u2013
(2)
(2)
\u2013
(3)
(3)
Fair value of plan assets
2,912
233
3,145
3,001
251
3,252
Net asset/(liability) before the limit
on plan surplus
1,128
(3)
1,125
1,246
20
1,266
Effect of limit on plan surplus
1, 2
(394)
(3)
(397)
(436)
(11)
(447)
Net asset/(liability)
734
(6)
728
810
9
819
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 \u00a36m at 31 December 2023 (2022: \u00a321m). 2. The UK Government announced in the Autumn Statement a proposed reduction in the authorised pension surplus charge from 35% to 25% to be effective from 6 April 2024. This change has not yet been enacted. The impact of the change would have been to increase the pension asset by \u00a3113m. Other comprises a defined benefit plan asset of \u00a36m (2022: \u00a321m) and a number of other defined benefit plans with a total liability of \u00a312m (2022: \u00a312m). A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan surplus had 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. There was further impact from these in 2023 but this was less significant.
(c) Movement in the net defined benefit asset
Net asset/(liability)
Present value Fair value of before the limit on plan Effect of limit on plan
of obligation plan assets surplus
surpluses
Net asset/(liability)
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,986)
(3,252)
3,252
5,686
1,266
2,434
(447)
(865)
819
1,569
Total expense
Current service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Past service cost
5
\u2013
\u2013
\u2013
5
\u2013
\u2013
\u2013
5
\u2013
Interest (expense)/income
(88)
(65)
146
115
58
50
(20)
(18)
38
32
Administrative expenses
(4)
(3)
\u2013
\u2013
(4)
(3)
\u2013
\u2013
(4)
(3)
Total (expense)/income
recognised in consolidated income
statement
(87)
(68)
146
115
59
47
(20)
(18)
39
29
Remeasurements
Return on plan assets, excluding
amounts included in interest
income
\u2013
\u2013
(186)
(2,473)
(186)
(2,473)
\u2013
\u2013
(186)
(2,473)
Gain from change in
demographic assumptions
31
5
\u2013
\u2013
31
5
\u2013
\u2013
31
5
(Loss)/gain from change in
financial assumptions
(56)
1,450
\u2013
\u2013
(56)
1,450
\u2013
\u2013
(56)
1,450
Experience gains/(losses)
2
(211)
\u2013
\u2013
2
(211)
\u2013
\u2013
2
(211)
Change in effect of limit on plan
surplus
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
70
436
70
436
Remeasurement (losses)/gains
recognised in other comprehensive
income
(23)
1,244
(186)
(2,473)
(209)
(1,229)
70
436
(139)
(793)
Exchange differences
4
(6)
(4)
5
\u2013
(1)
\u2013
\u2013
\u2013
(1)
Employer contributions
\u2013
\u2013
8
14
8
14
\u2013
\u2013
8
14
Benefit payments
72
96
(71)
(95)
1
1
\u2013
\u2013
1
1
At 31 December
(2,020)
(1,986)
3,145
3,252
1,125
1,266
(397)
(447)
728
819
(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 36. 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
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Derivatives
\u2013
9
\u2013
\u2013
\u2013
9
Equity securities
\u2013
55
\u2013
\u2013
\u2013
55
Debt securities
1,403
2,186
\u2013
93
1,403
2,279
Total assets measured at fair value based on level 1 inputs
1,403
2,250
\u2013
93
1,403
2,343
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(3)
(7)
(2)
(3)
(5)
(10)
Equity securities
44
55
\u2013
\u2013
44
55
Interests in pooled investment funds
Debt
286
284
19
16
305
300
Equity
\u2013
\u2013
7
6
7
6
Multi-asset private markets
230
224
\u2013
\u2013
230
224
Property
82
95
11
12
93
107
Absolute return
\u2013
\u2013
9
24
9
24
Cash
9
39
73
41
82
80
Debt securities
1,110
581
2
12
1,112
593
Qualifying insurance policies
2
2
125
45
127
47
Total assets measured at fair value based on level 2 or 3 inputs
1,760
1,273
244
153
2,004
1,426
Cash and cash equivalents
103
160
4
5
107
165
Liability in respect of collateral held
(354)
(682)
(15)
\u2013
(369)
(682)
Total
2,912
3,001
233
251
3,145
3,252
Further information on risks is provided at Section (g) of this Note. The \u00a32,515m (2022: \u00a32,872m) of debt securities includes \u00a31,608m (2022: \u00a32,550m) of government bonds (including conventional and index-linked). Of the remaining \u00a3907m (2022: \u00a3322m) debt securities, \u00a3815m (2022: \u00a3190m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a3127m (2022: \u00a347m) is \u00a3121m (2022: \u00a342m) in relation to two insurance policies purchased by the trustees of Other UK defined benefit plans to protect the plans against future investment and actuarial risks. \u2013 \u00a343m (2022: \u00a342m) in relation to the partial buy-in completed on the EFM Scheme in 2015. \u2013 \u00a378m (2022: \u00a3nil) in relation to the substantially full buy-in completed on the MJ Plan in 2023. The premium paid was \u00a399m. The MJ Plan buy-in is not considered to be a settlement therefore, as noted above, the insurance policy has been recognised within the plan assets. The buy-in transaction was an investment decision made by the trustee to increase the security of plan benefits. The insurance policy does provide the option to convert the buy-in into individual policies which would transfer the future obligation to pay pensions to the insurer for the members covered by the policy (known as a buy- out). However, this obligation remains with the Group and while the conversion to a buy-out may be considered in the future, a separate decision will be required, and certain conditions will need to be met, including changes to the MJ Plan's trust deed and rules, before any buy-out can be executed. Consequently the difference between the valuation of the policy and the premium paid has been recognised within Remeasurement (losses)/gains recognised in other On completion of the MJ Plan buy-in, a contract in place to hedge longevity risk for pensioners on this plan was derecognised. The fair value of this derivative at 31 December 2022 was a liability of \u00a31m. The \u00a3369m liability in respect of collateral held (2022: \u00a3682m) consists of repurchase agreements of \u00a3353m (2022: \u00a3652m), margins on derivatives of (\u00a38m) (2022: (\u00a310m)) and collateral of \u00a324m (2022: \u00a340m). (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:
2023
2022
%
%
Discount rate
4.60
4.85
Rates of inflation
Consumer Price Index (CPI)
2.65
2.75
Retail Price Index (RPI)
3.00
3.10
The changes in economic assumptions over the period reflect changes in both corporate bond prices and market implied inflation. The underlying methodology used to set these assumptions has not changed over the reporting period. The population of corporate bond prices excludes bonds issued by UK universities. 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. These non-economic assumptions have been updated for the current reporting date. The longevity 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
2023
Table
Improvements
NRA
40
NRA
40
Plan specific basis Core parameterisation of the CMI
60
27
28
29
31
(calibrated by Club 2021 mortality improvements model
Vita) reflecting (SK parameter of 7.0), with an initial
membership improvement (or \u2018A\u2019) parameter of
demographics +0.5% for males and females, and a
long-term rate of improvement of
1.5%.
Expectation of life from NRA
Normal Retirement
Male age today
Female age today
2022
Table
Improvements
Age (NRA)
NRA
NRA
40
40
Plan specific basis Core parameterisation of the CMI
60
27
29
29
31
(calibrated by Club 2019 mortality improvements model
Vita) reflecting (SK parameter of 7.0), with an initial
membership improvement (or \u2018A\u2019) parameter of
demographics +0.5% for males and females, and a
long-term rate of improvement of
1.5%.
These assumptions reflect a cautious allowance for the recently observed slowdown in longevity improvements. The updated mortality improvement assumptions are in line with CMI 2021 but with a 10% weighting on 2020 and 2021 data. This makes some allowance for recent post-pandemic experience whilst recognising that greater stability in recent 2022 mortality experience may be indicative of expected future trends. (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)
2023
2022
Weighted average duration
years
years
Current pensioner
11
11
Non-current pensioner
22
22
The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount and inflation rates 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. 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.
2023
2022
(Increase)/decrease Increase/(decrease) (Increase)/decrease Increase/(decrease)
in present value in fair value of in present value in fair value of
Change in assumption of obligation plan assets of obligation plan assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Yield/discount rate
Decrease by 1% (e.g. from
4.60% to 3.60%)
(342)
566
(341)
698
Increase by 1%
266
(432)
268
(525)
Rates of inflation
Decrease by 1%
233
(371)
235
(445)
Increase by 1%
(306)
485
(305)
591
Life expectancy
Decrease by 1 year
54
N/A
60
N/A
Increase by 1 year
(54)
N/A
(60)
N/A
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-717": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-714": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-709": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-651": { "value": "
(b) Analysis of amounts recognised in the consolidated statement of financial position
2023
2022
Principal Principal
plan
Other
Total
plan
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Present value of funded obligation
(1,784)
(234)
(2,018)
(1,755)
(228)
(1,983)
Present value of unfunded
obligation
\u2013
(2)
(2)
\u2013
(3)
(3)
Fair value of plan assets
2,912
233
3,145
3,001
251
3,252
Net asset/(liability) before the limit
on plan surplus
1,128
(3)
1,125
1,246
20
1,266
Effect of limit on plan surplus
1, 2
(394)
(3)
(397)
(436)
(11)
(447)
Net asset/(liability)
734
(6)
728
810
9
819
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 \u00a36m at 31 December 2023 (2022: \u00a321m).
2. The UK Government announced in the Autumn Statement a proposed reduction in the authorised pension surplus charge from 35% to 25% to be effective
from 6 April 2024. This change has not yet been enacted. The impact of the change would have been to increase the pension asset by \u00a3113m.
Other comprises a defined benefit plan asset of \u00a36m (2022: \u00a321m) and a number of other defined benefit plans with a total
liability of \u00a312m (2022: \u00a312m).
A pension plan surplus is considered to be recoverable where an unconditional right to a refund exists. The principal plan
surplus had 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. There was further impact from these in 2023 but
this was less significant.
(c) Movement in the net defined benefit asset
Net asset/(liability)
Present value Fair value of before the limit on plan Effect of limit on plan
of obligation plan assets surplus
surpluses
Net asset/(liability)
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(1,986)
(3,252)
3,252
5,686
1,266
2,434
(447)
(865)
819
1,569
Total expense
Current service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Past service cost
5
\u2013
\u2013
\u2013
5
\u2013
\u2013
\u2013
5
\u2013
Interest (expense)/income
(88)
(65)
146
115
58
50
(20)
(18)
38
32
Administrative expenses
(4)
(3)
\u2013
\u2013
(4)
(3)
\u2013
\u2013
(4)
(3)
Total (expense)/income
recognised in consolidated income
statement
(87)
(68)
146
115
59
47
(20)
(18)
39
29
Remeasurements
Return on plan assets, excluding
amounts included in interest
income
\u2013
\u2013
(186)
(2,473)
(186)
(2,473)
\u2013
\u2013
(186)
(2,473)
Gain from change in
demographic assumptions
31
5
\u2013
\u2013
31
5
\u2013
\u2013
31
5
(Loss)/gain from change in
financial assumptions
(56)
1,450
\u2013
\u2013
(56)
1,450
\u2013
\u2013
(56)
1,450
Experience gains/(losses)
2
(211)
\u2013
\u2013
2
(211)
\u2013
\u2013
2
(211)
Change in effect of limit on plan
surplus
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
70
436
70
436
Remeasurement (losses)/gains
recognised in other comprehensive
income
(23)
1,244
(186)
(2,473)
(209)
(1,229)
70
436
(139)
(793)
Exchange differences
4
(6)
(4)
5
\u2013
(1)
\u2013
\u2013
\u2013
(1)
Employer contributions
\u2013
\u2013
8
14
8
14
\u2013
\u2013
8
14
Benefit payments
72
96
(71)
(95)
1
1
\u2013
\u2013
1
1
At 31 December
(2,020)
(1,986)
3,145
3,252
1,125
1,266
(397)
(447)
728
819
(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 36. 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
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Derivatives
\u2013
9
\u2013
\u2013
\u2013
9
Equity securities
\u2013
55
\u2013
\u2013
\u2013
55
Debt securities
1,403
2,186
\u2013
93
1,403
2,279
Total assets measured at fair value based on level 1 inputs
1,403
2,250
\u2013
93
1,403
2,343
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(3)
(7)
(2)
(3)
(5)
(10)
Equity securities
44
55
\u2013
\u2013
44
55
Interests in pooled investment funds
Debt
286
284
19
16
305
300
Equity
\u2013
\u2013
7
6
7
6
Multi-asset private markets
230
224
\u2013
\u2013
230
224
Property
82
95
11
12
93
107
Absolute return
\u2013
\u2013
9
24
9
24
Cash
9
39
73
41
82
80
Debt securities
1,110
581
2
12
1,112
593
Qualifying insurance policies
2
2
125
45
127
47
Total assets measured at fair value based on level 2 or 3 inputs
1,760
1,273
244
153
2,004
1,426
Cash and cash equivalents
103
160
4
5
107
165
Liability in respect of collateral held
(354)
(682)
(15)
\u2013
(369)
(682)
Total
2,912
3,001
233
251
3,145
3,252
Further information on risks is provided at Section (g) of this Note. The \u00a32,515m (2022: \u00a32,872m) of debt securities includes \u00a31,608m (2022: \u00a32,550m) of government bonds (including conventional and index-linked). Of the remaining \u00a3907m (2022: \u00a3322m) debt securities, \u00a3815m (2022: \u00a3190m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a3127m (2022: \u00a347m) is \u00a3121m (2022: \u00a342m) in relation to two insurance policies purchased by the trustees of Other UK defined benefit plans to protect the plans against future investment and actuarial risks. \u2013 \u00a343m (2022: \u00a342m) in relation to the partial buy-in completed on the EFM Scheme in 2015. \u2013 \u00a378m (2022: \u00a3nil) in relation to the substantially full buy-in completed on the MJ Plan in 2023. The premium paid was \u00a399m. The MJ Plan buy-in is not considered to be a settlement therefore, as noted above, the insurance policy has been recognised within the plan assets. The buy-in transaction was an investment decision made by the trustee to increase the security of plan benefits. The insurance policy does provide the option to convert the buy-in into individual policies which would transfer the future obligation to pay pensions to the insurer for the members covered by the policy (known as a buy- out). However, this obligation remains with the Group and while the conversion to a buy-out may be considered in the future, a separate decision will be required, and certain conditions will need to be met, including changes to the MJ Plan's trust deed and rules, before any buy-out can be executed. Consequently the difference between the valuation of the policy and the premium paid has been recognised within Remeasurement (losses)/gains recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-718": { "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 36. 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
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Derivatives
\u2013
9
\u2013
\u2013
\u2013
9
Equity securities
\u2013
55
\u2013
\u2013
\u2013
55
Debt securities
1,403
2,186
\u2013
93
1,403
2,279
Total assets measured at fair value based on level 1 inputs
1,403
2,250
\u2013
93
1,403
2,343
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(3)
(7)
(2)
(3)
(5)
(10)
Equity securities
44
55
\u2013
\u2013
44
55
Interests in pooled investment funds
Debt
286
284
19
16
305
300
Equity
\u2013
\u2013
7
6
7
6
Multi-asset private markets
230
224
\u2013
\u2013
230
224
Property
82
95
11
12
93
107
Absolute return
\u2013
\u2013
9
24
9
24
Cash
9
39
73
41
82
80
Debt securities
1,110
581
2
12
1,112
593
Qualifying insurance policies
2
2
125
45
127
47
Total assets measured at fair value based on level 2 or 3 inputs
1,760
1,273
244
153
2,004
1,426
Cash and cash equivalents
103
160
4
5
107
165
Liability in respect of collateral held
(354)
(682)
(15)
\u2013
(369)
(682)
Total
2,912
3,001
233
251
3,145
3,252
Further information on risks is provided at Section (g) of this Note. The \u00a32,515m (2022: \u00a32,872m) of debt securities includes \u00a31,608m (2022: \u00a32,550m) of government bonds (including conventional and index-linked). Of the remaining \u00a3907m (2022: \u00a3322m) debt securities, \u00a3815m (2022: \u00a3190m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a3127m (2022: \u00a347m) is \u00a3121m (2022: \u00a342m) in relation to two insurance policies purchased by the trustees of Other UK defined benefit plans to protect the plans against future investment and actuarial risks. \u2013 \u00a343m (2022: \u00a342m) in relation to the partial buy-in completed on the EFM Scheme in 2015. \u2013 \u00a378m (2022: \u00a3nil) in relation to the substantially full buy-in completed on the MJ Plan in 2023. The premium paid was \u00a399m. The MJ Plan buy-in is not considered to be a settlement therefore, as noted above, the insurance policy has been recognised within the plan assets. The buy-in transaction was an investment decision made by the trustee to increase the security of plan benefits. The insurance policy does provide the option to convert the buy-in into individual policies which would transfer the future obligation to pay pensions to the insurer for the members covered by the policy (known as a buy- out). However, this obligation remains with the Group and while the conversion to a buy-out may be considered in the future, a separate decision will be required, and certain conditions will need to be met, including changes to the MJ Plan's trust deed and rules, before any buy-out can be executed. Consequently the difference between the valuation of the policy and the premium paid has been recognised within Remeasurement (losses)/gains recognised in other comprehensive income. 36. Fair value of assets and liabilities The Group uses fair value to measure many of its assets and liabilities. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm\u2019s length transaction. An analysis of the Group\u2019s financial assets and financial liabilities in accordance with the categories of financial instrument set out in IFRS 9 Financial Instruments is presented in Notes 17, 23 and 29 and includes those financial 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 identical 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 that 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 (unobservable inputs). Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities and derivatives measured at fair value is given below:
Equities and interests in pooled investment funds
Debt securities
Derivatives
3
Level 1
Equity instruments listed on a recognised exchange valued using prices
Debt securities listed Exchange traded
sourced from their primary exchange. on a recognised derivatives
exchange valued using valued using
prices sourced from prices sourced
their primary from the relevant
exchange. exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference
Debt securities valued Over-the-
is made to observable market data. using prices received counter
from external pricing derivatives
providers based on measured using
quotes received from a range of
a number of market valuation models
participants. including
discounting
Debt securities valued future cash flows
using models and and option
standard valuation valuation
formulas based on techniques.
observable market
data
4
.
Level 3
These relate primarily to interests in private equity, real estate and
Debt securities valued N/A
infrastructure funds which are valued at net asset value. Underlying real using prices received
estate and private equity investments are generally valued in accordance from external pricing
with independent professional valuation reports or International Private providers based on a
Equity and Venture Capital Valuation Guidelines where relevant. The single broker indicative
underlying investments in infrastructure funds are generally valued based quote.
on the phase of individual projects forming the overall investment and
discounted cash flow techniques based on project earnings. Debt securities valued
using models and
Where net asset values are not available at the same date as the reporting standard valuation
date, the latest available valuations are reviewed and, where appropriate, formulas based on
adjustments are made to reflect the estimated impact of changes in unobservable market
market conditions between the date of the valuation and the end of the
data
4
.
reporting period.
Other unlisted equity securities are generally valued using a calibration to
the price of a recent investment.
1,2 1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds. 2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, 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 line with the Group\u2019s risk management policies. At 31 December 2023 and 31 December 2022, the residual credit risk is considered immaterial and no credit risk 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 procedures 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Owner occupied property
1
1
\u2013
\u2013
\u2013
\u2013
1
1
Derivative financial assets
43
104
\u2013
3
43
101
\u2013
\u2013
Equity securities and interests in
pooled investment vehicles
1
1,139
2,033
769
1,621
137
181
233
231
Debt securities
740
592
7
2
732
588
1
2
Contingent consideration assets
11
19
\u2013
\u2013
\u2013
\u2013
11
19
Total assets at fair value
1,934
2,749
776
1,626
912
870
246
253
1. Includes \u00a3557m (2022: \u00a3634m) for the Group\u2019s listed equity investment in Phoenix which is classified as a significant listed investment. The Group\u2019s listed equity
investments in HDFC Asset Management and HDFC Life which were also classified as significant listed investments were sold in the year ended 31 December
2023 (HDFC Asset Management: 2022: \u00a3477m, HDFC Life: 2022: \u00a3203m).
There were no significant transfers from level 1 to level 2 during the year ended 31 December 2023 (2022: none). There
were also no significant transfers from level 2 to level 1 during the year ended 31 December 2023 (2022: 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party
interest in consolidated funds
187
242
\u2013
\u2013
117
168
70
74
Derivative financial liabilities
9
1
7
-
2
1
\u2013
\u2013
Contingent consideration
liabilities
114
132
\u2013
\u2013
\u2013
\u2013
114
132
Other financial liabilities
15
11
\u2013
\u2013
\u2013
\u2013
15
11
Total liabilities at fair value
325
386
7
-
119
169
199
217
1
2
1. Liabilities in respect of third party interest in consolidated funds at 31 December 2022 were previously all disclosed as Level 2 (\u00a3242m). \u00a374m of the liability at
this date has been represented in the table above as Level 3 to be consistent with the categorisation of the underlying assets.
2. Excluding contingent consideration liabilities.
There were no significant transfers between levels 1 and 2 during the year (2022: none). Refer Section (a)(iii) below for
details of movements in level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they
arose.
(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 Liabilities in respect of third party
funds
Debt securities
interest in consolidated funds
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
1
1
231
106
2
1
(74)
\u2013
Total gains recognised in the
consolidated income
statement
\u2013
\u2013
1
2
\u2013
(2)
\u2013
\u2013
Purchases
\u2013
\u2013
18
139
\u2013
3
\u2013
(70)
Sales and other adjustments
\u2013
\u2013
(17)
(16)
(1)
\u2013
4
(4)
At 31 December
1
1
233
231
1
2
(70)
(74)
Contingent Contingent
consideration assets consideration liabilities Other financial liabilities
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
19
31
(132)
(165)
(11)
\u2013
Total amounts recognised in the consolidated income statement
7
3
16
32
(5)
(11)
Additions
7
1
(11)
(6)
\u2013
\u2013
Settlements
(21)
(18)
12
7
1
\u2013
Other movements
(1)
2
1
\u2013
\u2013
\u2013
At 31 December
11
19
(114)
(132)
(15)
(11)
1
1. Excluding contingent consideration liabilities.
For the year ended 31 December 2023, gains of \u00a319m (2022: gains of \u00a324m) 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 \u00a319m (2022: gains of \u00a324m) 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 2023 with a fair value of \u00a3233m (2022: \u00a3231m).
Fair value
2023 2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity,
221
219
Net asset value
Net asset value statements provided for a A range of unobservable inputs
real estate, large number of funds including nine is not applicable as we have
hedge and significant funds (fair value >\u00a35m). determined that the reported
infrastructure NAV represents fair value at the
funds end of the reporting period.
Other unlisted
12
12
Indicative share
Calibration to the price of a recent A range of unobservable inputs
equity price investment. is not applicable as we have
securities determined that the calibration
to the price of a recent
investment represents fair value
at the end of the reporting
period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised as level 3 instruments at 31 December 2023 with a fair value of (\u00a370m) (2022: (\u00a374m)) are the same as for the private equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in respect of third party interest in consolidated funds. 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 2023 with a fair value of (\u00a3118m) (2022: (\u00a3124m)).
Fair value
2023
2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
(118)
(124) Probability
Unobservable inputs relate to probability
consideration weighted cash weighted cash flows and, where relevant,
assets and flow and where discount rates.
liabilities and applicable The most significant unobservable inputs The base scenario for Tritax
other financial discount rates relate to assumptions used to value the contingent consideration used
instrument contingent consideration liability related to a revenue compound annual
liabilities the acquisition of Tritax of \u00a390m (2022: growth rate (CAGR) from 31
\u00a3112m). For Tritax a number of scenarios March 2023 to 31 March 2026
were prepared, around a base case, with of 9% (2022: CAGR from 31
probabilities assigned to each scenario March 2022 to 31 March 2026
(based on an assessment of the likelihood of 14%) with other scenarios
of each scenario). The value of the using a range of revenue
contingent consideration was determined growth rates around this base.
for each scenario, and these were then The base scenario used a
probability weighted, with this probability cost/income ratio of c56%
weighted valuation then discounted from (2022: c52%) with other
the payment date to the balance sheet scenarios using a range of
date. It was assumed that the timing of the cost/income ratios around this
exercise of the earn out put options base.
between 2024, 2025
and 2026 would be
The risk adjusted contingent
that which is most beneficial to the holders consideration cash flows have
of the put options. been discounted using a
primary discount rate of 4%
(2022:
4.5%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2023 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. 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 material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds/ liabilities in respect of third party interest in
consolidated funds
As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3221m relates to private equity,
real estate, hedge and infrastructure funds (2022: \u00a3219m) 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 (2022: \u00a322m).
(a)(v)(ii) Liabilities in respect of third party interest in consolidated funds
As noted above, \u00a370m of liabilities in respect of third party interest in consolidated funds of the level 3 equity securities and
interests in pooled investment funds (2022: \u00a374m) are also 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 liability by \u00a37m (2022:
\u00a37m).
(a)(v)(iii) 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.
Consequential increase/(decrease) in
Assumption
Change in assumption
contingent consideration liability
2023
\u00a3m
Revenue compound annual growth rate (CAGR) from 31 March 2023
to 31 March 2026
Decreased by 5%
(17)
Increased by 10%
34
Cost/income ratio
Decreased by 5%
14
Increased by 5%
(15)
Discount rate
Decreased by 2%
4
Increased by 2%
(4)
(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.
consolidated statement As recognised in the
of financial position line
item
Fair value
Level 1
Level 2
Level 3
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Debt securities
125
210
125
211
\u2013
-
125
210
\u2013
1
Liabilities
Subordinated liabilities
30
599
621
534
550
\u2013
\u2013
534
550
\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-715": { "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 36. 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
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Derivatives
\u2013
9
\u2013
\u2013
\u2013
9
Equity securities
\u2013
55
\u2013
\u2013
\u2013
55
Debt securities
1,403
2,186
\u2013
93
1,403
2,279
Total assets measured at fair value based on level 1 inputs
1,403
2,250
\u2013
93
1,403
2,343
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(3)
(7)
(2)
(3)
(5)
(10)
Equity securities
44
55
\u2013
\u2013
44
55
Interests in pooled investment funds
Debt
286
284
19
16
305
300
Equity
\u2013
\u2013
7
6
7
6
Multi-asset private markets
230
224
\u2013
\u2013
230
224
Property
82
95
11
12
93
107
Absolute return
\u2013
\u2013
9
24
9
24
Cash
9
39
73
41
82
80
Debt securities
1,110
581
2
12
1,112
593
Qualifying insurance policies
2
2
125
45
127
47
Total assets measured at fair value based on level 2 or 3 inputs
1,760
1,273
244
153
2,004
1,426
Cash and cash equivalents
103
160
4
5
107
165
Liability in respect of collateral held
(354)
(682)
(15)
\u2013
(369)
(682)
Total
2,912
3,001
233
251
3,145
3,252
Further information on risks is provided at Section (g) of this Note. The \u00a32,515m (2022: \u00a32,872m) of debt securities includes \u00a31,608m (2022: \u00a32,550m) of government bonds (including conventional and index-linked). Of the remaining \u00a3907m (2022: \u00a3322m) debt securities, \u00a3815m (2022: \u00a3190m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a3127m (2022: \u00a347m) is \u00a3121m (2022: \u00a342m) in relation to two insurance policies purchased by the trustees of Other UK defined benefit plans to protect the plans against future investment and actuarial risks. \u2013 \u00a343m (2022: \u00a342m) in relation to the partial buy-in completed on the EFM Scheme in 2015. \u2013 \u00a378m (2022: \u00a3nil) in relation to the substantially full buy-in completed on the MJ Plan in 2023. The premium paid was \u00a399m. The MJ Plan buy-in is not considered to be a settlement therefore, as noted above, the insurance policy has been recognised within the plan assets. The buy-in transaction was an investment decision made by the trustee to increase the security of plan benefits. The insurance policy does provide the option to convert the buy-in into individual policies which would transfer the future obligation to pay pensions to the insurer for the members covered by the policy (known as a buy- out). However, this obligation remains with the Group and while the conversion to a buy-out may be considered in the future, a separate decision will be required, and certain conditions will need to be met, including changes to the MJ Plan's trust deed and rules, before any buy-out can be executed. Consequently the difference between the valuation of the policy and the premium paid has been recognised within Remeasurement (losses)/gains recognised in other comprehensive income. (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 identical 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 that 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 (unobservable inputs). Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities and derivatives measured at fair value is given below:
Equities and interests in pooled investment funds
Debt securities
Derivatives
3
Level 1
Equity instruments listed on a recognised exchange valued using prices
Debt securities listed Exchange traded
sourced from their primary exchange. on a recognised derivatives
exchange valued using valued using
prices sourced from prices sourced
their primary from the relevant
exchange. exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference
Debt securities valued Over-the-
is made to observable market data. using prices received counter
from external pricing derivatives
providers based on measured using
quotes received from a range of
a number of market valuation models
participants. including
discounting
Debt securities valued future cash flows
using models and and option
standard valuation valuation
formulas based on techniques.
observable market
data
4
.
Level 3
These relate primarily to interests in private equity, real estate and
Debt securities valued N/A
infrastructure funds which are valued at net asset value. Underlying real using prices received
estate and private equity investments are generally valued in accordance from external pricing
with independent professional valuation reports or International Private providers based on a
Equity and Venture Capital Valuation Guidelines where relevant. The single broker indicative
underlying investments in infrastructure funds are generally valued based quote.
on the phase of individual projects forming the overall investment and
discounted cash flow techniques based on project earnings. Debt securities valued
using models and
Where net asset values are not available at the same date as the reporting standard valuation
date, the latest available valuations are reviewed and, where appropriate, formulas based on
adjustments are made to reflect the estimated impact of changes in unobservable market
market conditions between the date of the valuation and the end of the
data
4
.
reporting period.
Other unlisted equity securities are generally valued using a calibration to
the price of a recent investment.
1,2 1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds. 2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, 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 line with the Group\u2019s risk management policies. At 31 December 2023 and 31 December 2022, the residual credit risk is considered immaterial and no credit risk 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 procedures 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Owner occupied property
1
1
\u2013
\u2013
\u2013
\u2013
1
1
Derivative financial assets
43
104
\u2013
3
43
101
\u2013
\u2013
Equity securities and interests in
pooled investment vehicles
1
1,139
2,033
769
1,621
137
181
233
231
Debt securities
740
592
7
2
732
588
1
2
Contingent consideration assets
11
19
\u2013
\u2013
\u2013
\u2013
11
19
Total assets at fair value
1,934
2,749
776
1,626
912
870
246
253
1. Includes \u00a3557m (2022: \u00a3634m) for the Group\u2019s listed equity investment in Phoenix which is classified as a significant listed investment. The Group\u2019s listed equity investments in HDFC Asset Management and HDFC Life which were also classified as significant listed investments were sold in the year ended 31 December 2023 (HDFC Asset Management: 2022: \u00a3477m, HDFC Life: 2022: \u00a3203m). There were no significant transfers from level 1 to level 2 during the year ended 31 December 2023 (2022: none). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2023 (2022: 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party
interest in consolidated funds
187
242
\u2013
\u2013
117
168
70
74
Derivative financial liabilities
9
1
7
-
2
1
\u2013
\u2013
Contingent consideration
liabilities
114
132
\u2013
\u2013
\u2013
\u2013
114
132
Other financial liabilities
15
11
\u2013
\u2013
\u2013
\u2013
15
11
Total liabilities at fair value
325
386
7
-
119
169
199
217
1 2 1. Liabilities in respect of third party interest in consolidated funds at 31 December 2022 were previously all disclosed as Level 2 (\u00a3242m). \u00a374m of the liability at this date has been represented in the table above as Level 3 to be consistent with the categorisation of the underlying assets. 2. Excluding contingent consideration liabilities. There were no significant transfers between levels 1 and 2 during the year (2022: none). Refer Section (a)(iii) below for details of movements in level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. (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 Liabilities in respect of third party
funds
Debt securities
interest in consolidated funds
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
1
1
231
106
2
1
(74)
\u2013
Total gains recognised in the
consolidated income
statement
\u2013
\u2013
1
2
\u2013
(2)
\u2013
\u2013
Purchases
\u2013
\u2013
18
139
\u2013
3
\u2013
(70)
Sales and other adjustments
\u2013
\u2013
(17)
(16)
(1)
\u2013
4
(4)
At 31 December
1
1
233
231
1
2
(70)
(74)
Contingent Contingent
consideration assets consideration liabilities Other financial liabilities
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
19
31
(132)
(165)
(11)
\u2013
Total amounts recognised in the consolidated income statement
7
3
16
32
(5)
(11)
Additions
7
1
(11)
(6)
\u2013
\u2013
Settlements
(21)
(18)
12
7
1
\u2013
Other movements
(1)
2
1
\u2013
\u2013
\u2013
At 31 December
11
19
(114)
(132)
(15)
(11)
1 1. Excluding contingent consideration liabilities. For the year ended 31 December 2023, gains of \u00a319m (2022: gains of \u00a324m) 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 \u00a319m (2022: gains of \u00a324m) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-710": { "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 36. 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
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets measured at fair value based on level 1 inputs
Derivatives
\u2013
9
\u2013
\u2013
\u2013
9
Equity securities
\u2013
55
\u2013
\u2013
\u2013
55
Debt securities
1,403
2,186
\u2013
93
1,403
2,279
Total assets measured at fair value based on level 1 inputs
1,403
2,250
\u2013
93
1,403
2,343
Assets measured at fair value based on level 2 or 3 inputs
Derivatives
(3)
(7)
(2)
(3)
(5)
(10)
Equity securities
44
55
\u2013
\u2013
44
55
Interests in pooled investment funds
Debt
286
284
19
16
305
300
Equity
\u2013
\u2013
7
6
7
6
Multi-asset private markets
230
224
\u2013
\u2013
230
224
Property
82
95
11
12
93
107
Absolute return
\u2013
\u2013
9
24
9
24
Cash
9
39
73
41
82
80
Debt securities
1,110
581
2
12
1,112
593
Qualifying insurance policies
2
2
125
45
127
47
Total assets measured at fair value based on level 2 or 3 inputs
1,760
1,273
244
153
2,004
1,426
Cash and cash equivalents
103
160
4
5
107
165
Liability in respect of collateral held
(354)
(682)
(15)
\u2013
(369)
(682)
Total
2,912
3,001
233
251
3,145
3,252
Further information on risks is provided at Section (g) of this Note. The \u00a32,515m (2022: \u00a32,872m) of debt securities includes \u00a31,608m (2022: \u00a32,550m) of government bonds (including conventional and index-linked). Of the remaining \u00a3907m (2022: \u00a3322m) debt securities, \u00a3815m (2022: \u00a3190m) are investment grade corporate bonds or certificates of deposit. Included in the qualifying insurance policy asset of \u00a3127m (2022: \u00a347m) is \u00a3121m (2022: \u00a342m) in relation to two insurance policies purchased by the trustees of Other UK defined benefit plans to protect the plans against future investment and actuarial risks. \u2013 \u00a343m (2022: \u00a342m) in relation to the partial buy-in completed on the EFM Scheme in 2015. \u2013 \u00a378m (2022: \u00a3nil) in relation to the substantially full buy-in completed on the MJ Plan in 2023. The premium paid was \u00a399m. The MJ Plan buy-in is not considered to be a settlement therefore, as noted above, the insurance policy has been recognised within the plan assets. The buy-in transaction was an investment decision made by the trustee to increase the security of plan benefits. The insurance policy does provide the option to convert the buy-in into individual policies which would transfer the future obligation to pay pensions to the insurer for the members covered by the policy (known as a buy- out). However, this obligation remains with the Group and while the conversion to a buy-out may be considered in the future, a separate decision will be required, and certain conditions will need to be met, including changes to the MJ Plan's trust deed and rules, before any buy-out can be executed. Consequently the difference between the valuation of the policy and the premium paid has been recognised within Remeasurement (losses)/gains recognised in other comprehensive income. (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 identical 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 that 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 (unobservable inputs). Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled investment funds, debt securities and derivatives measured at fair value is given below:
Equities and interests in pooled investment funds
Debt securities
Derivatives
3
Level 1
Equity instruments listed on a recognised exchange valued using prices
Debt securities listed Exchange traded
sourced from their primary exchange. on a recognised derivatives
exchange valued using valued using
prices sourced from prices sourced
their primary from the relevant
exchange. exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference
Debt securities valued Over-the-
is made to observable market data. using prices received counter
from external pricing derivatives
providers based on measured using
quotes received from a range of
a number of market valuation models
participants. including
discounting
Debt securities valued future cash flows
using models and and option
standard valuation valuation
formulas based on techniques.
observable market
data
4
.
Level 3
These relate primarily to interests in private equity, real estate and
Debt securities valued N/A
infrastructure funds which are valued at net asset value. Underlying real using prices received
estate and private equity investments are generally valued in accordance from external pricing
with independent professional valuation reports or International Private providers based on a
Equity and Venture Capital Valuation Guidelines where relevant. The single broker indicative
underlying investments in infrastructure funds are generally valued based quote.
on the phase of individual projects forming the overall investment and
discounted cash flow techniques based on project earnings. Debt securities valued
using models and
Where net asset values are not available at the same date as the reporting standard valuation
date, the latest available valuations are reviewed and, where appropriate, formulas based on
adjustments are made to reflect the estimated impact of changes in unobservable market
market conditions between the date of the valuation and the end of the
data
4
.
reporting period.
Other unlisted equity securities are generally valued using a calibration to
the price of a recent investment.
1,2 1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds. 2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, 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 line with the Group\u2019s risk management policies. At 31 December 2023 and 31 December 2022, the residual credit risk is considered immaterial and no credit risk 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 procedures 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Owner occupied property
1
1
\u2013
\u2013
\u2013
\u2013
1
1
Derivative financial assets
43
104
\u2013
3
43
101
\u2013
\u2013
Equity securities and interests in
pooled investment vehicles
1
1,139
2,033
769
1,621
137
181
233
231
Debt securities
740
592
7
2
732
588
1
2
Contingent consideration assets
11
19
\u2013
\u2013
\u2013
\u2013
11
19
Total assets at fair value
1,934
2,749
776
1,626
912
870
246
253
1. Includes \u00a3557m (2022: \u00a3634m) for the Group\u2019s listed equity investment in Phoenix which is classified as a significant listed investment. The Group\u2019s listed equity investments in HDFC Asset Management and HDFC Life which were also classified as significant listed investments were sold in the year ended 31 December 2023 (HDFC Asset Management: 2022: \u00a3477m, HDFC Life: 2022: \u00a3203m). There were no significant transfers from level 1 to level 2 during the year ended 31 December 2023 (2022: none). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2023 (2022: 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party
interest in consolidated funds
187
242
\u2013
\u2013
117
168
70
74
Derivative financial liabilities
9
1
7
-
2
1
\u2013
\u2013
Contingent consideration
liabilities
114
132
\u2013
\u2013
\u2013
\u2013
114
132
Other financial liabilities
15
11
\u2013
\u2013
\u2013
\u2013
15
11
Total liabilities at fair value
325
386
7
-
119
169
199
217
1 2 1. Liabilities in respect of third party interest in consolidated funds at 31 December 2022 were previously all disclosed as Level 2 (\u00a3242m). \u00a374m of the liability at this date has been represented in the table above as Level 3 to be consistent with the categorisation of the underlying assets. 2. Excluding contingent consideration liabilities. There were no significant transfers between levels 1 and 2 during the year (2022: none). Refer Section (a)(iii) below for details of movements in level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. (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 Liabilities in respect of third party
funds
Debt securities
interest in consolidated funds
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
1
1
231
106
2
1
(74)
\u2013
Total gains recognised in the
consolidated income
statement
\u2013
\u2013
1
2
\u2013
(2)
\u2013
\u2013
Purchases
\u2013
\u2013
18
139
\u2013
3
\u2013
(70)
Sales and other adjustments
\u2013
\u2013
(17)
(16)
(1)
\u2013
4
(4)
At 31 December
1
1
233
231
1
2
(70)
(74)
Contingent Contingent
consideration assets consideration liabilities Other financial liabilities
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
19
31
(132)
(165)
(11)
\u2013
Total amounts recognised in the consolidated income statement
7
3
16
32
(5)
(11)
Additions
7
1
(11)
(6)
\u2013
\u2013
Settlements
(21)
(18)
12
7
1
\u2013
Other movements
(1)
2
1
\u2013
\u2013
\u2013
At 31 December
11
19
(114)
(132)
(15)
(11)
1 1. Excluding contingent consideration liabilities. For the year ended 31 December 2023, gains of \u00a319m (2022: gains of \u00a324m) 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 \u00a319m (2022: gains of \u00a324m) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-652": { "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)
2023
2022
Weighted average duration
years
years
Current pensioner
11
11
Non-current pensioner
22
22
The weighted average duration is calculated based on discounted benefit payments so is impacted by changes in the discount and inflation rates used (Refer Section (e)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-653": { "value": "(g)(ii) Sensitivity to key assumptions The sensitivity of the principal plan\u2019s obligation and assets to the key assumptions is disclosed below.
2023
2022
(Increase)/decrease Increase/(decrease) (Increase)/decrease Increase/(decrease)
in present value in fair value of in present value in fair value of
Change in assumption of obligation plan assets of obligation plan assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Yield/discount rate
Decrease by 1% (e.g. from
4.60% to 3.60%)
(342)
566
(341)
698
Increase by 1%
266
(432)
268
(525)
Rates of inflation
Decrease by 1%
233
(371)
235
(445)
Increase by 1%
(306)
485
(305)
591
Life expectancy
Decrease by 1 year
54
N/A
60
N/A
Increase by 1 year
(54)
N/A
(60)
N/A
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-711": { "value": "32. Other financial liabilities
2023
2022
Notes
\u00a3m
\u00a3m
Accruals
284
326
Amounts due to counterparties and customers for unsettled
trades and fund transactions
464
300
Lease liabilities
16
223
224
Cash collateral held in respect of derivative contracts
34
40
109
Bank overdrafts
22
\u2013
3
Contingent consideration liabilities
36
114
132
Deferred income
1
4
3
Other
112
104
Other financial liabilities
1,241
1,201
1. The Group has made a presentational change to show Deferred income within Other financial liabilities. The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3323m (2022: \u00a3318m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-654": { "value": "32. Other financial liabilities
2023
2022
Notes
\u00a3m
\u00a3m
Accruals
284
326
Amounts due to counterparties and customers for unsettled
trades and fund transactions
464
300
Lease liabilities
16
223
224
Cash collateral held in respect of derivative contracts
34
40
109
Bank overdrafts
22
\u2013
3
Contingent consideration liabilities
36
114
132
Deferred income
1
4
3
Other
112
104
Other financial liabilities
1,241
1,201
1. The Group has made a presentational change to show Deferred income within Other financial liabilities. The amount of other financial liabilities expected to be settled after more than 12 months is \u00a3323m (2022: \u00a3318m).", "dimensions": { "concept": "abrdnplc:DisclosureOfOtherFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "value": "33. 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. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, a separate reimbursement asset is recognised when it is virtually certain that reimbursement will be received if the Group settles the obligation. (a) Provisions The movement in provisions during the year is as follows:
Separation costs
Process execution
Tax related provisions
Other provisions
Total provisions
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
33
35
41
\u2013
\u2013
\u2013
23
14
97
49
Reclassified as held for sale during the
year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
\u2013
(2)
Charged/(credited) to the
consolidated income statement
Additional provisions
\u2013
\u2013
\u2013
41
42
\u2013
33
18
75
59
Release of unused provision
(32)
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
(1)
(36)
(1)
Used during the year
(1)
(2)
(41)
\u2013
\u2013
\u2013
(28)
(6)
(70)
(8)
At 31 December
\u2013
33
\u2013
41
42
\u2013
24
23
66
97
The separation cost provision recognised at 31 December 2022 of \u00a333m was in respect of costs expected to be incurred following the sale of the UK and European insurance business to Phoenix. Following the completion of the separation programme during the year ended 31 December 2023 the Group expects no further costs to be incurred and \u00a332m (2022: less than \u00a31m) was released from the provision. The remaining costs covered by the provision at 31 December 2022 were expected to be incurred in the next year. A provision for a potential liability of \u00a342m (2022: \u00a3nil) relates to a disputed tax matter which is the subject of an ongoing appeal. Any resolution is expected to be after 12 months. A reimbursement asset has been recognised for \u00a318m (2022: \u00a3nil) which is an expected recovery in the event of any settlement. The process execution provision recognised at 31 December 2022 for \u00a341m in respect of a payment required to compensate an asset management client relating to the provision of certain services has been fully utilised in the year ended 31 December 2023 to fully settle the compensation. Following the settlement, the Group had agreed a recovery of \u00a336m from its liability insurance, being the cost of the compensation net of a \u00a35m excess of which \u00a336m had been received by 31 December 2023. The recovery has been credited against Other administrative expenses in the consolidated income statement. 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 \u00a345m (2022: \u00a33m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-655": { "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. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, a separate reimbursement asset is recognised when it is virtually certain that reimbursement will be received if the Group settles the obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-656": { "value": "
(b) Other liabilities
As at 31 December 2023, other liabilities totalled \u00a34m (2022: \u00a38m). The amount of other liabilities expected to be settled
after more than 12 months is \u00a3nil (2022: \u00a33m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "
34. 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 treasury income and
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 17.
\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\u2019 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. The Group is also exposed to climate risk in relation to its investment property which
are primarily properties which are no longer being used operationally by the Group and are being sublet. Refer Note 15 for
details of the Group\u2019s consideration of climate related factors in relation to investment property. We have considered the
implications of climate related risk, including transition risks, for the 2023 financial statements, and have concluded that
there are no material 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 investment in Phoenix. 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.
2023 2022
\u00a3m
\u00a3m
Equity securities and interests in pooled investment funds at FVTPL
209
213
Debt securities
86
76
Total seed capital
295
289
Equity securities and interests in pooled investment funds at FVTPL
116
107
Total co-investments
116
107
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 36.
(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 2023 the shareholder exposure to equity markets was \u00a3792m (2022: \u00a31,577m) in relation to equity
securities. This primarily relates to the Group\u2019s investments in Phoenix of \u00a3557m (2022: \u00a3634m), seed capital investments of
\u00a3151m (2022: \u00a3171m), and equity securities held by the abrdn Financial Fairness Trust of \u00a364m (2022: \u00a361m). At 31
December 2022, equity securities also included the Group\u2019s investments in HDFC Life of \u00a3203m and HDFC Asset
Management of \u00a3477m.
The Group is also exposed to adverse market price movements on its interests in pooled investment funds. The
shareholder exposure of \u00a3235m (2022: \u00a3268m) to pooled investment funds primarily relates to \u00a3174m (2022: \u00a3149m) of
seed capital and co-investments, 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 \u00a335m (2022: \u00a337m), pooled
investment funds held by the abrdn Financial Fairness Trust of \u00a322m (2022: \u00a325m) and corporate funds held in absolute
return funds of \u00a3nil (2022: \u00a350m).
The Equities and interests in pooled investment funds at FVTPL included in the consolidated statement of financial position
includes \u00a3112m (2022: \u00a3188m) 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 investment in Phoenix.
(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 table below summarises the financial instrument exposure to foreign currency risks in UK Sterling.
UK US Singapore Other
Sterling
Indian Rupee
Euro
Dollar Dollar
currencies
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
17
3,280
3,237
\u2013
680
204
219
612
585
59
48
159
210
4,314
4,979
Financial
liabilities
29
(1,130)
(1,205)
\u2013
\u2013
(48)
(53)
(823)
(776)
(15)
(8)
(20)
(23)
(2,036)
(2,065)
Cash flow
hedges
(588)
(623)
\u2013
\u2013
\u2013
\u2013
588
623
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Non-
designated
derivatives
296
296
\u2013
\u2013
(66)
(68)
(186)
(182)
\u2013
\u2013
(44)
(46)
\u2013
\u2013
1,858
1,705
\u2013
680
90
98
191
250
44
40
95
141
2,278
2,914
1. The Group has made a presentational change to show Deferred income within Other financial liabilities which is part of Financial liabilities. Refer Note 32.
1 The Indian Rupee exposure at 31 December 2022 primarily related to the Group\u2019s investments in HDFC Life and HDFC Asset Management which were fully disposed of in 2023. Refer Note 11 for further details. Other currencies include assets of \u00a341m (2022: \u00a385m) and liabilities of \u00a3nil (2022: \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 profit 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 2023
31 December 2022
A reasonable change in the A reasonable change in
variable within the next Increase/(decrease) in the variable within the Increase/(decrease) in
calendar year post-tax profit next calendar year post-tax profit
%
\u00a3m
%
\u00a3m
Equity prices
Increase
10
74
10
148
Decrease
10
(74)
10
(148)
US Dollar against Sterling
Strengthen
10
12
10
14
Weaken
10
(9)
10
(11)
Euro against Sterling
Strengthen
10
10
10
11
Weaken
10
(8)
10
(9)
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 2023 or 2022. 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 No significant increase in credit risk since initial recognition.
possible default within the next 12 Trade receivables or contract assets with significant financing component, or lease
months) receivables if lifetime ECL measurement has not been elected.
Lifetime ECL (losses resulting from Significant increase in credit risk since initial recognition.
possible defaults over the remaining Trade receivables or contract assets with no significant financing component.
life of the financial asset) 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.
In 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 2023 the Group does not hold significant 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 2023 for these segments were \u00a371m (2022: \u00a384m) of which \u00a336m was over 90 days past due (2022: \u00a333m). We have not identified significant credit risk with counterparties with balances over 90 days past due and recovery is still expected. Consequently, the expected credit losses recognised were less than \u00a31m (2022: 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. The Group is exposed to a higher level of credit risk within its ii segment (previously named Personal), primarily in relation to ii. Trade debtors past due for the ii segment at 31 December 2023 were \u00a35m (2022: \u00a35m), the majority of which were considered to be credit impaired. A lifetime loss allowance of \u00a32m (2022: \u00a33m) has been recognised based on expected recovery. (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 12 month
profit or loss
Cash flow hedge
ECL
Lifetime ECL
 Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
30
\u2013
\u2013
\u2013
115
89
\u2013
\u2013
145
89
AA+ to AA-
169
164
\u2013
\u2013
76
162
\u2013
\u2013
245
326
A+ to A-
405
327
41
85
977
953
\u2013
\u2013
1,423
1,365
BBB
86
76
\u2013
\u2013
127
126
\u2013
\u2013
213
202
BB
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Not rated
12
21
\u2013
\u2013
610
429
452
463
1,074
913
Gross carrying amount
702
588
41
85
1,905
1,759
452
463
3,100
2,895
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(3)
(2)
(3)
Carrying amount
702
588
41
85
1,905
1,759
450
460
3,098
2,892
Derivative financial assets
2
19
41
85
\u2013
\u2013
\u2013
\u2013
43
104
Debt securities
689
550
\u2013
\u2013
125
210
\u2013
\u2013
814
760
Receivables and other financial assets
11
19
\u2013
\u2013
610
428
450
460
1,071
907
Cash and cash equivalents
\u2013
\u2013
\u2013
\u2013
1,170
1,121
\u2013
\u2013
1,170
1,121
Carrying amount
702
588
41
85
1,905
1,759
450
460
3,098
2,892
1 1. As noted in Section (c) above, Lifetime ECL balances include trade debtors with a gross carrying value of \u00a35m (2022: \u00a35m) which are credit impaired for which a loss allowance of \u00a32m (2022: \u00a33m) 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 \u00a351m (2022: \u00a342m). Cash and cash equivalents exclude cash and cash equivalents relating to third party interests in consolidated funds of \u00a326m (2022: \u00a312m). 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 2023, the Group had pledged \u00a319m (2022: \u00a314m) of cash and \u00a3nil (2022: \u00a3nil) of securities as collateral for derivative financial liabilities. At 31 December 2023, the Group had accepted \u00a340m (2022: \u00a3109m) of cash and \u00a335m (2022: \u00a3nil) 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 Financial collateral
financial position instruments
pledged/(received)
Net position
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives
43
102
(2)
(1)
(39)
(100)
2
1
Reverse repurchase
agreements
35
-
\u2013
\u2013
(35)
-
\u2013
\u2013
Total financial assets
78
102
(2)
(1)
(74)
(100)
2
1
Financial liabilities
Derivatives
(2)
(1)
2
1
\u2013
\u2013
\u2013
-
Total financial liabilities
(2)
(1)
2
1
\u2013
\u2013
\u2013
-
1 1 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 2023. 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. 1. The Group has made a presentational change to show Deferred income within Other financial liabilities. Refer Note 32. 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 2023 (refer Note 39) with a contractual maturity of within one year, between one and five years and over five years of \u00a32m, \u00a329m and \u00a336m respectively (2022: \u00a33m, \u00a332m and \u00a337m). The commitments may generally be requested anytime up to the contractual maturity.
Within 1-5 5-10 10-15 15-20 Greater than
1 year years years years years
20 years
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Subordinated
liabilities
24
24
647
94
\u2013
577
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
671
695
Other financial
liabilities
950
894
185
198
97
105
46
48
6
6
\u2013
15
1,284
1,266
Total
974
918
832
292
97
682
46
48
6
6
\u2013
15
1,955
1,961
1", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-657": { "value": "(b) Market risk The Group\u2019s largest exposure to market risk relates to our investment in Phoenix. 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.
2023 2022
\u00a3m
\u00a3m
Equity securities and interests in pooled investment funds at FVTPL
209
213
Debt securities
86
76
Total seed capital
295
289
Equity securities and interests in pooled investment funds at FVTPL
116
107
Total co-investments
116
107
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 36. (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 2023 the shareholder exposure to equity markets was \u00a3792m (2022: \u00a31,577m) in relation to equity securities. This primarily relates to the Group\u2019s investments in Phoenix of \u00a3557m (2022: \u00a3634m), seed capital investments of \u00a3151m (2022: \u00a3171m), and equity securities held by the abrdn Financial Fairness Trust of \u00a364m (2022: \u00a361m). At 31 December 2022, equity securities also included the Group\u2019s investments in HDFC Life of \u00a3203m and HDFC Asset Management of \u00a3477m. The Group is also exposed to adverse market price movements on its interests in pooled investment funds. The shareholder exposure of \u00a3235m (2022: \u00a3268m) to pooled investment funds primarily relates to \u00a3174m (2022: \u00a3149m) of seed capital and co-investments, 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 \u00a335m (2022: \u00a337m), pooled investment funds held by the abrdn Financial Fairness Trust of \u00a322m (2022: \u00a325m) and corporate funds held in absolute return funds of \u00a3nil (2022: \u00a350m). The Equities and interests in pooled investment funds at FVTPL included in the consolidated statement of financial position includes \u00a3112m (2022: \u00a3188m) 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 investment in Phoenix.
(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 table below summarises the financial instrument exposure to foreign currency risks in UK Sterling.
UK US Singapore Other
Sterling
Indian Rupee
Euro
Dollar Dollar
currencies
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
17
3,280
3,237
\u2013
680
204
219
612
585
59
48
159
210
4,314
4,979
Financial
liabilities
29
(1,130)
(1,205)
\u2013
\u2013
(48)
(53)
(823)
(776)
(15)
(8)
(20)
(23)
(2,036)
(2,065)
Cash flow
hedges
(588)
(623)
\u2013
\u2013
\u2013
\u2013
588
623
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Non-
designated
derivatives
296
296
\u2013
\u2013
(66)
(68)
(186)
(182)
\u2013
\u2013
(44)
(46)
\u2013
\u2013
1,858
1,705
\u2013
680
90
98
191
250
44
40
95
141
2,278
2,914
1. The Group has made a presentational change to show Deferred income within Other financial liabilities which is part of Financial liabilities. Refer Note 32.
1
The Indian Rupee exposure at 31 December 2022 primarily related to the Group\u2019s investments in HDFC Life and HDFC
Asset Management which were fully disposed of in 2023. Refer Note 11 for further details. Other currencies include assets
of \u00a341m (2022: \u00a385m) and liabilities of \u00a3nil (2022: \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 profit 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 2023
31 December 2022
A reasonable change in the A reasonable change in
variable within the next Increase/(decrease) in the variable within the Increase/(decrease) in
calendar year post-tax profit next calendar year post-tax profit
%
\u00a3m
%
\u00a3m
Equity prices
Increase
10
74
10
148
Decrease
10
(74)
10
(148)
US Dollar against Sterling
Strengthen
10
12
10
14
Weaken
10
(9)
10
(11)
Euro against Sterling
Strengthen
10
10
10
11
Weaken
10
(8)
10
(9)
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 2023 or
2022.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-696": { "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 profit 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 2023
31 December 2022
A reasonable change in the A reasonable change in
variable within the next Increase/(decrease) in the variable within the Increase/(decrease) in
calendar year post-tax profit next calendar year post-tax profit
%
\u00a3m
%
\u00a3m
Equity prices
Increase
10
74
10
148
Decrease
10
(74)
10
(148)
US Dollar against Sterling
Strengthen
10
12
10
14
Weaken
10
(9)
10
(11)
Euro against Sterling
Strengthen
10
10
10
11
Weaken
10
(8)
10
(9)
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 2023 or 2022. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-697": { "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 No significant increase in credit risk since initial recognition.
possible default within the next 12 Trade receivables or contract assets with significant financing component, or lease
months) receivables if lifetime ECL measurement has not been elected.
Lifetime ECL (losses resulting from Significant increase in credit risk since initial recognition.
possible defaults over the remaining Trade receivables or contract assets with no significant financing component.
life of the financial asset) 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.
In 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 2023 the Group does not hold significant 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 2023 for these segments were \u00a371m (2022: \u00a384m) of which
\u00a336m was over 90 days past due (2022: \u00a333m). We have not identified significant credit risk with counterparties with
balances over 90 days past due and recovery is still expected. Consequently, the expected credit losses recognised were
less than \u00a31m (2022: 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.
The Group is exposed to a higher level of credit risk within its ii segment (previously named Personal), primarily in relation to
ii. Trade debtors past due for the ii segment at 31 December 2023 were \u00a35m (2022: \u00a35m), the majority of which were
considered to be credit impaired. A lifetime loss allowance of \u00a32m (2022: \u00a33m) has been recognised based on expected
recovery.
", "dimensions": { "concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-658": { "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 No significant increase in credit risk since initial recognition.
possible default within the next 12 Trade receivables or contract assets with significant financing component, or lease
months) receivables if lifetime ECL measurement has not been elected.
Lifetime ECL (losses resulting from Significant increase in credit risk since initial recognition.
possible defaults over the remaining Trade receivables or contract assets with no significant financing component.
life of the financial asset) 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.
In 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 2023 the Group does not hold significant 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 2023 for these segments were \u00a371m (2022: \u00a384m) of which \u00a336m was over 90 days past due (2022: \u00a333m). We have not identified significant credit risk with counterparties with balances over 90 days past due and recovery is still expected. Consequently, the expected credit losses recognised were less than \u00a31m (2022: 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. The Group is exposed to a higher level of credit risk within its ii segment (previously named Personal), primarily in relation to ii. Trade debtors past due for the ii segment at 31 December 2023 were \u00a35m (2022: \u00a35m), the majority of which were considered to be credit impaired. A lifetime loss allowance of \u00a32m (2022: \u00a33m) has been recognised based on expected recovery. (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 12 month
profit or loss
Cash flow hedge
ECL
Lifetime ECL
 Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AAA
30
\u2013
\u2013
\u2013
115
89
\u2013
\u2013
145
89
AA+ to AA-
169
164
\u2013
\u2013
76
162
\u2013
\u2013
245
326
A+ to A-
405
327
41
85
977
953
\u2013
\u2013
1,423
1,365
BBB
86
76
\u2013
\u2013
127
126
\u2013
\u2013
213
202
BB
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Not rated
12
21
\u2013
\u2013
610
429
452
463
1,074
913
Gross carrying amount
702
588
41
85
1,905
1,759
452
463
3,100
2,895
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(3)
(2)
(3)
Carrying amount
702
588
41
85
1,905
1,759
450
460
3,098
2,892
Derivative financial assets
2
19
41
85
\u2013
\u2013
\u2013
\u2013
43
104
Debt securities
689
550
\u2013
\u2013
125
210
\u2013
\u2013
814
760
Receivables and other financial assets
11
19
\u2013
\u2013
610
428
450
460
1,071
907
Cash and cash equivalents
\u2013
\u2013
\u2013
\u2013
1,170
1,121
\u2013
\u2013
1,170
1,121
Carrying amount
702
588
41
85
1,905
1,759
450
460
3,098
2,892
1 1. As noted in Section (c) above, Lifetime ECL balances include trade debtors with a gross carrying value of \u00a35m (2022: \u00a35m) which are credit impaired for which a loss allowance of \u00a32m (2022: \u00a33m) 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 \u00a351m (2022: \u00a342m). Cash and cash equivalents exclude cash and cash equivalents relating to third party interests in consolidated funds of \u00a326m (2022: \u00a312m). 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 2023, the Group had pledged \u00a319m (2022: \u00a314m) of cash and \u00a3nil (2022: \u00a3nil) of securities as collateral for derivative financial liabilities. At 31 December 2023, the Group had accepted \u00a340m (2022: \u00a3109m) of cash and \u00a335m (2022: \u00a3nil) 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 Financial collateral
financial position instruments
pledged/(received)
Net position
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives
43
102
(2)
(1)
(39)
(100)
2
1
Reverse repurchase
agreements
35
-
\u2013
\u2013
(35)
-
\u2013
\u2013
Total financial assets
78
102
(2)
(1)
(74)
(100)
2
1
Financial liabilities
Derivatives
(2)
(1)
2
1
\u2013
\u2013
\u2013
-
Total financial liabilities
(2)
(1)
2
1
\u2013
\u2013
\u2013
-
1 1 1. Only OTC derivatives subject to master netting agreements have been included above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-698": { "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 Financial collateral
financial position instruments
pledged/(received)
Net position
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivatives
43
102
(2)
(1)
(39)
(100)
2
1
Reverse repurchase
agreements
35
-
\u2013
\u2013
(35)
-
\u2013
\u2013
Total financial assets
78
102
(2)
(1)
(74)
(100)
2
1
Financial liabilities
Derivatives
(2)
(1)
2
1
\u2013
\u2013
\u2013
-
Total financial liabilities
(2)
(1)
2
1
\u2013
\u2013
\u2013
-
1 1 1. Only OTC derivatives subject to master netting agreements have been included above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-659": { "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 2023. 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. 1. The Group has made a presentational change to show Deferred income within Other financial liabilities. Refer Note 32. 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 2023 (refer Note 39) with a contractual maturity of within one year, between one and five years and over five years of \u00a32m, \u00a329m and \u00a336m respectively (2022: \u00a33m, \u00a332m and \u00a337m). The commitments may generally be requested anytime up to the contractual maturity.
Within 1-5 5-10 10-15 15-20 Greater than
1 year years years years years
20 years
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Subordinated
liabilities
24
24
647
94
\u2013
577
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
671
695
Other financial
liabilities
950
894
185
198
97
105
46
48
6
6
\u2013
15
1,284
1,266
Total
974
918
832
292
97
682
46
48
6
6
\u2013
15
1,955
1,961
1", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-699": { "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.
1. The Group has made a presentational change to show Deferred income within Other financial liabilities. Refer Note 32.
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 2023 (refer Note
39) with a contractual maturity of within one year, between one and five years and over five years of \u00a32m, \u00a329m and \u00a336m
respectively (2022: \u00a33m, \u00a332m and \u00a337m). The commitments may generally be requested anytime up to the contractual
maturity.
Within 1-5 5-10 10-15 15-20 Greater than
1 year years years years years
20 years
Total
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Subordinated
liabilities
24
24
647
94
\u2013
577
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
671
695
Other financial
liabilities
950
894
185
198
97
105
46
48
6
6
\u2013
15
1,284
1,266
Total
974
918
832
292
97
682
46
48
6
6
\u2013
15
1,955
1,961
1
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "value": "35. 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 2023 and 31 December 2022, 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 2023 and 31 December 2022, 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.
2023
2022
\u00a3m
\u00a3m
Financial investments
Equity securities and interests in pooled investment funds
482
558
Debt securities
\u2013
\u2013
Total financial investments
482
558
Receivables and other financial assets
196
215
Other financial liabilities
114
95
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 34. The total assets under management of unconsolidated structured entities are \u00a3108,993m at 31 December 2023 (2022: \u00a3126,019m). The fees recognised in respect of these assets under management during the year to 31 December 2023 were \u00a3453m (2022: \u00a3566m). As at 31 December 2023, the Group had no investments in unconsolidated structured debt securitisation vehicles (2022: \u00a3nil). ", "dimensions": { "concept": "abrdnplc:DisclosureOfStructuredEntitites", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-660": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-661": { "value": "
(a) Consolidated structured entities
As at 31 December 2023 and 31 December 2022, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-662": { "value": "
(b) Unconsolidated structured entities
As at 31 December 2023 and 31 December 2022, 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.
2023
2022
\u00a3m
\u00a3m
Financial investments
Equity securities and interests in pooled investment funds
482
558
Debt securities
\u2013
\u2013
Total financial investments
482
558
Receivables and other financial assets
196
215
Other financial liabilities
114
95
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 34.
The total assets under management of unconsolidated structured entities are \u00a3108,993m at 31 December 2023 (2022:
\u00a3126,019m). The fees recognised in respect of these assets under management during the year to 31 December 2023
were \u00a3453m (2022: \u00a3566m).
As at 31 December 2023, the Group had no investments in unconsolidated structured debt securitisation vehicles (2022:
\u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-700": { "value": "(b) Unconsolidated structured entities As at 31 December 2023 and 31 December 2022, 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.
2023
2022
\u00a3m
\u00a3m
Financial investments
Equity securities and interests in pooled investment funds
482
558
Debt securities
\u2013
\u2013
Total financial investments
482
558
Receivables and other financial assets
196
215
Other financial liabilities
114
95
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 34. The total assets under management of unconsolidated structured entities are \u00a3108,993m at 31 December 2023 (2022: \u00a3126,019m). The fees recognised in respect of these assets under management during the year to 31 December 2023 were \u00a3453m (2022: \u00a3566m). As at 31 December 2023, the Group had no investments in unconsolidated structured debt securitisation vehicles (2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-663": { "value": "The Group uses fair value to measure many of its assets and liabilities. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm\u2019s length transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-701": { "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 identical 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 that 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 (unobservable inputs).
Information on the methods and assumptions used to determine fair values for equity securities and interests in pooled
investment funds, debt securities and derivatives measured at fair value is given below:
Equities and interests in pooled investment funds
Debt securities
Derivatives
3
Level 1
Equity instruments listed on a recognised exchange valued using prices
Debt securities listed Exchange traded
sourced from their primary exchange. on a recognised derivatives
exchange valued using valued using
prices sourced from prices sourced
their primary from the relevant
exchange. exchange.
Level 2
Pooled investment funds where daily unit prices are available and reference
Debt securities valued Over-the-
is made to observable market data. using prices received counter
from external pricing derivatives
providers based on measured using
quotes received from a range of
a number of market valuation models
participants. including
discounting
Debt securities valued future cash flows
using models and and option
standard valuation valuation
formulas based on techniques.
observable market
data
4
.
Level 3
These relate primarily to interests in private equity, real estate and
Debt securities valued N/A
infrastructure funds which are valued at net asset value. Underlying real using prices received
estate and private equity investments are generally valued in accordance from external pricing
with independent professional valuation reports or International Private providers based on a
Equity and Venture Capital Valuation Guidelines where relevant. The single broker indicative
underlying investments in infrastructure funds are generally valued based quote.
on the phase of individual projects forming the overall investment and
discounted cash flow techniques based on project earnings. Debt securities valued
using models and
Where net asset values are not available at the same date as the reporting standard valuation
date, the latest available valuations are reviewed and, where appropriate, formulas based on
adjustments are made to reflect the estimated impact of changes in unobservable market
market conditions between the date of the valuation and the end of the
data
4
.
reporting period.
Other unlisted equity securities are generally valued using a calibration to
the price of a recent investment.
1,2
1. Investments in associates at FVTPL are valued in the same manner as the Group\u2019s equity securities and interests in pooled investment funds.
2. Where pooled investment funds have been seeded and the investment in the funds have been classified as held for sale, 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 line with the Group\u2019s risk management
policies. At 31 December 2023 and 31 December 2022, the residual credit risk is considered immaterial and no credit risk 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 procedures 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Owner occupied property
1
1
\u2013
\u2013
\u2013
\u2013
1
1
Derivative financial assets
43
104
\u2013
3
43
101
\u2013
\u2013
Equity securities and interests in
pooled investment vehicles
1
1,139
2,033
769
1,621
137
181
233
231
Debt securities
740
592
7
2
732
588
1
2
Contingent consideration assets
11
19
\u2013
\u2013
\u2013
\u2013
11
19
Total assets at fair value
1,934
2,749
776
1,626
912
870
246
253
1. Includes \u00a3557m (2022: \u00a3634m) for the Group\u2019s listed equity investment in Phoenix which is classified as a significant listed investment. The Group\u2019s listed equity investments in HDFC Asset Management and HDFC Life which were also classified as significant listed investments were sold in the year ended 31 December 2023 (HDFC Asset Management: 2022: \u00a3477m, HDFC Life: 2022: \u00a3203m). There were no significant transfers from level 1 to level 2 during the year ended 31 December 2023 (2022: none). There were also no significant transfers from level 2 to level 1 during the year ended 31 December 2023 (2022: 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
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities in respect of third party
interest in consolidated funds
187
242
\u2013
\u2013
117
168
70
74
Derivative financial liabilities
9
1
7
-
2
1
\u2013
\u2013
Contingent consideration
liabilities
114
132
\u2013
\u2013
\u2013
\u2013
114
132
Other financial liabilities
15
11
\u2013
\u2013
\u2013
\u2013
15
11
Total liabilities at fair value
325
386
7
-
119
169
199
217
1 2 1. Liabilities in respect of third party interest in consolidated funds at 31 December 2022 were previously all disclosed as Level 2 (\u00a3242m). \u00a374m of the liability at this date has been represented in the table above as Level 3 to be consistent with the categorisation of the underlying assets. 2. Excluding contingent consideration liabilities. There were no significant transfers between levels 1 and 2 during the year (2022: none). Refer Section (a)(iii) below for details of movements in level 3. Transfers are deemed to have occurred at the end of the calendar quarter in which they arose. (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 Liabilities in respect of third party
funds
Debt securities
interest in consolidated funds
2023
2022
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
1
1
231
106
2
1
(74)
\u2013
Total gains recognised in the
consolidated income
statement
\u2013
\u2013
1
2
\u2013
(2)
\u2013
\u2013
Purchases
\u2013
\u2013
18
139
\u2013
3
\u2013
(70)
Sales and other adjustments
\u2013
\u2013
(17)
(16)
(1)
\u2013
4
(4)
At 31 December
1
1
233
231
1
2
(70)
(74)
Contingent Contingent
consideration assets consideration liabilities Other financial liabilities
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
19
31
(132)
(165)
(11)
\u2013
Total amounts recognised in the consolidated income statement
7
3
16
32
(5)
(11)
Additions
7
1
(11)
(6)
\u2013
\u2013
Settlements
(21)
(18)
12
7
1
\u2013
Other movements
(1)
2
1
\u2013
\u2013
\u2013
At 31 December
11
19
(114)
(132)
(15)
(11)
1 1. Excluding contingent consideration liabilities. For the year ended 31 December 2023, gains of \u00a319m (2022: gains of \u00a324m) 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 \u00a319m (2022: gains of \u00a324m) 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 2023 with a fair value of \u00a3233m (2022: \u00a3231m).
Fair value
2023 2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity,
221
219
Net asset value
Net asset value statements provided for a A range of unobservable inputs
real estate, large number of funds including nine is not applicable as we have
hedge and significant funds (fair value >\u00a35m). determined that the reported
infrastructure NAV represents fair value at the
funds end of the reporting period.
Other unlisted
12
12
Indicative share
Calibration to the price of a recent A range of unobservable inputs
equity price investment. is not applicable as we have
securities determined that the calibration
to the price of a recent
investment represents fair value
at the end of the reporting
period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised as level 3 instruments at 31 December 2023 with a fair value of (\u00a370m) (2022: (\u00a374m)) are the same as for the private equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in respect of third party interest in consolidated funds. 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 2023 with a fair value of (\u00a3118m) (2022: (\u00a3124m)).
Fair value
2023
2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
(118)
(124) Probability
Unobservable inputs relate to probability
consideration weighted cash weighted cash flows and, where relevant,
assets and flow and where discount rates.
liabilities and applicable The most significant unobservable inputs The base scenario for Tritax
other financial discount rates relate to assumptions used to value the contingent consideration used
instrument contingent consideration liability related to a revenue compound annual
liabilities the acquisition of Tritax of \u00a390m (2022: growth rate (CAGR) from 31
\u00a3112m). For Tritax a number of scenarios March 2023 to 31 March 2026
were prepared, around a base case, with of 9% (2022: CAGR from 31
probabilities assigned to each scenario March 2022 to 31 March 2026
(based on an assessment of the likelihood of 14%) with other scenarios
of each scenario). The value of the using a range of revenue
contingent consideration was determined growth rates around this base.
for each scenario, and these were then The base scenario used a
probability weighted, with this probability cost/income ratio of c56%
weighted valuation then discounted from (2022: c52%) with other
the payment date to the balance sheet scenarios using a range of
date. It was assumed that the timing of the cost/income ratios around this
exercise of the earn out put options base.
between 2024, 2025
and 2026 would be
The risk adjusted contingent
that which is most beneficial to the holders consideration cash flows have
of the put options. been discounted using a
primary discount rate of 4%
(2022:
4.5%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2023 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. 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 material impact on loss attributable to equity holders or on total assets. (a)(v)(i) Equity securities and interests in pooled investment funds/ liabilities in respect of third party interest in consolidated funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3221m relates to private equity, real estate, hedge and infrastructure funds (2022: \u00a3219m) 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 (2022: \u00a322m). (a)(v)(ii) Liabilities in respect of third party interest in consolidated funds As noted above, \u00a370m of liabilities in respect of third party interest in consolidated funds of the level 3 equity securities and interests in pooled investment funds (2022: \u00a374m) are also 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 liability by \u00a37m (2022: \u00a37m). (a)(v)(iii) 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.
Consequential increase/(decrease) in
Assumption
Change in assumption
contingent consideration liability
2023
\u00a3m
Revenue compound annual growth rate (CAGR) from 31 March 2023
to 31 March 2026
Decreased by 5%
(17)
Increased by 10%
34
Cost/income ratio
Decreased by 5%
14
Increased by 5%
(15)
Discount rate
Decreased by 2%
4
Increased by 2%
(4)
(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.
consolidated statement As recognised in the
of financial position line
item
Fair value
Level 1
Level 2
Level 3
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Debt securities
125
210
125
211
\u2013
-
125
210
\u2013
1
Liabilities
Subordinated liabilities
30
599
621
534
550
\u2013
\u2013
534
550
\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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-712": { "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 2023 with a fair value of \u00a3233m (2022: \u00a3231m).
Fair value
2023 2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity,
221
219
Net asset value
Net asset value statements provided for a A range of unobservable inputs
real estate, large number of funds including nine is not applicable as we have
hedge and significant funds (fair value >\u00a35m). determined that the reported
infrastructure NAV represents fair value at the
funds end of the reporting period.
Other unlisted
12
12
Indicative share
Calibration to the price of a recent A range of unobservable inputs
equity price investment. is not applicable as we have
securities determined that the calibration
to the price of a recent
investment represents fair value
at the end of the reporting
period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised
as level 3 instruments at 31 December 2023 with a fair value of (\u00a370m) (2022: (\u00a374m)) are the same as for the private
equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in
respect of third party interest in consolidated funds.
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 2023 with a fair value of
(\u00a3118m) (2022: (\u00a3124m)).
Fair value
2023
2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
(118)
(124) Probability
Unobservable inputs relate to probability
consideration weighted cash weighted cash flows and, where relevant,
assets and flow and where discount rates.
liabilities and applicable The most significant unobservable inputs The base scenario for Tritax
other financial discount rates relate to assumptions used to value the contingent consideration used
instrument contingent consideration liability related to a revenue compound annual
liabilities the acquisition of Tritax of \u00a390m (2022: growth rate (CAGR) from 31
\u00a3112m). For Tritax a number of scenarios March 2023 to 31 March 2026
were prepared, around a base case, with of 9% (2022: CAGR from 31
probabilities assigned to each scenario March 2022 to 31 March 2026
(based on an assessment of the likelihood of 14%) with other scenarios
of each scenario). The value of the using a range of revenue
contingent consideration was determined growth rates around this base.
for each scenario, and these were then The base scenario used a
probability weighted, with this probability cost/income ratio of c56%
weighted valuation then discounted from (2022: c52%) with other
the payment date to the balance sheet scenarios using a range of
date. It was assumed that the timing of the cost/income ratios around this
exercise of the earn out put options base.
between 2024, 2025
and 2026 would be
The risk adjusted contingent
that which is most beneficial to the holders consideration cash flows have
of the put options. been discounted using a
primary discount rate of 4%
(2022:
4.5%).
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions
At 31 December 2023 the shareholder is directly exposed to movements in the value of all non-unit linked level 3
instruments. 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 material impact on loss attributable to equity holders or on total assets.
(a)(v)(i) Equity securities and interests in pooled investment funds/ liabilities in respect of third party interest in consolidated funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3221m relates to private equity, real estate, hedge and infrastructure funds (2022: \u00a3219m) 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 (2022: \u00a322m). (a)(v)(ii) Liabilities in respect of third party interest in consolidated funds As noted above, \u00a370m of liabilities in respect of third party interest in consolidated funds of the level 3 equity securities and interests in pooled investment funds (2022: \u00a374m) are also 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 liability by \u00a37m (2022: \u00a37m). (a)(v)(iii) 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.
Consequential increase/(decrease) in
Assumption
Change in assumption
contingent consideration liability
2023
\u00a3m
Revenue compound annual growth rate (CAGR) from 31 March 2023
to 31 March 2026
Decreased by 5%
(17)
Increased by 10%
34
Cost/income ratio
Decreased by 5%
14
Increased by 5%
(15)
Discount rate
Decreased by 2%
4
Increased by 2%
(4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-664": { "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 2023 with a fair value of \u00a3233m (2022: \u00a3231m).
Fair value
2023 2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Range (weighted average)
Private equity,
221
219
Net asset value
Net asset value statements provided for a A range of unobservable inputs
real estate, large number of funds including nine is not applicable as we have
hedge and significant funds (fair value >\u00a35m). determined that the reported
infrastructure NAV represents fair value at the
funds end of the reporting period.
Other unlisted
12
12
Indicative share
Calibration to the price of a recent A range of unobservable inputs
equity price investment. is not applicable as we have
securities determined that the calibration
to the price of a recent
investment represents fair value
at the end of the reporting
period.
The unobservable input for the Group\u2019s related liabilities in respect of third party interest in consolidated funds categorised as level 3 instruments at 31 December 2023 with a fair value of (\u00a370m) (2022: (\u00a374m)) are the same as for the private equity, real estate, hedge and infrastructure funds above. There are no single significant funds in relation to liabilities in respect of third party interest in consolidated funds. 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 2023 with a fair value of (\u00a3118m) (2022: (\u00a3124m)).
Fair value
2023
2022
\u00a3m
\u00a3m
Valuation technique
Unobservable input
Input used
Contingent
(118)
(124) Probability
Unobservable inputs relate to probability
consideration weighted cash weighted cash flows and, where relevant,
assets and flow and where discount rates.
liabilities and applicable The most significant unobservable inputs The base scenario for Tritax
other financial discount rates relate to assumptions used to value the contingent consideration used
instrument contingent consideration liability related to a revenue compound annual
liabilities the acquisition of Tritax of \u00a390m (2022: growth rate (CAGR) from 31
\u00a3112m). For Tritax a number of scenarios March 2023 to 31 March 2026
were prepared, around a base case, with of 9% (2022: CAGR from 31
probabilities assigned to each scenario March 2022 to 31 March 2026
(based on an assessment of the likelihood of 14%) with other scenarios
of each scenario). The value of the using a range of revenue
contingent consideration was determined growth rates around this base.
for each scenario, and these were then The base scenario used a
probability weighted, with this probability cost/income ratio of c56%
weighted valuation then discounted from (2022: c52%) with other
the payment date to the balance sheet scenarios using a range of
date. It was assumed that the timing of the cost/income ratios around this
exercise of the earn out put options base.
between 2024, 2025
and 2026 would be
The risk adjusted contingent
that which is most beneficial to the holders consideration cash flows have
of the put options. been discounted using a
primary discount rate of 4%
(2022:
4.5%).
(a)(v)(i) Equity securities and interests in pooled investment funds/ liabilities in respect of third party interest in consolidated funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3221m relates to private equity, real estate, hedge and infrastructure funds (2022: \u00a3219m) 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 (2022: \u00a322m). (a)(v)(ii) Liabilities in respect of third party interest in consolidated funds As noted above, \u00a370m of liabilities in respect of third party interest in consolidated funds of the level 3 equity securities and interests in pooled investment funds (2022: \u00a374m) are also 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 liability by \u00a37m (2022: \u00a37m). (a)(v)(iii) 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.
Consequential increase/(decrease) in
Assumption
Change in assumption
contingent consideration liability
2023
\u00a3m
Revenue compound annual growth rate (CAGR) from 31 March 2023
to 31 March 2026
Decreased by 5%
(17)
Increased by 10%
34
Cost/income ratio
Decreased by 5%
14
Increased by 5%
(15)
Discount rate
Decreased by 2%
4
Increased by 2%
(4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-720": { "value": "(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2023 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. 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 material impact on loss attributable to equity holders or on total assets. (a)(v)(i) Equity securities and interests in pooled investment funds/ liabilities in respect of third party interest in consolidated funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3221m relates to private equity, real estate, hedge and infrastructure funds (2022: \u00a3219m) 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 (2022: \u00a322m). (a)(v)(ii) Liabilities in respect of third party interest in consolidated funds As noted above, \u00a370m of liabilities in respect of third party interest in consolidated funds of the level 3 equity securities and interests in pooled investment funds (2022: \u00a374m) are also 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 liability by \u00a37m (2022: \u00a37m). (a)(v)(iii) 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. Consequential increase/(decrease) in Assumption Change in assumption contingent consideration liability 2023 \u00a3m Revenue compound annual growth rate (CAGR) from 31 March 2023 to 31 March 2026 Decreased by 5% (17) Increased by 10% 34 Cost/income ratio Decreased by 5% 14 Increased by 5% (15) Discount rate Decreased by 2% 4 Increased by 2", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsLiabilitiesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-716": { "value": "(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions At 31 December 2023 the shareholder is directly exposed to movements in the value of all non-unit linked level 3 instruments. 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 material impact on loss attributable to equity holders or on total assets. (a)(v)(i) Equity securities and interests in pooled investment funds/ liabilities in respect of third party interest in consolidated funds As noted above, of the level 3 equity securities and interests in pooled investment funds, \u00a3221m relates to private equity, real estate, hedge and infrastructure funds (2022: \u00a3219m) 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 (2022: \u00a322m). (a)(v)(ii) Liabilities in respect of third party interest in consolidated funds As noted above, \u00a370m of liabilities in respect of third party interest in consolidated funds of the level 3 equity securities and interests in pooled investment funds (2022: \u00a374m) are also 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 liability by \u00a37m (2022: \u00a37m). (a)(v)(iii) 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.
Consequential increase/(decrease) in
Assumption
Change in assumption
contingent consideration liability
2023
\u00a3m
Revenue compound annual growth rate (CAGR) from 31 March 2023
to 31 March 2026
Decreased by 5%
(17)
Increased by 10%
34
Cost/income ratio
Decreased by 5%
14
Increased by 5%
(15)
Discount rate
Decreased by 2%
4
Increased by 2%
(4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "value": "37. 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 with a high turnover 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
2023
2022
\u00a3m
\u00a3m
Equity securities and interests in pooled investment funds
314
680
Debt securities
13
89
Derivative financial instruments
30
(11)
Receivables and other financial assets and other assets
(184)
174
Assets held for sale
(16)
(16)
Change in operating assets
157
916
Change in operating assets includes related non-cash items. (b) Change in operating liabilities
2023
2022
\u00a3m
\u00a3m
Other financial liabilities, provisions and other liabilities
76
(179)
Pension and other post-retirement benefit provisions
(48)
(44)
Investment contract liabilities
(90)
(315)
Change in liability for third party interest in consolidated funds
(53)
(196)
Liabilities held for sale
6
9
Change in operating liabilities
(109)
(725)
1 1. The change in Other financial liabilities, provisions and other liabilities for the year ended 31 December 2022 of (\u00a3179m) includes \u00a31m previously separately disclosed as Deferred income. The Group has made a presentational change to show Deferred income within Other financial liabilities. Change in operating liabilities includes related non-cash items.
(c) Other non-cash and non-operating items
2023
2022
restated
1
\u00a3m
\u00a3m
Gain on sale of subsidiaries and other operations
(79)
\u2013
Profit on disposal of interests in associates
\u2013
(6)
(Gain)/loss on disposal or derecognition of property, plant and equipment
(6)
7
Depreciation of property, plant and equipment
32
39
Amortisation of intangible assets
128
129
Impairment losses on intangible assets
65
369
(Reversal of impairment)/impairment of interests in associates and joint ventures
(2)
9
Impairment losses recognised on property, plant and equipment
50
7
Reversal of impairment losses recognised on property, plant and equipment
(3)
\u2013
Movement in contingent consideration assets/liabilities
(23)
(35)
Equity settled share-based payments
24
24
Finance costs
25
29
Share of profit or loss from associates and joint ventures accounted for using the equity method
(1)
(5)
Other non-cash and non-operating items
210
567
1. Comparatives for 2022 have been restated for the implementation of IFRS 17. Refer Basis of preparation.
(d) Disposal of subsidiaries and other operations
2023
1
Notes
\u00a3m
Intangibles
59
Other assets of operations disposed of
30
Other liabilities of operations disposed of
(12)
Net assets disposed of
77
Items transferred to profit or loss on disposal of subsidiaries
1
(1)
Fair value of deferred and contingent consideration
(5)
Non-cash consideration
1
(3)
Gain on sale
1
79
Transaction costs
13
Total cash consideration
160
Cash and cash equivalents disposed of
(21)
Cash inflow from disposal of subsidiary
139
1. Relates to a number of 2023 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.
2023
2022
\u00a3m
\u00a3m
At 1 January
621
644
Cash flows from financing activities
Repayment of subordinated liabilities
\u2013
(92)
Interest paid
(13)
(31)
Cash flows from financing activities
(13)
(123)
Non-cash items
Interest expense
26
30
Foreign exchange adjustment
(35)
70
At 31 December
599
621
1
1. Interest paid on subordinated liabilities and other equity in the consolidated statement of cash flows of \u00a320m (2022: \u00a334m) includes an inflow of \u00a34m (2022:
\u00a38m) in relation to the related cash flow hedge (refer Note 18) and an outflow of \u00a311m (2022: \u00a311m) 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 \u00a340m (2022:
\u00a3109m) in Other financial liabilities (refer Note 32) includes collateral held in respect of the cash flow hedge of \u00a339m (2022: \u00a389m).
(f) Movement in lease liabilities
The following table reconciles the movement in lease liabilities in the year, split between cash and non-cash items.
2023
2022
\u00a3m
\u00a3m
At 1 January
224
225
Cash flows from financing activities
Payment of lease liabilities \u2013 principal
(24)
(46)
Payment of lease liabilities \u2013 interest
(6)
(6)
Cash flows from financing activities
(30)
(52)
Non-cash items
Additions
28
46
Disposals and adjustments
(2)
(8)
Interest capitalised
6
6
Foreign exchange adjustment
(3)
7
At 31 December
223
224
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-665": { "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 with a high turnover 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "38. 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 recognised 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 and tax authority discussions and reviews 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. A subsidiary of the Group is currently responding to certain information requests from an overseas Tax Authority in connection with its Income Tax Return. Interpretation of tax legislation is complex and therefore, as part of the normal course of business, local tax authorities may sometimes request further information in order to clarify facts and technical approach. These types of enquiries can sometimes be prolonged due to inherent complexity. At this stage of enquiry, it is not possible to reliably predict the outcome. There are no other identified contingent liabilities expected to lead to a material exposure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-666": { "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 recognised as an asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "39. Commitments The Group has contractual commitments 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 give an indication of the Group\u2019s future committed cash flows. (a) Unrecognised financial instruments As at 31 December 2023, the Group has committed to investing an additional \u00a367m (2022: \u00a372m) into funds in which it holds a co-investment interest. (b) Capital commitments As at 31 December 2023, the Group has no capital commitments other than in relation to financial instruments (2022: \u00a32m). In addition, the Group has commitments relating to future acquisitions. \u2013 In February 2021, 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 fully complete before 2025 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. \u2013 At 31 December 2023, the Group had other commitments for the cost of obtaining customer contracts for \u00a322m. These commitments are still subject to the satisfaction of certain conditions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-667": { "value": "The Group has contractual commitments 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 give an indication of the Group\u2019s future committed cash flows. ", "dimensions": { "concept": "abrdnplc:DescriptionOfAccountingPolicyForCommitments", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "value": "40. 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 recognised in the consolidated income statement. The following plans made awards during the year ended 31 December 2023:
Conditional Restricted Typical vesting Contractual life Conditions which must be met prior to
Plan
Options
awards shares period (years)
for options
Recipients
vesting
abrdn plc
Yes
Yes
No
1-3 years
Up to 10 Executives Service, or service and
Deferred Share (3 years for years from and senior performance conditions.
Plan/ Executive date of management These can be tailored to the
Discretionary LTIP) grant individual award.
Share
Plan/Executive
LTIP Plan
Sharesave (Save-
Yes
No
No
3 or 5
Up to six UK and Irish Service only
as-you-earn) months employees
after vesting
Share incentive
No
No
Yes
3 years
Not
UK and Irish Service only
plan applicable employees
1 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 fair value of awards is recharged to employing entities over the life of the awards. 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 2023 (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 2023:
Conditional Restricted Typical vesting Contractual life Conditions which must be met prior to
Plan
Options
awards shares period (years)
for options
Recipients
vesting
Aberdeen Asset
Yes
No
No
1-3
(3-5 for
Up to 10 Executives and Service only. There are no
Management executive years from senior outstanding performance
Deferred Share management) date of grant management conditions at date of grant.
Plan 2009
Aberdeen Asset
No
Yes
No
1-3
(3-5 for
Not US based Service only. There are no
Management executive applicable executives and outstanding performance
USA Deferred management) senior conditions at date of grant.
Share Award management
Plan
1 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 2023 and for which all outstanding awards were exercised by 31 December 2022:
Conditional Restricted Typical vesting Contractual life Conditions which must be met prior to
Plan
Options
awards shares period (years)
for options
Recipients
vesting
Standard Life
Yes
No
No
1-3
Up to six Executives (other Service, or service and
Restricted stock months after than executive performance conditions.
plan (RSP) vesting Directors) and These are tailored to the
senior individual award.
management
(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:
2023
2022
\u00a3m
\u00a3m
Share options and share awards granted under deferred and discretionary share plans
22
22
Share options granted under Sharesave
1
1
Matching shares granted under share incentive plans
1
1
Equity-settled share-based payments
24
24
Cash-settled deferred fund awards
7
2
Total expense
31
26
1 2 1. Includes expense for annual bonus deferred share options and conditional awards. 2. The expense for cash-settled deferred fund awards includes \u00a33m (2022: \u00a32m) for awards related to funds which are consolidated. Included in the expense above is \u00a312m (2022: \u00a36m) 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:
2023
2022
Deferred and Annual bonus Deferred and
discretionary share deferred share discretionary share Annual bonus deferred
plans options plans share options
Outstanding at 1 January
61,117,377
5,574,422
37,133,812
6,604,504
Granted
7,847,719
\u2013
45,752,914
\u2013
Forfeited
(15,690,306)
(58,611)
(3,540,675)
 \u2013
Exercised
(9,904,530)
(1,662,020)
(18,228,674)
 (1,030,082)
Outstanding at 31 December
43,370,260
3,853,791
61,117,377
 5,574,422
Exercisable at 31 December
6,840,715
3,853,791
3,907,131
 5,418,292
Remaining contractual life of options outstanding (years)
5.96
2.70
6.45
3.56
Options exercised during the year
\u2013
\u2013
\u2013
\u2013
Share price at time of exercise
1
198p
204p
194p
189p
1
1. Weighted average.
The options granted under the deferred and discretionary share plans were made throughout the year ended 31
December 2023 with a main grant date of 11 April 2023 and had a \u00a3nil exercise price. The weighted average option term
was 2.52 years. The weighted average share price at grant date was 194p and the weighted average fair value at grant
date was 172p. 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, 357,888 nil cost conditional awards were also granted under the deferred and discretionary
share plans (2022: 2,464,050) with a weighted average share price at grant date of 194p which was also the weighted
average fair value at grant date.
(b)(ii) Standard Life RSP
As noted above the final RSP options were exercised in 2022.
2022
RSP
Outstanding at 1 January 3,372
Granted \u2013
Forfeited
\u2013
Exercised (3,372)
Outstanding at 31 December \u2013
Exercisable at 31 December
\u2013
Options exercised during the year
Share price at time of exercise
1
 241p
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:
2023
2022
Weighted average Weighted average
exercise price for exercise price for
Sharesave
Sharesave
Sharesave
Sharesave
Outstanding at 1 January
9,981,563
143p
7,862,031
203p
Granted
1,864,914
132p
6,997,665
118p
Forfeited
(501,929)
154p
(165,551)
191p
Exercised
(440,123)
186p
(46,727)
200p
Expired
(1,045,470)
205p
(759,965)
235p
Cancelled
(749,465)
154p
(3,905,890)
197p
Outstanding at 31 December
9,109,490
130p
9,981,563
143p
Exercisable at 31 December
774,894
173p
1,390,636
206p
Remaining contractual life of options outstanding (years)
2.85
3.12
Options exercised during the year
Share price at time of exercise
201p
223p
1
1
1. Weighted average.
The Sharesave options were granted on 10 October 2023 with an exercise price of 132p. The weighted average option
term was 3.50 years. The weighted average share price at grant date was 161p and the weighted average fair value at
grant date was 28p. 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.
2023
2022
Number of options Number of options
outstanding outstanding
117p-188p
7,980,740
6,930,983
189p-199p
742,875
2,390,606
200p-327p
385,875
587,801
328p-345p
\u2013
72,173
Outstanding at 31 December
9,109,490
9,981,563
(c) Matching shares granted under share incentive plans
During the year ended 31 December 2023, 338,001 matching shares were granted under the share incentive plan (2022:
490,814). The weighted average share price at grant date was 192p 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 2023, the liability recognised for cash-settled deferred fund awards was \u00a327m (2022: \u00a344m). There is no
liability (2022: \u00a39m) for deferred fund awards relating to funds which are consolidated. The intrinsic value for vested
deferred fund awards related to funds which were consolidated at 31 December 2022 was \u00a36m.
(d)(ii) Cash settled share based payments
At 31 December 2023, the liability recognised for cash-settled share based payments was \u00a3nil (2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-668": { "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 recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-702": { "value": "
The following plans made awards during the year ended 31 December 2023:
Conditional Restricted Typical vesting Contractual life Conditions which must be met prior to
Plan
Options
awards shares period (years)
for options
Recipients
vesting
abrdn plc
Yes
Yes
No
1-3 years
Up to 10 Executives Service, or service and
Deferred Share (3 years for years from and senior performance conditions.
Plan/ Executive date of management These can be tailored to the
Discretionary LTIP) grant individual award.
Share
Plan/Executive
LTIP Plan
Sharesave (Save-
Yes
No
No
3 or 5
Up to six UK and Irish Service only
as-you-earn) months employees
after vesting
Share incentive
No
No
Yes
3 years
Not
UK and Irish Service only
plan applicable employees
1
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 fair value of awards is recharged to employing entities over the life of
the awards.
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
2023 (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 2023:
Conditional Restricted Typical vesting Contractual life Conditions which must be met prior to
Plan
Options
awards shares period (years)
for options
Recipients
vesting
Aberdeen Asset
Yes
No
No
1-3
(3-5 for
Up to 10 Executives and Service only. There are no
Management executive years from senior outstanding performance
Deferred Share management) date of grant management conditions at date of grant.
Plan 2009
Aberdeen Asset
No
Yes
No
1-3
(3-5 for
Not US based Service only. There are no
Management executive applicable executives and outstanding performance
USA Deferred management) senior conditions at date of grant.
Share Award management
Plan
1
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 2023
and for which all outstanding awards were exercised by 31 December 2022:
Conditional Restricted Typical vesting Contractual life Conditions which must be met prior to
Plan
Options
awards shares period (years)
for options
Recipients
vesting
Standard Life
Yes
No
No
1-3
Up to six Executives (other Service, or service and
Restricted stock months after than executive performance conditions.
plan (RSP) vesting Directors) and These are tailored to the
senior individual award.
management
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-669": { "value": "
(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:
2023
2022
\u00a3m
\u00a3m
Share options and share awards granted under deferred and discretionary share plans
22
22
Share options granted under Sharesave
1
1
Matching shares granted under share incentive plans
1
1
Equity-settled share-based payments
24
24
Cash-settled deferred fund awards
7
2
Total expense
31
26
1
2
1. Includes expense for annual bonus deferred share options and conditional awards.
2. The expense for cash-settled deferred fund awards includes \u00a33m (2022: \u00a32m) for awards related to funds which are consolidated.
Included in the expense above is \u00a312m (2022: \u00a36m) which is included in Restructuring and corporate transaction expenses
in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:ExplanationOfEffectOfSharebasedPaymentsOnProfitOrLoss", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-703": { "value": "
2023
2022
Weighted average Weighted average
exercise price for exercise price for
Sharesave
Sharesave
Sharesave
Sharesave
Outstanding at 1 January
9,981,563
143p
7,862,031
203p
Granted
1,864,914
132p
6,997,665
118p
Forfeited
(501,929)
154p
(165,551)
191p
Exercised
(440,123)
186p
(46,727)
200p
Expired
(1,045,470)
205p
(759,965)
235p
Cancelled
(749,465)
154p
(3,905,890)
197p
Outstanding at 31 December
9,109,490
130p
9,981,563
143p
Exercisable at 31 December
774,894
173p
1,390,636
206p
Remaining contractual life of options outstanding (years)
2.85
3.12
Options exercised during the year
Share price at time of exercise
201p
223p
1 1 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-670": { "value": "
2023
2022
Number of options Number of options
outstanding outstanding
117p-188p
7,980,740
6,930,983
189p-199p
742,875
2,390,606
200p-327p
385,875
587,801
328p-345p
\u2013
72,173
Outstanding at 31 December
9,109,490
9,981,563
", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "value": "
41. 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 2023, there have been no changes in the nature
of these transactions.
During the year, the Group recognised management fees of \u00a32m (2022: \u00a33m) from the Group\u2019s defined benefit pension
plans. The Group\u2019s defined benefit pension plans have assets of \u00a3748m (2022: \u00a3847m) 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
(2022: \u00a3nil) and no purchases in relation to services received (2022: \u00a3nil).
During the year ended 31 December 2023, there were sales to joint ventures accounted for using the equity method of
\u00a34m (2022: \u00a34m) and no purchases from joint ventures (2022: \u00a3nil). During the year ended 31 December 2023, the Group
contributed no capital to a joint venture (2022: \u00a32m). At 31 December 2023, there was no outstanding funding
commitment to this joint venture (2022: \u00a3nil).
The Group had no balances due to or from associates accounted for using the equity method as at 31 December 2023
(2022: \u00a3nil). The Group had no balances due from joint ventures as at 31 December 2023 (2022: \u00a31m). There were no
balances due to joint ventures (2022: \u00a3nil). During the year ended 31 December 2023, the Group contributed capital of \u00a32m
to an associate (2022: \u00a33m). At 31 December 2023, the Group had no commitments to make capital contributions to an
associate (2022: \u00a32m).
In addition to these transactions between the Group and the above 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
which may be considered to be related parties 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. Information in relation to unconsolidated structured entities can be found in Note 35.
(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:
2023
2022
\u00a3m
\u00a3m
Salaries and other short-term employee benefits
10
11
Post-employment benefits
\u2013
\u2013
Share-based payments and deferred fund awards
7
6
Termination benefits
1
2
Total compensation of key management personnel
18
19
(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 investments products which are managed by 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-671": { "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:
2023
2022
\u00a3m
\u00a3m
Salaries and other short-term employee benefits
10
11
Post-employment benefits
\u2013
\u2013
Share-based payments and deferred fund awards
7
6
Termination benefits
1
2
Total compensation of key management personnel
18
19
(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 investments products which are managed by 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "
42. 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 34.
(b) Regulatory capital
(b)(i) Regulatory capital framework (unaudited)
The Group is supervised under the Investment Firms Prudential Regime (IFPR). 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
2023, the Group\u2019s indicative Own Funds Requirement was \u00a3314m.
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 is subject to periodic review
by the FCA under the Supervisory Review and Evaluation Process (SREP). The first review was conducted in 2023.
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 \u00a3275m 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)
2023 2022
\u00a3m
\u00a3m
IFRS equity attributable to equity holders of abrdn plc
4,878
5,628
Deductions for intangibles and defined benefit pension assets, net of related deferred tax liabilities
(2,168)
(2,319)
Deductions for significant investments in financial sector entities
(780)
(1,366)
Deductions for non-significant investments in financial sector entities
(12)
(229)
Other deductions and adjustments, including provision for foreseeable dividend
(452)
(413)
Common Equity Tier 1 capital resources
1,466
1,301
Additional Tier 1 capital resources
207
207
Total Tier 1 capital resources
1,673
1,508
Tier 2 capital resources
539
621
Total regulatory capital resources
2,212
2,129
Total regulatory capital requirement
(1,054)
(1,054)
CET1 capital requirement
(590)
(590)
Surplus CET1 regulatory capital
876
711
Own Funds Requirement
314
319
CET1 ratio (CET1 as % of Own Funds Requirement)
467%
408%
1
2
1. 2023 draft position on 26 February 2024 following finalisation of the Annual report and accounts.
2. 56% of total regulatory capital requirement.
The Group has complied with all externally imposed capital requirements during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "value": "
43. Events after the reporting date
On 24 January 2024, the Group announced a new transformation programme targeting an annualised cost reduction of
at least \u00a3150m by the end of 2025. The bulk of the savings will be in non-staff costs. However, the programme is expected
to result in the reduction of approximately 500 roles. To achieve the desired simplification and cost savings, total
implementation costs are estimated to be around \u00a3150m.
On 14 February 2024, the agreed sale of the Group\u2019s interest in Virgin Money UTM to its joint venture partner, Clydesdale
Bank, was announced. The interest in Virgin Money UTM does not form part of the Group\u2019s reportable segments. The sale is
expected to complete in H1 2024. The Group\u2019s interest in Virgin Money UTM was classified as held for sale at 31 December
2023 (refer Note 21). The sale is expected to result in an IFRS profit on disposal of interests in joint ventures of approximately
\u00a311m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-672": { "value": "44. 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 greater than 20% of the Group\u2019s assets. The particulars of the Company\u2019s related undertakings at 31 December 2023 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 2023 is \u00a394m (2022: \u00a390m) 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
 % interest held
30 STMA 1 Limited
Ordinary shares
100%
30 STMA 2 Limited
Ordinary shares
100%
30 STMA 3 Limited
Ordinary shares
100%
30 STMA 4 Limited
Ordinary shares
100%
30 STMA 5 Limited
Ordinary shares
100%
6 SAS 3 Limited
Ordinary shares
100%
Aberdeen Corporate Services Limited
Ordinary shares
100%
abrdn Charitable Foundation
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
Ordinary shares
100%
abrdn Holdings Limited
Ordinary shares
100%
abrdn Investments (Holdings) Limited
Ordinary shares
100%
abrdn (Mauritius Holdings) 2006 Limited
Ordinary shares
100%
Antler Holdco Limited
Ordinary shares
100%
Interactive Investor Limited
Ordinary shares
100%
Focus Business Solutions Limited
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
Limited Liability Partnership
100%
Threesixty Support LLP
Limited Liability Partnership
100%
1 2 3 3 3 3 3 3 4 3 4 5 6 7 8 9 9 (b) Other subsidiaries
Name of related undertaking
Share class
 % interest held
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 III Property Fund Of Funds
10
 SIF fund with only Class A1 2%
Units
Aberdeen Asia IV (General Partner) S.a.r.l.
11
Ordinary shares
100%
Aberdeen Asia Pacific Fund, LP
12
Limited Partnership
0%
Aberdeen Asia Pacific Fund II, LP
Limited Partnership
0%
Aberdeen Asia Pacific II (Offshore), LP
Limited Partnership
0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP Limited Partnership 0%
1 2 12 12 12
Name of related undertaking
Share class
1
 % interest held
Aberdeen Asia Pacific III Ex-Co-Investment, LP
Limited Partnership
0%
Aberdeen Asia Pacific III, LP
Limited Partnership
0%
Aberdeen Asia Partners III, LP
Limited Partnership
0%
Aberdeen ASIF Carry LP
Limited Partnership
25%
Aberdeen Asset Management (Thailand) Ltd
14
Ordinary shares
100%
Aberdeen Asset Management Denmark A/S
15
Ordinary shares
100%
Aberdeen Asset Management Finland Oy
16
Ordinary shares
100%
Aberdeen Claims Administration, Inc.
17
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
12
Limited Partnership
0%
Aberdeen Emerging Asia Pacific II (Offshore), LP
12
Limited Partnership
0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP
12
Limited Partnership
0%
Aberdeen Energy & Resource Company IV, LLC Limited Liability 73%
Company
Aberdeen Energy & Resources Company V, LLC
13
 Limited Liability 93%
Company
Aberdeen Energy & Resources Partners II, LP
13
Limited Partnership
0%
Aberdeen Energy & Resources Partners III, LP
13
Limited Partnership
0%
Aberdeen Energy & Resources Partners IV, LP
13
Limited Partnership
1%
Aberdeen Energy & Resources Partners V, LP
13
Limited Partnership
2%
Aberdeen European Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen European Infrastructure Carry Limited
Ordinary shares
100%
Aberdeen European Infrastructure Co-Invest II LP
3
Limited Partnership
0%
Aberdeen European Infrastructure GP II Limited
3
Ordinary shares
100%
Aberdeen European Infrastructure GP III Limited
3
Ordinary shares
100%
Aberdeen European Infrastructure GP Limited
Ordinary shares
100%
Aberdeen European Infrastructure III A Limited
3
Ordinary shares
100%
Aberdeen European Infrastructure III B Limited
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
2%
Aberdeen European Infrastructure Partners III LP
3
Limited Partnership
5%
Aberdeen European Opportunities Property Fund of Funds LLC
18
 Limited Liability 3%
Company
Aberdeen European Residential Opportunities Fund SCSp
Limited Partnership
0%
Aberdeen Fund Distributors LLC Limited Liability 100%
Company
Aberdeen Fund Management II Oy
Ordinary shares
100%
Aberdeen General Partner 1 Limited
Ordinary shares
100%
Aberdeen General Partner 2 Limited
Ordinary shares
100%
Aberdeen General Partner CAPELP Limited
12
Ordinary shares
100%
Aberdeen General Partner CGPLP Limited
12
Ordinary shares
100%
Aberdeen General Partner CMENAPELP Limited
12
Ordinary shares
100%
Aberdeen General Partner CPELP II Limited
12
Ordinary shares
100%
Aberdeen General Partner CPELP Limited
12
Ordinary shares
100%
Aberdeen Global ex-Japan Property Fund of Funds LP
Limited Partnership
5%
Aberdeen Global ex-Japan GP Limited
12
Ordinary shares
100%
Aberdeen Global Infrastructure Carry GP Limited
4
Ordinary shares
100%
Aberdeen Global Infrastructure GP II Limited
19
Ordinary shares
100%
Aberdeen Global Infrastructure GP Limited
19
Ordinary shares
100%
Aberdeen Global Infrastructure Partners II Carry LP
4
Limited Partnership
25%
Aberdeen Global Infrastructure Partners II LP
Limited Partnership
0%
2
12
12
13
4
13
4
4
3
3
10
17
16
4
4
12
20
Aberdeen Global Infrastructure Partners III Carry LP Limited Partnership 25%
Aberdeen Global Infrastructure Partners LP
20
Limited Partnership 0%
Name of related undertaking
Share class
 % interest held
Aberdeen GP 1 LLP Limited Liability 100%
Partnership
Aberdeen GP 2 LLP Limited Liability 100%
Partnership
Aberdeen GP 3 LLP Limited Liability 100%
Partnership
Aberdeen Indirect Property Partners II FCP-FIS
Class A1, A2 and A3 units
1%
Aberdeen Infrastructure Feeder GP Limited
Ordinary shares
100%
Aberdeen Infrastructure Finance GP Limited
Ordinary shares
100%
Aberdeen Infrastructure GP II Limited
Ordinary shares
100%
Aberdeen Infrastructure Partners II Carry LP
Limited Partnership
25%
Aberdeen Infrastructure Partners II LP
3
Limited Partnership
0%
Aberdeen Infrastructure Partners LP Inc
Limited Partnership
0%
Aberdeen Investment Company Limited
Ordinary shares
100%
Aberdeen Keva Asia IV Property Partners SCSp
Limited Partnership
1%
Aberdeen Pension Trustees Limited
Ordinary shares
100%
Aberdeen Pooling II GP AB
Ordinary shares
100%
Aberdeen Property Fund Management Estonia Ou
Ordinary shares
100%
Aberdeen Property Investors (General Partner) S.a.r.l.
Ordinary shares
100%
Aberdeen Property Investors Estonia Ou
Ordinary shares
100%
Aberdeen Property Investors Limited Partner Oy
Ordinary shares
100%
Aberdeen Property Investors The Netherlands BV
Ordinary shares
100%
Aberdeen Property Secondaries Partners II
Limited Partnership
23%
Aberdeen Real Asset Partners, LP
Limited Partnership
0%
Aberdeen Real Estate Fund Finland II LP
Limited Partnership
100%
Aberdeen Real Estate Partners II, LP
13
Limited Partnership
0%
Aberdeen Real Estate Partners III, LP
Limited Partnership
0%
Aberdeen Secondaries II GP S.a.r.l.
Ordinary shares
100%
Aberdeen Sidecar LP Inc
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
Limited Partnership
25%
Aberdeen Standard Carlsbad GP Limited
Ordinary shares
100%
Aberdeen Standard Carlsbad LP
Limited Partnership
0%
Aberdeen Standard Global Infrastructure Partners III LP
Limited Partnership
5%
Aberdeen Standard Core Infrastructure III LTP LP
Limited Partnership
25%
Aberdeen Standard Core Infrastructure III SCSp
Limited Partnership
1%
Aberdeen Standard ECF II GP LP
Limited Partnership
40%
Aberdeen Standard European Infrastructure GP IV Limited
Ordinary shares
100%
Aberdeen Standard European Infrastructure Partners Carry IV LP
Limited Partnership
25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP
Limited Partnership
0%
Aberdeen Standard European Infrastructure Partners IV LP
Limited Partnership
5%
Aberdeen Standard European Long Income Real Estate Fund SCSp
Limited Partnership
0%
Aberdeen Standard Global Infrastructure GP III Ltd
Ordinary shares
100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP
Limited Partnership
25%
Aberdeen Standard Gulf Carry GP Limited
Ordinary shares
100%
Aberdeen Standard Gulf Carry LP
Limited Partnership
12%
Aberdeen Standard Investments Sweden AB
Ordinary shares
100%
Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC
Limited liability company
80%
Aberdeen Standard Private Real Assets Co-Investment Fund I, LLC
Limited Liability Company
79%
Aberdeen Standard Private Real Assets Co-Investment Fund I, LP
Limited Partnership
1%
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 Trust Limited
Ordinary shares
100%
Aberdeen UK Infrastructure Carry GP Limited
Ordinary shares
100%
1 2 4 4 4 10 4 19 3 4 20 4 11 4 21 22 23 22 16 24 10 13 25 13 10 20 4 19 20 20 10 3 3 3 10 19 4 4 26 13 13 13 4 4
Name of related undertaking
Share class
1
 % interest held
Aberdeen UK Infrastructure Carry Limited
4
Ordinary shares
100%
Aberdeen Unit Trust Managers Limited
4
Ordinary shares
100%
abrdn \u2013 Emerging Markets Equity ADR Fund
13
Corporate Fund
100%
abrdn - US SMID Cap Equity Fund
13
Corporate Fund
100%
abrdn III ICAV - abrdn Global Real Estate Active Thematics UCITS ETF
27
ICAV
91%
abrdn Alternative Funds Limited
Ordinary shares
100%
abrdn Alternative Holdings Limited
4
Ordinary shares
100%
abrdn Alternative Investments Limited
3
Ordinary shares
100%
abrdn APAC PE 4 Executive Co-investment LP
Limited Partnership
0%
abrdn APAC Private Equity 4 LP
Limited Partnership
0%
abrdn Asia Limited
28
Ordinary shares
100%
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF
29
ETF
72%
abrdn Brasil Investimentos Ltda
30
Limited Liability Company
100%
abrdn Canada Funds - Global Smaller Companies Equity Fund
31
Private Commingled Fund
100%
abrdn Canada Limited
32
Ordinary shares
100%
abrdn Capital Partners LLP
Limited Liability
100%
Partnership
abrdn Colombia SAS
Ordinary shares
100%
abrdn Commercial Real Estate Debt LP
3
Limited Partnership
0%
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 Eclipse HFRI 500 SP
Private Commingled Fund
36%
abrdn ETFs Advisors LLC
13
Limited liability company
100%
abrdn ETFs Sponsor LLC
Limited liability company
100%
abrdn European Property Growth Fund LP
Limited Partnership
0%
abrdn Financial Planning & Advice Limited
3
 Ordinary A shares 100%
Ordinary B shares
abrdn Founder Co Limited
Ordinary shares
100%
abrdn Fund Managers Limited
3
Ordinary shares
100%
abrdn (General Partner CRED) Limited
3
Ordinary shares
100%
abrdn (General Partner ELIREF) S.a.r.l.
Ordinary shares
100%
abrdn (General Partner EPGF) Limited
Ordinary shares
100%
abrdn (General Partner PFF 2018) S.a.r.l.
10
Ordinary shares
100%
abrdn (General Partner SCF 1) Limited
Ordinary shares
100%
abrdn Global Absolute Return Strategies Offshore Feeder Fund Limited
12
Ordinary shares
100%
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP
13
Limited Partnership
0%
abrdn Global Risk Mitigation Fund
34
Unit Trust
38%
abrdn Hong Kong Limited
35
Ordinary shares
100%
abrdn (IL Infrastructure Debt) GP Limited
3
Ordinary shares
100%
abrdn Inc.
13
Ordinary shares
100%
abrdn Inflation-Linked Infrastructure Debt LP
3
Limited Partnership
0%
abrdn Infrastructure Fibre Co-Investment SCSp
10
Limited Partnership
100%
abrdn Investment Management Limited
Ordinary shares
100%
abrdn Investments Beteiligungs GmbH
36
Limited Liability 90%
Company
abrdn Investments Deutschland AG
36
Ordinary shares
90%
abrdn Investments (General Partner UK Shopping Centre Feeder Fund LP)
Ordinary shares
100%
Limited
abrdn Investments Group Limited
3
Ordinary shares
100%
abrdn Investments Holdings Europe Limited
3
Ordinary shares
100%
abrdn Investments Ireland Limited
Ordinary shares
100%
abrdn Investments Jersey Limited
Ordinary shares
100%
abrdn Investments Limited
Ordinary shares
100%
abrdn Investments Luxembourg Corporate Manager S.a.r.l.
10
Ordinary shares
100%
abrdn Investments Luxembourg S.A.
Ordinary shares
100%
abrdn Investments Middle East Limited
39
Ordinary shares
100%
2 12 33 12 13 3 10 3 37 38 4 10
Name of related undertaking Share class
1
% interest held
2
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 Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund
10
SICAV 100%
abrdn Malaysia Sdn. Bhd.
41
Ordinary shares
Irredeemable non-
convertible preference shares
100%
abrdn MSPC General Partner S.a.r.l.
10
Ordinary shares 100%
abrdn Multi-Sector Private Credit Fund SCSp
10
Limited Partnership 3%
abrdn Nominees Services HK Limited
35
Ordinary shares 100%
abrdn OEIC I - abrdn China A Share Equity Fund
3
OEIC 47%
abrdn OEIC III - abrdn MyFolio Sustainable I Fund
3
OEIC 46%
abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund
3
OEIC 72%
abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund
3
OEIC 32%
abrdn OEIC III - abrdn Multi-Sector Credit Fund
3
OEIC 100%
abrdn OEIC V - abrdn Multi-Asset Climate Solutions Fund
3
OEIC 84%
abrdn Oceania Pty Ltd
46
Ordinary shares 100%
Abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF
10
Limited Partnership 0%
abrdn Phoenix Fund Financing SCSp
10
Limited Partnership 0%
abrdn Poinsettia GP Ltd
12
Ordinary shares 100%
abrdn Portfolio Investments abrdn Asia-China Bond
47
Corporate Fund 100%
abrdn Portfolio Investments Limited Ordinary shares 100%
abrdn Portfolio Investments US Inc.
13
Ordinary shares 100%
abrdn Portfolio Solutions Limited
3
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
48
Ordinary shares 100%
abrdn Property Investors France SAS
49
Ordinary shares 100%
abrdn Real Estate Operations Limited
4
Ordinary shares 100%
abrdn Secure Credit LP Limited Partnership 0%
abrdn SICAV I - Asian Credit Sustainable Bond Fund
10
SICAV 67%
abrdn SICAV I - Asian Sustainable Development Equity Fund
10
SICAV 93%
abrdn SICAV I - CCBI Belt & Road Bond Fund
10
SICAV 33%
abrdn SICAV I - China Next Generation Fund
10
SICAV 62%
abrdn SICAV I - Asian High Yield Sustainable Bond Fund
10
SICAV 99%
abrdn SICAV I - Climate Transition Bond Fund
10
SICAV 51%
abrdn SICAV I - Global Climate & Environment Equity Fund
10
SICAV 89%
abrdn SICAV I - Global Mid-Cap Equity Fund
10
SICAV 42%
abrdn SICAV II - Multi Asset Climate Opportunities
50
SICAV 97%
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited
48
Ordinary shares 100%
abrdn (SLSPS) Pension Trustee Company Ltd Ordinary shares 100%
abrdn SPT Management Pte. Ltd.
51
Ordinary shares 100%
abrdn Pan European Residential Property Fund SICAV-RAIF
10
Limited Partnership 0%
abrdn UK Shopping Centre Feeder Fund Company Limited
52
Ordinary shares 100%
abrdn UK Shopping Centre Feeder Fund Limited Partnership
3
Limited Partnership 100%
ACM Carry LP
4
Limited Partnership 40%
AEROF (Luxembourg) GP S.a.r.l.
10
Ordinary shares 100%
AERP V-A Master, LP
13
Limited Partnership 0%
AIA Series T Holdings LLC
18
Limited liability company 0%
AIPP Folksam Europe
10
Limited Partnership 0%
AIPP Folksam Europe II Kommanditbolag
21
Limited Partnership 0%
AIPP Pooling I SA
10
Ordinary shares 100%
Name of related undertaking
Share class
 % interest held
Airport Industrial GP Limited
Ordinary shares
60%
Airport Industrial Limited Partnership
Limited Partnership
0%
Airport Industrial Nominees B Limited
53
Ordinary shares
60%
Airport Industrial Nominees Limited
Ordinary shares
60%
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
Limited Partnership
5%
Andean Social Infrastructure GP Limited
Ordinary shares
100%
aPE NewCo 1 Limited
Ordinary shares
100%
aPE NewCo 2 Limited
Ordinary shares
100%
Arden Garden State NJ Fund, LP
Limited Partnership
0%
Arden Institutional Advisers, LP
Limited Partnership
0%
Arthur House (No.6) Limited
Ordinary shares
100%
Artio Global Investors Inc.
Ordinary shares
100%
ASI Direct RE GP LLP
Limited Liability Partnership
100%
ASI European Private Equity 2019 B LP
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.
Ordinary shares
100%
ASI (General Partner 2019 European PE B) Limited
Ordinary shares
100%
ASI (General Partner 2019 European PE B) LLC
13
Ordinary shares
0%
ASI (General Partner ECF II) Limited
Ordinary shares
100%
ASI (General Partner PE2) Limited
Ordinary shares
100%
ASI (General Partner SOF IV) Limited
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
Limited Partnership
0%
ASI Little Mill Co-Invest LP
Limited Partnership
0%
ASI Little Mill LP
Limited Partnership
0%
ASI Mid-Market 1 LP
Limited Partnership
0%
ASI MM Executive Co Investment LP
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 Global Private Equity III LP
Limited Partnership
0%
ASI Private Equity 1 LP
Limited Partnership
0%
ASI Private Equity 2 GP LP
Limited Partnership
40%
ASI Private Equity 2 LP
Limited Partnership
0%
ASI REMM GP LLP
Limited Liability Partnership
100%
ASI Shin Co-Investment LP
Limited Partnership
100%
ASI Shin Global Investment GP Limited
Ordinary shares
100%
ASI (SOF E GP) Limited
Ordinary shares
100%
ASIF Sidecar Carry LP
Limited Partnership
25%
ASPER (Luxembourg) GP S.a.r.l.
Ordinary shares
100%
BOSEMP Feeder LP
Limited Partnership
0%
Brain Co-Invest General Partner LLP
Limited Liability Partnership
100%
Brain Co-Invest LP
Limited Partnership
0%
Coutts Asian Private Equity Limited Partnership
12
Limited Partnership
0%
Coutts Global Property Limited Partnership
Limited Partnership
0%
Coutts Middle East and North Africa Private Equity Limited Partnership
Limited Partnership
0%
Coutts Private Equity Limited Partnership
Limited Partnership
0%
Coutts Private Equity Limited Partnership II
12
Limited Partnership
0%
CPP General Partner Limited Partnership
Limited Partnership
20%
Edinburgh Fund Managers Group Limited
Ordinary shares
100%
Edinburgh Fund Managers Plc
Ordinary shares
100%
Edinburgh Unit Trust Managers Limited Ordinary shares 100%
Deferred shares
1 2 53 54 53 12 12 18 18 3 17 13 10 4 4 4 4 4 4 4 4 12 4 10 4 12 12 12 4 4
Name of related undertaking
Share class
 % interest held
Elevate Portfolio Services Limited
3
Ordinary shares
100%
Emerging Markets ex-China Equity Fund, a series of the aICF, LLC
Private Commingled Fund
91%
Emerging Markets Income Equity Fund, a series of the aICF, LLC
Private Commingled Fund
99%
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
5%
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
55
Limited Partnership
0%
European Strategic Partners 2004 \u2018A\u2019
Limited Partnership
0%
European Strategic Partners 2004 \u2018B\u2019
Limited Partnership
0%
European Strategic Partners 2006 \u2018A\u2019
Limited Partnership
0%
European Strategic Partners 2006 \u2018B\u2019
Limited Partnership
0%
European Strategic Partners 2008 \u2018A\u2019
Limited Partnership
0%
European Strategic Partners 2008 \u2018B\u2019
Limited Partnership
0%
European Strategic Partners II \u2018A\u2019
Limited Partnership
0%
European Strategic Partners II \u2018B\u2019
Limited Partnership
0%
European Strategic Partners II \u2018C\u2019
Limited Partnership
0%
European Strategic Partners II \u2018D\u2019
Limited Partnership
0%
European Strategic Partners II \u2018E\u2019
Limited Partnership
0%
European Strategic Partners Scottish \u2018B\u2019
Limited Partnership
0%
European Strategic Partners Scottish \u2018C\u2019
Limited Partnership
0%
Finimize Limited
Ordinary shares
100%
Flag Asia Company III, LLC
Limited liability company
100%
Flag Asia Company III, LP
Limited Partnership
0%
Flag Energy & Resource Company II, LLC
Limited liability company
0%
Flag Energy & Resource Company III, LLC
Limited liability company
0%
Flag Real Assets Company LLC
Limited liability company
0%
Flag Real Asset Company, LP
Limited Partnership
0%
Flag Real Estate Company II, LLC
Limited liability company
0%
Flag Real Estate Company III, LLC
13
Limited liability company
0%
1 2 13 13 3 13 13 13 13 13 13 13 Flag Squadron Asia Pacific III GP LP12 Limited Partnership 100% Fraser Heath Financial Management Limited56 Ordinary shares 100% FSA III EA SPV, LP12 Limited Partnership 0% FSA III Pacific SPV, LP 12 Limited Partnership 0% Griffin Nominees Limited3 Ordinary shares 100% Ignis Asset Management Limited Ordinary shares 100% Ignis Cayman GP2 Limited 12 Ordinary shares 100% Ignis Cayman GP3 Limited 12 Ordinary shares 100% Ignis Investment Services Limited Ordinary shares 100% Ignis Private Equity Fund LP 12 Limited Partnership 0% Ignis Strategic Credit Fund LP12 Limited Partnership 0%
Name of related undertaking
Share class
1
 % interest held
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
Ordinary shares
100%
KFAS Real Estate Limited Partnership
Limited Partnership
0%
Local2Local Limited
Ordinary shares
60%
Murray Johnstone Limited
4
Ordinary shares
100%
MYS Living Limited
Ordinary shares
75%
NASP 2006
General Partner Limited Partnership
Limited Partnership
62%
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%
North American Strategic Partners 2006 LP
17
Limited Partnership
0%
North American Strategic Partners 2008 LP
17
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 100%
Ordinary B shares
Orion Partners CLP Inc.
Ordinary shares
100%
Orion Partners Services Inc.
57
Ordinary shares
100%
Ostara China Real Estate Fund LP
57
Limited Partnership
0%
Ostara Japan Fund 3 LP
57
Limited Partnership
1%
Ostara Korea GP 2 Pte. Ltd
Ordinary shares
100%
Ostara Korea Separate Account LP
Limited Partnership
0%
Ostara Partners Inc. China
57
Ordinary shares
100%
Ostara Partners Inc. Japan 3
57
Ordinary shares
100%
PE1 LP
Limited Partnership
0%
PE1A LP
4
Limited Partnership
0%
PE2 Carry LP
4
Limited Partnership
40%
PE2 LP
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%
PGB European Buy-out Fund I SCSp
10
Limited Partnership
1%
PGB European Co-Investment Fund I SCSp
Limited Partnership
1%
Poinsettia Holdco LP
Limited Partnership
0%
PT Aberdeen Standard Investments Indonesia
58
Limited Liability Company
99%
Regent Property Partners (Retail Parks) Limited
56
Ordinary shares
100%
SG Commercial LLP
Limited Liability Partnership
60%
Share Limited
Ordinary shares
100%
Share Nominees Limited
7
Ordinary shares
100%
Shin Global Investment Partners LP
12
Limited Partnership
0%
SL Capital 2016 Co-Investment GP LP
Limited Partnership
5%
SL Capital 2016 Co-Investment LP
Limited Partnership
0%
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
10
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%
2
7
53
57
45
45
4
4
10
12
53
7
Name of related undertaking
Share class
 % interest held
SL Capital Infrastructure II SCSp
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
Limited Partnership
0%
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 (Founder Partner Ignis Private Equity) Limited
Ordinary shares
100%
SLCP (Founder Partner Ignis Strategic Credit) Limited
Ordinary shares
100%
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 ESF I) 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) Limited
Ordinary shares
100%
SLCP (General Partner ESP CAL) 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.
Ordinary shares
100%
SLIPC (General Partner Infrastructure III) S.a.r.l.
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
Limited Partnership
0%
1 2 10 13 10 10 12
Name of related undertaking
Share class
 % interest held
Squadron Asia Pacific Fund II, LP
Limited Partnership
0%
Squadron Capital Asia Pacific GP, LP
12
Limited Partnership
100%
Squadron Capital Asia Pacific II GP LP
12
Limited Partnership
100%
Squadron Capital Partners Limited
12
Ordinary shares
100%
Squadron GP Participation, LP
12
Limited Partnership
0%
Squadron GP Participation II, LP
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 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 European Real Estate Club) Limited
3
Ordinary shares
100%
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
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%
Tenon Nominees Limited
4
Ordinary shares
100%
The Share Centre (Administration Services) Ltd
7
Ordinary shares
100%
The Share Centre Limited
Ordinary shares
100%
Touchstone Insurance Company Limited
Ordinary shares
100%
TPIF (No. 1) GP LLP
60
Limited Liability 60%
Partnership
TPIF (No. 1) LP
60
Limited Partnership
0%
TPIF (Portfolio No. 1) GP LLP
53
 Limited Liability 60%
Partnership
TPIF (Portfolio No. 1) LP
Limited Partnership
0%
TPIF (Portfolio No. 1) Nominee Limited
Ordinary shares
60%
Tritax abrdn Supply Chain Carry GP LLP Limited Liability 60%
Partnership
Tritax abrdn Supply Chain Carry LP
Limited Partnership
0%
Tritax abrdn Supply Chain GP LLP Limited Liability 60%
Partnership
Tritax abrdn Supply Chain LP
54
Limited Partnership
0%
Tritax Assets LLP
53
Limited Liability 60%
Partnership
Tritax LMR Carry GP LLP
60
 Limited Liability 60%
Partnership
Tritax LMR Carry Limited Partnership
Limited Partnership
7%
Tritax Management LLP Limited Liability 60%
Partnership
Tritax PowerBox Limited
Ordinary shares
60%
Tritax Securities LLP Limited Liability 60%
Partnership
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
Limited Partnership
0%
VZWL Private Equity GmbH & Co geschlossene Investment KG
36
Limited Partnership
0%
1
2
12
12
3
7
59
54
53
53
60
53
60
3
53
53
36
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. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg 11. 287-289, route d'Arlon, L-1150 Luxembourg, Luxembourg 12. c/o Maples Corporate Services Limited, Ugland House, P.O. Box 309, Grand Cayman, KY1-1104, Cayman Islands 13. c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE, 19808, USA 14. Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek, Sathorn, Bangkok, 10120, Thailand 15. Strandvejen 171,3, 2900 Hellerup, Denmark 16. c/o Aatsto DLA Piper Finland Oy, Fabianinkatu 23, FI-00130 Helsinki, Finland 17. c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE, 19808, USA 18. 1900 Market Street, Suite 200, Philadelphia, PA 19103, USA 19. Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ 20. Top Floor, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ 21. Box 162 85, 103 25 Stockholm, Sweden 22. Parnu mnt 22, Tallinn, Harju maakond, 10141, Estonia 23. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg 24. WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam, Netherlands 25. One London Wall, London, EC2Y 5AB 26. Johan Fjellstrom, Deloitte AB 113 79, Stockholm, Sweden 27. 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296, Ireland 28. 7 Straits View, #23-04 Marina One East Tower, 018936, Singapore 29. 712 5th Ave, New York, NY 10019, USA 30. Rua Joaquim Floriano, 913 \u2013 7th floor \u2013 Cj. 71, Itaim Bibi, S\u00e3o Paulo, 04534-013, Brasil 31. 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada 32. 4 Chipman Hill, Suite 100, Saint John, New Brunswick, E2L 2A9, Canada 33. AC 82 NO. 10 60 P 5 Bogota DC, Columbia 34. Level 2, 395 Collins Street, Melbourne, Victoria 3000, Australia 35. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong 36. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany 37. 2-4 Merrion Row, Dublin 2, D02 WP23, Ireland 38. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey 39. Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market Square, Al Marya Island, PO Box 764605, Abu Dhabi, United Arab Emirates 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. 9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore 46. Governor Macquarie Tower, Level 40, 1 Farrer Place, Sydney, NSW, 2000, Australia 47. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore 48. West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone 49. 29 Rue De Berri, Paris, 75008, France 50. 2-4, Rue Eug\u00e8ne Ruppert, L-2453 Luxembourg, Luxembourg 51. 1 Marina Boulevard, #28-00, 018989, Singapore 52. Ogier House, Esplanade, St Helier, JE4 9WG, Jersey 53. 72 Broadwick Street, London, W1F 9QZ 54. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN 55. c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE, 19801, USA 56. 30 Finsbury Square, London, EC2A 1AG 57. Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket Square, Grand Cayman, KY1-9010, Cayman Islands 58. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl Mega Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia 59. c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port, Guernsey GY1 4AT 60. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ 61. c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square, P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands 62. 4th Floor, 1 Old Jewry, London, EC2R 8DN 63. 9 - 10 St Andrew Square, Edinburgh, EH2 2AF 64. 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin, People\u2019s Republic of China, 300051 65. 11, rue Jean Piret, L-2350 Luxembourg, Luxembourg 66. 5 Lister Hill, Horsforth, Leeds LS18 5AZ 67. Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:0TMBS544NMO7GLCE7H90", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "value": "44. 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 greater than 20% of the Group\u2019s assets. The particulars of the Company\u2019s related undertakings at 31 December 2023 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 2023 is \u00a394m (2022: \u00a390m) 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
 % interest held
30 STMA 1 Limited
Ordinary shares
100%
30 STMA 2 Limited
Ordinary shares
100%
30 STMA 3 Limited
Ordinary shares
100%
30 STMA 4 Limited
Ordinary shares
100%
30 STMA 5 Limited
Ordinary shares
100%
6 SAS 3 Limited
Ordinary shares
100%
Aberdeen Corporate Services Limited
Ordinary shares
100%
abrdn Charitable Foundation
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
Ordinary shares
100%
abrdn Holdings Limited
Ordinary shares
100%
abrdn Investments (Holdings) Limited
Ordinary shares
100%
abrdn (Mauritius Holdings) 2006 Limited
Ordinary shares
100%
Antler Holdco Limited
Ordinary shares
100%
Interactive Investor Limited
Ordinary shares
100%
Focus Business Solutions Limited
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
Limited Liability Partnership
100%
Threesixty Support LLP
Limited Liability Partnership
100%
1 2 3 3 3 3 3 3 4 3 4 5 6 7 8 9 9 (b) Other subsidiaries
Name of related undertaking
Share class
 % interest held
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 III Property Fund Of Funds
10
 SIF fund with only Class A1 2%
Units
Aberdeen Asia IV (General Partner) S.a.r.l.
11
Ordinary shares
100%
Aberdeen Asia Pacific Fund, LP
12
Limited Partnership
0%
Aberdeen Asia Pacific Fund II, LP
Limited Partnership
0%
Aberdeen Asia Pacific II (Offshore), LP
Limited Partnership
0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP Limited Partnership 0%
1 2 12 12 12
Name of related undertaking
Share class
1
 % interest held
Aberdeen Asia Pacific III Ex-Co-Investment, LP
Limited Partnership
0%
Aberdeen Asia Pacific III, LP
Limited Partnership
0%
Aberdeen Asia Partners III, LP
Limited Partnership
0%
Aberdeen ASIF Carry LP
Limited Partnership
25%
Aberdeen Asset Management (Thailand) Ltd
14
Ordinary shares
100%
Aberdeen Asset Management Denmark A/S
15
Ordinary shares
100%
Aberdeen Asset Management Finland Oy
16
Ordinary shares
100%
Aberdeen Claims Administration, Inc.
17
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
12
Limited Partnership
0%
Aberdeen Emerging Asia Pacific II (Offshore), LP
12
Limited Partnership
0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP
12
Limited Partnership
0%
Aberdeen Energy & Resource Company IV, LLC Limited Liability 73%
Company
Aberdeen Energy & Resources Company V, LLC
13
 Limited Liability 93%
Company
Aberdeen Energy & Resources Partners II, LP
13
Limited Partnership
0%
Aberdeen Energy & Resources Partners III, LP
13
Limited Partnership
0%
Aberdeen Energy & Resources Partners IV, LP
13
Limited Partnership
1%
Aberdeen Energy & Resources Partners V, LP
13
Limited Partnership
2%
Aberdeen European Infrastructure Carry GP Limited
Ordinary shares
100%
Aberdeen European Infrastructure Carry Limited
Ordinary shares
100%
Aberdeen European Infrastructure Co-Invest II LP
3
Limited Partnership
0%
Aberdeen European Infrastructure GP II Limited
3
Ordinary shares
100%
Aberdeen European Infrastructure GP III Limited
3
Ordinary shares
100%
Aberdeen European Infrastructure GP Limited
Ordinary shares
100%
Aberdeen European Infrastructure III A Limited
3
Ordinary shares
100%
Aberdeen European Infrastructure III B Limited
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
2%
Aberdeen European Infrastructure Partners III LP
3
Limited Partnership
5%
Aberdeen European Opportunities Property Fund of Funds LLC
18
 Limited Liability 3%
Company
Aberdeen European Residential Opportunities Fund SCSp
Limited Partnership
0%
Aberdeen Fund Distributors LLC Limited Liability 100%
Company
Aberdeen Fund Management II Oy
Ordinary shares
100%
Aberdeen General Partner 1 Limited
Ordinary shares
100%
Aberdeen General Partner 2 Limited
Ordinary shares
100%
Aberdeen General Partner CAPELP Limited
12
Ordinary shares
100%
Aberdeen General Partner CGPLP Limited
12
Ordinary shares
100%
Aberdeen General Partner CMENAPELP Limited
12
Ordinary shares
100%
Aberdeen General Partner CPELP II Limited
12
Ordinary shares
100%
Aberdeen General Partner CPELP Limited
12
Ordinary shares
100%
Aberdeen Global ex-Japan Property Fund of Funds LP
Limited Partnership
5%
Aberdeen Global ex-Japan GP Limited
12
Ordinary shares
100%
Aberdeen Global Infrastructure Carry GP Limited
4
Ordinary shares
100%
Aberdeen Global Infrastructure GP II Limited
19
Ordinary shares
100%
Aberdeen Global Infrastructure GP Limited
19
Ordinary shares
100%
Aberdeen Global Infrastructure Partners II Carry LP
4
Limited Partnership
25%
Aberdeen Global Infrastructure Partners II LP
Limited Partnership
0%
2 12 12 13 4 13 4 4 3 3 10 17 16 4 4 12 20 Aberdeen Global Infrastructure Partners III Carry LP Limited Partnership 25% Aberdeen Global Infrastructure Partners LP 20 Limited Partnership 0%
Name of related undertaking
Share class
 % interest held
Aberdeen GP 1 LLP Limited Liability 100%
Partnership
Aberdeen GP 2 LLP Limited Liability 100%
Partnership
Aberdeen GP 3 LLP Limited Liability 100%
Partnership
Aberdeen Indirect Property Partners II FCP-FIS
Class A1, A2 and A3 units
1%
Aberdeen Infrastructure Feeder GP Limited
Ordinary shares
100%
Aberdeen Infrastructure Finance GP Limited
Ordinary shares
100%
Aberdeen Infrastructure GP II Limited
Ordinary shares
100%
Aberdeen Infrastructure Partners II Carry LP
Limited Partnership
25%
Aberdeen Infrastructure Partners II LP
3
Limited Partnership
0%
Aberdeen Infrastructure Partners LP Inc
Limited Partnership
0%
Aberdeen Investment Company Limited
Ordinary shares
100%
Aberdeen Keva Asia IV Property Partners SCSp
Limited Partnership
1%
Aberdeen Pension Trustees Limited
Ordinary shares
100%
Aberdeen Pooling II GP AB
Ordinary shares
100%
Aberdeen Property Fund Management Estonia Ou
Ordinary shares
100%
Aberdeen Property Investors (General Partner) S.a.r.l.
Ordinary shares
100%
Aberdeen Property Investors Estonia Ou
Ordinary shares
100%
Aberdeen Property Investors Limited Partner Oy
Ordinary shares
100%
Aberdeen Property Investors The Netherlands BV
Ordinary shares
100%
Aberdeen Property Secondaries Partners II
Limited Partnership
23%
Aberdeen Real Asset Partners, LP
Limited Partnership
0%
Aberdeen Real Estate Fund Finland II LP
Limited Partnership
100%
Aberdeen Real Estate Partners II, LP
13
Limited Partnership
0%
Aberdeen Real Estate Partners III, LP
Limited Partnership
0%
Aberdeen Secondaries II GP S.a.r.l.
Ordinary shares
100%
Aberdeen Sidecar LP Inc
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
Limited Partnership
25%
Aberdeen Standard Carlsbad GP Limited
Ordinary shares
100%
Aberdeen Standard Carlsbad LP
Limited Partnership
0%
Aberdeen Standard Global Infrastructure Partners III LP
Limited Partnership
5%
Aberdeen Standard Core Infrastructure III LTP LP
Limited Partnership
25%
Aberdeen Standard Core Infrastructure III SCSp
Limited Partnership
1%
Aberdeen Standard ECF II GP LP
Limited Partnership
40%
Aberdeen Standard European Infrastructure GP IV Limited
Ordinary shares
100%
Aberdeen Standard European Infrastructure Partners Carry IV LP
Limited Partnership
25%
Aberdeen Standard European Infrastructure Partners Co-invest IV LP
Limited Partnership
0%
Aberdeen Standard European Infrastructure Partners IV LP
Limited Partnership
5%
Aberdeen Standard European Long Income Real Estate Fund SCSp
Limited Partnership
0%
Aberdeen Standard Global Infrastructure GP III Ltd
Ordinary shares
100%
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP
Limited Partnership
25%
Aberdeen Standard Gulf Carry GP Limited
Ordinary shares
100%
Aberdeen Standard Gulf Carry LP
Limited Partnership
12%
Aberdeen Standard Investments Sweden AB
Ordinary shares
100%
Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC
Limited liability company
80%
Aberdeen Standard Private Real Assets Co-Investment Fund I, LLC
Limited Liability Company
79%
Aberdeen Standard Private Real Assets Co-Investment Fund I, LP
Limited Partnership
1%
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 Trust Limited
Ordinary shares
100%
Aberdeen UK Infrastructure Carry GP Limited
Ordinary shares
100%
1
2
4
4
4
10
4
19
3
4
20
4
11
4
21
22
23
22
16
24
10
13
25
13
10
20
4
19
20
20
10
3
3
3
10
19
4
4
26
13
13
13
4
4
Name of related undertaking
Share class
1
 % interest held
Aberdeen UK Infrastructure Carry Limited
4
Ordinary shares
100%
Aberdeen Unit Trust Managers Limited
4
Ordinary shares
100%
abrdn \u2013 Emerging Markets Equity ADR Fund
13
Corporate Fund
100%
abrdn - US SMID Cap Equity Fund
13
Corporate Fund
100%
abrdn III ICAV - abrdn Global Real Estate Active Thematics UCITS ETF
27
ICAV
91%
abrdn Alternative Funds Limited
Ordinary shares
100%
abrdn Alternative Holdings Limited
4
Ordinary shares
100%
abrdn Alternative Investments Limited
3
Ordinary shares
100%
abrdn APAC PE 4 Executive Co-investment LP
Limited Partnership
0%
abrdn APAC Private Equity 4 LP
Limited Partnership
0%
abrdn Asia Limited
28
Ordinary shares
100%
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF
29
ETF
72%
abrdn Brasil Investimentos Ltda
30
Limited Liability Company
100%
abrdn Canada Funds - Global Smaller Companies Equity Fund
31
Private Commingled Fund
100%
abrdn Canada Limited
32
Ordinary shares
100%
abrdn Capital Partners LLP
Limited Liability
100%
Partnership
abrdn Colombia SAS
Ordinary shares
100%
abrdn Commercial Real Estate Debt LP
3
Limited Partnership
0%
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 Eclipse HFRI 500 SP
Private Commingled Fund
36%
abrdn ETFs Advisors LLC
13
Limited liability company
100%
abrdn ETFs Sponsor LLC
Limited liability company
100%
abrdn European Property Growth Fund LP
Limited Partnership
0%
abrdn Financial Planning & Advice Limited
3
 Ordinary A shares 100%
Ordinary B shares
abrdn Founder Co Limited
Ordinary shares
100%
abrdn Fund Managers Limited
3
Ordinary shares
100%
abrdn (General Partner CRED) Limited
3
Ordinary shares
100%
abrdn (General Partner ELIREF) S.a.r.l.
Ordinary shares
100%
abrdn (General Partner EPGF) Limited
Ordinary shares
100%
abrdn (General Partner PFF 2018) S.a.r.l.
10
Ordinary shares
100%
abrdn (General Partner SCF 1) Limited
Ordinary shares
100%
abrdn Global Absolute Return Strategies Offshore Feeder Fund Limited
12
Ordinary shares
100%
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP
13
Limited Partnership
0%
abrdn Global Risk Mitigation Fund
34
Unit Trust
38%
abrdn Hong Kong Limited
35
Ordinary shares
100%
abrdn (IL Infrastructure Debt) GP Limited
3
Ordinary shares
100%
abrdn Inc.
13
Ordinary shares
100%
abrdn Inflation-Linked Infrastructure Debt LP
3
Limited Partnership
0%
abrdn Infrastructure Fibre Co-Investment SCSp
10
Limited Partnership
100%
abrdn Investment Management Limited
Ordinary shares
100%
abrdn Investments Beteiligungs GmbH
36
Limited Liability 90%
Company
abrdn Investments Deutschland AG
36
Ordinary shares
90%
abrdn Investments (General Partner UK Shopping Centre Feeder Fund LP)
Ordinary shares
100%
Limited
abrdn Investments Group Limited
3
Ordinary shares
100%
abrdn Investments Holdings Europe Limited
3
Ordinary shares
100%
abrdn Investments Ireland Limited
Ordinary shares
100%
abrdn Investments Jersey Limited
Ordinary shares
100%
abrdn Investments Limited
Ordinary shares
100%
abrdn Investments Luxembourg Corporate Manager S.a.r.l.
10
Ordinary shares
100%
abrdn Investments Luxembourg S.A.
Ordinary shares
100%
abrdn Investments Middle East Limited
39
Ordinary shares
100%
2
12
33
12
13
3
10
3
37
38
4
10
Name of related undertaking Share class 1 % interest held 2 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 Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund 10 SICAV 100% abrdn Malaysia Sdn. Bhd. 41 Ordinary shares Irredeemable non- convertible preference shares 100% abrdn MSPC General Partner S.a.r.l. 10 Ordinary shares 100% abrdn Multi-Sector Private Credit Fund SCSp 10 Limited Partnership 3% abrdn Nominees Services HK Limited 35 Ordinary shares 100% abrdn OEIC I - abrdn China A Share Equity Fund 3 OEIC 47% abrdn OEIC III - abrdn MyFolio Sustainable I Fund 3 OEIC 46% abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund 3 OEIC 72% abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund 3 OEIC 32% abrdn OEIC III - abrdn Multi-Sector Credit Fund 3 OEIC 100% abrdn OEIC V - abrdn Multi-Asset Climate Solutions Fund 3 OEIC 84% abrdn Oceania Pty Ltd 46 Ordinary shares 100% Abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF 10 Limited Partnership 0% abrdn Phoenix Fund Financing SCSp 10 Limited Partnership 0% abrdn Poinsettia GP Ltd 12 Ordinary shares 100% abrdn Portfolio Investments abrdn Asia-China Bond 47 Corporate Fund 100% abrdn Portfolio Investments Limited Ordinary shares 100% abrdn Portfolio Investments US Inc. 13 Ordinary shares 100% abrdn Portfolio Solutions Limited 3 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 48 Ordinary shares 100% abrdn Property Investors France SAS 49 Ordinary shares 100% abrdn Real Estate Operations Limited 4 Ordinary shares 100% abrdn Secure Credit LP Limited Partnership 0% abrdn SICAV I - Asian Credit Sustainable Bond Fund 10 SICAV 67% abrdn SICAV I - Asian Sustainable Development Equity Fund 10 SICAV 93% abrdn SICAV I - CCBI Belt & Road Bond Fund 10 SICAV 33% abrdn SICAV I - China Next Generation Fund 10 SICAV 62% abrdn SICAV I - Asian High Yield Sustainable Bond Fund 10 SICAV 99% abrdn SICAV I - Climate Transition Bond Fund 10 SICAV 51% abrdn SICAV I - Global Climate & Environment Equity Fund 10 SICAV 89% abrdn SICAV I - Global Mid-Cap Equity Fund 10 SICAV 42% abrdn SICAV II - Multi Asset Climate Opportunities 50 SICAV 97% abrdn Si Yuan Private Fund Management (Shanghai) Company Limited 48 Ordinary shares 100% abrdn (SLSPS) Pension Trustee Company Ltd Ordinary shares 100% abrdn SPT Management Pte. Ltd. 51 Ordinary shares 100% abrdn Pan European Residential Property Fund SICAV-RAIF 10 Limited Partnership 0% abrdn UK Shopping Centre Feeder Fund Company Limited 52 Ordinary shares 100% abrdn UK Shopping Centre Feeder Fund Limited Partnership 3 Limited Partnership 100% ACM Carry LP 4 Limited Partnership 40% AEROF (Luxembourg) GP S.a.r.l. 10 Ordinary shares 100% AERP V-A Master, LP 13 Limited Partnership 0% AIA Series T Holdings LLC 18 Limited liability company 0% AIPP Folksam Europe 10 Limited Partnership 0% AIPP Folksam Europe II Kommanditbolag 21 Limited Partnership 0% AIPP Pooling I SA 10 Ordinary shares 100%
Name of related undertaking
Share class
 % interest held
Airport Industrial GP Limited
Ordinary shares
60%
Airport Industrial Limited Partnership
Limited Partnership
0%
Airport Industrial Nominees B Limited
53
Ordinary shares
60%
Airport Industrial Nominees Limited
Ordinary shares
60%
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
Limited Partnership
5%
Andean Social Infrastructure GP Limited
Ordinary shares
100%
aPE NewCo 1 Limited
Ordinary shares
100%
aPE NewCo 2 Limited
Ordinary shares
100%
Arden Garden State NJ Fund, LP
Limited Partnership
0%
Arden Institutional Advisers, LP
Limited Partnership
0%
Arthur House (No.6) Limited
Ordinary shares
100%
Artio Global Investors Inc.
Ordinary shares
100%
ASI Direct RE GP LLP
Limited Liability Partnership
100%
ASI European Private Equity 2019 B LP
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.
Ordinary shares
100%
ASI (General Partner 2019 European PE B) Limited
Ordinary shares
100%
ASI (General Partner 2019 European PE B) LLC
13
Ordinary shares
0%
ASI (General Partner ECF II) Limited
Ordinary shares
100%
ASI (General Partner PE2) Limited
Ordinary shares
100%
ASI (General Partner SOF IV) Limited
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
Limited Partnership
0%
ASI Little Mill Co-Invest LP
Limited Partnership
0%
ASI Little Mill LP
Limited Partnership
0%
ASI Mid-Market 1 LP
Limited Partnership
0%
ASI MM Executive Co Investment LP
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 Global Private Equity III LP
Limited Partnership
0%
ASI Private Equity 1 LP
Limited Partnership
0%
ASI Private Equity 2 GP LP
Limited Partnership
40%
ASI Private Equity 2 LP
Limited Partnership
0%
ASI REMM GP LLP
Limited Liability Partnership
100%
ASI Shin Co-Investment LP
Limited Partnership
100%
ASI Shin Global Investment GP Limited
Ordinary shares
100%
ASI (SOF E GP) Limited
Ordinary shares
100%
ASIF Sidecar Carry LP
Limited Partnership
25%
ASPER (Luxembourg) GP S.a.r.l.
Ordinary shares
100%
BOSEMP Feeder LP
Limited Partnership
0%
Brain Co-Invest General Partner LLP
Limited Liability Partnership
100%
Brain Co-Invest LP
Limited Partnership
0%
Coutts Asian Private Equity Limited Partnership
12
Limited Partnership
0%
Coutts Global Property Limited Partnership
Limited Partnership
0%
Coutts Middle East and North Africa Private Equity Limited Partnership
Limited Partnership
0%
Coutts Private Equity Limited Partnership
Limited Partnership
0%
Coutts Private Equity Limited Partnership II
12
Limited Partnership
0%
CPP General Partner Limited Partnership
Limited Partnership
20%
Edinburgh Fund Managers Group Limited
Ordinary shares
100%
Edinburgh Fund Managers Plc
Ordinary shares
100%
Edinburgh Unit Trust Managers Limited Ordinary shares 100%
Deferred shares
1
2
53
54
53
12
12
18
18
3
17
13
10
4
4
4
4
4
4
4
4
12
4
10
4
12
12
12
4
4
Name of related undertaking
Share class
 % interest held
Elevate Portfolio Services Limited
3
Ordinary shares
100%
Emerging Markets ex-China Equity Fund, a series of the aICF, LLC
Private Commingled Fund
91%
Emerging Markets Income Equity Fund, a series of the aICF, LLC
Private Commingled Fund
99%
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
5%
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
55
Limited Partnership
0%
European Strategic Partners 2004 \u2018A\u2019
Limited Partnership
0%
European Strategic Partners 2004 \u2018B\u2019
Limited Partnership
0%
European Strategic Partners 2006 \u2018A\u2019
Limited Partnership
0%
European Strategic Partners 2006 \u2018B\u2019
Limited Partnership
0%
European Strategic Partners 2008 \u2018A\u2019
Limited Partnership
0%
European Strategic Partners 2008 \u2018B\u2019
Limited Partnership
0%
European Strategic Partners II \u2018A\u2019
Limited Partnership
0%
European Strategic Partners II \u2018B\u2019
Limited Partnership
0%
European Strategic Partners II \u2018C\u2019
Limited Partnership
0%
European Strategic Partners II \u2018D\u2019
Limited Partnership
0%
European Strategic Partners II \u2018E\u2019
Limited Partnership
0%
European Strategic Partners Scottish \u2018B\u2019
Limited Partnership
0%
European Strategic Partners Scottish \u2018C\u2019
Limited Partnership
0%
Finimize Limited
Ordinary shares
100%
Flag Asia Company III, LLC
Limited liability company
100%
Flag Asia Company III, LP
Limited Partnership
0%
Flag Energy & Resource Company II, LLC
Limited liability company
0%
Flag Energy & Resource Company III, LLC
Limited liability company
0%
Flag Real Assets Company LLC
Limited liability company
0%
Flag Real Asset Company, LP
Limited Partnership
0%
Flag Real Estate Company II, LLC
Limited liability company
0%
Flag Real Estate Company III, LLC
13
Limited liability company
0%
1
2
13
13
3
13
13
13
13
13
13
13
Flag Squadron Asia Pacific III GP LP
12
Limited Partnership 100%
Fraser Heath Financial Management Limited
56
Ordinary shares 100%
FSA III EA SPV, LP
12
Limited Partnership 0%
FSA III Pacific SPV, LP
12
Limited Partnership 0%
Griffin Nominees Limited
3
Ordinary shares 100%
Ignis Asset Management Limited Ordinary shares 100%
Ignis Cayman GP2 Limited
12
Ordinary shares 100%
Ignis Cayman GP3 Limited
12
Ordinary shares 100%
Ignis Investment Services Limited Ordinary shares 100%
Ignis Private Equity Fund LP
12
Limited Partnership 0%
Ignis Strategic Credit Fund LP
12
Limited Partnership 0%
ame of related undertaking Share class1 % interest held Interactive Investor Services Limited7 Ordinary shares 100% Interactive Investor Services Nominees Limited7 Ordinary shares 100% Investor Nominees (Dundee) Limited Ordinary shares 100% Investor Nominees Limited7 Ordinary shares 100% Investor SIPP Trustees Ltd Ordinary shares 100% KFAS Real Estate Limited Partnership Limited Partnership 0% Local2Local Limited Ordinary shares 60% Murray Johnstone Limited4 Ordinary shares 100% MYS Living Limited Ordinary shares 75% NASP 2006 General Partner Limited Partnership Limited Partnership 62% 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% North American Strategic Partners 2006 LP17 Limited Partnership 0% North American Strategic Partners 2008 LP17 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 100% Ordinary B shares Orion Partners CLP Inc. Ordinary shares 100% Orion Partners Services Inc.57 Ordinary shares 100% Ostara China Real Estate Fund LP57 Limited Partnership 0% Ostara Japan Fund 3 LP57 Limited Partnership 1% Ostara Korea GP 2 Pte. Ltd Ordinary shares 100% Ostara Korea Separate Account LP Limited Partnership 0% Ostara Partners Inc. China57 Ordinary shares 100% Ostara Partners Inc. Japan 357 Ordinary shares 100% PE1 LP Limited Partnership 0% PE1A LP4 Limited Partnership 0% PE2 Carry LP4 Limited Partnership 40% PE2 LP Limited Partnership 0% Pearl Private Equity LP Limited Partnership 0% Pearl Strategic Credit LP Limited Partnership 0% Pearson Jones & Company (Trustees) Limited3 Ordinary shares 100% Pearson Jones Nominees Limited3 Ordinary shares 100% PGB European Buy-out Fund I SCSp10 Limited Partnership 1% PGB European Co-Investment Fund I SCSp Limited Partnership 1% Poinsettia Holdco LP Limited Partnership 0% PT Aberdeen Standard Investments Indonesia58 Limited Liability Company 99% Regent Property Partners (Retail Parks) Limited56 Ordinary shares 100% SG Commercial LLP Limited Liability Partnership 60% Share Limited Ordinary shares 100% Share Nominees Limited7 Ordinary shares 100% Shin Global Investment Partners LP12 Limited Partnership 0% SL Capital 2016 Co-Investment GP LP Limited Partnership 5% SL Capital 2016 Co-Investment LP Limited Partnership 0% 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 SCSp10 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% 2 7 53 57 45 45 4 4 10 12 53 7
Name of related undertaking
Share class
 % interest held
SL Capital Infrastructure II SCSp
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
Limited Partnership
0%
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 (Founder Partner Ignis Private Equity) Limited
Ordinary shares
100%
SLCP (Founder Partner Ignis Strategic Credit) Limited
Ordinary shares
100%
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 ESF I) 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) Limited
Ordinary shares
100%
SLCP (General Partner ESP CAL) 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.
Ordinary shares
100%
SLIPC (General Partner Infrastructure III) S.a.r.l.
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
Limited Partnership
0%
1
2
10
13
10
10
12
Name of related undertaking
Share class
 % interest held
Squadron Asia Pacific Fund II, LP
Limited Partnership
0%
Squadron Capital Asia Pacific GP, LP
12
Limited Partnership
100%
Squadron Capital Asia Pacific II GP LP
12
Limited Partnership
100%
Squadron Capital Partners Limited
12
Ordinary shares
100%
Squadron GP Participation, LP
12
Limited Partnership
0%
Squadron GP Participation II, LP
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 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 European Real Estate Club) Limited
3
Ordinary shares
100%
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
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%
Tenon Nominees Limited
4
Ordinary shares
100%
The Share Centre (Administration Services) Ltd
7
Ordinary shares
100%
The Share Centre Limited
Ordinary shares
100%
Touchstone Insurance Company Limited
Ordinary shares
100%
TPIF (No. 1) GP LLP
60
Limited Liability 60%
Partnership
TPIF (No. 1) LP
60
Limited Partnership
0%
TPIF (Portfolio No. 1) GP LLP
53
 Limited Liability 60%
Partnership
TPIF (Portfolio No. 1) LP
Limited Partnership
0%
TPIF (Portfolio No. 1) Nominee Limited
Ordinary shares
60%
Tritax abrdn Supply Chain Carry GP LLP Limited Liability 60%
Partnership
Tritax abrdn Supply Chain Carry LP
Limited Partnership
0%
Tritax abrdn Supply Chain GP LLP Limited Liability 60%
Partnership
Tritax abrdn Supply Chain LP
54
Limited Partnership
0%
Tritax Assets LLP
53
Limited Liability 60%
Partnership
Tritax LMR Carry GP LLP
60
 Limited Liability 60%
Partnership
Tritax LMR Carry Limited Partnership
Limited Partnership
7%
Tritax Management LLP Limited Liability 60%
Partnership
Tritax PowerBox Limited
Ordinary shares
60%
Tritax Securities LLP Limited Liability 60%
Partnership
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
Limited Partnership
0%
VZWL Private Equity GmbH & Co geschlossene Investment KG
36
Limited Partnership
0%
1 2 12 12 3 7 59 54 53 53 60 53 60 3 53 53 36
(c) Associates and joint ventures
Name of related undertaking
Share class
 % interest held
abrdn Investcorp Infrastructure Investments Manager Limited
Ordinary shares
50%
abrdn SICAV I - Short Dated Enhanced Income Fund
10
SICAV
25%
Archax Holdings Limited
Ordinary shares
11%
Criterion Tec Holdings Ltd
Ordinary shares
21%
Heng An Standard Life Insurance Company Limited
Ordinary shares
50%
PURetail Luxembourg Management Company S.a.r.l.
Class A shares
50%
Tenet Group Limited
Ordinary B shares
25%
Virgin Money Unit Trust Managers Limited
Ordinary shares
50%
1
2
61
62
63
64
65
66
67
1. OEIC = Open-ended investment company
SICAV = Soci\u00e9t\u00e9 d\u2019investissement \u00e0 capital variable
ETF = Exchange traded fund
ICAV = Irish collective asset-management vehicle
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. 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg
11. 287-289, route d'Arlon, L-1150 Luxembourg, Luxembourg
12. c/o Maples Corporate Services Limited, Ugland House, P.O. Box 309,
Grand Cayman, KY1-1104, Cayman Islands
13. c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE,
19808, USA
14. Bangkok City Tower, 28th Floor, 179 South Sathorn Road,
Thungmahamek, Sathorn, Bangkok, 10120, Thailand
15. Strandvejen 171,3, 2900 Hellerup, Denmark
16. c/o Aatsto DLA Piper Finland Oy, Fabianinkatu 23, FI-00130 Helsinki,
Finland
17. c/o Corporation Service Company, 2711 Centerville Road, Suite 400,
Wilmington, DE, 19808, USA
18. 1900 Market Street, Suite 200, Philadelphia, PA 19103, USA
19. Western Suite, Ground Floor Mill Court, La Charroterie, St Peter Port,
Guernsey, GY1 1EJ
20. Top Floor, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ
21. Box 162 85, 103 25 Stockholm, Sweden
22. Parnu mnt 22, Tallinn, Harju maakond, 10141, Estonia
23. 2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg
24. WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam,
Netherlands
25. One London Wall, London, EC2Y 5AB
26. Johan Fjellstrom, Deloitte AB 113 79, Stockholm, Sweden
27. 70 Sir John Rogerson\u2019s Quay, Dublin 2, D02 R296, Ireland
28. 7 Straits View, #23-04 Marina One East Tower, 018936, Singapore
29. 712 5th Ave, New York, NY 10019, USA
30. Rua Joaquim Floriano, 913 \u2013 7th floor \u2013 Cj. 71, Itaim Bibi, S\u00e3o Paulo,
04534-013, Brasil
31. 1 First Canadian Place, 100 King Street West, Toronto, Ontario, Canada
32. 4 Chipman Hill, Suite 100, Saint John, New Brunswick, E2L 2A9, Canada
33. AC 82 NO. 10 60 P 5 Bogota DC, Columbia
34. Level 2, 395 Collins Street, Melbourne, Victoria 3000, Australia
35. 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong
36. Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany
37. 2-4 Merrion Row, Dublin 2, D02 WP23, Ireland
38. 1st Floor, Sir Walter Raleigh House, Esplanade, St Helier, JE2 3QB, Jersey
39. Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market
Square, Al Marya Island, PO Box 764605, Abu Dhabi, United Arab
Emirates
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. 9 Raffles Place, #26-01 Republic Plaza, 048619, Singapore
46. Governor Macquarie Tower, Level 40, 1 Farrer Place, Sydney, NSW,
2000, Australia
47. 21 Church Street, #01-01, Capital Square Two, 049480, Singapore
48. West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free
Trade Zone
49. 29 Rue De Berri, Paris, 75008, France
50. 2-4, Rue Eug\u00e8ne Ruppert, L-2453 Luxembourg, Luxembourg
51. 1 Marina Boulevard, #28-00, 018989, Singapore
52. Ogier House, Esplanade, St Helier, JE4 9WG, Jersey
53. 72 Broadwick Street, London, W1F 9QZ
54. 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN
55. c/o The Corporation Trust Company, Corporation Trust Center, 1209
Orange Street, Wilmington, DE, 19801, USA
56. 30 Finsbury Square, London, EC2A 1AG
57. Campbells Corporate Services Limited, 4th Floor, Willow House, Cricket
Square, Grand Cayman, KY1-9010, Cayman Islands
58. 16th Floor, Menara DEA Tower 2, 16th Floor, Kawasan Mega Kuningan, Jl
Mega Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia
59. c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port,
Guernsey GY1 4AT
60. 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
61.
c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square,
P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands
62. 4th Floor, 1 Old Jewry, London, EC2R 8DN
63. 9 - 10 St Andrew Square, Edinburgh, EH2 2AF
64. 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District, Tianjin,
People\u2019s Republic of China, 300051
65. 11, rue Jean Piret, L-2350 Luxembourg, Luxembourg
66. 5 Lister Hill, Horsforth, Leeds LS18 5AZ
67. Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL
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