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. Goodwill is not charged to the consolidated income statement unless it becomes impaired. 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 consolidated income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the consolidated 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. 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 intangible asset relates. Refer to the estimates and assumptions section below for details of the amortisation periods and methods applied. | ||
Financial statement area | Critical judgements in applying accounting policies | Related note |
Defined benefit pension plans | Assessment of whether the Group has an unconditional right to a refund of the surplus. Treatment of tax relating to the surplus. | Note 31 |
Financial statement area | Critical accounting estimates and assumptions | Related note |
Intangible assets | Determination of the recoverable amount in relation to the impairment of certain goodwill. | Note 13 |
Financial instruments at fair value through profit or loss | Determination of the fair value of contingent consideration liabilities relating to the acquisition of Tritax. | Notes 34 and 36 |
Defined benefit pension plans | Determination of principal UK pension plan assumptions for mortality, discount rate and inflation. | Note 31 |
Further detail on critical accounting estimates and assumptions is provided in the relevant note. | ||
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. | ||
Financial statement area | Critical judgements in applying accounting policies | Related note |
Defined benefit pension plans | Assessment of whether the Group has an unconditional right to a refund of the surplus. Treatment of tax relating to the surplus. | Note 31 |
Financial statement area | Critical accounting estimates and assumptions | Related note |
Intangible assets | Determination of the recoverable amount in relation to the impairment of certain goodwill. | Note 13 |
Financial instruments at fair value through profit or loss | Determination of the fair value of contingent consideration liabilities relating to the acquisition of Tritax. | Notes 34 and 36 |
Defined benefit pension plans | Determination of principal UK pension plan assumptions for mortality, discount rate and inflation. | Note 31 |
Further detail on critical accounting estimates and assumptions is provided in the relevant note. | ||
Estimates and assumptions The estimates and assumptions in relation to intangible assets primarily relate to: \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\u00a0December 2024, 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 2024 impairments of goodwill of \u00a35m (2023: \u00a362m) have been recognised. The goodwill impairment for the year ended 31\u00a0December 2024 relates to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31\u00a0December 2023 comprised a further \u00a326m relating to the Finimize CGU and \u00a336m relating to the aFP CGU which is included in the ii segment. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. Finimize In 2024 the Group recognised an impairment of the goodwill relating to the Finimize CGU of \u00a35m. Following this impairment, the goodwill allocated to the Finimize CGU is now fully impaired (2023: \u00a35m). This impairment was recognised at 30 June 2024. The impairment reflects higher anticipated losses in the period prior to which abrdn anticipates Finimize is likely to achieve profitability and the related Group support required in this period. The recoverable amount of the Finimize CGU at 30 June 2024 was \u00a310m which was based on fair value less costs of disposal (FVLCD). 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 market multiples for 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 goodwill allocated to the Finimize CGU was also impaired in 2023 by \u00a326m. The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. aFP Goodwill of \u00a324m (2023: \u00a324m) is allocated to the aFP CGU which comprises the Group\u2019s financial planning business. There was no impairment of the goodwill attributable to this CGU in 2024. The goodwill allocated to the aFP CGU was impaired in 2023 by \u00a336m. The recoverable amount of the aFP CGU at 31 December 2023 was \u00a345m which was based on FVLCD. 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 aFP\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. This was a level 3 measurement as they are measured using inputs which are not based on observable market data. Following this impairment, the residual goodwill attributable to the aFP CGU is not significant in comparison to the total carrying amount of goodwill. | ||
interactive investor Goodwill of \u00a3819m (2023: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. There was no impairment of this goodwill attributable to this CGU in 2024 or 2023. 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. A 20% reduction in forecast earnings has been provided as a sensitivity. The market price to earnings multiple used in the valuation is 17x 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. A 40%\u00a0 sensitivity to an earnings multiple has been provided as a sensitivity. The recoverable amount at 31\u00a0December 2024 exceeds the carrying amount of the cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and change required to reduce headroom to zero are shown in the tables below. | |||
Impact on goodwill carrying amount at 31 December 2024 | \u00a3m | ||
20% reduction in forecast post tax adjusted earnings | \u2014 | ||
40% reduction in market multiple | (84) | ||
Change required to reduce headroom to zero | % | ||
Change in forecast post tax adjusted earnings | (36) | ||
Reduction in market multiple | (36) | ||
We consider the 36% reduction in market multiple assumption to 11x to reduce the headroom to zero to be a reasonably possible change. The sensitivity for forecast post tax earnings has been included for illustrative purposes only. Other goodwill Goodwill of \u00a340m (2023: \u00a339m) is attributable to the abrdn Inc. CGU in the Investments segment. This relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. Goodwill of \u00a325m (2023: \u00a325m) is attributable to an Adviser segment CGU. There were no impairments of these goodwill balances in 2024 or 2023, both of which are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of \u00a34m was recognised in 2024 in relation to the Investment management contract intangible asset for EuroBox within the Investments segment. The impairment resulted from the completion of the takeover of EuroBox on 10 December 2024 by a Brookfield real estate private fund. At 31 December 2024 the Group was still managing the assets of EuroBox. An impairment of customer relationship and investment management contract intangibles of \u00a31m was recognised in 2023. | |||
Determination of useful lives The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive benefits from the asset and considers for example expected duration of customer relationships and when technology is expected to become obsolete for technology based assets. The amortisation period and method for each of the Group\u2019s intangible asset categories is as follows: \u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally reducing balance method. \u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years, straight-line. \u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line. \u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight- line. \u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once the asset is available for use. \u2013 Purchased software \u2013 between 2 and 6 years, straight-line. \u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method. Internally developed software There was no impairment of internally developed software in 2024. An impairment of internally developed software of \u00a32m was recognised in 2023. | |||
2024 | 2023 | |
% | % | |
Discount rate | 5.60 | 4.60 |
Rates of inflation | ||
Consumer Price Index (CPI) | 2.75 | 2.65 |
Retail Price Index (RPI) | 3.10 | 3.00 |
Expectation of life from NRA | |||||||
Normal retirement Age | Male age today | Female age today | |||||
2024 | Table | Improvements | (NRA) | NRA | 40 | NRA | 40 |
Plan specific basis (calibrated by Club Vita) reflecting membership demographics | Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. | 60 | 27 | 28 | 29 | 32 | |
Expectation of life from NRA | |||||||
Normal retirement Age | Male age today | Female age today | |||||
2023 | Table | Improvements | (NRA) | NRA | 40 | NRA | 40 |
Plan specific basis (calibrated by Club Vita) reflecting membership demographics | Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. | 60 | 27 | 28 | 29 | 31 |
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. | ||
2024 \u00a3m | |
Disposal of European-headquartered Private Equity business | 92 |
Disposal of threesixty services | 9 |
Disposal of FBS | (12) |
Profit on disposal of subsidiaries and other operations for the year ended 31\u00a0December 2024 | 89 |
\u00a3m | |
Total assets of operations disposed of | (29) |
Total liabilities of operations disposed of | 11 |
Net assets of operations disposed of | (18) |
Cash consideration (less transaction costs) and outstanding intercompany balances1,2 | 74 |
Fair value of deferred/contingent consideration and retained interest3 | 36 |
Gain on sale before tax4 | 92 |
\u00a3m | |
Total assets of operations disposed of | (7) |
Total liabilities of operations disposed of | 2 |
Net assets of operations disposed of | (5) |
Cash consideration (less transaction costs) | 14 |
Gain on sale before tax | 9 |
\u00a3m | |
Total assets of operations disposed of | (14) |
Total liabilities of operations disposed of | 2 |
Net assets of operations disposed of | (12) |
Cash consideration (less transaction costs) | \u2014 |
Fair value of retained holding1 | \u2014 |
Loss on sale before tax | (12) |
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\u00a0December 2023 | 79 |
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. | ||
ii | Adviser | Investments | Other | Total | ||
31 December 2024 | Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Adjusted net operating revenue1 | 278 | 237 | 797 | 9 | 1,321 | |
Adjusted operating expenses | (162) | (111) | (736) | (57) | (1,066) | |
Adjusted operating profit | 116 | 126 | 61 | (48) | 255 | |
Adjusted net financing costs and investment return | 99 | |||||
Adjusted profit before tax | 354 | |||||
Tax on adjusted profit | (70) | |||||
Adjusted profit after tax | 284 | |||||
Adjusted for the following items | ||||||
Restructuring and corporate transaction expenses | 5 | (100) | ||||
Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts | 5 | (129) | ||||
Change in fair value of significant listed investments | 4 | (27) | ||||
Profit on disposal of subsidiaries and other operations | 1 | 89 | ||||
Profit on disposal of interests in joint ventures | 11 | |||||
Dividends from significant listed investments | 4 | 56 | ||||
Share of profit or loss from associates and joint ventures | 14 | 24 | ||||
Other | 11 | (27) | ||||
Total adjusting items including results of associates and joint ventures | (103) | |||||
Tax on adjusting items | 67 | |||||
Profit attributable to other equity holders | (11) | |||||
Profit for the year attributable to equity shareholders of abrdn plc | 237 | |||||
Profit attributable to other equity holders | 11 | |||||
Profit for the year | 248 |
ii | Adviser | Investments | Other | Total | ||
31 December 2023 | Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Adjusted net operating revenue1 | 287 | 224 | 878 | 9 | 1,398 | |
Adjusted operating expenses | (173) | (106) | (828) | (42) | (1,149) | |
Adjusted operating profit | 114 | 118 | 50 | (33) | 249 | |
Adjusted net financing costs and investment return | 81 | |||||
Adjusted 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) | ||||
Dividends 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 | 11 | 37 | ||||
Total adjusting items including results of associates and joint ventures | (336) | |||||
Tax on adjusting items | 68 | |||||
Profit attributable to other equity holders | (11) | |||||
Profit for the year attributable to equity shareholders of abrdn plc | 1 | |||||
Profit attributable to other equity holders | 11 | |||||
Profit for the year | 12 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Total administrative and other expenses as presented in the consolidated income statement | (1,313) | (1,463) |
Restructuring and corporate transaction expenses included in adjusting items | 100 | 152 |
Amortisation and impairment of intangible assets acquired in business combinations and through the purchase of customer contracts included in adjusting items | 129 | 189 |
Administrative and other expenses relating to the unit linked business | \u2014 | 1 |
Other differences | 18 | (28) |
Adjusted operating expenses as presented in the analysis of Group adjusted profit by segment | (1,066) | (1,149) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Net gains or losses on financial instruments and other income as presented in the consolidated income statement | 160 | 2 |
Finance costs separately disclosed in the consolidated income statement | (25) | (25) |
Change in fair value of significant listed investments included in adjusting items | 27 | 178 |
Dividends from significant listed investments included in adjusting items | (56) | (64) |
Net gains or losses on financial instruments and other income relating to the unit linked business | 1 | (4) |
Other differences | (8) | (6) |
Adjusted net financing costs and investment return as presented in the analysis of Group adjusted profit by segment | 99 | 81 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
UK | 985 | 1,037 |
Europe, Middle East and Africa | 96 | 107 |
Asia Pacific | 116 | 137 |
Americas | 124 | 117 |
Total | 1,321 | 1,398 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
UK | 1,462 | 1,565 |
Europe, Middle East and Africa | 10 | 33 |
Asia Pacific | 10 | 13 |
Americas | 127 | 130 |
Total | 1,609 | 1,741 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
UK | 985 | 1,037 |
Europe, Middle East and Africa | 96 | 107 |
Asia Pacific | 116 | 137 |
Americas | 124 | 117 |
Total | 1,321 | 1,398 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
UK | 1,462 | 1,565 |
Europe, Middle East and Africa | 10 | 33 |
Asia Pacific | 10 | 13 |
Americas | 127 | 130 |
Total | 1,609 | 1,741 |
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. This is not currently considered a significant judgement for the Group. 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 consolidated income statement as the service is received. Other cost of sales also includes amounts payable to employees and others relating to carried interest and performance fee revenue. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
ii | ||
Fee income \u2013 Advice and Discretionary | 25 | 57 |
Account fees | 52 | 54 |
Trading transactions | 70 | 48 |
Treasury income | 138 | 134 |
Revenue from contracts with customers for the ii segment | 285 | 293 |
Adviser | ||
Platform charges | 196 | 184 |
Treasury income | 33 | 31 |
Other revenue from contracts with customers1 | 10 | 11 |
Revenue from contracts with customers for the Adviser segment | 239 | 226 |
Investments | ||
Management fee income \u2013 Institutional and Retail Wealth2 | 679 | 769 |
Management fee income \u2013 Insurance Partners2 | 116 | 132 |
Performance fees and carried interest | 20 | 18 |
Other revenue from contracts with customers | 22 | 27 |
Revenue from contracts with customers for the Investments segment | 837 | 946 |
Revenue from contracts with customers for Other | 9 | 9 |
Total revenue from contracts with customers | 1,370 | 1,474 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Commission expenses | 48 | 64 |
Other cost of sales | 17 | 12 |
Total cost of sales | 65 | 76 |
ii | Adviser | Investments | Other | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revenue from contracts with customers | 285 | 293 | 239 | 226 | 837 | 946 | 9 | 9 | 1,370 | 1,474 |
Cost of sales | (7) | (6) | (2) | (2) | (56) | (68) | \u2014 | \u2014 | (65) | (76) |
Net operating revenue as presented in the consolidated income statement | 278 | 287 | 237 | 224 | 781 | 878 | 9 | 9 | 1,305 | 1,398 |
Other differences | \u2014 | \u2014 | \u2014 | \u2014 | 16 | \u2014 | \u2014 | \u2014 | 16 | \u2014 |
Adjusted net operating revenue as presented in the analysis of Group adjusted profit by segment | 278 | 287 | 237 | 224 | 797 | 878 | 9 | 9 | 1,321 | 1,398 |
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. This is not currently considered a significant judgement for the Group. 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 consolidated income statement as the service is received. Other cost of sales also includes amounts payable to employees and others relating to carried interest and performance fee revenue. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
ii | ||
Fee income \u2013 Advice and Discretionary | 25 | 57 |
Account fees | 52 | 54 |
Trading transactions | 70 | 48 |
Treasury income | 138 | 134 |
Revenue from contracts with customers for the ii segment | 285 | 293 |
Adviser | ||
Platform charges | 196 | 184 |
Treasury income | 33 | 31 |
Other revenue from contracts with customers1 | 10 | 11 |
Revenue from contracts with customers for the Adviser segment | 239 | 226 |
Investments | ||
Management fee income \u2013 Institutional and Retail Wealth2 | 679 | 769 |
Management fee income \u2013 Insurance Partners2 | 116 | 132 |
Performance fees and carried interest | 20 | 18 |
Other revenue from contracts with customers | 22 | 27 |
Revenue from contracts with customers for the Investments segment | 837 | 946 |
Revenue from contracts with customers for Other | 9 | 9 |
Total revenue from contracts with customers | 1,370 | 1,474 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Commission expenses | 48 | 64 |
Other cost of sales | 17 | 12 |
Total cost of sales | 65 | 76 |
ii | Adviser | Investments | Other | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revenue from contracts with customers | 285 | 293 | 239 | 226 | 837 | 946 | 9 | 9 | 1,370 | 1,474 |
Cost of sales | (7) | (6) | (2) | (2) | (56) | (68) | \u2014 | \u2014 | (65) | (76) |
Net operating revenue as presented in the consolidated income statement | 278 | 287 | 237 | 224 | 781 | 878 | 9 | 9 | 1,305 | 1,398 |
Other differences | \u2014 | \u2014 | \u2014 | \u2014 | 16 | \u2014 | \u2014 | \u2014 | 16 | \u2014 |
Adjusted net operating revenue as presented in the analysis of Group adjusted profit by segment | 278 | 287 | 237 | 224 | 797 | 878 | 9 | 9 | 1,321 | 1,398 |
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. This is not currently considered a significant judgement for the Group. 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 consolidated income statement as the service is received. Other cost of sales also includes amounts payable to employees and others relating to carried interest and performance fee revenue. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
ii | ||
Fee income \u2013 Advice and Discretionary | 25 | 57 |
Account fees | 52 | 54 |
Trading transactions | 70 | 48 |
Treasury income | 138 | 134 |
Revenue from contracts with customers for the ii segment | 285 | 293 |
Adviser | ||
Platform charges | 196 | 184 |
Treasury income | 33 | 31 |
Other revenue from contracts with customers1 | 10 | 11 |
Revenue from contracts with customers for the Adviser segment | 239 | 226 |
Investments | ||
Management fee income \u2013 Institutional and Retail Wealth2 | 679 | 769 |
Management fee income \u2013 Insurance Partners2 | 116 | 132 |
Performance fees and carried interest | 20 | 18 |
Other revenue from contracts with customers | 22 | 27 |
Revenue from contracts with customers for the Investments segment | 837 | 946 |
Revenue from contracts with customers for Other | 9 | 9 |
Total revenue from contracts with customers | 1,370 | 1,474 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Commission expenses | 48 | 64 |
Other cost of sales | 17 | 12 |
Total cost of sales | 65 | 76 |
ii | Adviser | Investments | Other | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revenue from contracts with customers | 285 | 293 | 239 | 226 | 837 | 946 | 9 | 9 | 1,370 | 1,474 |
Cost of sales | (7) | (6) | (2) | (2) | (56) | (68) | \u2014 | \u2014 | (65) | (76) |
Net operating revenue as presented in the consolidated income statement | 278 | 287 | 237 | 224 | 781 | 878 | 9 | 9 | 1,305 | 1,398 |
Other differences | \u2014 | \u2014 | \u2014 | \u2014 | 16 | \u2014 | \u2014 | \u2014 | 16 | \u2014 |
Adjusted net operating revenue as presented in the analysis of Group adjusted profit by segment | 278 | 287 | 237 | 224 | 797 | 878 | 9 | 9 | 1,321 | 1,398 |
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. This is not currently considered a significant judgement for the Group. 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 consolidated income statement as the service is received. Other cost of sales also includes amounts payable to employees and others relating to carried interest and performance fee revenue. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
ii | ||
Fee income \u2013 Advice and Discretionary | 25 | 57 |
Account fees | 52 | 54 |
Trading transactions | 70 | 48 |
Treasury income | 138 | 134 |
Revenue from contracts with customers for the ii segment | 285 | 293 |
Adviser | ||
Platform charges | 196 | 184 |
Treasury income | 33 | 31 |
Other revenue from contracts with customers1 | 10 | 11 |
Revenue from contracts with customers for the Adviser segment | 239 | 226 |
Investments | ||
Management fee income \u2013 Institutional and Retail Wealth2 | 679 | 769 |
Management fee income \u2013 Insurance Partners2 | 116 | 132 |
Performance fees and carried interest | 20 | 18 |
Other revenue from contracts with customers | 22 | 27 |
Revenue from contracts with customers for the Investments segment | 837 | 946 |
Revenue from contracts with customers for Other | 9 | 9 |
Total revenue from contracts with customers | 1,370 | 1,474 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Commission expenses | 48 | 64 |
Other cost of sales | 17 | 12 |
Total cost of sales | 65 | 76 |
ii | Adviser | Investments | Other | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revenue from contracts with customers | 285 | 293 | 239 | 226 | 837 | 946 | 9 | 9 | 1,370 | 1,474 |
Cost of sales | (7) | (6) | (2) | (2) | (56) | (68) | \u2014 | \u2014 | (65) | (76) |
Net operating revenue as presented in the consolidated income statement | 278 | 287 | 237 | 224 | 781 | 878 | 9 | 9 | 1,305 | 1,398 |
Other differences | \u2014 | \u2014 | \u2014 | \u2014 | 16 | \u2014 | \u2014 | \u2014 | 16 | \u2014 |
Adjusted net operating revenue as presented in the analysis of Group adjusted profit by segment | 278 | 287 | 237 | 224 | 797 | 878 | 9 | 9 | 1,321 | 1,398 |
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. | ||
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Fair value movements and dividend income on significant listed investments | |||
Fair value movements on significant listed investments (other than dividend income) | (27) | (178) | |
Dividend income from significant listed investments | 56 | 64 | |
Total fair value movements and dividend income on significant listed investments | 29 | (114) | |
Non-unit linked business \u2013 excluding significant listed investments | |||
Net gains or losses on financial instruments at fair value through profit or loss | 26 | 6 | |
Interest and similar income from financial instruments at amortised cost | 87 | 76 | |
Foreign exchange gains or losses on financial instruments at amortised cost | \u2014 | (7) | |
Other income | 19 | 37 | |
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments | 132 | 112 | |
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 | 56 | 69 | |
Change in non-participating investment contract financial liabilities | (58) | (65) | |
Change in liability for third party interests in consolidated funds | \u2014 | (1) | |
Total net gains or losses on financial instruments at fair value through profit or loss | (2) | 3 | |
Interest and similar income from financial instruments at amortised cost | 1 | 1 | |
Net gains or losses on financial instruments and other income \u2013 unit linked business1 | 23 | (1) | 4 |
Total other net gains or losses on financial instruments and other income | 131 | 116 | |
Total net gains or losses on financial instruments and other income | 160 | 2 |
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. | ||
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Fair value movements and dividend income on significant listed investments | |||
Fair value movements on significant listed investments (other than dividend income) | (27) | (178) | |
Dividend income from significant listed investments | 56 | 64 | |
Total fair value movements and dividend income on significant listed investments | 29 | (114) | |
Non-unit linked business \u2013 excluding significant listed investments | |||
Net gains or losses on financial instruments at fair value through profit or loss | 26 | 6 | |
Interest and similar income from financial instruments at amortised cost | 87 | 76 | |
Foreign exchange gains or losses on financial instruments at amortised cost | \u2014 | (7) | |
Other income | 19 | 37 | |
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments | 132 | 112 | |
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 | 56 | 69 | |
Change in non-participating investment contract financial liabilities | (58) | (65) | |
Change in liability for third party interests in consolidated funds | \u2014 | (1) | |
Total net gains or losses on financial instruments at fair value through profit or loss | (2) | 3 | |
Interest and similar income from financial instruments at amortised cost | 1 | 1 | |
Net gains or losses on financial instruments and other income \u2013 unit linked business1 | 23 | (1) | 4 |
Total other net gains or losses on financial instruments and other income | 131 | 116 | |
Total net gains or losses on financial instruments and other income | 160 | 2 |
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. | ||
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Fair value movements and dividend income on significant listed investments | |||
Fair value movements on significant listed investments (other than dividend income) | (27) | (178) | |
Dividend income from significant listed investments | 56 | 64 | |
Total fair value movements and dividend income on significant listed investments | 29 | (114) | |
Non-unit linked business \u2013 excluding significant listed investments | |||
Net gains or losses on financial instruments at fair value through profit or loss | 26 | 6 | |
Interest and similar income from financial instruments at amortised cost | 87 | 76 | |
Foreign exchange gains or losses on financial instruments at amortised cost | \u2014 | (7) | |
Other income | 19 | 37 | |
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments | 132 | 112 | |
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 | 56 | 69 | |
Change in non-participating investment contract financial liabilities | (58) | (65) | |
Change in liability for third party interests in consolidated funds | \u2014 | (1) | |
Total net gains or losses on financial instruments at fair value through profit or loss | (2) | 3 | |
Interest and similar income from financial instruments at amortised cost | 1 | 1 | |
Net gains or losses on financial instruments and other income \u2013 unit linked business1 | 23 | (1) | 4 |
Total other net gains or losses on financial instruments and other income | 131 | 116 | |
Total net gains or losses on financial instruments and other income | 160 | 2 |
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. | ||
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Fair value movements and dividend income on significant listed investments | |||
Fair value movements on significant listed investments (other than dividend income) | (27) | (178) | |
Dividend income from significant listed investments | 56 | 64 | |
Total fair value movements and dividend income on significant listed investments | 29 | (114) | |
Non-unit linked business \u2013 excluding significant listed investments | |||
Net gains or losses on financial instruments at fair value through profit or loss | 26 | 6 | |
Interest and similar income from financial instruments at amortised cost | 87 | 76 | |
Foreign exchange gains or losses on financial instruments at amortised cost | \u2014 | (7) | |
Other income | 19 | 37 | |
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments | 132 | 112 | |
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 | 56 | 69 | |
Change in non-participating investment contract financial liabilities | (58) | (65) | |
Change in liability for third party interests in consolidated funds | \u2014 | (1) | |
Total net gains or losses on financial instruments at fair value through profit or loss | (2) | 3 | |
Interest and similar income from financial instruments at amortised cost | 1 | 1 | |
Net gains or losses on financial instruments and other income \u2013 unit linked business1 | 23 | (1) | 4 |
Total other net gains or losses on financial instruments and other income | 131 | 116 | |
Total net gains or losses on financial instruments and other income | 160 | 2 |
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. | ||
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Fair value movements and dividend income on significant listed investments | |||
Fair value movements on significant listed investments (other than dividend income) | (27) | (178) | |
Dividend income from significant listed investments | 56 | 64 | |
Total fair value movements and dividend income on significant listed investments | 29 | (114) | |
Non-unit linked business \u2013 excluding significant listed investments | |||
Net gains or losses on financial instruments at fair value through profit or loss | 26 | 6 | |
Interest and similar income from financial instruments at amortised cost | 87 | 76 | |
Foreign exchange gains or losses on financial instruments at amortised cost | \u2014 | (7) | |
Other income | 19 | 37 | |
Net gains or losses on financial instruments and other income \u2013 non-unit linked business \u2013 excluding significant listed investments | 132 | 112 | |
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 | 56 | 69 | |
Change in non-participating investment contract financial liabilities | (58) | (65) | |
Change in liability for third party interests in consolidated funds | \u2014 | (1) | |
Total net gains or losses on financial instruments at fair value through profit or loss | (2) | 3 | |
Interest and similar income from financial instruments at amortised cost | 1 | 1 | |
Net gains or losses on financial instruments and other income \u2013 unit linked business1 | 23 | (1) | 4 |
Total other net gains or losses on financial instruments and other income | 131 | 116 | |
Total net gains or losses on financial instruments and other income | 160 | 2 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Restructuring and corporate transaction expenses | 8 | 100 | 152 |
Impairment of intangibles acquired in business combinations and through the purchase of customer contracts | |||
Impairment of intangibles acquired in business combinations | 13 | 9 | 63 |
Total impairment of intangibles acquired in business combinations and through the purchase of customer contracts | 9 | 63 | |
Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts | |||
Amortisation of intangibles acquired in business combinations | 13 | 109 | 115 |
Amortisation of intangibles acquired through the purchase of customer contracts | 13 | 11 | 11 |
Total amortisation of intangibles acquired in business combinations and through the purchase of customer contracts | 120 | 126 | |
Staff costs and other employee-related costs | 6 | 510 | 529 |
Other administrative expenses1 | 574 | 593 | |
Total administrative and other expenses2 | 1,313 | 1,463 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Restructuring and corporate transaction expenses | 8 | 100 | 152 |
Impairment of intangibles acquired in business combinations and through the purchase of customer contracts | |||
Impairment of intangibles acquired in business combinations | 13 | 9 | 63 |
Total impairment of intangibles acquired in business combinations and through the purchase of customer contracts | 9 | 63 | |
Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts | |||
Amortisation of intangibles acquired in business combinations | 13 | 109 | 115 |
Amortisation of intangibles acquired through the purchase of customer contracts | 13 | 11 | 11 |
Total amortisation of intangibles acquired in business combinations and through the purchase of customer contracts | 120 | 126 | |
Staff costs and other employee-related costs | 6 | 510 | 529 |
Other administrative expenses1 | 574 | 593 | |
Total administrative and other expenses2 | 1,313 | 1,463 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Restructuring and corporate transaction expenses | 8 | 100 | 152 |
Impairment of intangibles acquired in business combinations and through the purchase of customer contracts | |||
Impairment of intangibles acquired in business combinations | 13 | 9 | 63 |
Total impairment of intangibles acquired in business combinations and through the purchase of customer contracts | 9 | 63 | |
Amortisation of intangibles acquired in business combinations and through the purchase of customer contracts | |||
Amortisation of intangibles acquired in business combinations | 13 | 109 | 115 |
Amortisation of intangibles acquired through the purchase of customer contracts | 13 | 11 | 11 |
Total amortisation of intangibles acquired in business combinations and through the purchase of customer contracts | 120 | 126 | |
Staff costs and other employee-related costs | 6 | 510 | 529 |
Other administrative expenses1 | 574 | 593 | |
Total administrative and other expenses2 | 1,313 | 1,463 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
The aggregate remuneration payable in respect of employees: | |||
Wages and salaries | 411 | 443 | |
Social security costs | 47 | 51 | |
Pension costs | |||
Defined benefit plans | (22) | (39) | |
Defined contribution plans | 48 | 55 | |
Employee share-based payments and deferred fund awards | 40 | 26 | 19 |
Total staff costs and other employee-related costs | 510 | 529 |
2024 | 2023 | |
ii | 1,165 | 1,138 |
Adviser | 507 | 536 |
Investments | 1,933 | 2,132 |
IT and support functions | 1,014 | 1,252 |
Total employees | 4,619 | 5,058 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Fees payable to the Company's auditors for the audit of the Company's individual and consolidated financial statements | 2.2 | 2.1 |
Fees payable to the Company\u2019s auditors for other services | ||
The audit of the Company's consolidated subsidiaries pursuant to legislation | 5.3 | 5.1 |
Audit related assurance services | 2.7 | 2.8 |
Total audit and audit related assurance fees | 10.2 | 10.0 |
Other assurance services | 0.9 | 1.0 |
Other non-audit fee services | \u2014 | \u2014 |
Total non-audit fees | 0.9 | 1.0 |
Total auditors\u2019 remuneration | 11.1 | 11.0 |
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 consolidated 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. Management re-assesses provisions at each reporting date based upon latest available information. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Current tax: | ||
UK | 11 | 17 |
Pillar Two Top-up tax | 1 | \u2014 |
Overseas | 7 | 51 |
Adjustment to tax expense in respect of prior years | (4) | (2) |
Total current tax | 15 | 66 |
Deferred tax: | ||
Deferred tax credit arising from the current year | (5) | (69) |
Adjustment to deferred tax in respect of prior years | (7) | (15) |
Total deferred tax | (12) | (84) |
Total tax expense/(credit)1 | 3 | (18) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Profit/(loss) before tax | 251 | (6) |
Tax at 25% (2023: 23.5%) | 63 | (1) |
Remeasurement of deferred tax due to rate changes | 1 | (5) |
Permanent differences | 4 | 1 |
Non-taxable dividends from significant listed investments | (14) | (13) |
Non-taxable fair value movements on significant listed investments | 7 | 18 |
Tax effect of accounting for share of profit or loss from associates and joint ventures | (6) | \u2014 |
Tax effect of distributions on other equity instruments | (3) | (3) |
Impairment losses on goodwill | 1 | 15 |
Differences in overseas tax rates | (2) | 4 |
Adjustment to current tax expense in respect of prior years | (4) | (2) |
Recognition of previously unrecognised deferred tax credit | (9) | (1) |
Deferred tax not recognised | 1 | 2 |
Adjustment to deferred tax expense in respect of prior years | (7) | (15) |
Non-taxable profit or loss on sale of subsidiaries, associates and significant listed investments | (26) | (18) |
Other | (3) | \u2014 |
Total tax expense/(credit) for the year | 3 | (18) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Tax relating to fair value gains and losses recognised on cash flow hedges | 4 | (10) |
Tax relating to cash flow hedge gains and losses transferred to consolidated income statement | (4) | 7 |
Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss | \u2014 | (3) |
Tax relating to other comprehensive income | \u2014 | (3) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Tax relating to share-based payments | 1 | \u2014 |
Tax relating to items taken directly to equity | 1 | \u2014 |
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 consolidated 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. Management re-assesses provisions at each reporting date based upon latest available information. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Current tax: | ||
UK | 11 | 17 |
Pillar Two Top-up tax | 1 | \u2014 |
Overseas | 7 | 51 |
Adjustment to tax expense in respect of prior years | (4) | (2) |
Total current tax | 15 | 66 |
Deferred tax: | ||
Deferred tax credit arising from the current year | (5) | (69) |
Adjustment to deferred tax in respect of prior years | (7) | (15) |
Total deferred tax | (12) | (84) |
Total tax expense/(credit)1 | 3 | (18) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Profit/(loss) before tax | 251 | (6) |
Tax at 25% (2023: 23.5%) | 63 | (1) |
Remeasurement of deferred tax due to rate changes | 1 | (5) |
Permanent differences | 4 | 1 |
Non-taxable dividends from significant listed investments | (14) | (13) |
Non-taxable fair value movements on significant listed investments | 7 | 18 |
Tax effect of accounting for share of profit or loss from associates and joint ventures | (6) | \u2014 |
Tax effect of distributions on other equity instruments | (3) | (3) |
Impairment losses on goodwill | 1 | 15 |
Differences in overseas tax rates | (2) | 4 |
Adjustment to current tax expense in respect of prior years | (4) | (2) |
Recognition of previously unrecognised deferred tax credit | (9) | (1) |
Deferred tax not recognised | 1 | 2 |
Adjustment to deferred tax expense in respect of prior years | (7) | (15) |
Non-taxable profit or loss on sale of subsidiaries, associates and significant listed investments | (26) | (18) |
Other | (3) | \u2014 |
Total tax expense/(credit) for the year | 3 | (18) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Tax relating to fair value gains and losses recognised on cash flow hedges | 4 | (10) |
Tax relating to cash flow hedge gains and losses transferred to consolidated income statement | (4) | 7 |
Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss | \u2014 | (3) |
Tax relating to other comprehensive income | \u2014 | (3) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Tax relating to share-based payments | 1 | \u2014 |
Tax relating to items taken directly to equity | 1 | \u2014 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Deferred tax assets comprise: | ||
Losses carried forward | 167 | 160 |
Depreciable assets | 24 | 35 |
Employee benefits | 14 | 20 |
Provisions and other temporary timing differences | 7 | 7 |
Gross deferred tax assets | 212 | 222 |
Less: Offset against deferred tax liabilities | (15) | (7) |
Deferred tax assets | 197 | 215 |
Deferred tax liabilities comprise: | ||
Unrealised gains on investments | 6 | 4 |
Deferred tax on intangible assets acquired through business combinations | 101 | 124 |
Other | 9 | 8 |
Gross deferred tax liabilities | 116 | 136 |
Less: Offset against deferred tax assets | (15) | (7) |
Deferred tax liabilities | 101 | 129 |
Net deferred tax asset at 31 December | 96 | 86 |
Losses carried forward | Depreciable assets | Employee benefits | Provisions and other temporary timing differences | Unrealised gains on investments | Deferred tax on intangible assets acquired through business combinations | Other | Net deferred tax asset | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January 2024 | 160 | 35 | 20 | 7 | (4) | (124) | (8) | 86 |
Credit or (charge) directly to equity | \u2014 | \u2014 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | (1) |
Amounts (expensed) in/credited to the consolidated income statement | 8 | (11) | (5) | 1 | (3) | 23 | (1) | 12 |
Tax on cash flow hedge | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Other | (1) | \u2014 | \u2014 | (1) | 1 | \u2014 | \u2014 | (1) |
At 31 December 2024 | 167 | 24 | 14 | 7 | (6) | (101) | (9) | 96 |
Losses carried forward | Depreciable assets | Employee benefits | Provisions and other temporary timing differences | Unrealised gains on investments | Deferred tax on intangible assets acquired through business combinations | Other | Net deferred tax asset | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January 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 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | 3 |
Other | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) | (2) |
At 31 December 2023 | 160 | 35 | 20 | 7 | (4) | (124) | (8) | 86 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 1 | 4 |
Greater than or equal to 1 year and less than 5 years | 14 | 9 |
Greater than or equal to 5 years and less than 10 years | 4 | 8 |
Greater than 10 years | 136 | 140 |
Total losses with expiry dates | 155 | 161 |
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. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Adjusted profit before tax | 354 | 330 |
Tax on adjusted profit | (70) | (50) |
Adjusted profit after tax | 284 | 280 |
Attributable to: | ||
Other equity holders | (11) | (11) |
Adjusted profit after tax attributable to equity shareholders of abrdn plc | 273 | 269 |
Total adjusting items including results of associates and joint ventures | (103) | (336) |
Tax on adjusting items | 67 | 68 |
Profit attributable to equity shareholders of abrdn plc | 237 | 1 |
2024 | 2023 | |
Millions | Millions | |
Weighted average number of ordinary shares outstanding | 1,796 | 1,902 |
Dilutive effect of share options and awards | 22 | 28 |
Weighted average number of diluted ordinary shares outstanding | 1,818 | 1,930 |
2024 | 2023 | |
Pence | Pence | |
Basic earnings per share | 13.2 | 0.1 |
Diluted earnings per share | 13.0 | 0.1 |
Adjusted earnings per share | 15.2 | 14.1 |
Adjusted diluted earnings per share | 15.0 | 13.9 |
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. | ||
2024 | 2023 | |||
Pence per share | \u00a3m1 | Pence per share | \u00a3m | |
Prior year\u2019s final dividend paid | 7.30 | 130 | 7.30 | 142 |
Interim dividend paid | 7.30 | 130 | 7.30 | 137 |
Total dividends paid on ordinary shares | 260 | 279 | ||
Current year final recommended dividend | 7.30 | 130 | 7.30 | 130 |
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. Goodwill is not charged to the consolidated income statement unless it becomes impaired. 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 consolidated income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the consolidated 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. 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 intangible asset relates. Refer to the estimates and assumptions section below for details of the amortisation periods and methods applied. | ||
Acquired through business combinations | ||||||||
Goodwill | Brand | Customer relationships and investment management contracts | Technology & other | Internally developed software1 | Purchased software and other | Cost of obtaining customer contracts | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Gross amount | ||||||||
At 1 January 2023 | 4,665 | 110 | 1,483 | 101 | 137 | 5 | 105 | 6,606 |
Disposals and adjustments | \u2014 | 1 | (4) | \u2014 | 2 | \u2014 | \u2014 | (1) |
Additions | 41 | \u2014 | 78 | \u2014 | 8 | \u2014 | 33 | 160 |
Foreign exchange adjustment | (2) | \u2014 | (4) | \u2014 | \u2014 | \u2014 | (1) | (7) |
At 31 December 2023 | 4,704 | 111 | 1,553 | 101 | 147 | 5 | 137 | 6,758 |
Disposals and adjustments | \u2014 | \u2014 | (12) | (5) | (21) | \u2014 | \u2014 | (38) |
Additions | \u2014 | \u2014 | \u2014 | \u2014 | 5 | \u2014 | 21 | 26 |
Foreign exchange adjustment | 1 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | 3 |
At 31 December 2024 | 4,705 | 111 | 1,542 | 96 | 131 | 5 | 159 | 6,749 |
Accumulated amortisation and impairment | ||||||||
At 1 January 2023 | (3,730) | (96) | (874) | (74) | (130) | (5) | (78) | (4,987) |
Amortisation charge for the year2 | \u2014 | (4) | (99) | (12) | (2) | \u2014 | (11) | (128) |
Impairment losses recognised3 | (62) | \u2014 | (1) | \u2014 | (2) | \u2014 | \u2014 | (65) |
At 31 December 2023 | (3,792) | (100) | (974) | (86) | (134) | (5) | (89) | (5,180) |
Disposals and adjustments | \u2014 | \u2014 | 11 | 5 | 21 | \u2014 | \u2014 | 37 |
Amortisation charge for the year2 | \u2014 | (3) | (96) | (10) | (3) | \u2014 | (11) | (123) |
Impairment losses recognised3 | (5) | \u2014 | (4) | \u2014 | \u2014 | \u2014 | \u2014 | (9) |
At 31 December 2024 | (3,797) | (103) | (1,063) | (91) | (116) | (5) | (100) | (5,275) |
Carrying amount | ||||||||
At 1 January 2023 | 935 | 14 | 609 | 27 | 7 | \u2014 | 27 | 1,619 |
At 31 December 2023 | 912 | 11 | 579 | 15 | 13 | \u2014 | 48 | 1,578 |
At 31 December 2024 | 908 | 8 | 479 | 5 | 15 | \u2014 | 59 | 1,474 |
Investment management contract intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Tekla Healthcare Opportunities Fund | Investment management contract with Tekla Healthcare Opportunities Fund | 12.1 years | 28 | 25 | 26 |
Tekla Healthcare Investors | Investment management contract with Tekla Healthcare Investors | 12.1 years | 25 | 22 | 23 |
Customer relationship intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Customer base | ii\u2019s customer base at the date of acquisition | 15 years | 421 | 293 | 340 |
Investment management contract intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Tritax Big Box REIT plc | Investment management contract with Tritax Big Box REIT plc | 13 years | 50 | 36 | 40 |
Customer relationship intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Open ended funds | Separate vehicle group \u2013 open ended investment vehicles | 11 years | 223 | 19 | 30 |
Segregated and similar | All other vehicle groups dominated by segregated mandates which represent 75% of this group | 12 years | 427 | 29 | 43 |
Estimates and assumptions The estimates and assumptions in relation to intangible assets primarily relate to: \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\u00a0December 2024, 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 2024 impairments of goodwill of \u00a35m (2023: \u00a362m) have been recognised. The goodwill impairment for the year ended 31\u00a0December 2024 relates to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31\u00a0December 2023 comprised a further \u00a326m relating to the Finimize CGU and \u00a336m relating to the aFP CGU which is included in the ii segment. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. Finimize In 2024 the Group recognised an impairment of the goodwill relating to the Finimize CGU of \u00a35m. Following this impairment, the goodwill allocated to the Finimize CGU is now fully impaired (2023: \u00a35m). This impairment was recognised at 30 June 2024. The impairment reflects higher anticipated losses in the period prior to which abrdn anticipates Finimize is likely to achieve profitability and the related Group support required in this period. The recoverable amount of the Finimize CGU at 30 June 2024 was \u00a310m which was based on fair value less costs of disposal (FVLCD). 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 market multiples for 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 goodwill allocated to the Finimize CGU was also impaired in 2023 by \u00a326m. The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. aFP Goodwill of \u00a324m (2023: \u00a324m) is allocated to the aFP CGU which comprises the Group\u2019s financial planning business. There was no impairment of the goodwill attributable to this CGU in 2024. The goodwill allocated to the aFP CGU was impaired in 2023 by \u00a336m. The recoverable amount of the aFP CGU at 31 December 2023 was \u00a345m which was based on FVLCD. 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 aFP\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. This was a level 3 measurement as they are measured using inputs which are not based on observable market data. Following this impairment, the residual goodwill attributable to the aFP CGU is not significant in comparison to the total carrying amount of goodwill. | ||
interactive investor Goodwill of \u00a3819m (2023: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. There was no impairment of this goodwill attributable to this CGU in 2024 or 2023. 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. A 20% reduction in forecast earnings has been provided as a sensitivity. The market price to earnings multiple used in the valuation is 17x 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. A 40%\u00a0 sensitivity to an earnings multiple has been provided as a sensitivity. The recoverable amount at 31\u00a0December 2024 exceeds the carrying amount of the cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and change required to reduce headroom to zero are shown in the tables below. | |||
Impact on goodwill carrying amount at 31 December 2024 | \u00a3m | ||
20% reduction in forecast post tax adjusted earnings | \u2014 | ||
40% reduction in market multiple | (84) | ||
Change required to reduce headroom to zero | % | ||
Change in forecast post tax adjusted earnings | (36) | ||
Reduction in market multiple | (36) | ||
We consider the 36% reduction in market multiple assumption to 11x to reduce the headroom to zero to be a reasonably possible change. The sensitivity for forecast post tax earnings has been included for illustrative purposes only. Other goodwill Goodwill of \u00a340m (2023: \u00a339m) is attributable to the abrdn Inc. CGU in the Investments segment. This relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. Goodwill of \u00a325m (2023: \u00a325m) is attributable to an Adviser segment CGU. There were no impairments of these goodwill balances in 2024 or 2023, both of which are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of \u00a34m was recognised in 2024 in relation to the Investment management contract intangible asset for EuroBox within the Investments segment. The impairment resulted from the completion of the takeover of EuroBox on 10 December 2024 by a Brookfield real estate private fund. At 31 December 2024 the Group was still managing the assets of EuroBox. An impairment of customer relationship and investment management contract intangibles of \u00a31m was recognised in 2023. | |||
Determination of useful lives The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive benefits from the asset and considers for example expected duration of customer relationships and when technology is expected to become obsolete for technology based assets. The amortisation period and method for each of the Group\u2019s intangible asset categories is as follows: \u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally reducing balance method. \u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years, straight-line. \u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line. \u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight- line. \u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once the asset is available for use. \u2013 Purchased software \u2013 between 2 and 6 years, straight-line. \u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method. Internally developed software There was no impairment of internally developed software in 2024. An impairment of internally developed software of \u00a32m was recognised in 2023. | |||
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. Goodwill is not charged to the consolidated income statement unless it becomes impaired. 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 consolidated income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the consolidated 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. 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 intangible asset relates. Refer to the estimates and assumptions section below for details of the amortisation periods and methods applied. | ||
Acquired through business combinations | ||||||||
Goodwill | Brand | Customer relationships and investment management contracts | Technology & other | Internally developed software1 | Purchased software and other | Cost of obtaining customer contracts | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Gross amount | ||||||||
At 1 January 2023 | 4,665 | 110 | 1,483 | 101 | 137 | 5 | 105 | 6,606 |
Disposals and adjustments | \u2014 | 1 | (4) | \u2014 | 2 | \u2014 | \u2014 | (1) |
Additions | 41 | \u2014 | 78 | \u2014 | 8 | \u2014 | 33 | 160 |
Foreign exchange adjustment | (2) | \u2014 | (4) | \u2014 | \u2014 | \u2014 | (1) | (7) |
At 31 December 2023 | 4,704 | 111 | 1,553 | 101 | 147 | 5 | 137 | 6,758 |
Disposals and adjustments | \u2014 | \u2014 | (12) | (5) | (21) | \u2014 | \u2014 | (38) |
Additions | \u2014 | \u2014 | \u2014 | \u2014 | 5 | \u2014 | 21 | 26 |
Foreign exchange adjustment | 1 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | 3 |
At 31 December 2024 | 4,705 | 111 | 1,542 | 96 | 131 | 5 | 159 | 6,749 |
Accumulated amortisation and impairment | ||||||||
At 1 January 2023 | (3,730) | (96) | (874) | (74) | (130) | (5) | (78) | (4,987) |
Amortisation charge for the year2 | \u2014 | (4) | (99) | (12) | (2) | \u2014 | (11) | (128) |
Impairment losses recognised3 | (62) | \u2014 | (1) | \u2014 | (2) | \u2014 | \u2014 | (65) |
At 31 December 2023 | (3,792) | (100) | (974) | (86) | (134) | (5) | (89) | (5,180) |
Disposals and adjustments | \u2014 | \u2014 | 11 | 5 | 21 | \u2014 | \u2014 | 37 |
Amortisation charge for the year2 | \u2014 | (3) | (96) | (10) | (3) | \u2014 | (11) | (123) |
Impairment losses recognised3 | (5) | \u2014 | (4) | \u2014 | \u2014 | \u2014 | \u2014 | (9) |
At 31 December 2024 | (3,797) | (103) | (1,063) | (91) | (116) | (5) | (100) | (5,275) |
Carrying amount | ||||||||
At 1 January 2023 | 935 | 14 | 609 | 27 | 7 | \u2014 | 27 | 1,619 |
At 31 December 2023 | 912 | 11 | 579 | 15 | 13 | \u2014 | 48 | 1,578 |
At 31 December 2024 | 908 | 8 | 479 | 5 | 15 | \u2014 | 59 | 1,474 |
Investment management contract intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Tekla Healthcare Opportunities Fund | Investment management contract with Tekla Healthcare Opportunities Fund | 12.1 years | 28 | 25 | 26 |
Tekla Healthcare Investors | Investment management contract with Tekla Healthcare Investors | 12.1 years | 25 | 22 | 23 |
Customer relationship intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Customer base | ii\u2019s customer base at the date of acquisition | 15 years | 421 | 293 | 340 |
Investment management contract intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Tritax Big Box REIT plc | Investment management contract with Tritax Big Box REIT plc | 13 years | 50 | 36 | 40 |
Customer relationship intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Open ended funds | Separate vehicle group \u2013 open ended investment vehicles | 11 years | 223 | 19 | 30 |
Segregated and similar | All other vehicle groups dominated by segregated mandates which represent 75% of this group | 12 years | 427 | 29 | 43 |
Estimates and assumptions The estimates and assumptions in relation to intangible assets primarily relate to: \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\u00a0December 2024, 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 2024 impairments of goodwill of \u00a35m (2023: \u00a362m) have been recognised. The goodwill impairment for the year ended 31\u00a0December 2024 relates to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31\u00a0December 2023 comprised a further \u00a326m relating to the Finimize CGU and \u00a336m relating to the aFP CGU which is included in the ii segment. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. Finimize In 2024 the Group recognised an impairment of the goodwill relating to the Finimize CGU of \u00a35m. Following this impairment, the goodwill allocated to the Finimize CGU is now fully impaired (2023: \u00a35m). This impairment was recognised at 30 June 2024. The impairment reflects higher anticipated losses in the period prior to which abrdn anticipates Finimize is likely to achieve profitability and the related Group support required in this period. The recoverable amount of the Finimize CGU at 30 June 2024 was \u00a310m which was based on fair value less costs of disposal (FVLCD). 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 market multiples for 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 goodwill allocated to the Finimize CGU was also impaired in 2023 by \u00a326m. The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. aFP Goodwill of \u00a324m (2023: \u00a324m) is allocated to the aFP CGU which comprises the Group\u2019s financial planning business. There was no impairment of the goodwill attributable to this CGU in 2024. The goodwill allocated to the aFP CGU was impaired in 2023 by \u00a336m. The recoverable amount of the aFP CGU at 31 December 2023 was \u00a345m which was based on FVLCD. 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 aFP\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. This was a level 3 measurement as they are measured using inputs which are not based on observable market data. Following this impairment, the residual goodwill attributable to the aFP CGU is not significant in comparison to the total carrying amount of goodwill. | ||
interactive investor Goodwill of \u00a3819m (2023: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. There was no impairment of this goodwill attributable to this CGU in 2024 or 2023. 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. A 20% reduction in forecast earnings has been provided as a sensitivity. The market price to earnings multiple used in the valuation is 17x 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. A 40%\u00a0 sensitivity to an earnings multiple has been provided as a sensitivity. The recoverable amount at 31\u00a0December 2024 exceeds the carrying amount of the cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and change required to reduce headroom to zero are shown in the tables below. | |||
Impact on goodwill carrying amount at 31 December 2024 | \u00a3m | ||
20% reduction in forecast post tax adjusted earnings | \u2014 | ||
40% reduction in market multiple | (84) | ||
Change required to reduce headroom to zero | % | ||
Change in forecast post tax adjusted earnings | (36) | ||
Reduction in market multiple | (36) | ||
We consider the 36% reduction in market multiple assumption to 11x to reduce the headroom to zero to be a reasonably possible change. The sensitivity for forecast post tax earnings has been included for illustrative purposes only. Other goodwill Goodwill of \u00a340m (2023: \u00a339m) is attributable to the abrdn Inc. CGU in the Investments segment. This relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. Goodwill of \u00a325m (2023: \u00a325m) is attributable to an Adviser segment CGU. There were no impairments of these goodwill balances in 2024 or 2023, both of which are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of \u00a34m was recognised in 2024 in relation to the Investment management contract intangible asset for EuroBox within the Investments segment. The impairment resulted from the completion of the takeover of EuroBox on 10 December 2024 by a Brookfield real estate private fund. At 31 December 2024 the Group was still managing the assets of EuroBox. An impairment of customer relationship and investment management contract intangibles of \u00a31m was recognised in 2023. | |||
Determination of useful lives The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive benefits from the asset and considers for example expected duration of customer relationships and when technology is expected to become obsolete for technology based assets. The amortisation period and method for each of the Group\u2019s intangible asset categories is as follows: \u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally reducing balance method. \u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years, straight-line. \u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line. \u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight- line. \u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once the asset is available for use. \u2013 Purchased software \u2013 between 2 and 6 years, straight-line. \u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method. Internally developed software There was no impairment of internally developed software in 2024. An impairment of internally developed software of \u00a32m was recognised in 2023. | |||
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. Goodwill is not charged to the consolidated income statement unless it becomes impaired. 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 consolidated income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the consolidated 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. 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 intangible asset relates. Refer to the estimates and assumptions section below for details of the amortisation periods and methods applied. | ||
Acquired through business combinations | ||||||||
Goodwill | Brand | Customer relationships and investment management contracts | Technology & other | Internally developed software1 | Purchased software and other | Cost of obtaining customer contracts | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Gross amount | ||||||||
At 1 January 2023 | 4,665 | 110 | 1,483 | 101 | 137 | 5 | 105 | 6,606 |
Disposals and adjustments | \u2014 | 1 | (4) | \u2014 | 2 | \u2014 | \u2014 | (1) |
Additions | 41 | \u2014 | 78 | \u2014 | 8 | \u2014 | 33 | 160 |
Foreign exchange adjustment | (2) | \u2014 | (4) | \u2014 | \u2014 | \u2014 | (1) | (7) |
At 31 December 2023 | 4,704 | 111 | 1,553 | 101 | 147 | 5 | 137 | 6,758 |
Disposals and adjustments | \u2014 | \u2014 | (12) | (5) | (21) | \u2014 | \u2014 | (38) |
Additions | \u2014 | \u2014 | \u2014 | \u2014 | 5 | \u2014 | 21 | 26 |
Foreign exchange adjustment | 1 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | 3 |
At 31 December 2024 | 4,705 | 111 | 1,542 | 96 | 131 | 5 | 159 | 6,749 |
Accumulated amortisation and impairment | ||||||||
At 1 January 2023 | (3,730) | (96) | (874) | (74) | (130) | (5) | (78) | (4,987) |
Amortisation charge for the year2 | \u2014 | (4) | (99) | (12) | (2) | \u2014 | (11) | (128) |
Impairment losses recognised3 | (62) | \u2014 | (1) | \u2014 | (2) | \u2014 | \u2014 | (65) |
At 31 December 2023 | (3,792) | (100) | (974) | (86) | (134) | (5) | (89) | (5,180) |
Disposals and adjustments | \u2014 | \u2014 | 11 | 5 | 21 | \u2014 | \u2014 | 37 |
Amortisation charge for the year2 | \u2014 | (3) | (96) | (10) | (3) | \u2014 | (11) | (123) |
Impairment losses recognised3 | (5) | \u2014 | (4) | \u2014 | \u2014 | \u2014 | \u2014 | (9) |
At 31 December 2024 | (3,797) | (103) | (1,063) | (91) | (116) | (5) | (100) | (5,275) |
Carrying amount | ||||||||
At 1 January 2023 | 935 | 14 | 609 | 27 | 7 | \u2014 | 27 | 1,619 |
At 31 December 2023 | 912 | 11 | 579 | 15 | 13 | \u2014 | 48 | 1,578 |
At 31 December 2024 | 908 | 8 | 479 | 5 | 15 | \u2014 | 59 | 1,474 |
Investment management contract intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Tekla Healthcare Opportunities Fund | Investment management contract with Tekla Healthcare Opportunities Fund | 12.1 years | 28 | 25 | 26 |
Tekla Healthcare Investors | Investment management contract with Tekla Healthcare Investors | 12.1 years | 25 | 22 | 23 |
Customer relationship intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Customer base | ii\u2019s customer base at the date of acquisition | 15 years | 421 | 293 | 340 |
Investment management contract intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Tritax Big Box REIT plc | Investment management contract with Tritax Big Box REIT plc | 13 years | 50 | 36 | 40 |
Customer relationship intangible asset | Description | Useful life at acquisition date | Fair value on acquisition date | Carrying value 2024 | Carrying value 2023 |
\u00a3m | \u00a3m | \u00a3m | |||
Open ended funds | Separate vehicle group \u2013 open ended investment vehicles | 11 years | 223 | 19 | 30 |
Segregated and similar | All other vehicle groups dominated by segregated mandates which represent 75% of this group | 12 years | 427 | 29 | 43 |
Estimates and assumptions The estimates and assumptions in relation to intangible assets primarily relate to: \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\u00a0December 2024, 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 2024 impairments of goodwill of \u00a35m (2023: \u00a362m) have been recognised. The goodwill impairment for the year ended 31\u00a0December 2024 relates to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31\u00a0December 2023 comprised a further \u00a326m relating to the Finimize CGU and \u00a336m relating to the aFP CGU which is included in the ii segment. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. Finimize In 2024 the Group recognised an impairment of the goodwill relating to the Finimize CGU of \u00a35m. Following this impairment, the goodwill allocated to the Finimize CGU is now fully impaired (2023: \u00a35m). This impairment was recognised at 30 June 2024. The impairment reflects higher anticipated losses in the period prior to which abrdn anticipates Finimize is likely to achieve profitability and the related Group support required in this period. The recoverable amount of the Finimize CGU at 30 June 2024 was \u00a310m which was based on fair value less costs of disposal (FVLCD). 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 market multiples for 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 goodwill allocated to the Finimize CGU was also impaired in 2023 by \u00a326m. The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. aFP Goodwill of \u00a324m (2023: \u00a324m) is allocated to the aFP CGU which comprises the Group\u2019s financial planning business. There was no impairment of the goodwill attributable to this CGU in 2024. The goodwill allocated to the aFP CGU was impaired in 2023 by \u00a336m. The recoverable amount of the aFP CGU at 31 December 2023 was \u00a345m which was based on FVLCD. 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 aFP\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. This was a level 3 measurement as they are measured using inputs which are not based on observable market data. Following this impairment, the residual goodwill attributable to the aFP CGU is not significant in comparison to the total carrying amount of goodwill. | ||
interactive investor Goodwill of \u00a3819m (2023: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. There was no impairment of this goodwill attributable to this CGU in 2024 or 2023. 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. A 20% reduction in forecast earnings has been provided as a sensitivity. The market price to earnings multiple used in the valuation is 17x 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. A 40%\u00a0 sensitivity to an earnings multiple has been provided as a sensitivity. The recoverable amount at 31\u00a0December 2024 exceeds the carrying amount of the cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and change required to reduce headroom to zero are shown in the tables below. | |||
Impact on goodwill carrying amount at 31 December 2024 | \u00a3m | ||
20% reduction in forecast post tax adjusted earnings | \u2014 | ||
40% reduction in market multiple | (84) | ||
Change required to reduce headroom to zero | % | ||
Change in forecast post tax adjusted earnings | (36) | ||
Reduction in market multiple | (36) | ||
We consider the 36% reduction in market multiple assumption to 11x to reduce the headroom to zero to be a reasonably possible change. The sensitivity for forecast post tax earnings has been included for illustrative purposes only. Other goodwill Goodwill of \u00a340m (2023: \u00a339m) is attributable to the abrdn Inc. CGU in the Investments segment. This relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. Goodwill of \u00a325m (2023: \u00a325m) is attributable to an Adviser segment CGU. There were no impairments of these goodwill balances in 2024 or 2023, both of which are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of \u00a34m was recognised in 2024 in relation to the Investment management contract intangible asset for EuroBox within the Investments segment. The impairment resulted from the completion of the takeover of EuroBox on 10 December 2024 by a Brookfield real estate private fund. At 31 December 2024 the Group was still managing the assets of EuroBox. An impairment of customer relationship and investment management contract intangibles of \u00a31m was recognised in 2023. | |||
Determination of useful lives The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive benefits from the asset and considers for example expected duration of customer relationships and when technology is expected to become obsolete for technology based assets. The amortisation period and method for each of the Group\u2019s intangible asset categories is as follows: \u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally reducing balance method. \u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years, straight-line. \u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line. \u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight- line. \u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once the asset is available for use. \u2013 Purchased software \u2013 between 2 and 6 years, straight-line. \u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method. Internally developed software There was no impairment of internally developed software in 2024. An impairment of internally developed software of \u00a32m was recognised in 2023. | |||
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. Goodwill is not charged to the consolidated income statement unless it becomes impaired. 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 consolidated income statement over the length of time the Group expects to derive benefits from the asset. The allocation of the consolidated 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. 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 intangible asset relates. Refer to the estimates and assumptions section below for details of the amortisation periods and methods applied. | ||
Estimates and assumptions The estimates and assumptions in relation to intangible assets primarily relate to: \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\u00a0December 2024, 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 2024 impairments of goodwill of \u00a35m (2023: \u00a362m) have been recognised. The goodwill impairment for the year ended 31\u00a0December 2024 relates to the Finimize CGU which is reported within Other business operations and corporate costs. The goodwill impairment for the year ended 31\u00a0December 2023 comprised a further \u00a326m relating to the Finimize CGU and \u00a336m relating to the aFP CGU which is included in the ii segment. The impairments are included within Impairment of intangibles acquired in business combinations and through the purchase of customer contracts in the consolidated income statement. Finimize In 2024 the Group recognised an impairment of the goodwill relating to the Finimize CGU of \u00a35m. Following this impairment, the goodwill allocated to the Finimize CGU is now fully impaired (2023: \u00a35m). This impairment was recognised at 30 June 2024. The impairment reflects higher anticipated losses in the period prior to which abrdn anticipates Finimize is likely to achieve profitability and the related Group support required in this period. The recoverable amount of the Finimize CGU at 30 June 2024 was \u00a310m which was based on fair value less costs of disposal (FVLCD). 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 market multiples for 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 goodwill allocated to the Finimize CGU was also impaired in 2023 by \u00a326m. The recoverable amount of the Finimize CGU at 31 December 2023 was \u00a310m which was based on FVLCD. As above, the FVLCD considered a number of valuation approaches, with the primary approach being a revenue multiple approach. aFP Goodwill of \u00a324m (2023: \u00a324m) is allocated to the aFP CGU which comprises the Group\u2019s financial planning business. There was no impairment of the goodwill attributable to this CGU in 2024. The goodwill allocated to the aFP CGU was impaired in 2023 by \u00a336m. The recoverable amount of the aFP CGU at 31 December 2023 was \u00a345m which was based on FVLCD. 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 aFP\u2019s peer companies, adjusted to take into account profitability where appropriate, and were benchmarked against recent transactions. This was a level 3 measurement as they are measured using inputs which are not based on observable market data. Following this impairment, the residual goodwill attributable to the aFP CGU is not significant in comparison to the total carrying amount of goodwill. | ||
interactive investor Goodwill of \u00a3819m (2023: \u00a3819m) is allocated to the interactive investor CGU which comprises the interactive investor business in the ii segment. There was no impairment of this goodwill attributable to this CGU in 2024 or 2023. 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. A 20% reduction in forecast earnings has been provided as a sensitivity. The market price to earnings multiple used in the valuation is 17x 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. A 40%\u00a0 sensitivity to an earnings multiple has been provided as a sensitivity. The recoverable amount at 31\u00a0December 2024 exceeds the carrying amount of the cash-generating unit by \u00a3692m. The impact of sensitivities to a single variable and change required to reduce headroom to zero are shown in the tables below. | |||
Impact on goodwill carrying amount at 31 December 2024 | \u00a3m | ||
20% reduction in forecast post tax adjusted earnings | \u2014 | ||
40% reduction in market multiple | (84) | ||
Change required to reduce headroom to zero | % | ||
Change in forecast post tax adjusted earnings | (36) | ||
Reduction in market multiple | (36) | ||
We consider the 36% reduction in market multiple assumption to 11x to reduce the headroom to zero to be a reasonably possible change. The sensitivity for forecast post tax earnings has been included for illustrative purposes only. Other goodwill Goodwill of \u00a340m (2023: \u00a339m) is attributable to the abrdn Inc. CGU in the Investments segment. This relates to the acquisition of healthcare fund management capabilities of Tekla. Refer Note 1(b)(i) for further details. Goodwill of \u00a325m (2023: \u00a325m) is attributable to an Adviser segment CGU. There were no impairments of these goodwill balances in 2024 or 2023, both of which are not significant in comparison to the total carrying amount of goodwill. Customer relationship and investment management contract intangibles An impairment of \u00a34m was recognised in 2024 in relation to the Investment management contract intangible asset for EuroBox within the Investments segment. The impairment resulted from the completion of the takeover of EuroBox on 10 December 2024 by a Brookfield real estate private fund. At 31 December 2024 the Group was still managing the assets of EuroBox. An impairment of customer relationship and investment management contract intangibles of \u00a31m was recognised in 2023. | |||
Determination of useful lives The determination of useful lives requires judgement in respect of the length of time that the Group expects to derive benefits from the asset and considers for example expected duration of customer relationships and when technology is expected to become obsolete for technology based assets. The amortisation period and method for each of the Group\u2019s intangible asset categories is as follows: \u2013 Customer relationships acquired through business combinations \u2013 generally between 7 and 15 years, generally reducing balance method. \u2013 Investment management contracts acquired through business combinations \u2013 between 10 and 17 years, straight-line. \u2013 Brand acquired through business combinations \u2013 between 2 and 5 years, straight-line. \u2013 Technology and other intangibles acquired through business combinations \u2013 between 1 and 6 years, straight- line. \u2013 Internally developed software \u2013 between 2 and 6 years. Amortisation is on a straight-line basis and commences once the asset is available for use. \u2013 Purchased software \u2013 between 2 and 6 years, straight-line. \u2013 Costs of obtaining customer contracts \u2013 between 3 and 12 years, generally reducing balance method. Internally developed software There was no impairment of internally developed software in 2024. An impairment of internally developed software of \u00a32m was recognised in 2023. | |||
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. 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. The Group\u2019s share of post-acquisition profit or loss and other comprehensive income of the associate or joint venture are determined using consistent accounting policies. In relation to insurance contracts and contracts with discretionary participating features for which the Group adopted IFRS 17 Insurance Contracts from 1 January 2023, the Group\u2019s primary exposure is through its insurance joint venture, HASL (see Section C below). The Group has no material direct exposure to insurance contracts and contracts with discretionary participating features. In relation to insurance contracts and contracts with discretionary participating features, there are three main measurement models: the general measurement model; the variable fee approach and the premium allocation approach. HASL primarily uses 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. HASL has elected 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. HASL also classifies some of its debt securities as fair value through OCI. 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 voting rights. | ||
2024 | 2023 | |||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening balance carried forward | 15 | 214 | 229 | 14 | 218 | 232 |
Effect of application of IFRS 91 | \u2014 | \u2014 | \u2014 | \u2014 | 51 | 51 |
Opening balance at 1 January | 15 | 214 | 229 | 14 | 269 | 283 |
Reclassified as held for sale during the year | \u2014 | \u2014 | \u2014 | \u2014 | (9) | (9) |
Exchange translation adjustments | \u2014 | (3) | (3) | \u2014 | (19) | (19) |
Additions and adjustments | \u2014 | 2 | 2 | 2 | \u2014 | 2 |
(Loss)/profit after tax | (1) | 25 | 24 | (1) | 2 | 1 |
Other comprehensive income | \u2014 | (47) | (47) | \u2014 | (31) | (31) |
Reversal of impairment/(impairment) | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
At 31 December | 14 | 191 | 205 | 15 | 214 | 229 |
Name | Nature of relationship | Principal place of business | Measurement method | Interest held by the Group at 31 December 2024 | Interest held by the Group at 31 December 2023 |
Heng An Standard Life Insurance Company Limited (HASL) | Joint venture | China | Equity accounted | 50% | 50% |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Carrying value of associates accounted for using the equity method | 14 | 15 |
Share of profit/(loss) after tax | (1) | (1) |
HASL | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Carrying value of joint ventures accounted for using the equity method | 190 | 214 | 1 | \u2014 | 191 | 214 |
Share of profit/(loss) after tax | 26 | 3 | (1) | (1) | 25 | 2 |
HASL | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Summarised financial information of joint venture: | ||
Revenue | 151 | 154 |
Depreciation and amortisation | 5 | 6 |
Interest income | 105 | 97 |
Interest expense | 1 | 2 |
Income tax (expense)/credit | (21) | (1) |
Profit after tax | 51 | 6 |
Other comprehensive income | (94) | (62) |
Total comprehensive income | (43) | (56) |
Total assets1 | 6,906 | 5,267 |
Total liabilities1 | 6,526 | 4,839 |
Cash and cash equivalents | 169 | 179 |
Net assets | 380 | 428 |
Attributable to investee\u2019s shareholders | 380 | 428 |
Interest held | 50% | 50% |
Share of net assets | 190 | 214 |
2024 | 2023 | |||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening balance carried forward | 15 | 214 | 229 | 14 | 218 | 232 |
Effect of application of IFRS 91 | \u2014 | \u2014 | \u2014 | \u2014 | 51 | 51 |
Opening balance at 1 January | 15 | 214 | 229 | 14 | 269 | 283 |
Reclassified as held for sale during the year | \u2014 | \u2014 | \u2014 | \u2014 | (9) | (9) |
Exchange translation adjustments | \u2014 | (3) | (3) | \u2014 | (19) | (19) |
Additions and adjustments | \u2014 | 2 | 2 | 2 | \u2014 | 2 |
(Loss)/profit after tax | (1) | 25 | 24 | (1) | 2 | 1 |
Other comprehensive income | \u2014 | (47) | (47) | \u2014 | (31) | (31) |
Reversal of impairment/(impairment) | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
At 31 December | 14 | 191 | 205 | 15 | 214 | 229 |
2024 | 2023 | |||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening balance carried forward | 15 | 214 | 229 | 14 | 218 | 232 |
Effect of application of IFRS 91 | \u2014 | \u2014 | \u2014 | \u2014 | 51 | 51 |
Opening balance at 1 January | 15 | 214 | 229 | 14 | 269 | 283 |
Reclassified as held for sale during the year | \u2014 | \u2014 | \u2014 | \u2014 | (9) | (9) |
Exchange translation adjustments | \u2014 | (3) | (3) | \u2014 | (19) | (19) |
Additions and adjustments | \u2014 | 2 | 2 | 2 | \u2014 | 2 |
(Loss)/profit after tax | (1) | 25 | 24 | (1) | 2 | 1 |
Other comprehensive income | \u2014 | (47) | (47) | \u2014 | (31) | (31) |
Reversal of impairment/(impairment) | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
At 31 December | 14 | 191 | 205 | 15 | 214 | 229 |
2024 | 2023 | |||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening balance carried forward | 15 | 214 | 229 | 14 | 218 | 232 |
Effect of application of IFRS 91 | \u2014 | \u2014 | \u2014 | \u2014 | 51 | 51 |
Opening balance at 1 January | 15 | 214 | 229 | 14 | 269 | 283 |
Reclassified as held for sale during the year | \u2014 | \u2014 | \u2014 | \u2014 | (9) | (9) |
Exchange translation adjustments | \u2014 | (3) | (3) | \u2014 | (19) | (19) |
Additions and adjustments | \u2014 | 2 | 2 | 2 | \u2014 | 2 |
(Loss)/profit after tax | (1) | 25 | 24 | (1) | 2 | 1 |
Other comprehensive income | \u2014 | (47) | (47) | \u2014 | (31) | (31) |
Reversal of impairment/(impairment) | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
At 31 December | 14 | 191 | 205 | 15 | 214 | 229 |
Name | Nature of relationship | Principal place of business | Measurement method | Interest held by the Group at 31 December 2024 | Interest held by the Group at 31 December 2023 |
Heng An Standard Life Insurance Company Limited (HASL) | Joint venture | China | Equity accounted | 50% | 50% |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Carrying value of associates accounted for using the equity method | 14 | 15 |
Share of profit/(loss) after tax | (1) | (1) |
Name of related undertaking | Share class1 | % interest held2,3 |
abrdn Investcorp Infrastructure Investments Manager Limited\u2075\u00b2 | Ordinary shares | 50% |
abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund\u2074 | OEIC | 23% |
Archax Group Ltd\u2075\u00b3 | Ordinary shares | 11% |
Criterion Tec Holdings Ltd\u2075\u2074 | Ordinary shares | 21% |
Focus Business Solutions Limited\u2075\u2075 | Ordinary shares | 20% |
Heng An Standard Life Insurance Company Limited\u2075\u2076 | Ordinary shares | 50% |
PURetail Luxembourg Management Company S.a.r.l.\u00b3\u2079 | Class A shares | 50% |
Tenet Group Limited\u2075\u2077 | Ordinary B shares | 25% |
2024 | 2023 | |||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Opening balance carried forward | 15 | 214 | 229 | 14 | 218 | 232 |
Effect of application of IFRS 91 | \u2014 | \u2014 | \u2014 | \u2014 | 51 | 51 |
Opening balance at 1 January | 15 | 214 | 229 | 14 | 269 | 283 |
Reclassified as held for sale during the year | \u2014 | \u2014 | \u2014 | \u2014 | (9) | (9) |
Exchange translation adjustments | \u2014 | (3) | (3) | \u2014 | (19) | (19) |
Additions and adjustments | \u2014 | 2 | 2 | 2 | \u2014 | 2 |
(Loss)/profit after tax | (1) | 25 | 24 | (1) | 2 | 1 |
Other comprehensive income | \u2014 | (47) | (47) | \u2014 | (31) | (31) |
Reversal of impairment/(impairment) | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 |
At 31 December | 14 | 191 | 205 | 15 | 214 | 229 |
Name | Nature of relationship | Principal place of business | Measurement method | Interest held by the Group at 31 December 2024 | Interest held by the Group at 31 December 2023 |
Heng An Standard Life Insurance Company Limited (HASL) | Joint venture | China | Equity accounted | 50% | 50% |
HASL | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Carrying value of joint ventures accounted for using the equity method | 190 | 214 | 1 | \u2014 | 191 | 214 |
Share of profit/(loss) after tax | 26 | 3 | (1) | (1) | 25 | 2 |
HASL | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Summarised financial information of joint venture: | ||
Revenue | 151 | 154 |
Depreciation and amortisation | 5 | 6 |
Interest income | 105 | 97 |
Interest expense | 1 | 2 |
Income tax (expense)/credit | (21) | (1) |
Profit after tax | 51 | 6 |
Other comprehensive income | (94) | (62) |
Total comprehensive income | (43) | (56) |
Total assets1 | 6,906 | 5,267 |
Total liabilities1 | 6,526 | 4,839 |
Cash and cash equivalents | 169 | 179 |
Net assets | 380 | 428 |
Attributable to investee\u2019s shareholders | 380 | 428 |
Interest held | 50% | 50% |
Share of net assets | 190 | 214 |
Name of related undertaking | Share class1 | % interest held2,3 |
abrdn Investcorp Infrastructure Investments Manager Limited\u2075\u00b2 | Ordinary shares | 50% |
abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund\u2074 | OEIC | 23% |
Archax Group Ltd\u2075\u00b3 | Ordinary shares | 11% |
Criterion Tec Holdings Ltd\u2075\u2074 | Ordinary shares | 21% |
Focus Business Solutions Limited\u2075\u2075 | Ordinary shares | 20% |
Heng An Standard Life Insurance Company Limited\u2075\u2076 | Ordinary shares | 50% |
PURetail Luxembourg Management Company S.a.r.l.\u00b3\u2079 | Class A shares | 50% |
Tenet Group Limited\u2075\u2077 | Ordinary B shares | 25% |
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 consolidated income statement over 2 to 15 years depending on the length of time the Group expects to derive benefit from the asset. Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use assets. | ||
Owner occupied property | Equipment | Right of use assets \u2013 property | Right of use assets \u2013 equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost or valuation | |||||
At 1 January 2023 | 2 | 120 | 321 | 4 | 447 |
Additions | \u2014 | 18 | 30 | 1 | 49 |
Disposals and adjustments1 | \u2014 | (8) | (10) | (1) | (19) |
Derecognition of right-of-use assets relating to subleases classified as finance leases | \u2014 | \u2014 | (24) | \u2014 | (24) |
Foreign exchange adjustment | \u2014 | (2) | (4) | \u2014 | (6) |
At 31 December 2023 | 2 | 128 | 313 | 4 | 447 |
Additions | \u2014 | 7 | 4 | 1 | 12 |
Disposals and adjustments1 | (2) | (7) | (72) | (2) | (83) |
Foreign exchange adjustment | \u2014 | \u2014 | (1) | \u2014 | (1) |
At 31 December 2024 | \u2014 | 128 | 244 | 3 | 375 |
Owner occupied property | Equipment | Right of use assets \u2013 property | Right of use assets \u2013 equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accumulated depreciation and impairment | |||||
At 1 January 2023 | (1) | (65) | (177) | (3) | (246) |
Depreciation charge for the year2 | \u2014 | (15) | (16) | (1) | (32) |
Disposals and adjustments1 | \u2014 | 7 | 9 | \u2014 | 16 |
Derecognition of right-of-use assets relating to subleases classified as finance leases | \u2014 | \u2014 | 20 | \u2014 | 20 |
Impairment3 | \u2014 | (11) | (39) | \u2014 | (50) |
Reversal of impairment3 | \u2014 | \u2014 | 3 | \u2014 | 3 |
Foreign exchange adjustment | \u2014 | 2 | 2 | 1 | 5 |
At 31 December 2023 | (1) | (82) | (198) | (3) | (284) |
Depreciation charge for the year2 | \u2014 | (13) | (15) | (1) | (29) |
Disposals and adjustments1 | 1 | 4 | 65 | 2 | 72 |
Foreign exchange adjustment | \u2014 | \u2014 | 1 | \u2014 | 1 |
At 31 December 2024 | \u2014 | (91) | (147) | (2) | (240) |
Carrying amount | |||||
At 1 January 2023 | 1 | 55 | 144 | 1 | 201 |
At 31 December 2023 | 1 | 46 | 115 | 1 | 163 |
At 31 December 2024 | \u2014 | 37 | 97 | 1 | 135 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
At start of period | 31 | 14 |
Transfers to investment property | \u2014 | 63 |
Transfers from investment property | \u2014 | (3) |
Depreciation | (2) | (4) |
Derecognition related to new subleases classified as finance leases | (2) | (3) |
Impairments | \u2014 | (39) |
Reversal of impairment | \u2014 | 3 |
Disposals and adjustments | (5) | \u2014 |
At end of period | 22 | 31 |
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 consolidated income statement over 2 to 15 years depending on the length of time the Group expects to derive benefit from the asset. Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use assets. | ||
Owner occupied property | Equipment | Right of use assets \u2013 property | Right of use assets \u2013 equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost or valuation | |||||
At 1 January 2023 | 2 | 120 | 321 | 4 | 447 |
Additions | \u2014 | 18 | 30 | 1 | 49 |
Disposals and adjustments1 | \u2014 | (8) | (10) | (1) | (19) |
Derecognition of right-of-use assets relating to subleases classified as finance leases | \u2014 | \u2014 | (24) | \u2014 | (24) |
Foreign exchange adjustment | \u2014 | (2) | (4) | \u2014 | (6) |
At 31 December 2023 | 2 | 128 | 313 | 4 | 447 |
Additions | \u2014 | 7 | 4 | 1 | 12 |
Disposals and adjustments1 | (2) | (7) | (72) | (2) | (83) |
Foreign exchange adjustment | \u2014 | \u2014 | (1) | \u2014 | (1) |
At 31 December 2024 | \u2014 | 128 | 244 | 3 | 375 |
Owner occupied property | Equipment | Right of use assets \u2013 property | Right of use assets \u2013 equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accumulated depreciation and impairment | |||||
At 1 January 2023 | (1) | (65) | (177) | (3) | (246) |
Depreciation charge for the year2 | \u2014 | (15) | (16) | (1) | (32) |
Disposals and adjustments1 | \u2014 | 7 | 9 | \u2014 | 16 |
Derecognition of right-of-use assets relating to subleases classified as finance leases | \u2014 | \u2014 | 20 | \u2014 | 20 |
Impairment3 | \u2014 | (11) | (39) | \u2014 | (50) |
Reversal of impairment3 | \u2014 | \u2014 | 3 | \u2014 | 3 |
Foreign exchange adjustment | \u2014 | 2 | 2 | 1 | 5 |
At 31 December 2023 | (1) | (82) | (198) | (3) | (284) |
Depreciation charge for the year2 | \u2014 | (13) | (15) | (1) | (29) |
Disposals and adjustments1 | 1 | 4 | 65 | 2 | 72 |
Foreign exchange adjustment | \u2014 | \u2014 | 1 | \u2014 | 1 |
At 31 December 2024 | \u2014 | (91) | (147) | (2) | (240) |
Carrying amount | |||||
At 1 January 2023 | 1 | 55 | 144 | 1 | 201 |
At 31 December 2023 | 1 | 46 | 115 | 1 | 163 |
At 31 December 2024 | \u2014 | 37 | 97 | 1 | 135 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
At start of period | 31 | 14 |
Transfers to investment property | \u2014 | 63 |
Transfers from investment property | \u2014 | (3) |
Depreciation | (2) | (4) |
Derecognition related to new subleases classified as finance leases | (2) | (3) |
Impairments | \u2014 | (39) |
Reversal of impairment | \u2014 | 3 |
Disposals and adjustments | (5) | \u2014 |
At end of period | 22 | 31 |
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 consolidated income statement over 2 to 15 years depending on the length of time the Group expects to derive benefit from the asset. Right-of-use asset: Refer Note 16 below for the accounting policies for right-of-use assets. | ||
Owner occupied property | Equipment | Right of use assets \u2013 property | Right of use assets \u2013 equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cost or valuation | |||||
At 1 January 2023 | 2 | 120 | 321 | 4 | 447 |
Additions | \u2014 | 18 | 30 | 1 | 49 |
Disposals and adjustments1 | \u2014 | (8) | (10) | (1) | (19) |
Derecognition of right-of-use assets relating to subleases classified as finance leases | \u2014 | \u2014 | (24) | \u2014 | (24) |
Foreign exchange adjustment | \u2014 | (2) | (4) | \u2014 | (6) |
At 31 December 2023 | 2 | 128 | 313 | 4 | 447 |
Additions | \u2014 | 7 | 4 | 1 | 12 |
Disposals and adjustments1 | (2) | (7) | (72) | (2) | (83) |
Foreign exchange adjustment | \u2014 | \u2014 | (1) | \u2014 | (1) |
At 31 December 2024 | \u2014 | 128 | 244 | 3 | 375 |
Owner occupied property | Equipment | Right of use assets \u2013 property | Right of use assets \u2013 equipment | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accumulated depreciation and impairment | |||||
At 1 January 2023 | (1) | (65) | (177) | (3) | (246) |
Depreciation charge for the year2 | \u2014 | (15) | (16) | (1) | (32) |
Disposals and adjustments1 | \u2014 | 7 | 9 | \u2014 | 16 |
Derecognition of right-of-use assets relating to subleases classified as finance leases | \u2014 | \u2014 | 20 | \u2014 | 20 |
Impairment3 | \u2014 | (11) | (39) | \u2014 | (50) |
Reversal of impairment3 | \u2014 | \u2014 | 3 | \u2014 | 3 |
Foreign exchange adjustment | \u2014 | 2 | 2 | 1 | 5 |
At 31 December 2023 | (1) | (82) | (198) | (3) | (284) |
Depreciation charge for the year2 | \u2014 | (13) | (15) | (1) | (29) |
Disposals and adjustments1 | 1 | 4 | 65 | 2 | 72 |
Foreign exchange adjustment | \u2014 | \u2014 | 1 | \u2014 | 1 |
At 31 December 2024 | \u2014 | (91) | (147) | (2) | (240) |
Carrying amount | |||||
At 1 January 2023 | 1 | 55 | 144 | 1 | 201 |
At 31 December 2023 | 1 | 46 | 115 | 1 | 163 |
At 31 December 2024 | \u2014 | 37 | 97 | 1 | 135 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
At start of period | 31 | 14 |
Transfers to investment property | \u2014 | 63 |
Transfers from investment property | \u2014 | (3) |
Depreciation | (2) | (4) |
Derecognition related to new subleases classified as finance leases | (2) | (3) |
Impairments | \u2014 | (39) |
Reversal of impairment | \u2014 | 3 |
Disposals and adjustments | (5) | \u2014 |
At end of period | 22 | 31 |
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 underlying asset is of low value. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Right-of-use assets: | ||
Property | 97 | 115 |
Equipment | 1 | 1 |
Total right-of-use assets | 98 | 116 |
Lease liabilities | (193) | (223) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest on lease liabilities | 6 | 6 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 27 | 26 |
Greater than or equal to 1 year and less than 2 years | 27 | 25 |
Greater than or equal to 2 years and less than 3 years | 26 | 26 |
Greater than or equal to 3 years and less than 4 years | 24 | 26 |
Greater than or equal to 4 years and less than 5 years | 23 | 25 |
Greater than or equal to 5 years and less than 10 years | 72 | 91 |
Greater than or equal to 10 years and less than 15 years | 19 | 32 |
Total undiscounted lease liabilities | 218 | 251 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 5 | 3 |
Greater than or equal to 1 year and less than 2 years | 5 | 4 |
Greater than or equal to 2 years and less than 3 years | 5 | 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 | 5 | 4 |
Greater than or equal to 5 years and less than 10 years | 13 | 14 |
Greater than or equal to 10 years and less than 15 years | \u2014 | 1 |
Total contractual undiscounted cash flows under finance leases | 37 | 34 |
Unearned finance income | (5) | (3) |
Total net investment in finance leases | 32 | 31 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 2 | 2 |
Greater than or equal to 1 year and less than 2 years | 1 | 2 |
Greater than or equal to 2 years and less than 3 years | \u2014 | 1 |
Total contractual undiscounted cash flows under operating leases | 3 | 5 |
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 underlying asset is of low value. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Right-of-use assets: | ||
Property | 97 | 115 |
Equipment | 1 | 1 |
Total right-of-use assets | 98 | 116 |
Lease liabilities | (193) | (223) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest on lease liabilities | 6 | 6 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 27 | 26 |
Greater than or equal to 1 year and less than 2 years | 27 | 25 |
Greater than or equal to 2 years and less than 3 years | 26 | 26 |
Greater than or equal to 3 years and less than 4 years | 24 | 26 |
Greater than or equal to 4 years and less than 5 years | 23 | 25 |
Greater than or equal to 5 years and less than 10 years | 72 | 91 |
Greater than or equal to 10 years and less than 15 years | 19 | 32 |
Total undiscounted lease liabilities | 218 | 251 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Right-of-use assets: | ||
Property | 97 | 115 |
Equipment | 1 | 1 |
Total right-of-use assets | 98 | 116 |
Lease liabilities | (193) | (223) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Interest on lease liabilities | 6 | 6 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 27 | 26 |
Greater than or equal to 1 year and less than 2 years | 27 | 25 |
Greater than or equal to 2 years and less than 3 years | 26 | 26 |
Greater than or equal to 3 years and less than 4 years | 24 | 26 |
Greater than or equal to 4 years and less than 5 years | 23 | 25 |
Greater than or equal to 5 years and less than 10 years | 72 | 91 |
Greater than or equal to 10 years and less than 15 years | 19 | 32 |
Total undiscounted lease liabilities | 218 | 251 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 5 | 3 |
Greater than or equal to 1 year and less than 2 years | 5 | 4 |
Greater than or equal to 2 years and less than 3 years | 5 | 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 | 5 | 4 |
Greater than or equal to 5 years and less than 10 years | 13 | 14 |
Greater than or equal to 10 years and less than 15 years | \u2014 | 1 |
Total contractual undiscounted cash flows under finance leases | 37 | 34 |
Unearned finance income | (5) | (3) |
Total net investment in finance leases | 32 | 31 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 2 | 2 |
Greater than or equal to 1 year and less than 2 years | 1 | 2 |
Greater than or equal to 2 years and less than 3 years | \u2014 | 1 |
Total contractual undiscounted cash flows under operating leases | 3 | 5 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 5 | 3 |
Greater than or equal to 1 year and less than 2 years | 5 | 4 |
Greater than or equal to 2 years and less than 3 years | 5 | 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 | 5 | 4 |
Greater than or equal to 5 years and less than 10 years | 13 | 14 |
Greater than or equal to 10 years and less than 15 years | \u2014 | 1 |
Total contractual undiscounted cash flows under finance leases | 37 | 34 |
Unearned finance income | (5) | (3) |
Total net investment in finance leases | 32 | 31 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Less than 1 year | 2 | 2 |
Greater than or equal to 1 year and less than 2 years | 1 | 2 |
Greater than or equal to 2 years and less than 3 years | \u2014 | 1 |
Total contractual undiscounted cash flows under operating leases | 3 | 5 |
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: | ||||
SPPI1 test satisfied? | Business model | Classification | ||
Yes | A: Objective is to hold to collect contractual cash flows | Amortised cost2 | ||
Yes | B: Objective is achieved by both collecting contractual cash flows and selling | Fair value through other comprehensive income (FVOCI)2 | ||
Yes | C: Objective is neither A nor B | FVTPL | ||
No | N/A | FVTPL | ||
1. Solely payments of principal and interest. 2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Group has no 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 Note 14). 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. |
At fair value through profit or loss 1 | Cash flow hedge2 | At amortised cost | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Derivative financial assets | 18 | 4 | 2 | 50 | 41 | \u2014 | \u2014 | 54 | 43 |
Equity securities and interests in pooled investment funds | 36 | 1,105 | 1,139 | \u2014 | \u2014 | \u2014 | \u2014 | 1,105 | 1,139 |
Debt securities | 36 | 659 | 740 | \u2014 | \u2014 | \u2014 | 125 | 659 | 865 |
Financial investments | 1,768 | 1,881 | 50 | 41 | \u2014 | 125 | 1,818 | 2,047 | |
Receivables and other financial assets | 19 | 17 | 11 | \u2014 | \u2014 | 1,007 | 1,060 | 1,024 | 1,071 |
Cash and cash equivalents | 22 | \u2014 | \u2014 | \u2014 | \u2014 | 1,321 | 1,196 | 1,321 | 1,196 |
Total | 1,785 | 1,892 | 50 | 41 | 2,328 | 2,381 | 4,163 | 4,314 |
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: | ||||
SPPI1 test satisfied? | Business model | Classification | ||
Yes | A: Objective is to hold to collect contractual cash flows | Amortised cost2 | ||
Yes | B: Objective is achieved by both collecting contractual cash flows and selling | Fair value through other comprehensive income (FVOCI)2 | ||
Yes | C: Objective is neither A nor B | FVTPL | ||
No | N/A | FVTPL | ||
1. Solely payments of principal and interest. 2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Group has no 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 Note 14). 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. |
At fair value through profit or loss 1 | Cash flow hedge2 | At amortised cost | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Derivative financial assets | 18 | 4 | 2 | 50 | 41 | \u2014 | \u2014 | 54 | 43 |
Equity securities and interests in pooled investment funds | 36 | 1,105 | 1,139 | \u2014 | \u2014 | \u2014 | \u2014 | 1,105 | 1,139 |
Debt securities | 36 | 659 | 740 | \u2014 | \u2014 | \u2014 | 125 | 659 | 865 |
Financial investments | 1,768 | 1,881 | 50 | 41 | \u2014 | 125 | 1,818 | 2,047 | |
Receivables and other financial assets | 19 | 17 | 11 | \u2014 | \u2014 | 1,007 | 1,060 | 1,024 | 1,071 |
Cash and cash equivalents | 22 | \u2014 | \u2014 | \u2014 | \u2014 | 1,321 | 1,196 | 1,321 | 1,196 |
Total | 1,785 | 1,892 | 50 | 41 | 2,328 | 2,381 | 4,163 | 4,314 |
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: | ||||
SPPI1 test satisfied? | Business model | Classification | ||
Yes | A: Objective is to hold to collect contractual cash flows | Amortised cost2 | ||
Yes | B: Objective is achieved by both collecting contractual cash flows and selling | Fair value through other comprehensive income (FVOCI)2 | ||
Yes | C: Objective is neither A nor B | FVTPL | ||
No | N/A | FVTPL | ||
1. Solely payments of principal and interest. 2. May be classified as FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Group has no 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 Note 14). 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. | ||
2024 | 2023 | ||||||
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 | 599 | 50 | \u2014 | 588 | 41 | \u2014 |
FVTPL | 17, 29 | 555 | 4 | 3 | 628 | 2 | 9 |
Derivative financial instruments | 36 | 1,154 | 54 | 3 | 1,216 | 43 | 9 |
Derivative financial instruments backing unit linked liabilities | 23 | \u2014 | \u2014 | \u2014 | 2 | \u2014 | \u2014 |
Total derivative financial instruments | 1,154 | 54 | 3 | 1,218 | 43 | 9 |
2024 | 2023 | |||||
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 | 95 | 3 | \u2014 | 130 | \u2014 | 5 |
Swaps | 6 | \u2014 | \u2014 | 13 | \u2014 | \u2014 |
Bond derivatives: | ||||||
Futures | 54 | \u2014 | \u2014 | 46 | \u2014 | 2 |
Interest rate derivatives: | ||||||
Swaps | \u2014 | \u2014 | \u2014 | 21 | 1 | \u2014 |
Foreign exchange derivatives: | ||||||
Forwards | 313 | 1 | \u2014 | 339 | 1 | \u2014 |
Other derivatives: | ||||||
Credit default swaps | 87 | \u2014 | 3 | 81 | \u2014 | 2 |
Derivative financial instruments at FVTPL | 555 | 4 | 3 | 630 | 2 | 9 |
Within 1 year | 1-5 years | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cash inflows | ||||||
Derivative financial assets | 331 | 339 | 663 | 677 | 994 | 1,016 |
Derivative financial liabilities | 11 | 25 | \u2014 | \u2014 | 11 | 25 |
Total | 342 | 364 | 663 | 677 | 1,005 | 1,041 |
Cash outflows | ||||||
Derivative financial assets | (319) | (331) | (614) | (632) | (933) | (963) |
Derivative financial liabilities | (11) | (25) | (3) | (2) | (14) | (27) |
Total | (330) | (356) | (617) | (634) | (947) | (990) |
Net derivative financial instruments cash inflows | 12 | 8 | 46 | 43 | 58 | 51 |
Within 1 year | 1-5 years | Total | ||||
2024 | 2023 | 2024 | 2024 | 2024 | 2024 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cash inflows | 25 | 25 | 663 | 676 | 688 | 701 |
Cash outflows | (18) | (18) | (614) | (632) | (632) | (650) |
Net cash flow hedge cash inflows | 7 | 7 | 49 | 44 | 56 | 51 |
2024 | 2023 | |||||
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 | 95 | 3 | \u2014 | 130 | \u2014 | 5 |
Swaps | 6 | \u2014 | \u2014 | 13 | \u2014 | \u2014 |
Bond derivatives: | ||||||
Futures | 54 | \u2014 | \u2014 | 46 | \u2014 | 2 |
Interest rate derivatives: | ||||||
Swaps | \u2014 | \u2014 | \u2014 | 21 | 1 | \u2014 |
Foreign exchange derivatives: | ||||||
Forwards | 313 | 1 | \u2014 | 339 | 1 | \u2014 |
Other derivatives: | ||||||
Credit default swaps | 87 | \u2014 | 3 | 81 | \u2014 | 2 |
Derivative financial instruments at FVTPL | 555 | 4 | 3 | 630 | 2 | 9 |
2024 | 2023 | |||||
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 | 95 | 3 | \u2014 | 130 | \u2014 | 5 |
Swaps | 6 | \u2014 | \u2014 | 13 | \u2014 | \u2014 |
Bond derivatives: | ||||||
Futures | 54 | \u2014 | \u2014 | 46 | \u2014 | 2 |
Interest rate derivatives: | ||||||
Swaps | \u2014 | \u2014 | \u2014 | 21 | 1 | \u2014 |
Foreign exchange derivatives: | ||||||
Forwards | 313 | 1 | \u2014 | 339 | 1 | \u2014 |
Other derivatives: | ||||||
Credit default swaps | 87 | \u2014 | 3 | 81 | \u2014 | 2 |
Derivative financial instruments at FVTPL | 555 | 4 | 3 | 630 | 2 | 9 |
Within 1 year | 1-5 years | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cash inflows | ||||||
Derivative financial assets | 331 | 339 | 663 | 677 | 994 | 1,016 |
Derivative financial liabilities | 11 | 25 | \u2014 | \u2014 | 11 | 25 |
Total | 342 | 364 | 663 | 677 | 1,005 | 1,041 |
Cash outflows | ||||||
Derivative financial assets | (319) | (331) | (614) | (632) | (933) | (963) |
Derivative financial liabilities | (11) | (25) | (3) | (2) | (14) | (27) |
Total | (330) | (356) | (617) | (634) | (947) | (990) |
Net derivative financial instruments cash inflows | 12 | 8 | 46 | 43 | 58 | 51 |
Within 1 year | 1-5 years | Total | ||||
2024 | 2023 | 2024 | 2024 | 2024 | 2024 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Cash inflows | 25 | 25 | 663 | 676 | 688 | 701 |
Cash outflows | (18) | (18) | (614) | (632) | (632) | (650) |
Net cash flow hedge cash inflows | 7 | 7 | 49 | 44 | 56 | 51 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Amounts receivable from contracts with customers | 115 | 110 | |
Accrued income | 333 | 310 | |
Amounts due from counterparties and customers for unsettled trades and fund transactions | 371 | 477 | |
Net investment in finance leases | 32 | 31 | |
Collateral pledged in respect of derivative contracts | 34 | 12 | 19 |
Contingent consideration assets | 36 | 17 | 11 |
Deferred consideration assets | 21 | \u2014 | |
Other | 123 | 113 | |
Receivables and other financial assets | 1,024 | 1,071 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Accruals | 234 | 284 | |
Amounts due to counterparties and customers for unsettled trades and fund transactions | 355 | 464 | |
Lease liabilities | 16 | 193 | 223 |
Cash collateral held in respect of derivative contracts | 34 | 57 | 40 |
Contingent consideration liabilities | 36 | 96 | 114 |
Deferred income | 12 | 4 | |
Other | 101 | 112 | |
Other financial liabilities | 1,048 | 1,241 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Amounts receivable from contracts with customers | 115 | 110 | |
Accrued income | 333 | 310 | |
Amounts due from counterparties and customers for unsettled trades and fund transactions | 371 | 477 | |
Net investment in finance leases | 32 | 31 | |
Collateral pledged in respect of derivative contracts | 34 | 12 | 19 |
Contingent consideration assets | 36 | 17 | 11 |
Deferred consideration assets | 21 | \u2014 | |
Other | 123 | 113 | |
Receivables and other financial assets | 1,024 | 1,071 |
2024 | 2023 | ||
\u00a3m | \u00a3m | ||
Prepayments | 53 | 75 | |
Other | 1 | 2 | |
Other assets | 54 | 77 |
2024 | 2023 | ||
\u00a3m | \u00a3m | ||
Prepayments | 53 | 75 | |
Other | 1 | 2 | |
Other assets | 54 | 77 |
2024 | 2023 | ||
\u00a3m | \u00a3m | ||
Prepayments | 53 | 75 | |
Other | 1 | 2 | |
Other assets | 54 | 77 |
2024 | 2023 | ||
\u00a3m | \u00a3m | ||
Prepayments | 53 | 75 | |
Other | 1 | 2 | |
Other assets | 54 | 77 |
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. Amounts seeded into newly established investment vehicles which are not consolidated and are recognised as interests in pooled investment funds are also classified as held for sale where the Group intends to dispose of its investment in a single transaction. As above, they continue to be measured based on the accounting policies that applied before they were classified as held for sale. | ||
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Assets of operations held for sale | |||
European-headquartered Private Equity business | \u2014 | 10 | |
Investments in joint ventures accounted for using the equity method | |||
Virgin Money UTM | 14 | \u2014 | 9 |
Investment vehicles | 17 | \u2014 | |
Assets held for sale | 17 | 19 | |
Liabilities of operations held for sale | |||
European-headquartered Private Equity business | \u2014 | 2 | |
Liabilities of operations held for sale | \u2014 | 2 |
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 |
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. | ||
2024 | 2023 | ||
\u00a3m | \u00a3m | ||
Cash at bank and in hand | 733 | 704 | |
Money at call, term deposits, reverse repurchase agreements and debt instruments with less than three months to maturity from acquisition | 415 | 301 | |
Money market funds | 173 | 191 | |
Cash and cash equivalents | 1,321 | 1,196 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Cash and cash equivalents | 1,321 | 1,196 | |
Cash and cash equivalents backing unit linked liabilities | 23 | 14 | 13 |
Cash and cash equivalents classified as held for sale | 21 | \u2014 | 1 |
Total cash and cash equivalents for consolidated statement of cash flows | 1,335 | 1,210 |
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. | ||
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Net gains or losses on financial instruments and other income | 4 | (1) | 4 |
Other administrative expense | 5 | \u2014 | (1) |
(Loss)/profit before tax | (1) | 3 | |
Tax credit/(expense) attributable to unit linked business | 9 | 1 | (3) |
Profit after tax | \u2014 | \u2014 |
Level 1 | Level 2 | Level 3 | Not at fair value | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial investments | 349 | 396 | 300 | 273 | \u2014 | \u2014 | \u2014 | \u2014 | 649 | 669 |
Receivables and other financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 | 4 | 4 | 4 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 14 | 13 | 14 | 13 |
Total financial assets backing unit linked liabilities | 349 | 396 | 300 | 273 | \u2014 | \u2014 | 18 | 17 | 667 | 686 |
Investment contract liabilities | \u2014 | \u2014 | 665 | 684 | \u2014 | \u2014 | \u2014 | \u2014 | 665 | 684 |
Other unit linked financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 | 2 | 2 |
Total unit linked financial liabilities | \u2014 | \u2014 | 665 | 684 | \u2014 | \u2014 | 2 | 2 | 667 | 686 |
Equity securities and interests in pooled investment funds | Investment contract liabilities | |||
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At start of period | \u2014 | 1 | \u2014 | (1) |
Sales | \u2014 | (1) | \u2014 | 1 |
At end of period | \u2014 | \u2014 | \u2014 | \u2014 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
At 1 January | 684 | 773 |
Contributions | 59 | 54 |
Account balances paid on surrender and other terminations in the year | (137) | (206) |
Change in non-participating investment contract liabilities recognised in the consolidated income statement | 58 | 65 |
Recurring management charges | 1 | (2) |
At 31 December | 665 | 684 |
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. | ||
Level 1 | Level 2 | Level 3 | Not at fair value | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial investments | 349 | 396 | 300 | 273 | \u2014 | \u2014 | \u2014 | \u2014 | 649 | 669 |
Receivables and other financial assets | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 4 | 4 | 4 | 4 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 14 | 13 | 14 | 13 |
Total financial assets backing unit linked liabilities | 349 | 396 | 300 | 273 | \u2014 | \u2014 | 18 | 17 | 667 | 686 |
Investment contract liabilities | \u2014 | \u2014 | 665 | 684 | \u2014 | \u2014 | \u2014 | \u2014 | 665 | 684 |
Other unit linked financial liabilities | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 2 | 2 | 2 |
Total unit linked financial liabilities | \u2014 | \u2014 | 665 | 684 | \u2014 | \u2014 | 2 | 2 | 667 | 686 |
Equity securities and interests in pooled investment funds | Investment contract liabilities | |||
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At start of period | \u2014 | 1 | \u2014 | (1) |
Sales | \u2014 | (1) | \u2014 | 1 |
At end of period | \u2014 | \u2014 | \u2014 | \u2014 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
At 1 January | 684 | 773 |
Contributions | 59 | 54 |
Account balances paid on surrender and other terminations in the year | (137) | (206) |
Change in non-participating investment contract liabilities recognised in the consolidated income statement | 58 | 65 |
Recurring management charges | 1 | (2) |
At 31 December | 665 | 684 |
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. | ||
2024 | 2023 | |||||
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 | 1,840,740,364 | 257 | 640 | 2,001,891,899 | 280 | 640 |
Shares issued in respect of share incentive plans | 2,265 | \u2014 | \u2014 | 2,414 | \u2014 | \u2014 |
Share buyback | \u2014 | \u2014 | \u2014 | (161,153,949) | (23) | \u2014 |
At 31 December | 1,840,742,629 | 257 | 640 | 1,840,740,364 | 257 | 640 |
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. | ||
2024 | 2023 | |||||
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 | 1,840,740,364 | 257 | 640 | 2,001,891,899 | 280 | 640 |
Shares issued in respect of share incentive plans | 2,265 | \u2014 | \u2014 | 2,414 | \u2014 | \u2014 |
Share buyback | \u2014 | \u2014 | \u2014 | (161,153,949) | (23) | \u2014 |
At 31 December | 1,840,742,629 | 257 | 640 | 1,840,740,364 | 257 | 640 |
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. | ||
2024 | 2023 | |||||
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 | 1,840,740,364 | 257 | 640 | 2,001,891,899 | 280 | 640 |
Shares issued in respect of share incentive plans | 2,265 | \u2014 | \u2014 | 2,414 | \u2014 | \u2014 |
Share buyback | \u2014 | \u2014 | \u2014 | (161,153,949) | (23) | \u2014 |
At 31 December | 1,840,742,629 | 257 | 640 | 1,840,740,364 | 257 | 640 |
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 (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 corresponding value is released to retained earnings. | ||
2024 | 2023 | |
Number of shares held by trusts | ||
abrdn Employee Benefit Trust | 30,362,961 | 34,076,343 |
abrdn Employee Trust | 21,888,159 | 22,187,644 |
Aberdeen Asset Management Employee Benefit Trust 2003 | 1,707,127 | 2,080,853 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Opening balance carried forward | 4,449 | 4,986 | |
Effect of application of IFRS 9 on Investments in associates and joint ventures accounted for using the equity method 1 | \u2014 | 51 | |
Opening balance at 1 January | 4,449 | 5,037 | |
Recognised in comprehensive income | |||
Recognised in profit/(loss) for the year attributable to equity holders | 237 | 1 | |
Recognised in other comprehensive income | |||
Remeasurement losses on defined benefit pension plans | 31 | 24 | (139) |
Share of other comprehensive income of associates and joint ventures | 14 | (47) | (31) |
Total items recognised in comprehensive income | 214 | (169) | |
Recognised directly in equity | |||
Dividends paid on ordinary shares | (260) | (279) | |
Share buyback | 24 | \u2014 | (302) |
Transfer for vested employee share-based payments | 32 | 31 | |
Transfer between reserves on impairment of subsidiaries | 27 | 94 | 169 |
Shares distributed by employee and other trusts | (48) | (38) | |
Aggregate tax effect of items recognised directly in equity | 9 | (1) | \u2014 |
Total items recognised directly in equity | (183) | (419) | |
At 31 December | 4,480 | 4,449 |
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. In July 2022 there was a cancellation of the capital redemption reserve of \u00a31,059m. Additional capital redemption reserve is created by subsequent buybacks (refer Note 24). | ||
Cash flow hedges | Foreign currency translation | Merger reserve | Equity compensation reserve | Special reserve | Reserve arising on Group reconstruction | Capital redemption reserve | Total | ||
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | ||
1 January 2024 | 14 | 34 | 106 | 41 | 115 | (685) | 48 | (327) | |
Recognised in other comprehensive income | |||||||||
Fair value losses on cash flow hedges | 20 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 20 | |
Exchange differences on translating foreign operations | \u2014 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (2) | |
Items transferred to profit or loss | (18) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (18) | |
Total items recognised in other comprehensive income | 2 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Reserves credit for employee share- based payments | \u2014 | \u2014 | \u2014 | 26 | \u2014 | \u2014 | \u2014 | 26 | |
Transfer to retained earnings for vested employee share-based payments | \u2014 | \u2014 | \u2014 | (32) | \u2014 | \u2014 | \u2014 | (32) | |
Transfer between reserves on impairment of subsidiaries | \u2014 | \u2014 | (94) | \u2014 | \u2014 | \u2014 | \u2014 | (94) | |
Total items recognised directly within equity | \u2014 | \u2014 | (94) | (6) | \u2014 | \u2014 | \u2014 | (100) | |
At 31 December 2024 | 16 | 32 | 12 | 35 | 115 | (685) | 48 | (427) |
Cash flow hedges | Foreign currency translation | Merger reserve | Equity compensation reserve | Special reserve | Reserve arising on Group reconstruction | Capital redemption reserve | Total | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
1 January 2023 | 23 | 70 | 275 | 48 | 115 | (685) | 25 | (129) | |
Recognised in other comprehensive income | |||||||||
Fair value losses on cash flow hedges | (40) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (40) | |
Exchange differences on translating foreign operations | \u2014 | (35) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (35) | |
Items transferred to profit or loss | 28 | (1) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 27 | |
Aggregate tax effect of items recognised in other comprehensive income | 3 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 3 | |
Total items recognised in other comprehensive income | (9) | (36) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (45) | |
Recognised directly in equity | |||||||||
Share buyback | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 23 | 23 |
Reserves credit for employee share-based payments | \u2014 | \u2014 | \u2014 | 24 | \u2014 | \u2014 | \u2014 | 24 | |
Transfer to retained earnings for vested employee share-based payments | \u2014 | \u2014 | \u2014 | (31) | \u2014 | \u2014 | \u2014 | (31) | |
Transfer between reserves on impairment of subsidiaries | \u2014 | \u2014 | (169) | \u2014 | \u2014 | \u2014 | \u2014 | (169) | |
Total items recognised directly within equity | \u2014 | \u2014 | (169) | (7) | \u2014 | \u2014 | 23 | (153) | |
At 31 December 2023 | 14 | 34 | 106 | 41 | 115 | (685) | 48 | (327) |
Perpetual subordinated notes issued by the Company 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 consolidated 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. | ||
At fair value through profit or loss1 | At amortised cost | Total | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Third party interest in consolidated funds | 184 | 187 | \u2014 | \u2014 | 184 | 187 | |
Subordinated liabilities | 30 | \u2014 | \u2014 | 597 | 599 | 597 | 599 |
Derivative financial liabilities | 18 | 3 | 9 | \u2014 | \u2014 | 3 | 9 |
Other financial liabilities | 32 | 111 | 129 | 937 | 1,112 | 1,048 | 1,241 |
Total | 298 | 325 | 1,534 | 1,711 | 1,832 | 2,036 |
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 consolidated 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. | ||
2024 | 2023 | ||||
Notes | Principal amount | Carrying value | Principal amount | Carrying value | |
Subordinated notes | |||||
4.25% US Dollar fixed rate due 30 June 2028 | $750m | \u00a3597m | $750m | \u00a3599m | |
Total subordinated liabilities | 36 | \u00a3597m | \u00a3599m |
4.25% US Dollar fixed rate1 | |
Principal amount | $750m |
Issue date | 18 October 2017 |
Maturity date | 30 June 2028 |
Callable at par at option of the Company from | Not applicable |
If not called by the Company interest will reset to | Not applicable |
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. | ||
2024 | 2023 | ||||
Notes | Principal amount | Carrying value | Principal amount | Carrying value | |
Subordinated notes | |||||
4.25% US Dollar fixed rate due 30 June 2028 | $750m | \u00a3597m | $750m | \u00a3599m | |
Total subordinated liabilities | 36 | \u00a3597m | \u00a3599m |
4.25% US Dollar fixed rate1 | |
Principal amount | $750m |
Issue date | 18 October 2017 |
Maturity date | 30 June 2028 |
Callable at par at option of the Company from | Not applicable |
If not called by the Company interest will reset to | Not applicable |
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 consolidated 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, any refund would be subject to an authorised surplus payments charge and that a surplus payments charge is not an income tax. Consequently, any UK surplus is recognised net of an authorised surplus payments charge and the authorised surplus payments charge is not 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 2024. 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 2024. The Virgin Media Ltd v NTL Pension Trustees decision, delivered by the High Court on 16 June 2023 and upheld by the Court of Appeal in June 2024 (the VM judgement), considers the implications of section 37 of the Pension Schemes Act 1993 for amendments to contracted-out schemes between 1997 and 2016. The Company is aware of the VM judgement and is in discussions with advisers regarding its potential impact on the Group\u2019s three UK defined benefit pension plans. The judgement left significant questions unanswered. There is legal uncertainty since the Group\u2019s pension plans are governed by Scots law, while the VM judgement was issued in English courts. The Group considers it would only be appropriate to assess the full implications of the VM judgement once further guidance is available, and it will work with the trustee boards of its pension plans to carry out further investigations when the position is clearer. 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. Following the judgement by the Court of Session in August 2023 that, 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, the Group has continued\u00a0 to work with the trustee on the long-term strategy for the plan. The Group has reached agreement with the trustee of the defined benefit pension plan to utilise part of\u00a0 the existing surplus to fund the cost of providing defined contribution benefits to current employees with an annual review of other options including an insurance buyout and within certain guardrails ensuring the continued financial strength of the plan. This is expected to result in an annual benefit of c.\u00a335m to net capital generation from July 2025, assuming there is a decision to proceed with the proposed DC consolidation following completion of the ongoing employee consultation expected to conclude in March 2025. This agreement enables the Group to unlock value from the plan, while largely maintaining the surplus and retaining optionality. Any residual amount that would be returned to the Group would be determined at the time of the ultimate refund. |
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 (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. |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Current service cost | 48 | 55 |
Past service cost | \u2014 | (5) |
Net interest income | (33) | (38) |
Administrative expenses | 11 | 4 |
Expense recognised in the consolidated income statement | 26 | 16 |
2024 | 2023 | |||||
Principal plan | Other | Total | Principal plan | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Present value of funded obligation | (1,552) | (217) | (1,769) | (1,784) | (234) | (2,018) |
Present value of unfunded obligation | \u2014 | (2) | (2) | \u2014 | (2) | (2) |
Fair value of plan assets | 2,591 | 222 | 2,813 | 2,912 | 233 | 3,145 |
Net asset/(liability) before the limit on plan surplus | 1,039 | 3 | 1,042 | 1,128 | (3) | 1,125 |
Effect of limit on plan surplus1 | (260) | (4) | (264) | (394) | (3) | (397) |
Net asset/(liability) | 779 | (1) | 778 | 734 | (6) | 728 |
Present value of obligation | Fair value of plan assets | Net asset/(liability) before the limit on plan surplus | Effect of limit of plan surpluses | Net asset/(liability) | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | (2,020) | (1,986) | 3,145 | 3,252 | 1,125 | 1,266 | (397) | (447) | 728 | 819 |
Total expense | ||||||||||
Current service cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Past service cost | \u2014 | 5 | \u2014 | \u2014 | \u2014 | 5 | \u2014 | \u2014 | \u2014 | 5 |
Interest (expense)/income | (91) | (88) | 142 | 146 | 51 | 58 | (18) | (20) | 33 | 38 |
Administrative expenses | (9) | (4) | (2) | \u2014 | (11) | (4) | \u2014 | \u2014 | (11) | (4) |
Total (expense)/income recognised in consolidated income statement | (100) | (87) | 140 | 146 | 40 | 59 | (18) | (20) | 22 | 39 |
Remeasurements | ||||||||||
Return on plan assets, excluding amounts included in interest income | \u2014 | \u2014 | (392) | (186) | (392) | (186) | \u2014 | \u2014 | (392) | (186) |
(Loss)/gain from change in demographic assumptions | (1) | 31 | \u2014 | \u2014 | (1) | 31 | \u2014 | \u2014 | (1) | 31 |
(Loss)/gain from change in financial assumptions | 236 | (56) | \u2014 | \u2014 | 236 | (56) | \u2014 | \u2014 | 236 | (56) |
Experience gains/(losses) | 27 | 2 | \u2014 | \u2014 | 27 | 2 | \u2014 | \u2014 | 27 | 2 |
Change in effect of limit on plan surplus | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 154 | 70 | 154 | 70 |
Remeasurement (losses)/gains recognised in other comprehensive income | 262 | (23) | (392) | (186) | (130) | (209) | 154 | 70 | 24 | (139) |
Exchange differences | 5 | 4 | (4) | (4) | 1 | \u2014 | (3) | \u2014 | (2) | \u2014 |
Employer contributions | \u2014 | \u2014 | 5 | 8 | 5 | 8 | \u2014 | \u2014 | 5 | 8 |
Benefit payments | 82 | 72 | (81) | (71) | 1 | 1 | \u2014 | \u2014 | 1 | 1 |
At 31 December | (1,771) | (2,020) | 2,813 | 3,145 | 1,042 | 1,125 | (264) | (397) | 778 | 728 |
Principal plan | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets measured at fair value based on level 1 inputs | ||||||
Debt securities | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Total assets measured at fair value based on level 1 inputs | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Assets measured at fair value based on level 2 or 3 inputs | ||||||
Derivatives | (3) | (3) | \u2014 | (2) | (3) | (5) |
Equity securities | 43 | 44 | \u2014 | \u2014 | 43 | 44 |
Interests in pooled investment funds | ||||||
Debt | 106 | 286 | 19 | 19 | 125 | 305 |
Equity | \u2014 | \u2014 | 12 | 7 | 12 | 7 |
Multi-asset private markets | 217 | 230 | \u2014 | \u2014 | 217 | 230 |
Property | 79 | 82 | 9 | 11 | 88 | 93 |
Absolute return | \u2014 | \u2014 | 4 | 9 | 4 | 9 |
Cash | \u2014 | 9 | 52 | 73 | 52 | 82 |
Debt securities | 909 | 1,110 | 3 | 2 | 912 | 1,112 |
Qualifying insurance policies | 2 | 2 | 116 | 125 | 118 | 127 |
Total assets measured at fair value based on level 2 or 3 inputs | 1,353 | 1,760 | 215 | 244 | 1,568 | 2,004 |
Cash and cash equivalents | 111 | 103 | 4 | 4 | 115 | 107 |
Liability in respect of collateral held | (285) | (354) | 3 | (15) | (282) | (369) |
Total | 2,591 | 2,912 | 222 | 233 | 2,813 | 3,145 |
2024 | 2023 | |
% | % | |
Discount rate | 5.60 | 4.60 |
Rates of inflation | ||
Consumer Price Index (CPI) | 2.75 | 2.65 |
Retail Price Index (RPI) | 3.10 | 3.00 |
Expectation of life from NRA | |||||||
Normal retirement Age | Male age today | Female age today | |||||
2024 | Table | Improvements | (NRA) | NRA | 40 | NRA | 40 |
Plan specific basis (calibrated by Club Vita) reflecting membership demographics | Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. | 60 | 27 | 28 | 29 | 32 | |
Expectation of life from NRA | |||||||
Normal retirement Age | Male age today | Female age today | |||||
2023 | Table | Improvements | (NRA) | NRA | 40 | NRA | 40 |
Plan specific basis (calibrated by Club Vita) reflecting membership demographics | Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. | 60 | 27 | 28 | 29 | 31 |
\u00f2 | Non-current pensioner | \u00f2 | Current pensioner |
2024 | 2023 | |
Weighted average duration | years | years |
Current pensioner | 11 | 11 |
Non-current pensioner | 20 | 22 |
2024 | 2023 | ||||
(Increase)/decrease Increase/(decrease) in present value of obligation | (Increase)/decrease Increase/(decrease) in fair value of plan assets | (Increase)/decrease Increase/(decrease) in present value of obligation | (Increase)/decrease Increase/(decrease) in fair value of plan assets | ||
Change in assumption | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Yield/discount rate | Decrease by 1% (e.g. from 5.60% to 4.60%) | (266) | 444 | (342) | 566 |
Increase by 1% | 210 | (346) | 266 | (432) | |
Rates of inflation | Decrease by 1% | 184 | (299) | 233 | (371) |
Increase by 1% | (229) | 384 | (306) | 485 | |
Life expectancy | Decrease by 1 year | 47 | N/A | 54 | N/A |
Increase by 1 year | (47) | N/A | (54) | N/A |
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 consolidated 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, any refund would be subject to an authorised surplus payments charge and that a surplus payments charge is not an income tax. Consequently, any UK surplus is recognised net of an authorised surplus payments charge and the authorised surplus payments charge is not 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 2024. 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 2024. The Virgin Media Ltd v NTL Pension Trustees decision, delivered by the High Court on 16 June 2023 and upheld by the Court of Appeal in June 2024 (the VM judgement), considers the implications of section 37 of the Pension Schemes Act 1993 for amendments to contracted-out schemes between 1997 and 2016. The Company is aware of the VM judgement and is in discussions with advisers regarding its potential impact on the Group\u2019s three UK defined benefit pension plans. The judgement left significant questions unanswered. There is legal uncertainty since the Group\u2019s pension plans are governed by Scots law, while the VM judgement was issued in English courts. The Group considers it would only be appropriate to assess the full implications of the VM judgement once further guidance is available, and it will work with the trustee boards of its pension plans to carry out further investigations when the position is clearer. 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. Following the judgement by the Court of Session in August 2023 that, 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, the Group has continued\u00a0 to work with the trustee on the long-term strategy for the plan. The Group has reached agreement with the trustee of the defined benefit pension plan to utilise part of\u00a0 the existing surplus to fund the cost of providing defined contribution benefits to current employees with an annual review of other options including an insurance buyout and within certain guardrails ensuring the continued financial strength of the plan. This is expected to result in an annual benefit of c.\u00a335m to net capital generation from July 2025, assuming there is a decision to proceed with the proposed DC consolidation following completion of the ongoing employee consultation expected to conclude in March 2025. This agreement enables the Group to unlock value from the plan, while largely maintaining the surplus and retaining optionality. Any residual amount that would be returned to the Group would be determined at the time of the ultimate refund. |
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 (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. |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Current service cost | 48 | 55 |
Past service cost | \u2014 | (5) |
Net interest income | (33) | (38) |
Administrative expenses | 11 | 4 |
Expense recognised in the consolidated income statement | 26 | 16 |
2024 | 2023 | |||||
Principal plan | Other | Total | Principal plan | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Present value of funded obligation | (1,552) | (217) | (1,769) | (1,784) | (234) | (2,018) |
Present value of unfunded obligation | \u2014 | (2) | (2) | \u2014 | (2) | (2) |
Fair value of plan assets | 2,591 | 222 | 2,813 | 2,912 | 233 | 3,145 |
Net asset/(liability) before the limit on plan surplus | 1,039 | 3 | 1,042 | 1,128 | (3) | 1,125 |
Effect of limit on plan surplus1 | (260) | (4) | (264) | (394) | (3) | (397) |
Net asset/(liability) | 779 | (1) | 778 | 734 | (6) | 728 |
Present value of obligation | Fair value of plan assets | Net asset/(liability) before the limit on plan surplus | Effect of limit of plan surpluses | Net asset/(liability) | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | (2,020) | (1,986) | 3,145 | 3,252 | 1,125 | 1,266 | (397) | (447) | 728 | 819 |
Total expense | ||||||||||
Current service cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Past service cost | \u2014 | 5 | \u2014 | \u2014 | \u2014 | 5 | \u2014 | \u2014 | \u2014 | 5 |
Interest (expense)/income | (91) | (88) | 142 | 146 | 51 | 58 | (18) | (20) | 33 | 38 |
Administrative expenses | (9) | (4) | (2) | \u2014 | (11) | (4) | \u2014 | \u2014 | (11) | (4) |
Total (expense)/income recognised in consolidated income statement | (100) | (87) | 140 | 146 | 40 | 59 | (18) | (20) | 22 | 39 |
Remeasurements | ||||||||||
Return on plan assets, excluding amounts included in interest income | \u2014 | \u2014 | (392) | (186) | (392) | (186) | \u2014 | \u2014 | (392) | (186) |
(Loss)/gain from change in demographic assumptions | (1) | 31 | \u2014 | \u2014 | (1) | 31 | \u2014 | \u2014 | (1) | 31 |
(Loss)/gain from change in financial assumptions | 236 | (56) | \u2014 | \u2014 | 236 | (56) | \u2014 | \u2014 | 236 | (56) |
Experience gains/(losses) | 27 | 2 | \u2014 | \u2014 | 27 | 2 | \u2014 | \u2014 | 27 | 2 |
Change in effect of limit on plan surplus | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 154 | 70 | 154 | 70 |
Remeasurement (losses)/gains recognised in other comprehensive income | 262 | (23) | (392) | (186) | (130) | (209) | 154 | 70 | 24 | (139) |
Exchange differences | 5 | 4 | (4) | (4) | 1 | \u2014 | (3) | \u2014 | (2) | \u2014 |
Employer contributions | \u2014 | \u2014 | 5 | 8 | 5 | 8 | \u2014 | \u2014 | 5 | 8 |
Benefit payments | 82 | 72 | (81) | (71) | 1 | 1 | \u2014 | \u2014 | 1 | 1 |
At 31 December | (1,771) | (2,020) | 2,813 | 3,145 | 1,042 | 1,125 | (264) | (397) | 778 | 728 |
Principal plan | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets measured at fair value based on level 1 inputs | ||||||
Debt securities | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Total assets measured at fair value based on level 1 inputs | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Assets measured at fair value based on level 2 or 3 inputs | ||||||
Derivatives | (3) | (3) | \u2014 | (2) | (3) | (5) |
Equity securities | 43 | 44 | \u2014 | \u2014 | 43 | 44 |
Interests in pooled investment funds | ||||||
Debt | 106 | 286 | 19 | 19 | 125 | 305 |
Equity | \u2014 | \u2014 | 12 | 7 | 12 | 7 |
Multi-asset private markets | 217 | 230 | \u2014 | \u2014 | 217 | 230 |
Property | 79 | 82 | 9 | 11 | 88 | 93 |
Absolute return | \u2014 | \u2014 | 4 | 9 | 4 | 9 |
Cash | \u2014 | 9 | 52 | 73 | 52 | 82 |
Debt securities | 909 | 1,110 | 3 | 2 | 912 | 1,112 |
Qualifying insurance policies | 2 | 2 | 116 | 125 | 118 | 127 |
Total assets measured at fair value based on level 2 or 3 inputs | 1,353 | 1,760 | 215 | 244 | 1,568 | 2,004 |
Cash and cash equivalents | 111 | 103 | 4 | 4 | 115 | 107 |
Liability in respect of collateral held | (285) | (354) | 3 | (15) | (282) | (369) |
Total | 2,591 | 2,912 | 222 | 233 | 2,813 | 3,145 |
2024 | 2023 | |
% | % | |
Discount rate | 5.60 | 4.60 |
Rates of inflation | ||
Consumer Price Index (CPI) | 2.75 | 2.65 |
Retail Price Index (RPI) | 3.10 | 3.00 |
Expectation of life from NRA | |||||||
Normal retirement Age | Male age today | Female age today | |||||
2024 | Table | Improvements | (NRA) | NRA | 40 | NRA | 40 |
Plan specific basis (calibrated by Club Vita) reflecting membership demographics | Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. | 60 | 27 | 28 | 29 | 32 | |
Expectation of life from NRA | |||||||
Normal retirement Age | Male age today | Female age today | |||||
2023 | Table | Improvements | (NRA) | NRA | 40 | NRA | 40 |
Plan specific basis (calibrated by Club Vita) reflecting membership demographics | Core parameterisation of the CMI 2021 mortality improvements model (SK parameter of 7.0), with an initial improvement (or \u2018A\u2019) parameter of +0.5% for males and females, and a long-term rate of improvement of 1.5%. | 60 | 27 | 28 | 29 | 31 |
\u00f2 | Non-current pensioner | \u00f2 | Current pensioner |
2024 | 2023 | |
Weighted average duration | years | years |
Current pensioner | 11 | 11 |
Non-current pensioner | 20 | 22 |
2024 | 2023 | ||||
(Increase)/decrease Increase/(decrease) in present value of obligation | (Increase)/decrease Increase/(decrease) in fair value of plan assets | (Increase)/decrease Increase/(decrease) in present value of obligation | (Increase)/decrease Increase/(decrease) in fair value of plan assets | ||
Change in assumption | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Yield/discount rate | Decrease by 1% (e.g. from 5.60% to 4.60%) | (266) | 444 | (342) | 566 |
Increase by 1% | 210 | (346) | 266 | (432) | |
Rates of inflation | Decrease by 1% | 184 | (299) | 233 | (371) |
Increase by 1% | (229) | 384 | (306) | 485 | |
Life expectancy | Decrease by 1 year | 47 | N/A | 54 | N/A |
Increase by 1 year | (47) | N/A | (54) | N/A |
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 consolidated 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, any refund would be subject to an authorised surplus payments charge and that a surplus payments charge is not an income tax. Consequently, any UK surplus is recognised net of an authorised surplus payments charge and the authorised surplus payments charge is not 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 2024. 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 2024. The Virgin Media Ltd v NTL Pension Trustees decision, delivered by the High Court on 16 June 2023 and upheld by the Court of Appeal in June 2024 (the VM judgement), considers the implications of section 37 of the Pension Schemes Act 1993 for amendments to contracted-out schemes between 1997 and 2016. The Company is aware of the VM judgement and is in discussions with advisers regarding its potential impact on the Group\u2019s three UK defined benefit pension plans. The judgement left significant questions unanswered. There is legal uncertainty since the Group\u2019s pension plans are governed by Scots law, while the VM judgement was issued in English courts. The Group considers it would only be appropriate to assess the full implications of the VM judgement once further guidance is available, and it will work with the trustee boards of its pension plans to carry out further investigations when the position is clearer. 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. Following the judgement by the Court of Session in August 2023 that, 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, the Group has continued\u00a0 to work with the trustee on the long-term strategy for the plan. The Group has reached agreement with the trustee of the defined benefit pension plan to utilise part of\u00a0 the existing surplus to fund the cost of providing defined contribution benefits to current employees with an annual review of other options including an insurance buyout and within certain guardrails ensuring the continued financial strength of the plan. This is expected to result in an annual benefit of c.\u00a335m to net capital generation from July 2025, assuming there is a decision to proceed with the proposed DC consolidation following completion of the ongoing employee consultation expected to conclude in March 2025. This agreement enables the Group to unlock value from the plan, while largely maintaining the surplus and retaining optionality. Any residual amount that would be returned to the Group would be determined at the time of the ultimate refund. |
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 (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. |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Current service cost | 48 | 55 |
Past service cost | \u2014 | (5) |
Net interest income | (33) | (38) |
Administrative expenses | 11 | 4 |
Expense recognised in the consolidated income statement | 26 | 16 |
2024 | 2023 | |||||
Principal plan | Other | Total | Principal plan | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Present value of funded obligation | (1,552) | (217) | (1,769) | (1,784) | (234) | (2,018) |
Present value of unfunded obligation | \u2014 | (2) | (2) | \u2014 | (2) | (2) |
Fair value of plan assets | 2,591 | 222 | 2,813 | 2,912 | 233 | 3,145 |
Net asset/(liability) before the limit on plan surplus | 1,039 | 3 | 1,042 | 1,128 | (3) | 1,125 |
Effect of limit on plan surplus1 | (260) | (4) | (264) | (394) | (3) | (397) |
Net asset/(liability) | 779 | (1) | 778 | 734 | (6) | 728 |
2024 | 2023 | |||||
Principal plan | Other | Total | Principal plan | Other | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Present value of funded obligation | (1,552) | (217) | (1,769) | (1,784) | (234) | (2,018) |
Present value of unfunded obligation | \u2014 | (2) | (2) | \u2014 | (2) | (2) |
Fair value of plan assets | 2,591 | 222 | 2,813 | 2,912 | 233 | 3,145 |
Net asset/(liability) before the limit on plan surplus | 1,039 | 3 | 1,042 | 1,128 | (3) | 1,125 |
Effect of limit on plan surplus1 | (260) | (4) | (264) | (394) | (3) | (397) |
Net asset/(liability) | 779 | (1) | 778 | 734 | (6) | 728 |
Present value of obligation | Fair value of plan assets | Net asset/(liability) before the limit on plan surplus | Effect of limit of plan surpluses | Net asset/(liability) | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | (2,020) | (1,986) | 3,145 | 3,252 | 1,125 | 1,266 | (397) | (447) | 728 | 819 |
Total expense | ||||||||||
Current service cost | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Past service cost | \u2014 | 5 | \u2014 | \u2014 | \u2014 | 5 | \u2014 | \u2014 | \u2014 | 5 |
Interest (expense)/income | (91) | (88) | 142 | 146 | 51 | 58 | (18) | (20) | 33 | 38 |
Administrative expenses | (9) | (4) | (2) | \u2014 | (11) | (4) | \u2014 | \u2014 | (11) | (4) |
Total (expense)/income recognised in consolidated income statement | (100) | (87) | 140 | 146 | 40 | 59 | (18) | (20) | 22 | 39 |
Remeasurements | ||||||||||
Return on plan assets, excluding amounts included in interest income | \u2014 | \u2014 | (392) | (186) | (392) | (186) | \u2014 | \u2014 | (392) | (186) |
(Loss)/gain from change in demographic assumptions | (1) | 31 | \u2014 | \u2014 | (1) | 31 | \u2014 | \u2014 | (1) | 31 |
(Loss)/gain from change in financial assumptions | 236 | (56) | \u2014 | \u2014 | 236 | (56) | \u2014 | \u2014 | 236 | (56) |
Experience gains/(losses) | 27 | 2 | \u2014 | \u2014 | 27 | 2 | \u2014 | \u2014 | 27 | 2 |
Change in effect of limit on plan surplus | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 154 | 70 | 154 | 70 |
Remeasurement (losses)/gains recognised in other comprehensive income | 262 | (23) | (392) | (186) | (130) | (209) | 154 | 70 | 24 | (139) |
Exchange differences | 5 | 4 | (4) | (4) | 1 | \u2014 | (3) | \u2014 | (2) | \u2014 |
Employer contributions | \u2014 | \u2014 | 5 | 8 | 5 | 8 | \u2014 | \u2014 | 5 | 8 |
Benefit payments | 82 | 72 | (81) | (71) | 1 | 1 | \u2014 | \u2014 | 1 | 1 |
At 31 December | (1,771) | (2,020) | 2,813 | 3,145 | 1,042 | 1,125 | (264) | (397) | 778 | 728 |
Principal plan | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets measured at fair value based on level 1 inputs | ||||||
Debt securities | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Total assets measured at fair value based on level 1 inputs | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Assets measured at fair value based on level 2 or 3 inputs | ||||||
Derivatives | (3) | (3) | \u2014 | (2) | (3) | (5) |
Equity securities | 43 | 44 | \u2014 | \u2014 | 43 | 44 |
Interests in pooled investment funds | ||||||
Debt | 106 | 286 | 19 | 19 | 125 | 305 |
Equity | \u2014 | \u2014 | 12 | 7 | 12 | 7 |
Multi-asset private markets | 217 | 230 | \u2014 | \u2014 | 217 | 230 |
Property | 79 | 82 | 9 | 11 | 88 | 93 |
Absolute return | \u2014 | \u2014 | 4 | 9 | 4 | 9 |
Cash | \u2014 | 9 | 52 | 73 | 52 | 82 |
Debt securities | 909 | 1,110 | 3 | 2 | 912 | 1,112 |
Qualifying insurance policies | 2 | 2 | 116 | 125 | 118 | 127 |
Total assets measured at fair value based on level 2 or 3 inputs | 1,353 | 1,760 | 215 | 244 | 1,568 | 2,004 |
Cash and cash equivalents | 111 | 103 | 4 | 4 | 115 | 107 |
Liability in respect of collateral held | (285) | (354) | 3 | (15) | (282) | (369) |
Total | 2,591 | 2,912 | 222 | 233 | 2,813 | 3,145 |
Principal plan | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets measured at fair value based on level 1 inputs | ||||||
Debt securities | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Total assets measured at fair value based on level 1 inputs | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Assets measured at fair value based on level 2 or 3 inputs | ||||||
Derivatives | (3) | (3) | \u2014 | (2) | (3) | (5) |
Equity securities | 43 | 44 | \u2014 | \u2014 | 43 | 44 |
Interests in pooled investment funds | ||||||
Debt | 106 | 286 | 19 | 19 | 125 | 305 |
Equity | \u2014 | \u2014 | 12 | 7 | 12 | 7 |
Multi-asset private markets | 217 | 230 | \u2014 | \u2014 | 217 | 230 |
Property | 79 | 82 | 9 | 11 | 88 | 93 |
Absolute return | \u2014 | \u2014 | 4 | 9 | 4 | 9 |
Cash | \u2014 | 9 | 52 | 73 | 52 | 82 |
Debt securities | 909 | 1,110 | 3 | 2 | 912 | 1,112 |
Qualifying insurance policies | 2 | 2 | 116 | 125 | 118 | 127 |
Total assets measured at fair value based on level 2 or 3 inputs | 1,353 | 1,760 | 215 | 244 | 1,568 | 2,004 |
Cash and cash equivalents | 111 | 103 | 4 | 4 | 115 | 107 |
Liability in respect of collateral held | (285) | (354) | 3 | (15) | (282) | (369) |
Total | 2,591 | 2,912 | 222 | 233 | 2,813 | 3,145 |
Equities and interests in pooled investment funds1,2 | Debt securities | Derivatives3 | |
Level 1 | Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. | Debt securities listed on a recognised exchange valued using prices sourced from their primary exchange. | Exchange traded derivatives valued using prices sourced from the relevant exchange. |
Level 2 | Pooled investment funds where daily unit prices are available and reference is made to observable market data. | Debt securities valued using prices received from external pricing providers based on quotes received from a number of market participants. Debt securities valued using models and standard valuation formulas based on observable market data4. | Over-the-counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques. |
Level 3 | These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, the latest available valuations are reviewed and, where appropriate, adjustments are made to reflect the estimated impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued using a calibration to the price of a recent investment. | Debt securities valued using prices received from external pricing providers based on a single broker indicative quote. Debt securities valued using models and standard valuation formulas based on unobservable market data4. | N/A |
Fair value hierarchy | ||||||||||||
As recognised in the consolidated statement of financial position line item | Classified as held for sale | Total | Level 1 | Level 2 | Level 3 | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Owner occupied property | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Derivative financial assets | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 |
Equity securities and interests in pooled investment vehicles 1 | 1,105 | 1,139 | 17 | \u2014 | 1,122 | 1,139 | 711 | 769 | 133 | 137 | 278 | 233 |
Debt securities | 659 | 740 | \u2014 | \u2014 | 659 | 740 | 5 | 7 | 653 | 732 | 1 | 1 |
Contingent consideration assets | 17 | 11 | \u2014 | \u2014 | 17 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | 17 | 11 |
Total assets at fair value | 1,835 | 1,934 | 17 | \u2014 | 1,852 | 1,934 | 716 | 776 | 840 | 912 | 296 | 246 |
Fair value hierarchy | ||||||||
Total | Level 1 | Level 2 | Level 3 | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Liabilities in respect of third party interest in consolidated funds | 184 | 187 | \u2014 | \u2014 | 115 | 117 | 69 | 70 |
Derivative financial liabilities | 3 | 9 | \u2014 | 7 | 3 | 2 | \u2014 | \u2014 |
Contingent consideration liabilities | 96 | 114 | \u2014 | \u2014 | \u2014 | \u2014 | 96 | 114 |
Other financial liabilities1 | 15 | 15 | \u2014 | \u2014 | \u2014 | \u2014 | 15 | 15 |
Total liabilities at fair value | 298 | 325 | \u2014 | 7 | 118 | 119 | 180 | 199 |
Owner occupied property | Equity securities and interests in pooled investment funds | Debt securities | Liabilities in respect of third party interest in consolidated funds | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 1 | 1 | 233 | 231 | 1 | 2 | (70) | (74) |
Total gains/(losses) recognised in the consolidated income statement | \u2014 | \u2014 | 6 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Purchases | \u2014 | \u2014 | 45 | 18 | \u2014 | \u2014 | \u2014 | \u2014 |
Sales and other adjustments | (1) | \u2014 | (6) | (17) | \u2014 | (1) | 1 | 4 |
At 31 December | \u2014 | 1 | 278 | 233 | 1 | 1 | (69) | (70) |
Contingent consideration assets | Contingent consideration liabilities | Other financial liabilities1 | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 11 | 19 | (114) | (132) | (15) | (11) |
Total amounts recognised in the consolidated income statement | 2 | 7 | 9 | 16 | \u2014 | (5) |
Additions | 11 | 7 | \u2014 | (11) | \u2014 | \u2014 |
Settlements | (7) | (21) | 9 | 12 | \u2014 | 1 |
Other movements | \u2014 | (1) | \u2014 | 1 | \u2014 | \u2014 |
At 31 December | 17 | 11 | (96) | (114) | (15) | (15) |
Principal plan | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets measured at fair value based on level 1 inputs | ||||||
Debt securities | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Total assets measured at fair value based on level 1 inputs | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Assets measured at fair value based on level 2 or 3 inputs | ||||||
Derivatives | (3) | (3) | \u2014 | (2) | (3) | (5) |
Equity securities | 43 | 44 | \u2014 | \u2014 | 43 | 44 |
Interests in pooled investment funds | ||||||
Debt | 106 | 286 | 19 | 19 | 125 | 305 |
Equity | \u2014 | \u2014 | 12 | 7 | 12 | 7 |
Multi-asset private markets | 217 | 230 | \u2014 | \u2014 | 217 | 230 |
Property | 79 | 82 | 9 | 11 | 88 | 93 |
Absolute return | \u2014 | \u2014 | 4 | 9 | 4 | 9 |
Cash | \u2014 | 9 | 52 | 73 | 52 | 82 |
Debt securities | 909 | 1,110 | 3 | 2 | 912 | 1,112 |
Qualifying insurance policies | 2 | 2 | 116 | 125 | 118 | 127 |
Total assets measured at fair value based on level 2 or 3 inputs | 1,353 | 1,760 | 215 | 244 | 1,568 | 2,004 |
Cash and cash equivalents | 111 | 103 | 4 | 4 | 115 | 107 |
Liability in respect of collateral held | (285) | (354) | 3 | (15) | (282) | (369) |
Total | 2,591 | 2,912 | 222 | 233 | 2,813 | 3,145 |
Equities and interests in pooled investment funds1,2 | Debt securities | Derivatives3 | |
Level 1 | Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. | Debt securities listed on a recognised exchange valued using prices sourced from their primary exchange. | Exchange traded derivatives valued using prices sourced from the relevant exchange. |
Level 2 | Pooled investment funds where daily unit prices are available and reference is made to observable market data. | Debt securities valued using prices received from external pricing providers based on quotes received from a number of market participants. Debt securities valued using models and standard valuation formulas based on observable market data4. | Over-the-counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques. |
Level 3 | These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, the latest available valuations are reviewed and, where appropriate, adjustments are made to reflect the estimated impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued using a calibration to the price of a recent investment. | Debt securities valued using prices received from external pricing providers based on a single broker indicative quote. Debt securities valued using models and standard valuation formulas based on unobservable market data4. | N/A |
Fair value hierarchy | ||||||||||||
As recognised in the consolidated statement of financial position line item | Classified as held for sale | Total | Level 1 | Level 2 | Level 3 | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Owner occupied property | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Derivative financial assets | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 |
Equity securities and interests in pooled investment vehicles 1 | 1,105 | 1,139 | 17 | \u2014 | 1,122 | 1,139 | 711 | 769 | 133 | 137 | 278 | 233 |
Debt securities | 659 | 740 | \u2014 | \u2014 | 659 | 740 | 5 | 7 | 653 | 732 | 1 | 1 |
Contingent consideration assets | 17 | 11 | \u2014 | \u2014 | 17 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | 17 | 11 |
Total assets at fair value | 1,835 | 1,934 | 17 | \u2014 | 1,852 | 1,934 | 716 | 776 | 840 | 912 | 296 | 246 |
Fair value hierarchy | ||||||||
Total | Level 1 | Level 2 | Level 3 | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Liabilities in respect of third party interest in consolidated funds | 184 | 187 | \u2014 | \u2014 | 115 | 117 | 69 | 70 |
Derivative financial liabilities | 3 | 9 | \u2014 | 7 | 3 | 2 | \u2014 | \u2014 |
Contingent consideration liabilities | 96 | 114 | \u2014 | \u2014 | \u2014 | \u2014 | 96 | 114 |
Other financial liabilities1 | 15 | 15 | \u2014 | \u2014 | \u2014 | \u2014 | 15 | 15 |
Total liabilities at fair value | 298 | 325 | \u2014 | 7 | 118 | 119 | 180 | 199 |
Owner occupied property | Equity securities and interests in pooled investment funds | Debt securities | Liabilities in respect of third party interest in consolidated funds | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 1 | 1 | 233 | 231 | 1 | 2 | (70) | (74) |
Total gains/(losses) recognised in the consolidated income statement | \u2014 | \u2014 | 6 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Purchases | \u2014 | \u2014 | 45 | 18 | \u2014 | \u2014 | \u2014 | \u2014 |
Sales and other adjustments | (1) | \u2014 | (6) | (17) | \u2014 | (1) | 1 | 4 |
At 31 December | \u2014 | 1 | 278 | 233 | 1 | 1 | (69) | (70) |
Contingent consideration assets | Contingent consideration liabilities | Other financial liabilities1 | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 11 | 19 | (114) | (132) | (15) | (11) |
Total amounts recognised in the consolidated income statement | 2 | 7 | 9 | 16 | \u2014 | (5) |
Additions | 11 | 7 | \u2014 | (11) | \u2014 | \u2014 |
Settlements | (7) | (21) | 9 | 12 | \u2014 | 1 |
Other movements | \u2014 | (1) | \u2014 | 1 | \u2014 | \u2014 |
At 31 December | 17 | 11 | (96) | (114) | (15) | (15) |
Principal plan | Other | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets measured at fair value based on level 1 inputs | ||||||
Debt securities | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Total assets measured at fair value based on level 1 inputs | 1,412 | 1,403 | \u2014 | \u2014 | 1,412 | 1,403 |
Assets measured at fair value based on level 2 or 3 inputs | ||||||
Derivatives | (3) | (3) | \u2014 | (2) | (3) | (5) |
Equity securities | 43 | 44 | \u2014 | \u2014 | 43 | 44 |
Interests in pooled investment funds | ||||||
Debt | 106 | 286 | 19 | 19 | 125 | 305 |
Equity | \u2014 | \u2014 | 12 | 7 | 12 | 7 |
Multi-asset private markets | 217 | 230 | \u2014 | \u2014 | 217 | 230 |
Property | 79 | 82 | 9 | 11 | 88 | 93 |
Absolute return | \u2014 | \u2014 | 4 | 9 | 4 | 9 |
Cash | \u2014 | 9 | 52 | 73 | 52 | 82 |
Debt securities | 909 | 1,110 | 3 | 2 | 912 | 1,112 |
Qualifying insurance policies | 2 | 2 | 116 | 125 | 118 | 127 |
Total assets measured at fair value based on level 2 or 3 inputs | 1,353 | 1,760 | 215 | 244 | 1,568 | 2,004 |
Cash and cash equivalents | 111 | 103 | 4 | 4 | 115 | 107 |
Liability in respect of collateral held | (285) | (354) | 3 | (15) | (282) | (369) |
Total | 2,591 | 2,912 | 222 | 233 | 2,813 | 3,145 |
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. | ||
Equities and interests in pooled investment funds1,2 | Debt securities | Derivatives3 | |
Level 1 | Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. | Debt securities listed on a recognised exchange valued using prices sourced from their primary exchange. | Exchange traded derivatives valued using prices sourced from the relevant exchange. |
Level 2 | Pooled investment funds where daily unit prices are available and reference is made to observable market data. | Debt securities valued using prices received from external pricing providers based on quotes received from a number of market participants. Debt securities valued using models and standard valuation formulas based on observable market data4. | Over-the-counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques. |
Level 3 | These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, the latest available valuations are reviewed and, where appropriate, adjustments are made to reflect the estimated impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued using a calibration to the price of a recent investment. | Debt securities valued using prices received from external pricing providers based on a single broker indicative quote. Debt securities valued using models and standard valuation formulas based on unobservable market data4. | N/A |
Fair value hierarchy | ||||||||||||
As recognised in the consolidated statement of financial position line item | Classified as held for sale | Total | Level 1 | Level 2 | Level 3 | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Owner occupied property | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Derivative financial assets | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 |
Equity securities and interests in pooled investment vehicles 1 | 1,105 | 1,139 | 17 | \u2014 | 1,122 | 1,139 | 711 | 769 | 133 | 137 | 278 | 233 |
Debt securities | 659 | 740 | \u2014 | \u2014 | 659 | 740 | 5 | 7 | 653 | 732 | 1 | 1 |
Contingent consideration assets | 17 | 11 | \u2014 | \u2014 | 17 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | 17 | 11 |
Total assets at fair value | 1,835 | 1,934 | 17 | \u2014 | 1,852 | 1,934 | 716 | 776 | 840 | 912 | 296 | 246 |
Fair value hierarchy | ||||||||
Total | Level 1 | Level 2 | Level 3 | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Liabilities in respect of third party interest in consolidated funds | 184 | 187 | \u2014 | \u2014 | 115 | 117 | 69 | 70 |
Derivative financial liabilities | 3 | 9 | \u2014 | 7 | 3 | 2 | \u2014 | \u2014 |
Contingent consideration liabilities | 96 | 114 | \u2014 | \u2014 | \u2014 | \u2014 | 96 | 114 |
Other financial liabilities1 | 15 | 15 | \u2014 | \u2014 | \u2014 | \u2014 | 15 | 15 |
Total liabilities at fair value | 298 | 325 | \u2014 | 7 | 118 | 119 | 180 | 199 |
Owner occupied property | Equity securities and interests in pooled investment funds | Debt securities | Liabilities in respect of third party interest in consolidated funds | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 1 | 1 | 233 | 231 | 1 | 2 | (70) | (74) |
Total gains/(losses) recognised in the consolidated income statement | \u2014 | \u2014 | 6 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Purchases | \u2014 | \u2014 | 45 | 18 | \u2014 | \u2014 | \u2014 | \u2014 |
Sales and other adjustments | (1) | \u2014 | (6) | (17) | \u2014 | (1) | 1 | 4 |
At 31 December | \u2014 | 1 | 278 | 233 | 1 | 1 | (69) | (70) |
Contingent consideration assets | Contingent consideration liabilities | Other financial liabilities1 | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 11 | 19 | (114) | (132) | (15) | (11) |
Total amounts recognised in the consolidated income statement | 2 | 7 | 9 | 16 | \u2014 | (5) |
Additions | 11 | 7 | \u2014 | (11) | \u2014 | \u2014 |
Settlements | (7) | (21) | 9 | 12 | \u2014 | 1 |
Other movements | \u2014 | (1) | \u2014 | 1 | \u2014 | \u2014 |
At 31 December | 17 | 11 | (96) | (114) | (15) | (15) |
Fair value | |||||
2024 \u00a3m | 2023 \u00a3m | Valuation technique | Unobservable input | Range (weighted average) | |
Private equity, real estate and infrastructure funds | 266 | 221 | Net asset value | Net asset value statements provided for a large number of funds including nine significant funds (fair value >\u00a35m). | A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. |
Other unlisted equity securities | 12 | 12 | Indicative share price | Calibration to the price of a recent investment. | A range of unobservable inputs is not applicable as we have determined that the calibration to the price of a recent investment represents fair value at the end of the reporting period. |
Fair value | |||||
2024 | 2023 | ||||
\u00a3m | \u00a3m | Valuation technique | Unobservable input | Input used | |
Contingent consideration assets and liabilities and other financial instrument liabilities | (94) | (118) | Probability weighted cash flow and where applicable discount rates | Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a385m (2023: \u00a390m). The liability comprises an earn-out element, which will be settled on the exercise of put and call options based on the EBITDA of Tritax in 2025 or 2026, and a profit share element based on the net profit of Tritax up to the exercise of the options. As in prior periods, the valuation uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box REIT plc (Big Box). In addition to the base forecast, in 2024 the assumptions reflect the effect of a new Big Box strategy which will generate new forms of revenues arising from\u00a0 the development, securing of power grid connections and management of large data centres, some of which are not recurring in nature. The contingent consideration has been valued applying a probability weighting reflecting a number of outcomes. In respect of the new strategy, the revenues have been assigned a lower probability than the base business reflecting the higher risk inherent in any new strategy. The valuation also allows for the possibility of adjustments to the profit used to determine the element of contingent consideration relating to the new Big Box strategy under the sale purchase agreement. The resulting valuation is discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2025 and 2026 would be that which is most beneficial to the holders of the put options. | The earn-out valuation used EBITDAs reflecting a probability weighted\u00a0 revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 of 19% and a probability weighted cost/ income ratio of c57%. The risk adjusted contingent consideration cash flows have been discounted using a discount rate of 4% (2023: 4%). |
Assumption | Change in assumption | Consequential increase/(decrease) in contingent consideration liability |
2024 | ||
\u00a3m | ||
Revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 | Decreased by 5% | (17) |
Increased by 10% | 44 | |
Cost/income ratio | Decreased by 5% | 15 |
Increased by 5% | (12) | |
Discount rate | Decreased by 2% | 2 |
Increased by 2% | (2) |
As recognised in the consolidated statement of financial position line item | Fair value | Level 1 | Level 2 | Level 3 | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | |||||||||||
Debt securities | \u2014 | 125 | \u2014 | 125 | \u2014 | \u2014 | \u2014 | 125 | \u2014 | \u2014 | |
Liabilities | |||||||||||
Subordinated liabilities | 30 | 597 | 599 | 572 | 534 | \u2014 | \u2014 | 572 | 534 | \u2014 | \u2014 |
\u00f2 | Non-current pensioner | \u00f2 | Current pensioner |
2024 | 2023 | |
Weighted average duration | years | years |
Current pensioner | 11 | 11 |
Non-current pensioner | 20 | 22 |
2024 | 2023 | ||||
(Increase)/decrease Increase/(decrease) in present value of obligation | (Increase)/decrease Increase/(decrease) in fair value of plan assets | (Increase)/decrease Increase/(decrease) in present value of obligation | (Increase)/decrease Increase/(decrease) in fair value of plan assets | ||
Change in assumption | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Yield/discount rate | Decrease by 1% (e.g. from 5.60% to 4.60%) | (266) | 444 | (342) | 566 |
Increase by 1% | 210 | (346) | 266 | (432) | |
Rates of inflation | Decrease by 1% | 184 | (299) | 233 | (371) |
Increase by 1% | (229) | 384 | (306) | 485 | |
Life expectancy | Decrease by 1 year | 47 | N/A | 54 | N/A |
Increase by 1 year | (47) | N/A | (54) | N/A |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Accruals | 234 | 284 | |
Amounts due to counterparties and customers for unsettled trades and fund transactions | 355 | 464 | |
Lease liabilities | 16 | 193 | 223 |
Cash collateral held in respect of derivative contracts | 34 | 57 | 40 |
Contingent consideration liabilities | 36 | 96 | 114 |
Deferred income | 12 | 4 | |
Other | 101 | 112 | |
Other financial liabilities | 1,048 | 1,241 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Accruals | 234 | 284 | |
Amounts due to counterparties and customers for unsettled trades and fund transactions | 355 | 464 | |
Lease liabilities | 16 | 193 | 223 |
Cash collateral held in respect of derivative contracts | 34 | 57 | 40 |
Contingent consideration liabilities | 36 | 96 | 114 |
Deferred income | 12 | 4 | |
Other | 101 | 112 | |
Other financial liabilities | 1,048 | 1,241 |
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. | ||
Separation costs | Process execution | Tax related provisions | Other provisions | Total provisions | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | \u2014 | 33 | \u2014 | 41 | 42 | \u2014 | 24 | 23 | 66 | 97 |
Charged/(credited) to the consolidated income statement | ||||||||||
Additional provisions | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 42 | 22 | 33 | 22 | 75 |
Release of unused provision | \u2014 | (32) | \u2014 | \u2014 | (1) | \u2014 | (1) | (4) | (2) | (36) |
Used during the year | \u2014 | (1) | \u2014 | (41) | \u2014 | \u2014 | (22) | (28) | (22) | (70) |
At 31 December | \u2014 | \u2014 | \u2014 | \u2014 | 41 | 42 | 23 | 24 | 64 | 66 |
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. |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Equity securities and interests in pooled investment funds at FVTPL | 150 | 209 |
Debt securities | 69 | 86 |
Assets held for sale | 17 | \u2014 |
Total seed capital | 236 | 295 |
Equity securities and interests in pooled investment funds at FVTPL | 184 | 116 |
Total co-investments | 184 | 116 |
UK Sterling | Euro | US Dollar | Singapore Dollar | Other currencies | Total | ||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets | 17 | 3,183 | 3,280 | 193 | 204 | 540 | 612 | 87 | 59 | 160 | 159 | 4,163 | 4,314 |
Financial liabilities | 29 | (1,014) | (1,130) | (31) | (48) | (757) | (823) | (10) | (15) | (20) | (20) | (1,832) | (2,036) |
Cash flow hedges | (599) | (588) | \u2014 | \u2014 | 599 | 588 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Non- designated derivatives | 265 | 296 | (69) | (66) | (146) | (186) | (12) | \u2014 | (38) | (44) | \u2014 | \u2014 | |
1,835 | 1,858 | 93 | 90 | 236 | 191 | 65 | 44 | 102 | 95 | 2,331 | 2,278 |
31 December 2024 | 31 December 2023 | ||||
A reasonable change in the variable within the next calendar year | Increase/ (decrease) in post- tax profit | A reasonable change in the variable within the next calendar year | Increase/ (decrease) in post-tax profit | ||
% | \u00a3m | % | \u00a3m | ||
Equity prices | Increase | 10 | 71 | 10 | 74 |
Decrease | 10 | (71) | 10 | (74) | |
US Dollar against Sterling | Strengthen | 10 | 14 | 10 | 12 |
Weaken | 10 | (11) | 10 | (9) | |
Euro against Sterling | Strengthen | 10 | 10 | 10 | 10 |
Weaken | 10 | (8) | 10 | (8) |
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. |
12 month ECL (losses resulting from possible default within the next 12 months) | No significant increase in credit risk since initial recognition. Trade receivables or contract assets with significant financing component, or lease receivables if lifetime ECL measurement has not been elected. |
Lifetime ECL (losses resulting from possible defaults over the remaining life of the financial asset) | Significant increase in credit risk since initial recognition. Trade receivables or contract assets with no significant financing component. Trade receivables or contract assets with significant financing component, or lease receivables for which lifetime ECL measurement has been elected. |
Changes in Lifetime ECL | Credit-impaired at initial recognition. |
Amortised cost | ||||||||||
Fair value through profit or loss | Cash flow hedge | 12 month ECL | Lifetime ECL1 | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
AAA | \u2014 | 30 | \u2014 | \u2014 | 138 | 115 | \u2014 | \u2014 | 138 | 145 |
AA+ to AA- | 67 | 169 | \u2014 | \u2014 | 137 | 76 | \u2014 | \u2014 | 204 | 245 |
A+ to A- | 467 | 405 | 50 | 41 | 942 | 977 | \u2014 | \u2014 | 1,459 | 1,423 |
BBB | 69 | 86 | \u2014 | \u2014 | 75 | 127 | \u2014 | \u2014 | 144 | 213 |
Not rated | 18 | 12 | \u2014 | \u2014 | 533 | 610 | 479 | 452 | 1,030 | 1,074 |
Gross carrying amount | 621 | 702 | 50 | 41 | 1,825 | 1,905 | 479 | 452 | 2,975 | 3,100 |
Loss allowance | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) | (2) | (5) | (2) |
Carrying amount | 621 | 702 | 50 | 41 | 1,825 | 1,905 | 474 | 450 | 2,970 | 3,098 |
Derivative financial assets | 4 | 2 | 50 | 41 | \u2014 | \u2014 | \u2014 | \u2014 | 54 | 43 |
Debt securities | 600 | 689 | \u2014 | \u2014 | (1) | 125 | \u2014 | \u2014 | 599 | 814 |
Receivables and other financial assets | 17 | 11 | \u2014 | \u2014 | 533 | 610 | 474 | 450 | 1,024 | 1,071 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | 1,293 | 1,170 | \u2014 | \u2014 | 1,293 | 1,170 |
Carrying amount | 621 | 702 | 50 | 41 | 1,825 | 1,905 | 474 | 450 | 2,970 | 3,098 |
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. | ||
Related amounts not offset on the consolidated statement of financial position | ||||||||
Gross amounts of financial instruments as presented on the consolidated statement of financial position | Financial instruments | Financial collateral pledged/ (received) | Net position | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets | ||||||||
Derivatives1 | 54 | 43 | \u2014 | (2) | (54) | (39) | \u2014 | 2 |
Reverse repurchase agreements | 105 | 35 | \u2014 | \u2014 | (105) | (35) | \u2014 | \u2014 |
Total financial assets | 159 | 78 | \u2014 | (2) | (159) | (74) | \u2014 | 2 |
Financial liabilities | ||||||||
Derivatives1 | (3) | (2) | \u2014 | 2 | \u2014 | \u2014 | (3) | \u2014 |
Total financial liabilities | (3) | (2) | \u2014 | 2 | \u2014 | \u2014 | (3) | \u2014 |
Within 1 year | 1-5 years | 5-10 years | 10-15 years | 15-20 years | Greater than 20 years | Total | ||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Subordinated liabilities | 26 | 24 | 662 | 647 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 688 | 671 |
Other financial liabilities | 789 | 950 | 178 | 185 | 80 | 97 | 29 | 46 | 7 | 6 | \u2014 | \u2014 | 1,083 | 1,284 |
Total | 815 | 974 | 840 | 832 | 80 | 97 | 29 | 46 | 7 | 6 | \u2014 | \u2014 | 1,771 | 1,955 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Equity securities and interests in pooled investment funds at FVTPL | 150 | 209 |
Debt securities | 69 | 86 |
Assets held for sale | 17 | \u2014 |
Total seed capital | 236 | 295 |
Equity securities and interests in pooled investment funds at FVTPL | 184 | 116 |
Total co-investments | 184 | 116 |
UK Sterling | Euro | US Dollar | Singapore Dollar | Other currencies | Total | ||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets | 17 | 3,183 | 3,280 | 193 | 204 | 540 | 612 | 87 | 59 | 160 | 159 | 4,163 | 4,314 |
Financial liabilities | 29 | (1,014) | (1,130) | (31) | (48) | (757) | (823) | (10) | (15) | (20) | (20) | (1,832) | (2,036) |
Cash flow hedges | (599) | (588) | \u2014 | \u2014 | 599 | 588 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Non- designated derivatives | 265 | 296 | (69) | (66) | (146) | (186) | (12) | \u2014 | (38) | (44) | \u2014 | \u2014 | |
1,835 | 1,858 | 93 | 90 | 236 | 191 | 65 | 44 | 102 | 95 | 2,331 | 2,278 |
31 December 2024 | 31 December 2023 | ||||
A reasonable change in the variable within the next calendar year | Increase/ (decrease) in post- tax profit | A reasonable change in the variable within the next calendar year | Increase/ (decrease) in post-tax profit | ||
% | \u00a3m | % | \u00a3m | ||
Equity prices | Increase | 10 | 71 | 10 | 74 |
Decrease | 10 | (71) | 10 | (74) | |
US Dollar against Sterling | Strengthen | 10 | 14 | 10 | 12 |
Weaken | 10 | (11) | 10 | (9) | |
Euro against Sterling | Strengthen | 10 | 10 | 10 | 10 |
Weaken | 10 | (8) | 10 | (8) |
31 December 2024 | 31 December 2023 | ||||
A reasonable change in the variable within the next calendar year | Increase/ (decrease) in post- tax profit | A reasonable change in the variable within the next calendar year | Increase/ (decrease) in post-tax profit | ||
% | \u00a3m | % | \u00a3m | ||
Equity prices | Increase | 10 | 71 | 10 | 74 |
Decrease | 10 | (71) | 10 | (74) | |
US Dollar against Sterling | Strengthen | 10 | 14 | 10 | 12 |
Weaken | 10 | (11) | 10 | (9) | |
Euro against Sterling | Strengthen | 10 | 10 | 10 | 10 |
Weaken | 10 | (8) | 10 | (8) |
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. |
12 month ECL (losses resulting from possible default within the next 12 months) | No significant increase in credit risk since initial recognition. Trade receivables or contract assets with significant financing component, or lease receivables if lifetime ECL measurement has not been elected. |
Lifetime ECL (losses resulting from possible defaults over the remaining life of the financial asset) | Significant increase in credit risk since initial recognition. Trade receivables or contract assets with no significant financing component. Trade receivables or contract assets with significant financing component, or lease receivables for which lifetime ECL measurement has been elected. |
Changes in Lifetime ECL | Credit-impaired at initial recognition. |
Amortised cost | ||||||||||
Fair value through profit or loss | Cash flow hedge | 12 month ECL | Lifetime ECL1 | Total | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
AAA | \u2014 | 30 | \u2014 | \u2014 | 138 | 115 | \u2014 | \u2014 | 138 | 145 |
AA+ to AA- | 67 | 169 | \u2014 | \u2014 | 137 | 76 | \u2014 | \u2014 | 204 | 245 |
A+ to A- | 467 | 405 | 50 | 41 | 942 | 977 | \u2014 | \u2014 | 1,459 | 1,423 |
BBB | 69 | 86 | \u2014 | \u2014 | 75 | 127 | \u2014 | \u2014 | 144 | 213 |
Not rated | 18 | 12 | \u2014 | \u2014 | 533 | 610 | 479 | 452 | 1,030 | 1,074 |
Gross carrying amount | 621 | 702 | 50 | 41 | 1,825 | 1,905 | 479 | 452 | 2,975 | 3,100 |
Loss allowance | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5) | (2) | (5) | (2) |
Carrying amount | 621 | 702 | 50 | 41 | 1,825 | 1,905 | 474 | 450 | 2,970 | 3,098 |
Derivative financial assets | 4 | 2 | 50 | 41 | \u2014 | \u2014 | \u2014 | \u2014 | 54 | 43 |
Debt securities | 600 | 689 | \u2014 | \u2014 | (1) | 125 | \u2014 | \u2014 | 599 | 814 |
Receivables and other financial assets | 17 | 11 | \u2014 | \u2014 | 533 | 610 | 474 | 450 | 1,024 | 1,071 |
Cash and cash equivalents | \u2014 | \u2014 | \u2014 | \u2014 | 1,293 | 1,170 | \u2014 | \u2014 | 1,293 | 1,170 |
Carrying amount | 621 | 702 | 50 | 41 | 1,825 | 1,905 | 474 | 450 | 2,970 | 3,098 |
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. | ||
Related amounts not offset on the consolidated statement of financial position | ||||||||
Gross amounts of financial instruments as presented on the consolidated statement of financial position | Financial instruments | Financial collateral pledged/ (received) | Net position | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets | ||||||||
Derivatives1 | 54 | 43 | \u2014 | (2) | (54) | (39) | \u2014 | 2 |
Reverse repurchase agreements | 105 | 35 | \u2014 | \u2014 | (105) | (35) | \u2014 | \u2014 |
Total financial assets | 159 | 78 | \u2014 | (2) | (159) | (74) | \u2014 | 2 |
Financial liabilities | ||||||||
Derivatives1 | (3) | (2) | \u2014 | 2 | \u2014 | \u2014 | (3) | \u2014 |
Total financial liabilities | (3) | (2) | \u2014 | 2 | \u2014 | \u2014 | (3) | \u2014 |
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. |
12 month ECL (losses resulting from possible default within the next 12 months) | No significant increase in credit risk since initial recognition. Trade receivables or contract assets with significant financing component, or lease receivables if lifetime ECL measurement has not been elected. |
Lifetime ECL (losses resulting from possible defaults over the remaining life of the financial asset) | Significant increase in credit risk since initial recognition. Trade receivables or contract assets with no significant financing component. Trade receivables or contract assets with significant financing component, or lease receivables for which lifetime ECL measurement has been elected. |
Changes in Lifetime ECL | Credit-impaired at initial recognition. |
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. | ||
Related amounts not offset on the consolidated statement of financial position | ||||||||
Gross amounts of financial instruments as presented on the consolidated statement of financial position | Financial instruments | Financial collateral pledged/ (received) | Net position | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Financial assets | ||||||||
Derivatives1 | 54 | 43 | \u2014 | (2) | (54) | (39) | \u2014 | 2 |
Reverse repurchase agreements | 105 | 35 | \u2014 | \u2014 | (105) | (35) | \u2014 | \u2014 |
Total financial assets | 159 | 78 | \u2014 | (2) | (159) | (74) | \u2014 | 2 |
Financial liabilities | ||||||||
Derivatives1 | (3) | (2) | \u2014 | 2 | \u2014 | \u2014 | (3) | \u2014 |
Total financial liabilities | (3) | (2) | \u2014 | 2 | \u2014 | \u2014 | (3) | \u2014 |
Within 1 year | 1-5 years | 5-10 years | 10-15 years | 15-20 years | Greater than 20 years | Total | ||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Subordinated liabilities | 26 | 24 | 662 | 647 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 688 | 671 |
Other financial liabilities | 789 | 950 | 178 | 185 | 80 | 97 | 29 | 46 | 7 | 6 | \u2014 | \u2014 | 1,083 | 1,284 |
Total | 815 | 974 | 840 | 832 | 80 | 97 | 29 | 46 | 7 | 6 | \u2014 | \u2014 | 1,771 | 1,955 |
Within 1 year | 1-5 years | 5-10 years | 10-15 years | 15-20 years | Greater than 20 years | Total | ||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Subordinated liabilities | 26 | 24 | 662 | 647 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 688 | 671 |
Other financial liabilities | 789 | 950 | 178 | 185 | 80 | 97 | 29 | 46 | 7 | 6 | \u2014 | \u2014 | 1,083 | 1,284 |
Total | 815 | 974 | 840 | 832 | 80 | 97 | 29 | 46 | 7 | 6 | \u2014 | \u2014 | 1,771 | 1,955 |
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. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Financial investments | ||
Equity securities and interests in pooled investment funds | 482 | 482 |
Debt securities | \u2014 | \u2014 |
Total financial investments | 482 | 482 |
Receivables and other financial assets | 162 | 196 |
Other financial liabilities | 63 | 114 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Financial investments | ||
Equity securities and interests in pooled investment funds | 482 | 482 |
Debt securities | \u2014 | \u2014 |
Total financial investments | 482 | 482 |
Receivables and other financial assets | 162 | 196 |
Other financial liabilities | 63 | 114 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Financial investments | ||
Equity securities and interests in pooled investment funds | 482 | 482 |
Debt securities | \u2014 | \u2014 |
Total financial investments | 482 | 482 |
Receivables and other financial assets | 162 | 196 |
Other financial liabilities | 63 | 114 |
Equities and interests in pooled investment funds1,2 | Debt securities | Derivatives3 | |
Level 1 | Equity instruments listed on a recognised exchange valued using prices sourced from their primary exchange. | Debt securities listed on a recognised exchange valued using prices sourced from their primary exchange. | Exchange traded derivatives valued using prices sourced from the relevant exchange. |
Level 2 | Pooled investment funds where daily unit prices are available and reference is made to observable market data. | Debt securities valued using prices received from external pricing providers based on quotes received from a number of market participants. Debt securities valued using models and standard valuation formulas based on observable market data4. | Over-the-counter derivatives measured using a range of valuation models including discounting future cash flows and option valuation techniques. |
Level 3 | These relate primarily to interests in private equity, real estate and infrastructure funds which are valued at net asset value. Underlying real estate and private equity investments are generally valued in accordance with independent professional valuation reports or International Private Equity and Venture Capital Valuation Guidelines where relevant. The underlying investments in infrastructure funds are generally valued based on the phase of individual projects forming the overall investment and discounted cash flow techniques based on project earnings. Where net asset values are not available at the same date as the reporting date, the latest available valuations are reviewed and, where appropriate, adjustments are made to reflect the estimated impact of changes in market conditions between the date of the valuation and the end of the reporting period. Other unlisted equity securities are generally valued using a calibration to the price of a recent investment. | Debt securities valued using prices received from external pricing providers based on a single broker indicative quote. Debt securities valued using models and standard valuation formulas based on unobservable market data4. | N/A |
Fair value hierarchy | ||||||||||||
As recognised in the consolidated statement of financial position line item | Classified as held for sale | Total | Level 1 | Level 2 | Level 3 | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Owner occupied property | \u2014 | 1 | \u2014 | \u2014 | \u2014 | 1 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 1 |
Derivative financial assets | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 | 54 | 43 | \u2014 | \u2014 |
Equity securities and interests in pooled investment vehicles 1 | 1,105 | 1,139 | 17 | \u2014 | 1,122 | 1,139 | 711 | 769 | 133 | 137 | 278 | 233 |
Debt securities | 659 | 740 | \u2014 | \u2014 | 659 | 740 | 5 | 7 | 653 | 732 | 1 | 1 |
Contingent consideration assets | 17 | 11 | \u2014 | \u2014 | 17 | 11 | \u2014 | \u2014 | \u2014 | \u2014 | 17 | 11 |
Total assets at fair value | 1,835 | 1,934 | 17 | \u2014 | 1,852 | 1,934 | 716 | 776 | 840 | 912 | 296 | 246 |
Fair value hierarchy | ||||||||
Total | Level 1 | Level 2 | Level 3 | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Liabilities in respect of third party interest in consolidated funds | 184 | 187 | \u2014 | \u2014 | 115 | 117 | 69 | 70 |
Derivative financial liabilities | 3 | 9 | \u2014 | 7 | 3 | 2 | \u2014 | \u2014 |
Contingent consideration liabilities | 96 | 114 | \u2014 | \u2014 | \u2014 | \u2014 | 96 | 114 |
Other financial liabilities1 | 15 | 15 | \u2014 | \u2014 | \u2014 | \u2014 | 15 | 15 |
Total liabilities at fair value | 298 | 325 | \u2014 | 7 | 118 | 119 | 180 | 199 |
Owner occupied property | Equity securities and interests in pooled investment funds | Debt securities | Liabilities in respect of third party interest in consolidated funds | |||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 1 | 1 | 233 | 231 | 1 | 2 | (70) | (74) |
Total gains/(losses) recognised in the consolidated income statement | \u2014 | \u2014 | 6 | 1 | \u2014 | \u2014 | \u2014 | \u2014 |
Purchases | \u2014 | \u2014 | 45 | 18 | \u2014 | \u2014 | \u2014 | \u2014 |
Sales and other adjustments | (1) | \u2014 | (6) | (17) | \u2014 | (1) | 1 | 4 |
At 31 December | \u2014 | 1 | 278 | 233 | 1 | 1 | (69) | (70) |
Contingent consideration assets | Contingent consideration liabilities | Other financial liabilities1 | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | 11 | 19 | (114) | (132) | (15) | (11) |
Total amounts recognised in the consolidated income statement | 2 | 7 | 9 | 16 | \u2014 | (5) |
Additions | 11 | 7 | \u2014 | (11) | \u2014 | \u2014 |
Settlements | (7) | (21) | 9 | 12 | \u2014 | 1 |
Other movements | \u2014 | (1) | \u2014 | 1 | \u2014 | \u2014 |
At 31 December | 17 | 11 | (96) | (114) | (15) | (15) |
Fair value | |||||
2024 \u00a3m | 2023 \u00a3m | Valuation technique | Unobservable input | Range (weighted average) | |
Private equity, real estate and infrastructure funds | 266 | 221 | Net asset value | Net asset value statements provided for a large number of funds including nine significant funds (fair value >\u00a35m). | A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. |
Other unlisted equity securities | 12 | 12 | Indicative share price | Calibration to the price of a recent investment. | A range of unobservable inputs is not applicable as we have determined that the calibration to the price of a recent investment represents fair value at the end of the reporting period. |
Fair value | |||||
2024 | 2023 | ||||
\u00a3m | \u00a3m | Valuation technique | Unobservable input | Input used | |
Contingent consideration assets and liabilities and other financial instrument liabilities | (94) | (118) | Probability weighted cash flow and where applicable discount rates | Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a385m (2023: \u00a390m). The liability comprises an earn-out element, which will be settled on the exercise of put and call options based on the EBITDA of Tritax in 2025 or 2026, and a profit share element based on the net profit of Tritax up to the exercise of the options. As in prior periods, the valuation uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box REIT plc (Big Box). In addition to the base forecast, in 2024 the assumptions reflect the effect of a new Big Box strategy which will generate new forms of revenues arising from\u00a0 the development, securing of power grid connections and management of large data centres, some of which are not recurring in nature. The contingent consideration has been valued applying a probability weighting reflecting a number of outcomes. In respect of the new strategy, the revenues have been assigned a lower probability than the base business reflecting the higher risk inherent in any new strategy. The valuation also allows for the possibility of adjustments to the profit used to determine the element of contingent consideration relating to the new Big Box strategy under the sale purchase agreement. The resulting valuation is discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2025 and 2026 would be that which is most beneficial to the holders of the put options. | The earn-out valuation used EBITDAs reflecting a probability weighted\u00a0 revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 of 19% and a probability weighted cost/ income ratio of c57%. The risk adjusted contingent consideration cash flows have been discounted using a discount rate of 4% (2023: 4%). |
Assumption | Change in assumption | Consequential increase/(decrease) in contingent consideration liability |
2024 | ||
\u00a3m | ||
Revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 | Decreased by 5% | (17) |
Increased by 10% | 44 | |
Cost/income ratio | Decreased by 5% | 15 |
Increased by 5% | (12) | |
Discount rate | Decreased by 2% | 2 |
Increased by 2% | (2) |
As recognised in the consolidated statement of financial position line item | Fair value | Level 1 | Level 2 | Level 3 | |||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Assets | |||||||||||
Debt securities | \u2014 | 125 | \u2014 | 125 | \u2014 | \u2014 | \u2014 | 125 | \u2014 | \u2014 | |
Liabilities | |||||||||||
Subordinated liabilities | 30 | 597 | 599 | 572 | 534 | \u2014 | \u2014 | 572 | 534 | \u2014 | \u2014 |
Fair value | |||||
2024 \u00a3m | 2023 \u00a3m | Valuation technique | Unobservable input | Range (weighted average) | |
Private equity, real estate and infrastructure funds | 266 | 221 | Net asset value | Net asset value statements provided for a large number of funds including nine significant funds (fair value >\u00a35m). | A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. |
Other unlisted equity securities | 12 | 12 | Indicative share price | Calibration to the price of a recent investment. | A range of unobservable inputs is not applicable as we have determined that the calibration to the price of a recent investment represents fair value at the end of the reporting period. |
Fair value | |||||
2024 | 2023 | ||||
\u00a3m | \u00a3m | Valuation technique | Unobservable input | Input used | |
Contingent consideration assets and liabilities and other financial instrument liabilities | (94) | (118) | Probability weighted cash flow and where applicable discount rates | Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a385m (2023: \u00a390m). The liability comprises an earn-out element, which will be settled on the exercise of put and call options based on the EBITDA of Tritax in 2025 or 2026, and a profit share element based on the net profit of Tritax up to the exercise of the options. As in prior periods, the valuation uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box REIT plc (Big Box). In addition to the base forecast, in 2024 the assumptions reflect the effect of a new Big Box strategy which will generate new forms of revenues arising from\u00a0 the development, securing of power grid connections and management of large data centres, some of which are not recurring in nature. The contingent consideration has been valued applying a probability weighting reflecting a number of outcomes. In respect of the new strategy, the revenues have been assigned a lower probability than the base business reflecting the higher risk inherent in any new strategy. The valuation also allows for the possibility of adjustments to the profit used to determine the element of contingent consideration relating to the new Big Box strategy under the sale purchase agreement. The resulting valuation is discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2025 and 2026 would be that which is most beneficial to the holders of the put options. | The earn-out valuation used EBITDAs reflecting a probability weighted\u00a0 revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 of 19% and a probability weighted cost/ income ratio of c57%. The risk adjusted contingent consideration cash flows have been discounted using a discount rate of 4% (2023: 4%). |
Assumption | Change in assumption | Consequential increase/(decrease) in contingent consideration liability |
2024 | ||
\u00a3m | ||
Revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 | Decreased by 5% | (17) |
Increased by 10% | 44 | |
Cost/income ratio | Decreased by 5% | 15 |
Increased by 5% | (12) | |
Discount rate | Decreased by 2% | 2 |
Increased by 2% | (2) |
Fair value | |||||
2024 \u00a3m | 2023 \u00a3m | Valuation technique | Unobservable input | Range (weighted average) | |
Private equity, real estate and infrastructure funds | 266 | 221 | Net asset value | Net asset value statements provided for a large number of funds including nine significant funds (fair value >\u00a35m). | A range of unobservable inputs is not applicable as we have determined that the reported NAV represents fair value at the end of the reporting period. |
Other unlisted equity securities | 12 | 12 | Indicative share price | Calibration to the price of a recent investment. | A range of unobservable inputs is not applicable as we have determined that the calibration to the price of a recent investment represents fair value at the end of the reporting period. |
Fair value | |||||
2024 | 2023 | ||||
\u00a3m | \u00a3m | Valuation technique | Unobservable input | Input used | |
Contingent consideration assets and liabilities and other financial instrument liabilities | (94) | (118) | Probability weighted cash flow and where applicable discount rates | Unobservable inputs relate to probability weighted cash flows and, where relevant, discount rates. The most significant unobservable inputs relate to assumptions used to value the contingent consideration liability related to the acquisition of Tritax of \u00a385m (2023: \u00a390m). The liability comprises an earn-out element, which will be settled on the exercise of put and call options based on the EBITDA of Tritax in 2025 or 2026, and a profit share element based on the net profit of Tritax up to the exercise of the options. As in prior periods, the valuation uses as its base, a forecast for Tritax\u2019s core traditional business which includes the management of Tritax Big Box REIT plc (Big Box). In addition to the base forecast, in 2024 the assumptions reflect the effect of a new Big Box strategy which will generate new forms of revenues arising from\u00a0 the development, securing of power grid connections and management of large data centres, some of which are not recurring in nature. The contingent consideration has been valued applying a probability weighting reflecting a number of outcomes. In respect of the new strategy, the revenues have been assigned a lower probability than the base business reflecting the higher risk inherent in any new strategy. The valuation also allows for the possibility of adjustments to the profit used to determine the element of contingent consideration relating to the new Big Box strategy under the sale purchase agreement. The resulting valuation is discounted from the payment date to the balance sheet date. It was assumed that the timing of the exercise of the earn out put options between 2025 and 2026 would be that which is most beneficial to the holders of the put options. | The earn-out valuation used EBITDAs reflecting a probability weighted\u00a0 revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 of 19% and a probability weighted cost/ income ratio of c57%. The risk adjusted contingent consideration cash flows have been discounted using a discount rate of 4% (2023: 4%). |
Assumption | Change in assumption | Consequential increase/(decrease) in contingent consideration liability |
2024 | ||
\u00a3m | ||
Revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 | Decreased by 5% | (17) |
Increased by 10% | 44 | |
Cost/income ratio | Decreased by 5% | 15 |
Increased by 5% | (12) | |
Discount rate | Decreased by 2% | 2 |
Increased by 2% | (2) |
Assumption | Change in assumption | Consequential increase/(decrease) in contingent consideration liability |
2024 | ||
\u00a3m | ||
Revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 | Decreased by 5% | (17) |
Increased by 10% | 44 | |
Cost/income ratio | Decreased by 5% | 15 |
Increased by 5% | (12) | |
Discount rate | Decreased by 2% | 2 |
Increased by 2% | (2) |
Assumption | Change in assumption | Consequential increase/(decrease) in contingent consideration liability |
2024 | ||
\u00a3m | ||
Revenue compound annual growth rate (CAGR) from 31 March 2024 to 31 March 2026 | Decreased by 5% | (17) |
Increased by 10% | 44 | |
Cost/income ratio | Decreased by 5% | 15 |
Increased by 5% | (12) | |
Discount rate | Decreased by 2% | 2 |
Increased by 2% | (2) |
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 arising from financing activities. | ||
2024 | 2023 | |
\u00a3m | \u00a3m | |
Equity securities and interests in pooled investment funds | 55 | 314 |
Debt securities | (29) | 13 |
Derivative financial instruments | (9) | 30 |
Receivables and other financial assets and other assets | 91 | (184) |
Assets held for sale | 4 | (16) |
Change in operating assets | 112 | 157 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Other financial liabilities, provisions and other liabilities | (161) | 76 |
Pension and other post-retirement benefit provisions | (13) | (48) |
Investment contract liabilities | (19) | (90) |
Change in liability for third party interest in consolidated funds | (7) | (53) |
Liabilities held for sale | (2) | 6 |
Change in operating liabilities | (202) | (109) |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Gain on sale of subsidiaries and other operations | (89) | (79) |
Profit on disposal of interests in associates | (11) | \u2014 |
Gain on disposal or derecognition of property, plant and equipment | \u2014 | (6) |
Depreciation of property, plant and equipment | 29 | 32 |
Amortisation of intangible assets | 123 | 128 |
Impairment losses on intangible assets | 9 | 65 |
Reversal of impairment of interests in associates and joint ventures | \u2014 | (2) |
Impairment losses recognised on property, plant and equipment | \u2014 | 50 |
Reversal of impairment losses recognised on property, plant and equipment | \u2014 | (3) |
Movement in contingent consideration assets/liabilities | (11) | (23) |
Equity settled share-based payments | 26 | 24 |
Finance costs | 25 | 25 |
Share of profit or loss from associates and joint ventures accounted for using the equity method | (24) | (1) |
Other non-cash and non-operating items | 77 | 210 |
2024 | 2023 | ||
Notes | \u00a3m | \u00a3m | |
Intangibles | 1 | 59 | |
Other assets of operations disposed of | 48 | 30 | |
Other liabilities of operations disposed of | (14) | (12) | |
Net assets disposed of | 35 | 77 | |
Items transferred to profit or loss on disposal of subsidiaries | 1 | \u2014 | (1) |
Fair value of deferred/contingent consideration and retained interest | 1 | (36) | (5) |
Other non-cash consideration2 | 1 | (17) | (3) |
Gain on sale | 1 | 89 | 79 |
Transaction costs | 4 | 13 | |
Total cash consideration | 75 | 160 | |
Cash and cash equivalents disposed of | (26) | (21) | |
Cash inflow from disposal of subsidiaries | 49 | 139 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
At 1 January | 599 | 621 |
Cash flows from financing activities | ||
Interest paid | (38) | (13) |
Cash flows from financing activities | (38) | (13) |
Non-cash items | ||
Interest expense | 24 | 26 |
Foreign exchange adjustment | 12 | (35) |
At 31 December | 597 | 599 |
Cash flow hedge (asset) | Collateral held in respect of the cash flow hedges | |||
2024 | 2023 | 2024 | 2023 | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | |
At 1 January | (41) | (85) | 39 | 89 |
Cash flows from financing activities | ||||
Realised gains on cash flow hedge | 11 | 4 | \u2014 | \u2014 |
Change in cash received relating to collateral held in respect of derivatives hedging subordinated liabilities | \u2014 | \u2014 | 13 | (50) |
Cash flows from financing activities | 11 | 4 | 13 | (50) |
Non-cash items | ||||
Other fair value movements | (20) | 40 | \u2014 | \u2014 |
At 31 December | (50) | (41) | 52 | 39 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
At 1 January | 223 | 224 |
Cash flows from financing activities | ||
Payment of lease liabilities \u2013 principal | (23) | (24) |
Payment of lease liabilities \u2013 interest | (6) | (6) |
Cash flows from financing activities | (29) | (30) |
Non-cash items | ||
Additions | 5 | 28 |
Disposals and adjustments | (13) | (2) |
Interest capitalised | 6 | 6 |
Foreign exchange adjustment | 1 | (3) |
At 31 December | 193 | 223 |
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. | ||
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. | ||
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 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 consolidated 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. | ||
Plan | Options | Conditional awards | Restricted shares | Typical vesting period (years) | Contractual life for options | Recipients | Conditions which must be met prior to vesting |
abrdn plc Deferred Share Plan/ Discretionary Share Plan/ Executive LTIP Plan1 | Yes | Yes | No | 1-3 years (3 years for Executive LTIP) | Up to 10 years from date of grant | Executives and senior management | Service, or service and performance conditions. These can be tailored to the individual award. |
Sharesave (Save- as-you-earn) | Yes | No | No | 3 or 5 years | Up to 6 months after vesting | UK employees | Service only |
Share incentive plan | No | No | Yes | 3 years | Not applicable | UK and Irish employees | Service only |
Plan | Options | Conditional awards | Restricted shares | Typical vesting period (years) | Contractual life for options | Recipients | Conditions which must be met prior to vesting |
Aberdeen Asset Management Deferred Share Plan 20091 | Yes | No | No | 1-3 (3-5 for executive management) | Up to 10 years from date of grant | Executives and senior management | Service only. There are no outstanding performance conditions at date of grant. |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Share options and share awards granted under deferred and discretionary share plans1 | 24 | 22 |
Share options granted under Sharesave | 1 | 1 |
Matching shares granted under share incentive plans | 1 | 1 |
Equity-settled share-based payments | 26 | 24 |
Cash-settled deferred fund awards2 | 10 | 7 |
Total expense | 36 | 31 |
2024 | 2023 | |||
Deferred and discretionary share plans | Annual bonus deferred share options | Deferred and discretionary share plans | Annual bonus deferred share options | |
Outstanding at 1 January | 43,370,260 | 3,853,791 | 61,117,377 | 5,574,422 |
Granted | 3,081,687 | \u2014 | 7,847,719 | \u2014 |
Forfeited | (5,533,913) | (3,005) | (15,690,306) | (58,611) |
Exercised | (15,255,187) | (1,771,002) | (9,904,530) | (1,662,020) |
Outstanding at 31 December | 25,662,847 | 2,079,784 | 43,370,260 | 3,853,791 |
Exercisable at 31 December | 5,802,467 | 2,079,784 | 6,840,715 | 3,853,791 |
Remaining contractual life of options outstanding (years)1 | 4.80 | 2.08 | 5.96 | 2.70 |
Options exercised during the year | ||||
Share price at time of exercise1 | 151p | 154p | 198p | 204p |
2024 | 2023 | |||
Sharesave | Weighted average exercise price for sharesave | Sharesave | Weighted average exercise price for sharesave | |
Outstanding at 1 January | 9,109,490 | 130p | 9,981,563 | 143p |
Granted | 4,101,947 | 120p | 1,864,914 | 132p |
Forfeited | (812,071) | 136p | (501,929) | 154p |
Exercised | (299,485) | 118p | (440,123) | 186p |
Expired | (497,665) | 196p | (1,045,470) | 205p |
Cancelled | (1,012,858) | 133p | (749,465) | 154p |
Outstanding at 31 December | 10,589,358 | 123p | 9,109,490 | 130p |
Exercisable at 31 December | 202,092 | 158p | 774,894 | 173p |
Remaining contractual life of options outstanding (years)1 | 2.68 | 2.85 | ||
Options exercised during the year | ||||
Share price at time of exercise1 | 151p | 201p |
2024 | 2023 | |
Number of options outstanding | Number of options outstanding | |
117p-119p | 4,906,803 | 6,161,234 |
120p-129p | 3,988,426 | \u2014 |
130p-139p | 1,354,082 | 1,819,506 |
140p-259p | 340,047 | 1,128,750 |
Outstanding at 31 December | 10,589,358 | 9,109,490 |
Plan | Options | Conditional awards | Restricted shares | Typical vesting period (years) | Contractual life for options | Recipients | Conditions which must be met prior to vesting |
abrdn plc Deferred Share Plan/ Discretionary Share Plan/ Executive LTIP Plan1 | Yes | Yes | No | 1-3 years (3 years for Executive LTIP) | Up to 10 years from date of grant | Executives and senior management | Service, or service and performance conditions. These can be tailored to the individual award. |
Sharesave (Save- as-you-earn) | Yes | No | No | 3 or 5 years | Up to 6 months after vesting | UK employees | Service only |
Share incentive plan | No | No | Yes | 3 years | Not applicable | UK and Irish employees | Service only |
Plan | Options | Conditional awards | Restricted shares | Typical vesting period (years) | Contractual life for options | Recipients | Conditions which must be met prior to vesting |
Aberdeen Asset Management Deferred Share Plan 20091 | Yes | No | No | 1-3 (3-5 for executive management) | Up to 10 years from date of grant | Executives and senior management | Service only. There are no outstanding performance conditions at date of grant. |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Share options and share awards granted under deferred and discretionary share plans1 | 24 | 22 |
Share options granted under Sharesave | 1 | 1 |
Matching shares granted under share incentive plans | 1 | 1 |
Equity-settled share-based payments | 26 | 24 |
Cash-settled deferred fund awards2 | 10 | 7 |
Total expense | 36 | 31 |
2024 | 2023 | |||
Sharesave | Weighted average exercise price for sharesave | Sharesave | Weighted average exercise price for sharesave | |
Outstanding at 1 January | 9,109,490 | 130p | 9,981,563 | 143p |
Granted | 4,101,947 | 120p | 1,864,914 | 132p |
Forfeited | (812,071) | 136p | (501,929) | 154p |
Exercised | (299,485) | 118p | (440,123) | 186p |
Expired | (497,665) | 196p | (1,045,470) | 205p |
Cancelled | (1,012,858) | 133p | (749,465) | 154p |
Outstanding at 31 December | 10,589,358 | 123p | 9,109,490 | 130p |
Exercisable at 31 December | 202,092 | 158p | 774,894 | 173p |
Remaining contractual life of options outstanding (years)1 | 2.68 | 2.85 | ||
Options exercised during the year | ||||
Share price at time of exercise1 | 151p | 201p |
2024 | 2023 | |
Number of options outstanding | Number of options outstanding | |
117p-119p | 4,906,803 | 6,161,234 |
120p-129p | 3,988,426 | \u2014 |
130p-139p | 1,354,082 | 1,819,506 |
140p-259p | 340,047 | 1,128,750 |
Outstanding at 31 December | 10,589,358 | 9,109,490 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Salaries and other short-term employee benefits | 10 | 10 |
Post-employment benefits | \u2014 | \u2014 |
Share-based payments and deferred fund awards | 12 | 7 |
Termination benefits | 2 | 1 |
Total compensation of key management personnel | 24 | 18 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Salaries and other short-term employee benefits | 10 | 10 |
Post-employment benefits | \u2014 | \u2014 |
Share-based payments and deferred fund awards | 12 | 7 |
Termination benefits | 2 | 1 |
Total compensation of key management personnel | 24 | 18 |
2024 | 2023 | |
\u00a3m | \u00a3m | |
Salaries and other short-term employee benefits | 10 | 10 |
Post-employment benefits | \u2014 | \u2014 |
Share-based payments and deferred fund awards | 12 | 7 |
Termination benefits | 2 | 1 |
Total compensation of key management personnel | 24 | 18 |
20241 | 2023 | |
\u00a3m | \u00a3m | |
IFRS equity attributable to equity holders of abrdn plc | 4,827 | 4,878 |
Deductions for intangibles and defined benefit pension assets, net of related deferred tax liabilities | (2,160) | (2,168) |
Deductions for significant investments in financial sector entities | (735) | (780) |
Deductions for non-significant investments in financial sector entities | (12) | (12) |
Other deductions and adjustments, including provision for foreseeable dividend | (455) | (452) |
Common Equity Tier 1 own funds | 1,465 | 1,466 |
Additional Tier 1 own funds | 207 | 207 |
Tier 1 own funds | 1,672 | 1,673 |
Tier 2 own funds | 417 | 539 |
Total own funds | 2,089 | 2,212 |
Total own funds threshold requirement | (1,054) | (1,054) |
CET1 own funds threshold requirement2 | (590) | (590) |
Surplus CET1 own funds | 875 | 876 |
Own Funds Requirement | 296 | 314 |
CET1 ratio (CET1 as % of own funds requirement) | 495% | 467% |
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. | ||
Name of related undertaking | Share class1 | % interest held2,3 |
30 STMA 4 Limited\u2074 | Ordinary shares | 100% |
30 STMA 5 Limited\u2074 | Ordinary shares | 100% |
6 SAS 3 Limited\u2074 | Ordinary shares | 100% |
Aberdeen Corporate Services Limited | Ordinary shares | 100% |
abrdn (Mauritius Holdings) 2006 Limited\u2075 | 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\u2076 | Ordinary shares | 100% |
abrdn Holdings Limited | Ordinary shares | 100% |
abrdn Investments (Holdings) Limited | Ordinary shares | 100% |
Adviseros Limited\u2074 | Ordinary shares | 100% |
Adviseros Platform Limited\u2074 | Ordinary shares | 100% |
Adviseros Trustee Company Limited\u2074 | Ordinary shares | 100% |
Interactive Investor Limited\u2077 | 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% |
Name of related undertaking | Share class1 | % interest held2,3 |
6 SAS 1 Limited | Ordinary shares | 100% |
6 SAS 2 Limited | Ordinary shares | 100% |
Aberdeen Asia Enhanced Core Property Fund of Funds\u2078 | SIF fund with only Class 1A Units | 0% |
Aberdeen Asia III Property Fund Of Funds\u2078 | SIF fund with only Class A1 Units | 2% |
Aberdeen Asia IV (General Partner) S.a.r.l.\u2079 | Ordinary shares | 100% |
Aberdeen Asia Pacific Fund II, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific Fund, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific II (Offshore), LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific III Ex-Co-Investment, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific III, LP\u00b9\u2070 | Limited Partnership | 0% |
Name of related undertaking | Share class1 | % interest held2,3 |
Aberdeen Asia Partners III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Aberdeen ASIF Carry LP | Limited Partnership | 25% |
Aberdeen Asset Management (Thailand) Ltd\u00b9\u00b2 | Ordinary shares | 100% |
Aberdeen Asset Management Denmark A/S\u00b9\u00b3 | Ordinary shares | 100% |
Aberdeen Asset Management Finland Oy\u00b9\u2074 | Ordinary shares | 100% |
Aberdeen Capital Managers GP LLC\u00b9\u00b9 | Limited Liability Company | 100% |
Aberdeen Claims Administration, Inc.\u00b9\u00b9 | Ordinary shares | 100% |
Aberdeen Direct Property (Holding) Limited\u2074 | Ordinary shares | 100% |
Aberdeen Emerging Asia Fund, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Emerging Asia Pacific II (Offshore), LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Energy & Resource Company IV, LLC\u00b9\u00b9 | Limited Liability Company | 73% |
Aberdeen Energy & Resources Company V, LLC\u00b9\u00b9 | Limited liability company | 93% |
Aberdeen Energy & Resources Partners III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Aberdeen Energy & Resources Partners IV, LP\u00b9\u00b9 | Limited Partnership | 1% |
Aberdeen Energy & Resources Partners V, LP\u00b9\u00b9 | 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\u2074 | Limited Partnership | 0% |
Aberdeen European Infrastructure GP II Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure GP III Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure GP Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure III A Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure III B Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure IV Ltd\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure Partners Carry II LP | Limited Partnership | 25% |
Aberdeen European Infrastructure Partners Carry III LP | Limited Partnership | 23% |
Aberdeen European Infrastructure Partners Carry LP | Limited Partnership | 25% |
Aberdeen European Infrastructure Partners II LP\u2074 | Limited Partnership | 3% |
Aberdeen European Infrastructure Partners III LP\u2074 | Limited Partnership | 2% |
Aberdeen European Infrastructure Partners LP\u2074 | Limited Partnership | 5% |
Aberdeen European Opportunities Property Fund of Funds LLC\u00b9\u2075 | Limited Liability Company | 3% |
Aberdeen European Residential Opportunities Fund SCSp\u2078 | Limited Partnership | 0% |
Aberdeen Fund Distributors LLC\u00b9\u00b9 | Limited Liability Company | 100% |
Aberdeen General Partner CAPELP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CGPLP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CMENAPELP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CPELP II Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CPELP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen Global ex-Japan GP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen Global ex-Japan Property Fund of Funds LP\u00b9\u2070 | Limited Partnership | 5% |
Aberdeen Global Infrastructure Carry GP Limited | Ordinary shares | 100% |
Aberdeen Global Infrastructure GP II Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Global Infrastructure GP Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Global Infrastructure Partners II Carry LP | Limited Partnership | 25% |
Aberdeen Global Infrastructure Partners II LP\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Global Infrastructure Partners III Carry LP | Limited Partnership | 25% |
Aberdeen Global Infrastructure Partners LP\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Indirect Property Partners II FCP-FIS\u2078 | Class A1, A2 and A3 units | 1% |
Aberdeen Infrastructure Feeder GP Limited | Ordinary shares | 100% |
Aberdeen Infrastructure Finance GP Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Infrastructure GP II Limited\u2074 | Ordinary shares | 100% |
Aberdeen Infrastructure Partners II Carry LP | Limited Partnership | 25% |
Aberdeen Infrastructure Partners II LP\u2074 | Limited Partnership | 0% |
Aberdeen Infrastructure Partners LP Inc\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Investment Company Limited | Ordinary shares | 100% |
Name of related undertaking | Share class1 | % interest held2,3 |
Aberdeen Keva Asia IV Property Partners SCSp\u2079 | Limited Partnership | 1% |
Aberdeen Pension Trustees Limited | Ordinary shares | 100% |
Aberdeen Pooling II GP AB\u00b9\u2078 | Ordinary shares | 100% |
Aberdeen Property Investors (General Partner) S.a.r.l.\u00b9\u2079 | Ordinary shares | 100% |
Aberdeen Property Investors The Netherlands BV\u00b2\u2070 | Ordinary shares | 100% |
Aberdeen Property Secondaries Partners II\u2078 | Limited Partnership | 23% |
Aberdeen Real Estate Fund Finland II LP\u00b2\u00b9 | Limited Partnership | 100% |
Aberdeen Real Estate Partners III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Aberdeen Secondaries II GP S.a.r.l.\u2078 | Ordinary shares | 100% |
Aberdeen Sidecar LP Inc\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Standard Carlsbad Carry LP | Limited Partnership | 25% |
Aberdeen Standard Carlsbad GP Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Standard Carlsbad LP\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Standard Core Infrastructure III LTP LP | Limited Partnership | 25% |
Aberdeen Standard Core Infrastructure III SCSp\u2078 | Limited Partnership | 1% |
Aberdeen Standard European Infrastructure GP IV Limited\u2074 | Ordinary shares | 100% |
Aberdeen Standard European Infrastructure Partners Carry IV LP | Limited Partnership | 25% |
Aberdeen Standard European Infrastructure Partners Co-invest IV LP\u2074 | Limited Partnership | 0% |
Aberdeen Standard European Infrastructure Partners IV LP\u2074 | Limited Partnership | 5% |
Aberdeen Standard European Long Income Real Estate Fund SCSp\u2078 | Limited Partnership | 9% |
Aberdeen Standard Global Infrastructure GP III Ltd\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP | Limited Partnership | 25% |
Aberdeen Standard Global Infrastructure Partners III LP\u00b9\u2077 | Limited Partnership | 5% |
Aberdeen Standard Gulf Carry GP Limited | Ordinary shares | 100% |
Aberdeen Standard Gulf Carry LP | Limited Partnership | 12% |
Aberdeen Trust Limited | Ordinary shares | 100% |
Aberdeen UK Infrastructure Carry GP Limited | Ordinary shares | 100% |
Aberdeen UK Infrastructure Carry Limited | Ordinary shares | 100% |
Aberdeen Unit Trust Managers Limited | Ordinary shares | 100% |
abrdn \u2013 Emerging Markets Equity ADR Fund\u00b9\u00b9 | Corporate Fund | 100% |
abrdn - US SMID Cap Equity Fund\u00b9\u00b9 | Corporate Fund | 100% |
abrdn (CRED II) GP Limited | Ordinary shares | 100% |
abrdn (General Partner CRED) Limited\u2074 | Ordinary shares | 100% |
abrdn (General Partner ELIREF) S.a.r.l.\u2078 | Ordinary shares | 100% |
abrdn (General Partner EPGF) Limited | Ordinary shares | 100% |
abrdn (General Partner PFF 2018) S.a.r.l.\u2078 | Ordinary shares | 100% |
abrdn (General Partner SCF 1) Limited | Ordinary shares | 100% |
abrdn (IL Infrastructure Debt) GP Limited\u2074 | Ordinary shares | 100% |
abrdn (SLSPS) Pension Trustee Company Ltd | Ordinary shares | 100% |
abrdn Alternative Funds Limited | Ordinary shares | 100% |
abrdn Alternative Holdings Limited | Ordinary shares | 100% |
abrdn Alternative Investments Limited\u2074 | Ordinary shares | 100% |
abrdn Asia Limited\u00b2\u00b2 | Ordinary shares | 100% |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF\u00b2\u00b3 | ETF | 41% |
abrdn Brasil Investimentos Ltda\u00b2\u2074 | Limited Liability Company | 100% |
abrdn Canada Limited\u00b2\u2075 | Ordinary shares | 100% |
abrdn Commercial Real Estate Debt II LP | Limited Partnership | 0% |
abrdn Commercial Real Estate Debt LP\u2074 | Limited Partnership | 0% |
abrdn Corporate Secretary Limited | Ordinary shares | 100% |
abrdn Eclipse HFRI 500 SP\u00b9\u2070 | Private Commingled Fund | 43% |
abrdn ETFs Advisors LLC\u00b9\u00b9 | Limited liability company | 100% |
abrdn ETFs Sponsor LLC\u00b9\u00b9 | Limited liability company | 100% |
abrdn European Property Growth Fund LP\u2074 | Limited Partnership | 0% |
abrdn European Sustainable Infrastructure Co-Invest V LP\u2074 | Limited Partnership | 0% |
abrdn European Sustainable Infrastructure GP V Limited\u2074 | Ordinary shares | 100% |
abrdn European Sustainable Infrastructure Partners Carry V LP | Limited Partnership | 25% |
Name of related undertaking | Share class1 | % interest held2,3 |
abrdn European Sustainable Infrastructure Partners V LP\u2074 | Limited Partnership | 5% |
abrdn FF USD 2 GP LLC\u00b9\u00b9 | Limited Liability Company | 100% |
abrdn Financial Planning & Advice Limited\u2074 | Ordinary A shares Ordinary B | 100% |
abrdn Founder Co Limited | Ordinary shares | 100% |
abrdn Fund Managers Limited\u2074 | Ordinary shares | 100% |
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP\u00b9\u00b9 | Limited Partnership | 0% |
abrdn Global Sustainable Infrastructure GP IV Ltd\u00b9\u2077 | Ordinary shares | 100% |
abrdn Global Sustainable Infrastructure IV (Deeside) A Limited\u2074 | Ordinary shares | 100% |
abrdn Global Sustainable Infrastructure IV (Deeside) B Limited\u2074 | Ordinary shares | 100% |
abrdn Global Sustainable Infrastructure IV Carry LP | Limited Partnership | 25% |
abrdn Global Sustainable Infrastructure Partners IV LP\u00b9\u2077 | Limited Partnership | 9% |
abrdn Hong Kong Limited\u00b2\u2076 | Ordinary shares | 100% |
abrdn Inc.\u00b9\u00b9 | Ordinary shares | 100% |
abrdn Income Plus Fund\u00b2\u2077 | Unit trust | 100% |
abrdn Inflation-Linked Infrastructure Debt LP\u2074 | Limited Partnership | 0% |
abrdn Investment Management Limited | Ordinary shares | 100% |
abrdn Investments (General Partner UK Shopping Centre Feeder Fund LP) | Ordinary shares | 100% |
abrdn Investments Beteiligungs GmbH\u00b2\u2078 | Limited Liability Company | 90% |
abrdn Investments Deutschland AG\u00b2\u2078 | Ordinary shares | 90% |
abrdn Investments Group Limited\u2074 | Ordinary shares | 100% |
abrdn Investments Holdings Europe Limited\u2074 | Ordinary shares | 100% |
abrdn Investments Ireland Limited\u00b2\u2079 | Ordinary shares | 100% |
abrdn Investments Jersey Limited\u00b3\u2070 | Ordinary shares | 100% |
abrdn Investments Limited | Ordinary shares | 100% |
abrdn Investments Luxembourg Corporate Manager S.a r.l.\u2078 | Ordinary shares | 100% |
abrdn Investments Luxembourg S.A.\u2078 | Ordinary shares | 100% |
abrdn Investments Middle East Limited\u00b3\u00b9 | Ordinary shares | 100% |
abrdn Investments Switzerland AG\u00b3\u00b2 | Ordinary shares | 100% |
abrdn Islamic Malaysia Sdn. Bhd.\u00b3\u00b3 | Ordinary shares | 100% |
abrdn Japan Limited\u00b3\u2074 | Ordinary shares | 100% |
abrdn Jersey Limited\u00b3\u2075 | Ordinary shares | 100% |
abrdn Korea Co. Limited.\u00b3\u2076 | Ordinary shares | 100% |
abrdn Korea GP 2 Pte. Ltd\u00b3\u2077 | Ordinary shares | 100% |
abrdn Korea Separate Account 2 LP\u00b3\u2077 | Limited Partnership | 1% |
abrdn Life and Pensions Limited\u2074 | Ordinary shares | 100% |
abrdn Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund\u2078 | SICAV | 100% |
abrdn Malaysia Sdn. Bhd.\u00b3\u00b3 | Ordinary shares, Irredeemable | 100% |
abrdn MSPC General Partner S.a.r.l.\u2078 | Ordinary shares | 100% |
abrdn Multi-Sector Private Credit Fund SCSp\u2078 | Limited Partnership | 3% |
abrdn Nominees Services HK Limited\u00b2\u2076 | Ordinary shares | 100% |
abrdn Oceania Pty Ltd\u00b3\u2078 | Ordinary shares | 100% |
abrdn OEIC III - abrdn Multi-Sector Credit Fund\u2074 | OEIC | 100% |
abrdn OEIC III - abrdn MyFolio Sustainable I Fund\u00b3\u2079 | OEIC | 41% |
abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund\u2074 | OEIC | 52% |
abrdn OldCo Limited | Ordinary shares | 75% |
Abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF\u2078 | Limited Partnership | 0% |
abrdn Pan European Residential Property Fund SICAV-RAIF\u2078 | Limited Partnership | 0% |
abrdn Phoenix Fund Financing SCSp\u2078 | Limited Partnership | 0% |
abrdn Poinsettia GP Ltd\u00b9\u2070 | Ordinary shares | 100% |
abrdn Portfolio Investments abrdn Asia-China Bond\u2074\u2070 | Corporate Fund | 98% |
abrdn Portfolio Investments Limited | Ordinary shares | 100% |
abrdn Portfolio Investments US Inc.\u00b9\u00b9 | Ordinary shares | 100% |
abrdn Portfolio Solutions Limited\u2074 | Ordinary shares | 100% |
abrdn Premises Services Limited | Ordinary shares | 100% |
abrdn Private Credit (Luxembourg) GP S.a.r.l\u2078 | Ordinary shares | 100% |
abrdn Private Fund Management (Shanghai) Company Limited\u2074\u00b9 | Ordinary shares | 100% |
Name of related undertaking | Share class1 | % interest held2,3 |
abrdn Private Real Assets Co-Investment Fund I GP, LLC\u00b9\u00b9 | Limited liability company | 80% |
abrdn Private Real Assets Co-Investment Fund I, LP\u00b9\u00b9 | Limited Partnership | 1% |
abrdn Property Investors France SAS\u2074\u00b2 | Ordinary shares | 100% |
abrdn Real Estate Operations Limited | Ordinary shares | 100% |
abrdn Secure Credit LP | Limited Partnership | 0% |
abrdn SGD Money Market Fund\u00b2\u2077 | Unit trust | 100% |
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited\u2074\u00b9 | Ordinary shares | 100% |
abrdn SICAV I - Asia Pacific Dynamic Dividend Fund\u2078 | SICAV | 100% |
abrdn SICAV I - Asian Credit Sustainable Bond Fund\u2078 | SICAV | 79% |
abrdn SICAV I - Asian Sustainable Development Equity Fund\u2078 | SICAV | 74% |
abrdn SICAV I - CCBI Belt & Road Bond Fund\u2078 | SICAV | 32% |
abrdn SICAV I - China Next Generation Fund\u2078 | SICAV | 76% |
abrdn SICAV I - Climate Transition Bond Fund\u2078 | SICAV | 46% |
abrdn SICAV I - Global Mid-Cap Equity Fund\u2078 | SICAV | 47% |
abrdn UK Shopping Centre Feeder Fund Company Limited\u2074\u00b3 | Ordinary shares | 100% |
abrdn UK Shopping Centre Feeder Fund Limited Partnership\u2074 | Limited Partnership | 100% |
abrdn Wealthtech Singapore Pte. Ltd.\u2074\u2074 | Ordinary shares | 100% |
AEROF (Luxembourg) GP S.a.r.l.\u2078 | Ordinary shares | 100% |
AERP V-A Master, LP\u00b9\u00b9 | Limited Partnership | 0% |
AIA Series T Holdings LLC\u00b9\u00b9 | Limited liability company | 0% |
AIP Co-investment Fund SCSp\u2078 | Limited Partnership | 0% |
AIPP Folksam Europe II Kommanditbolag\u00b9\u2078 | Limited Partnership | 0% |
AIPP Folksam Europe\u2078 | Limited Partnership | 0% |
AIPP Pooling I SA\u2078 | Ordinary shares | 100% |
Airport Industrial GP Limited\u2074\u2075 | Ordinary shares | 60% |
Airport Industrial Limited Partnership\u2074\u2076 | Limited Partnership | 0% |
Airport Industrial Nominees B Limited\u2074\u2075 | Ordinary shares | 60% |
Airport Industrial Nominees Limited\u2074\u2075 | Ordinary shares | 60% |
Alliance Trust Savings Limited | Ordinary shares | 100% |
Andean Social Infrastructure (No. 1) Limited\u2074 | Ordinary shares | 100% |
Andean Social Infrastructure Fund I LP\u00b9\u2070 | Limited Partnership | 5% |
Andean Social Infrastructure GP Limited\u00b9\u2070 | Ordinary shares | 100% |
Arden Garden State NJ Fund, LP\u00b9\u2075 | Limited Partnership | 0% |
Arden Institutional Advisers, LP\u00b9\u2075 | Limited Partnership | 0% |
Arthur House (No.6) Limited\u2074 | Ordinary shares | 100% |
ASI (KFAS) RE GP LLP | Limited Liability Partnership | 100% |
ASI Direct RE GP LLP | Limited Liability Partnership | 100% |
ASI Han Co-Investment LP | Limited Partnership | 93% |
ASI REMM GP LLP | Limited Liability Partnership | 100% |
ASI Shin Co-Investment LP | Limited Partnership | 100% |
ASI Shin Global Investment GP Limited\u00b9\u2070 | Ordinary shares | 100% |
ASIF Sidecar Carry LP | Limited Partnership | 25% |
ASPER (Luxembourg) GP S.a.r.l.\u2078 | Ordinary shares | 100% |
BOSEMP Feeder LP | Limited Partnership | 0% |
Coutts Global Property Limited Partnership\u00b9\u2070 | Limited Partnership | 0% |
Edinburgh Fund Managers Group Limited | Ordinary shares | 100% |
Edinburgh Fund Managers Plc | Ordinary shares | 100% |
Edinburgh Unit Trust Managers Limited | Ordinary shares, Deferred | 100% |
Elevate Portfolio Services Limited\u2074 | Ordinary shares | 100% |
Emerging Markets Income Equity Fund, a series of the aICF, LLC\u00b9\u00b9 | Private Commingled Fund | 100% |
Finimize Limited\u2074 | Ordinary shares | 100% |
Flag Asia Company III, LLC\u00b9\u00b9 | Limited liability company | 100% |
Flag Asia Company III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Flag Energy & Resource Company II, LLC\u00b9\u00b9 | Limited liability company | 0% |
Flag Energy & Resource Company III, LLC\u00b9\u00b9 | Limited liability company | 0% |
Flag Real Estate Company III, LLC\u00b9\u00b9 | Limited liability company | 0% |
Name of related undertaking | Share class1 | % interest held2,3 |
Flag Squadron Asia Pacific III GP LP\u00b9\u2070 | Limited Partnership | 100% |
FSA III EA SPV, LP\u00b9\u2070 | Limited Partnership | 0% |
FSA III Pacific SPV, LP\u00b9\u2070 | Limited Partnership | 0% |
Godo Kaisha abrdn Portfolio Investments\u2074\u2077 | Ordinary shares | 100% |
GPMS Corporate Secretary Limited\u2074\u2078 | Ordinary shares | 100% |
Griffin Nominees Limited\u2074 | Ordinary shares | 100% |
Interactive Investor Services Limited\u2077 | Ordinary shares | 100% |
Interactive Investor Services Nominees Limited\u2077 | Ordinary shares | 100% |
Investor Nominees (Dundee) Limited | Ordinary shares | 100% |
Investor Nominees Limited\u2077 | Ordinary shares | 100% |
Investor SIPP Trustees Ltd\u2077 | Ordinary shares | 100% |
KFAS Real Estate Limited Partnership | Limited Partnership | 0% |
Local2Local Limited\u2074\u2075 | Ordinary shares | 60% |
Loimua Co-Investment Fund SCSp\u2078 | Limited Partnership | 100% |
Murray Johnstone Limited | Ordinary shares | 100% |
North East Trustees Limited\u2074 | Ordinary A shares Ordinary B | 100% |
Orion Partners CLP Inc.\u2074\u2079 | Ordinary shares | 100% |
Orion Partners Services Inc.\u2074\u2079 | Ordinary shares | 100% |
Ostara China Real Estate Fund LP\u2074\u2079 | Limited Partnership | 0% |
Ostara Japan Fund 3 LP\u2074\u2079 | Limited Partnership | 1% |
Ostara Korea GP 2 Pte. Ltd\u00b3\u2077 | Ordinary shares | 100% |
Ostara Korea Separate Account LP\u00b3\u2077 | Limited Partnership | 0% |
Ostara Partners Inc. China\u2074\u2079 | Ordinary shares | 100% |
Ostara Partners Inc. Japan 3\u2074\u2079 | Ordinary shares | 100% |
Pearson Jones & Company (Trustees) Limited\u2074 | Ordinary shares | 100% |
Pearson Jones Nominees Limited\u2074 | Ordinary shares | 100% |
Poinsettia Holdco LP\u00b9\u2070 | Limited Partnership | 0% |
PT Aberdeen Standard Investments Indonesia\u2075\u2070 | Limited Liability Company | 99% |
SG Commercial LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Share Nominees Limited\u2077 | Ordinary shares | 100% |
Shin Global Investment Partners LP\u00b9\u2070 | Limited Partnership | 0% |
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp\u2078 | Limited Partnership | 0% |
SL Capital Infrastructure I GP LP | Limited Partnership | 100% |
SL Capital Infrastructure I LP | Limited Partnership | 0% |
SL Capital Infrastructure II LTP LP | Limited Partnership | 25% |
SL Capital Infrastructure II SCSp\u2078 | 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% |
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 (General Partner Infrastructure I) Limited | Ordinary shares | 100% |
SLCP (General Partner Infrastructure Secondary I) Limited | Ordinary shares | 100% |
SLIPC (General Partner Infrastructure II LTP 2017) Limited | Ordinary shares | 100% |
SLIPC (General Partner Infrastructure II) S.a.r.l.\u2078 | Ordinary shares | 100% |
SLIPC (General Partner Infrastructure III) S.\u00e0 r.l.\u2078 | Ordinary shares | 100% |
Squadron Asia Pacific Fund II, LP\u00b9\u2070 | Limited Partnership | 0% |
Squadron Asia Pacific Fund, LP\u00b9\u2070 | Limited Partnership | 0% |
Squadron Capital Asia Pacific GP, LP\u00b9\u2070 | Limited Partnership | 100% |
Squadron Capital Asia Pacific II GP LP\u00b9\u2070 | Limited Partnership | 100% |
Squadron Capital Partners Limited\u00b9\u2070 | Ordinary shares | 100% |
Squadron GP Participation II, LP\u00b9\u2070 | Limited Partnership | 0% |
Squadron GP Participation, LP\u00b9\u2070 | Limited Partnership | 0% |
Standard Life Investments (General Partner European Real Estate Club II) | Ordinary shares | 100% |
Standard Life Investments (General Partner European Real Estate Club III) | Ordinary shares | 100% |
Name of related undertaking | Share class1 | % interest held2,3 |
Standard Life Investments (General Partner European Real Estate Club) | 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 | Ordinary shares | 100% |
Standard Life Investments (General Partner MAC) Limited | Ordinary shares | 100% |
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 III LP\u2074 | Limited Partnership | 2% |
Tenon Nominees Limited | Ordinary shares | 100% |
Touchstone Insurance Company Limited\u2075\u00b9 | Ordinary shares | 100% |
TPIF (No. 1) GP LLP\u2074\u2078 | Limited Liability Partnership | 60% |
TPIF (No. 1) LP\u2074\u2078 | Limited Partnership | 0% |
TPIF (Portfolio No. 1) GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
TPIF (Portfolio No. 1) LP\u2074\u2076 | Limited Partnership | 0% |
TPIF (Portfolio No. 1) Nominee Limited\u2074\u2075 | Ordinary shares | 60% |
Tritax abrdn Supply Chain Carry GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax abrdn Supply Chain Carry LP\u2074\u2078 | Limited Partnership | 12% |
Tritax abrdn Supply Chain GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax abrdn Supply Chain LP\u2074\u2076 | Limited Partnership | 0% |
Tritax Assets LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax LMR Carry GP LLP\u2074\u2078 | Limited Liability Partnership | 60% |
Tritax LMR Carry Limited Partnership\u2074\u2078 | Limited Partnership | 7% |
Tritax Management LLP\u2074 | Limited Liability Partnership | 60% |
Tritax Powerbox 1 GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax Powerbox 1 LP\u2074\u2075 | Limited Partnership | 60% |
Tritax Powerbox Carry GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax Powerbox Carry LP\u2074\u2078 | Limited Partnership | 60% |
Tritax PowerBox Limited\u2074\u2075 | Ordinary shares | 60% |
Tritax Securities LLP\u2074\u2075 | Limited Liability Partnership | 60% |
UK PRS Opportunities General Partner Limited\u2074 | Ordinary shares | 100% |
UK PRS Opportunities LP\u00b3 | Limited Partnership | 0% |
VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG\u00b2\u2078 | Limited Partnership | 0% |
VZWL Private Equity GmbH & Co geschlossene Investment KG\u00b2\u2078 | Limited Partnership | 0% |
Name of related undertaking | Share class1 | % interest held2,3 |
abrdn Investcorp Infrastructure Investments Manager Limited\u2075\u00b2 | Ordinary shares | 50% |
abrdn OEIC III - abrdn MyFolio Sustainable Index V Fund\u2074 | OEIC | 23% |
Archax Group Ltd\u2075\u00b3 | Ordinary shares | 11% |
Criterion Tec Holdings Ltd\u2075\u2074 | Ordinary shares | 21% |
Focus Business Solutions Limited\u2075\u2075 | Ordinary shares | 20% |
Heng An Standard Life Insurance Company Limited\u2075\u2076 | Ordinary shares | 50% |
PURetail Luxembourg Management Company S.a.r.l.\u00b3\u2079 | Class A shares | 50% |
Tenet Group Limited\u2075\u2077 | Ordinary B shares | 25% |
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. | ||
Name of related undertaking | Share class1 | % interest held2,3 |
30 STMA 4 Limited\u2074 | Ordinary shares | 100% |
30 STMA 5 Limited\u2074 | Ordinary shares | 100% |
6 SAS 3 Limited\u2074 | Ordinary shares | 100% |
Aberdeen Corporate Services Limited | Ordinary shares | 100% |
abrdn (Mauritius Holdings) 2006 Limited\u2075 | 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\u2076 | Ordinary shares | 100% |
abrdn Holdings Limited | Ordinary shares | 100% |
abrdn Investments (Holdings) Limited | Ordinary shares | 100% |
Adviseros Limited\u2074 | Ordinary shares | 100% |
Adviseros Platform Limited\u2074 | Ordinary shares | 100% |
Adviseros Trustee Company Limited\u2074 | Ordinary shares | 100% |
Interactive Investor Limited\u2077 | 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% |
Name of related undertaking | Share class1 | % interest held2,3 |
6 SAS 1 Limited | Ordinary shares | 100% |
6 SAS 2 Limited | Ordinary shares | 100% |
Aberdeen Asia Enhanced Core Property Fund of Funds\u2078 | SIF fund with only Class 1A Units | 0% |
Aberdeen Asia III Property Fund Of Funds\u2078 | SIF fund with only Class A1 Units | 2% |
Aberdeen Asia IV (General Partner) S.a.r.l.\u2079 | Ordinary shares | 100% |
Aberdeen Asia Pacific Fund II, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific Fund, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific II (Offshore), LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific III Ex-Co-Investment, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Asia Pacific III, LP\u00b9\u2070 | Limited Partnership | 0% |
Name of related undertaking | Share class1 | % interest held2,3 |
Aberdeen Asia Partners III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Aberdeen ASIF Carry LP | Limited Partnership | 25% |
Aberdeen Asset Management (Thailand) Ltd\u00b9\u00b2 | Ordinary shares | 100% |
Aberdeen Asset Management Denmark A/S\u00b9\u00b3 | Ordinary shares | 100% |
Aberdeen Asset Management Finland Oy\u00b9\u2074 | Ordinary shares | 100% |
Aberdeen Capital Managers GP LLC\u00b9\u00b9 | Limited Liability Company | 100% |
Aberdeen Claims Administration, Inc.\u00b9\u00b9 | Ordinary shares | 100% |
Aberdeen Direct Property (Holding) Limited\u2074 | Ordinary shares | 100% |
Aberdeen Emerging Asia Fund, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Emerging Asia Pacific II (Offshore), LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, LP\u00b9\u2070 | Limited Partnership | 0% |
Aberdeen Energy & Resource Company IV, LLC\u00b9\u00b9 | Limited Liability Company | 73% |
Aberdeen Energy & Resources Company V, LLC\u00b9\u00b9 | Limited liability company | 93% |
Aberdeen Energy & Resources Partners III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Aberdeen Energy & Resources Partners IV, LP\u00b9\u00b9 | Limited Partnership | 1% |
Aberdeen Energy & Resources Partners V, LP\u00b9\u00b9 | 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\u2074 | Limited Partnership | 0% |
Aberdeen European Infrastructure GP II Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure GP III Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure GP Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure III A Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure III B Limited\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure IV Ltd\u2074 | Ordinary shares | 100% |
Aberdeen European Infrastructure Partners Carry II LP | Limited Partnership | 25% |
Aberdeen European Infrastructure Partners Carry III LP | Limited Partnership | 23% |
Aberdeen European Infrastructure Partners Carry LP | Limited Partnership | 25% |
Aberdeen European Infrastructure Partners II LP\u2074 | Limited Partnership | 3% |
Aberdeen European Infrastructure Partners III LP\u2074 | Limited Partnership | 2% |
Aberdeen European Infrastructure Partners LP\u2074 | Limited Partnership | 5% |
Aberdeen European Opportunities Property Fund of Funds LLC\u00b9\u2075 | Limited Liability Company | 3% |
Aberdeen European Residential Opportunities Fund SCSp\u2078 | Limited Partnership | 0% |
Aberdeen Fund Distributors LLC\u00b9\u00b9 | Limited Liability Company | 100% |
Aberdeen General Partner CAPELP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CGPLP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CMENAPELP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CPELP II Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen General Partner CPELP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen Global ex-Japan GP Limited\u00b9\u2070 | Ordinary shares | 100% |
Aberdeen Global ex-Japan Property Fund of Funds LP\u00b9\u2070 | Limited Partnership | 5% |
Aberdeen Global Infrastructure Carry GP Limited | Ordinary shares | 100% |
Aberdeen Global Infrastructure GP II Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Global Infrastructure GP Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Global Infrastructure Partners II Carry LP | Limited Partnership | 25% |
Aberdeen Global Infrastructure Partners II LP\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Global Infrastructure Partners III Carry LP | Limited Partnership | 25% |
Aberdeen Global Infrastructure Partners LP\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Indirect Property Partners II FCP-FIS\u2078 | Class A1, A2 and A3 units | 1% |
Aberdeen Infrastructure Feeder GP Limited | Ordinary shares | 100% |
Aberdeen Infrastructure Finance GP Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Infrastructure GP II Limited\u2074 | Ordinary shares | 100% |
Aberdeen Infrastructure Partners II Carry LP | Limited Partnership | 25% |
Aberdeen Infrastructure Partners II LP\u2074 | Limited Partnership | 0% |
Aberdeen Infrastructure Partners LP Inc\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Investment Company Limited | Ordinary shares | 100% |
Name of related undertaking | Share class1 | % interest held2,3 |
Aberdeen Keva Asia IV Property Partners SCSp\u2079 | Limited Partnership | 1% |
Aberdeen Pension Trustees Limited | Ordinary shares | 100% |
Aberdeen Pooling II GP AB\u00b9\u2078 | Ordinary shares | 100% |
Aberdeen Property Investors (General Partner) S.a.r.l.\u00b9\u2079 | Ordinary shares | 100% |
Aberdeen Property Investors The Netherlands BV\u00b2\u2070 | Ordinary shares | 100% |
Aberdeen Property Secondaries Partners II\u2078 | Limited Partnership | 23% |
Aberdeen Real Estate Fund Finland II LP\u00b2\u00b9 | Limited Partnership | 100% |
Aberdeen Real Estate Partners III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Aberdeen Secondaries II GP S.a.r.l.\u2078 | Ordinary shares | 100% |
Aberdeen Sidecar LP Inc\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Standard Carlsbad Carry LP | Limited Partnership | 25% |
Aberdeen Standard Carlsbad GP Limited\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Standard Carlsbad LP\u00b9\u2077 | Limited Partnership | 0% |
Aberdeen Standard Core Infrastructure III LTP LP | Limited Partnership | 25% |
Aberdeen Standard Core Infrastructure III SCSp\u2078 | Limited Partnership | 1% |
Aberdeen Standard European Infrastructure GP IV Limited\u2074 | Ordinary shares | 100% |
Aberdeen Standard European Infrastructure Partners Carry IV LP | Limited Partnership | 25% |
Aberdeen Standard European Infrastructure Partners Co-invest IV LP\u2074 | Limited Partnership | 0% |
Aberdeen Standard European Infrastructure Partners IV LP\u2074 | Limited Partnership | 5% |
Aberdeen Standard European Long Income Real Estate Fund SCSp\u2078 | Limited Partnership | 9% |
Aberdeen Standard Global Infrastructure GP III Ltd\u00b9\u2076 | Ordinary shares | 100% |
Aberdeen Standard Global Infrastructure Partners I (2021) Carry LP | Limited Partnership | 25% |
Aberdeen Standard Global Infrastructure Partners III LP\u00b9\u2077 | Limited Partnership | 5% |
Aberdeen Standard Gulf Carry GP Limited | Ordinary shares | 100% |
Aberdeen Standard Gulf Carry LP | Limited Partnership | 12% |
Aberdeen Trust Limited | Ordinary shares | 100% |
Aberdeen UK Infrastructure Carry GP Limited | Ordinary shares | 100% |
Aberdeen UK Infrastructure Carry Limited | Ordinary shares | 100% |
Aberdeen Unit Trust Managers Limited | Ordinary shares | 100% |
abrdn \u2013 Emerging Markets Equity ADR Fund\u00b9\u00b9 | Corporate Fund | 100% |
abrdn - US SMID Cap Equity Fund\u00b9\u00b9 | Corporate Fund | 100% |
abrdn (CRED II) GP Limited | Ordinary shares | 100% |
abrdn (General Partner CRED) Limited\u2074 | Ordinary shares | 100% |
abrdn (General Partner ELIREF) S.a.r.l.\u2078 | Ordinary shares | 100% |
abrdn (General Partner EPGF) Limited | Ordinary shares | 100% |
abrdn (General Partner PFF 2018) S.a.r.l.\u2078 | Ordinary shares | 100% |
abrdn (General Partner SCF 1) Limited | Ordinary shares | 100% |
abrdn (IL Infrastructure Debt) GP Limited\u2074 | Ordinary shares | 100% |
abrdn (SLSPS) Pension Trustee Company Ltd | Ordinary shares | 100% |
abrdn Alternative Funds Limited | Ordinary shares | 100% |
abrdn Alternative Holdings Limited | Ordinary shares | 100% |
abrdn Alternative Investments Limited\u2074 | Ordinary shares | 100% |
abrdn Asia Limited\u00b2\u00b2 | Ordinary shares | 100% |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF\u00b2\u00b3 | ETF | 41% |
abrdn Brasil Investimentos Ltda\u00b2\u2074 | Limited Liability Company | 100% |
abrdn Canada Limited\u00b2\u2075 | Ordinary shares | 100% |
abrdn Commercial Real Estate Debt II LP | Limited Partnership | 0% |
abrdn Commercial Real Estate Debt LP\u2074 | Limited Partnership | 0% |
abrdn Corporate Secretary Limited | Ordinary shares | 100% |
abrdn Eclipse HFRI 500 SP\u00b9\u2070 | Private Commingled Fund | 43% |
abrdn ETFs Advisors LLC\u00b9\u00b9 | Limited liability company | 100% |
abrdn ETFs Sponsor LLC\u00b9\u00b9 | Limited liability company | 100% |
abrdn European Property Growth Fund LP\u2074 | Limited Partnership | 0% |
abrdn European Sustainable Infrastructure Co-Invest V LP\u2074 | Limited Partnership | 0% |
abrdn European Sustainable Infrastructure GP V Limited\u2074 | Ordinary shares | 100% |
abrdn European Sustainable Infrastructure Partners Carry V LP | Limited Partnership | 25% |
Name of related undertaking | Share class1 | % interest held2,3 |
abrdn European Sustainable Infrastructure Partners V LP\u2074 | Limited Partnership | 5% |
abrdn FF USD 2 GP LLC\u00b9\u00b9 | Limited Liability Company | 100% |
abrdn Financial Planning & Advice Limited\u2074 | Ordinary A shares Ordinary B | 100% |
abrdn Founder Co Limited | Ordinary shares | 100% |
abrdn Fund Managers Limited\u2074 | Ordinary shares | 100% |
abrdn Global Absolute Return Strategies Onshore Feeder Fund, LP\u00b9\u00b9 | Limited Partnership | 0% |
abrdn Global Sustainable Infrastructure GP IV Ltd\u00b9\u2077 | Ordinary shares | 100% |
abrdn Global Sustainable Infrastructure IV (Deeside) A Limited\u2074 | Ordinary shares | 100% |
abrdn Global Sustainable Infrastructure IV (Deeside) B Limited\u2074 | Ordinary shares | 100% |
abrdn Global Sustainable Infrastructure IV Carry LP | Limited Partnership | 25% |
abrdn Global Sustainable Infrastructure Partners IV LP\u00b9\u2077 | Limited Partnership | 9% |
abrdn Hong Kong Limited\u00b2\u2076 | Ordinary shares | 100% |
abrdn Inc.\u00b9\u00b9 | Ordinary shares | 100% |
abrdn Income Plus Fund\u00b2\u2077 | Unit trust | 100% |
abrdn Inflation-Linked Infrastructure Debt LP\u2074 | Limited Partnership | 0% |
abrdn Investment Management Limited | Ordinary shares | 100% |
abrdn Investments (General Partner UK Shopping Centre Feeder Fund LP) | Ordinary shares | 100% |
abrdn Investments Beteiligungs GmbH\u00b2\u2078 | Limited Liability Company | 90% |
abrdn Investments Deutschland AG\u00b2\u2078 | Ordinary shares | 90% |
abrdn Investments Group Limited\u2074 | Ordinary shares | 100% |
abrdn Investments Holdings Europe Limited\u2074 | Ordinary shares | 100% |
abrdn Investments Ireland Limited\u00b2\u2079 | Ordinary shares | 100% |
abrdn Investments Jersey Limited\u00b3\u2070 | Ordinary shares | 100% |
abrdn Investments Limited | Ordinary shares | 100% |
abrdn Investments Luxembourg Corporate Manager S.a r.l.\u2078 | Ordinary shares | 100% |
abrdn Investments Luxembourg S.A.\u2078 | Ordinary shares | 100% |
abrdn Investments Middle East Limited\u00b3\u00b9 | Ordinary shares | 100% |
abrdn Investments Switzerland AG\u00b3\u00b2 | Ordinary shares | 100% |
abrdn Islamic Malaysia Sdn. Bhd.\u00b3\u00b3 | Ordinary shares | 100% |
abrdn Japan Limited\u00b3\u2074 | Ordinary shares | 100% |
abrdn Jersey Limited\u00b3\u2075 | Ordinary shares | 100% |
abrdn Korea Co. Limited.\u00b3\u2076 | Ordinary shares | 100% |
abrdn Korea GP 2 Pte. Ltd\u00b3\u2077 | Ordinary shares | 100% |
abrdn Korea Separate Account 2 LP\u00b3\u2077 | Limited Partnership | 1% |
abrdn Life and Pensions Limited\u2074 | Ordinary shares | 100% |
abrdn Liquidity Fund (Lux) - Seabury Sterling Liquidity 1 Fund\u2078 | SICAV | 100% |
abrdn Malaysia Sdn. Bhd.\u00b3\u00b3 | Ordinary shares, Irredeemable | 100% |
abrdn MSPC General Partner S.a.r.l.\u2078 | Ordinary shares | 100% |
abrdn Multi-Sector Private Credit Fund SCSp\u2078 | Limited Partnership | 3% |
abrdn Nominees Services HK Limited\u00b2\u2076 | Ordinary shares | 100% |
abrdn Oceania Pty Ltd\u00b3\u2078 | Ordinary shares | 100% |
abrdn OEIC III - abrdn Multi-Sector Credit Fund\u2074 | OEIC | 100% |
abrdn OEIC III - abrdn MyFolio Sustainable I Fund\u00b3\u2079 | OEIC | 41% |
abrdn OEIC III - abrdn MyFolio Sustainable Index I Fund\u2074 | OEIC | 52% |
abrdn OldCo Limited | Ordinary shares | 75% |
Abrdn Pan European Residential Property Feeder S.C.A. SICAV RAIF\u2078 | Limited Partnership | 0% |
abrdn Pan European Residential Property Fund SICAV-RAIF\u2078 | Limited Partnership | 0% |
abrdn Phoenix Fund Financing SCSp\u2078 | Limited Partnership | 0% |
abrdn Poinsettia GP Ltd\u00b9\u2070 | Ordinary shares | 100% |
abrdn Portfolio Investments abrdn Asia-China Bond\u2074\u2070 | Corporate Fund | 98% |
abrdn Portfolio Investments Limited | Ordinary shares | 100% |
abrdn Portfolio Investments US Inc.\u00b9\u00b9 | Ordinary shares | 100% |
abrdn Portfolio Solutions Limited\u2074 | Ordinary shares | 100% |
abrdn Premises Services Limited | Ordinary shares | 100% |
abrdn Private Credit (Luxembourg) GP S.a.r.l\u2078 | Ordinary shares | 100% |
abrdn Private Fund Management (Shanghai) Company Limited\u2074\u00b9 | Ordinary shares | 100% |
Name of related undertaking | Share class1 | % interest held2,3 |
abrdn Private Real Assets Co-Investment Fund I GP, LLC\u00b9\u00b9 | Limited liability company | 80% |
abrdn Private Real Assets Co-Investment Fund I, LP\u00b9\u00b9 | Limited Partnership | 1% |
abrdn Property Investors France SAS\u2074\u00b2 | Ordinary shares | 100% |
abrdn Real Estate Operations Limited | Ordinary shares | 100% |
abrdn Secure Credit LP | Limited Partnership | 0% |
abrdn SGD Money Market Fund\u00b2\u2077 | Unit trust | 100% |
abrdn Si Yuan Private Fund Management (Shanghai) Company Limited\u2074\u00b9 | Ordinary shares | 100% |
abrdn SICAV I - Asia Pacific Dynamic Dividend Fund\u2078 | SICAV | 100% |
abrdn SICAV I - Asian Credit Sustainable Bond Fund\u2078 | SICAV | 79% |
abrdn SICAV I - Asian Sustainable Development Equity Fund\u2078 | SICAV | 74% |
abrdn SICAV I - CCBI Belt & Road Bond Fund\u2078 | SICAV | 32% |
abrdn SICAV I - China Next Generation Fund\u2078 | SICAV | 76% |
abrdn SICAV I - Climate Transition Bond Fund\u2078 | SICAV | 46% |
abrdn SICAV I - Global Mid-Cap Equity Fund\u2078 | SICAV | 47% |
abrdn UK Shopping Centre Feeder Fund Company Limited\u2074\u00b3 | Ordinary shares | 100% |
abrdn UK Shopping Centre Feeder Fund Limited Partnership\u2074 | Limited Partnership | 100% |
abrdn Wealthtech Singapore Pte. Ltd.\u2074\u2074 | Ordinary shares | 100% |
AEROF (Luxembourg) GP S.a.r.l.\u2078 | Ordinary shares | 100% |
AERP V-A Master, LP\u00b9\u00b9 | Limited Partnership | 0% |
AIA Series T Holdings LLC\u00b9\u00b9 | Limited liability company | 0% |
AIP Co-investment Fund SCSp\u2078 | Limited Partnership | 0% |
AIPP Folksam Europe II Kommanditbolag\u00b9\u2078 | Limited Partnership | 0% |
AIPP Folksam Europe\u2078 | Limited Partnership | 0% |
AIPP Pooling I SA\u2078 | Ordinary shares | 100% |
Airport Industrial GP Limited\u2074\u2075 | Ordinary shares | 60% |
Airport Industrial Limited Partnership\u2074\u2076 | Limited Partnership | 0% |
Airport Industrial Nominees B Limited\u2074\u2075 | Ordinary shares | 60% |
Airport Industrial Nominees Limited\u2074\u2075 | Ordinary shares | 60% |
Alliance Trust Savings Limited | Ordinary shares | 100% |
Andean Social Infrastructure (No. 1) Limited\u2074 | Ordinary shares | 100% |
Andean Social Infrastructure Fund I LP\u00b9\u2070 | Limited Partnership | 5% |
Andean Social Infrastructure GP Limited\u00b9\u2070 | Ordinary shares | 100% |
Arden Garden State NJ Fund, LP\u00b9\u2075 | Limited Partnership | 0% |
Arden Institutional Advisers, LP\u00b9\u2075 | Limited Partnership | 0% |
Arthur House (No.6) Limited\u2074 | Ordinary shares | 100% |
ASI (KFAS) RE GP LLP | Limited Liability Partnership | 100% |
ASI Direct RE GP LLP | Limited Liability Partnership | 100% |
ASI Han Co-Investment LP | Limited Partnership | 93% |
ASI REMM GP LLP | Limited Liability Partnership | 100% |
ASI Shin Co-Investment LP | Limited Partnership | 100% |
ASI Shin Global Investment GP Limited\u00b9\u2070 | Ordinary shares | 100% |
ASIF Sidecar Carry LP | Limited Partnership | 25% |
ASPER (Luxembourg) GP S.a.r.l.\u2078 | Ordinary shares | 100% |
BOSEMP Feeder LP | Limited Partnership | 0% |
Coutts Global Property Limited Partnership\u00b9\u2070 | Limited Partnership | 0% |
Edinburgh Fund Managers Group Limited | Ordinary shares | 100% |
Edinburgh Fund Managers Plc | Ordinary shares | 100% |
Edinburgh Unit Trust Managers Limited | Ordinary shares, Deferred | 100% |
Elevate Portfolio Services Limited\u2074 | Ordinary shares | 100% |
Emerging Markets Income Equity Fund, a series of the aICF, LLC\u00b9\u00b9 | Private Commingled Fund | 100% |
Finimize Limited\u2074 | Ordinary shares | 100% |
Flag Asia Company III, LLC\u00b9\u00b9 | Limited liability company | 100% |
Flag Asia Company III, LP\u00b9\u00b9 | Limited Partnership | 0% |
Flag Energy & Resource Company II, LLC\u00b9\u00b9 | Limited liability company | 0% |
Flag Energy & Resource Company III, LLC\u00b9\u00b9 | Limited liability company | 0% |
Flag Real Estate Company III, LLC\u00b9\u00b9 | Limited liability company | 0% |
Name of related undertaking | Share class1 | % interest held2,3 |
Flag Squadron Asia Pacific III GP LP\u00b9\u2070 | Limited Partnership | 100% |
FSA III EA SPV, LP\u00b9\u2070 | Limited Partnership | 0% |
FSA III Pacific SPV, LP\u00b9\u2070 | Limited Partnership | 0% |
Godo Kaisha abrdn Portfolio Investments\u2074\u2077 | Ordinary shares | 100% |
GPMS Corporate Secretary Limited\u2074\u2078 | Ordinary shares | 100% |
Griffin Nominees Limited\u2074 | Ordinary shares | 100% |
Interactive Investor Services Limited\u2077 | Ordinary shares | 100% |
Interactive Investor Services Nominees Limited\u2077 | Ordinary shares | 100% |
Investor Nominees (Dundee) Limited | Ordinary shares | 100% |
Investor Nominees Limited\u2077 | Ordinary shares | 100% |
Investor SIPP Trustees Ltd\u2077 | Ordinary shares | 100% |
KFAS Real Estate Limited Partnership | Limited Partnership | 0% |
Local2Local Limited\u2074\u2075 | Ordinary shares | 60% |
Loimua Co-Investment Fund SCSp\u2078 | Limited Partnership | 100% |
Murray Johnstone Limited | Ordinary shares | 100% |
North East Trustees Limited\u2074 | Ordinary A shares Ordinary B | 100% |
Orion Partners CLP Inc.\u2074\u2079 | Ordinary shares | 100% |
Orion Partners Services Inc.\u2074\u2079 | Ordinary shares | 100% |
Ostara China Real Estate Fund LP\u2074\u2079 | Limited Partnership | 0% |
Ostara Japan Fund 3 LP\u2074\u2079 | Limited Partnership | 1% |
Ostara Korea GP 2 Pte. Ltd\u00b3\u2077 | Ordinary shares | 100% |
Ostara Korea Separate Account LP\u00b3\u2077 | Limited Partnership | 0% |
Ostara Partners Inc. China\u2074\u2079 | Ordinary shares | 100% |
Ostara Partners Inc. Japan 3\u2074\u2079 | Ordinary shares | 100% |
Pearson Jones & Company (Trustees) Limited\u2074 | Ordinary shares | 100% |
Pearson Jones Nominees Limited\u2074 | Ordinary shares | 100% |
Poinsettia Holdco LP\u00b9\u2070 | Limited Partnership | 0% |
PT Aberdeen Standard Investments Indonesia\u2075\u2070 | Limited Liability Company | 99% |
SG Commercial LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Share Nominees Limited\u2077 | Ordinary shares | 100% |
Shin Global Investment Partners LP\u00b9\u2070 | Limited Partnership | 0% |
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp\u2078 | Limited Partnership | 0% |
SL Capital Infrastructure I GP LP | Limited Partnership | 100% |
SL Capital Infrastructure I LP | Limited Partnership | 0% |
SL Capital Infrastructure II LTP LP | Limited Partnership | 25% |
SL Capital Infrastructure II SCSp\u2078 | 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% |
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 (General Partner Infrastructure I) Limited | Ordinary shares | 100% |
SLCP (General Partner Infrastructure Secondary I) Limited | Ordinary shares | 100% |
SLIPC (General Partner Infrastructure II LTP 2017) Limited | Ordinary shares | 100% |
SLIPC (General Partner Infrastructure II) S.a.r.l.\u2078 | Ordinary shares | 100% |
SLIPC (General Partner Infrastructure III) S.\u00e0 r.l.\u2078 | Ordinary shares | 100% |
Squadron Asia Pacific Fund II, LP\u00b9\u2070 | Limited Partnership | 0% |
Squadron Asia Pacific Fund, LP\u00b9\u2070 | Limited Partnership | 0% |
Squadron Capital Asia Pacific GP, LP\u00b9\u2070 | Limited Partnership | 100% |
Squadron Capital Asia Pacific II GP LP\u00b9\u2070 | Limited Partnership | 100% |
Squadron Capital Partners Limited\u00b9\u2070 | Ordinary shares | 100% |
Squadron GP Participation II, LP\u00b9\u2070 | Limited Partnership | 0% |
Squadron GP Participation, LP\u00b9\u2070 | Limited Partnership | 0% |
Standard Life Investments (General Partner European Real Estate Club II) | Ordinary shares | 100% |
Standard Life Investments (General Partner European Real Estate Club III) | Ordinary shares | 100% |
Name of related undertaking | Share class1 | % interest held2,3 |
Standard Life Investments (General Partner European Real Estate Club) | 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 | Ordinary shares | 100% |
Standard Life Investments (General Partner MAC) Limited | Ordinary shares | 100% |
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 III LP\u2074 | Limited Partnership | 2% |
Tenon Nominees Limited | Ordinary shares | 100% |
Touchstone Insurance Company Limited\u2075\u00b9 | Ordinary shares | 100% |
TPIF (No. 1) GP LLP\u2074\u2078 | Limited Liability Partnership | 60% |
TPIF (No. 1) LP\u2074\u2078 | Limited Partnership | 0% |
TPIF (Portfolio No. 1) GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
TPIF (Portfolio No. 1) LP\u2074\u2076 | Limited Partnership | 0% |
TPIF (Portfolio No. 1) Nominee Limited\u2074\u2075 | Ordinary shares | 60% |
Tritax abrdn Supply Chain Carry GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax abrdn Supply Chain Carry LP\u2074\u2078 | Limited Partnership | 12% |
Tritax abrdn Supply Chain GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax abrdn Supply Chain LP\u2074\u2076 | Limited Partnership | 0% |
Tritax Assets LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax LMR Carry GP LLP\u2074\u2078 | Limited Liability Partnership | 60% |
Tritax LMR Carry Limited Partnership\u2074\u2078 | Limited Partnership | 7% |
Tritax Management LLP\u2074 | Limited Liability Partnership | 60% |
Tritax Powerbox 1 GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax Powerbox 1 LP\u2074\u2075 | Limited Partnership | 60% |
Tritax Powerbox Carry GP LLP\u2074\u2075 | Limited Liability Partnership | 60% |
Tritax Powerbox Carry LP\u2074\u2078 | Limited Partnership | 60% |
Tritax PowerBox Limited\u2074\u2075 | Ordinary shares | 60% |
Tritax Securities LLP\u2074\u2075 | Limited Liability Partnership | 60% |
UK PRS Opportunities General Partner Limited\u2074 | Ordinary shares | 100% |
UK PRS Opportunities LP\u00b3 | Limited Partnership | 0% |
VZWL Bestandsimmobilien GmbH & Co geschlossene Investment KG\u00b2\u2078 | Limited Partnership | 0% |
VZWL Private Equity GmbH & Co geschlossene Investment KG\u00b2\u2078 | Limited Partnership | 0% |