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"value": "1. Segmental reporting (a) Operating segments The Group has two operating segments: Asset Management and Wealth Management. The Asset Management segment principally comprises investment management including advisory services in respect of equity, fixed income, multi-asset and private assets and alternatives products. The Wealth Management segment principally comprises investment management, wealth planning and financial advice, platform services and banking services. Segmental information is presented on the same basis as that provided for internal reporting purposes to the Group\u2019s chief operating decision maker, the Group Chief Executive. The segmental reporting note has been re-presented to reflect the changes made to the income statement (see presentational changes on page 168) and to present the results of Schroders Personal Wealth (SPW) within share of profit of associates and joint ventures using the equity accounting method. The results of SPW were previously consolidated on a proportional basis within the Wealth Management segment for the purpose of segmental reporting. This new presentation reflects changes to the basis on which the Group monitors the performance of the business. Operating expenses represent the costs incurred in running the Asset Management and Wealth Management segments and include an allocation of costs between the individual business segments on a basis that aligns the charge with the resources employed by the Group in respect of particular business functions. This allocation provides management with the relevant information as to the business performance to effectively manage and control expenditure. Operating expenses exclude items related to acquisitions and central management activities (see note 3). The reconciliation of operating profit to profit before tax is available on the income statement. Year ended 31 December 2022 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Revenue 2,441.9 449.8 2,891.7 Cost of sales (474.8) (55.5) (530.3) Net operating revenue 1,967.1 394.3 2,361.4 Of which: Performance fees 42.6 0.4 43.0 Of which: Net carried interest income 16.5 \u2013 16.5 Net operating revenue excluding performance-based revenues 1,908.0 393.9 2,301.9 Share of profit of associates and joint ventures 73.6 4.0 77.6 Other operating income 28.0 8.5 36.5 Net operating income 2,068.7 406.8 2,475.5 Operating expenses (1,475.6) (276.9) (1,752.5) Operating profit 593.1 129.9 723.0 Year ended 31 December 2021 1 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Revenue 2,582.5 37 7.0 2,959.5 Cost of sales (539.4) (17.0) (556.4) Net operating revenue 2,04 3.1 360.0 2,403.1 Of which: Performance fees 94.2 0.2 94.4 Net carried interest income 31.9 \u2013 31.9 Net operating revenue excluding performance-based revenues 1,917.0 359.8 2,276.8 Share of profit of associates and joint ventures 73.9 14.3 88.2 Other operating income 20.5 8.2 28.7 Net operating income 2,137. 5 382.5 2,520.0 Operating expenses (1,424.8) (254.2) (1,679.0) Operating profit 712.7 128.3 841.0 1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168). Segment assets and liabilities are not presented as such information is not presented on a regular basis to the Group\u2019s chief operating decision maker. (b) Geographical information The Group\u2019s non-current assets 1 are located in the following countries: 2022 \u00a3m 2021 \u00a3m United Kingdom 2,115.9 1,468.5 China 244.8 199.6 Switzerland 205.3 184.5 United States 116.6 106.9 France 79.4 78.4 India 45.3 34.4 Singapore 37.8 39.2 Other 111.1 89.1 Total 2,956.2 2,200.6 1. Comprises the following non-current assets: property, plant and equipment, goodwill and intangible assets, associates and joint ventures and prepayments. ",
"dimensions": {
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"language": "en",
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}
},
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"value": "1. Segmental reporting (a) Operating segments The Group has two operating segments: Asset Management and Wealth Management. The Asset Management segment principally comprises investment management including advisory services in respect of equity, fixed income, multi-asset and private assets and alternatives products. The Wealth Management segment principally comprises investment management, wealth planning and financial advice, platform services and banking services. Segmental information is presented on the same basis as that provided for internal reporting purposes to the Group\u2019s chief operating decision maker, the Group Chief Executive. The segmental reporting note has been re-presented to reflect the changes made to the income statement (see presentational changes on page 168) and to present the results of Schroders Personal Wealth (SPW) within share of profit of associates and joint ventures using the equity accounting method. The results of SPW were previously consolidated on a proportional basis within the Wealth Management segment for the purpose of segmental reporting. This new presentation reflects changes to the basis on which the Group monitors the performance of the business. Operating expenses represent the costs incurred in running the Asset Management and Wealth Management segments and include an allocation of costs between the individual business segments on a basis that aligns the charge with the resources employed by the Group in respect of particular business functions. This allocation provides management with the relevant information as to the business performance to effectively manage and control expenditure. Operating expenses exclude items related to acquisitions and central management activities (see note 3). The reconciliation of operating profit to profit before tax is available on the income statement. Year ended 31 December 2022 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Revenue 2,441.9 449.8 2,891.7 Cost of sales (474.8) (55.5) (530.3) Net operating revenue 1,967.1 394.3 2,361.4 Of which: Performance fees 42.6 0.4 43.0 Of which: Net carried interest income 16.5 \u2013 16.5 Net operating revenue excluding performance-based revenues 1,908.0 393.9 2,301.9 Share of profit of associates and joint ventures 73.6 4.0 77.6 Other operating income 28.0 8.5 36.5 Net operating income 2,068.7 406.8 2,475.5 Operating expenses (1,475.6) (276.9) (1,752.5) Operating profit 593.1 129.9 723.0 Year ended 31 December 2021 1 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Revenue 2,582.5 37 7.0 2,959.5 Cost of sales (539.4) (17.0) (556.4) Net operating revenue 2,04 3.1 360.0 2,403.1 Of which: Performance fees 94.2 0.2 94.4 Net carried interest income 31.9 \u2013 31.9 Net operating revenue excluding performance-based revenues 1,917.0 359.8 2,276.8 Share of profit of associates and joint ventures 73.9 14.3 88.2 Other operating income 20.5 8.2 28.7 Net operating income 2,137. 5 382.5 2,520.0 Operating expenses (1,424.8) (254.2) (1,679.0) Operating profit 712.7 128.3 841.0 1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168). Segment assets and liabilities are not presented as such information is not presented on a regular basis to the Group\u2019s chief operating decision maker. (b) Geographical information The Group\u2019s non-current assets 1 are located in the following countries: 2022 \u00a3m 2021 \u00a3m United Kingdom 2,115.9 1,468.5 China 244.8 199.6 Switzerland 205.3 184.5 United States 116.6 106.9 France 79.4 78.4 India 45.3 34.4 Singapore 37.8 39.2 Other 111.1 89.1 Total 2,956.2 2,200.6 1. Comprises the following non-current assets: property, plant and equipment, goodwill and intangible assets, associates and joint ventures and prepayments. 2. Net operating revenue Revenue The Group\u2019s primary source of revenue is fee income from investment management activities performed within both the Asset Management and Wealth Management segments. Fee income includes management fees, performance fees, carried interest and other fees. Revenue also includes interest income earned within the Wealth Management segment. Management fees are generated through investment management agreements and are generally based on an agreed percentage of the valuation of AUM. Management fees are recognised as the service is provided and it is probable that the fee will be collected. Performance fees and carried interest are earned from certain arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods. They are only recognised where it is highly probable that a significant reversal will not occur in future periods. Performance fees are typically earned over one year and are recognised at the end of the performance period. Carried interest is earned over a longer time frame and is recognised when certain performance hurdles are met and the service has been provided. This may result in the recognition of revenue before the contractual crystallisation date. Other fees principally comprise revenues for other services, which typically vary according to the volume of transactions. Other fees are recognised as the relevant service is provided and it is probable that the fee will be collected. Within Wealth Management, earning a net interest margin is a core activity and interest is therefore recognised within revenue. Interest income is earned as a result of placing loans and deposits with other financial institutions, advancing loans and overdrafts to clients, and holding debt and other fixed income securities. Interest income is recognised as it is earned using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Cost of sales Fee expenses incurred by the Group that relate directly to revenue are presented as cost of sales. These expenses include commissions, external fund manager fees and distribution fees payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products. Fee expense is generally based on an agreed percentage of the valuation of AUM and is recognised in the income statement as the service is received. Cost of sales also includes the cost of financial obligations arising from carried interest. Amounts payable in respect of carried interest are determined based on the proportion of carried interest income that is payable to third parties. Wealth Management pays interest to clients on deposits taken. Within Wealth Management, earning a net interest margin is a core activity. Interest payable in respect of these activities is therefore recorded separately from finance costs arising elsewhere in the business and is reported as part of cost of sales. Interest is recognised using the effective interest method (see above). (a) Net operating revenue by segment is presented below: Year ended 31 December 2022 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Management fees 2,334.5 335.2 2,669.7 Performance fees 42.6 0.4 43.0 Carried interest 32.3 \u2013 32.3 Other fees 32.5 38.9 71.4 Wealth Management interest income \u2013 75.3 75.3 Revenue 2,441.9 449.8 2,891.7 Fee expense (459.0) (17.1) (476.1) Cost of financial obligations in respect of carried interest (15.8) \u2013 (15.8) Wealth Management interest expense \u2013 (38.4) (38.4) Cost of sales (474.8) (55.5) (530.3) Net operating revenue 1,967.1 394.3 2,361.4 Year ended 31 December 2021 1 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Management fees 2,388.6 329.1 2,717.7 Performance fees 94.2 0.2 94.4 Carried interest 71.5 \u2013 71.5 Other fees 28.2 36.4 64.6 Wealth Management interest income \u2013 11.3 11.3 Revenue 2,582.5 377.0 2,959.5 Fee expense (499.8) (16.8) (516.6) Cost of financial obligations in respect of carried interest (39.6) \u2013 (39.6) Wealth Management interest expense \u2013 (0.2) (0.2) Cost of sales (539.4) (17.0) (556.4) Net operating revenue 2,04 3.1 360.0 2,403.1 1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168). (b) Net operating revenue is presented below by region based on the location of clients:
Year ended 31 December 2022
UK
\u00a3m
Continental
Europe &
Middle East
\u00a3m
Asia Pacific
\u00a3m
Americas
\u00a3m
Total
\u00a3m
Management fees 882.9 814.1 608.9 363.8 2,669.7
Performance fees 6.5 15.4 8.2 12.9 43.0
Carried interest \u2013 32.3 \u2013 \u2013 32.3
Other fees 37.5 25.9 8.0 \u2013 71.4
Wealth Management interest income 65.7 8.1 1.5 \u2013 75.3
Revenue 992.6 895.8 626.6 376.7 2,891.7
Fee expense (58.5) (196.2) (169.1) (52.3) (476.1)
Cost of financial obligations in respect of carried interest \u2013 (15.8) \u2013 \u2013 (15.8)
Wealth Management interest expense (38.3) \u2013 (0.1) \u2013 (38.4)
Cost of sales (96.8) (212.0) (169.2) (52.3) (530.3)
Net operating revenue 895.8 683.8 457.4 324.4 2,361.4
Year ended 31 December 2021
1
UK
\u00a3m
Continental
Europe &
Middle East
\u00a3m
Asia Pacific
\u00a3m
Americas
\u00a3m
Total
\u00a3m
Management fees 833.3 869.0 643.3 372.1 2,717.7
Performance fees 8.2 32.0 28.9 25.3 94.4
Carried interest \u2013 71.5 \u2013 \u2013 71.5
Other fees 30.8 23.2 10.4 0.2 64.6
Wealth Management interest income 10.3 0.9 0.1 \u2013 11.3
Revenue 882.6 996.6 682.7 397.6 2,959.5
Fee expense (66.3) (215.5) (181.7) (53.1) (516.6)
Cost of financial obligations in respect of carried interest \u2013 (39.6) \u2013 \u2013 (39.6)
Wealth Management interest expense (0.2) \u2013 \u2013 \u2013 (0.2)
Cost of sales (66.5) (255.1) (181.7) (53.1) (556.4)
Net operating revenue 816.1 741.5 501.0 344.5 2,403.1
1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168).
Estimates and judgements \u2013 revenue
The principle estimates and judgements for revenue relate to carried interest. Carried interest represents the Group\u2019s contractual right to a
share of the profits of 122 private asset investment vehicles (2021: 113 vehicles), if certain performance hurdles are met. It is recognised
when the relevant services have been provided and it is highly probable that a significant reversal will not occur.
The amount of carried interest that will ultimately be received by the Group is dependent on the cash flows realised by the respective
investment vehicles when the underlying investments are successfully disposed of. The resultant cash flows are assessed against the
applicable performance hurdle, which is dependent on the capital invested and the timing and quantum of distributions. For accounting
purposes, the outcome is discounted to determine the present value of the carried interest to be recognised. The actual amount receivable
at maturity will depend on the realised value and may differ from the projected value.
The Group estimates the cash flows that will be received by the investment vehicles with reference to the current fair value of the
underlying investments. Judgement is applied to determine certain assumptions used in the estimate. Those assumptions principally relate
to the future growth and the timing of distributions. No future growth is assumed, reflecting the uncertainty of future investment returns.
The timing of distributions to clients is based on individual investment managers\u2019 expectations as to the realisation of cash flows from the
successful disposal of the underlying securities.
The Group assesses the maturity of the respective investment vehicles by reference to the percentage of committed capital invested and
original capital returned to clients. This helps the Group to understand whether a significant risk of reversal exists and to determine
whether the revenue should be recognised or further constrained in accordance with the accounting standards.
Estimates and judgements \u2013 cost of sales The principle estimates and judgements for cost of sales relate to carried interest. The crystallisation of associated financial obligations in respect of carried interest (carried interest payable, see note 8) is contingent on the Group receiving the related revenue. The areas of estimates and judgements are the same as those used to determine the present value of the carried interest receivable, adjusted to reflect the portion that is payable to third parties. The actual amount payable at maturity will depend on the realised value of the carried interest receivable and may differ from the projected value. An increase in the growth rate of 3% would increase cost of sales by \u00a33.1 million (2021: \u00a33.6 million), although this would be smaller than the corresponding increase in revenue. An average acceleration/delay in crystallisation dates of one year would increase/reduce cost of sales by \u00a32.1 million/\u00a32.0 million (2021: \u00a33.0 million/\u00a34.2 million) and this amount would be lower than the corresponding increase/reduction in revenue. 3. Total expenses Total expenses represent the Group\u2019s administrative expenses including compensation costs. They are recognised as the services are received. Certain costs, such as depreciation of property, plant and equipment and amortisation of intangible assets, are expensed evenly over the useful life of the asset, or relevant contract. Expenses comprise operating expenses, central costs and acquisition costs and related items. Operating expenses are those costs incurred through the operating activities of the Group\u2019s operating segments; Asset Management and Wealth Management. Central costs are those arising from capital and treasury management activities, corporate development and strategy activities and the costs associated with the governance and corporate management of the Group. Acquisition costs and related items include deal costs associated with corporate transactions and costs associated with the integration of acquired businesses and amortisation of acquired intangible assets. The biggest component of the Group\u2019s total expenses is the cost of employee benefits, as shown below. Other costs primarily consist of accommodation, information technology, marketing and outsourcing costs. Compensation costs are managed to a target total compensation ratio of between 45% and 49%. Targeting a compensation ratio range provides some flexibility to manage the overall cost base in response to market conditions. Employee benefits expense includes salaries and wages, together with the cost of other benefits provided to employees such as pension and bonuses. The Group makes some performance awards to employees that are deferred over a specified vesting period. Such awards are expensed to the income statement over the performance and vesting periods. The Group holds investments that are linked to these performance awards in order to hedge the related exposure. Gains and losses on these investments are netted against the relevant costs in the income statement but are presented separately below. Further detail on other employee benefits can be found elsewhere within these financial statements, see note 23 for pension costs and note 24 for compensation that is awarded in Schroders plc shares. (a) Group cost components Year ended 31 December 2022 \u00a3m 2021 \u00a3m Operating expenses 1,752.5 1,679.0 Central costs 48.8 53.6 Acquisition costs and related items 86.4 65.2 Total expenses 1,887.7 1,797.8 (b) Employee benefits expense and number of employees Year ended 31 December 2022 \u00a3m 2021 \u00a3m Salaries, wages and other remuneration 1,001.1 1,034.6 Social security costs 88.2 104.9 Pension costs 66.1 57.4 Employee benefits expense 1,155.4 1,196.9 Net loss/(gain) on financial instruments held to hedge deferred cash awards 11.7 (22.2) Employee benefits expense \u2013 net of hedging 1,167.1 1,174.7 The employee benefits expense net of hedging includes \u00a319.7 million (2021: \u00a36.6 million) that is presented within acquisition costs and related items. Information about the compensation of key management personnel can be found in note 25. Details of the amounts payable to Directors along with the number of Directors who exercised share options in the year is provided in the Remuneration report on pages 76 to 107. The monthly average number of employees of the Company and its subsidiary undertakings during the year was: 2022 Number 2021 Number Full-time employees 5,934 5,358 Contract and temporary employees 262 292 6,196 5,650 Employed as follows: Asset Management 4,909 4,419 Wealth Management 1,258 1,202 Central 29 29 6,196 5,650 (c) Audit and other services Year ended 31 December 2022 \u00a3m 2021 \u00a3m Fees payable to the auditor for the audit of the Company and Consolidated financial statements 0.7 0.7 Fees payable to the auditor and its associates for other services: Audit of the Company\u2019s subsidiaries 4.7 4.0 Audit-related assurance services 1.3 1.1 Other assurance services 0.7 0.7 7.4 6.5 4. Tax expense The Group is headquartered in the UK and pays taxes according to the rates applicable in the countries and states in which it operates. Most taxes are recorded in the income statement (see part (a)) and relate to taxes payable for the reporting period (current tax). The charge also includes benefits and charges relating to when income or expenses are recognised in a different period for tax and accounting purposes or when there are specific treatments applicable relating to items such as acquisitions (deferred tax \u2013 see note 13). Some current and deferred taxes are recorded through other comprehensive income (see part (b)), or directly to equity where the tax arises from changes in the value of remuneration settled as shares (see part (c)). (a) Analysis of tax charge reported in the income statement Year ended 31 December 2022 \u00a3m 2021 \u00a3m UK current year charge 71.6 71.1 Rest of the world current year charge 74.7 104.4 Prior year adjustments 1.8 33.6 Total current tax 148.1 209.1 Origination and reversal of temporary differences (29.8) (31.2) Prior year adjustments (3.0) (34.4) Effect of changes in corporation tax rates (14.6) (3.2) Total deferred tax (47.4) (68.8) Tax charge reported in the income statement 100.7 140.3 (b) Analysis of tax (credit)/charge reported in other comprehensive income Year ended 31 December 2022 \u00a3m 2021 \u00a3m Deferred tax (credit)/charge on actuarial gains and losses on defined benefit pension schemes (12.6) 5.2 Deferred tax charge/(credit) on other movements through other comprehensive income 0.1 (1.0) Deferred tax \u2013 effect of changes in corporation tax rates (3.8) 1.4 Tax (credit)/charge reported in other comprehensive income (16.3) 5.6 (c) Analysis of tax charge/(credit) reported in equity Year ended 31 December 2022 \u00a3m 2021 \u00a3m Current tax credit on Deferred Award Plan and other share-based remuneration (1.5) (3.7) Deferred tax charge/(credit) on Deferred Award Plan and other share-based remuneration 5.7 (0.8) Deferred tax \u2013 effect of changes in corporation tax rates (0.8) (0.2) Tax charge/(credit) reported in equity 3.4 (4.7) (d) Factors affecting tax charge for the year The UK standard rate of corporation tax for 2022 is 19% (2021: standard rate of 19%). The tax charge for the year is higher (2021: higher) than a charge based on the UK standard rate. The differences are explained below: Year ended 31 December 2022 \u00a3m 2021 \u00a3m Profit before tax 586.9 764.1 Less share of profit of associates and joint ventures after amortisation (71.5) (79.3) Profit before tax of Group entities 515.4 684.8 Profit before tax of consolidated Group entities multiplied by corporation tax at the UK standard rate 97.9 130.1 Effects of: Different statutory tax rates of overseas jurisdictions (0.4) 6.7 Permanent differences including non-taxable income and non-deductible expenses 7.7 6.9 Net movement in temporary differences for which no deferred tax is recognised 11.3 0.6 Deferred tax adjustments in respect of changes in corporation tax rates (14.6) (3.2) Prior year adjustments (1.2) (0.8) Tax charge reported in the income statement 100.7 140.3 Estimates and judgements The calculation of the Group\u2019s tax charge involves a degree of estimation and judgement. Liabilities relating to open and judgemental matters, including those in relation to deferred taxes, are based on the Group\u2019s assessment of the most likely outcome based on the information available. As a result, certain tax amounts are based on estimates using factors that are relevant to the specific judgement. The Group engages constructively and transparently with tax authorities with a view to early resolution of any uncertain tax matters. Where the final tax outcome of these matters is different from the amounts provided, such differences will impact the tax charge in a future period. Such estimates are based on assumptions made on the probability of potential challenge within certain jurisdictions and the possible outcome based on relevant facts and circumstances, including local tax laws. There was no individual judgemental component of the tax expense that was material to the Group results when taking into account the likely range of potential outcomes (2021: none). 5. Earnings per share This key performance indicator shows the portion of the Group\u2019s profit after tax that is attributable to each share issued by the Company, excluding own shares held by the Group. The calculation is based on the weighted average number of shares in issue during the year. The diluted figure recalculates that number as if all share options that would be expected to be exercised, as they have value to the option holder, had been exercised in the year. Shares that may be issued are not taken into account if the impact does not reduce earnings per share. Reconciliation of the figures used in calculating basic and diluted earnings per share: Year ended 31 December 2022 Number Millions 202 1 Number Millions 1 Weighted average number of shares used in the calculation of basic earnings per share 1,576.6 1,580.1 Effect of dilutive potential shares \u2013 share options 27.4 27.0 Effect of dilutive potential shares \u2013 contingently issuable shares 0.4 0.4 Weighted average number of shares used in the calculation of diluted earnings per share 1,604.4 1,6 07.5 1. The 2021 comparatives have been restated following the simplification of the Company\u2019s dual share class structure (see note 19). Profit after tax attributable to non-controlling interest was \u00a36.5 million (2021: \u00a311.9 million). Operating earnings per share calculations are based on operating profit after tax of \u00a3599.4 million (2021: \u00a3693.6 million) less non-controlling operating earnings of \u00a310.4 million (2021: \u00a314.7 million). 6. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital, usually announced with the Group\u2019s half-year and annual results. Dividends are recognised only when they are paid or approved by shareholders. The reduction in equity in the year therefore comprises the prior year final dividend and the current year interim dividend. 2023 2022 2021 \u00a3m Pence per share \u00a3m Pence per share 1 \u00a3m Pence per share 1 Prior year final dividend paid 231.5 14.9 217. 3 13.9 Interim dividend paid 100.6 6.5 101.3 6.5 Total dividends paid 332.1 21.4 318.6 20.4 Current year final dividend recommended 232.8 15.0 1. Dividends per share have been restated following the simplification of the Company\u2019s dual share class structure (see note 19). Dividends of \u00a312.6 million (2021: \u00a39.1 million) on shares held by employee benefit trusts have been waived and dividends may not be paid on treasury shares. The Board has recommended a 2022 final dividend of 15.0 pence per share (2021 restated final dividend: 14.9 pence), amounting to \u00a3232.8 million (2021 final dividend: \u00a3231.5 million). The dividend will be paid on 4 May 2023 to shareholders on the register at 24 March 2023 and will be accounted for in 2023. The Group paid \u00a39.3 million of dividends to holders of non-controlling interests in subsidiaries of the Group during 2022 (2021: \u00a39.8 million), resulting in total dividends paid of \u00a3341.4 million (2021: \u00a3328.4 million). 7. Trade and other receivables Trade and other receivables includes prepayments and deposits with banks in the form of bullion as well as amounts the Group is due to receive from third parties in the normal course of business. Trade and other receivables, other than deposits with banks in the form of bullion, are recorded initially at fair value and subsequently at amortised cost (see note 8). Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced and the operating expense is recognised in the income statement. Accrued income, other than amounts relating to carried interest, represents unbilled revenue and is not dependent on future performance. Amounts due from third parties also include settlement accounts for transactions undertaken on behalf of funds and investors. Deposits with banks in the form of bullion are recorded at fair value. 2022 2021 Non-current \u00a3m Current \u00a3m Total \u00a3m Non-current \u00a3m Current \u00a3m Total \u00a3 m Trade and other receivables held at amortised cost: Fee debtors \u2013 91.2 91.2 \u2013 76.8 76.8 Settlement accounts \u2013 103.9 103.9 \u2013 285.3 285.3 Accrued income 95.4 395.4 490.8 67. 5 426.9 494.4 Prepayments 4.9 71.7 76.6 5.4 62.6 68. 0 Other receivables 5.8 112.7 118.5 10.5 25.6 36.1 Current tax \u2013 12.9 12.9 \u2013 37.8 37. 8 106.1 787.8 893.9 83.4 915.0 998. 4 Trade and other receivables held at fair value: Deposits with banks in the form of bullion \u2013 2.6 2.6 \u2013 2.5 2. 5 Total trade and other receivables 106.1 790.4 896.5 83.4 917.5 1,000. 9 The fair value of trade and other receivables held at amortised cost approximates their carrying value. Deposits with banks in the form of bullion are categorised as level 1 in the fair value hierarchy. Refer to note 8 for details on the fair value hierarchy. Estimates and judgements \u2013 carried interest receivable Accrued income includes \u00a3110.9 million of receivables in respect of carried interest (2021: \u00a3100.0 million). This income is due over a number of years and only when contractually agreed performance levels are exceeded. The income received may vary as a result of the actual experience, including future investment returns, differing from that assumed. Further information regarding the estimates and judgements applied is set out in note 2. 8. Financial assets and liabilities Financial assets The Group holds financial assets including loans and advances to clients and banks, equities, debt securities, pooled investment vehicles and derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation (see note 17). The Group initially records all financial assets at fair value. The Group subsequently holds each financial asset at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants. Amortised cost is the amount determined based on moving the initial fair value to the maturity value on a systematic basis using the effective interest rate, taking account of repayment dates and initial expected premiums or discounts. Financial assets at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. This classification typically applies to the Group\u2019s loans and advances, trade receivables and some debt securities held by the Group\u2019s Wealth Management entities. The carrying value of amortised cost financial assets is adjusted for impairment under the expected credit loss (ECL) model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Financial assets at FVOCI Financial assets are held at FVOCI when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows and to sell assets. This classification applies to certain debt securities within the Group\u2019s Wealth Management entities. Impairment is recognised for debt securities classified as FVOCI under the ECL model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Unrealised gains and losses on debt securities classified as financial assets at FVOCI are recorded in other comprehensive income. Cumulative gains and losses are transferred to the income statement if the investment is sold or otherwise realised. Interest earned on FVOCI assets is recognised using the effective interest method and recorded as interest in the income statement. Financial assets at FVTPL All other financial assets are held at FVTPL. Net gains and losses are presented in the income statement based on the substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and losses on the Group\u2019s investment and seed capital are presented within net (loss)/gain on financial instruments and other income; and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Financial liabilities The Group\u2019s financial liabilities principally comprise deposits by Wealth Management clients and banking counterparties. They also include derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation. Financial liabilities also arise from obligations in respect of carried interest, contingent consideration and other liabilities arising from acquisitions completed by the Group, and third party interests in consolidated funds. The Group initially records all financial liabilities at fair value. These are subsequently held at amortised cost or fair value. Financial liabilities at amortised cost The majority of the Group\u2019s financial liabilities are measured at amortised cost and the classification typically applies to the Group\u2019s Wealth Management client accounts, banking deposits and trade payables. Financial liabilities at FVTPL Financial liabilities are measured at FVTPL when this measurement reduces an accounting mismatch or when otherwise required by the accounting standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in consolidated funds (see basis of preparation on page 167) and contingent consideration. Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent consideration are presented within acquisition costs and related items. This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Liabilities to purchase subsidiary shares Financial liabilities in relation to equity transactions arise on certain acquisitions where the Group has a liability to purchase the remaining interest in a subsidiary that is not wholly owned by the Group (see basis of preparation on page 167). 2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Not at
fair value
\u00a3m
Total
\u00a3m
Financial assets at amortised cost:
Loans and advances to banks \u2013 \u2013 \u2013 122.8 122.8
Loans and advances to clients \u2013 \u2013 \u2013 615.6 615.6
Debt securities \u2013 \u2013 \u2013 263.9 263.9
\u2013 \u2013 \u2013 1,002.3 1,002.3
Financial assets at FVOCI:
Debt securities 588.4 3.5 \u2013 \u2013 591.9
588.4 3.5 \u2013 \u2013 591.9
Financial assets at FVTPL:
Debt securities 21.9 126.2 \u2013 \u2013 148.1
Pooled investment vehicles 462.4 60.2 179.6 \u2013 702.2
Equities 190.8 0.5 11.6 \u2013 202.9
Derivative contracts (see note 17) 5.9 17.0 \u2013 \u2013 22.9
681.0 203.9 191.2 \u2013 1,076.1
Total financial assets 1,269.4 207.4 191.2 1,002.3 2,670.3
Financial liabilities at amortised cost:
Client accounts \u2013 \u2013 \u2013 4,532.8 4,532.8
Deposits by banks \u2013 \u2013 \u2013 59.4 59.4
Other financial liabilities \u2013 \u2013 \u2013 3.7 3.7
\u2013 \u2013 \u2013 4,595.9 4,595.9
Financial liabilities at FVTPL:
Derivative contracts (see note 17) 3.7 24.6 \u2013 \u2013 28.3
Other financial liabilities 205.8 \u2013 91.4 \u2013 297.2
209.5 24.6 91.4 \u2013 325.5
Liabilities to purchase subsidiary shares \u2013 \u2013 218.7 \u2013 218.7
Total financial liabilities 209.5 24.6 310.1 4,595.9 5,140.1
2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Not at fair value \u00a3m Total \u00a3m Financial assets at amortised cost: Loans and advances to banks \u2013 \u2013 \u2013 153.0 153.0 Loans and advances to clients \u2013 \u2013 \u2013 614.0 614.0 Debt securities \u2013 \u2013 \u2013 109.9 109.9 \u2013 \u2013 \u2013 876.9 876.9 Financial assets at FVOCI: Debt securities 405.7 4.2 \u2013 \u2013 409.9 405.7 4.2 \u2013 \u2013 409.9 Financial assets at FVTPL: Debt securities 185.5 231.1 4.0 \u2013 420.6 Pooled investment vehicles 603.9 38.0 135.1 \u2013 777.0 Equities 557.8 4.1 8.2 \u2013 570.1 Derivative contracts (see note 17) 28.5 49.3 \u2013 \u2013 77.8 1,375.7 322.5 147. 3 \u2013 1,845.5 Total financial assets 1,781.4 326.7 147.3 876.9 3,132.3 Financial liabilities at amortised cost: Client accounts \u2013 \u2013 \u2013 3,748.3 3,748.3 Deposits by banks \u2013 \u2013 \u2013 69.9 69.9 Other financial liabilities \u2013 \u2013 \u2013 4.4 4.4 \u2013 \u2013 \u2013 3,822.6 3,822.6 Financial liabilities at FVTPL: Derivative contracts (see note 17) 29.8 58.5 \u2013 \u2013 88.3 Other financial liabilities 733.0 \u2013 149.7 \u2013 882.7 762.8 58.5 149.7 \u2013 971.0 Total financial liabilities 762.8 58.5 149.7 3,822.6 4,793.6 The Group has recognised a net loss on financial instruments at fair value through profit and loss of \u00a310.9 million (2021: gain of \u00a318.7 million). A net loss on financial instruments at fair value through other comprehensive income of \u00a30.1 million (2021: gain of \u00a31.8 million) has been transferred to the income statement. For the maturity profiles of client accounts, deposits by banks and derivative contracts see notes 17 and 18. The fair value of financial assets and liabilities at amortised cost approximates their carrying value. No financial assets or liabilities were transferred between levels during 2022 (2021: none). 2022 2021 Financial assets \u00a3m Financial liabilities \u00a3m Financial assets \u00a3m Financial liabilities \u00a3m Current 1,928.5 4,827.7 2,435.5 4,660.9 Non-current 741.8 312.4 696.8 132.7 2,670.3 5,140.1 3,132. 3 4,793.6 Movements in financial assets and liabilities categorised as level 3 during the year were:
2022 2021
Financial
assets
at FVTPL
\u00a3m
Financial
liabilities
at FVTPL
\u00a3m
Liabilities to
purchase
subsidiary
shares
\u00a3m
Financial
assets
at FVTPL
\u00a3m
Financial
liabilities
at FVTPL
\u00a3m
At 1 January 147.3 88.9 60.8 138.3 143.7
Exchange translation adjustments 13.2 8.1 7.5 (3.8) (2.7)
Net gain or loss recognised in the income statement (0.8) 18.1 \u2013 42.4 59.0
Additions 48.2 2.2 173.0 29.3 1.1
Disposals and settlements (16.7) (25.9) (21.4) (58.9) (51.4)
Remeasurements \u2013 \u2013 (1.2) \u2013 \u2013
At 31 December 191.2 91.4 218.7 147.3 149.7
Estimates and judgements
The Group holds financial instruments that are measured at fair value. The fair value of financial instruments may be derived from readily
available sources or may require some estimation. The degree of estimation involved depends on the individual financial instrument and is
reflected in the fair value hierarchy below. Judgements may include determining which valuation approach to apply as well as determining
appropriate assumptions. For level 2 and 3 financial instruments, the judgement applied by the Group gives rise to an estimate of fair value.
The approach to determining the fair value estimate of level 2 and 3 financial instruments is set out below. The fair value levels are based
on the degree to which the fair value is observable and are defined as follows:
\u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
and principally comprise investments in pooled investment vehicles, quoted equities, government debt and exchange-traded derivatives.
\u2022 Level 2 fair value measurements are those derived from prices that are not traded in an active market but are determined using
valuation techniques, which make maximum use of observable market data. The Group\u2019s level 2 financial instruments principally comprise
foreign exchange contracts, certain debt securities and asset and mortgage backed securities. Valuation techniques may include using a
broker quote in an inactive market or an evaluated price based on a compilation of primarily observable market information utilising
information readily available via external sources. For funds not priced on a daily basis, the net asset value which is issued monthly or
quarterly is used.
\u2022 Level 3 fair value measurements are those derived from valuation techniques that include significant inputs that are not based on
observable market data. The Group\u2019s level 3 financial assets principally comprise holdings in pooled investment vehicles, including private
equity funds, and holdings in property investment vehicles that operate hotel businesses. The pooled investment vehicles are measured
in accordance with International Private Equity and Venture Capital Valuation Guidelines 2018 using the valuation technique that is most
suitable to the applicable investment. The property investment vehicles are valued based on the expected future cash flows that could be
generated from the underlying hotel businesses. Given the application of different valuation techniques, and as the investments are not
homogenous in nature, there are no significant assumptions or reasonably possible alternatives that would lead to a material change in
fair value. The Group\u2019s financial liabilities categorised as level 3 principally consist of third party liabilities related to carried interest
arrangements, obligations arising from contingent consideration and other liabilities to purchase the remaining interest in acquired
subsidiaries. Information about the estimates and judgements made in determining the fair value of carried interest payable is set out in
note 2. Liabilities in respect of options to purchase the remaining interest in certain subsidiaries require judgement in determining the
appropriate assumptions to be applied in the estimation of the fair value. The amount that will ultimately be paid in relation to an option is
dependent on the future earnings of the subsidiary and may be subject to a cap over the enterprise value. In estimating the liability, the
assumptions principally relate to the future earnings of the business and the rate applied to discount the liability back to present value.
The future earnings of the applicable subsidiaries are estimated using different methodologies and consequently there is no one
assumption that is individually material to the valuation. Discount rates between 11% and 13% have been used to discount these liabilities.
An increase/decrease in the discount rate of two percentage points would decrease/increase the financial liability by
\u00a319 million/\u00a317 million. The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there
are no assumptions that are individually significant or reasonably possible alternatives that would lead to a material change in fair value.
9. Associates and joint ventures Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair value of the purchase consideration, including purchase related costs. The Group\u2019s income statement reflects its share of the entity\u2019s profit or loss after tax and amortisation of intangible assets. The Group\u2019s statement of other comprehensive income records the Group\u2019s share of gains and losses arising from the entity\u2019s financial assets at FVOCI (see note 8). The statement of financial position subsequently records the Group\u2019s share of the net assets of the entity plus any goodwill and intangible assets that arose on purchase less subsequent amortisation. The statement of changes in equity records the Group\u2019s share of other equity movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that the carrying value of associates and joint ventures may be impaired. The associates and joint ventures reserve in the statement of changes in equity represents the Group\u2019s share of profits in its investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. Certain associates are held within financial assets at fair value through profit or loss where permitted by the accounting standards (see note 8). Information about the Group\u2019s principal associates measured at fair value is disclosed within this note. (a) Investments in associates and joint ventures accounted for using the equity method 2022 2021 Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Associates \u00a3m Joint ventures \u00a3m Total \u00a3m At 1 January 260.6 206.1 466.7 211.0 194.2 405.2 Exchange translation adjustments 7.4 0.4 7.8 6.1 (0.1) 6.0 Additions 1.7 1.6 3.3 1.1 5.9 7.0 Disposals (0.3) \u2013 (0.3) (0.8) \u2013 (0.8 ) Profit for the year after tax 1 72.7 (1.2) 71.5 72.3 7.0 79.3 Gains recognised in other comprehensive income \u2013 \u2013 \u2013 0.1 \u2013 0.1 Distributions of profit (37.3) (14.0) (51.3) (29.2) (0.9) (30.1) At 31 December 304.8 192.9 497.7 260.6 206.1 466.7 1. Share of profit of associates and joint ventures as presented on the face of the income statement excludes acquisition costs and related items net of tax of \u00a36.1 million (2021: \u00a38.9 million). Information about the significant associates and joint ventures held by the Group at 31 December 2022 is shown below. The companies are unlisted. Name of associate or joint venture Nature of its business Principal place of business Class of share Percentage owned by the Group Scottish Widows Schroder Wealth Holdings Limited (SPW) Wealth management England Ordinary shares 49.9% Bank of Communications Schroder Fund Management Co. Ltd. (BoCom) Investment management China Ordinary shares 30.0% Axis Asset Management Company Limited (Axis) Investment management India Ordinary shares 25.0% A10 Capital Parent Company LLC (A10) Real estate lending US Common units 19.3% 2022 2021
SPW
1
\u00a3m
BoCom
\u00a3m
Axis
\u00a3m
A10
\u00a3m
Other
\u00a3m
Total
\u00a3m
SPW
1
\u00a3m
BoCom
\u00a3m
Axis
\u00a3m
A10
\u00a3m
Other
\u00a3m
Total
\u00a3m
Non-current assets 207. 2 61.9 46.4 1,243.5 8.2 1,567.2 209.7 54.6 14.3 1,390.2 5.8 1,674.6
Current assets 119.1 885.9 109.1 219.3 25.8 1,359.2 157.3 756.2 96.2 176.9 22.5 1,209.1
Non-current liabilities (22.5) (0.4) \u2013 (1,246.8) (1.2) (1,270.9) (23.2) (1.1) \u2013 (1,404.0) (1.5) (1,429.8)
Current liabilities (41.6) (193.4) (16.4) (139.8) (6.4) (397.6) (58.0) (146.7) (14.4) (113.1) (5.9) (338.1)
Total equity 262.2 754.0 139.1 76.2 26.4 1,257.9 285.8 663.0 96.1 50.0 20.9 1,115.8
Group\u2019s share of net assets 130.8 226.2 34.8 14.7 9.1 415.6 142.6 198.9 24.0 9.6 7.7 382.8
Goodwill and intangible assets 55.2 \u2013 10.5 1.4 17.4 84.5 58.1 \u2013 10.4 1.3 17.2 87.0
Deferred tax liability (2.4) \u2013 \u2013 \u2013 \u2013 (2.4) (3.1) \u2013 \u2013 \u2013 \u2013 (3.1)
Carrying value held
by the Group 183.6 226.2 45.3 16.1 26.5 497.7 197.6 198.9 34.4 10.9 24.9 466.7
Net income 125.8 359.2 98.9 63.7 28.3 675.9 135.1 355.2 79.4 66.5 29.0 665.2
Profit for the year 6.2 191.0 43.2 23.7 5.1 269.2 16.9 201.4 36.7 14.1 8.1 27 7.2
Other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 \u2013 0.3
Total comprehensive income 6.2 191.0 43.2 23.7 5.1 269.2 16.9 201.4 36.7 14.4 8.1 27 7.5
Group\u2019s share of profit for the
year 3.1 57.3 10.8 4.6 1.8 7 7.6 8.4 60.4 9.2 2.7 2.8 83.5
Amortisation charge (4.6) \u2013 \u2013 \u2013 (1.5) (6.1) (2.8) \u2013 \u2013 \u2013 (1.4) (4.2)
Group\u2019s share of profit for the
year after amortisation (1.5) 57.3 10.8 4.6 0.3 71.5 5.6 60.4 9.2 2.7 1.4 79.3
Group\u2019s share of other
comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 0.1
Group\u2019s share of total
comprehensive income (1.5) 57. 3 10.8 4.6 0.3 71.5 5.6 60.4 9.2 2.8 1.4 79.4
1. SPW is a joint venture and has \u00a381.6 million of cash and cash equivalents (2021: \u00a3114.8 million) within its current assets.
(b) Investments in associates measured at fair value
Where the Group holds units in pooled investment vehicles that give the Group significant influence, but not control, through participation in
the financial and operating policy decisions, the Group records such investments at fair value. Information about the Group\u2019s principal
associates measured at fair value is shown below. The investments are recorded as financial assets within the statement of financial position.
2022
ICBC (Europe)
ECITS SICAV
\u00a3m
Schroder
Global
Sustainable
Growth Fund
(Canada)
\u00a3m
Schroder
Indian
Equity
Fund
\u00a3m
Schroder ISF
Nordic
Smaller
Companies
\u00a3m
Schroder
Global
Emerging
Markets
Fund
\u00a3m
Schroder
Global
Equity
Component
Fund
\u00a3m
Schroder
Long Dated
Corporate
Bond
\u00a3m
Current assets 22.0 16.2 28.0 30.4 628.8 107.8 180.7
Current liabilities \u2013 \u2013 \u2013 \u2013 (1.9) (0.2) (0.9)
Total equity 22.0 16.2 28.0 30.4 626.9 107.6 179.8
Net income \u2013 0.7 0.1 0.2 8.1 0.4 7.0
Profit for the year \u2013 0.7 0.1 0.2 8.1 0.4 7.0
Total comprehensive income \u2013 0.7 0.1 0.2 8.1 0.4 7.0
Country of incorporation UK US UK Luxembourg UK UK UK
Percentage owned by the Group 33% 29% 27% 23% 29% 29% 21%
2021 Schroder ISF Smart Manufacturing \u00a3m SSSF Wealth Management USD Balanced \u00a3m Schroder Core Plus FIC FIA \u00a3m ICBC (Europe) ECITS SICAV \u00a3m Schroder QEP Global Active value \u00a3m Schroder Advanced Beta Global Corporate Bond \u00a3m Current assets 32.1 15.4 5.8 21.9 458.9 1,277.7 Current liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (0.7) Total equity 32.1 15.4 5.8 21.9 458.9 1,277.0 Net income 1.4 0.3 0.1 0.1 13.7 19.6 Profit for the year 1.4 0.3 0.1 0.1 13.7 19.6 Total comprehensive income 1.4 0.3 0.1 0.1 13.7 19.6 Country of incorporation Luxembourg Luxembourg Brazil Luxembourg Luxembourg UK Percentage owned by the Group 29% 28% 28% 33% 27% 23% 10. Property, plant and equipment The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate, and principally comprises leasehold improvements, freehold land and buildings, fixtures and fittings and computer equipment. Right-of-use assets in the form of leases are also included within property, plant and equipment (further detail is found in note 11). Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as a depreciation charge on a straight-line basis over the estimated useful life, with the exception of land which is assumed to have an indefinite useful life. 2022 2021 Leasehold improvements \u00a3m Land and buildings \u00a3m Other assets \u00a3m Total \u00a3m Leasehold improvements \u00a3m Land and buildings \u00a3m Other assets \u00a3m Total \u00a3m Cost At 1 January 194.6 19.7 165.8 380.1 188.7 19.7 157.5 365.9 Exchange translation adjustments 5.1 \u2013 4.6 9.7 (0.8) \u2013 (1.6) (2.4) Additions 7.6 \u2013 12.1 19.7 11.2 \u2013 14.8 26.0 Disposals (0.3) \u2013 (13.5) (13.8) (4.5) \u2013 (4.9) (9.4 ) At 31 December 207.0 19.7 169.0 395.7 194.6 19.7 165.8 380.1 Accumulated depreciation At 1 January (59.2) (1.8) (89.2) (150.2) (50.7) (1.3) (77.8) (129.8) Exchange translation adjustments (2.5) \u2013 (3.0) (5.5) 0.6 \u2013 0.8 1.4 Depreciation charge (14.3) (0.4) (21.3) (36.0) (13.6) (0.5) (17.1) (31.2) Disposals 0.3 \u2013 1.5 1.8 4.5 \u2013 4.9 9.4 At 31 December (75.7) (2.2) (112.0) (189.9) (59.2) (1.8) (89.2) (150.2 ) Net book value at 31 December 131.3 17.5 57.0 205.8 135.4 17.9 76.6 229.9 Right-of-use assets (see note 11) 318.3 330.1 Property, plant and equipment net book value at 31 December 524.1 560.0 11. Leases The Group\u2019s lease arrangements primarily consist of operating leases relating to office space. The Group initially records a lease liability in the statement of financial position reflecting the present value of the future contractual cash flows to be made over the lease term, discounted using the Group\u2019s incremental borrowing rate. This is the rate that the Group would have to pay for a loan of a similar term, and with similar security to obtain an asset of similar value. A right-of-use (ROU) asset is recorded at the value of the lease liability plus any directly related costs and estimated future dilapidation expense and is presented within property, plant and equipment (see note 10) on the balance sheet. Interest is accrued on the lease liability using the effective interest method to give a constant rate of return over the life of the lease while the balance is reduced as lease payments are made. The ROU asset is depreciated from commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term as the benefit of the asset is consumed. Increases or decreases that occur at contractually agreed market rent review dates are included in the lease liability once revised market rents have been agreed. The Group considers whether the lease term should reflect options to extend or reduce the life of the lease. Relevant factors that could create an economic incentive to exercise the option are considered and the extensions/termination is included if it is reasonably certain to be exercised. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) the option. Should this occur, the Group modifies the lease liability and associated ROU asset to reflect the revised remaining expected cashflows. 2022 2021 Right-of-use assets \u00a3m Lease liabilities \u00a3m Right-of-use assets \u00a3m Lease liabilities \u00a3m At 1 January 330.1 373.8 354.8 397.2 Exchange translation adjustments 9.8 12.3 (1.8) (1.2) Additions and remeasurements of lease obligations 18.0 15.6 14.5 14.5 Lease payments \u2013 (51.3) \u2013 (47.5) Depreciation charge (39.6) \u2013 (37.4) \u2013 Interest expense \u2013 10.6 \u2013 10.8 At 31 December 318.3 361.0 330.1 373.8 The depreciation charge and interest expense relating to leases are recorded within operating expenses (see note 3). 2022 \u00a3m 2021 \u00a3m Lease liabilities \u2013 current 39.2 31.2 Lease liabilities \u2013 non-current 321.8 342.6 361.0 373.8 The Group\u2019s lease liabilities contractually mature in the following time periods: 2022 \u00a3m 2021 \u00a3m Less than 1 year 48.9 46.3 1 \u2013 2 years 47.3 47.9 2 \u2013 5 years 106.7 98.8 More than 5 years 235.2 267.9 389.2 414.6 438.1 460.9 12. Goodwill and intangible assets Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. 2022 2021 Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Cost At 1 January 803.4 361.9 470.7 1,636.0 811.7 362.8 413.2 1,587.7 Exchange translation adjustments 36.1 15.7 4.7 56.5 (8.3) (3.2) (0.8) (12.3) Additions 400.2 332.4 97.6 830.2 \u2013 2.3 63.4 65.7 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5.1) (5.1) At 31 December 1,239.7 710.0 573.0 2,522.7 803.4 361.9 470.7 1,636.0 Accumulated amortisation At 1 January \u2013 (252.8) (214.7) (467.5) \u2013 (220.2) (159.5) (379.7) Exchange translation adjustments \u2013 (8.9) (3.5) (12.4) \u2013 0.9 0.6 1.5 Amortisation charge \u2013 (47.1) (66.2) (113.3) \u2013 (33.5) (60.7) (94.2) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4.9 4.9 At 31 December \u2013 (308.8) (284.4) (593.2) \u2013 (252.8) (214.7) (467.5) Carrying amount at 31 December 1,239.7 401.2 288.6 1,929.5 803.4 109.1 256.0 1,168. 5 The Group acquired \u00a3328.8 million of identifiable intangible assets as a result of business combinations during 2022 (2021: none). The Group acquired \u00a33.6 million (2021: \u00a32.3 million) of customer contracts through Benchmark Capital that were not considered to be business combinations. Estimates and judgements The Group estimates the fair value of identifiable intangible assets acquired at the acquisition date based on forecast profits, taking account of synergies, derived from existing contractual arrangements. This assessment involves judgement in determining assumptions relating to potential future revenues, profit margins, appropriate discount rates and the expected duration of client relationships. The difference between the fair value of the consideration and the value of the identifiable assets and liabilities acquired, including intangible assets, is accounted for as goodwill. At each reporting date, the Group applies judgement to determine whether there is any indication that an acquired intangible asset may be impaired. If any indication exists, a full assessment is undertaken. Goodwill is assessed for impairment on an annual basis. If the assessment of goodwill or an acquired intangible asset determines that the carrying value exceeds the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount of goodwill is determined using a discounted cash flow model. Any impairment is recognised in the income statement and cannot be reversed. Goodwill acquired in a business combination is allocated to the CGUs that are expected to benefit from that business combination. For all relevant acquisitions the Group has determined the lowest level CGU for Asset Management acquisitions is the segment. The Benchmark Capital business within Wealth Management is assessed separately from the rest of Wealth Management. Of the total goodwill, \u00a31,009.6 million (2021: \u00a3574.9 million) is allocated to Asset Management and \u00a3230.1 million (2021: \u00a3228.5 million) is allocated to Wealth Management, of which \u00a368.2 million (2021: \u00a368.1 million) relates to Benchmark Capital. The recoverable amounts of the CGUs are determined from value-in-use calculations applying a discounted cash flow model using the Group\u2019s five-year strategic business plan cash flows. The key assumptions on which the Group\u2019s cash flow projections are based include long-term market growth rates of 2% per annum (2021: 2%), a pre-tax discount rate of 12% (2021: 10%), expected flows and expected changes to revenue margins. The results of the calculations indicate that goodwill is not impaired. Movements in the growth rate and/or the discount rate of 1% would not lead to any impairment. This is due to the amount of goodwill allocated to the relevant CGU relative to the size of the relevant future profitability estimate. A comparison of actual results to the projected results used to assess goodwill impairment in prior years shows that the Group would have recognised no changes (2021: nil) to its goodwill asset in the year as a result of inaccurate projections. The recoverable amount of acquired intangible assets is the greater of fair value less costs to sell and the updated discounted valuation of the remaining net residual income stream. Any impairment is recognised in the income statement but may be reversed if relevant conditions improve. 13. Deferred tax Deferred tax assets and liabilities represent amounts of tax that will become recoverable and payable in future accounting periods. They arise as a result of temporary differences, where the time at which profits and losses are recognised for tax purposes differs from the time at which the relevant transaction is recorded. A deferred tax asset represents a tax reduction that is expected to arise in a future period based on past transactions. A deferred tax liability represents taxes that will become payable in a future period as a result of current or prior year transactions. Deferred tax liabilities also arise on certain acquisitions where the amortisation of the acquired intangible asset does not result in a tax deduction. The deferred tax liability is established on acquisition and is released to the income statement to match the intangible asset amortisation. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the year-end date. 2022 Accelerated capital allowances \u00a3m Deferred employee awards \u00a3m Pension schemes \u00a3m Tax losses \u00a3m Intangible assets on acquisition \u00a3m Other net temporary differences \u00a3m Total \u00a3m At 1 January 11.8 101.3 (48.7) 48.2 (25.5) (22.5) 64.6 Income statement credit/(charge) 4.2 (1.5) (0.7) 14.8 8.4 7.6 32.8 Income statement credit/(charge) due to changes in tax rates 0.1 10.1 (0.2) 5.0 (0.6) 0.2 14.6 Credit/(charge) to other comprehensive income \u2013 \u2013 12.6 \u2013 \u2013 (0.1) 12.5 Charge to statement of other comprehensive income due to changes in tax rates \u2013 \u2013 3.9 \u2013 \u2013 (0.1) 3.8 Charge to equity \u2013 (5.7) \u2013 \u2013 \u2013 \u2013 (5.7) Credit to equity due to changes in tax rates \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Business combinations \u2013 1.8 \u2013 \u2013 (79.9) \u2013 (78.1) Exchange translation adjustments (0.2) 4.1 \u2013 0.3 (0.9) (1.7) 1.6 At 31 December 15.9 110.9 (33.1) 68.3 (98.5) (16.6) 46.9 2021 Accelerated capital allowances \u00a3m Deferred employee awards \u00a3m Pension schemes \u00a3m Tax losses \u00a3m Intangible assets on acquisition \u00a3m Other net temporary differences \u00a3m Total \u00a3m At 1 January (4.6) 82.3 (31.2) 3.0 (27.7) (20.4) 1.4 Income statement credit/(charge) 12.6 13.6 (0.5) 34.7 6.4 (1.2) 65.6 Income statement credit/(charge) due to changes in tax rates 3.8 4.9 (10.3) 10.4 (4.4) (1.2) 3.2 (Charge)/credit to other comprehensive income \u2013 \u2013 (5.2) \u2013 \u2013 1.0 (4.2) (Charge)/credit to statement of other comprehensive income due to changes in tax rates \u2013 \u2013 (1.5) \u2013 \u2013 0.1 (1.4) Credit to equity \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Credit to equity due to changes in tax rates \u2013 0.2 \u2013 \u2013 \u2013 \u2013 0.2 Exchange translation adjustments \u2013 (0.5) \u2013 0.1 0.2 (0.8) (1.0) At 31 December 11.8 101.3 (48.7) 48.2 (25.5) (22.5) 64.6 The UK corporation tax rate is currently 19%. The UK Chancellor announced in the March 2021 Budget that the rate will increase to 25% from April 2023. The rate increase was substantively enacted in May 2021 and the UK deferred tax balances have been revalued accordingly. Included in the deferred tax asset is an asset relating to UK tax deductions for share-based remuneration which is dependent on the prices of the Company\u2019s ordinary shares at the time the awards are exercised. A deferred tax asset of \u00a39.7 million (2021: \u00a36.5 million) relating to \u00a341.2 million of realised and unrealised capital losses has not been recognised as there is insufficient evidence that there will be sufficient taxable gains in the future against which the deferred tax asset could be utilised. A deferred tax asset of \u00a326.5 million (2021: \u00a313.3 million) relating to \u00a3111.5 million of other losses and other temporary differences have not been recognised as there is insufficient evidence that there will be sufficient taxable profits in the future against which these deferred tax assets could be utilised. After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax asset comprises: 2022 \u00a3m 2021 \u00a3m Deferred tax assets 185.8 145.0 Deferred tax liabilities (138.9) (80.4) 46.9 64.6 14. Unit-linked liabilities and assets backing unit-linked liabilities The Group operates a unit-linked life assurance business through the wholly owned subsidiary Schroder Pension Management Limited (the Life Company). The Life Company provides investment products through a life assurance wrapper. The investment products do not provide cover for insurance risk and are therefore recognised and accounted for as financial instruments and presented as financial liabilities due to Life Company investors (policyholders) within unit-linked liabilities. The investment product is almost identical to a unit trust. As it is a life assurance product, the contractual rights and obligations of the investments remain with the Group and the AUM is therefore included on the statement of financial position, together with the liability to investors. The Group earns fee income from managing the investment, which is included in revenue. Financial assets and liabilities held by the Life Company are measured at FVTPL. Other balances include cash and receivables, which are measured at amortised cost (see note 8). The Life Company\u2019s assets are regarded as current assets as they represent the amount available to Life Company investors (or third party investors in consolidated funds) who are able to withdraw their funds on call, subject to certain restrictions in the case of illiquidity. Gains and losses from assets and liabilities held to cover investor obligations are attributable to investors in the Life Company or third party investors in the funds. As a result, any gain or loss is offset by a change in the obligation to investors. 2022 \u00a3m 2021 \u00a3m Financial liabilities due to Life Company investors 8,174.1 10,439.8 Financial liabilities due to third parties 1 1,880.0 3,023.3 10,054.1 13,463.1 1. In accordance with the accounting standards, the Group is deemed to hold a controlling interest in certain funds as a result of the investments held by the Life Company. This results in all of the assets and liabilities of those funds being consolidated within the statement of financial position and the third party interest in the fund being recorded as a financial liability due to third party investors. The Group has no primary exposure to market risk, credit risk or liquidity risk in relation to the investments due to Life Company investors. The risks and rewards associated with its investments are borne by the investors in the Life Company\u2019s investment products or third party investors in the funds and not by the Life Company itself. Consequently, no further financial instrument risk disclosures are included. Fair value measurements of Life Company financial assets and liabilities
Each of the Life Company\u2019s financial assets and liabilities has been categorised using a fair value hierarchy as shown below. These levels
are based on the degree to which the fair value is observable and are defined in note 8.
2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Not at
fair value
\u00a3m
Total
\u00a3m
Assets backing unit-linked liabilities
Financial assets at fair value through profit or loss:
Debt securities 2,385.3 1,731.3 \u2013 \u2013 4,116.6
Pooled investment vehicles 2,478.6 \u2013 22.8 \u2013 2,501.4
Equities 2,639.3 29.8 \u2013 \u2013 2,669.1
Derivative contracts 12.4 51.5 \u2013 \u2013 63.9
7,515.6 1,812.6 22.8 \u2013 9,351.0
Financial assets at amortised cost:
Cash and cash equivalents \u2013 \u2013 \u2013 605.0 605.0
Trade and other receivables \u2013 \u2013 \u2013 98.1 98.1
\u2013 \u2013 \u2013 703.1 703.1
Total assets backing unit-linked liabilities 7,515.6 1,812.6 22.8 703.1 10,054.1
Unit-linked liabilities 9,996.1 48.7 \u2013 9.3 10,054.1
2021
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Not at
fair value
\u00a3m
Total
\u00a3m
Assets backing unit-linked liabilities
Financial assets at fair value through profit or loss:
Debt securities 2,130.6 1,547.2 \u2013 \u2013 3,677.8
Pooled investment vehicles 3,654.5 \u2013 22.9 \u2013 3,677.4
Equities 4,952.6 10.8 \u2013 \u2013 4,963.4
Derivative contracts 62.8 40.0 \u2013 \u2013 102.8
10,800.5 1,598.0 22.9 \u2013 12,421.4
Financial assets at amortised cost:
Cash and cash equivalents \u2013 \u2013 \u2013 911.7 911.7
Trade and other receivables \u2013 \u2013 \u2013 130.0 130.0
\u2013 \u2013 \u2013 1,041.7 1,041.7
Total assets backing unit-linked liabilities 10,800.5 1,598.0 22.9 1,041.7 13,463.1
Unit-linked liabilities 13,369.6 77.7 \u2013 15.8 13,4 63.1
The fair value of financial instruments not held at fair value approximates their carrying value. No financial assets were transferred between
levels during the year (2021: none).
Estimates and judgements \u2013 fair value measurements Each instrument has been categorised within one of three levels using a fair value hierarchy (see note 8). Level 1 investments principally comprise quoted equities, investments in pooled investment vehicles, government debt and exchange-traded derivatives. Level 2 investments principally comprise debt securities such as commercial paper and certificates of deposit. Level 3 investments principally compromise investments in private equity funds. There are no assumptions that are individually significant or reasonably possible alternatives that would lead to a material change in fair value. Movements in financial assets categorised as level 3 during the year were: 2022 \u00a3m 2021 \u00a3m At 1 January 22.9 28.1 Exchange translation adjustments 0.6 (1.1) Net gain recognised in the income statement 5.6 10.4 Disposals (6.3) (14.5) At 31 December 22.8 22.9 15. Trade and other payables Trade and other payables includes amounts the Group is due to pay in the normal course of business, accruals and deferred income (being fees received in advance of services provided as well as deferred cash awards), and bullion deposits by customers. Trade and other payables, other than deferred cash awards and bullion deposits, are recorded initially at fair value and subsequently at amortised cost (see note 8). Amounts due to be paid by the Group in the normal course of business are made up of creditors and accruals. Accruals represent costs, including remuneration, that are not yet billed or due for payment, but for which the goods or services have been received. Deferred cash awards (being deferred employee remuneration payable in cash), and bullion deposits by customers are recorded at fair value. 2022 2021 Non-current \u00a3m Current \u00a3m Total \u00a3m Non-current \u00a3m Current \u00a3m Total \u00a3m Trade and other payables at amortised cost: Settlement accounts \u2013 96.6 96.6 \u2013 138.2 138.2 Trade creditors \u2013 14.7 14.7 \u2013 8.8 8.8 Social security 19.5 88.6 108.1 28.4 86.5 114.9 Accruals and deferred income 22.3 568.6 590.9 18.5 619.7 638.2 Other payables \u2013 24.3 24.3 \u2013 14.7 14.7 41.8 792.8 834.6 46.9 867.9 914.8 Trade and other payables at fair value: Deferred cash awards 52.8 159.5 212.3 80.6 117.4 198.0 Bullion deposits by customers \u2013 2.6 2.6 \u2013 2.2 2.2 52.8 162.1 214.9 80.6 119.6 200.2 Total trade and other payables 94.6 954.9 1,049.5 127. 5 987.5 1,115.0 The fair value of trade and other payables held at amortised cost approximates their carrying value. The fair value of bullion deposits by customers is derived from level 1 inputs (see note 8). The fair value of deferred cash awards is derived from level 1 inputs, being equal to the fair value of the units in funds to which the employee award is linked. The Group\u2019s trade and other payables contractually mature in the following time periods: 2022 \u00a3m 2021 \u00a3m Less than 1 year 1 954.9 987.5 1 \u2013 2 years 46.8 65.4 2 \u2013 5 years 45.8 60.3 More than 5 years 2.0 1.8 94.6 127. 5 1,049.5 1,115.0 1. Settlement accounts are generally settled within four working days (2021: four working days) and trade creditors have an average settlement period of 24 working days (2021: 20 working days). 16. Provisions and contingent liabilities Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore usually require the use of estimates. They are recognised when three conditions are fulfilled: when the Group has a present obligation (legal or constructive) as a result of a past event; when it is probable that the Group will incur a loss in order to settle the obligation; and when a reliable estimate can be made of the amount of the obligation. They are recorded at the Group\u2019s best estimate of the cost of settling the obligation. Any differences between those estimates and the amounts for which the Group actually becomes liable are taken to the income statement as additional charges where the Group has underestimated and credits where the Group has overestimated. Where the estimated timing and settlement is longer term, the amount is discounted using a rate reflecting specific risks associated with the provision. Contingent liabilities are potential liabilities, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed where significant and are not included within the statement of financial position. Dilapidations \u00a3m Legal, regulatory and other \u00a3m Total \u00a3m At 1 January 2022 15.2 11.6 26.8 Exchange translation adjustments 0.3 0.2 0.5 Provisions utilised \u2013 (2.1) (2.1) Provisions charged 0.3 1.6 1.9 Provisions released \u2013 (4.1) (4.1) Additions 2.4 \u2013 2.4 At 31 December 2022 18.2 7. 2 25.4 Dilapidations \u00a3m Legal, regulatory and other \u00a3m Total \u00a3m Current \u2013 2022 1.0 2.5 3.5 Non-current \u2013 2022 17.2 4.7 21.9 18.2 7.2 25.4 Current \u2013 2021 1.0 4.6 5.6 Non-current \u2013 2021 14.2 7.0 21.2 15.2 11.6 26.8 The Group\u2019s provisions are expected to mature in the following time periods:
2022
\u00a3m
2021
\u00a3m
Less than 1 year 3.5 5.6
1 \u2013 2 years 5.7 8.2
2 \u2013 5 years 2.7 0.8
More than 5 years 13.5 12.2
21.9 21.2
25.4 26.8
Dilapidation provisions associated with the Group\u2019s office leases have a weighted average maturity of 13 years (2021: 13 years).
Legal and regulatory obligations associated with the Group\u2019s business arise from past events that are estimated to crystallise mainly within
two years (2021: two years). These matters are ongoing.
Estimates and judgements
The timing and amount of settlement of each legal claim or potential claim, regulatory matter and constructive obligation is uncertain.
The Group applies judgement to determine whether a provision is required. The Group performs an assessment of the timing and
amount of each event and reviews this assessment periodically. For some provisions there is greater certainty as the cash flows have
largely been determined. Potential legal claims, regulatory related costs and other obligations to third parties arise as a consequence
of normal business activity. They can arise from actual or alleged breaches of obligations and may be covered by the Group\u2019s insurance
arrangements, but subject to insurance excess. In certain circumstances, legal and regulatory claims can arise despite there being no error
or breach. The Group\u2019s risk management and compliance procedures are designed to mitigate, but are not able to eliminate, the risk of
losses occurring. Where such claims and costs arise there is often uncertainty over whether a payment will be required and estimation is
required in determining the quantum and timing of that payment. As a result, there is also uncertainty over the timing and amount of any
insurance recovery, although this does not change the likelihood of insurance cover being available, where applicable. The Group makes
periodic assessments of all cash flows, including taking external advice where appropriate, to determine an appropriate provision. Some
matters may be settled through commercial negotiation as well as being covered in whole or in part by the Group\u2019s insurance
arrangements. The Group has made provisions based on the reasonable expectation of likely outflows. The inherent uncertainty
in such matters and the results of negotiations and insurance cover may result in different outcomes.
There are no key judgements or estimates that would result in any additional material provisions being recognised or any material
contingent liabilities being disclosed in the financial statements (2021: none). The provisions included in the financial statements at
31 December 2022 are based on estimates of reasonable ranges of likely outcomes, applying assumptions regarding the probability
of payments being due and the settlement value. The aggregate reasonable ranges have been assessed as not materially different
to the carrying values.
17. Derivative contracts
(a) The Group\u2019s use of derivatives
The Group holds derivatives for risk management, client facilitation and within its consolidated structured entities to provide exposure to
market returns. The Group most commonly uses forward foreign exchange contracts, where it agrees to buy or sell specified amounts of
a named currency at a future date, allowing the Group to effectively fix exchange rates so that it can avoid unpredictable gains and losses
on financial instruments in foreign currency assets and liabilities. The Group uses futures, total return swaps and credit default swaps to
hedge market-related gains and losses on its seed capital investments where the purpose of investing is to help establish a new product
rather than gain additional market exposure. Interest rate contracts are used to hedge exposures to fixed or floating rates of interest.
The Group designates certain derivatives as hedges of a net investment in a foreign operation. In these scenarios, and where relevant
conditions are met, hedge accounting is applied and the Group formally documents the relationship between the derivative and any
hedged item, its risk management objectives and its strategy for undertaking the various hedging transactions. It also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are
highly effective in offsetting changes in the fair value of hedged items. In respect of hedges of a net investment in a foreign operation,
the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised directly in other
comprehensive income. The Group\u2019s net investment hedges are generally fully effective, but any ineffective portion that may arise
is recognised in the income statement. On disposal of the foreign operation, together with the hedged gain or loss, the cumulative
gain or loss on the hedging instrument is transferred to the income statement.
Risk management: the Group actively seeks to limit and manage its exposures to risk where that exposure is not desired by the Group.
This may take the form of unwanted exposures to a particular currency, type of interest rate or other price risk. By entering into derivative
contracts, the Group is able to mitigate or eliminate such exposures. The principal risks that the Group faces through such use of derivative
contracts is credit risk and liquidity risk.
Client facilitation: the Group\u2019s Wealth Management entities are involved in providing portfolio management, banking and investment
advisory services, primarily to private clients. In carrying out this business, they transact as agent or as principal in financial assets and
liabilities (including derivatives) in order to facilitate client portfolio requirements. Wealth Management\u2019s policy is to hedge, as appropriate,
market risk on its client facilitation positions. This does not eliminate credit risk.
For details of how the Group manages its exposure to credit risk, see below and note 18.
(b) Derivatives used by the Group
Forwards are contractual obligations to buy or sell foreign currency on a future date at a specified exchange rate. The maximum exposure
to credit risk is represented by the fair value of the contracts.
Currency, interest rate, total return and credit default swaps are commitments to exchange one set of cash flows for another. Swaps result
in an economic exchange of currencies, interest rates or total returns (for example, fixed rate for floating rate) or a combination of these
(i.e. cross-currency interest rate swaps). No exchange of principal takes place, except in the case of certain currency swaps. The Group\u2019s credit
risk represents the potential cost of replacing the swap contracts if counterparties fail to perform their obligations. This risk is monitored on an
ongoing basis with reference to the current fair value, the proportion of the notional amount of the contracts, and the liquidity of the market.
To control the level of credit risk taken, the Group assesses counterparties in accordance with its internal policies and procedures.
Futures contracts are standardised contracts to buy or sell specified assets for an agreed price at a specified future date. Contracts are
negotiated at a futures exchange, which acts as an intermediary between the two parties. For futures contracts, the maximum exposure
to credit risk is represented by the fair value of the contracts.
The fair value of derivative instruments becomes favourable (assets) or unfavourable (liabilities) as a result of fluctuations in market interest
rates, indices, foreign exchange rates and other relevant variables relative to their terms. The aggregate contractual amount of derivative
financial instruments held, the extent to which instruments are favourable or unfavourable, and thus the aggregate fair values of derivative
financial assets and liabilities, can fluctuate significantly from time to time. The fair values and contractual maturities are set out below:
2022 2021
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Equity contracts 6.4 (4.7) 59.7 (71.7)
Forward foreign exchange contracts 16.5 (23.6) 18.1 (16.6)
22.9 (28.3) 77.8 (88.3)
2022 2021
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Net-settled derivative contracts
1
maturing/repricing
2
in:
Less than 1 year 6.4 (4.7) 59.7 (71.7)
6.4 (4.7) 59.7 (71.7)
Gross-settled derivatives
3
maturing/repricing
2
in less than 1 year:
Gross inflows 983.5 874.1 1,066.9 953.0
Gross outflows (967.6) (897.2) (1,048.9) (969.7)
Difference between future contractual cash flows and fair value 0.6 (0.5) 0.1 0.1
16.5 (23.6) 18.1 (16.6)
22.9 (28.3) 77.8 (88.3)
1. Equity contracts.
2. Whichever is earlier.
3. Forward foreign exchange contracts.
18. Financial instrument risk management The Group Capital Committee is responsible for the management of the Group\u2019s capital and sets objectives for how it is deployed. This note explains how the Group manages its capital, setting out the nature of the risks the Group faces as a result of its operations, and how these risks are quantified and managed. The Group is exposed to different forms of financial instrument risk including: (i) the risk that money owed to the Group will not be received (credit risk); (ii) the risk that the Group may not have sufficient cash available to pay its creditors as they fall due (liquidity risk); and (iii) the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and foreign exchange rates (market risk). The management of such risks is embedded in managerial responsibilities fundamental to the wellbeing of the Group. The Group\u2019s primary exposure to financial instrument risk is derived from the financial instruments that it holds as principal. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impact on investment management and other fees that are determined on the basis of a percentage of AUM and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This note deals only with the direct or primary exposure of the risks from the Group\u2019s holding of financial instruments. The Life Company provides unit-linked investment products through a life assurance wrapper. The financial risks of these products are largely borne by the third party investors, consistent with other investment products managed by the Group. However, since the Life Company, which is a subsidiary, issues the investment instrument and holds the relevant financial assets, both the investments and the third party obligations are recorded in the statement of financial position. Financial instrument risk management disclosures in respect of the Life Company\u2019s financial instruments are set out in note 14. (a) Capital The Group\u2019s approach to capital management is to maintain a strong capital position to enable it to invest in the future of the Group, in line with its strategy, and to support the risks inherent in conducting its business. Capital management is an important part of the Group\u2019s risk management framework and is underpinned by the Internal Capital Adequacy Assessment Process (ICAAP). The ICAAP considers the relevant current and future risks to the business and the capital considered necessary to support these risks. The Group actively monitors its capital base to ensure it maintains sufficient and appropriate capital resources to cover the relevant risks to the business and to meet consolidated and local regulatory and working capital requirements. The Group\u2019s lead regulator is the Prudential Regulation Authority as the Group includes an entity with a UK banking licence. The Group is required to maintain adequate capital resources to meet its Total Capital Requirement (TCR) of \u00a31,022 million (2021: \u00a3937 million). The TCR incorporates the Group\u2019s Pillar 1 regulatory capital requirement of \u00a3862 million (2021: \u00a3769 million). In addition to the TCR of the banking group, the Group is required to hold additional capital of \u00a3323 million (2021: \u00a3282 million) in respect of its insurance companies and regulatory buffers. The Group\u2019s overall regulatory capital requirement was \u00a31,346 million at 31 December 2022 (2021: \u00a31,220 million). In managing the Group\u2019s capital position, the Group considers the composition of the capital base, which consists of: working capital deployed to support the Group\u2019s general operating activities and regulatory requirements; investment capital held in excess of these operating requirements; and other items that are not investible or otherwise available to meet the Group\u2019s operating or regulatory requirements. The table below shows the components of our capital position: 2022 \u00a3m 2021 \u00a3m Working capital \u2013 regulatory and other 1,538 1,403 Working capital \u2013 seed and co-investment 512 666 Investment capital \u2013 liquid 127 780 Investment capital \u2013 illiquid 57 58 Other items 2,246 1,519 Total equity 4,480 4,426 (i) Working capital The Group\u2019s policy is for subsidiaries to hold sufficient working capital to meet their regulatory and other operating requirements. Operating capital principally comprises cash and cash equivalents and other low-risk financial instruments, as well as financial instruments held to hedge fair value movements on certain deferred fund awards. Local regulators oversee the activities of, and impose minimum capital and liquidity requirements on certain Group operating entities. The Group complied with all externally imposed regulatory capital requirements during the year. Other investible equity held in excess of operating requirements is transferred to investment capital, which is managed centrally in accordance with limits approved by the Board. Working capital is also deployed through certain subsidiaries to support new investment strategies and growth opportunities and to co-invest alongside the Group\u2019s clients. (ii) Investment capital Available capital held in excess of working capital requirements is transferred to investment capital. Investment capital is managed with the aim of achieving a low-volatility return. Liquid investments are available to support the organic development of existing and new business strategies and to respond to other investment and growth opportunities as they arise, such as acquisitions. Investment capital also includes certain commercial private equity investments and illiquid legacy investments. (iii) Other items Other items comprise assets that are not investible or available to meet the Group\u2019s general operating or regulatory requirements. It includes assets that are actually or potentially inadmissible for regulatory capital purposes, principally goodwill, intangible assets, minority interest in certain subsidiaries and pension scheme surplus. The tables below provide a detailed breakdown of the Group\u2019s capital in accordance with IFRS 9: 2022 Financial instruments at amortised cost \u00a3m Financial assets at fair value through other comprehensive income \u00a3m Liabilities to purchase subsidiary shares \u00a3m Financial instruments at fair value through profit or loss 1 \u00a3m Non-financial instruments \u00a3m Total \u00a3m Assets Cash and cash equivalents 4,440.3 \u2013 \u2013 \u2013 \u2013 4,440.3 Trade and other receivables 804.4 \u2013 \u2013 \u2013 92.1 896.5 Financial assets: Loans and advances to banks 122.8 \u2013 \u2013 \u2013 \u2013 122.8 Loans and advances to clients 615.6 \u2013 \u2013 \u2013 \u2013 615.6 Debt securities 263.9 591.9 \u2013 148.1 \u2013 1,003.9 Pooled investment vehicles \u2013 \u2013 \u2013 702.2 \u2013 702.2 Equities \u2013 \u2013 \u2013 202.9 \u2013 202.9 Derivatives \u2013 \u2013 \u2013 22.9 \u2013 22.9 Associates and joint ventures \u2013 \u2013 \u2013 \u2013 497.7 497.7 Property, plant and equipment \u2013 \u2013 \u2013 \u2013 524.1 524.1 Goodwill and intangible assets \u2013 \u2013 \u2013 \u2013 1,929.5 1,929.5 Deferred tax \u2013 \u2013 \u2013 \u2013 185.8 185.8 Retirement benefit scheme surplus \u2013 \u2013 \u2013 \u2013 136.3 136.3 Assets backing unit-linked liabilities 703.1 \u2013 \u2013 9,351.0 \u2013 10,054.1 Total assets 6,950.1 591.9 \u2013 10,427.1 3,365.5 21,334.6 Liabilities Trade and other payables 726.5 \u2013 \u2013 212.3 110.7 1,049.5 Financial liabilities 4,595.9 \u2013 218.7 325.5 \u2013 5,140.1 Current tax \u2013 \u2013 \u2013 \u2013 73.1 73.1 Lease liabilities 361.0 \u2013 \u2013 \u2013 \u2013 361.0 Provisions 25.4 \u2013 \u2013 \u2013 \u2013 25.4 Deferred tax \u2013 \u2013 \u2013 \u2013 138.9 138.9 Retirement benefit scheme deficits \u2013 \u2013 \u2013 \u2013 12.8 12.8 Unit-linked liabilities 9.3 \u2013 \u2013 10,044.8 \u2013 10,054.1 Total liabilities 5,718.1 \u2013 218.7 10,582.6 335.5 16,854.9 Capital 4,479.7 1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes \u00a310,508.8 million of liabilities that are designated at fair value through profit or loss and \u00a383.1 million that are mandatorily measured at fair value through profit or loss. 2021
Financial
instruments at
amortised cost
\u00a3m
Financial assets
at fair value
through other
comprehensive
income
\u00a3m
Financial
instruments
at fair value
through
profit or loss
1
\u00a3m
Non-financial
instruments
\u00a3m
Total
\u00a3m
Assets
Cash and cash equivalents 4,207.3 \u2013 \u2013 \u2013 4,207.3
Trade and other receivables 892.6 \u2013 \u2013 108.3 1,000.9
Financial assets:
Loans and advances to banks 153.0 \u2013 \u2013 \u2013 153.0
Loans and advances to clients 614.0 \u2013 \u2013 \u2013 614.0
Debt securities 109.9 409.9 420.6 \u2013 940.4
Pooled investment vehicles \u2013 \u2013 777.0 \u2013 777.0
Equities \u2013 \u2013 570.1 \u2013 570.1
Derivatives \u2013 \u2013 77.8 \u2013 77.8
Associates and joint ventures \u2013 \u2013 \u2013 466.7 466.7
Property, plant and equipment \u2013 \u2013 \u2013 560.0 560.0
Goodwill and intangible assets \u2013 \u2013 \u2013 1,168.5 1,168.5
Deferred tax \u2013 \u2013 \u2013 145.0 145.0
Retirement benefit scheme surplus \u2013 \u2013 \u2013 197.9 197.9
Assets backing unit-linked liabilities 1,041.7 \u2013 12,421.4 \u2013 13,463.1
Total assets 7,018.5 409.9 14,266.9 2,646.4 24,341.7
Liabilities
Trade and other payables 799.9 \u2013 198.0 117.1 1,115.0
Financial liabilities 3,822.6 \u2013 971.0 \u2013 4,793.6
Lease liabilities 373.8 \u2013 \u2013 \u2013 373.8
Current tax \u2013 \u2013 \u2013 52.2 52.2
Provisions 26.8 \u2013 \u2013 \u2013 26.8
Deferred tax \u2013 \u2013 \u2013 80.4 80.4
Retirement benefit scheme deficits \u2013 \u2013 \u2013 11.1 11.1
Unit-linked liabilities 15.8 \u2013 13,447.3 \u2013 13,463.1
Total liabilities 5,038.9 \u2013 14,616.3 260.8 19,916.0
Capital 4,425.7
1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss
includes \u00a314,480.0 million of liabilities that are designated at fair value through profit or loss and \u00a3136.3 million that are mandatorily measured at fair value through profit
or loss.
(b) Credit risk, liquidity risk and market risk
The Group is exposed to credit, liquidity and market risk as a result of the financial instruments it holds. Settlement of financial instruments
(on both a principal and agency basis) also gives rise to operational risk. The Group\u2019s risk management framework is critical to effective
management of these risks and considerable resources are dedicated to this area. Risk management is the direct responsibility of the
Board, with responsibility for oversight delegated to the Audit and Risk Committee. The Group applies the three lines of defence model to
risk management, which includes financial instrument risk. More details on the risk management framework and approach are set out in the
Risk Management report and the Audit and Risk Committee report on pages 40 and 68 respectively.
(i) Credit risk
Credit risk is the risk that a counterparty to a financial instrument, loan or commitment will cause the Group financial loss by failing to
discharge their obligations. For this purpose, the impact on fair value of a credit loss arising from credit spread price changes in a portfolio
of investments is excluded. This risk is addressed within pricing risk.
The Group has exposure to credit risk from its normal activities where it is exposed to the risk that a counterparty will be unable to pay amounts when due. The Group carefully manages its exposure to credit risk by monitoring exposures to individual counterparties and sectors, monitoring counterparties\u2019 creditworthiness, taking collateral and reducing settlement risk where possible and approving lending policies that specify the type of acceptable collateral and lending margins. The Group\u2019s maximum exposure to credit risk is represented by the gross carrying value of its financial assets. Externally published credit ratings are indicators of the level of credit risk associated with a counterparty. A breakdown of the Group\u2019s relevant financial assets held with rated and unrated counterparties is set out below: Cash and cash equivalents Loans and advances to banks Debt securities 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Credit rating: AAA 230.2 128.0 \u2013 \u2013 317.8 279.7 AA+ 233.9 117.4 9.0 14.8 0.1 76.6 AA 135.9 173.5 \u2013 56.2 11.7 16.9 AA- 2,576.7 2,260.3 41.6 45.0 331.5 286.3 A+ 673.5 898.6 65.2 30.6 112.4 8.4 A 137.2 188.3 7.0 \u2013 47.7 15.7 A- 430.5 391.3 \u2013 6.4 47.4 8.8 BBB+ and lower 22.0 47.5 \u2013 \u2013 99.2 158.0 Not rated 0.4 2.4 \u2013 \u2013 36.1 90.0 4,440.3 4,207.3 122.8 153.0 1,003.9 940.4 Expected credit losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost and all debt instruments that are measured at fair value through other comprehensive income. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. A three stage model is used for calculating expected credit losses, which requires financial assets to be assessed as: \u2022 Performing (stage 1) \u2013 Financial assets where there has been no significant increase in credit risk since original recognition; \u2022 Under-performing (stage 2) \u2013 Financial assets where there has been a significant increase in credit risk since initial recognition, but no default; or, \u2022 Non-performing (stage 3) \u2013 Financial assets that are in default. For financial assets in stage 1, expected credit losses are calculated based on the credit losses that are expected to be incurred over the following 12-month period. For financial assets in stages 2 and 3, expected credit losses are calculated based on credit losses expected to be incurred over the life of the instrument. The Group applies the simplified approach to calculate expected credit losses for trade and other receivables. Under this approach, instruments are not categorised into three stages and expected credit losses are calculated based on the life of the instrument. Wealth Management activities All client credit requests are presented to the relevant Wealth Management approval authorities and counterparty exposures are monitored daily against limits. Loans, overdrafts and advances to clients, as well as certain derivative positions, are secured on a range of assets including real estate (both residential and commercial), cash, client portfolios and life assurance policies. The Group does not usually provide loans, overdrafts or advances to clients on an unsecured basis. Where disposal of non-cash collateral is required, in the event of default, the terms and conditions relevant to the specific contract and country will apply. Portfolios held as collateral are marked to market daily and positions compared to clients\u2019 exposures. Credit limits are set following an assessment of the market value and lending value of each type of collateral, depending on the perceived risk associated with the collateral. Clients are contacted if these limits are expected to be or are breached, or if collateral is not sufficient to cover the outstanding exposure. The collateral accepted by the Group includes certain investment-grade securities that can be sold or repledged without default of the provider. At 31 December 2022, the fair value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was \u00a3813.4 million (2021: \u00a3534.9 million). Policies covering various counterparty and market risk limits are set and monitored by the relevant Wealth Management asset and liability management committees. All instruments held within the Wealth Management treasury book have an investment grade credit rating. Wealth Management takes a conservative approach to its treasury investments, placing them with, or purchasing debt securities issued by,
UK and overseas banks and corporates, central banks, supranational banks and sovereigns.
Expected credit losses on financial assets at amortised cost within the Wealth Management entities at 31 December 2022 were \u00a30.3 million
(2021: \u00a30.3 million). There were no under-performing (stage 2) or non-performing (stage 3) loans and advances to clients (2021: one under-
performing (stage 2) loan of \u00a32.9 million and no non-performing (stage 3) loans) giving rise to no expected credit losses (2021: nil). All other
financial assets at amortised cost (excluding trade and other receivables to which the three stage model is not applied) were performing
(stage 1) (2021: same).
Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities
at 31 December 2022 were \u00a30.1 million (2021: \u00a30.1 million). All financial assets at fair value through other comprehensive income were
performing (stage 1) (2021: same).
Other activities
Fee debtors and other receivables arise as a result of the Group\u2019s asset management activities and amounts are monitored regularly.
Historically, default levels have been insignificant and unless a client has withdrawn its funds, there is an ongoing relationship between
the Group and the client.
Fee debtors past due but not in default as at 31 December 2022 were \u00a370.0 million (31 December 2021: \u00a348.6 million), the majority of which
were less than 90 days past due (31 December 2021: less than 90 days).
The Group seeks to manage its exposure to credit risk arising from debt securities and derivatives within the investment portfolio by adopting
a conservative approach and through ongoing credit analysis and may hedge some of the credit risk with credit default swaps. Corporate
bond portfolios, when in place, have an investment grade mandate, and exposure to sub-investment grade debt is low.
Most derivative positions, other than forward foreign exchange contracts and total return swaps, are taken in exchange-traded securities
where there is minimal credit risk. Forward foreign exchange positions generally have a maturity between one and three months.
The Group\u2019s cash and cash equivalents in the non-Wealth Management entities are held primarily in current accounts, on deposit with
well-rated banks, or invested in money market or similar funds.
Expected credit losses on financial assets at amortised cost within non-Wealth Management entities at 31 December 2022 were \u00a30.8 million
(2021: \u00a30.8 million). All financial assets at amortised cost (excluding trade and other receivables to which the three stage model is not applied)
were performing (stage 1) (2021: same).
(ii) Liquidity risk
Liquidity risk is the risk that the Group cannot meet its obligations as they fall due or can only do so at a cost. The Group has a clearly defined
liquidity risk management framework in place in the form of a Consolidated Group Internal Liquidity Adequacy Assessment Process (ILAAP).
The Group policy is that its subsidiaries should trade solvently, comply with regulatory liquidity requirements and have access to adequate
liquidity for all activities undertaken in the normal course of business. As part of its ILAAP, the Group performs stress testing to confirm that
sufficient liquidity is available to cover severe but plausible stress events.
Wealth Management activities
The principal liquidity risk in the Group\u2019s Wealth Management business arises as a result of its banking activities, where the timing of cash
flows from liabilities relating to client accounts can be impacted by client action. The objective of the Group\u2019s liquidity policy is to maintain
sufficient liquidity within the relevant entities to meet regulatory and prudential requirements, to cover cash flow imbalances and fluctuations
in funding and the timely repayment of funds to depositors.
Liquidity positions are actively monitored against both regulatory and internal limits and cash flows are managed so that sufficient liquidity
is available to cover potential liquidity risks.
The contractual maturity of Wealth Management financial assets and liabilities is set out below: 2022 Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m Total \u00a3m Assets Cash and cash equivalents 3,512.2 \u2013 \u2013 \u2013 3,512.2 Loans and advances to banks 114.0 \u2013 \u2013 \u2013 114.0 Loans and advances to clients 251.1 70.7 293.8 \u2013 615.6 Debt securities 639.5 188.4 \u2013 \u2013 827.9 Other financial assets 8.2 \u2013 \u2013 \u2013 8.2 Total financial assets 4,525.0 259.1 293.8 \u2013 5,07 7.9 Liabilities Client accounts 4,533.2 \u2013 \u2013 \u2013 4,533.2 Deposits by banks 59.4 \u2013 \u2013 \u2013 59.4 Other financial liabilities 10.9 \u2013 \u2013 \u2013 10.9 Total financial liabilities 4,603.5 \u2013 \u2013 \u2013 4,603.5 Cumulative gap (78.5) 180.6 474.4 474.4 474.4 2021 Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m Total \u00a3m Assets Cash and cash equivalents 2,966.0 \u2013 \u2013 \u2013 2,966.0 Loans and advances to banks 147.2 \u2013 \u2013 \u2013 147.2 Loans and advances to clients 236.4 89.8 287.0 0.8 614.0 Debt securities 329.3 164.6 \u2013 \u2013 493.9 Other financial assets 3.4 \u2013 \u2013 \u2013 3.4 Total financial assets 3,682.3 254.4 287.0 0.8 4,224.5 Liabilities Client accounts 3,748.3 \u2013 \u2013 \u2013 3,748.3 Deposits by banks 69.9 \u2013 \u2013 \u2013 69.9 Other financial liabilities 9.1 \u2013 \u2013 \u2013 9.1 Total financial liabilities 3,827. 3 \u2013 \u2013 \u2013 3,827. 3 Cumulative gap (145.0) 109.4 396.4 397.2 397.2 Other activities The Group\u2019s exposure to liquidity risk outside of its Wealth Management activities is low. Excluding the Life Company and consolidated funds, the Asset Management segment along with the Group\u2019s Investment capital and treasury management activities together hold cash and cash equivalents of \u00a3897.6 million (2021: \u00a31,109.5 million). Financial liabilities relating to other operating entities are \u00a3536.6 million (2021: \u00a3966.4 million). The Group has a committed revolving credit facility of \u00a3850.0 million (2021: \u00a3595.0 million), that was put in place in November 2022 (to replace a facility of \u00a3765.0 million that was due to expire on 4 October 2024) and which expires in November 2027. The maximum amount drawn down under the facility was \u00a3225.0 million (2021: nil). The facility was undrawn at 31 December 2022 (31 December 2021: undrawn). (iii) Market risk Market risk is the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and foreign exchange rates. Pricing risk Pricing risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices other than those arising from interest rate risk or currency risk. In respect of financial instrument risk, the Group\u2019s exposure to pricing risk is principally through investments held in investment capital, seed and co-investment capital, deferred employee compensation in the form of fund awards. The Group does not hedge exposures to pricing risk except in relation to seed capital, where it is practical to do so, and in respect of deferred
employee compensation awards, where these can be matched by interests in funds managed by the Group. Where financial instruments are
held to hedge deferred compensation awards, movements in the fair value of the asset are normally offset by changes in the amounts payable
to employees (see note 3).
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates.
Wealth Management activities
In Wealth Management, interest rate risk is monitored against policies and limits set by the relevant risk committee on a daily basis.
Interest rate risk is managed within set limits by matching asset and liability positions and through the use of interest rate swaps.
Sensitivity-based and stress-based models are used for monitoring interest rate risk. These models assess the impact of a prescribed shift
in interest rates, and the potential impact of severe but plausible stress scenarios.
Other activities
Cash held by the other operating companies is not normally expected to be placed on deposit for longer than three months and is not
exposed to significant interest rate risk.
The Group\u2019s capital can include investments in corporate investment-grade bonds managed by the Group\u2019s fixed income fund managers.
The market risk (including interest rate risk) exposure of these investments is actively monitored against limits set by the Board.
Foreign exchange risk
Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign
exchange rates.
Wealth Management activities
In Wealth Management, foreign exchange risk is monitored each day against policies and limits set by the relevant risk committees.
Foreign exchange risk is managed within set limits by the treasury departments using spot, forward and foreign exchange swap contracts.
Other activities
The Group\u2019s policy in relation to foreign exchange risks arising from revenue, expenditure and capital currency exposure from its Asset
Management activities is generally not to hedge. The Group\u2019s revenue is earned and expenditure incurred in many currencies and the
resulting exposure is considered to be a normal part of the Group\u2019s business activities.
The Group also has exposure to foreign currency on financial instruments in currencies other than sterling. This has resulted in a \u00a337.7 million loss
in the income statement (2021: \u00a311.0 million gain) and a \u00a3148.6 million gain in other comprehensive income (2021: \u00a319.0 million loss). The Group
uses forward foreign exchange contracts with third parties to mitigate this exposure. The gain or loss on these contracts is included in the
statement of other comprehensive income or the income statement, as appropriate. The use of such instruments is subject to approval by
the Group Capital Committee.
The sensitivities to market risk at 31 December are estimated as follows:
Variable
1
2022 2021
A reasonable change
in the variable within
the next calendar year
%
Increase/(decrease)
in post-tax profit
\u00a3m
A reasonable change
in the variable within
the next calendar year
%
Increase/(decrease)
in post-tax profit
\u00a3m
Interest rates
2
-increase 1.5 14 1.0 2
-decrease (0.5) (5) (0.8) (1)
US dollar against sterling -strengthen 20 5 10 3
-weaken (15) (3) (10) (3)
Euro against sterling -strengthen 15 2 8 2
-weaken (10) (1) (8) (2)
US dollar against Euro -strengthen 10 3 10 3
-weaken (10) (3) (10) (1)
FTSE All-Share Index
3
-increase 20 48 20 37
-decrease (20) (48) (20) (37)
1. The underlying assumption is that there is one variable increase/decrease with all other variables held constant.
2. Assumes that the fair value of assets and liabilities will not be affected by a change in interest rates.
3. Assumes that changes in the FTSE All-Share Index correlate to changes in the fair value of the Group\u2019s equity investments.
The reasonable changes in variables will have no impact on any other components of equity. These sensitivities concern only the direct
impact on financial instruments and exclude indirect impacts on fee income and certain costs that may be affected by changes in the variable.
The changes used in the sensitivity analysis were provided by the Group\u2019s Global Economics team who determine reasonable assumptions.
19. Share capital and share premium Share capital primarily comprises the number of issued ordinary shares in Schroders plc multiplied by their nominal value of 20 pence each (2021: \u00a31 each). Share premium substantially represents the aggregate of all amounts that have ever been paid to Schroders plc when it has issued shares. The Company has authority to buyback ordinary shares, restricted by minimum and maximum price caps and a maximum number of shares. Any ordinary shares bought back may be cancelled or held in treasury. Unless renewed, authority will expire at the Company\u2019s next annual general meeting, or on 30 June 2023 if earlier. Number of shares Millions Ordinary shares \u00a3m Non-voting ordinary shares \u00a3m Total shares \u00a3m Share premium \u00a3m At 1 January 2022 282.5 226.0 56.5 282.5 124.2 Enfranchisement of non-voting shares \u2013 56.5 (56.5) \u2013 \u2013 Compensatory Bonus Issue 39.9 39.9 \u2013 39.9 (39.9) Sub-Division of shares 1,289.7 \u2013 \u2013 \u2013 \u2013 At 31 December 2022 1,612 .1 322.4 \u2013 322.4 84.3 On 20 September 2022, the Company completed the simplification of its dual share class structure. All non-voting ordinary shares were re-designated as ordinary shares with full voting rights (Enfranchisement); holders of existing ordinary shares received a bonus issue of three additional ordinary shares for every seventeen held (Compensatory Bonus Issue). Following the Enfranchisement and Compensatory Bonus Issue, each ordinary share of \u00a31 was sub-divided into five ordinary shares of 20 pence (Sub-Division). The Compensatory Bonus Issue resulted in the Company\u2019s share capital increasing by \u00a339.9 million. All 39.9 million bonus shares were fully paid at their nominal value of \u00a31 from the Company\u2019s share premium account. Number of shares Millions Ordinary shares \u00a3m Non-voting ordinary shares \u00a3m Total shares \u00a3m Share premium \u00a3m At 1 January 2021 282.5 226.0 56.5 282.5 124.2 At 31 December 2021 282.5 226.0 56.5 282.5 124.2 2022 Number of shares Millions 2021 Number of shares Millions Issued and fully paid: Ordinary shares of 20p each (2021: \u00a31 each) 1,612.1 226.0 Non-voting ordinary shares (2021: \u00a31 each) \u2013 56.5 1,612.1 282.5 20. Own shares Own shares are recorded by the Group when ordinary shares are acquired by the Company or acquired through employee benefit trusts. This enables the Group to hold some of its shares in treasury to settle option exercises or for other permitted purposes. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest unconditionally or are cancelled, they are transferred from own shares to the profit and loss reserve at their weighted average cost. Movements in own shares during the year were as follows: 2022 \u00a3m 2021 \u00a3m At 1 January (150.2) (159.8) Own shares purchased (120.2) (75.3) Awards vested 85.3 84.9 At 31 December (185.1) (150.2) During the year 4.9 million own shares (2021: 2.1 million own shares) were purchased and held for hedging share-based awards. 3.7 million shares (2021: 3.1 million shares) awarded to employees vested in the period and were transferred out of own shares. The total number of shares in the Company held within the Group\u2019s employee benefit trusts comprise: 2022 2021 1 Number of vested shares Millions Number of unvested shares Millions Total Millions Number of vested shares Millions Number of unvested shares Millions Total Millions Ordinary shares 23.5 37.2 60.7 3.3 5.2 8.5 Non-voting ordinary shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23.5 37. 2 60.7 3.3 5.2 8.5 1. A simplification of the Company\u2019s dual share class structure took place in 2022 (see note 19). The number of shares in 2021 comparatives have not been restated. Had 2021 been restated the number of vested shares would be 19.4 million and the number of unvested shares would be 30.6 million. 2022 2021 Vested shares \u00a3m Unvested shares \u00a3m Total \u00a3m Vested shares \u00a3m Unvested shares \u00a3m Total \u00a3m Ordinary shares: Cost 107.4 185.1 292.5 83.0 150.0 233.0 Fair value 102.6 162.1 264.7 118.0 185.1 303.1 Non-voting ordinary shares: Cost \u2013 \u2013 \u2013 \u2013 0.2 0.2 Fair value \u2013 \u2013 \u2013 \u2013 0.3 0.3 Total: Cost 107.4 185.1 292.5 83.0 150.2 233.2 Fair value 102.6 162.1 264.7 118.0 185.4 303.4 21. Reconciliation of net cash from operating activities This note should be read in conjunction with the cash flow statement. It provides a reconciliation to show how profit before tax, which is based on accounting rules, translates to cash flows. 2022 \u00a3m 2021 \u00a3m Profit before tax 586.9 764.1 Adjustments for income statement non-cash movements: Depreciation of property, plant and equipment and amortisation of intangible assets 188.9 162.8 Net loss/(gain) on financial instruments 11.0 (20.5) Share-based payments 68.2 89.5 Net (release)/charge for provisions (2.6) 1.9 Other non-cash movements 1 43.5 (8.0) 309.0 225.7 Adjustments for which the cash effects are investing activities: Interest (income)/expense (5.8) 2.0 Interest expense on lease liabilities 10.6 10.8 Share of profit of associates and joint ventures after amortisation (71.5) (79.3) (66.7) (66.5) Adjustments for statement of financial position movements: Decrease/(increase) in loans and advances within Wealth Management 64.5 (96.1) Decrease/(increase) in trade and other receivables 68.9 (10.5) Increase in deposits and client accounts within Wealth Management 682.7 212.9 (Decrease)/increase in trade and other payables, other financial liabilities and provisions (159.6) 149.4 656.5 255.7 Adjustments for Life Company and consolidated pooled investment vehicles movements: Net decrease/(increase) in financial assets backing unit-linked liabilities 3,102.3 (1,211.5) Net (decrease)/increase in unit-linked liabilities (3,409.0) 1,376.9 Net (decrease)/increase in cash within consolidated pooled investment vehicles (101.3) 84.1 (408.0) 249.5 Tax paid (104.9) (194.3) Net cash from operating activities 972.8 1,234.2 1. Other non-cash movements primarily consist of exchange translation adjustments, before hedging activities. 22. Commitments Commitments represent amounts the Group has contractually committed to pay to third parties but do not yet represent a liability or impact the Group\u2019s financial results for the year. The Group\u2019s commitments primarily relate to investment call commitments, commitments for property, plant and equipment and future leases not yet commenced. The Group sublets a small number of its owned and leased properties where such properties, or parts of such properties, are not required for use by the Group. The table below discloses the commitments sub-lessees have made in respect of such arrangements. These commitments are not recorded on the statement of financial position in advance of the period to which they relate. 2022 No later than 1 year \u00a3m Later than 1 year and no later than 5 years \u00a3m Later than 5 years \u00a3m Total \u00a3m Undrawn loan facilities 15.8 20.8 3.3 39.9 Investment call commitments 59.2 19.9 2.5 81.6 Commitments for property, plant and equipment and leases 4.5 16.8 46.1 67.4 Total commitments 79.5 57. 5 51.9 188.9 Operating leases receivable as lessor (1.0) (2.4) \u2013 (3.4) Net commitments payable 78.5 55.1 51.9 185.5 2021 No later than 1 year \u00a3m Later than 1 year and no later than 5 years \u00a3m Later than 5 years \u00a3m Total \u00a3m Undrawn loan facilities 5.7 56.1 0.3 62.1 Investment call commitments 70.7 20.4 2.1 93.2 Commitments for property, plant and equipment and leases 1.4 5.8 20.6 27.8 Total commitments 77.8 82.3 23.0 183.1 Operating leases receivable as lessor (0.8) (2.4) (0.5) (3.7) Net commitments payable 77.0 79.9 22.5 179.4 Office property sub-leases have a weighted average term of 2 years (2021: 3 years) and rentals are fixed for a weighted average term of 2 years (2021: 3 years). 23. Retirement benefit obligations The Group has two principal types of pension benefit for employees: defined benefit (DB), where the Group has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service, and defined contribution (DC), where the Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Accounting for DB schemes requires an assessment of the likely quantum of future pension payments to be made. If ring-fenced assets are held specifically to meet this cost, the scheme is funded, and if not, it is unfunded. The Group periodically reviews its funded DB schemes using actuarial specialists to assess whether it is on course to meet the expected pension payments that current and former employees are, or will be, entitled to. In the case of a projected shortfall, a plan must be formulated to reverse the deficit. The income statement charge or credit represents the sum of pension entitlements earned by employees in the period, plus a notional net interest charge (if the scheme is in deficit) or income (if it is in surplus) based on the market yields on high quality corporate bonds. Experience differences, principally the difference between actual investment returns and the notional interest amount, as well as actuarial changes in estimating the present value of future liabilities, are recorded in other comprehensive income. Assets or liabilities recognised in the statement of financial position represent the differences between the fair value of plan assets (if any) and the actuarially determined estimates of the present value of future liabilities. The Group closed its largest DB scheme to future accrual on 30 April 2011, although it still operates some small unfunded schemes overseas. This means that no future service will contribute to the closed scheme member benefits but those members continue to have the benefits determined by the Scheme rules as at 30 April 2011. The Group\u2019s exposure to funding DC pension schemes is limited to the contributions it has agreed to make. These contributions generally stop when employment ceases. The income statement charge represents the contributions the Group has agreed to make into employees\u2019 pension schemes in that year. The disclosures within this note are provided mainly in respect of the principal DB scheme, which is the DB section of the funded Schroders Retirement Benefits Scheme (the Scheme). The income statement charge for retirement benefit costs is as follows: 2022 \u00a3m 2021 \u00a3m Pension costs \u2013 defined contribution plans 68.4 57.9 Pension credit \u2013 defined benefit plans (2.4) (0.6) Other post-employment benefits 0.1 0.1 66.1 57.4 (a) Profile of the Scheme The Scheme is administered by a trustee company, Schroder Pension Trustee Limited (the Trustee). The board of the Trustee comprises an independent chairman, three directors appointed by the employer and two directors elected by the Scheme members. The Trustee is required by law to act in the interest of all relevant beneficiaries and is responsible for setting the investment strategy and for the day-to-day administration of the benefits. The Trustee\u2019s investment committee comprises four of the Trustee directors and two representatives of the Group. This committee, which reports to the Trustee board, is responsible for making investment strategy recommendations to the board of the Trustee and for monitoring the performance of the investment manager. Under the Scheme, employees are entitled to annual pensions on retirement based on a specified percentage of their final pensionable salary or, in the case of active members at 30 April 2011 (the date the DB section of the Scheme closed for future accrual), actual pensionable salaries at that date, for each year of service. These benefits are adjusted for the effects of inflation, subject to a cap of 2.5% for pensions accrued after 12 August 2007 and 5.0% for pensions accrued before that date. As at 31 December 2022, there were no active members in the DB section (2021: nil) and 2,572 active members in the DC section (2021: 2,249). The weighted average duration of the Scheme\u2019s DB obligation is 13 years (2021: 18 years). The Group expects that the plan liabilities will settle gradually over time until all members have left the plan. On termination of the Scheme, any assets that remain after the Trustee has settled the Scheme\u2019s liabilities will be returned to the Group. Membership details of the DB section of the Scheme as at 31 December are as follows: 2022 2021 Number of deferred members 1,032 1,116 Total deferred pensions (at date of leaving Scheme) \u00a37.1m per annum \u00a37.6m per annum Average age (deferred) 56 55 Number of pensioners 1,029 982 Average age (pensioners) 70 70 Total pensions in payment \u00a322.8m per annum \u00a321.8m per annum (b) Funding requirements The last completed triennial valuation of the Scheme was carried out as at 31 December 2020. The funding level at that date was 107% on the technical provisions basis and no contribution to the Scheme was required. The next triennial valuation is due as at 31 December 2023 and will be performed in 2024. (c) Risks of the Scheme The Company and the Trustee have agreed a long-term strategy for reducing investment risk as and when appropriate. This includes an asset-liability matching policy that aims to reduce the volatility of the funding level of the Scheme by investing in assets that perform in line with the liabilities of the Scheme. The most significant risks to which the Scheme exposes the Group are: Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields. If assets underperform this yield, this will reduce the surplus or may create a deficit. The Group manages this risk by holding 51% (2021: 71%) of Scheme assets in a liability matching portfolio and the remainder in growth assets such as the Schroder Life Diversified Growth Fund. This asset mix is designed to provide returns that match or exceed the unwinding of the discount rate in the long term, but that can create volatility and risk in the short term. The allocation to growth assets is monitored to ensure it remains appropriate given the Scheme\u2019s long-term objectives. Credit risk The assets of the Scheme include liability driven investments (LDI) and other fixed income instruments that expose the Group to credit risk. A significant amount of this exposure is to the UK Government as a result of holding gilts and bonds guaranteed by the UK Government. Other instruments held include derivatives, which are collateralised daily to cover unrealised gains or losses. The minimum rating for any derivatives counterparty is BBB. Interest rate risk A decrease in corporate bond yields will increase the value placed on the Scheme\u2019s liabilities for accounting purposes, although this should be partially offset by an increase in the value of the Scheme\u2019s liability matching portfolio, which comprises gilts, corporate bonds and other LDI instruments. The liability matching investments have been designed to mitigate interest rate exposures measured on a funding rather than an accounting basis. One of the principal differences between these bases is that the liability under the funding basis is calculated using a discount rate set with reference to gilt yields; the latter uses corporate bond yields. As a result, the liability matching portfolio hedges against interest rate risk by purchasing instruments that seek to replicate movements in gilt yields rather than corporate bond yields. Movements in the different types of instrument are not exactly correlated, and it is therefore likely that a tracking error can arise when assessing whether the liability matching portfolio has provided an effective hedge against interest rate risk on an accounting basis. At 31 December 2022, the liability matching portfolio was designed to mitigate 90% (2021: 83%) of the Scheme\u2019s exposure to changes in gilt yields. Inflation risk A significant proportion of the Scheme\u2019s benefit obligations are linked to inflation and higher inflation will lead to higher liabilities. However, in most cases, caps on the level of inflationary increases are in place. The majority of the growth assets are either unaffected by or not closely correlated with inflation, which means that an increase in inflation will also decrease any Scheme surplus. The liability matching portfolio includes instruments such as index-linked gilts to provide protection against inflation risk. At 31 December 2022, the liability matching portfolio was designed to mitigate 90% (2021: 83%) of the Scheme\u2019s exposure to inflation risk. Life expectancy The majority of the Scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liability. (d) Reporting at 31 December The principal financial assumptions used for the Scheme are: 2022 % 2021 % Discount rate 4.8 2.0 RPI inflation rate 3.2 3.3 CPI inflation rate 2.5 2.9 Future pension increases (for benefits earned before 13 August 2007) 3.0 3.2 Future pension increases (for benefits earned after 13 August 2007) 2.0 2.2 Average number of years a current pensioner is expected to live beyond age 60: Years Years Men 28 28 Women 30 30 Average number of years future pensioners currently aged 45 are expected to live beyond age 60: Years Years Men 29 29 Women 30 30 Net interest income is determined by applying the discount rate to the opening net surplus in the Scheme. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that is used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high quality, long dated corporate bonds that are denominated in the currency in which the benefits will be paid. Estimates and judgements
The Group estimates the carrying value of the Scheme by applying judgement to determine the assumptions as set out on page 157,
used to calculate the valuation of the pension obligation using member data and applying the Scheme rules. The Scheme assets are
mainly quoted in an active market. The sensitivity to those assumptions is set out below. The most significant judgemental assumption
relates to mortality rates, which are inherently uncertain. The Group\u2019s mortality assumptions are based on standard mortality tables with
Continuous Mortality Investigation core projection factors and a long-term rate of mortality improvement of 1.0% (2021: 1.0%) per annum.
An additional adjustment, an \u201cA parameter\u201d set to 0.25% (2021: 0.25%) per annum, allows for the typically higher rate of mortality
improvement among members of the Scheme compared to general population statistics. The latest base mortality tables have been
adopted with no scaling (2021: nil) following a Scheme specific review of the membership data.
The Group reviews its assumptions annually in conjunction with its independent actuaries and considers this adjustment appropriate given
the geographic and demographic profile of Scheme members. Other assumptions for pension obligations are based in part on current
market conditions.
The financial impact of the Scheme on the Group has been determined by independent qualified actuaries, Aon Solutions UK Limited, and is
based on an assessment of the Scheme as at 31 December 2022.
The amounts recognised in the income statement are:
2022
\u00a3m
2021
\u00a3m
Interest income on Scheme assets (21.0) (14.8)
Interest cost on Scheme liabilities 17.1 12.4
Net interest income recognised in the income statement in respect of the Scheme (3.9) (2.4)
Income statement charge in respect of other defined benefit schemes 1.5 1.8
Total defined benefit schemes income statement credit (2.4) (0.6)
The amounts recognised in the statement of comprehensive income are:
2022
\u00a3m
2021
\u00a3m
Losses/(gains) on Scheme assets in excess of that recognised in interest income 345.2 (20.1)
Actuarial gains due to change in demographic assumptions (0.2) (1.0)
Actuarial gains due to change in financial assumptions (299.4) (18.6)
Actuarial losses due to experience 18.5 11.4
Total other comprehensive loss/(gain) in respect of the Scheme 64.1 (28.3)
Other comprehensive loss in respect of other defined benefit schemes 1.9 0.7
Total other comprehensive loss/(gain) in respect of defined benefit schemes 66.0 (27.6)
The sensitivity of the Scheme pension liabilities to changes in assumptions are:
Assumption Assumption change
2022 2021
Estimated
(increase)/
decrease in
pension
liabilities
\u00a3m
Estimated
(increase)/
decrease in
pension
liabilities
%
Estimated
(increase)/
decrease in
pension
liabilities
\u00a3m
Estimated
(increase)/
decrease in
pension
liabilities
%
Discount rate Increase by 0.5% per annum 34.4 6.0 66.2 7.6
Discount rate Decrease by 0.5% per annum (39.7) (7.0) (78.3) (9.0)
Expected rate of pension increases Increase by 0.5% per annum (26.2) (4.6) (51.5) (5.9)
Expected rate of pension increases Decrease by 0.5% per annum 25.6 4.5 51.3 5.5
Life expectancy Increase by one year (20.9) (3.7) (43.6) (4.7)
Life expectancy Decrease by one year 20.6 3.6 42.9 4.9
Movements in respect of the assets and liabilities of the Scheme are:
2022
\u00a3m
2021
\u00a3m
At 1 January 1,070.6 1,077.2
Interest income 21.0 14.8
Remeasurement of assets (345.2) 20.1
Benefits paid (38.5) (40.5)
Administrative expenses
1
(1.4) (1.0)
Fair value of plan assets 706.5 1,070.6
At 1 January (872.7) (909.0)
Interest cost (17.1) (12.4)
Actuarial gains due to change in demographic assumptions 0.2 1.0
Actuarial gains due to change in financial assumptions 299.4 18.6
Actuarial losses due to experience (18.5) (11.4)
Benefits paid 38.5 40.5
Present value of funded obligations (570.2) (872.7)
Net assets 136.3 197.9
1. Following the last completed triennial valuation it was agreed that certain administrative expenses of the scheme would be paid out of the scheme surplus. The approach
will be reviewed as part of the next triennial valuation.
The Group has not materially changed the basis of any of the principal financial assumptions underlying the calculation of the Scheme\u2019s
net financial position during 2022, although such assumptions have been amended where applicable to reflect current market conditions
and expectations.
The fair values of the Scheme\u2019s plan assets at the year end are:
2022 2021
Value
\u00a3m
Of which not
quoted in an
active market
\u00a3m
Value
\u00a3m
Of which not
quoted in an
active market
\u00a3m
Liability matching investments 358.0 \u2013 752.3 \u2013
Portfolio funds 313.1 92.2 307.3 44.6
Exchange-traded futures and over-the-counter derivatives 10.1 \u2013 (12.3) \u2013
Cash 25.3 \u2013 23.3 \u2013
706.5 92.2 1,070.6 44.6
24. Share-based payments Share-based payments are remuneration payments to selected employees that take the form of an award of shares in Schroders plc. Employees are generally not able to exercise such awards in full until three years after the award has been made, although conditions vary between different types of award. The accounting for share-based awards settled by transferring shares to the employees (equity-settled) differs from the accounting for similar awards settled in cash (cash-settled). The charge for equity-settled share-based payments is determined based on the fair value of the award on the grant date. Such awards can include share awards that may or may not have performance criteria. The initial fair value of the award takes into account the current value of shares expected to be issued (i.e. estimates of the likely levels of forfeiture and achievement of performance criteria), and the contribution, if required, by the employee. This initial fair value is charged to the income statement reflecting benefits received from employment, where relevant, in the performance period and over the vesting period. The income statement charge is offset by a credit to the statement of changes in equity, where the award is expected to be settled through the issue of shares. Such awards constituted 6.8% (2021: 8.7%) of salaries, wages and other remuneration (see note 3). The Group may make share-based payments to employees through awards over or linked to the value of ordinary shares and by the grant of market value share options over ordinary shares. These arrangements involve a maximum term of ten years. It is the Group\u2019s practice to hedge all awards to eliminate the impact of changes in the market value of shares between the grant date and the exercise date. Awards that lapse or are forfeited during the vesting period result in a credit to the income statement (reversing the previous charge) in the year in which they lapse or are forfeited. The Group recognised total expenses of \u00a368.1 million (2021: \u00a392.1 million) arising from share-based payment transactions during the year, of which \u00a368.2 million (2021: \u00a389.5 million) were equity-settled share-based payment transactions. In 2022, there was \u00a31.1 million of equity settled share based payments included within acquisition costs and related items (2021: \u00a31.5 million). A simplification of the Company\u2019s dual share class structure took place in 2022 (see note 19). The 2021 comparatives have not been restated in this note. The Group has the following share-based payment arrangements (further details of the current schemes may be found in the Remuneration report): (a) Deferred Award Plan Awards over ordinary shares made under the Group\u2019s Deferred Award Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. 2022 Number of ordinary shares Millions 2021 Number of ordinary shares Millions Rights outstanding at 1 January 5.2 3.8 Corporate transaction 35.0 \u2013 Granted 4.5 2.4 Forfeited (0.3) \u2013 Exercised (2.7) (1.0) Rights outstanding at 31 December 41.7 5.2 Vested 11.7 1.5 Unvested 30.0 3.7 The weighted average exercise price per share is nil. A charge of \u00a362.3 million (2021: \u00a379.9 million) was recognised during the year. The table below shows the expected charges for awards issued under the Deferred Award Plan to be expensed in future years: \u00a3m 2023 21.1 2024 8.8 2025+ 5.5 35.4 (b) Equity Compensation Plan Awards over ordinary shares made under the Group\u2019s Equity Compensation Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. 2022 2021 Number of ordinary shares Millions Number of ordinary shares Millions Number of non-voting ordinary shares Millions Rights outstanding at 1 January 2.7 3.5 0.1 Corporate transaction 10.8 \u2013 \u2013 Granted 0.1 0.1 \u2013 Forfeited \u2013 (0.1) \u2013 Exercised (1.3) (0.8) (0.1) Rights outstanding at 31 December 12.3 2.7 \u2013 Vested 8.8 1.4 \u2013 Unvested 3.5 1.3 \u2013 The weighted average exercise price per share is nil. A charge of \u00a31.0 million (2021: \u00a33.7 million) was recognised during the year. The table below shows the expected charges for awards issued under the Equity Compensation Plan to be expensed in future years: \u00a3m 2023 0.1 0.1 (c) Equity Incentive Plan Awards over ordinary shares made under the Group\u2019s Equity Incentive Plan are charged at fair value as operating expenses to the income statement, over a five-year vesting period. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. Awards are structured as nil-cost options. 2022 Number of ordinary shares Millions 2021 Number of ordinary shares Millions Rights outstanding at 1 January 1.0 1.3 Corporate transaction 4.9 \u2013 Granted \u2013 \u2013 Forfeited \u2013 (0.1) Exercised (0.3) (0.2) Rights outstanding at 31 December 5.6 1.0 Vested 3.0 0.5 Unvested 2.6 0.5 The weighted average exercise price per share is nil. A charge of \u00a32.3 million (2021: \u00a33.6 million) was recognised during the year. The table below shows the expected charges for awards issued under the Equity Incentive Plan to be expensed in future years:
\u00a3m
2023 2.0
2024 1.3
2025 0.6
3.9
(d) Long Term Incentive Plan
Awards over ordinary shares made under the Group\u2019s Long Term Incentive Plan are charged at fair value to the income statement over a
four-year vesting period. Fair value is calculated using the market value of the shares at the grant date, discounted for dividends forgone
over the vesting period of the award and adjusted based on an estimate at the year-end date of the extent to which the performance
conditions are expected to be met. Awards are structured as nil-cost options.
2022 2021
Number of
ordinary
shares
Millions
Number of
ordinary
shares
Millions
Number of
non-voting
ordinary shares
Millions
Rights outstanding at 1 January 0.1 0.1 0.1
Corporate transaction 0.4 \u2013 \u2013
Granted \u2013 \u2013 \u2013
Forfeited \u2013 \u2013 \u2013
Exercised \u2013 \u2013 (0.1)
Rights outstanding at 31 December 0.5 0.1 \u2013
Vested 0.1 \u2013 \u2013
Unvested 0.4 0.1 \u2013
The weighted average exercise price per share is nil. A charge of \u00a30.2 million (2021: \u00a30.2 million) was recognised during the year.
The table below shows the expected charges for awards issued under the Long Term Incentive Plan to be expensed in future years:
\u00a3m
2023 0.1
2024 0.1
2025 0.1
0.3
(e) Share Incentive Plan
The employee monthly share purchase plan is open to UK permanent employees and provides free shares from the Group to match
the employee purchase of shares up to a maximum of \u00a3100 per month. The shares vest after one year.
Pursuant to this plan, the Group purchased 235,042 ordinary shares in 2022 (2021: 64,556). A charge of \u00a32.4 million (2021: \u00a32.1 million) was
recognised during the year.
(f) Cash-settled share-based awards
Certain employees have been awarded cash-settled equivalents to these share-based awards. The fair value of these awards is determined
using the same methods and models used to value the equivalent equity-settled awards. The fair value of the liability is remeasured at each
balance sheet date and at settlement date.
At 31 December 2022, the total carrying value of liabilities arising from cash-settled share-based awards was \u00a34.8 million (2021: \u00a35.6 million).
The total intrinsic value at 31 December 2022 of liabilities for which the employee\u2019s right to cash or other assets had vested by that date was
\u00a32.7 million (2021: \u00a32.6 million).
A credit of \u00a30.1 million (2021: charge of \u00a32.6 million) was recognised during the year. This credit has arisen as the liability was remeasured at
the balance sheet date at a share price of \u00a34.36.
25. Related party transactions Transactions between the Group and parties related to the Group are required to be disclosed to the extent that they are necessary for an understanding of the potential effect of the relationship on the financial statements. Other disclosures, such as key management personnel compensation, are also required. The Group is not deemed to be controlled or jointly controlled by a party directly or through intermediaries under the accounting standards. As a result, the related parties of the Group are members of the Group, including associates and joint ventures, key management personnel, close family members of key management personnel and any entity controlled by those parties. Cash transactions with associates or joint ventures are reported in the cash flow statement and in note 9. \u00a324.5 million (2021: \u00a341.3 million) was held in customer accounts in respect of amounts payable to key management personnel or their related parties. Included within loans and advances to clients are amounts due from related parties of \u00a35.9 million (2021: \u00a37.6 million). All related party loans and advances were at commercial rates. Some of the plan assets of the Schroders Retirement Benefit Scheme are invested in products managed by the Life Company (see note 14). At 31 December 2022, the fair value of these assets was \u00a394.4 million (2021: \u00a3127.8 million). Transactions between the Group and its related parties were made at market rates. Any amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. Key management personnel compensation Key management personnel are defined as members of the Board or the Group Management Committee. The remuneration of key management personnel during the year was as follows: Type of remuneration Typical composition of this type of benefit 2022 \u00a3m 2021 \u00a3m Short-term employee benefits Salary and upfront bonus 23.0 29.7 Share-based payments Deferred share awards 12.5 20.4 Other long-term benefits Deferred cash awards 9.5 17.6 Termination benefits Termination benefits \u2013 1.2 Post-employment benefits Pension plans 0.2 0.1 45.2 69.0 The remuneration of key management personnel is based on individual performance and market rates. The remuneration policy (which applies to Directors and management) is described in more detail at www.schroders.com/directors-remuneration-policy. 26. Interests in structured entities Structured entities are those entities that have been designed so that voting or similar rights are not the dominant factor in deciding who has control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The Group\u2019s interests in consolidated and unconsolidated structured entities are described below. The Group has interests in structured entities as a result of contractual arrangements arising from its principal activity, the management of assets on behalf of its clients. AUM, excluding deposits by Wealth Management clients and some segregated client portfolios held within the Group\u2019s Asset Management business, is managed within structured entities. These structured entities typically consist of investment vehicles such as Open Ended Investment Companies, Authorised Unit Trusts, Limited Partnerships and Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable, which entitle investors to a percentage of the vehicle\u2019s net asset value. The vehicles are financed by the purchase of units or shares by investors. The Group also has interests in structured entities through proprietary investments. These are mainly into vehicles that help facilitate the Group\u2019s stated aim of generating a return on investment capital and when it deploys seed and co-investment capital in developing new investment strategies or as it invests alongside its clients. Additionally, the Group holds interests in structured entities for liquidity management purposes, for example via investments in money market funds. The Group does not guarantee returns on the investments it manages or commit to financially support its structured entities. A small proportion of the Group\u2019s AUM, principally real estate funds, is permitted to raise finance through loans from banks and other financial institutions. Where external finance is raised, the Group does not provide a guarantee for the repayment of any borrowings. The business activity of all structured entities in which the Group has an interest, is the management of assets in order to generate investment returns for investors from capital appreciation and/or investment income. The Group earns a management fee from its structured entities, normally based on a percentage of the entity\u2019s net asset value, committed capital value or gross asset value and, where contractually agreed, a performance fee or carried interest, based on outperformance against predetermined benchmarks. In addition, where the Group owns a proportion of the structured entity it is entitled to receive investment returns. (a) Interests arising from managing assets The Group\u2019s interests in structured entities arising as a result of contractual relationships from its principal activity, the management of assets on behalf of its clients, are reflected in the Group\u2019s AUM excluding associates and joint ventures. 2022 AUM outside of structured entities \u00a3bn AUM within consolidated structured entities \u00a3bn AUM within unconsolidated structured entities \u00a3bn Total \u00a3bn Asset Management 281.8 8.0 228.6 518.4 Wealth Management 88.2 \u2013 9.9 98.1 370.0 8.0 238.5 616.5 2021 AUM outside of structured entities \u00a3bn AUM within consolidated structured entities \u00a3bn AUM within unconsolidated structured entities \u00a3bn Total \u00a3bn Asset Management 293.0 11.2 229.8 534.0 Wealth Management 71.2 \u2013 10.0 81.2 364.2 11.2 239.8 615.2 Certain AUM are managed outside of structured entities. Within Asset Management, this occurs either because it is formed of segregated investment portfolios for institutional clients comprising directly held investments in individual financial instruments, or because the voting structures of the vehicles themselves allow the investment manager to be removed without cause. Within Wealth Management, AUM is not generally considered to be within structured entities as the contractual relationships exist directly with the client rather than with structured entities, for example discretionary and advisory asset management and banking services. In addition, Wealth Management AUM in the form of loans and advances to customers is conducted outside of structured entities. Certain structured entities are deemed to be controlled by the Group and are accounted for as subsidiaries and consolidated in accordance with the accounting standards. AUM within consolidated structured entities represents the net assets of the beneficial interest in the consolidated structured entity owned by third parties. AUM within unconsolidated structured entities constitutes the remaining balance, represented principally by the net asset value of pooled vehicles managed for Intermediary clients, as well as some assets invested in pooled vehicles on behalf of Institutional and Wealth Management clients. The Group\u2019s beneficial interest in structured entities is not included within AUM and is described separately overleaf. The Group has no direct exposure to losses in relation to the AUM reported above, as the investment risk is borne by clients. The main risk the Group faces from its interest in AUM managed on behalf of clients is the loss of fee income as a result of the withdrawal of funds by clients. Outflows from funds are dependent on market sentiment, asset performance and investor considerations. Fee income includes \u00a31,444.4 million (2021: \u00a31,506.1 million) of fees from structured entities managed by the Group. The table below shows the carrying value of the Group\u2019s interests in structured entities as a result of its management of assets, where income is accrued over the period for which assets are managed before being invoiced. The carrying value represents the Group\u2019s maximum exposure to loss from these interests. 2022 \u00a3m 2021 \u00a3m Fee debtors from structured entities 35.4 22.4 Accrued income from structured entities 272.4 287.1 Total exposure due to investment management activities 307.8 309.5 (b) Interest arising from the Group\u2019s investment in unconsolidated structured entities The table below shows the carrying values of the Group\u2019s proprietary investments in unconsolidated structured entities, which resulted in a net loss on financial instruments and other income of \u00a37.7 million (2021: net gain of \u00a343.8 million). The carrying values represent the Group\u2019s maximum exposure to loss from these interests. 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 245.2 177.9 Financial assets 588.0 686.9 Total exposure due to the Group\u2019s investments 833.2 864.8 The Group\u2019s proprietary investments include interests in unconsolidated structured entities in the form of cash and cash equivalents and financial assets. Cash and cash equivalents comprise investments in money market funds, none of which are managed by the Group (2021: nil). Financial assets include seed and co-investment capital, legacy private equity investments and hedges of deferred cash awards. Of the financial assets, \u00a3582.0 million (2021: \u00a3685.8 million) is invested in funds managed by the Group. The Group has no interest apart from its role as investor in those funds for which it does not act as manager. The main risk the Group faces from its interests in unconsolidated structured entities arising from proprietary investments is that the investments will decrease in value. Note 18 includes further information on the Group\u2019s exposure to market risk arising from proprietary investments. The Group has contractual commitments to co-invest alongside its clients and provide a minimum level of capital for certain private assets and alternative vehicles. The Group\u2019s investment call commitments are set out in note 22. The statement of financial position also includes the Life Company assets of \u00a310,054.1 million (2021: \u00a313,403.7 million), which are included in AUM. The exposure to the risks and rewards associated with these assets is borne by unit-linked policyholders, or, where Life Company funds are consolidated, third-party investors in those funds. Financial support for consolidated structured entities where there is no contractual obligation to do so The Group supports some of its funds through the injection of seed capital in order to enable the funds to establish a track record before they are more widely marketed. During the year, the Group purchased units at a cost of \u00a395.1 million (2021: \u00a3181.4 million) to provide seed capital to investment funds managed by the Group, of which \u00a341.8 million (2021: \u00a3145.2 million) resulted in the consolidation of those funds and \u00a353.3 million (2021: \u00a336.2 million) did not. 27. Business combinations The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest at the fair value of the proportionate share of the acquiree\u2019s identifiable net assets. The Group completed four business combinations during the year ending 31 December 2022. The most significant of these transactions completed on 11 April 2022, when the Group acquired 75% of the issued share capital of Greencoat Capital Holdings Limited (Greencoat), a leader in European renewables, for a total consideration of \u00a3357.5 million. The acquisition contributed \u00a37.7 billion of Asset Management AUM and strengthens the Group\u2019s private assets capabilities. On 31 January 2022, the Group acquired 100% of the issued share capital of River and Mercantile Investments Limited (River and Mercantile), the Solutions division of River and Mercantile Group plc for a total consideration of \u00a3238.6 million. The acquisition contributed \u00a343.1 billion of Asset Management AUM and strengthens the Group\u2019s position in the UK fiduciary management market. The Group completed two further acquisitions during the year for a combined consideration of \u00a329.2 million. These acquisitions contributed \u00a31.2 billion of AUM. The fair value of net assets acquired in the transactions together with goodwill and intangible assets arising are as follows: Net assets acquired: 2022 Greencoat \u00a3m River and Mercantile \u00a3m Other \u00a3m Total \u00a3m Cash 13.0 8.9 5.2 27.1 Property, plant and equipment 0.9 \u2013 0.3 1.2 Trade and other receivables 8.4 22.8 2.9 34.1 Financial assets 6.0 \u2013 1.3 7.3 Trade and other payables (28.5) (13.9) (8.0) (50.4) Tangible net assets (0.2) 17.8 1.7 19.3 Goodwill 228.2 154.1 17.9 400.2 Intangible assets arising on acquisition 228.4 87.9 12.5 328.8 Deferred tax arising on acquisition (55.8) (21.2) (2.9) (79.9) Non-controlling interest (43.1) \u2013 \u2013 (43.1) Total 357.5 238.6 29.2 625.3 Satisfied by: Cash 357.5 238.6 25.8 621.9 Contingent/deferred consideration \u2013 \u2013 2.8 2.8 Fair value of the Group\u2019s pre-existing interest \u2013 \u2013 0.6 0.6 Total 357.5 238.6 29.2 625.3 The goodwill arising on acquisition is attributable to the value from: \u2022 Additional investment capabilities; \u2022 A broader platform for business growth; \u2022 Talented management and employees; and \u2022 Opportunities for synergies from combining certain activities. Goodwill will not be deductible for tax purposes. In the period between the acquisition dates and 31 December 2022, the four acquired businesses contributed \u00a393.8 million to the Group\u2019s net operating income. The contribution to operating profit was \u00a328.1 million. If the acquisitions had been completed on 1 January 2022, the Group\u2019s net operating income for the year would have been \u00a32,489.1 million and the operating profit for the year on the same basis would have been \u00a3727.6 million. Estimates and judgements The fair value of certain items of consideration, assets acquired and liabilities assumed requires some estimation. For intangible assets this estimation required assumptions regarding the level of future management fees that will be earned over the relevant period. The net impact of changes to these assumptions would be to change the carrying value of individual assets and liabilities with a corresponding change to goodwill. Presentation of the financial statements (a) Basis of preparation The consolidated financial statements are prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006. The consolidated financial information presented within these financial statements has been prepared on the going concern basis under the historical cost convention, except for the measurement at fair value of derivative financial instruments and financial assets and liabilities that are held at fair value through profit or loss or at fair value through other comprehensive income, liabilities to purchase subsidiary shares, liabilities in respect of deferred cash awards and certain deposits both with banks and by customers and banks (including those that relate to bullion). In making an assessment on going concern, the Directors have considered a wide range of information relating to present and future conditions, including future capital requirements, prediction of profitability and cashflows. These assessments showed the Group has sufficient capital and liquidity to support future business requirements and adequate resources to continue as a Going Concern for at least 12 months following the approval of the financial statements. The consolidated statement of financial position is shown in order of liquidity. The classification between current and non-current is set out in the notes. The Group\u2019s Life Company business is reported separately. If the assets and liabilities of the Group\u2019s Life Company business were to be included within existing captions on the consolidated statement of financial position, the effect would be to gross up a number of individual line items to a material extent. By not doing this, the Group can provide a more transparent presentation that shows the assets of the Life Company and the related unit-linked liabilities as separate and distinct from the remainder of the consolidated statement of financial position. The Group\u2019s principal accounting policies have been consistently applied. Further information is provided below and highlighted in the notes to the accounts. (b) Future accounting developments The Group did not implement the requirements of any other Standards or Interpretations that were in issue but were not required to be adopted by the Group at the year end date. No other Standards or Interpretations have been issued that are expected to have a material impact on the consolidated financial statements. (c) Basis of consolidation The consolidated financial information includes the total comprehensive gains or losses, the financial position and the cash flows of the Company and its subsidiaries, associates and joint ventures. This includes share ownership trusts established for certain share-based awards. In the case of associates and joint ventures, those entities are presented as single line items in the consolidated income statement and consolidated statement of financial position (see note 9). Intercompany transactions and balances are eliminated on consolidation. Consistent accounting policies have been applied across the Group in the preparation of the consolidated financial statements. Details of the Company\u2019s related undertakings are presented in note 36. The entities included in the consolidation may vary year on year due to both the restructuring of the Group (including acquisitions and disposals) and changes to the number of pooled investment vehicles controlled by the Group. Where the Group controls a pooled investment vehicle, it is consolidated and the third party interest is recorded as a financial liability until the Group loses control. This consolidation has no net effect on the Group\u2019s consolidated income statement. The consolidated cash flow statement separately presents acquisitions and disposals of interests in consolidated pooled vehicles. Cash movements within the pooled vehicles are shown net within cash flows from operating activities as the cash held within the underlying pooled investment vehicles is restricted and is not available to the Group for corporate purposes. This presentation provides more relevant information about the impact of the Group\u2019s investment in pooled vehicles on corporate cash resources than an analysis of the underlying cash flows of the vehicles. The Group records any non-controlling interest at the proportionate share of the acquiree\u2019s identifiable assets. Where an option exists to acquire a further interest in the shares of a subsidiary a financial liability is recognised. These liabilities are measured at the present value of the expected amount payable on exercise. As the option relates to a change in the ownership interest of a subsidiary, the non-controlling interest is adjusted and changes in value are recognised directly in equity. If these options expire unexercised, the financial liability is derecognised with the corresponding credit recognised directly in equity. The most significant non-controlling interests relate to third party interests of 19.1% in Schroders Wealth Holdings Limited (SWHL) and 49% in Schroder BOCOM Wealth Management Company Limited (WMC BOCOM). The consolidated profit after tax of SWHL was \u00a361.4 million for the year (2021: \u00a345.6 million). The net assets of SWHL were \u00a3324.2 million at 31 December 2022 (31 December 2021: \u00a3325.8 million). Dividends of \u00a36.7 million were paid to SWHL\u2019s non-controlling interest during the year (2021: \u00a37.9 million). The loss after tax of WMC BOCOM was \u00a318.3 million for the year (2021: nil). The net assets of WMC BOCOM were \u00a3101.4 million at 31 December 2022 (2021: none). No dividends were paid to WMC BOCOM\u2019s non-controlling interest during the year (2021: none). No other non-controlling interest is considered to be individually material on the basis of the carrying value at 31 December 2022 (2021: same). (d) Net gains and losses on foreign exchange Many subsidiaries are denominated in currencies other than sterling. The results of these subsidiaries are translated at the average rate of exchange. At the year end, the assets and liabilities are translated at the closing rate of exchange. Gains or losses on translation are recorded in the consolidated statement of comprehensive income and as a separate component of equity together with gains or losses on any hedges of overseas operations. Such gains or losses are transferred to the consolidated income statement on disposal or liquidation of the relevant subsidiary. Transactions undertaken in foreign currencies are translated into the functional currency of the subsidiary at the exchange rate prevailing on the date of the transaction. Foreign currency assets and liabilities, other than those measured at historical cost, are translated into the functional currency at the rates of exchange ruling at the year end date. Any exchange differences arising are included within the consolidated income statement. (e) Cash and cash equivalents Cash and cash equivalents include cash at bank and short-term deposits with contractual maturities of less than three months. (f) Estimates and judgements The preparation of the consolidated financial statements in conformity with UK-adopted international accounting standards requires the use of certain significant accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies and in determining whether certain assets and liabilities should be recorded or an impairment recognised. Any areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed within the notes and identified under the title estimates and judgements. Estimates and judgements used in preparing the financial statements are periodically evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting accounting estimates may not equal the related actual results. In applying IFRS 10 Consolidated Financial Statements, the Group uses judgement to determine whether its interests in funds (and other entities), including those held by the Life Company, constitute controlling interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in pooled investment vehicles. The Group is exposed to variable returns and judgement is required to determine whether the power to affect those variable returns is substantive. The Group considers all relevant facts and circumstances in making this judgment. This includes consideration of the purpose and design of an investee, the extent and nature of the Group\u2019s exposure to variability of returns as an investor and, where appropriate, as a fund manager, and the Group\u2019s ability to direct the relevant activities, including whether voting rights are substantive or protective in consideration of rights held by other parties. These considerations are reassessed if there are indications that circumstances have changed since the original assessment. The other estimates and judgements that could have a significant effect on the carrying amounts of assets and liabilities are set out in the following notes, including sensitivities where relevant or material: Note 2 Net operating revenue Note 4 Tax expense Note 7 Trade and other receivables Note 8 Financial assets and liabilities Note 12 Goodwill and intangible assets Note 14 Unit-linked liabilities and assets backing unit-linked liabilities Note 16 Provisions and contingent liabilities Note 23 Retirement benefit obligations Note 27 Business combinations Climate risks have been considered in the preparation of these consolidated financial statements where relevant. The principal areas of focus include: the valuation of financial assets and impairment assessments. Financial assets measured at fair value are principally valued using traded prices or market observable inputs that incorporate potential climate risks where appropriate. The valuation of some financial instruments involves a greater level of judgement or estimation. In these scenarios climate risks are incorporated where relevant in the relevant assumptions, such as cash flow forecasts. Where financial assets are carried at amortised cost, climate risks are considered as part of the credit risk assessments. Impairment assessments relating to goodwill and other intangible assets depend on value in use and discounted cash flow models. These valuations include climate risks in the relevant assumptions where appropriate. The Group\u2019s net operating revenues are typically earned as an agreed percentage of the value of AUM or based on the performance of the underlying AUM. The potential impact of climate change on the Group\u2019s AUM and future net operating revenue generation is considered in the principal risks and uncertainties section of this Annual Report and Accounts. (g) Presentational changes The consolidated income statement has been re-presented to show both operating profit generated from the Group\u2019s business segments and profit before tax. The new presentation provides information that is more relevant to understanding the performance of the Group\u2019s operating activities. It also provides greater prominence to items of income and expense that are managed outside of the business segments, see note 3. A reconciliation of operating profit to profit before tax and exceptional items is provided below. The segmental reporting note has been re-presented to reflect these changes and to present the results of Schroders Personal Wealth (SPW) within the share of profit from associates and joint ventures using the equity accounting method. The results of SPW were previously consolidated on a proportional basis within the Wealth Management segment. This new presentation reflects changes to the basis on which the Group monitors the performance of the business. Reconciliation of operating profit to profit before tax and exceptional items Year ended 31 December 2022 \u00a3m 2021 \u00a3m Operating profit 723.0 841.0 Less: Central costs (48.8) (53.6) Net (loss)/gain on financial instruments and other income (6.7) 45.3 Non-banking interest income 6.3 3.5 (49.2) (4.8) Profit before tax and exceptional items 673.8 836.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "The Group has two operating segments: Asset Management and Wealth Management. The Asset Management segment principally comprises investment management including advisory services in respect of equity, fixed income, multi-asset and private assets and alternatives products. The Wealth Management segment principally comprises investment management, wealth planning and financial advice, platform services and banking services. Segmental information is presented on the same basis as that provided for internal reporting purposes to the Group\u2019s chief operating decision maker, the Group Chief Executive. The segmental reporting note has been re-presented to reflect the changes made to the income statement (see presentational changes on page 168) and to present the results of Schroders Personal Wealth (SPW) within share of profit of associates and joint ventures using the equity accounting method. The results of SPW were previously consolidated on a proportional basis within the Wealth Management segment for the purpose of segmental reporting. This new presentation reflects changes to the basis on which the Group monitors the performance of the business. Operating expenses represent the costs incurred in running the Asset Management and Wealth Management segments and include an allocation of costs between the individual business segments on a basis that aligns the charge with the resources employed by the Group in respect of particular business functions. This allocation provides management with the relevant information as to the business performance to effectively manage and control expenditure. Operating expenses exclude items related to acquisitions and central management activities (see note 3). The reconciliation of operating profit to profit before tax is available on the income statement. Revenue The Group\u2019s primary source of revenue is fee income from investment management activities performed within both the Asset Management and Wealth Management segments. Fee income includes management fees, performance fees, carried interest and other fees. Revenue also includes interest income earned within the Wealth Management segment. Management fees are generated through investment management agreements and are generally based on an agreed percentage of the valuation of AUM. Management fees are recognised as the service is provided and it is probable that the fee will be collected. Performance fees and carried interest are earned from certain arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods. They are only recognised where it is highly probable that a significant reversal will not occur in future periods. Performance fees are typically earned over one year and are recognised at the end of the performance period. Carried interest is earned over a longer time frame and is recognised when certain performance hurdles are met and the service has been provided. This may result in the recognition of revenue before the contractual crystallisation date. Other fees principally comprise revenues for other services, which typically vary according to the volume of transactions. Other fees are recognised as the relevant service is provided and it is probable that the fee will be collected. Within Wealth Management, earning a net interest margin is a core activity and interest is therefore recognised within revenue. Interest income is earned as a result of placing loans and deposits with other financial institutions, advancing loans and overdrafts to clients, and holding debt and other fixed income securities. Interest income is recognised as it is earned using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Cost of sales Fee expenses incurred by the Group that relate directly to revenue are presented as cost of sales. These expenses include commissions, external fund manager fees and distribution fees payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products. Fee expense is generally based on an agreed percentage of the valuation of AUM and is recognised in the income statement as the service is received. Cost of sales also includes the cost of financial obligations arising from carried interest. Amounts payable in respect of carried interest are determined based on the proportion of carried interest income that is payable to third parties. Wealth Management pays interest to clients on deposits taken. Within Wealth Management, earning a net interest margin is a core activity. Interest payable in respect of these activities is therefore recorded separately from finance costs arising elsewhere in the business and is reported as part of cost of sales. Interest is recognised using the effective interest method (see above). Total expenses represent the Group\u2019s administrative expenses including compensation costs. They are recognised as the services are received. Certain costs, such as depreciation of property, plant and equipment and amortisation of intangible assets, are expensed evenly over the useful life of the asset, or relevant contract. Expenses comprise operating expenses, central costs and acquisition costs and related items. Operating expenses are those costs incurred through the operating activities of the Group\u2019s operating segments; Asset Management and Wealth Management. Central costs are those arising from capital and treasury management activities, corporate development and strategy activities and the costs associated with the governance and corporate management of the Group. Acquisition costs and related items include deal costs associated with corporate transactions and costs associated with the integration of acquired businesses and amortisation of acquired intangible assets. The biggest component of the Group\u2019s total expenses is the cost of employee benefits, as shown below. Other costs primarily consist of accommodation, information technology, marketing and outsourcing costs. Compensation costs are managed to a target total compensation ratio of between 45% and 49%. Targeting a compensation ratio range provides some flexibility to manage the overall cost base in response to market conditions. Employee benefits expense includes salaries and wages, together with the cost of other benefits provided to employees such as pension and bonuses. The Group makes some performance awards to employees that are deferred over a specified vesting period. Such awards are expensed to the income statement over the performance and vesting periods. The Group holds investments that are linked to these performance awards in order to hedge the related exposure. Gains and losses on these investments are netted against the relevant costs in the income statement but are presented separately below. Further detail on other employee benefits can be found elsewhere within these financial statements, see note 23 for pension costs and note 24 for compensation that is awarded in Schroders plc shares. The Group is headquartered in the UK and pays taxes according to the rates applicable in the countries and states in which it operates. Most taxes are recorded in the income statement (see part (a)) and relate to taxes payable for the reporting period (current tax). The charge also includes benefits and charges relating to when income or expenses are recognised in a different period for tax and accounting purposes or when there are specific treatments applicable relating to items such as acquisitions (deferred tax \u2013 see note 13). Some current and deferred taxes are recorded through other comprehensive income (see part (b)), or directly to equity where the tax arises from changes in the value of remuneration settled as shares (see part (c)). This key performance indicator shows the portion of the Group\u2019s profit after tax that is attributable to each share issued by the Company, excluding own shares held by the Group. The calculation is based on the weighted average number of shares in issue during the year. The diluted figure recalculates that number as if all share options that would be expected to be exercised, as they have value to the option holder, had been exercised in the year. Shares that may be issued are not taken into account if the impact does not reduce earnings per share. Dividends are distributions of profit to holders of the Group\u2019s share capital, usually announced with the Group\u2019s half-year and annual results. Dividends are recognised only when they are paid or approved by shareholders. The reduction in equity in the year therefore comprises the prior year final dividend and the current year interim dividend. Trade and other receivables includes prepayments and deposits with banks in the form of bullion as well as amounts the Group is due to receive from third parties in the normal course of business. Trade and other receivables, other than deposits with banks in the form of bullion, are recorded initially at fair value and subsequently at amortised cost (see note 8). Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced and the operating expense is recognised in the income statement. Accrued income, other than amounts relating to carried interest, represents unbilled revenue and is not dependent on future performance. Amounts due from third parties also include settlement accounts for transactions undertaken on behalf of funds and investors. Deposits with banks in the form of bullion are recorded at fair value. Financial assets The Group holds financial assets including loans and advances to clients and banks, equities, debt securities, pooled investment vehicles and derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation (see note 17). The Group initially records all financial assets at fair value. The Group subsequently holds each financial asset at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants. Amortised cost is the amount determined based on moving the initial fair value to the maturity value on a systematic basis using the effective interest rate, taking account of repayment dates and initial expected premiums or discounts. Financial assets at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. This classification typically applies to the Group\u2019s loans and advances, trade receivables and some debt securities held by the Group\u2019s Wealth Management entities. The carrying value of amortised cost financial assets is adjusted for impairment under the expected credit loss (ECL) model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Financial assets at FVOCI Financial assets are held at FVOCI when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows and to sell assets. This classification applies to certain debt securities within the Group\u2019s Wealth Management entities. Impairment is recognised for debt securities classified as FVOCI under the ECL model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Unrealised gains and losses on debt securities classified as financial assets at FVOCI are recorded in other comprehensive income. Cumulative gains and losses are transferred to the income statement if the investment is sold or otherwise realised. Interest earned on FVOCI assets is recognised using the effective interest method and recorded as interest in the income statement. Financial assets at FVTPL All other financial assets are held at FVTPL. Net gains and losses are presented in the income statement based on the substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and losses on the Group\u2019s investment and seed capital are presented within net (loss)/gain on financial instruments and other income; and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Financial liabilities The Group\u2019s financial liabilities principally comprise deposits by Wealth Management clients and banking counterparties. They also include derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation. Financial liabilities also arise from obligations in respect of carried interest, contingent consideration and other liabilities arising from acquisitions completed by the Group, and third party interests in consolidated funds. The Group initially records all financial liabilities at fair value. These are subsequently held at amortised cost or fair value. Financial liabilities at amortised cost The majority of the Group\u2019s financial liabilities are measured at amortised cost and the classification typically applies to the Group\u2019s Wealth Management client accounts, banking deposits and trade payables. Financial liabilities at FVTPL Financial liabilities are measured at FVTPL when this measurement reduces an accounting mismatch or when otherwise required by the accounting standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in consolidated funds (see basis of preparation on page 167) and contingent consideration. Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent consideration are presented within acquisition costs and related items. This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Liabilities to purchase subsidiary shares Financial liabilities in relation to equity transactions arise on certain acquisitions where the Group has a liability to purchase the remaining interest in a subsidiary that is not wholly owned by the Group (see basis of preparation on page 167). Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair value of the purchase consideration, including purchase related costs. The Group\u2019s income statement reflects its share of the entity\u2019s profit or loss after tax and amortisation of intangible assets. The Group\u2019s statement of other comprehensive income records the Group\u2019s share of gains and losses arising from the entity\u2019s financial assets at FVOCI (see note 8). The statement of financial position subsequently records the Group\u2019s share of the net assets of the entity plus any goodwill and intangible assets that arose on purchase less subsequent amortisation. The statement of changes in equity records the Group\u2019s share of other equity movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that the carrying value of associates and joint ventures may be impaired. The associates and joint ventures reserve in the statement of changes in equity represents the Group\u2019s share of profits in its investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. Certain associates are held within financial assets at fair value through profit or loss where permitted by the accounting standards (see note 8). Information about the Group\u2019s principal associates measured at fair value is disclosed within this note. The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate, and principally comprises leasehold improvements, freehold land and buildings, fixtures and fittings and computer equipment. Right-of-use assets in the form of leases are also included within property, plant and equipment (further detail is found in note 11). Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as a depreciation charge on a straight-line basis over the estimated useful life, with the exception of land which is assumed to have an indefinite useful life. The Group\u2019s lease arrangements primarily consist of operating leases relating to office space. The Group initially records a lease liability in the statement of financial position reflecting the present value of the future contractual cash flows to be made over the lease term, discounted using the Group\u2019s incremental borrowing rate. This is the rate that the Group would have to pay for a loan of a similar term, and with similar security to obtain an asset of similar value. A right-of-use (ROU) asset is recorded at the value of the lease liability plus any directly related costs and estimated future dilapidation expense and is presented within property, plant and equipment (see note 10) on the balance sheet. Interest is accrued on the lease liability using the effective interest method to give a constant rate of return over the life of the lease while the balance is reduced as lease payments are made. The ROU asset is depreciated from commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term as the benefit of the asset is consumed. Increases or decreases that occur at contractually agreed market rent review dates are included in the lease liability once revised market rents have been agreed. The Group considers whether the lease term should reflect options to extend or reduce the life of the lease. Relevant factors that could create an economic incentive to exercise the option are considered and the extensions/termination is included if it is reasonably certain to be exercised. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) the option. Should this occur, the Group modifies the lease liability and associated ROU asset to reflect the revised remaining expected cashflows. Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. Deferred tax assets and liabilities represent amounts of tax that will become recoverable and payable in future accounting periods. They arise as a result of temporary differences, where the time at which profits and losses are recognised for tax purposes differs from the time at which the relevant transaction is recorded. A deferred tax asset represents a tax reduction that is expected to arise in a future period based on past transactions. A deferred tax liability represents taxes that will become payable in a future period as a result of current or prior year transactions. Deferred tax liabilities also arise on certain acquisitions where the amortisation of the acquired intangible asset does not result in a tax deduction. The deferred tax liability is established on acquisition and is released to the income statement to match the intangible asset amortisation. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the year-end date. The Group operates a unit-linked life assurance business through the wholly owned subsidiary Schroder Pension Management Limited (the Life Company). The Life Company provides investment products through a life assurance wrapper. The investment products do not provide cover for insurance risk and are therefore recognised and accounted for as financial instruments and presented as financial liabilities due to Life Company investors (policyholders) within unit-linked liabilities. The investment product is almost identical to a unit trust. As it is a life assurance product, the contractual rights and obligations of the investments remain with the Group and the AUM is therefore included on the statement of financial position, together with the liability to investors. The Group earns fee income from managing the investment, which is included in revenue. Financial assets and liabilities held by the Life Company are measured at FVTPL. Other balances include cash and receivables, which are measured at amortised cost (see note 8). The Life Company\u2019s assets are regarded as current assets as they represent the amount available to Life Company investors (or third party investors in consolidated funds) who are able to withdraw their funds on call, subject to certain restrictions in the case of illiquidity. Gains and losses from assets and liabilities held to cover investor obligations are attributable to investors in the Life Company or third party investors in the funds. As a result, any gain or loss is offset by a change in the obligation to investors. Trade and other payables includes amounts the Group is due to pay in the normal course of business, accruals and deferred income (being fees received in advance of services provided as well as deferred cash awards), and bullion deposits by customers. Trade and other payables, other than deferred cash awards and bullion deposits, are recorded initially at fair value and subsequently at amortised cost (see note 8). Amounts due to be paid by the Group in the normal course of business are made up of creditors and accruals. Accruals represent costs, including remuneration, that are not yet billed or due for payment, but for which the goods or services have been received. Deferred cash awards (being deferred employee remuneration payable in cash), and bullion deposits by customers are recorded at fair value. Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore usually require the use of estimates. They are recognised when three conditions are fulfilled: when the Group has a present obligation (legal or constructive) as a result of a past event; when it is probable that the Group will incur a loss in order to settle the obligation; and when a reliable estimate can be made of the amount of the obligation. They are recorded at the Group\u2019s best estimate of the cost of settling the obligation. Any differences between those estimates and the amounts for which the Group actually becomes liable are taken to the income statement as additional charges where the Group has underestimated and credits where the Group has overestimated. Where the estimated timing and settlement is longer term, the amount is discounted using a rate reflecting specific risks associated with the provision. Contingent liabilities are potential liabilities, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed where significant and are not included within the statement of financial position. The Group holds derivatives for risk management, client facilitation and within its consolidated structured entities to provide exposure to market returns. The Group most commonly uses forward foreign exchange contracts, where it agrees to buy or sell specified amounts of a named currency at a future date, allowing the Group to effectively fix exchange rates so that it can avoid unpredictable gains and losses on financial instruments in foreign currency assets and liabilities. The Group uses futures, total return swaps and credit default swaps to hedge market-related gains and losses on its seed capital investments where the purpose of investing is to help establish a new product rather than gain additional market exposure. Interest rate contracts are used to hedge exposures to fixed or floating rates of interest. The Group designates certain derivatives as hedges of a net investment in a foreign operation. In these scenarios, and where relevant conditions are met, hedge accounting is applied and the Group formally documents the relationship between the derivative and any hedged item, its risk management objectives and its strategy for undertaking the various hedging transactions. It also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair value of hedged items. In respect of hedges of a net investment in a foreign operation, the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised directly in other comprehensive income. The Group\u2019s net investment hedges are generally fully effective, but any ineffective portion that may arise is recognised in the income statement. On disposal of the foreign operation, together with the hedged gain or loss, the cumulative gain or loss on the hedging instrument is transferred to the income statement. The Group Capital Committee is responsible for the management of the Group\u2019s capital and sets objectives for how it is deployed. This note explains how the Group manages its capital, setting out the nature of the risks the Group faces as a result of its operations, and how these risks are quantified and managed. The Group is exposed to different forms of financial instrument risk including: (i) the risk that money owed to the Group will not be received (credit risk); (ii) the risk that the Group may not have sufficient cash available to pay its creditors as they fall due (liquidity risk); and (iii) the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and foreign exchange rates (market risk). The management of such risks is embedded in managerial responsibilities fundamental to the wellbeing of the Group. The Group\u2019s primary exposure to financial instrument risk is derived from the financial instruments that it holds as principal. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impact on investment management and other fees that are determined on the basis of a percentage of AUM and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This note deals only with the direct or primary exposure of the risks from the Group\u2019s holding of financial instruments. The Life Company provides unit-linked investment products through a life assurance wrapper. The financial risks of these products are largely borne by the third party investors, consistent with other investment products managed by the Group. However, since the Life Company, which is a subsidiary, issues the investment instrument and holds the relevant financial assets, both the investments and the third party obligations are recorded in the statement of financial position. Financial instrument risk management disclosures in respect of the Life Company\u2019s financial instruments are set out in note 14. Share capital primarily comprises the number of issued ordinary shares in Schroders plc multiplied by their nominal value of 20 pence each (2021: \u00a31 each). Share premium substantially represents the aggregate of all amounts that have ever been paid to Schroders plc when it has issued shares. The Company has authority to buyback ordinary shares, restricted by minimum and maximum price caps and a maximum number of shares. Any ordinary shares bought back may be cancelled or held in treasury. Unless renewed, authority will expire at the Company\u2019s next annual general meeting, or on 30 June 2023 if earlier. Own shares are recorded by the Group when ordinary shares are acquired by the Company or acquired through employee benefit trusts. This enables the Group to hold some of its shares in treasury to settle option exercises or for other permitted purposes. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest unconditionally or are cancelled, they are transferred from own shares to the profit and loss reserve at their weighted average cost. This note should be read in conjunction with the cash flow statement. It provides a reconciliation to show how profit before tax, which is based on accounting rules, translates to cash flows. Commitments represent amounts the Group has contractually committed to pay to third parties but do not yet represent a liability or impact the Group\u2019s financial results for the year. The Group\u2019s commitments primarily relate to investment call commitments, commitments for property, plant and equipment and future leases not yet commenced. The Group sublets a small number of its owned and leased properties where such properties, or parts of such properties, are not required for use by the Group. The table below discloses the commitments sub-lessees have made in respect of such arrangements. These commitments are not recorded on the statement of financial position in advance of the period to which they relate. The Group has two principal types of pension benefit for employees: defined benefit (DB), where the Group has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service, and defined contribution (DC), where the Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Accounting for DB schemes requires an assessment of the likely quantum of future pension payments to be made. If ring-fenced assets are held specifically to meet this cost, the scheme is funded, and if not, it is unfunded. The Group periodically reviews its funded DB schemes using actuarial specialists to assess whether it is on course to meet the expected pension payments that current and former employees are, or will be, entitled to. In the case of a projected shortfall, a plan must be formulated to reverse the deficit. The income statement charge or credit represents the sum of pension entitlements earned by employees in the period, plus a notional net interest charge (if the scheme is in deficit) or income (if it is in surplus) based on the market yields on high quality corporate bonds. Experience differences, principally the difference between actual investment returns and the notional interest amount, as well as actuarial changes in estimating the present value of future liabilities, are recorded in other comprehensive income. Assets or liabilities recognised in the statement of financial position represent the differences between the fair value of plan assets (if any) and the actuarially determined estimates of the present value of future liabilities. The Group closed its largest DB scheme to future accrual on 30 April 2011, although it still operates some small unfunded schemes overseas. This means that no future service will contribute to the closed scheme member benefits but those members continue to have the benefits determined by the Scheme rules as at 30 April 2011. The Group\u2019s exposure to funding DC pension schemes is limited to the contributions it has agreed to make. These contributions generally stop when employment ceases. The income statement charge represents the contributions the Group has agreed to make into employees\u2019 pension schemes in that year. The disclosures within this note are provided mainly in respect of the principal DB scheme, which is the DB section of the funded Schroders Retirement Benefits Scheme (the Scheme). Share-based payments are remuneration payments to selected employees that take the form of an award of shares in Schroders plc. Employees are generally not able to exercise such awards in full until three years after the award has been made, although conditions vary between different types of award. The accounting for share-based awards settled by transferring shares to the employees (equity-settled) differs from the accounting for similar awards settled in cash (cash-settled). The charge for equity-settled share-based payments is determined based on the fair value of the award on the grant date. Such awards can include share awards that may or may not have performance criteria. The initial fair value of the award takes into account the current value of shares expected to be issued (i.e. estimates of the likely levels of forfeiture and achievement of performance criteria), and the contribution, if required, by the employee. This initial fair value is charged to the income statement reflecting benefits received from employment, where relevant, in the performance period and over the vesting period. The income statement charge is offset by a credit to the statement of changes in equity, where the award is expected to be settled through the issue of shares. Such awards constituted 6.8% (2021: 8.7%) of salaries, wages and other remuneration (see note 3). The Group may make share-based payments to employees through awards over or linked to the value of ordinary shares and by the grant of market value share options over ordinary shares. These arrangements involve a maximum term of ten years. It is the Group\u2019s practice to hedge all awards to eliminate the impact of changes in the market value of shares between the grant date and the exercise date. Awards that lapse or are forfeited during the vesting period result in a credit to the income statement (reversing the previous charge) in the year in which they lapse or are forfeited. Awards over ordinary shares made under the Group\u2019s Deferred Award Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. Awards over ordinary shares made under the Group\u2019s Equity Compensation Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. Awards over ordinary shares made under the Group\u2019s Equity Incentive Plan are charged at fair value as operating expenses to the income statement, over a five-year vesting period. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. Awards are structured as nil-cost options. Awards over ordinary shares made under the Group\u2019s Long Term Incentive Plan are charged at fair value to the income statement over a four-year vesting period. Fair value is calculated using the market value of the shares at the grant date, discounted for dividends forgone over the vesting period of the award and adjusted based on an estimate at the year-end date of the extent to which the performance conditions are expected to be met. Awards are structured as nil-cost options. The employee monthly share purchase plan is open to UK permanent employees and provides free shares from the Group to match the employee purchase of shares up to a maximum of \u00a3100 per month. The shares vest after one year. Certain employees have been awarded cash-settled equivalents to these share-based awards. The fair value of these awards is determined using the same methods and models used to value the equivalent equity-settled awards. The fair value of the liability is remeasured at each balance sheet date and at settlement date. Transactions between the Group and parties related to the Group are required to be disclosed to the extent that they are necessary for an understanding of the potential effect of the relationship on the financial statements. Other disclosures, such as key management personnel compensation, are also required. Structured entities are those entities that have been designed so that voting or similar rights are not the dominant factor in deciding who has control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The Group\u2019s interests in consolidated and unconsolidated structured entities are described below. The Group has interests in structured entities as a result of contractual arrangements arising from its principal activity, the management of assets on behalf of its clients. AUM, excluding deposits by Wealth Management clients and some segregated client portfolios held within the Group\u2019s Asset Management business, is managed within structured entities. These structured entities typically consist of investment vehicles such as Open Ended Investment Companies, Authorised Unit Trusts, Limited Partnerships and Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable, which entitle investors to a percentage of the vehicle\u2019s net asset value. The vehicles are financed by the purchase of units or shares by investors. The Group also has interests in structured entities through proprietary investments. These are mainly into vehicles that help facilitate the Group\u2019s stated aim of generating a return on investment capital and when it deploys seed and co-investment capital in developing new investment strategies or as it invests alongside its clients. Additionally, the Group holds interests in structured entities for liquidity management purposes, for example via investments in money market funds. The Group does not guarantee returns on the investments it manages or commit to financially support its structured entities. A small proportion of the Group\u2019s AUM, principally real estate funds, is permitted to raise finance through loans from banks and other financial institutions. Where external finance is raised, the Group does not provide a guarantee for the repayment of any borrowings. The business activity of all structured entities in which the Group has an interest, is the management of assets in order to generate investment returns for investors from capital appreciation and/or investment income. The Group earns a management fee from its structured entities, normally based on a percentage of the entity\u2019s net asset value, committed capital value or gross asset value and, where contractually agreed, a performance fee or carried interest, based on outperformance against predetermined benchmarks. In addition, where the Group owns a proportion of the structured entity it is entitled to receive investment returns. The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest at the fair value of the proportionate share of the acquiree\u2019s identifiable net assets. (c) Basis of consolidation The consolidated financial information includes the total comprehensive gains or losses, the financial position and the cash flows of the Company and its subsidiaries, associates and joint ventures. This includes share ownership trusts established for certain share-based awards. In the case of associates and joint ventures, those entities are presented as single line items in the consolidated income statement and consolidated statement of financial position (see note 9). Intercompany transactions and balances are eliminated on consolidation. Consistent accounting policies have been applied across the Group in the preparation of the consolidated financial statements. Details of the Company\u2019s related undertakings are presented in note 36. The entities included in the consolidation may vary year on year due to both the restructuring of the Group (including acquisitions and disposals) and changes to the number of pooled investment vehicles controlled by the Group. Where the Group controls a pooled investment vehicle, it is consolidated and the third party interest is recorded as a financial liability until the Group loses control. This consolidation has no net effect on the Group\u2019s consolidated income statement. The consolidated cash flow statement separately presents acquisitions and disposals of interests in consolidated pooled vehicles. Cash movements within the pooled vehicles are shown net within cash flows from operating activities as the cash held within the underlying pooled investment vehicles is restricted and is not available to the Group for corporate purposes. This presentation provides more relevant information about the impact of the Group\u2019s investment in pooled vehicles on corporate cash resources than an analysis of the underlying cash flows of the vehicles. The Group records any non-controlling interest at the proportionate share of the acquiree\u2019s identifiable assets. Where an option exists to acquire a further interest in the shares of a subsidiary a financial liability is recognised. These liabilities are measured at the present value of the expected amount payable on exercise. As the option relates to a change in the ownership interest of a subsidiary, the non-controlling interest is adjusted and changes in value are recognised directly in equity. If these options expire unexercised, the financial liability is derecognised with the corresponding credit recognised directly in equity. The most significant non-controlling interests relate to third party interests of 19.1% in Schroders Wealth Holdings Limited (SWHL) and 49% in Schroder BOCOM Wealth Management Company Limited (WMC BOCOM). The consolidated profit after tax of SWHL was \u00a361.4 million for the year (2021: \u00a345.6 million). The net assets of SWHL were \u00a3324.2 million at 31 December 2022 (31 December 2021: \u00a3325.8 million). Dividends of \u00a36.7 million were paid to SWHL\u2019s non-controlling interest during the year (2021: \u00a37.9 million). The loss after tax of WMC BOCOM was \u00a318.3 million for the year (2021: nil). The net assets of WMC BOCOM were \u00a3101.4 million at 31 December 2022 (2021: none). No dividends were paid to WMC BOCOM\u2019s non-controlling interest during the year (2021: none). No other non-controlling interest is considered to be individually material on the basis of the carrying value at 31 December 2022 (2021: same). (d) Net gains and losses on foreign exchange Many subsidiaries are denominated in currencies other than sterling. The results of these subsidiaries are translated at the average rate of exchange. At the year end, the assets and liabilities are translated at the closing rate of exchange. Gains or losses on translation are recorded in the consolidated statement of comprehensive income and as a separate component of equity together with gains or losses on any hedges of overseas operations. Such gains or losses are transferred to the consolidated income statement on disposal or liquidation of the relevant subsidiary. Transactions undertaken in foreign currencies are translated into the functional currency of the subsidiary at the exchange rate prevailing on the date of the transaction. Foreign currency assets and liabilities, other than those measured at historical cost, are translated into the functional currency at the rates of exchange ruling at the year end date. Any exchange differences arising are included within the consolidated income statement. (e) Cash and cash equivalents Cash and cash equivalents include cash at bank and short-term deposits with contractual maturities of less than three months. ",
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"fact-437": {
"value": "The Group has two operating segments: Asset Management and Wealth Management. The Asset Management segment principally comprises investment management including advisory services in respect of equity, fixed income, multi-asset and private assets and alternatives products. The Wealth Management segment principally comprises investment management, wealth planning and financial advice, platform services and banking services. Segmental information is presented on the same basis as that provided for internal reporting purposes to the Group\u2019s chief operating decision maker, the Group Chief Executive. The segmental reporting note has been re-presented to reflect the changes made to the income statement (see presentational changes on page 168) and to present the results of Schroders Personal Wealth (SPW) within share of profit of associates and joint ventures using the equity accounting method. The results of SPW were previously consolidated on a proportional basis within the Wealth Management segment for the purpose of segmental reporting. This new presentation reflects changes to the basis on which the Group monitors the performance of the business. Operating expenses represent the costs incurred in running the Asset Management and Wealth Management segments and include an allocation of costs between the individual business segments on a basis that aligns the charge with the resources employed by the Group in respect of particular business functions. This allocation provides management with the relevant information as to the business performance to effectively manage and control expenditure. Operating expenses exclude items related to acquisitions and central management activities (see note 3). The reconciliation of operating profit to profit before tax is available on the income statement. ",
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"fact-438": {
"value": "(b) Geographical information The Group\u2019s non-current assets 1 are located in the following countries: 2022 \u00a3m 2021 \u00a3m United Kingdom 2,115.9 1,468.5 China 244.8 199.6 Switzerland 205.3 184.5 United States 116.6 106.9 France 79.4 78.4 India 45.3 34.4 Singapore 37.8 39.2 Other 111.1 89.1 Total 2,956.2 2,200.6 1. Comprises the following non-current assets: property, plant and equipment, goodwill and intangible assets, associates and joint ventures and prepayments. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "2. Net operating revenue Revenue The Group\u2019s primary source of revenue is fee income from investment management activities performed within both the Asset Management and Wealth Management segments. Fee income includes management fees, performance fees, carried interest and other fees. Revenue also includes interest income earned within the Wealth Management segment. Management fees are generated through investment management agreements and are generally based on an agreed percentage of the valuation of AUM. Management fees are recognised as the service is provided and it is probable that the fee will be collected. Performance fees and carried interest are earned from certain arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods. They are only recognised where it is highly probable that a significant reversal will not occur in future periods. Performance fees are typically earned over one year and are recognised at the end of the performance period. Carried interest is earned over a longer time frame and is recognised when certain performance hurdles are met and the service has been provided. This may result in the recognition of revenue before the contractual crystallisation date. Other fees principally comprise revenues for other services, which typically vary according to the volume of transactions. Other fees are recognised as the relevant service is provided and it is probable that the fee will be collected. Within Wealth Management, earning a net interest margin is a core activity and interest is therefore recognised within revenue. Interest income is earned as a result of placing loans and deposits with other financial institutions, advancing loans and overdrafts to clients, and holding debt and other fixed income securities. Interest income is recognised as it is earned using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Cost of sales Fee expenses incurred by the Group that relate directly to revenue are presented as cost of sales. These expenses include commissions, external fund manager fees and distribution fees payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products. Fee expense is generally based on an agreed percentage of the valuation of AUM and is recognised in the income statement as the service is received. Cost of sales also includes the cost of financial obligations arising from carried interest. Amounts payable in respect of carried interest are determined based on the proportion of carried interest income that is payable to third parties. Wealth Management pays interest to clients on deposits taken. Within Wealth Management, earning a net interest margin is a core activity. Interest payable in respect of these activities is therefore recorded separately from finance costs arising elsewhere in the business and is reported as part of cost of sales. Interest is recognised using the effective interest method (see above). (a) Net operating revenue by segment is presented below:
Year ended 31 December 2022
Asset
Management
\u00a3m
Wealth
Management
\u00a3m
Total
\u00a3m
Management fees 2,334.5 335.2 2,669.7
Performance fees 42.6 0.4 43.0
Carried interest 32.3 \u2013 32.3
Other fees 32.5 38.9 71.4
Wealth Management interest income \u2013 75.3 75.3
Revenue 2,441.9 449.8 2,891.7
Fee expense (459.0) (17.1) (476.1)
Cost of financial obligations in respect of carried interest (15.8) \u2013 (15.8)
Wealth Management interest expense \u2013 (38.4) (38.4)
Cost of sales (474.8) (55.5) (530.3)
Net operating revenue 1,967.1 394.3 2,361.4
Year ended 31 December 2021
1
Asset
Management
\u00a3m
Wealth
Management
\u00a3m
Total
\u00a3m
Management fees 2,388.6 329.1 2,717.7
Performance fees 94.2 0.2 94.4
Carried interest 71.5 \u2013 71.5
Other fees 28.2 36.4 64.6
Wealth Management interest income \u2013 11.3 11.3
Revenue 2,582.5 377.0 2,959.5
Fee expense (499.8) (16.8) (516.6)
Cost of financial obligations in respect of carried interest (39.6) \u2013 (39.6)
Wealth Management interest expense \u2013 (0.2) (0.2)
Cost of sales (539.4) (17.0) (556.4)
Net operating revenue 2,04 3.1 360.0 2,403.1
1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168).
(b) Net operating revenue is presented below by region based on the location of clients: Year ended 31 December 2022 UK \u00a3m Continental Europe & Middle East \u00a3m Asia Pacific \u00a3m Americas \u00a3m Total \u00a3m Management fees 882.9 814.1 608.9 363.8 2,669.7 Performance fees 6.5 15.4 8.2 12.9 43.0 Carried interest \u2013 32.3 \u2013 \u2013 32.3 Other fees 37.5 25.9 8.0 \u2013 71.4 Wealth Management interest income 65.7 8.1 1.5 \u2013 75.3 Revenue 992.6 895.8 626.6 376.7 2,891.7 Fee expense (58.5) (196.2) (169.1) (52.3) (476.1) Cost of financial obligations in respect of carried interest \u2013 (15.8) \u2013 \u2013 (15.8) Wealth Management interest expense (38.3) \u2013 (0.1) \u2013 (38.4) Cost of sales (96.8) (212.0) (169.2) (52.3) (530.3) Net operating revenue 895.8 683.8 457.4 324.4 2,361.4 Year ended 31 December 20211 UK \u00a3m Continental Europe & Middle East \u00a3m Asia Pacific \u00a3m Americas \u00a3m Total \u00a3m Management fees 833.3 869.0 643.3 372.1 2,717.7 Performance fees 8.2 32.0 28.9 25.3 94.4 Carried interest \u2013 71.5 \u2013 \u2013 71.5 Other fees 30.8 23.2 10.4 0.2 64.6 Wealth Management interest income 10.3 0.9 0.1 \u2013 11.3 Revenue 882.6 996.6 682.7 397.6 2,959.5 Fee expense (66.3) (215.5) (181.7) (53.1) (516.6) Cost of financial obligations in respect of carried interest \u2013 (39.6) \u2013 \u2013 (39.6) Wealth Management interest expense (0.2) \u2013 \u2013 \u2013 (0.2) Cost of sales (66.5) (255.1) (181.7) (53.1) (556.4) Net operating revenue 816.1 741.5 501.0 344.5 2,403.1 1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168). Estimates and judgements \u2013 revenue The principle estimates and judgements for revenue relate to carried interest. Carried interest represents the Group\u2019s contractual right to a share of the profits of 122 private asset investment vehicles (2021: 113 vehicles), if certain performance hurdles are met. It is recognised when the relevant services have been provided and it is highly probable that a significant reversal will not occur. The amount of carried interest that will ultimately be received by the Group is dependent on the cash flows realised by the respective investment vehicles when the underlying investments are successfully disposed of. The resultant cash flows are assessed against the applicable performance hurdle, which is dependent on the capital invested and the timing and quantum of distributions. For accounting purposes, the outcome is discounted to determine the present value of the carried interest to be recognised. The actual amount receivable at maturity will depend on the realised value and may differ from the projected value. The Group estimates the cash flows that will be received by the investment vehicles with reference to the current fair value of the underlying investments. Judgement is applied to determine certain assumptions used in the estimate. Those assumptions principally relate to the future growth and the timing of distributions. No future growth is assumed, reflecting the uncertainty of future investment returns. The timing of distributions to clients is based on individual investment managers\u2019 expectations as to the realisation of cash flows from the successful disposal of the underlying securities. The Group assesses the maturity of the respective investment vehicles by reference to the percentage of committed capital invested and original capital returned to clients. This helps the Group to understand whether a significant risk of reversal exists and to determine whether the revenue should be recognised or further constrained in accordance with the accounting standards. Estimates and judgements \u2013 cost of sales The principle estimates and judgements for cost of sales relate to carried interest. The crystallisation of associated financial obligations in respect of carried interest (carried interest payable, see note 8) is contingent on the Group receiving the related revenue. The areas of estimates and judgements are the same as those used to determine the present value of the carried interest receivable, adjusted to reflect the portion that is payable to third parties. The actual amount payable at maturity will depend on the realised value of the carried interest receivable and may differ from the projected value. An increase in the growth rate of 3% would increase cost of sales by \u00a33.1 million (2021: \u00a33.6 million), although this would be smaller than the corresponding increase in revenue. An average acceleration/delay in crystallisation dates of one year would increase/reduce cost of sales by \u00a32.1 million/\u00a32.0 million (2021: \u00a33.0 million/\u00a34.2 million) and this amount would be lower than the corresponding increase/reduction in revenue. ",
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"fact-406": {
"value": "2. Net operating revenue Revenue The Group\u2019s primary source of revenue is fee income from investment management activities performed within both the Asset Management and Wealth Management segments. Fee income includes management fees, performance fees, carried interest and other fees. Revenue also includes interest income earned within the Wealth Management segment. Management fees are generated through investment management agreements and are generally based on an agreed percentage of the valuation of AUM. Management fees are recognised as the service is provided and it is probable that the fee will be collected. Performance fees and carried interest are earned from certain arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods. They are only recognised where it is highly probable that a significant reversal will not occur in future periods. Performance fees are typically earned over one year and are recognised at the end of the performance period. Carried interest is earned over a longer time frame and is recognised when certain performance hurdles are met and the service has been provided. This may result in the recognition of revenue before the contractual crystallisation date. Other fees principally comprise revenues for other services, which typically vary according to the volume of transactions. Other fees are recognised as the relevant service is provided and it is probable that the fee will be collected. Within Wealth Management, earning a net interest margin is a core activity and interest is therefore recognised within revenue. Interest income is earned as a result of placing loans and deposits with other financial institutions, advancing loans and overdrafts to clients, and holding debt and other fixed income securities. Interest income is recognised as it is earned using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. Cost of sales Fee expenses incurred by the Group that relate directly to revenue are presented as cost of sales. These expenses include commissions, external fund manager fees and distribution fees payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products. Fee expense is generally based on an agreed percentage of the valuation of AUM and is recognised in the income statement as the service is received. Cost of sales also includes the cost of financial obligations arising from carried interest. Amounts payable in respect of carried interest are determined based on the proportion of carried interest income that is payable to third parties. Wealth Management pays interest to clients on deposits taken. Within Wealth Management, earning a net interest margin is a core activity. Interest payable in respect of these activities is therefore recorded separately from finance costs arising elsewhere in the business and is reported as part of cost of sales. Interest is recognised using the effective interest method (see above). (a) Net operating revenue by segment is presented below: Year ended 31 December 2022 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Management fees 2,334.5 335.2 2,669.7 Performance fees 42.6 0.4 43.0 Carried interest 32.3 \u2013 32.3 Other fees 32.5 38.9 71.4 Wealth Management interest income \u2013 75.3 75.3 Revenue 2,441.9 449.8 2,891.7 Fee expense (459.0) (17.1) (476.1) Cost of financial obligations in respect of carried interest (15.8) \u2013 (15.8) Wealth Management interest expense \u2013 (38.4) (38.4) Cost of sales (474.8) (55.5) (530.3) Net operating revenue 1,967.1 394.3 2,361.4 Year ended 31 December 2021 1 Asset Management \u00a3m Wealth Management \u00a3m Total \u00a3m Management fees 2,388.6 329.1 2,717.7 Performance fees 94.2 0.2 94.4 Carried interest 71.5 \u2013 71.5 Other fees 28.2 36.4 64.6 Wealth Management interest income \u2013 11.3 11.3 Revenue 2,582.5 377.0 2,959.5 Fee expense (499.8) (16.8) (516.6) Cost of financial obligations in respect of carried interest (39.6) \u2013 (39.6) Wealth Management interest expense \u2013 (0.2) (0.2) Cost of sales (539.4) (17.0) (556.4) Net operating revenue 2,04 3.1 360.0 2,403.1 1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168). (b) Net operating revenue is presented below by region based on the location of clients: Year ended 31 December 2022 UK \u00a3m Continental Europe & Middle East \u00a3m Asia Pacific \u00a3m Americas \u00a3m Total \u00a3m Management fees 882.9 814.1 608.9 363.8 2,669.7 Performance fees 6.5 15.4 8.2 12.9 43.0 Carried interest \u2013 32.3 \u2013 \u2013 32.3 Other fees 37.5 25.9 8.0 \u2013 71.4 Wealth Management interest income 65.7 8.1 1.5 \u2013 75.3 Revenue 992.6 895.8 626.6 376.7 2,891.7 Fee expense (58.5) (196.2) (169.1) (52.3) (476.1) Cost of financial obligations in respect of carried interest \u2013 (15.8) \u2013 \u2013 (15.8) Wealth Management interest expense (38.3) \u2013 (0.1) \u2013 (38.4) Cost of sales (96.8) (212.0) (169.2) (52.3) (530.3) Net operating revenue 895.8 683.8 457.4 324.4 2,361.4 Year ended 31 December 20211 UK \u00a3m Continental Europe & Middle East \u00a3m Asia Pacific \u00a3m Americas \u00a3m Total \u00a3m Management fees 833.3 869.0 643.3 372.1 2,717.7 Performance fees 8.2 32.0 28.9 25.3 94.4 Carried interest \u2013 71.5 \u2013 \u2013 71.5 Other fees 30.8 23.2 10.4 0.2 64.6 Wealth Management interest income 10.3 0.9 0.1 \u2013 11.3 Revenue 882.6 996.6 682.7 397.6 2,959.5 Fee expense (66.3) (215.5) (181.7) (53.1) (516.6) Cost of financial obligations in respect of carried interest \u2013 (39.6) \u2013 \u2013 (39.6) Wealth Management interest expense (0.2) \u2013 \u2013 \u2013 (0.2) Cost of sales (66.5) (255.1) (181.7) (53.1) (556.4) Net operating revenue 816.1 741.5 501.0 344.5 2,403.1 1. The 2021 comparatives have been re-presented (see note (g) presentational changes on page 168). Estimates and judgements \u2013 revenue The principle estimates and judgements for revenue relate to carried interest. Carried interest represents the Group\u2019s contractual right to a share of the profits of 122 private asset investment vehicles (2021: 113 vehicles), if certain performance hurdles are met. It is recognised when the relevant services have been provided and it is highly probable that a significant reversal will not occur. The amount of carried interest that will ultimately be received by the Group is dependent on the cash flows realised by the respective investment vehicles when the underlying investments are successfully disposed of. The resultant cash flows are assessed against the applicable performance hurdle, which is dependent on the capital invested and the timing and quantum of distributions. For accounting purposes, the outcome is discounted to determine the present value of the carried interest to be recognised. The actual amount receivable at maturity will depend on the realised value and may differ from the projected value. The Group estimates the cash flows that will be received by the investment vehicles with reference to the current fair value of the underlying investments. Judgement is applied to determine certain assumptions used in the estimate. Those assumptions principally relate to the future growth and the timing of distributions. No future growth is assumed, reflecting the uncertainty of future investment returns. The timing of distributions to clients is based on individual investment managers\u2019 expectations as to the realisation of cash flows from the successful disposal of the underlying securities. The Group assesses the maturity of the respective investment vehicles by reference to the percentage of committed capital invested and original capital returned to clients. This helps the Group to understand whether a significant risk of reversal exists and to determine whether the revenue should be recognised or further constrained in accordance with the accounting standards. Estimates and judgements \u2013 cost of sales
The principle estimates and judgements for cost of sales relate to carried interest. The crystallisation of associated financial obligations
in respect of carried interest (carried interest payable, see note 8) is contingent on the Group receiving the related revenue. The areas of
estimates and judgements are the same as those used to determine the present value of the carried interest receivable, adjusted to reflect
the portion that is payable to third parties. The actual amount payable at maturity will depend on the realised value of the carried interest
receivable and may differ from the projected value. An increase in the growth rate of 3% would increase cost of sales by \u00a33.1 million
(2021: \u00a33.6 million), although this would be smaller than the corresponding increase in revenue. An average acceleration/delay in
crystallisation dates of one year would increase/reduce cost of sales by \u00a32.1 million/\u00a32.0 million (2021: \u00a33.0 million/\u00a34.2 million) and
this amount would be lower than the corresponding increase/reduction in revenue.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "Revenue The Group\u2019s primary source of revenue is fee income from investment management activities performed within both the Asset Management and Wealth Management segments. Fee income includes management fees, performance fees, carried interest and other fees. Revenue also includes interest income earned within the Wealth Management segment. Management fees are generated through investment management agreements and are generally based on an agreed percentage of the valuation of AUM. Management fees are recognised as the service is provided and it is probable that the fee will be collected. Performance fees and carried interest are earned from certain arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods. They are only recognised where it is highly probable that a significant reversal will not occur in future periods. Performance fees are typically earned over one year and are recognised at the end of the performance period. Carried interest is earned over a longer time frame and is recognised when certain performance hurdles are met and the service has been provided. This may result in the recognition of revenue before the contractual crystallisation date. Other fees principally comprise revenues for other services, which typically vary according to the volume of transactions. Other fees are recognised as the relevant service is provided and it is probable that the fee will be collected. Within Wealth Management, earning a net interest margin is a core activity and interest is therefore recognised within revenue. Interest income is earned as a result of placing loans and deposits with other financial institutions, advancing loans and overdrafts to clients, and holding debt and other fixed income securities. Interest income is recognised as it is earned using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "Cost of sales Fee expenses incurred by the Group that relate directly to revenue are presented as cost of sales. These expenses include commissions, external fund manager fees and distribution fees payable to financial institutions, investment platform providers and financial advisers that distribute the Group\u2019s products. Fee expense is generally based on an agreed percentage of the valuation of AUM and is recognised in the income statement as the service is received. Cost of sales also includes the cost of financial obligations arising from carried interest. Amounts payable in respect of carried interest are determined based on the proportion of carried interest income that is payable to third parties. Wealth Management pays interest to clients on deposits taken. Within Wealth Management, earning a net interest margin is a core activity. Interest payable in respect of these activities is therefore recorded separately from finance costs arising elsewhere in the business and is reported as part of cost of sales. Interest is recognised using the effective interest method (see above). ",
"dimensions": {
"concept": "schrodersplc:DescriptionOfAccountingPolicyForCostOfSales",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-490": {
"value": "Estimates and judgements \u2013 revenue The principle estimates and judgements for revenue relate to carried interest. Carried interest represents the Group\u2019s contractual right to a share of the profits of 122 private asset investment vehicles (2021: 113 vehicles), if certain performance hurdles are met. It is recognised when the relevant services have been provided and it is highly probable that a significant reversal will not occur. The amount of carried interest that will ultimately be received by the Group is dependent on the cash flows realised by the respective investment vehicles when the underlying investments are successfully disposed of. The resultant cash flows are assessed against the applicable performance hurdle, which is dependent on the capital invested and the timing and quantum of distributions. For accounting purposes, the outcome is discounted to determine the present value of the carried interest to be recognised. The actual amount receivable at maturity will depend on the realised value and may differ from the projected value. The Group estimates the cash flows that will be received by the investment vehicles with reference to the current fair value of the underlying investments. Judgement is applied to determine certain assumptions used in the estimate. Those assumptions principally relate to the future growth and the timing of distributions. No future growth is assumed, reflecting the uncertainty of future investment returns. The timing of distributions to clients is based on individual investment managers\u2019 expectations as to the realisation of cash flows from the successful disposal of the underlying securities. The Group assesses the maturity of the respective investment vehicles by reference to the percentage of committed capital invested and original capital returned to clients. This helps the Group to understand whether a significant risk of reversal exists and to determine whether the revenue should be recognised or further constrained in accordance with the accounting standards. Estimates and judgements \u2013 cost of sales The principle estimates and judgements for cost of sales relate to carried interest. The crystallisation of associated financial obligations in respect of carried interest (carried interest payable, see note 8) is contingent on the Group receiving the related revenue. The areas of estimates and judgements are the same as those used to determine the present value of the carried interest receivable, adjusted to reflect the portion that is payable to third parties. The actual amount payable at maturity will depend on the realised value of the carried interest receivable and may differ from the projected value. An increase in the growth rate of 3% would increase cost of sales by \u00a33.1 million (2021: \u00a33.6 million), although this would be smaller than the corresponding increase in revenue. An average acceleration/delay in crystallisation dates of one year would increase/reduce cost of sales by \u00a32.1 million/\u00a32.0 million (2021: \u00a33.0 million/\u00a34.2 million) and this amount would be lower than the corresponding increase/reduction in revenue. Estimates and judgements The calculation of the Group\u2019s tax charge involves a degree of estimation and judgement. Liabilities relating to open and judgemental matters, including those in relation to deferred taxes, are based on the Group\u2019s assessment of the most likely outcome based on the information available. As a result, certain tax amounts are based on estimates using factors that are relevant to the specific judgement. The Group engages constructively and transparently with tax authorities with a view to early resolution of any uncertain tax matters. Where the final tax outcome of these matters is different from the amounts provided, such differences will impact the tax charge in a future period. Such estimates are based on assumptions made on the probability of potential challenge within certain jurisdictions and the possible outcome based on relevant facts and circumstances, including local tax laws. There was no individual judgemental component of the tax expense that was material to the Group results when taking into account the likely range of potential outcomes (2021: none). Estimates and judgements \u2013 carried interest receivable Accrued income includes \u00a3110.9 million of receivables in respect of carried interest (2021: \u00a3100.0 million). This income is due over a number of years and only when contractually agreed performance levels are exceeded. The income received may vary as a result of the actual experience, including future investment returns, differing from that assumed. Further information regarding the estimates and judgements applied is set out in note 2. Estimates and judgements The Group holds financial instruments that are measured at fair value. The fair value of financial instruments may be derived from readily available sources or may require some estimation. The degree of estimation involved depends on the individual financial instrument and is reflected in the fair value hierarchy below. Judgements may include determining which valuation approach to apply as well as determining appropriate assumptions. For level 2 and 3 financial instruments, the judgement applied by the Group gives rise to an estimate of fair value. The approach to determining the fair value estimate of level 2 and 3 financial instruments is set out below. The fair value levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities and principally comprise investments in pooled investment vehicles, quoted equities, government debt and exchange-traded derivatives. \u2022 Level 2 fair value measurements are those derived from prices that are not traded in an active market but are determined using valuation techniques, which make maximum use of observable market data. The Group\u2019s level 2 financial instruments principally comprise foreign exchange contracts, certain debt securities and asset and mortgage backed securities. Valuation techniques may include using a broker quote in an inactive market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. For funds not priced on a daily basis, the net asset value which is issued monthly or quarterly is used. \u2022 Level 3 fair value measurements are those derived from valuation techniques that include significant inputs that are not based on observable market data. The Group\u2019s level 3 financial assets principally comprise holdings in pooled investment vehicles, including private equity funds, and holdings in property investment vehicles that operate hotel businesses. The pooled investment vehicles are measured in accordance with International Private Equity and Venture Capital Valuation Guidelines 2018 using the valuation technique that is most suitable to the applicable investment. The property investment vehicles are valued based on the expected future cash flows that could be generated from the underlying hotel businesses. Given the application of different valuation techniques, and as the investments are not homogenous in nature, there are no significant assumptions or reasonably possible alternatives that would lead to a material change in fair value. The Group\u2019s financial liabilities categorised as level 3 principally consist of third party liabilities related to carried interest arrangements, obligations arising from contingent consideration and other liabilities to purchase the remaining interest in acquired subsidiaries. Information about the estimates and judgements made in determining the fair value of carried interest payable is set out in note 2. Liabilities in respect of options to purchase the remaining interest in certain subsidiaries require judgement in determining the appropriate assumptions to be applied in the estimation of the fair value. The amount that will ultimately be paid in relation to an option is dependent on the future earnings of the subsidiary and may be subject to a cap over the enterprise value. In estimating the liability, the assumptions principally relate to the future earnings of the business and the rate applied to discount the liability back to present value. The future earnings of the applicable subsidiaries are estimated using different methodologies and consequently there is no one assumption that is individually material to the valuation. Discount rates between 11% and 13% have been used to discount these liabilities. An increase/decrease in the discount rate of two percentage points would decrease/increase the financial liability by \u00a319 million/\u00a317 million. The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there are no assumptions that are individually significant or reasonably possible alternatives that would lead to a material change in fair value. Estimates and judgements The Group estimates the fair value of identifiable intangible assets acquired at the acquisition date based on forecast profits, taking account of synergies, derived from existing contractual arrangements. This assessment involves judgement in determining assumptions relating to potential future revenues, profit margins, appropriate discount rates and the expected duration of client relationships. The difference between the fair value of the consideration and the value of the identifiable assets and liabilities acquired, including intangible assets, is accounted for as goodwill. At each reporting date, the Group applies judgement to determine whether there is any indication that an acquired intangible asset may be impaired. If any indication exists, a full assessment is undertaken. Goodwill is assessed for impairment on an annual basis. If the assessment of goodwill or an acquired intangible asset determines that the carrying value exceeds the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount of goodwill is determined using a discounted cash flow model. Any impairment is recognised in the income statement and cannot be reversed. Goodwill acquired in a business combination is allocated to the CGUs that are expected to benefit from that business combination. For all relevant acquisitions the Group has determined the lowest level CGU for Asset Management acquisitions is the segment. The Benchmark Capital business within Wealth Management is assessed separately from the rest of Wealth Management. Of the total goodwill, \u00a31,009.6 million (2021: \u00a3574.9 million) is allocated to Asset Management and \u00a3230.1 million (2021: \u00a3228.5 million) is allocated to Wealth Management, of which \u00a368.2 million (2021: \u00a368.1 million) relates to Benchmark Capital. The recoverable amounts of the CGUs are determined from value-in-use calculations applying a discounted cash flow model using the Group\u2019s five-year strategic business plan cash flows. The key assumptions on which the Group\u2019s cash flow projections are based include long-term market growth rates of 2% per annum (2021: 2%), a pre-tax discount rate of 12% (2021: 10%), expected flows and expected changes to revenue margins. The results of the calculations indicate that goodwill is not impaired. Movements in the growth rate and/or the discount rate of 1% would not lead to any impairment. This is due to the amount of goodwill allocated to the relevant CGU relative to the size of the relevant future profitability estimate. A comparison of actual results to the projected results used to assess goodwill impairment in prior years shows that the Group would have recognised no changes (2021: nil) to its goodwill asset in the year as a result of inaccurate projections. The recoverable amount of acquired intangible assets is the greater of fair value less costs to sell and the updated discounted valuation of the remaining net residual income stream. Any impairment is recognised in the income statement but may be reversed if relevant conditions improve. Estimates and judgements \u2013 fair value measurements Each instrument has been categorised within one of three levels using a fair value hierarchy (see note 8). Level 1 investments principally comprise quoted equities, investments in pooled investment vehicles, government debt and exchange-traded derivatives. Level 2 investments principally comprise debt securities such as commercial paper and certificates of deposit. Level 3 investments principally compromise investments in private equity funds. There are no assumptions that are individually significant or reasonably possible alternatives that would lead to a material change in fair value. Estimates and judgements The timing and amount of settlement of each legal claim or potential claim, regulatory matter and constructive obligation is uncertain. The Group applies judgement to determine whether a provision is required. The Group performs an assessment of the timing and amount of each event and reviews this assessment periodically. For some provisions there is greater certainty as the cash flows have largely been determined. Potential legal claims, regulatory related costs and other obligations to third parties arise as a consequence of normal business activity. They can arise from actual or alleged breaches of obligations and may be covered by the Group\u2019s insurance arrangements, but subject to insurance excess. In certain circumstances, legal and regulatory claims can arise despite there being no error or breach. The Group\u2019s risk management and compliance procedures are designed to mitigate, but are not able to eliminate, the risk of losses occurring. Where such claims and costs arise there is often uncertainty over whether a payment will be required and estimation is required in determining the quantum and timing of that payment. As a result, there is also uncertainty over the timing and amount of any insurance recovery, although this does not change the likelihood of insurance cover being available, where applicable. The Group makes periodic assessments of all cash flows, including taking external advice where appropriate, to determine an appropriate provision. Some matters may be settled through commercial negotiation as well as being covered in whole or in part by the Group\u2019s insurance arrangements. The Group has made provisions based on the reasonable expectation of likely outflows. The inherent uncertainty in such matters and the results of negotiations and insurance cover may result in different outcomes. There are no key judgements or estimates that would result in any additional material provisions being recognised or any material contingent liabilities being disclosed in the financial statements (2021: none). The provisions included in the financial statements at 31 December 2022 are based on estimates of reasonable ranges of likely outcomes, applying assumptions regarding the probability of payments being due and the settlement value. The aggregate reasonable ranges have been assessed as not materially different to the carrying values. Estimates and judgements The Group estimates the carrying value of the Scheme by applying judgement to determine the assumptions as set out on page 157, used to calculate the valuation of the pension obligation using member data and applying the Scheme rules. The Scheme assets are mainly quoted in an active market. The sensitivity to those assumptions is set out below. The most significant judgemental assumption relates to mortality rates, which are inherently uncertain. The Group\u2019s mortality assumptions are based on standard mortality tables with Continuous Mortality Investigation core projection factors and a long-term rate of mortality improvement of 1.0% (2021: 1.0%) per annum. An additional adjustment, an \u201cA parameter\u201d set to 0.25% (2021: 0.25%) per annum, allows for the typically higher rate of mortality improvement among members of the Scheme compared to general population statistics. The latest base mortality tables have been adopted with no scaling (2021: nil) following a Scheme specific review of the membership data. The Group reviews its assumptions annually in conjunction with its independent actuaries and considers this adjustment appropriate given the geographic and demographic profile of Scheme members. Other assumptions for pension obligations are based in part on current market conditions. Estimates and judgements The fair value of certain items of consideration, assets acquired and liabilities assumed requires some estimation. For intangible assets this estimation required assumptions regarding the level of future management fees that will be earned over the relevant period. The net impact of changes to these assumptions would be to change the carrying value of individual assets and liabilities with a corresponding change to goodwill. (f) Estimates and judgements The preparation of the consolidated financial statements in conformity with UK-adopted international accounting standards requires the use of certain significant accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies and in determining whether certain assets and liabilities should be recorded or an impairment recognised. Any areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed within the notes and identified under the title estimates and judgements. Estimates and judgements used in preparing the financial statements are periodically evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting accounting estimates may not equal the related actual results. In applying IFRS 10 Consolidated Financial Statements, the Group uses judgement to determine whether its interests in funds (and other entities), including those held by the Life Company, constitute controlling interests. The Group has interests in funds through its role as fund manager and through its proprietary investments in pooled investment vehicles. The Group is exposed to variable returns and judgement is required to determine whether the power to affect those variable returns is substantive. The Group considers all relevant facts and circumstances in making this judgment. This includes consideration of the purpose and design of an investee, the extent and nature of the Group\u2019s exposure to variability of returns as an investor and, where appropriate, as a fund manager, and the Group\u2019s ability to direct the relevant activities, including whether voting rights are substantive or protective in consideration of rights held by other parties. These considerations are reassessed if there are indications that circumstances have changed since the original assessment. The other estimates and judgements that could have a significant effect on the carrying amounts of assets and liabilities are set out in the following notes, including sensitivities where relevant or material: Note 2 Net operating revenue Note 4 Tax expense Note 7 Trade and other receivables Note 8 Financial assets and liabilities Note 12 Goodwill and intangible assets Note 14 Unit-linked liabilities and assets backing unit-linked liabilities Note 16 Provisions and contingent liabilities Note 23 Retirement benefit obligations Note 27 Business combinations Climate risks have been considered in the preparation of these consolidated financial statements where relevant. The principal areas of focus include: the valuation of financial assets and impairment assessments. Financial assets measured at fair value are principally valued using traded prices or market observable inputs that incorporate potential climate risks where appropriate. The valuation of some financial instruments involves a greater level of judgement or estimation. In these scenarios climate risks are incorporated where relevant in the relevant assumptions, such as cash flow forecasts. Where financial assets are carried at amortised cost, climate risks are considered as part of the credit risk assessments. Impairment assessments relating to goodwill and other intangible assets depend on value in use and discounted cash flow models. These valuations include climate risks in the relevant assumptions where appropriate. The Group\u2019s net operating revenues are typically earned as an agreed percentage of the value of AUM or based on the performance of the underlying AUM. The potential impact of climate change on the Group\u2019s AUM and future net operating revenue generation is considered in the principal risks and uncertainties section of this Annual Report and Accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "3. Total expenses Total expenses represent the Group\u2019s administrative expenses including compensation costs. They are recognised as the services are received. Certain costs, such as depreciation of property, plant and equipment and amortisation of intangible assets, are expensed evenly over the useful life of the asset, or relevant contract. Expenses comprise operating expenses, central costs and acquisition costs and related items. Operating expenses are those costs incurred through the operating activities of the Group\u2019s operating segments; Asset Management and Wealth Management. Central costs are those arising from capital and treasury management activities, corporate development and strategy activities and the costs associated with the governance and corporate management of the Group. Acquisition costs and related items include deal costs associated with corporate transactions and costs associated with the integration of acquired businesses and amortisation of acquired intangible assets. The biggest component of the Group\u2019s total expenses is the cost of employee benefits, as shown below. Other costs primarily consist of accommodation, information technology, marketing and outsourcing costs. Compensation costs are managed to a target total compensation ratio of between 45% and 49%. Targeting a compensation ratio range provides some flexibility to manage the overall cost base in response to market conditions. Employee benefits expense includes salaries and wages, together with the cost of other benefits provided to employees such as pension and bonuses. The Group makes some performance awards to employees that are deferred over a specified vesting period. Such awards are expensed to the income statement over the performance and vesting periods. The Group holds investments that are linked to these performance awards in order to hedge the related exposure. Gains and losses on these investments are netted against the relevant costs in the income statement but are presented separately below. Further detail on other employee benefits can be found elsewhere within these financial statements, see note 23 for pension costs and note 24 for compensation that is awarded in Schroders plc shares. (a) Group cost components Year ended 31 December 2022 \u00a3m 2021 \u00a3m Operating expenses 1,752.5 1,679.0 Central costs 48.8 53.6 Acquisition costs and related items 86.4 65.2 Total expenses 1,887.7 1,797.8 (b) Employee benefits expense and number of employees Year ended 31 December 2022 \u00a3m 2021 \u00a3m Salaries, wages and other remuneration 1,001.1 1,034.6 Social security costs 88.2 104.9 Pension costs 66.1 57.4 Employee benefits expense 1,155.4 1,196.9 Net loss/(gain) on financial instruments held to hedge deferred cash awards 11.7 (22.2) Employee benefits expense \u2013 net of hedging 1,167.1 1,174.7 The employee benefits expense net of hedging includes \u00a319.7 million (2021: \u00a36.6 million) that is presented within acquisition costs and related items. Information about the compensation of key management personnel can be found in note 25. Details of the amounts payable to Directors along with the number of Directors who exercised share options in the year is provided in the Remuneration report on pages 76 to 107. The monthly average number of employees of the Company and its subsidiary undertakings during the year was: 2022 Number 2021 Number Full-time employees 5,934 5,358 Contract and temporary employees 262 292 6,196 5,650 Employed as follows: Asset Management 4,909 4,419 Wealth Management 1,258 1,202 Central 29 29 6,196 5,650 (c) Audit and other services Year ended 31 December 2022 \u00a3m 2021 \u00a3m Fees payable to the auditor for the audit of the Company and Consolidated financial statements 0.7 0.7 Fees payable to the auditor and its associates for other services: Audit of the Company\u2019s subsidiaries 4.7 4.0 Audit-related assurance services 1.3 1.1 Other assurance services 0.7 0.7 7.4 6.5 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "Total expenses represent the Group\u2019s administrative expenses including compensation costs. They are recognised as the services are received. Certain costs, such as depreciation of property, plant and equipment and amortisation of intangible assets, are expensed evenly over the useful life of the asset, or relevant contract. Expenses comprise operating expenses, central costs and acquisition costs and related items. Operating expenses are those costs incurred through the operating activities of the Group\u2019s operating segments; Asset Management and Wealth Management. Central costs are those arising from capital and treasury management activities, corporate development and strategy activities and the costs associated with the governance and corporate management of the Group. Acquisition costs and related items include deal costs associated with corporate transactions and costs associated with the integration of acquired businesses and amortisation of acquired intangible assets. The biggest component of the Group\u2019s total expenses is the cost of employee benefits, as shown below. Other costs primarily consist of accommodation, information technology, marketing and outsourcing costs. Compensation costs are managed to a target total compensation ratio of between 45% and 49%. Targeting a compensation ratio range provides some flexibility to manage the overall cost base in response to market conditions. Employee benefits expense includes salaries and wages, together with the cost of other benefits provided to employees such as pension and bonuses. The Group makes some performance awards to employees that are deferred over a specified vesting period. Such awards are expensed to the income statement over the performance and vesting periods. The Group holds investments that are linked to these performance awards in order to hedge the related exposure. Gains and losses on these investments are netted against the relevant costs in the income statement but are presented separately below. Further detail on other employee benefits can be found elsewhere within these financial statements, see note 23 for pension costs and note 24 for compensation that is awarded in Schroders plc shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "(b) Employee benefits expense and number of employees Year ended 31 December 2022 \u00a3m 2021 \u00a3m Salaries, wages and other remuneration 1,001.1 1,034.6 Social security costs 88.2 104.9 Pension costs 66.1 57.4 Employee benefits expense 1,155.4 1,196.9 Net loss/(gain) on financial instruments held to hedge deferred cash awards 11.7 (22.2) Employee benefits expense \u2013 net of hedging 1,167.1 1,174.7 The employee benefits expense net of hedging includes \u00a319.7 million (2021: \u00a36.6 million) that is presented within acquisition costs and related items. Information about the compensation of key management personnel can be found in note 25. Details of the amounts payable to Directors along with the number of Directors who exercised share options in the year is provided in the Remuneration report on pages 76 to 107. The monthly average number of employees of the Company and its subsidiary undertakings during the year was: 2022 Number 2021 Number Full-time employees 5,934 5,358 Contract and temporary employees 262 292 6,196 5,650 Employed as follows: Asset Management 4,909 4,419 Wealth Management 1,258 1,202 Central 29 29 6,196 5,650 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "(c) Audit and other services Year ended 31 December 2022 \u00a3m 2021 \u00a3m Fees payable to the auditor for the audit of the Company and Consolidated financial statements 0.7 0.7 Fees payable to the auditor and its associates for other services: Audit of the Company\u2019s subsidiaries 4.7 4.0 Audit-related assurance services 1.3 1.1 Other assurance services 0.7 0.7 7.4 6.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "4. Tax expense The Group is headquartered in the UK and pays taxes according to the rates applicable in the countries and states in which it operates. Most taxes are recorded in the income statement (see part (a)) and relate to taxes payable for the reporting period (current tax). The charge also includes benefits and charges relating to when income or expenses are recognised in a different period for tax and accounting purposes or when there are specific treatments applicable relating to items such as acquisitions (deferred tax \u2013 see note 13). Some current and deferred taxes are recorded through other comprehensive income (see part (b)), or directly to equity where the tax arises from changes in the value of remuneration settled as shares (see part (c)). (a) Analysis of tax charge reported in the income statement Year ended 31 December 2022 \u00a3m 2021 \u00a3m UK current year charge 71.6 71.1 Rest of the world current year charge 74.7 104.4 Prior year adjustments 1.8 33.6 Total current tax 148.1 209.1 Origination and reversal of temporary differences (29.8) (31.2) Prior year adjustments (3.0) (34.4) Effect of changes in corporation tax rates (14.6) (3.2) Total deferred tax (47.4) (68.8) Tax charge reported in the income statement 100.7 140.3 (b) Analysis of tax (credit)/charge reported in other comprehensive income Year ended 31 December 2022 \u00a3m 2021 \u00a3m Deferred tax (credit)/charge on actuarial gains and losses on defined benefit pension schemes (12.6) 5.2 Deferred tax charge/(credit) on other movements through other comprehensive income 0.1 (1.0) Deferred tax \u2013 effect of changes in corporation tax rates (3.8) 1.4 Tax (credit)/charge reported in other comprehensive income (16.3) 5.6 (c) Analysis of tax charge/(credit) reported in equity Year ended 31 December 2022 \u00a3m 2021 \u00a3m Current tax credit on Deferred Award Plan and other share-based remuneration (1.5) (3.7) Deferred tax charge/(credit) on Deferred Award Plan and other share-based remuneration 5.7 (0.8) Deferred tax \u2013 effect of changes in corporation tax rates (0.8) (0.2) Tax charge/(credit) reported in equity 3.4 (4.7) (d) Factors affecting tax charge for the year The UK standard rate of corporation tax for 2022 is 19% (2021: standard rate of 19%). The tax charge for the year is higher (2021: higher) than a charge based on the UK standard rate. The differences are explained below: Year ended 31 December 2022 \u00a3m 2021 \u00a3m Profit before tax 586.9 764.1 Less share of profit of associates and joint ventures after amortisation (71.5) (79.3) Profit before tax of Group entities 515.4 684.8 Profit before tax of consolidated Group entities multiplied by corporation tax at the UK standard rate 97.9 130.1 Effects of: Different statutory tax rates of overseas jurisdictions (0.4) 6.7 Permanent differences including non-taxable income and non-deductible expenses 7.7 6.9 Net movement in temporary differences for which no deferred tax is recognised 11.3 0.6 Deferred tax adjustments in respect of changes in corporation tax rates (14.6) (3.2) Prior year adjustments (1.2) (0.8) Tax charge reported in the income statement 100.7 140.3 Estimates and judgements The calculation of the Group\u2019s tax charge involves a degree of estimation and judgement. Liabilities relating to open and judgemental matters, including those in relation to deferred taxes, are based on the Group\u2019s assessment of the most likely outcome based on the information available. As a result, certain tax amounts are based on estimates using factors that are relevant to the specific judgement. The Group engages constructively and transparently with tax authorities with a view to early resolution of any uncertain tax matters. Where the final tax outcome of these matters is different from the amounts provided, such differences will impact the tax charge in a future period. Such estimates are based on assumptions made on the probability of potential challenge within certain jurisdictions and the possible outcome based on relevant facts and circumstances, including local tax laws. There was no individual judgemental component of the tax expense that was material to the Group results when taking into account the likely range of potential outcomes (2021: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "The Group is headquartered in the UK and pays taxes according to the rates applicable in the countries and states in which it operates. Most taxes are recorded in the income statement (see part (a)) and relate to taxes payable for the reporting period (current tax). The charge also includes benefits and charges relating to when income or expenses are recognised in a different period for tax and accounting purposes or when there are specific treatments applicable relating to items such as acquisitions (deferred tax \u2013 see note 13). Some current and deferred taxes are recorded through other comprehensive income (see part (b)), or directly to equity where the tax arises from changes in the value of remuneration settled as shares (see part (c)). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "5. Earnings per share This key performance indicator shows the portion of the Group\u2019s profit after tax that is attributable to each share issued by the Company, excluding own shares held by the Group. The calculation is based on the weighted average number of shares in issue during the year. The diluted figure recalculates that number as if all share options that would be expected to be exercised, as they have value to the option holder, had been exercised in the year. Shares that may be issued are not taken into account if the impact does not reduce earnings per share. Reconciliation of the figures used in calculating basic and diluted earnings per share: Year ended 31 December 2022 Number Millions 202 Number Millions 1 Weighted average number of shares used in the calculation of basic earnings per share 1,576.6 1,580.1 Effect of dilutive potential shares \u2013 share options 27.4 27.0 Effect of dilutive potential shares \u2013 contingently issuable shares 0.4 0.4 Weighted average number of shares used in the calculation of diluted earnings per share 1,604.4 1,6 07.5 1. The 2021 comparatives have been restated following the simplification of the Company\u2019s dual share class structure (see note 19). Profit after tax attributable to non-controlling interest was \u00a36.5 million (2021: \u00a311.9 million). Operating earnings per share calculations are based on operating profit after tax of \u00a3599.4 million (2021: \u00a3693.6 million) less non-controlling operating earnings of \u00a310.4 million (2021: \u00a314.7 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "This key performance indicator shows the portion of the Group\u2019s profit after tax that is attributable to each share issued by the Company, excluding own shares held by the Group. The calculation is based on the weighted average number of shares in issue during the year. The diluted figure recalculates that number as if all share options that would be expected to be exercised, as they have value to the option holder, had been exercised in the year. Shares that may be issued are not taken into account if the impact does not reduce earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "6. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital, usually announced with the Group\u2019s half-year and annual results. Dividends are recognised only when they are paid or approved by shareholders. The reduction in equity in the year therefore comprises the prior year final dividend and the current year interim dividend. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "6. Dividends Dividends are distributions of profit to holders of the Group\u2019s share capital, usually announced with the Group\u2019s half-year and annual results. Dividends are recognised only when they are paid or approved by shareholders. The reduction in equity in the year therefore comprises the prior year final dividend and the current year interim dividend. 2023 2022 2021 \u00a3m Pence per share \u00a3m Pence per share 1 \u00a3m Pence per share 1 Prior year final dividend paid 231.5 14.9 217. 3 13.9 Interim dividend paid 100.6 6.5 101.3 6.5 Total dividends paid 332.1 21.4 318.6 20.4 Current year final dividend recommended 232.8 15.0 1. Dividends per share have been restated following the simplification of the Company\u2019s dual share class structure (see note 19). Dividends of \u00a312.6 million (2021: \u00a39.1 million) on shares held by employee benefit trusts have been waived and dividends may not be paid on treasury shares. The Board has recommended a 2022 final dividend of 15.0 pence per share (2021 restated final dividend: 14.9 pence), amounting to \u00a3232.8 million (2021 final dividend: \u00a3231.5 million). The dividend will be paid on 4 May 2023 to shareholders on the register at 24 March 2023 and will be accounted for in 2023. The Group paid \u00a39.3 million of dividends to holders of non-controlling interests in subsidiaries of the Group during 2022 (2021: \u00a39.8 million), resulting in total dividends paid of \u00a3341.4 million (2021: \u00a3328.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "7. Trade and other receivables Trade and other receivables includes prepayments and deposits with banks in the form of bullion as well as amounts the Group is due to receive from third parties in the normal course of business. Trade and other receivables, other than deposits with banks in the form of bullion, are recorded initially at fair value and subsequently at amortised cost (see note 8). Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced and the operating expense is recognised in the income statement. Accrued income, other than amounts relating to carried interest, represents unbilled revenue and is not dependent on future performance. Amounts due from third parties also include settlement accounts for transactions undertaken on behalf of funds and investors. Deposits with banks in the form of bullion are recorded at fair value. 2022 2021 Non-current \u00a3m Current \u00a3m Total \u00a3m Non-current \u00a3m Current \u00a3m Total \u00a3 Trade and other receivables held at amortised cost: Fee debtors \u2013 91.2 91.2 \u2013 76.8 76.8 Settlement accounts \u2013 103.9 103.9 \u2013 285.3 285.3 Accrued income 95.4 395.4 490.8 67. 5 426.9 494.4 Prepayments 4.9 71.7 76.6 5.4 62.6 68. Other receivables 5.8 112.7 118.5 10.5 25.6 36.1 Current tax \u2013 12.9 12.9 \u2013 37.8 37. 8 106.1 787.8 893.9 83.4 915.0 998. Trade and other receivables held at fair value: Deposits with banks in the form of bullion \u2013 2.6 2.6 \u2013 2.5 2. Total trade and other receivables 106.1 790.4 896.5 83.4 917.5 1,000. The fair value of trade and other receivables held at amortised cost approximates their carrying value. Deposits with banks in the form of bullion are categorised as level 1 in the fair value hierarchy. Refer to note 8 for details on the fair value hierarchy. Estimates and judgements \u2013 carried interest receivable Accrued income includes \u00a3110.9 million of receivables in respect of carried interest (2021: \u00a3100.0 million). This income is due over a number of years and only when contractually agreed performance levels are exceeded. The income received may vary as a result of the actual experience, including future investment returns, differing from that assumed. Further information regarding the estimates and judgements applied is set out in note 2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "Trade and other receivables includes prepayments and deposits with banks in the form of bullion as well as amounts the Group is due to receive from third parties in the normal course of business. Trade and other receivables, other than deposits with banks in the form of bullion, are recorded initially at fair value and subsequently at amortised cost (see note 8). Prepayments arise where the Group pays cash in advance for services. As the service is provided, the prepayment is reduced and the operating expense is recognised in the income statement. Accrued income, other than amounts relating to carried interest, represents unbilled revenue and is not dependent on future performance. Amounts due from third parties also include settlement accounts for transactions undertaken on behalf of funds and investors. Deposits with banks in the form of bullion are recorded at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "8. Financial assets and liabilities Financial assets The Group holds financial assets including loans and advances to clients and banks, equities, debt securities, pooled investment vehicles and derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation (see note 17). The Group initially records all financial assets at fair value. The Group subsequently holds each financial asset at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants. Amortised cost is the amount determined based on moving the initial fair value to the maturity value on a systematic basis using the effective interest rate, taking account of repayment dates and initial expected premiums or discounts. Financial assets at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. This classification typically applies to the Group\u2019s loans and advances, trade receivables and some debt securities held by the Group\u2019s Wealth Management entities. The carrying value of amortised cost financial assets is adjusted for impairment under the expected credit loss (ECL) model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Financial assets at FVOCI Financial assets are held at FVOCI when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows and to sell assets. This classification applies to certain debt securities within the Group\u2019s Wealth Management entities. Impairment is recognised for debt securities classified as FVOCI under the ECL model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Unrealised gains and losses on debt securities classified as financial assets at FVOCI are recorded in other comprehensive income. Cumulative gains and losses are transferred to the income statement if the investment is sold or otherwise realised. Interest earned on FVOCI assets is recognised using the effective interest method and recorded as interest in the income statement. Financial assets at FVTPL All other financial assets are held at FVTPL. Net gains and losses are presented in the income statement based on the substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and losses on the Group\u2019s investment and seed capital are presented within net (loss)/gain on financial instruments and other income; and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Financial liabilities The Group\u2019s financial liabilities principally comprise deposits by Wealth Management clients and banking counterparties. They also include derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation. Financial liabilities also arise from obligations in respect of carried interest, contingent consideration and other liabilities arising from acquisitions completed by the Group, and third party interests in consolidated funds. The Group initially records all financial liabilities at fair value. These are subsequently held at amortised cost or fair value. Financial liabilities at amortised cost The majority of the Group\u2019s financial liabilities are measured at amortised cost and the classification typically applies to the Group\u2019s Wealth Management client accounts, banking deposits and trade payables. Financial liabilities at FVTPL Financial liabilities are measured at FVTPL when this measurement reduces an accounting mismatch or when otherwise required by the accounting standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in consolidated funds (see basis of preparation on page 167) and contingent consideration. Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent consideration are presented within acquisition costs and related items. This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Liabilities to purchase subsidiary shares Financial liabilities in relation to equity transactions arise on certain acquisitions where the Group has a liability to purchase the remaining interest in a subsidiary that is not wholly owned by the Group (see basis of preparation on page 167). 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Not at fair value \u00a3m Total \u00a3m Financial assets at amortised cost: Loans and advances to banks \u2013 \u2013 \u2013 122.8 122.8 Loans and advances to clients \u2013 \u2013 \u2013 615.6 615.6 Debt securities \u2013 \u2013 \u2013 263.9 263.9 \u2013 \u2013 \u2013 1,002.3 1,002.3 Financial assets at FVOCI: Debt securities 588.4 3.5 \u2013 \u2013 591.9 588.4 3.5 \u2013 \u2013 591.9 Financial assets at FVTPL: Debt securities 21.9 126.2 \u2013 \u2013 148.1 Pooled investment vehicles 462.4 60.2 179.6 \u2013 702.2 Equities 190.8 0.5 11.6 \u2013 202.9 Derivative contracts (see note 17) 5.9 17.0 \u2013 \u2013 22.9 681.0 203.9 191.2 \u2013 1,076.1 Total financial assets 1,269.4 207.4 191.2 1,002.3 2,670.3 Financial liabilities at amortised cost: Client accounts \u2013 \u2013 \u2013 4,532.8 4,532.8 Deposits by banks \u2013 \u2013 \u2013 59.4 59.4 Other financial liabilities \u2013 \u2013 \u2013 3.7 3.7 \u2013 \u2013 \u2013 4,595.9 4,595.9 Financial liabilities at FVTPL: Derivative contracts (see note 17) 3.7 24.6 \u2013 \u2013 28.3 Other financial liabilities 205.8 \u2013 91.4 \u2013 297.2 209.5 24.6 91.4 \u2013 325.5 Liabilities to purchase subsidiary shares \u2013 \u2013 218.7 \u2013 218.7 Total financial liabilities 209.5 24.6 310.1 4,595.9 5,140.1 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Not at fair value \u00a3m Total \u00a3m Financial assets at amortised cost: Loans and advances to banks \u2013 \u2013 \u2013 153.0 153.0 Loans and advances to clients \u2013 \u2013 \u2013 614.0 614.0 Debt securities \u2013 \u2013 \u2013 109.9 109.9 \u2013 \u2013 \u2013 876.9 876.9 Financial assets at FVOCI: Debt securities 405.7 4.2 \u2013 \u2013 409.9 405.7 4.2 \u2013 \u2013 409.9 Financial assets at FVTPL: Debt securities 185.5 231.1 4.0 \u2013 420.6 Pooled investment vehicles 603.9 38.0 135.1 \u2013 777.0 Equities 557.8 4.1 8.2 \u2013 570.1 Derivative contracts (see note 17) 28.5 49.3 \u2013 \u2013 77.8 1,375.7 322.5 147. 3 \u2013 1,845.5 Total financial assets 1,781.4 326.7 147.3 876.9 3,132.3 Financial liabilities at amortised cost: Client accounts \u2013 \u2013 \u2013 3,748.3 3,748.3 Deposits by banks \u2013 \u2013 \u2013 69.9 69.9 Other financial liabilities \u2013 \u2013 \u2013 4.4 4.4 \u2013 \u2013 \u2013 3,822.6 3,822.6 Financial liabilities at FVTPL: Derivative contracts (see note 17) 29.8 58.5 \u2013 \u2013 88.3 Other financial liabilities 733.0 \u2013 149.7 \u2013 882.7 762.8 58.5 149.7 \u2013 971.0 Total financial liabilities 762.8 58.5 149.7 3,822.6 4,793.6 The Group has recognised a net loss on financial instruments at fair value through profit and loss of \u00a310.9 million (2021: gain of \u00a318.7 million). A net loss on financial instruments at fair value through other comprehensive income of \u00a30.1 million (2021: gain of \u00a31.8 million) has been transferred to the income statement. For the maturity profiles of client accounts, deposits by banks and derivative contracts see notes 17 and 18. The fair value of financial assets and liabilities at amortised cost approximates their carrying value. No financial assets or liabilities were transferred between levels during 2022 (2021: none). 2022 2021 Financial assets \u00a3m Financial liabilities \u00a3m Financial assets \u00a3m Financial liabilities \u00a3m Current 1,928.5 4,827.7 2,435.5 4,660.9 Non-current 741.8 312.4 696.8 132.7 2,670.3 5,140.1 3,132. 3 4,793.6 Movements in financial assets and liabilities categorised as level 3 during the year were: 2022 2021 Financial assets at FVTPL \u00a3m Financial liabilities at FVTPL \u00a3m Liabilities to purchase subsidiary shares \u00a3m Financial assets at FVTPL \u00a3m Financial liabilities at FVTPL \u00a3m At 1 January 147.3 88.9 60.8 138.3 143.7 Exchange translation adjustments 13.2 8.1 7.5 (3.8) (2.7) Net gain or loss recognised in the income statement (0.8) 18.1 \u2013 42.4 59.0 Additions 48.2 2.2 173.0 29.3 1.1 Disposals and settlements (16.7) (25.9) (21.4) (58.9) (51.4) Remeasurements \u2013 \u2013 (1.2) \u2013 \u2013 At 31 December 191.2 91.4 218.7 147.3 149.7 Estimates and judgements The Group holds financial instruments that are measured at fair value. The fair value of financial instruments may be derived from readily available sources or may require some estimation. The degree of estimation involved depends on the individual financial instrument and is reflected in the fair value hierarchy below. Judgements may include determining which valuation approach to apply as well as determining appropriate assumptions. For level 2 and 3 financial instruments, the judgement applied by the Group gives rise to an estimate of fair value. The approach to determining the fair value estimate of level 2 and 3 financial instruments is set out below. The fair value levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities and principally comprise investments in pooled investment vehicles, quoted equities, government debt and exchange-traded derivatives. \u2022 Level 2 fair value measurements are those derived from prices that are not traded in an active market but are determined using valuation techniques, which make maximum use of observable market data. The Group\u2019s level 2 financial instruments principally comprise foreign exchange contracts, certain debt securities and asset and mortgage backed securities. Valuation techniques may include using a broker quote in an inactive market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. For funds not priced on a daily basis, the net asset value which is issued monthly or quarterly is used. \u2022 Level 3 fair value measurements are those derived from valuation techniques that include significant inputs that are not based on observable market data. The Group\u2019s level 3 financial assets principally comprise holdings in pooled investment vehicles, including private equity funds, and holdings in property investment vehicles that operate hotel businesses. The pooled investment vehicles are measured in accordance with International Private Equity and Venture Capital Valuation Guidelines 2018 using the valuation technique that is most suitable to the applicable investment. The property investment vehicles are valued based on the expected future cash flows that could be generated from the underlying hotel businesses. Given the application of different valuation techniques, and as the investments are not homogenous in nature, there are no significant assumptions or reasonably possible alternatives that would lead to a material change in fair value. The Group\u2019s financial liabilities categorised as level 3 principally consist of third party liabilities related to carried interest arrangements, obligations arising from contingent consideration and other liabilities to purchase the remaining interest in acquired subsidiaries. Information about the estimates and judgements made in determining the fair value of carried interest payable is set out in note 2. Liabilities in respect of options to purchase the remaining interest in certain subsidiaries require judgement in determining the appropriate assumptions to be applied in the estimation of the fair value. The amount that will ultimately be paid in relation to an option is dependent on the future earnings of the subsidiary and may be subject to a cap over the enterprise value. In estimating the liability, the assumptions principally relate to the future earnings of the business and the rate applied to discount the liability back to present value. The future earnings of the applicable subsidiaries are estimated using different methodologies and consequently there is no one assumption that is individually material to the valuation. Discount rates between 11% and 13% have been used to discount these liabilities. An increase/decrease in the discount rate of two percentage points would decrease/increase the financial liability by \u00a319 million/\u00a317 million. The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there are no assumptions that are individually significant or reasonably possible alternatives that would lead to a material change in fair value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "8. Financial assets and liabilities Financial assets The Group holds financial assets including loans and advances to clients and banks, equities, debt securities, pooled investment vehicles and derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation (see note 17). The Group initially records all financial assets at fair value. The Group subsequently holds each financial asset at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants. Amortised cost is the amount determined based on moving the initial fair value to the maturity value on a systematic basis using the effective interest rate, taking account of repayment dates and initial expected premiums or discounts. Financial assets at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. This classification typically applies to the Group\u2019s loans and advances, trade receivables and some debt securities held by the Group\u2019s Wealth Management entities. The carrying value of amortised cost financial assets is adjusted for impairment under the expected credit loss (ECL) model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Financial assets at FVOCI Financial assets are held at FVOCI when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows and to sell assets. This classification applies to certain debt securities within the Group\u2019s Wealth Management entities. Impairment is recognised for debt securities classified as FVOCI under the ECL model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Unrealised gains and losses on debt securities classified as financial assets at FVOCI are recorded in other comprehensive income. Cumulative gains and losses are transferred to the income statement if the investment is sold or otherwise realised. Interest earned on FVOCI assets is recognised using the effective interest method and recorded as interest in the income statement. Financial assets at FVTPL All other financial assets are held at FVTPL. Net gains and losses are presented in the income statement based on the substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and losses on the Group\u2019s investment and seed capital are presented within net (loss)/gain on financial instruments and other income; and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Financial liabilities The Group\u2019s financial liabilities principally comprise deposits by Wealth Management clients and banking counterparties. They also include derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation. Financial liabilities also arise from obligations in respect of carried interest, contingent consideration and other liabilities arising from acquisitions completed by the Group, and third party interests in consolidated funds. The Group initially records all financial liabilities at fair value. These are subsequently held at amortised cost or fair value. Financial liabilities at amortised cost The majority of the Group\u2019s financial liabilities are measured at amortised cost and the classification typically applies to the Group\u2019s Wealth Management client accounts, banking deposits and trade payables. Financial liabilities at FVTPL Financial liabilities are measured at FVTPL when this measurement reduces an accounting mismatch or when otherwise required by the accounting standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in consolidated funds (see basis of preparation on page 167) and contingent consideration. Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent consideration are presented within acquisition costs and related items. This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Liabilities to purchase subsidiary shares Financial liabilities in relation to equity transactions arise on certain acquisitions where the Group has a liability to purchase the remaining interest in a subsidiary that is not wholly owned by the Group (see basis of preparation on page 167). 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Not at fair value \u00a3m Total \u00a3m Financial assets at amortised cost: Loans and advances to banks \u2013 \u2013 \u2013 122.8 122.8 Loans and advances to clients \u2013 \u2013 \u2013 615.6 615.6 Debt securities \u2013 \u2013 \u2013 263.9 263.9 \u2013 \u2013 \u2013 1,002.3 1,002.3 Financial assets at FVOCI: Debt securities 588.4 3.5 \u2013 \u2013 591.9 588.4 3.5 \u2013 \u2013 591.9 Financial assets at FVTPL: Debt securities 21.9 126.2 \u2013 \u2013 148.1 Pooled investment vehicles 462.4 60.2 179.6 \u2013 702.2 Equities 190.8 0.5 11.6 \u2013 202.9 Derivative contracts (see note 17) 5.9 17.0 \u2013 \u2013 22.9 681.0 203.9 191.2 \u2013 1,076.1 Total financial assets 1,269.4 207.4 191.2 1,002.3 2,670.3 Financial liabilities at amortised cost: Client accounts \u2013 \u2013 \u2013 4,532.8 4,532.8 Deposits by banks \u2013 \u2013 \u2013 59.4 59.4 Other financial liabilities \u2013 \u2013 \u2013 3.7 3.7 \u2013 \u2013 \u2013 4,595.9 4,595.9 Financial liabilities at FVTPL: Derivative contracts (see note 17) 3.7 24.6 \u2013 \u2013 28.3 Other financial liabilities 205.8 \u2013 91.4 \u2013 297.2 209.5 24.6 91.4 \u2013 325.5 Liabilities to purchase subsidiary shares \u2013 \u2013 218.7 \u2013 218.7 Total financial liabilities 209.5 24.6 310.1 4,595.9 5,140.1 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Not at fair value \u00a3m Total \u00a3m Financial assets at amortised cost: Loans and advances to banks \u2013 \u2013 \u2013 153.0 153.0 Loans and advances to clients \u2013 \u2013 \u2013 614.0 614.0 Debt securities \u2013 \u2013 \u2013 109.9 109.9 \u2013 \u2013 \u2013 876.9 876.9 Financial assets at FVOCI: Debt securities 405.7 4.2 \u2013 \u2013 409.9 405.7 4.2 \u2013 \u2013 409.9 Financial assets at FVTPL: Debt securities 185.5 231.1 4.0 \u2013 420.6 Pooled investment vehicles 603.9 38.0 135.1 \u2013 777.0 Equities 557.8 4.1 8.2 \u2013 570.1 Derivative contracts (see note 17) 28.5 49.3 \u2013 \u2013 77.8 1,375.7 322.5 147. 3 \u2013 1,845.5 Total financial assets 1,781.4 326.7 147.3 876.9 3,132.3 Financial liabilities at amortised cost: Client accounts \u2013 \u2013 \u2013 3,748.3 3,748.3 Deposits by banks \u2013 \u2013 \u2013 69.9 69.9 Other financial liabilities \u2013 \u2013 \u2013 4.4 4.4 \u2013 \u2013 \u2013 3,822.6 3,822.6 Financial liabilities at FVTPL: Derivative contracts (see note 17) 29.8 58.5 \u2013 \u2013 88.3 Other financial liabilities 733.0 \u2013 149.7 \u2013 882.7 762.8 58.5 149.7 \u2013 971.0 Total financial liabilities 762.8 58.5 149.7 3,822.6 4,793.6 The Group has recognised a net loss on financial instruments at fair value through profit and loss of \u00a310.9 million (2021: gain of \u00a318.7 million). A net loss on financial instruments at fair value through other comprehensive income of \u00a30.1 million (2021: gain of \u00a31.8 million) has been transferred to the income statement. For the maturity profiles of client accounts, deposits by banks and derivative contracts see notes 17 and 18. The fair value of financial assets and liabilities at amortised cost approximates their carrying value. No financial assets or liabilities were transferred between levels during 2022 (2021: none). 2022 2021 Financial assets \u00a3m Financial liabilities \u00a3m Financial assets \u00a3m Financial liabilities \u00a3m Current 1,928.5 4,827.7 2,435.5 4,660.9 Non-current 741.8 312.4 696.8 132.7 2,670.3 5,140.1 3,132. 3 4,793.6 Movements in financial assets and liabilities categorised as level 3 during the year were: 2022 2021 Financial assets at FVTPL \u00a3m Financial liabilities at FVTPL \u00a3m Liabilities to purchase subsidiary shares \u00a3m Financial assets at FVTPL \u00a3m Financial liabilities at FVTPL \u00a3m At 1 January 147.3 88.9 60.8 138.3 143.7 Exchange translation adjustments 13.2 8.1 7.5 (3.8) (2.7) Net gain or loss recognised in the income statement (0.8) 18.1 \u2013 42.4 59.0 Additions 48.2 2.2 173.0 29.3 1.1 Disposals and settlements (16.7) (25.9) (21.4) (58.9) (51.4) Remeasurements \u2013 \u2013 (1.2) \u2013 \u2013 At 31 December 191.2 91.4 218.7 147.3 149.7 Estimates and judgements The Group holds financial instruments that are measured at fair value. The fair value of financial instruments may be derived from readily available sources or may require some estimation. The degree of estimation involved depends on the individual financial instrument and is reflected in the fair value hierarchy below. Judgements may include determining which valuation approach to apply as well as determining appropriate assumptions. For level 2 and 3 financial instruments, the judgement applied by the Group gives rise to an estimate of fair value. The approach to determining the fair value estimate of level 2 and 3 financial instruments is set out below. The fair value levels are based on the degree to which the fair value is observable and are defined as follows: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities and principally comprise investments in pooled investment vehicles, quoted equities, government debt and exchange-traded derivatives. \u2022 Level 2 fair value measurements are those derived from prices that are not traded in an active market but are determined using valuation techniques, which make maximum use of observable market data. The Group\u2019s level 2 financial instruments principally comprise foreign exchange contracts, certain debt securities and asset and mortgage backed securities. Valuation techniques may include using a broker quote in an inactive market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources. For funds not priced on a daily basis, the net asset value which is issued monthly or quarterly is used. \u2022 Level 3 fair value measurements are those derived from valuation techniques that include significant inputs that are not based on observable market data. The Group\u2019s level 3 financial assets principally comprise holdings in pooled investment vehicles, including private equity funds, and holdings in property investment vehicles that operate hotel businesses. The pooled investment vehicles are measured in accordance with International Private Equity and Venture Capital Valuation Guidelines 2018 using the valuation technique that is most suitable to the applicable investment. The property investment vehicles are valued based on the expected future cash flows that could be generated from the underlying hotel businesses. Given the application of different valuation techniques, and as the investments are not homogenous in nature, there are no significant assumptions or reasonably possible alternatives that would lead to a material change in fair value. The Group\u2019s financial liabilities categorised as level 3 principally consist of third party liabilities related to carried interest arrangements, obligations arising from contingent consideration and other liabilities to purchase the remaining interest in acquired subsidiaries. Information about the estimates and judgements made in determining the fair value of carried interest payable is set out in note 2. Liabilities in respect of options to purchase the remaining interest in certain subsidiaries require judgement in determining the appropriate assumptions to be applied in the estimation of the fair value. The amount that will ultimately be paid in relation to an option is dependent on the future earnings of the subsidiary and may be subject to a cap over the enterprise value. In estimating the liability, the assumptions principally relate to the future earnings of the business and the rate applied to discount the liability back to present value. The future earnings of the applicable subsidiaries are estimated using different methodologies and consequently there is no one assumption that is individually material to the valuation. Discount rates between 11% and 13% have been used to discount these liabilities. An increase/decrease in the discount rate of two percentage points would decrease/increase the financial liability by \u00a319 million/\u00a317 million. The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there are no assumptions that are individually significant or reasonably possible alternatives that would lead to a material change in fair value. ",
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"fact-485": {
"value": "Financial assets The Group holds financial assets including loans and advances to clients and banks, equities, debt securities, pooled investment vehicles and derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation (see note 17). The Group initially records all financial assets at fair value. The Group subsequently holds each financial asset at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants. Amortised cost is the amount determined based on moving the initial fair value to the maturity value on a systematic basis using the effective interest rate, taking account of repayment dates and initial expected premiums or discounts. Financial assets at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. This classification typically applies to the Group\u2019s loans and advances, trade receivables and some debt securities held by the Group\u2019s Wealth Management entities. The carrying value of amortised cost financial assets is adjusted for impairment under the expected credit loss (ECL) model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Financial assets at FVOCI Financial assets are held at FVOCI when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows and to sell assets. This classification applies to certain debt securities within the Group\u2019s Wealth Management entities. Impairment is recognised for debt securities classified as FVOCI under the ECL model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Unrealised gains and losses on debt securities classified as financial assets at FVOCI are recorded in other comprehensive income. Cumulative gains and losses are transferred to the income statement if the investment is sold or otherwise realised. Interest earned on FVOCI assets is recognised using the effective interest method and recorded as interest in the income statement. Financial assets at FVTPL All other financial assets are held at FVTPL. Net gains and losses are presented in the income statement based on the substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and losses on the Group\u2019s investment and seed capital are presented within net (loss)/gain on financial instruments and other income; and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Financial liabilities The Group\u2019s financial liabilities principally comprise deposits by Wealth Management clients and banking counterparties. They also include derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation. Financial liabilities also arise from obligations in respect of carried interest, contingent consideration and other liabilities arising from acquisitions completed by the Group, and third party interests in consolidated funds. The Group initially records all financial liabilities at fair value. These are subsequently held at amortised cost or fair value. Financial liabilities at amortised cost The majority of the Group\u2019s financial liabilities are measured at amortised cost and the classification typically applies to the Group\u2019s Wealth Management client accounts, banking deposits and trade payables. Financial liabilities at FVTPL Financial liabilities are measured at FVTPL when this measurement reduces an accounting mismatch or when otherwise required by the accounting standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in consolidated funds (see basis of preparation on page 167) and contingent consideration. Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent consideration are presented within acquisition costs and related items. This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Liabilities to purchase subsidiary shares Financial liabilities in relation to equity transactions arise on certain acquisitions where the Group has a liability to purchase the remaining interest in a subsidiary that is not wholly owned by the Group (see basis of preparation on page 167). The Group records any non-controlling interest at the proportionate share of the acquiree\u2019s identifiable assets. Where an option exists to acquire a further interest in the shares of a subsidiary a financial liability is recognised. These liabilities are measured at the present value of the expected amount payable on exercise. As the option relates to a change in the ownership interest of a subsidiary, the non-controlling interest is adjusted and changes in value are recognised directly in equity. If these options expire unexercised, the financial liability is derecognised with the corresponding credit recognised directly in equity. ",
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"fact-449": {
"value": "Financial assets The Group holds financial assets including loans and advances to clients and banks, equities, debt securities, pooled investment vehicles and derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation (see note 17). The Group initially records all financial assets at fair value. The Group subsequently holds each financial asset at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants. Amortised cost is the amount determined based on moving the initial fair value to the maturity value on a systematic basis using the effective interest rate, taking account of repayment dates and initial expected premiums or discounts. Financial assets at amortised cost Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows. This classification typically applies to the Group\u2019s loans and advances, trade receivables and some debt securities held by the Group\u2019s Wealth Management entities. The carrying value of amortised cost financial assets is adjusted for impairment under the expected credit loss (ECL) model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Financial assets at FVOCI Financial assets are held at FVOCI when their contractual cash flows represent solely payments of principal and interest and they are held within a business model designed to collect cash flows and to sell assets. This classification applies to certain debt securities within the Group\u2019s Wealth Management entities. Impairment is recognised for debt securities classified as FVOCI under the ECL model. Movements in the ECL provision are recognised in other operating income in the income statement (see note 18). Unrealised gains and losses on debt securities classified as financial assets at FVOCI are recorded in other comprehensive income. Cumulative gains and losses are transferred to the income statement if the investment is sold or otherwise realised. Interest earned on FVOCI assets is recognised using the effective interest method and recorded as interest in the income statement. Financial assets at FVTPL All other financial assets are held at FVTPL. Net gains and losses are presented in the income statement based on the substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and losses on the Group\u2019s investment and seed capital are presented within net (loss)/gain on financial instruments and other income; and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. ",
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"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-476": {
"value": "Financial assets at FVTPL All other financial assets are held at FVTPL. Net gains and losses are presented in the income statement based on the substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and losses on the Group\u2019s investment and seed capital are presented within net (loss)/gain on financial instruments and other income; and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Financial liabilities at FVTPL Financial liabilities are measured at FVTPL when this measurement reduces an accounting mismatch or when otherwise required by the accounting standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in consolidated funds (see basis of preparation on page 167) and contingent consideration. Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent consideration are presented within acquisition costs and related items. This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-448": {
"value": "Financial liabilities The Group\u2019s financial liabilities principally comprise deposits by Wealth Management clients and banking counterparties. They also include derivatives to support its Group capital strategies, activities within the Wealth Management banking book and client facilitation. Financial liabilities also arise from obligations in respect of carried interest, contingent consideration and other liabilities arising from acquisitions completed by the Group, and third party interests in consolidated funds. The Group initially records all financial liabilities at fair value. These are subsequently held at amortised cost or fair value. Financial liabilities at amortised cost The majority of the Group\u2019s financial liabilities are measured at amortised cost and the classification typically applies to the Group\u2019s Wealth Management client accounts, banking deposits and trade payables. Financial liabilities at FVTPL Financial liabilities are measured at FVTPL when this measurement reduces an accounting mismatch or when otherwise required by the accounting standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in consolidated funds (see basis of preparation on page 167) and contingent consideration. Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent consideration are presented within acquisition costs and related items. This separate presentation provides more relevant information about the applicable components of the Group\u2019s income statement. Liabilities to purchase subsidiary shares Financial liabilities in relation to equity transactions arise on certain acquisitions where the Group has a liability to purchase the remaining interest in a subsidiary that is not wholly owned by the Group (see basis of preparation on page 167). The Group records any non-controlling interest at the proportionate share of the acquiree\u2019s identifiable assets. Where an option exists to acquire a further interest in the shares of a subsidiary a financial liability is recognised. These liabilities are measured at the present value of the expected amount payable on exercise. As the option relates to a change in the ownership interest of a subsidiary, the non-controlling interest is adjusted and changes in value are recognised directly in equity. If these options expire unexercised, the financial liability is derecognised with the corresponding credit recognised directly in equity. ",
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"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-413": {
"value": "9. Associates and joint ventures Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair value of the purchase consideration, including purchase related costs. The Group\u2019s income statement reflects its share of the entity\u2019s profit or loss after tax and amortisation of intangible assets. The Group\u2019s statement of other comprehensive income records the Group\u2019s share of gains and losses arising from the entity\u2019s financial assets at FVOCI (see note 8). The statement of financial position subsequently records the Group\u2019s share of the net assets of the entity plus any goodwill and intangible assets that arose on purchase less subsequent amortisation. The statement of changes in equity records the Group\u2019s share of other equity movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that the carrying value of associates and joint ventures may be impaired. The associates and joint ventures reserve in the statement of changes in equity represents the Group\u2019s share of profits in its investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. Certain associates are held within financial assets at fair value through profit or loss where permitted by the accounting standards (see note 8). Information about the Group\u2019s principal associates measured at fair value is disclosed within this note. (a) Investments in associates and joint ventures accounted for using the equity method 2022 2021 Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Associates \u00a3m Joint ventures \u00a3m Total \u00a3m At 1 January 260.6 206.1 466.7 211.0 194.2 405.2 Exchange translation adjustments 7.4 0.4 7.8 6.1 (0.1) 6.0 Additions 1.7 1.6 3.3 1.1 5.9 7.0 Disposals (0.3) \u2013 (0.3) (0.8) \u2013 (0.8 Profit for the year after tax 1 72.7 (1.2) 71.5 72.3 7.0 79.3 Gains recognised in other comprehensive income \u2013 \u2013 \u2013 0.1 \u2013 0.1 Distributions of profit (37.3) (14.0) (51.3) (29.2) (0.9) (30.1) At 31 December 304.8 192.9 497.7 260.6 206.1 466.7 1. Share of profit of associates and joint ventures as presented on the face of the income statement excludes acquisition costs and related items net of tax of \u00a36.1 million (2021: \u00a38.9 million). Information about the significant associates and joint ventures held by the Group at 31 December 2022 is shown below. The companies are unlisted. Name of associate or joint venture Nature of its business Principal place of business Class of share Percentage owned by the Group Scottish Widows Schroder Wealth Holdings Limited (SPW) Wealth management England Ordinary shares 49.9% Bank of Communications Schroder Fund Management Co. Ltd. (BoCom) Investment management China Ordinary shares 30.0% Axis Asset Management Company Limited (Axis) Investment management India Ordinary shares 25.0% A10 Capital Parent Company LLC (A10) Real estate lending US Common units 19.3% 2022 2021 SPW 1 \u00a3m BoCom \u00a3m Axis \u00a3m A10 \u00a3m Other \u00a3m Total \u00a3m SPW 1 \u00a3m BoCom \u00a3m Axis \u00a3m A10 \u00a3m Other \u00a3m Total \u00a3m Non-current assets 207. 2 61.9 46.4 1,243.5 8.2 1,567.2 209.7 54.6 14.3 1,390.2 5.8 1,674.6 Current assets 119.1 885.9 109.1 219.3 25.8 1,359.2 157.3 756.2 96.2 176.9 22.5 1,209.1 Non-current liabilities (22.5) (0.4) \u2013 (1,246.8) (1.2) (1,270.9) (23.2) (1.1) \u2013 (1,404.0) (1.5) (1,429.8) Current liabilities (41.6) (193.4) (16.4) (139.8) (6.4) (397.6) (58.0) (146.7) (14.4) (113.1) (5.9) (338.1) Total equity 262.2 754.0 139.1 76.2 26.4 1,257.9 285.8 663.0 96.1 50.0 20.9 1,115.8 Group\u2019s share of net assets 130.8 226.2 34.8 14.7 9.1 415.6 142.6 198.9 24.0 9.6 7.7 382.8 Goodwill and intangible assets 55.2 \u2013 10.5 1.4 17.4 84.5 58.1 \u2013 10.4 1.3 17.2 87.0 Deferred tax liability (2.4) \u2013 \u2013 \u2013 \u2013 (2.4) (3.1) \u2013 \u2013 \u2013 \u2013 (3.1) Carrying value held by the Group 183.6 226.2 45.3 16.1 26.5 497.7 197.6 198.9 34.4 10.9 24.9 466.7 Net income 125.8 359.2 98.9 63.7 28.3 675.9 135.1 355.2 79.4 66.5 29.0 665.2 Profit for the year 6.2 191.0 43.2 23.7 5.1 269.2 16.9 201.4 36.7 14.1 8.1 27 7.2 Other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 \u2013 0.3 Total comprehensive income 6.2 191.0 43.2 23.7 5.1 269.2 16.9 201.4 36.7 14.4 8.1 27 7.5 Group\u2019s share of profit for the year 3.1 57.3 10.8 4.6 1.8 7 7.6 8.4 60.4 9.2 2.7 2.8 83.5 Amortisation charge (4.6) \u2013 \u2013 \u2013 (1.5) (6.1) (2.8) \u2013 \u2013 \u2013 (1.4) (4.2) Group\u2019s share of profit for the year after amortisation (1.5) 57.3 10.8 4.6 0.3 71.5 5.6 60.4 9.2 2.7 1.4 79.3 Group\u2019s share of other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 0.1 Group\u2019s share of total comprehensive income (1.5) 57. 3 10.8 4.6 0.3 71.5 5.6 60.4 9.2 2.8 1.4 79.4 1. SPW is a joint venture and has \u00a381.6 million of cash and cash equivalents (2021: \u00a3114.8 million) within its current assets. (b) Investments in associates measured at fair value Where the Group holds units in pooled investment vehicles that give the Group significant influence, but not control, through participation in the financial and operating policy decisions, the Group records such investments at fair value. Information about the Group\u2019s principal associates measured at fair value is shown below. The investments are recorded as financial assets within the statement of financial position. 2022 ICBC (Europe) ECITS SICAV \u00a3m Schroder Global Sustainable Growth Fund (Canada) \u00a3m Schroder Indian Equity Fund \u00a3m Schroder ISF Nordic Smaller Companies \u00a3m Schroder Global Emerging Markets Fund \u00a3m Schroder Global Equity Component Fund \u00a3m Schroder Long Dated Corporate Bond \u00a3m Current assets 22.0 16.2 28.0 30.4 628.8 107.8 180.7 Current liabilities \u2013 \u2013 \u2013 \u2013 (1.9) (0.2) (0.9) Total equity 22.0 16.2 28.0 30.4 626.9 107.6 179.8 Net income \u2013 0.7 0.1 0.2 8.1 0.4 7.0 Profit for the year \u2013 0.7 0.1 0.2 8.1 0.4 7.0 Total comprehensive income \u2013 0.7 0.1 0.2 8.1 0.4 7.0 Country of incorporation UK US UK Luxembourg UK UK UK Percentage owned by the Group 33% 29% 27% 23% 29% 29% 21% 2021 Schroder ISF Smart Manufacturing \u00a3m SSSF Wealth Management USD Balanced \u00a3m Schroder Core Plus FIC FIA \u00a3m ICBC (Europe) ECITS SICAV \u00a3m Schroder QEP Global Active value \u00a3m Schroder Advanced Beta Global Corporate Bond \u00a3m Current assets 32.1 15.4 5.8 21.9 458.9 1,277.7 Current liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (0.7) Total equity 32.1 15.4 5.8 21.9 458.9 1,277.0 Net income 1.4 0.3 0.1 0.1 13.7 19.6 Profit for the year 1.4 0.3 0.1 0.1 13.7 19.6 Total comprehensive income 1.4 0.3 0.1 0.1 13.7 19.6 Country of incorporation Luxembourg Luxembourg Brazil Luxembourg Luxembourg UK Percentage owned by the Group 29% 28% 28% 33% 27% 23% ",
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},
"fact-450": {
"value": "9. Associates and joint ventures Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair value of the purchase consideration, including purchase related costs. The Group\u2019s income statement reflects its share of the entity\u2019s profit or loss after tax and amortisation of intangible assets. The Group\u2019s statement of other comprehensive income records the Group\u2019s share of gains and losses arising from the entity\u2019s financial assets at FVOCI (see note 8). The statement of financial position subsequently records the Group\u2019s share of the net assets of the entity plus any goodwill and intangible assets that arose on purchase less subsequent amortisation. The statement of changes in equity records the Group\u2019s share of other equity movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that the carrying value of associates and joint ventures may be impaired. The associates and joint ventures reserve in the statement of changes in equity represents the Group\u2019s share of profits in its investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. Certain associates are held within financial assets at fair value through profit or loss where permitted by the accounting standards (see note 8). Information about the Group\u2019s principal associates measured at fair value is disclosed within this note. (a) Investments in associates and joint ventures accounted for using the equity method 2022 2021 Associates \u00a3m Joint ventures \u00a3m Total \u00a3m Associates \u00a3m Joint ventures \u00a3m Total \u00a3m At 1 January 260.6 206.1 466.7 211.0 194.2 405.2 Exchange translation adjustments 7.4 0.4 7.8 6.1 (0.1) 6.0 Additions 1.7 1.6 3.3 1.1 5.9 7.0 Disposals (0.3) \u2013 (0.3) (0.8) \u2013 (0.8 Profit for the year after tax 1 72.7 (1.2) 71.5 72.3 7.0 79.3 Gains recognised in other comprehensive income \u2013 \u2013 \u2013 0.1 \u2013 0.1 Distributions of profit (37.3) (14.0) (51.3) (29.2) (0.9) (30.1) At 31 December 304.8 192.9 497.7 260.6 206.1 466.7 1. Share of profit of associates and joint ventures as presented on the face of the income statement excludes acquisition costs and related items net of tax of \u00a36.1 million (2021: \u00a38.9 million). Information about the significant associates and joint ventures held by the Group at 31 December 2022 is shown below. The companies are unlisted. Name of associate or joint venture Nature of its business Principal place of business Class of share Percentage owned by the Group Scottish Widows Schroder Wealth Holdings Limited (SPW) Wealth management England Ordinary shares 49.9% Bank of Communications Schroder Fund Management Co. Ltd. (BoCom) Investment management China Ordinary shares 30.0% Axis Asset Management Company Limited (Axis) Investment management India Ordinary shares 25.0% A10 Capital Parent Company LLC (A10) Real estate lending US Common units 19.3% 2022 2021 SPW 1 \u00a3m BoCom \u00a3m Axis \u00a3m A10 \u00a3m Other \u00a3m Total \u00a3m SPW 1 \u00a3m BoCom \u00a3m Axis \u00a3m A10 \u00a3m Other \u00a3m Total \u00a3m Non-current assets 207. 2 61.9 46.4 1,243.5 8.2 1,567.2 209.7 54.6 14.3 1,390.2 5.8 1,674.6 Current assets 119.1 885.9 109.1 219.3 25.8 1,359.2 157.3 756.2 96.2 176.9 22.5 1,209.1 Non-current liabilities (22.5) (0.4) \u2013 (1,246.8) (1.2) (1,270.9) (23.2) (1.1) \u2013 (1,404.0) (1.5) (1,429.8) Current liabilities (41.6) (193.4) (16.4) (139.8) (6.4) (397.6) (58.0) (146.7) (14.4) (113.1) (5.9) (338.1) Total equity 262.2 754.0 139.1 76.2 26.4 1,257.9 285.8 663.0 96.1 50.0 20.9 1,115.8 Group\u2019s share of net assets 130.8 226.2 34.8 14.7 9.1 415.6 142.6 198.9 24.0 9.6 7.7 382.8 Goodwill and intangible assets 55.2 \u2013 10.5 1.4 17.4 84.5 58.1 \u2013 10.4 1.3 17.2 87.0 Deferred tax liability (2.4) \u2013 \u2013 \u2013 \u2013 (2.4) (3.1) \u2013 \u2013 \u2013 \u2013 (3.1) Carrying value held by the Group 183.6 226.2 45.3 16.1 26.5 497.7 197.6 198.9 34.4 10.9 24.9 466.7 Net income 125.8 359.2 98.9 63.7 28.3 675.9 135.1 355.2 79.4 66.5 29.0 665.2 Profit for the year 6.2 191.0 43.2 23.7 5.1 269.2 16.9 201.4 36.7 14.1 8.1 27 7.2 Other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 \u2013 0.3 Total comprehensive income 6.2 191.0 43.2 23.7 5.1 269.2 16.9 201.4 36.7 14.4 8.1 27 7.5 Group\u2019s share of profit for the year 3.1 57.3 10.8 4.6 1.8 7 7.6 8.4 60.4 9.2 2.7 2.8 83.5 Amortisation charge (4.6) \u2013 \u2013 \u2013 (1.5) (6.1) (2.8) \u2013 \u2013 \u2013 (1.4) (4.2) Group\u2019s share of profit for the year after amortisation (1.5) 57.3 10.8 4.6 0.3 71.5 5.6 60.4 9.2 2.7 1.4 79.3 Group\u2019s share of other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 0.1 Group\u2019s share of total comprehensive income (1.5) 57. 3 10.8 4.6 0.3 71.5 5.6 60.4 9.2 2.8 1.4 79.4 1. SPW is a joint venture and has \u00a381.6 million of cash and cash equivalents (2021: \u00a3114.8 million) within its current assets. (b) Investments in associates measured at fair value Where the Group holds units in pooled investment vehicles that give the Group significant influence, but not control, through participation in the financial and operating policy decisions, the Group records such investments at fair value. Information about the Group\u2019s principal associates measured at fair value is shown below. The investments are recorded as financial assets within the statement of financial position. 2022 ICBC (Europe) ECITS SICAV \u00a3m Schroder Global Sustainable Growth Fund (Canada) \u00a3m Schroder Indian Equity Fund \u00a3m Schroder ISF Nordic Smaller Companies \u00a3m Schroder Global Emerging Markets Fund \u00a3m Schroder Global Equity Component Fund \u00a3m Schroder Long Dated Corporate Bond \u00a3m Current assets 22.0 16.2 28.0 30.4 628.8 107.8 180.7 Current liabilities \u2013 \u2013 \u2013 \u2013 (1.9) (0.2) (0.9) Total equity 22.0 16.2 28.0 30.4 626.9 107.6 179.8 Net income \u2013 0.7 0.1 0.2 8.1 0.4 7.0 Profit for the year \u2013 0.7 0.1 0.2 8.1 0.4 7.0 Total comprehensive income \u2013 0.7 0.1 0.2 8.1 0.4 7.0 Country of incorporation UK US UK Luxembourg UK UK UK Percentage owned by the Group 33% 29% 27% 23% 29% 29% 21% 2021 Schroder ISF Smart Manufacturing \u00a3m SSSF Wealth Management USD Balanced \u00a3m Schroder Core Plus FIC FIA \u00a3m ICBC (Europe) ECITS SICAV \u00a3m Schroder QEP Global Active value \u00a3m Schroder Advanced Beta Global Corporate Bond \u00a3m Current assets 32.1 15.4 5.8 21.9 458.9 1,277.7 Current liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (0.7) Total equity 32.1 15.4 5.8 21.9 458.9 1,277.0 Net income 1.4 0.3 0.1 0.1 13.7 19.6 Profit for the year 1.4 0.3 0.1 0.1 13.7 19.6 Total comprehensive income 1.4 0.3 0.1 0.1 13.7 19.6 Country of incorporation Luxembourg Luxembourg Brazil Luxembourg Luxembourg UK Percentage owned by the Group 29% 28% 28% 33% 27% 23% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-486": {
"value": "Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair value of the purchase consideration, including purchase related costs. The Group\u2019s income statement reflects its share of the entity\u2019s profit or loss after tax and amortisation of intangible assets. The Group\u2019s statement of other comprehensive income records the Group\u2019s share of gains and losses arising from the entity\u2019s financial assets at FVOCI (see note 8). The statement of financial position subsequently records the Group\u2019s share of the net assets of the entity plus any goodwill and intangible assets that arose on purchase less subsequent amortisation. The statement of changes in equity records the Group\u2019s share of other equity movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that the carrying value of associates and joint ventures may be impaired. The associates and joint ventures reserve in the statement of changes in equity represents the Group\u2019s share of profits in its investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. Certain associates are held within financial assets at fair value through profit or loss where permitted by the accounting standards (see note 8). Information about the Group\u2019s principal associates measured at fair value is disclosed within this note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-482": {
"value": "Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair value of the purchase consideration, including purchase related costs. The Group\u2019s income statement reflects its share of the entity\u2019s profit or loss after tax and amortisation of intangible assets. The Group\u2019s statement of other comprehensive income records the Group\u2019s share of gains and losses arising from the entity\u2019s financial assets at FVOCI (see note 8). The statement of financial position subsequently records the Group\u2019s share of the net assets of the entity plus any goodwill and intangible assets that arose on purchase less subsequent amortisation. The statement of changes in equity records the Group\u2019s share of other equity movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that the carrying value of associates and joint ventures may be impaired. The associates and joint ventures reserve in the statement of changes in equity represents the Group\u2019s share of profits in its investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. Certain associates are held within financial assets at fair value through profit or loss where permitted by the accounting standards (see note 8). Information about the Group\u2019s principal associates measured at fair value is disclosed within this note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair value of the purchase consideration, including purchase related costs. The Group\u2019s income statement reflects its share of the entity\u2019s profit or loss after tax and amortisation of intangible assets. The Group\u2019s statement of other comprehensive income records the Group\u2019s share of gains and losses arising from the entity\u2019s financial assets at FVOCI (see note 8). The statement of financial position subsequently records the Group\u2019s share of the net assets of the entity plus any goodwill and intangible assets that arose on purchase less subsequent amortisation. The statement of changes in equity records the Group\u2019s share of other equity movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that the carrying value of associates and joint ventures may be impaired. The associates and joint ventures reserve in the statement of changes in equity represents the Group\u2019s share of profits in its investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. Certain associates are held within financial assets at fair value through profit or loss where permitted by the accounting standards (see note 8). Information about the Group\u2019s principal associates measured at fair value is disclosed within this note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "10. Property, plant and equipment The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate, and principally comprises leasehold improvements, freehold land and buildings, fixtures and fittings and computer equipment. Right-of-use assets in the form of leases are also included within property, plant and equipment (further detail is found in note 11). Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as a depreciation charge on a straight-line basis over the estimated useful life, with the exception of land which is assumed to have an indefinite useful life. 2022 2021 Leasehold improvements \u00a3m Land and buildings \u00a3m Other assets \u00a3m Total \u00a3m Leasehold improvements \u00a3m Land and buildings \u00a3m Other assets \u00a3m Total \u00a3m Cost At 1 January 194.6 19.7 165.8 380.1 188.7 19.7 157.5 365.9 Exchange translation adjustments 5.1 \u2013 4.6 9.7 (0.8) \u2013 (1.6) (2.4) Additions 7.6 \u2013 12.1 19.7 11.2 \u2013 14.8 26.0 Disposals (0.3) \u2013 (13.5) (13.8) (4.5) \u2013 (4.9) (9.4 At 31 December 207.0 19.7 169.0 395.7 194.6 19.7 165.8 380.1 Accumulated depreciation At 1 January (59.2) (1.8) (89.2) (150.2) (50.7) (1.3) (77.8) (129.8) Exchange translation adjustments (2.5) \u2013 (3.0) (5.5) 0.6 \u2013 0.8 1.4 Depreciation charge (14.3) (0.4) (21.3) (36.0) (13.6) (0.5) (17.1) (31.2) Disposals 0.3 \u2013 1.5 1.8 4.5 \u2013 4.9 9.4 At 31 December (75.7) (2.2) (112.0) (189.9) (59.2) (1.8) (89.2) (150.2 Net book value at 31 December 131.3 17.5 57.0 205.8 135.4 17.9 76.6 229.9 Right-of-use assets (see note 11) 318.3 330.1 Property, plant and equipment net book value at 31 December 524.1 560.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate, and principally comprises leasehold improvements, freehold land and buildings, fixtures and fittings and computer equipment. Right-of-use assets in the form of leases are also included within property, plant and equipment (further detail is found in note 11). Assets are initially stated at cost, which includes expenditure associated with acquisition. The cost of the asset is recognised in the income statement as a depreciation charge on a straight-line basis over the estimated useful life, with the exception of land which is assumed to have an indefinite useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "11. Leases The Group\u2019s lease arrangements primarily consist of operating leases relating to office space. The Group initially records a lease liability in the statement of financial position reflecting the present value of the future contractual cash flows to be made over the lease term, discounted using the Group\u2019s incremental borrowing rate. This is the rate that the Group would have to pay for a loan of a similar term, and with similar security to obtain an asset of similar value. A right-of-use (ROU) asset is recorded at the value of the lease liability plus any directly related costs and estimated future dilapidation expense and is presented within property, plant and equipment (see note 10) on the balance sheet. Interest is accrued on the lease liability using the effective interest method to give a constant rate of return over the life of the lease while the balance is reduced as lease payments are made. The ROU asset is depreciated from commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term as the benefit of the asset is consumed. Increases or decreases that occur at contractually agreed market rent review dates are included in the lease liability once revised market rents have been agreed. The Group considers whether the lease term should reflect options to extend or reduce the life of the lease. Relevant factors that could create an economic incentive to exercise the option are considered and the extensions/termination is included if it is reasonably certain to be exercised. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) the option. Should this occur, the Group modifies the lease liability and associated ROU asset to reflect the revised remaining expected cashflows. 2022 2021 Right-of-use assets \u00a3m Lease liabilities \u00a3m Right-of-use assets \u00a3m Lease liabilities \u00a3m At 1 January 330.1 373.8 354.8 397.2 Exchange translation adjustments 9.8 12.3 (1.8) (1.2) Additions and remeasurements of lease obligations 18.0 15.6 14.5 14.5 Lease payments \u2013 (51.3) \u2013 (47.5) Depreciation charge (39.6) \u2013 (37.4) \u2013 Interest expense \u2013 10.6 \u2013 10.8 At 31 December 318.3 361.0 330.1 373.8 The depreciation charge and interest expense relating to leases are recorded within operating expenses (see note 3). 2022 \u00a3m 2021 \u00a3m Lease liabilities \u2013 current 39.2 31.2 Lease liabilities \u2013 non-current 321.8 342.6 361.0 373.8 The Group\u2019s lease liabilities contractually mature in the following time periods: 2022 \u00a3m 2021 \u00a3m Less than 1 year 48.9 46.3 1 \u2013 2 years 47.3 47.9 2 \u2013 5 years 106.7 98.8 More than 5 years 235.2 267.9 389.2 414.6 438.1 460.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "The Group\u2019s lease arrangements primarily consist of operating leases relating to office space. The Group initially records a lease liability in the statement of financial position reflecting the present value of the future contractual cash flows to be made over the lease term, discounted using the Group\u2019s incremental borrowing rate. This is the rate that the Group would have to pay for a loan of a similar term, and with similar security to obtain an asset of similar value. A right-of-use (ROU) asset is recorded at the value of the lease liability plus any directly related costs and estimated future dilapidation expense and is presented within property, plant and equipment (see note 10) on the balance sheet. Interest is accrued on the lease liability using the effective interest method to give a constant rate of return over the life of the lease while the balance is reduced as lease payments are made. The ROU asset is depreciated from commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term as the benefit of the asset is consumed. Increases or decreases that occur at contractually agreed market rent review dates are included in the lease liability once revised market rents have been agreed. The Group considers whether the lease term should reflect options to extend or reduce the life of the lease. Relevant factors that could create an economic incentive to exercise the option are considered and the extensions/termination is included if it is reasonably certain to be exercised. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) the option. Should this occur, the Group modifies the lease liability and associated ROU asset to reflect the revised remaining expected cashflows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "12. Goodwill and intangible assets Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. 2022 2021 Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Cost At 1 January 803.4 361.9 470.7 1,636.0 811.7 362.8 413.2 1,587.7 Exchange translation adjustments 36.1 15.7 4.7 56.5 (8.3) (3.2) (0.8) (12.3) Additions 400.2 332.4 97.6 830.2 \u2013 2.3 63.4 65.7 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5.1) (5.1) At 31 December 1,239.7 710.0 573.0 2,522.7 803.4 361.9 470.7 1,636.0 Accumulated amortisation At 1 January \u2013 (252.8) (214.7) (467.5) \u2013 (220.2) (159.5) (379.7) Exchange translation adjustments \u2013 (8.9) (3.5) (12.4) \u2013 0.9 0.6 1.5 Amortisation charge \u2013 (47.1) (66.2) (113.3) \u2013 (33.5) (60.7) (94.2) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4.9 4.9 At 31 December \u2013 (308.8) (284.4) (593.2) \u2013 (252.8) (214.7) (467.5) Carrying amount at 31 December 1,239.7 401.2 288.6 1,929.5 803.4 109.1 256.0 1,168. 5 The Group acquired \u00a3328.8 million of identifiable intangible assets as a result of business combinations during 2022 (2021: none). The Group acquired \u00a33.6 million (2021: \u00a32.3 million) of customer contracts through Benchmark Capital that were not considered to be business combinations. Estimates and judgements The Group estimates the fair value of identifiable intangible assets acquired at the acquisition date based on forecast profits, taking account of synergies, derived from existing contractual arrangements. This assessment involves judgement in determining assumptions relating to potential future revenues, profit margins, appropriate discount rates and the expected duration of client relationships. The difference between the fair value of the consideration and the value of the identifiable assets and liabilities acquired, including intangible assets, is accounted for as goodwill. At each reporting date, the Group applies judgement to determine whether there is any indication that an acquired intangible asset may be impaired. If any indication exists, a full assessment is undertaken. Goodwill is assessed for impairment on an annual basis. If the assessment of goodwill or an acquired intangible asset determines that the carrying value exceeds the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount of goodwill is determined using a discounted cash flow model. Any impairment is recognised in the income statement and cannot be reversed. Goodwill acquired in a business combination is allocated to the CGUs that are expected to benefit from that business combination. For all relevant acquisitions the Group has determined the lowest level CGU for Asset Management acquisitions is the segment. The Benchmark Capital business within Wealth Management is assessed separately from the rest of Wealth Management. Of the total goodwill, \u00a31,009.6 million (2021: \u00a3574.9 million) is allocated to Asset Management and \u00a3230.1 million (2021: \u00a3228.5 million) is allocated to Wealth Management, of which \u00a368.2 million (2021: \u00a368.1 million) relates to Benchmark Capital. The recoverable amounts of the CGUs are determined from value-in-use calculations applying a discounted cash flow model using the Group\u2019s five-year strategic business plan cash flows. The key assumptions on which the Group\u2019s cash flow projections are based include long-term market growth rates of 2% per annum (2021: 2%), a pre-tax discount rate of 12% (2021: 10%), expected flows and expected changes to revenue margins. The results of the calculations indicate that goodwill is not impaired. Movements in the growth rate and/or the discount rate of 1% would not lead to any impairment. This is due to the amount of goodwill allocated to the relevant CGU relative to the size of the relevant future profitability estimate. A comparison of actual results to the projected results used to assess goodwill impairment in prior years shows that the Group would have recognised no changes (2021: nil) to its goodwill asset in the year as a result of inaccurate projections. The recoverable amount of acquired intangible assets is the greater of fair value less costs to sell and the updated discounted valuation of the remaining net residual income stream. Any impairment is recognised in the income statement but may be reversed if relevant conditions improve. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "12. Goodwill and intangible assets Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. 2022 2021 Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Cost At 1 January 803.4 361.9 470.7 1,636.0 811.7 362.8 413.2 1,587.7 Exchange translation adjustments 36.1 15.7 4.7 56.5 (8.3) (3.2) (0.8) (12.3) Additions 400.2 332.4 97.6 830.2 \u2013 2.3 63.4 65.7 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5.1) (5.1) At 31 December 1,239.7 710.0 573.0 2,522.7 803.4 361.9 470.7 1,636.0 Accumulated amortisation At 1 January \u2013 (252.8) (214.7) (467.5) \u2013 (220.2) (159.5) (379.7) Exchange translation adjustments \u2013 (8.9) (3.5) (12.4) \u2013 0.9 0.6 1.5 Amortisation charge \u2013 (47.1) (66.2) (113.3) \u2013 (33.5) (60.7) (94.2) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4.9 4.9 At 31 December \u2013 (308.8) (284.4) (593.2) \u2013 (252.8) (214.7) (467.5) Carrying amount at 31 December 1,239.7 401.2 288.6 1,929.5 803.4 109.1 256.0 1,168. 5 The Group acquired \u00a3328.8 million of identifiable intangible assets as a result of business combinations during 2022 (2021: none). The Group acquired \u00a33.6 million (2021: \u00a32.3 million) of customer contracts through Benchmark Capital that were not considered to be business combinations. Estimates and judgements The Group estimates the fair value of identifiable intangible assets acquired at the acquisition date based on forecast profits, taking account of synergies, derived from existing contractual arrangements. This assessment involves judgement in determining assumptions relating to potential future revenues, profit margins, appropriate discount rates and the expected duration of client relationships. The difference between the fair value of the consideration and the value of the identifiable assets and liabilities acquired, including intangible assets, is accounted for as goodwill. At each reporting date, the Group applies judgement to determine whether there is any indication that an acquired intangible asset may be impaired. If any indication exists, a full assessment is undertaken. Goodwill is assessed for impairment on an annual basis. If the assessment of goodwill or an acquired intangible asset determines that the carrying value exceeds the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount of goodwill is determined using a discounted cash flow model. Any impairment is recognised in the income statement and cannot be reversed. Goodwill acquired in a business combination is allocated to the CGUs that are expected to benefit from that business combination. For all relevant acquisitions the Group has determined the lowest level CGU for Asset Management acquisitions is the segment. The Benchmark Capital business within Wealth Management is assessed separately from the rest of Wealth Management. Of the total goodwill, \u00a31,009.6 million (2021: \u00a3574.9 million) is allocated to Asset Management and \u00a3230.1 million (2021: \u00a3228.5 million) is allocated to Wealth Management, of which \u00a368.2 million (2021: \u00a368.1 million) relates to Benchmark Capital. The recoverable amounts of the CGUs are determined from value-in-use calculations applying a discounted cash flow model using the Group\u2019s five-year strategic business plan cash flows. The key assumptions on which the Group\u2019s cash flow projections are based include long-term market growth rates of 2% per annum (2021: 2%), a pre-tax discount rate of 12% (2021: 10%), expected flows and expected changes to revenue margins. The results of the calculations indicate that goodwill is not impaired. Movements in the growth rate and/or the discount rate of 1% would not lead to any impairment. This is due to the amount of goodwill allocated to the relevant CGU relative to the size of the relevant future profitability estimate. A comparison of actual results to the projected results used to assess goodwill impairment in prior years shows that the Group would have recognised no changes (2021: nil) to its goodwill asset in the year as a result of inaccurate projections. The recoverable amount of acquired intangible assets is the greater of fair value less costs to sell and the updated discounted valuation of the remaining net residual income stream. Any impairment is recognised in the income statement but may be reversed if relevant conditions improve. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "12. Goodwill and intangible assets Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. 2022 2021 Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Goodwill \u00a3m Acquired intangible assets \u00a3m Software \u00a3m Total \u00a3m Cost At 1 January 803.4 361.9 470.7 1,636.0 811.7 362.8 413.2 1,587.7 Exchange translation adjustments 36.1 15.7 4.7 56.5 (8.3) (3.2) (0.8) (12.3) Additions 400.2 332.4 97.6 830.2 \u2013 2.3 63.4 65.7 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5.1) (5.1) At 31 December 1,239.7 710.0 573.0 2,522.7 803.4 361.9 470.7 1,636.0 Accumulated amortisation At 1 January \u2013 (252.8) (214.7) (467.5) \u2013 (220.2) (159.5) (379.7) Exchange translation adjustments \u2013 (8.9) (3.5) (12.4) \u2013 0.9 0.6 1.5 Amortisation charge \u2013 (47.1) (66.2) (113.3) \u2013 (33.5) (60.7) (94.2) Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4.9 4.9 At 31 December \u2013 (308.8) (284.4) (593.2) \u2013 (252.8) (214.7) (467.5) Carrying amount at 31 December 1,239.7 401.2 288.6 1,929.5 803.4 109.1 256.0 1,168. 5 The Group acquired \u00a3328.8 million of identifiable intangible assets as a result of business combinations during 2022 (2021: none). The Group acquired \u00a33.6 million (2021: \u00a32.3 million) of customer contracts through Benchmark Capital that were not considered to be business combinations. Estimates and judgements The Group estimates the fair value of identifiable intangible assets acquired at the acquisition date based on forecast profits, taking account of synergies, derived from existing contractual arrangements. This assessment involves judgement in determining assumptions relating to potential future revenues, profit margins, appropriate discount rates and the expected duration of client relationships. The difference between the fair value of the consideration and the value of the identifiable assets and liabilities acquired, including intangible assets, is accounted for as goodwill. At each reporting date, the Group applies judgement to determine whether there is any indication that an acquired intangible asset may be impaired. If any indication exists, a full assessment is undertaken. Goodwill is assessed for impairment on an annual basis. If the assessment of goodwill or an acquired intangible asset determines that the carrying value exceeds the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount of goodwill is determined using a discounted cash flow model. Any impairment is recognised in the income statement and cannot be reversed. Goodwill acquired in a business combination is allocated to the CGUs that are expected to benefit from that business combination. For all relevant acquisitions the Group has determined the lowest level CGU for Asset Management acquisitions is the segment. The Benchmark Capital business within Wealth Management is assessed separately from the rest of Wealth Management. Of the total goodwill, \u00a31,009.6 million (2021: \u00a3574.9 million) is allocated to Asset Management and \u00a3230.1 million (2021: \u00a3228.5 million) is allocated to Wealth Management, of which \u00a368.2 million (2021: \u00a368.1 million) relates to Benchmark Capital. The recoverable amounts of the CGUs are determined from value-in-use calculations applying a discounted cash flow model using the Group\u2019s five-year strategic business plan cash flows. The key assumptions on which the Group\u2019s cash flow projections are based include long-term market growth rates of 2% per annum (2021: 2%), a pre-tax discount rate of 12% (2021: 10%), expected flows and expected changes to revenue margins. The results of the calculations indicate that goodwill is not impaired. Movements in the growth rate and/or the discount rate of 1% would not lead to any impairment. This is due to the amount of goodwill allocated to the relevant CGU relative to the size of the relevant future profitability estimate. A comparison of actual results to the projected results used to assess goodwill impairment in prior years shows that the Group would have recognised no changes (2021: nil) to its goodwill asset in the year as a result of inaccurate projections. The recoverable amount of acquired intangible assets is the greater of fair value less costs to sell and the updated discounted valuation of the remaining net residual income stream. Any impairment is recognised in the income statement but may be reversed if relevant conditions improve. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-487": {
"value": "Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-483": {
"value": "Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. Identifiable acquired intangible assets relating to business combinations include technology, contractual agreements to manage client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a straight line basis, primarily over seven years. Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole. Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and developing software is taken to the income statement over time as an amortisation charge within operating expenses. The treatment is similar to property, plant and equipment, and the asset is normally amortised on a straight line basis over three to five years, but can have an estimated useful life of up to ten years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "13. Deferred tax Deferred tax assets and liabilities represent amounts of tax that will become recoverable and payable in future accounting periods. They arise as a result of temporary differences, where the time at which profits and losses are recognised for tax purposes differs from the time at which the relevant transaction is recorded. A deferred tax asset represents a tax reduction that is expected to arise in a future period based on past transactions. A deferred tax liability represents taxes that will become payable in a future period as a result of current or prior year transactions. Deferred tax liabilities also arise on certain acquisitions where the amortisation of the acquired intangible asset does not result in a tax deduction. The deferred tax liability is established on acquisition and is released to the income statement to match the intangible asset amortisation. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the year-end date. 2022 Accelerated capital allowances \u00a3m Deferred employee awards \u00a3m Pension schemes \u00a3m Tax losses \u00a3m Intangible assets on acquisition \u00a3m Other net temporary differences \u00a3m Total \u00a3m At 1 January 11.8 101.3 (48.7) 48.2 (25.5) (22.5) 64.6 Income statement credit/(charge) 4.2 (1.5) (0.7) 14.8 8.4 7.6 32.8 Income statement credit/(charge) due to changes in tax rates 0.1 10.1 (0.2) 5.0 (0.6) 0.2 14.6 Credit/(charge) to other comprehensive income \u2013 \u2013 12.6 \u2013 \u2013 (0.1) 12.5 Charge to statement of other comprehensive income due to changes in tax rates \u2013 \u2013 3.9 \u2013 \u2013 (0.1) 3.8 Charge to equity \u2013 (5.7) \u2013 \u2013 \u2013 \u2013 (5.7) Credit to equity due to changes in tax rates \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Business combinations \u2013 1.8 \u2013 \u2013 (79.9) \u2013 (78.1) Exchange translation adjustments (0.2) 4.1 \u2013 0.3 (0.9) (1.7) 1.6 At 31 December 15.9 110.9 (33.1) 68.3 (98.5) (16.6) 46.9 2021 Accelerated capital allowances \u00a3m Deferred employee awards \u00a3m Pension schemes \u00a3m Tax losses \u00a3m Intangible assets on acquisition \u00a3m Other net temporary differences \u00a3m Total \u00a3m At 1 January (4.6) 82.3 (31.2) 3.0 (27.7) (20.4) 1.4 Income statement credit/(charge) 12.6 13.6 (0.5) 34.7 6.4 (1.2) 65.6 Income statement credit/(charge) due to changes in tax rates 3.8 4.9 (10.3) 10.4 (4.4) (1.2) 3.2 (Charge)/credit to other comprehensive income \u2013 \u2013 (5.2) \u2013 \u2013 1.0 (4.2) (Charge)/credit to statement of other comprehensive income due to changes in tax rates \u2013 \u2013 (1.5) \u2013 \u2013 0.1 (1.4) Credit to equity \u2013 0.8 \u2013 \u2013 \u2013 \u2013 0.8 Credit to equity due to changes in tax rates \u2013 0.2 \u2013 \u2013 \u2013 \u2013 0.2 Exchange translation adjustments \u2013 (0.5) \u2013 0.1 0.2 (0.8) (1.0) At 31 December 11.8 101.3 (48.7) 48.2 (25.5) (22.5) 64.6 The UK corporation tax rate is currently 19%. The UK Chancellor announced in the March 2021 Budget that the rate will increase to 25% from April 2023. The rate increase was substantively enacted in May 2021 and the UK deferred tax balances have been revalued accordingly. Included in the deferred tax asset is an asset relating to UK tax deductions for share-based remuneration which is dependent on the prices of the Company\u2019s ordinary shares at the time the awards are exercised. A deferred tax asset of \u00a39.7 million (2021: \u00a36.5 million) relating to \u00a341.2 million of realised and unrealised capital losses has not been recognised as there is insufficient evidence that there will be sufficient taxable gains in the future against which the deferred tax asset could be utilised. A deferred tax asset of \u00a326.5 million (2021: \u00a313.3 million) relating to \u00a3111.5 million of other losses and other temporary differences have not been recognised as there is insufficient evidence that there will be sufficient taxable profits in the future against which these deferred tax assets could be utilised. After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax asset comprises: 2022 \u00a3m 2021 \u00a3m Deferred tax assets 185.8 145.0 Deferred tax liabilities (138.9) (80.4) 46.9 64.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "13. Deferred tax Deferred tax assets and liabilities represent amounts of tax that will become recoverable and payable in future accounting periods. They arise as a result of temporary differences, where the time at which profits and losses are recognised for tax purposes differs from the time at which the relevant transaction is recorded. A deferred tax asset represents a tax reduction that is expected to arise in a future period based on past transactions. A deferred tax liability represents taxes that will become payable in a future period as a result of current or prior year transactions. Deferred tax liabilities also arise on certain acquisitions where the amortisation of the acquired intangible asset does not result in a tax deduction. The deferred tax liability is established on acquisition and is released to the income statement to match the intangible asset amortisation. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the year-end date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "14. Unit-linked liabilities and assets backing unit-linked liabilities The Group operates a unit-linked life assurance business through the wholly owned subsidiary Schroder Pension Management Limited (the Life Company). The Life Company provides investment products through a life assurance wrapper. The investment products do not provide cover for insurance risk and are therefore recognised and accounted for as financial instruments and presented as financial liabilities due to Life Company investors (policyholders) within unit-linked liabilities. The investment product is almost identical to a unit trust. As it is a life assurance product, the contractual rights and obligations of the investments remain with the Group and the AUM is therefore included on the statement of financial position, together with the liability to investors. The Group earns fee income from managing the investment, which is included in revenue. Financial assets and liabilities held by the Life Company are measured at FVTPL. Other balances include cash and receivables, which are measured at amortised cost (see note 8). The Life Company\u2019s assets are regarded as current assets as they represent the amount available to Life Company investors (or third party investors in consolidated funds) who are able to withdraw their funds on call, subject to certain restrictions in the case of illiquidity. Gains and losses from assets and liabilities held to cover investor obligations are attributable to investors in the Life Company or third party investors in the funds. As a result, any gain or loss is offset by a change in the obligation to investors. 2022 \u00a3m 2021 \u00a3m Financial liabilities due to Life Company investors 8,174.1 10,439.8 Financial liabilities due to third parties 1 1,880.0 3,023.3 10,054.1 13,463.1 1. In accordance with the accounting standards, the Group is deemed to hold a controlling interest in certain funds as a result of the investments held by the Life Company. This results in all of the assets and liabilities of those funds being consolidated within the statement of financial position and the third party interest in the fund being recorded as a financial liability due to third party investors. The Group has no primary exposure to market risk, credit risk or liquidity risk in relation to the investments due to Life Company investors. The risks and rewards associated with its investments are borne by the investors in the Life Company\u2019s investment products or third party investors in the funds and not by the Life Company itself. Consequently, no further financial instrument risk disclosures are included. Fair value measurements of Life Company financial assets and liabilities Each of the Life Company\u2019s financial assets and liabilities has been categorised using a fair value hierarchy as shown below. These levels are based on the degree to which the fair value is observable and are defined in note 8. 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Not at fair value \u00a3m Total \u00a3m Assets backing unit-linked liabilities Financial assets at fair value through profit or loss: Debt securities 2,385.3 1,731.3 \u2013 \u2013 4,116.6 Pooled investment vehicles 2,478.6 \u2013 22.8 \u2013 2,501.4 Equities 2,639.3 29.8 \u2013 \u2013 2,669.1 Derivative contracts 12.4 51.5 \u2013 \u2013 63.9 7,515.6 1,812.6 22.8 \u2013 9,351.0 Financial assets at amortised cost: Cash and cash equivalents \u2013 \u2013 \u2013 605.0 605.0 Trade and other receivables \u2013 \u2013 \u2013 98.1 98.1 \u2013 \u2013 \u2013 703.1 703.1 Total assets backing unit-linked liabilities 7,515.6 1,812.6 22.8 703.1 10,054.1 Unit-linked liabilities 9,996.1 48.7 \u2013 9.3 10,054.1 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Not at fair value \u00a3m Total \u00a3m Assets backing unit-linked liabilities Financial assets at fair value through profit or loss: Debt securities 2,130.6 1,547.2 \u2013 \u2013 3,677.8 Pooled investment vehicles 3,654.5 \u2013 22.9 \u2013 3,677.4 Equities 4,952.6 10.8 \u2013 \u2013 4,963.4 Derivative contracts 62.8 40.0 \u2013 \u2013 102.8 10,800.5 1,598.0 22.9 \u2013 12,421.4 Financial assets at amortised cost: Cash and cash equivalents \u2013 \u2013 \u2013 911.7 911.7 Trade and other receivables \u2013 \u2013 \u2013 130.0 130.0 \u2013 \u2013 \u2013 1,041.7 1,041.7 Total assets backing unit-linked liabilities 10,800.5 1,598.0 22.9 1,041.7 13,463.1 Unit-linked liabilities 13,369.6 77.7 \u2013 15.8 13,4 63.1 The fair value of financial instruments not held at fair value approximates their carrying value. No financial assets were transferred between levels during the year (2021: none). Estimates and judgements \u2013 fair value measurements Each instrument has been categorised within one of three levels using a fair value hierarchy (see note 8). Level 1 investments principally comprise quoted equities, investments in pooled investment vehicles, government debt and exchange-traded derivatives. Level 2 investments principally comprise debt securities such as commercial paper and certificates of deposit. Level 3 investments principally compromise investments in private equity funds. There are no assumptions that are individually significant or reasonably possible alternatives that would lead to a material change in fair value. Movements in financial assets categorised as level 3 during the year were: 2022 \u00a3m 2021 \u00a3m At 1 January 22.9 28.1 Exchange translation adjustments 0.6 (1.1) Net gain recognised in the income statement 5.6 10.4 Disposals (6.3) (14.5) At 31 December 22.8 22.9 ",
"dimensions": {
"concept": "schrodersplc:DisclosureOfUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "The Group operates a unit-linked life assurance business through the wholly owned subsidiary Schroder Pension Management Limited (the Life Company). The Life Company provides investment products through a life assurance wrapper. The investment products do not provide cover for insurance risk and are therefore recognised and accounted for as financial instruments and presented as financial liabilities due to Life Company investors (policyholders) within unit-linked liabilities. The investment product is almost identical to a unit trust. As it is a life assurance product, the contractual rights and obligations of the investments remain with the Group and the AUM is therefore included on the statement of financial position, together with the liability to investors. The Group earns fee income from managing the investment, which is included in revenue. Financial assets and liabilities held by the Life Company are measured at FVTPL. Other balances include cash and receivables, which are measured at amortised cost (see note 8). The Life Company\u2019s assets are regarded as current assets as they represent the amount available to Life Company investors (or third party investors in consolidated funds) who are able to withdraw their funds on call, subject to certain restrictions in the case of illiquidity. Gains and losses from assets and liabilities held to cover investor obligations are attributable to investors in the Life Company or third party investors in the funds. As a result, any gain or loss is offset by a change in the obligation to investors. ",
"dimensions": {
"concept": "schrodersplc:DescriptionOfAccountingPolicyForUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "15. Trade and other payables Trade and other payables includes amounts the Group is due to pay in the normal course of business, accruals and deferred income (being fees received in advance of services provided as well as deferred cash awards), and bullion deposits by customers. Trade and other payables, other than deferred cash awards and bullion deposits, are recorded initially at fair value and subsequently at amortised cost (see note 8). Amounts due to be paid by the Group in the normal course of business are made up of creditors and accruals. Accruals represent costs, including remuneration, that are not yet billed or due for payment, but for which the goods or services have been received. Deferred cash awards (being deferred employee remuneration payable in cash), and bullion deposits by customers are recorded at fair value. 2022 2021 Non-current \u00a3m Current \u00a3m Total \u00a3m Non-current \u00a3m Current \u00a3m Total \u00a3m Trade and other payables at amortised cost: Settlement accounts \u2013 96.6 96.6 \u2013 138.2 138.2 Trade creditors \u2013 14.7 14.7 \u2013 8.8 8.8 Social security 19.5 88.6 108.1 28.4 86.5 114.9 Accruals and deferred income 22.3 568.6 590.9 18.5 619.7 638.2 Other payables \u2013 24.3 24.3 \u2013 14.7 14.7 41.8 792.8 834.6 46.9 867.9 914.8 Trade and other payables at fair value: Deferred cash awards 52.8 159.5 212.3 80.6 117.4 198.0 Bullion deposits by customers \u2013 2.6 2.6 \u2013 2.2 2.2 52.8 162.1 214.9 80.6 119.6 200.2 Total trade and other payables 94.6 954.9 1,049.5 127. 5 987.5 1,115.0 The fair value of trade and other payables held at amortised cost approximates their carrying value. The fair value of bullion deposits by customers is derived from level 1 inputs (see note 8). The fair value of deferred cash awards is derived from level 1 inputs, being equal to the fair value of the units in funds to which the employee award is linked. The Group\u2019s trade and other payables contractually mature in the following time periods: 2022 \u00a3m 2021 \u00a3m Less than 1 year 1 954.9 987.5 1 \u2013 2 years 46.8 65.4 2 \u2013 5 years 45.8 60.3 More than 5 years 2.0 1.8 94.6 127. 5 1,049.5 1,115.0 1. Settlement accounts are generally settled within four working days (2021: four working days) and trade creditors have an average settlement period of 24 working days (2021: 20 working days). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-456": {
"value": "Trade and other payables includes amounts the Group is due to pay in the normal course of business, accruals and deferred income (being fees received in advance of services provided as well as deferred cash awards), and bullion deposits by customers. Trade and other payables, other than deferred cash awards and bullion deposits, are recorded initially at fair value and subsequently at amortised cost (see note 8). Amounts due to be paid by the Group in the normal course of business are made up of creditors and accruals. Accruals represent costs, including remuneration, that are not yet billed or due for payment, but for which the goods or services have been received. Deferred cash awards (being deferred employee remuneration payable in cash), and bullion deposits by customers are recorded at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "16. Provisions and contingent liabilities Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore usually require the use of estimates. They are recognised when three conditions are fulfilled: when the Group has a present obligation (legal or constructive) as a result of a past event; when it is probable that the Group will incur a loss in order to settle the obligation; and when a reliable estimate can be made of the amount of the obligation. They are recorded at the Group\u2019s best estimate of the cost of settling the obligation. Any differences between those estimates and the amounts for which the Group actually becomes liable are taken to the income statement as additional charges where the Group has underestimated and credits where the Group has overestimated. Where the estimated timing and settlement is longer term, the amount is discounted using a rate reflecting specific risks associated with the provision. Contingent liabilities are potential liabilities, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed where significant and are not included within the statement of financial position. Dilapidations \u00a3m Legal, regulatory and other \u00a3m Total \u00a3m At 1 January 2022 15.2 11.6 26.8 Exchange translation adjustments 0.3 0.2 0.5 Provisions utilised \u2013 (2.1) (2.1) Provisions charged 0.3 1.6 1.9 Provisions released \u2013 (4.1) (4.1) Additions 2.4 \u2013 2.4 At 31 December 2022 18.2 7. 2 25.4 Dilapidations \u00a3m Legal, regulatory and other \u00a3m Total \u00a3m Current \u2013 2022 1.0 2.5 3.5 Non-current \u2013 2022 17.2 4.7 21.9 18.2 7.2 25.4 Current \u2013 2021 1.0 4.6 5.6 Non-current \u2013 2021 14.2 7.0 21.2 15.2 11.6 26.8 The Group\u2019s provisions are expected to mature in the following time periods: 2022 \u00a3m 2021 \u00a3m Less than 1 year 3.5 5.6 1 \u2013 2 years 5.7 8.2 2 \u2013 5 years 2.7 0.8 More than 5 years 13.5 12.2 21.9 21.2 25.4 26.8 Dilapidation provisions associated with the Group\u2019s office leases have a weighted average maturity of 13 years (2021: 13 years). Legal and regulatory obligations associated with the Group\u2019s business arise from past events that are estimated to crystallise mainly within two years (2021: two years). These matters are ongoing. Estimates and judgements The timing and amount of settlement of each legal claim or potential claim, regulatory matter and constructive obligation is uncertain. The Group applies judgement to determine whether a provision is required. The Group performs an assessment of the timing and amount of each event and reviews this assessment periodically. For some provisions there is greater certainty as the cash flows have largely been determined. Potential legal claims, regulatory related costs and other obligations to third parties arise as a consequence of normal business activity. They can arise from actual or alleged breaches of obligations and may be covered by the Group\u2019s insurance arrangements, but subject to insurance excess. In certain circumstances, legal and regulatory claims can arise despite there being no error or breach. The Group\u2019s risk management and compliance procedures are designed to mitigate, but are not able to eliminate, the risk of losses occurring. Where such claims and costs arise there is often uncertainty over whether a payment will be required and estimation is required in determining the quantum and timing of that payment. As a result, there is also uncertainty over the timing and amount of any insurance recovery, although this does not change the likelihood of insurance cover being available, where applicable. The Group makes periodic assessments of all cash flows, including taking external advice where appropriate, to determine an appropriate provision. Some matters may be settled through commercial negotiation as well as being covered in whole or in part by the Group\u2019s insurance arrangements. The Group has made provisions based on the reasonable expectation of likely outflows. The inherent uncertainty in such matters and the results of negotiations and insurance cover may result in different outcomes. There are no key judgements or estimates that would result in any additional material provisions being recognised or any material contingent liabilities being disclosed in the financial statements (2021: none). The provisions included in the financial statements at 31 December 2022 are based on estimates of reasonable ranges of likely outcomes, applying assumptions regarding the probability of payments being due and the settlement value. The aggregate reasonable ranges have been assessed as not materially different to the carrying values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "16. Provisions and contingent liabilities Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore usually require the use of estimates. They are recognised when three conditions are fulfilled: when the Group has a present obligation (legal or constructive) as a result of a past event; when it is probable that the Group will incur a loss in order to settle the obligation; and when a reliable estimate can be made of the amount of the obligation. They are recorded at the Group\u2019s best estimate of the cost of settling the obligation. Any differences between those estimates and the amounts for which the Group actually becomes liable are taken to the income statement as additional charges where the Group has underestimated and credits where the Group has overestimated. Where the estimated timing and settlement is longer term, the amount is discounted using a rate reflecting specific risks associated with the provision. Contingent liabilities are potential liabilities, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed where significant and are not included within the statement of financial position. Dilapidations \u00a3m Legal, regulatory and other \u00a3m Total \u00a3m At 1 January 2022 15.2 11.6 26.8 Exchange translation adjustments 0.3 0.2 0.5 Provisions utilised \u2013 (2.1) (2.1) Provisions charged 0.3 1.6 1.9 Provisions released \u2013 (4.1) (4.1) Additions 2.4 \u2013 2.4 At 31 December 2022 18.2 7. 2 25.4 Dilapidations \u00a3m Legal, regulatory and other \u00a3m Total \u00a3m Current \u2013 2022 1.0 2.5 3.5 Non-current \u2013 2022 17.2 4.7 21.9 18.2 7.2 25.4 Current \u2013 2021 1.0 4.6 5.6 Non-current \u2013 2021 14.2 7.0 21.2 15.2 11.6 26.8 The Group\u2019s provisions are expected to mature in the following time periods: 2022 \u00a3m 2021 \u00a3m Less than 1 year 3.5 5.6 1 \u2013 2 years 5.7 8.2 2 \u2013 5 years 2.7 0.8 More than 5 years 13.5 12.2 21.9 21.2 25.4 26.8 Dilapidation provisions associated with the Group\u2019s office leases have a weighted average maturity of 13 years (2021: 13 years). Legal and regulatory obligations associated with the Group\u2019s business arise from past events that are estimated to crystallise mainly within two years (2021: two years). These matters are ongoing. Estimates and judgements The timing and amount of settlement of each legal claim or potential claim, regulatory matter and constructive obligation is uncertain. The Group applies judgement to determine whether a provision is required. The Group performs an assessment of the timing and amount of each event and reviews this assessment periodically. For some provisions there is greater certainty as the cash flows have largely been determined. Potential legal claims, regulatory related costs and other obligations to third parties arise as a consequence of normal business activity. They can arise from actual or alleged breaches of obligations and may be covered by the Group\u2019s insurance arrangements, but subject to insurance excess. In certain circumstances, legal and regulatory claims can arise despite there being no error or breach. The Group\u2019s risk management and compliance procedures are designed to mitigate, but are not able to eliminate, the risk of losses occurring. Where such claims and costs arise there is often uncertainty over whether a payment will be required and estimation is required in determining the quantum and timing of that payment. As a result, there is also uncertainty over the timing and amount of any insurance recovery, although this does not change the likelihood of insurance cover being available, where applicable. The Group makes periodic assessments of all cash flows, including taking external advice where appropriate, to determine an appropriate provision. Some matters may be settled through commercial negotiation as well as being covered in whole or in part by the Group\u2019s insurance arrangements. The Group has made provisions based on the reasonable expectation of likely outflows. The inherent uncertainty in such matters and the results of negotiations and insurance cover may result in different outcomes. There are no key judgements or estimates that would result in any additional material provisions being recognised or any material contingent liabilities being disclosed in the financial statements (2021: none). The provisions included in the financial statements at 31 December 2022 are based on estimates of reasonable ranges of likely outcomes, applying assumptions regarding the probability of payments being due and the settlement value. The aggregate reasonable ranges have been assessed as not materially different to the carrying values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-488": {
"value": "Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore usually require the use of estimates. They are recognised when three conditions are fulfilled: when the Group has a present obligation (legal or constructive) as a result of a past event; when it is probable that the Group will incur a loss in order to settle the obligation; and when a reliable estimate can be made of the amount of the obligation. They are recorded at the Group\u2019s best estimate of the cost of settling the obligation. Any differences between those estimates and the amounts for which the Group actually becomes liable are taken to the income statement as additional charges where the Group has underestimated and credits where the Group has overestimated. Where the estimated timing and settlement is longer term, the amount is discounted using a rate reflecting specific risks associated with the provision. Contingent liabilities are potential liabilities, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed where significant and are not included within the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-484": {
"value": "Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore usually require the use of estimates. They are recognised when three conditions are fulfilled: when the Group has a present obligation (legal or constructive) as a result of a past event; when it is probable that the Group will incur a loss in order to settle the obligation; and when a reliable estimate can be made of the amount of the obligation. They are recorded at the Group\u2019s best estimate of the cost of settling the obligation. Any differences between those estimates and the amounts for which the Group actually becomes liable are taken to the income statement as additional charges where the Group has underestimated and credits where the Group has overestimated. Where the estimated timing and settlement is longer term, the amount is discounted using a rate reflecting specific risks associated with the provision. Contingent liabilities are potential liabilities, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed where significant and are not included within the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "17. Derivative contracts (a) The Group\u2019s use of derivatives The Group holds derivatives for risk management, client facilitation and within its consolidated structured entities to provide exposure to market returns. The Group most commonly uses forward foreign exchange contracts, where it agrees to buy or sell specified amounts of a named currency at a future date, allowing the Group to effectively fix exchange rates so that it can avoid unpredictable gains and losses on financial instruments in foreign currency assets and liabilities. The Group uses futures, total return swaps and credit default swaps to hedge market-related gains and losses on its seed capital investments where the purpose of investing is to help establish a new product rather than gain additional market exposure. Interest rate contracts are used to hedge exposures to fixed or floating rates of interest. The Group designates certain derivatives as hedges of a net investment in a foreign operation. In these scenarios, and where relevant conditions are met, hedge accounting is applied and the Group formally documents the relationship between the derivative and any hedged item, its risk management objectives and its strategy for undertaking the various hedging transactions. It also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair value of hedged items. In respect of hedges of a net investment in a foreign operation, the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised directly in other comprehensive income. The Group\u2019s net investment hedges are generally fully effective, but any ineffective portion that may arise is recognised in the income statement. On disposal of the foreign operation, together with the hedged gain or loss, the cumulative gain or loss on the hedging instrument is transferred to the income statement. Risk management: the Group actively seeks to limit and manage its exposures to risk where that exposure is not desired by the Group. This may take the form of unwanted exposures to a particular currency, type of interest rate or other price risk. By entering into derivative contracts, the Group is able to mitigate or eliminate such exposures. The principal risks that the Group faces through such use of derivative contracts is credit risk and liquidity risk. Client facilitation: the Group\u2019s Wealth Management entities are involved in providing portfolio management, banking and investment advisory services, primarily to private clients. In carrying out this business, they transact as agent or as principal in financial assets and liabilities (including derivatives) in order to facilitate client portfolio requirements. Wealth Management\u2019s policy is to hedge, as appropriate, market risk on its client facilitation positions. This does not eliminate credit risk. For details of how the Group manages its exposure to credit risk, see below and note 18. (b) Derivatives used by the Group Forwards are contractual obligations to buy or sell foreign currency on a future date at a specified exchange rate. The maximum exposure to credit risk is represented by the fair value of the contracts. Currency, interest rate, total return and credit default swaps are commitments to exchange one set of cash flows for another. Swaps result in an economic exchange of currencies, interest rates or total returns (for example, fixed rate for floating rate) or a combination of these (i.e. cross-currency interest rate swaps). No exchange of principal takes place, except in the case of certain currency swaps. The Group\u2019s credit risk represents the potential cost of replacing the swap contracts if counterparties fail to perform their obligations. This risk is monitored on an ongoing basis with reference to the current fair value, the proportion of the notional amount of the contracts, and the liquidity of the market. To control the level of credit risk taken, the Group assesses counterparties in accordance with its internal policies and procedures. Futures contracts are standardised contracts to buy or sell specified assets for an agreed price at a specified future date. Contracts are negotiated at a futures exchange, which acts as an intermediary between the two parties. For futures contracts, the maximum exposure to credit risk is represented by the fair value of the contracts. The fair value of derivative instruments becomes favourable (assets) or unfavourable (liabilities) as a result of fluctuations in market interest rates, indices, foreign exchange rates and other relevant variables relative to their terms. The aggregate contractual amount of derivative financial instruments held, the extent to which instruments are favourable or unfavourable, and thus the aggregate fair values of derivative financial assets and liabilities, can fluctuate significantly from time to time. The fair values and contractual maturities are set out below: 2022 2021 Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Equity contracts 6.4 (4.7) 59.7 (71.7) Forward foreign exchange contracts 16.5 (23.6) 18.1 (16.6) 22.9 (28.3) 77.8 (88.3) 2022 2021 Assets \u00a3m Liabilities \u00a3m Assets \u00a3m Liabilities \u00a3m Net-settled derivative contracts 1 maturing/repricing2 in: Less than 1 year 6.4 (4.7) 59.7 (71.7) 6.4 (4.7) 59.7 (71.7) Gross-settled derivatives3 maturing/repricing2 in less than 1 year: Gross inflows 983.5 874.1 1,066.9 953.0 Gross outflows (967.6) (897.2) (1,048.9) (969.7) Difference between future contractual cash flows and fair value 0.6 (0.5) 0.1 0.1 16.5 (23.6) 18.1 (16.6) 22.9 (28.3) 77.8 (88.3) 1. Equity contracts. 2. Whichever is earlier. 3. Forward foreign exchange contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "The Group holds derivatives for risk management, client facilitation and within its consolidated structured entities to provide exposure to market returns. The Group most commonly uses forward foreign exchange contracts, where it agrees to buy or sell specified amounts of a named currency at a future date, allowing the Group to effectively fix exchange rates so that it can avoid unpredictable gains and losses on financial instruments in foreign currency assets and liabilities. The Group uses futures, total return swaps and credit default swaps to hedge market-related gains and losses on its seed capital investments where the purpose of investing is to help establish a new product rather than gain additional market exposure. Interest rate contracts are used to hedge exposures to fixed or floating rates of interest. The Group designates certain derivatives as hedges of a net investment in a foreign operation. In these scenarios, and where relevant conditions are met, hedge accounting is applied and the Group formally documents the relationship between the derivative and any hedged item, its risk management objectives and its strategy for undertaking the various hedging transactions. It also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair value of hedged items. In respect of hedges of a net investment in a foreign operation, the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised directly in other comprehensive income. The Group\u2019s net investment hedges are generally fully effective, but any ineffective portion that may arise is recognised in the income statement. On disposal of the foreign operation, together with the hedged gain or loss, the cumulative gain or loss on the hedging instrument is transferred to the income statement. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "18. Financial instrument risk management The Group Capital Committee is responsible for the management of the Group\u2019s capital and sets objectives for how it is deployed. This note explains how the Group manages its capital, setting out the nature of the risks the Group faces as a result of its operations, and how these risks are quantified and managed. The Group is exposed to different forms of financial instrument risk including: (i) the risk that money owed to the Group will not be received (credit risk); (ii) the risk that the Group may not have sufficient cash available to pay its creditors as they fall due (liquidity risk); and (iii) the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and foreign exchange rates (market risk). The management of such risks is embedded in managerial responsibilities fundamental to the wellbeing of the Group. The Group\u2019s primary exposure to financial instrument risk is derived from the financial instruments that it holds as principal. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impact on investment management and other fees that are determined on the basis of a percentage of AUM and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This note deals only with the direct or primary exposure of the risks from the Group\u2019s holding of financial instruments. The Life Company provides unit-linked investment products through a life assurance wrapper. The financial risks of these products are largely borne by the third party investors, consistent with other investment products managed by the Group. However, since the Life Company, which is a subsidiary, issues the investment instrument and holds the relevant financial assets, both the investments and the third party obligations are recorded in the statement of financial position. Financial instrument risk management disclosures in respect of the Life Company\u2019s financial instruments are set out in note 14. (a) Capital The Group\u2019s approach to capital management is to maintain a strong capital position to enable it to invest in the future of the Group, in line with its strategy, and to support the risks inherent in conducting its business. Capital management is an important part of the Group\u2019s risk management framework and is underpinned by the Internal Capital Adequacy Assessment Process (ICAAP). The ICAAP considers the relevant current and future risks to the business and the capital considered necessary to support these risks. The Group actively monitors its capital base to ensure it maintains sufficient and appropriate capital resources to cover the relevant risks to the business and to meet consolidated and local regulatory and working capital requirements. The Group\u2019s lead regulator is the Prudential Regulation Authority as the Group includes an entity with a UK banking licence. The Group is required to maintain adequate capital resources to meet its Total Capital Requirement (TCR) of \u00a31,022 million (2021: \u00a3937 million). The TCR incorporates the Group\u2019s Pillar 1 regulatory capital requirement of \u00a3862 million (2021: \u00a3769 million). In addition to the TCR of the banking group, the Group is required to hold additional capital of \u00a3323 million (2021: \u00a3282 million) in respect of its insurance companies and regulatory buffers. The Group\u2019s overall regulatory capital requirement was \u00a31,346 million at 31 December 2022 (2021: \u00a31,220 million). In managing the Group\u2019s capital position, the Group considers the composition of the capital base, which consists of: working capital deployed to support the Group\u2019s general operating activities and regulatory requirements; investment capital held in excess of these operating requirements; and other items that are not investible or otherwise available to meet the Group\u2019s operating or regulatory requirements. The table below shows the components of our capital position: 2022 \u00a3m 2021 \u00a3m Working capital \u2013 regulatory and other 1,538 1,403 Working capital \u2013 seed and co-investment 512 666 Investment capital \u2013 liquid 127 780 Investment capital \u2013 illiquid 57 58 Other items 2,246 1,519 Total equity 4,480 4,426 (i) Working capital The Group\u2019s policy is for subsidiaries to hold sufficient working capital to meet their regulatory and other operating requirements. Operating capital principally comprises cash and cash equivalents and other low-risk financial instruments, as well as financial instruments held to hedge fair value movements on certain deferred fund awards. Local regulators oversee the activities of, and impose minimum capital and liquidity requirements on certain Group operating entities. The Group complied with all externally imposed regulatory capital requirements during the year. Other investible equity held in excess of operating requirements is transferred to investment capital, which is managed centrally in accordance with limits approved by the Board. Working capital is also deployed through certain subsidiaries to support new investment strategies and growth opportunities and to co-invest alongside the Group\u2019s clients. (ii) Investment capital Available capital held in excess of working capital requirements is transferred to investment capital. Investment capital is managed with the aim of achieving a low-volatility return. Liquid investments are available to support the organic development of existing and new business strategies and to respond to other investment and growth opportunities as they arise, such as acquisitions. Investment capital also includes certain commercial private equity investments and illiquid legacy investments. (iii) Other items Other items comprise assets that are not investible or available to meet the Group\u2019s general operating or regulatory requirements. It includes assets that are actually or potentially inadmissible for regulatory capital purposes, principally goodwill, intangible assets, minority interest in certain subsidiaries and pension scheme surplus. The tables below provide a detailed breakdown of the Group\u2019s capital in accordance with IFRS 9: 2022 Financial instruments at amortised cost \u00a3m Financial assets at fair value through other comprehensive income \u00a3m Liabilities to purchase subsidiary shares \u00a3m Financial instruments at fair value through profit or loss 1 \u00a3m Non-financial instruments \u00a3m Total \u00a3m Assets Cash and cash equivalents 4,440.3 \u2013 \u2013 \u2013 \u2013 4,440.3 Trade and other receivables 804.4 \u2013 \u2013 \u2013 92.1 896.5 Financial assets: Loans and advances to banks 122.8 \u2013 \u2013 \u2013 \u2013 122.8 Loans and advances to clients 615.6 \u2013 \u2013 \u2013 \u2013 615.6 Debt securities 263.9 591.9 \u2013 148.1 \u2013 1,003.9 Pooled investment vehicles \u2013 \u2013 \u2013 702.2 \u2013 702.2 Equities \u2013 \u2013 \u2013 202.9 \u2013 202.9 Derivatives \u2013 \u2013 \u2013 22.9 \u2013 22.9 Associates and joint ventures \u2013 \u2013 \u2013 \u2013 497.7 497.7 Property, plant and equipment \u2013 \u2013 \u2013 \u2013 524.1 524.1 Goodwill and intangible assets \u2013 \u2013 \u2013 \u2013 1,929.5 1,929.5 Deferred tax \u2013 \u2013 \u2013 \u2013 185.8 185.8 Retirement benefit scheme surplus \u2013 \u2013 \u2013 \u2013 136.3 136.3 Assets backing unit-linked liabilities 703.1 \u2013 \u2013 9,351.0 \u2013 10,054.1 Total assets 6,950.1 591.9 \u2013 10,427.1 3,365.5 21,334.6 Liabilities Trade and other payables 726.5 \u2013 \u2013 212.3 110.7 1,049.5 Financial liabilities 4,595.9 \u2013 218.7 325.5 \u2013 5,140.1 Current tax \u2013 \u2013 \u2013 \u2013 73.1 73.1 Lease liabilities 361.0 \u2013 \u2013 \u2013 \u2013 361.0 Provisions 25.4 \u2013 \u2013 \u2013 \u2013 25.4 Deferred tax \u2013 \u2013 \u2013 \u2013 138.9 138.9 Retirement benefit scheme deficits \u2013 \u2013 \u2013 \u2013 12.8 12.8 Unit-linked liabilities 9.3 \u2013 \u2013 10,044.8 \u2013 10,054.1 Total liabilities 5,718.1 \u2013 218.7 10,582.6 335.5 16,854.9 Capital 4,479.7 1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes \u00a310,508.8 million of liabilities that are designated at fair value through profit or loss and \u00a383.1 million that are mandatorily measured at fair value through profit or loss. 2021 Financial instruments at amortised cost \u00a3m Financial assets at fair value through other comprehensive income \u00a3m Financial instruments at fair value through profit or loss 1 \u00a3m Non-financial instruments \u00a3m Total \u00a3m Assets Cash and cash equivalents 4,207.3 \u2013 \u2013 \u2013 4,207.3 Trade and other receivables 892.6 \u2013 \u2013 108.3 1,000.9 Financial assets: Loans and advances to banks 153.0 \u2013 \u2013 \u2013 153.0 Loans and advances to clients 614.0 \u2013 \u2013 \u2013 614.0 Debt securities 109.9 409.9 420.6 \u2013 940.4 Pooled investment vehicles \u2013 \u2013 777.0 \u2013 777.0 Equities \u2013 \u2013 570.1 \u2013 570.1 Derivatives \u2013 \u2013 77.8 \u2013 77.8 Associates and joint ventures \u2013 \u2013 \u2013 466.7 466.7 Property, plant and equipment \u2013 \u2013 \u2013 560.0 560.0 Goodwill and intangible assets \u2013 \u2013 \u2013 1,168.5 1,168.5 Deferred tax \u2013 \u2013 \u2013 145.0 145.0 Retirement benefit scheme surplus \u2013 \u2013 \u2013 197.9 197.9 Assets backing unit-linked liabilities 1,041.7 \u2013 12,421.4 \u2013 13,463.1 Total assets 7,018.5 409.9 14,266.9 2,646.4 24,341.7 Liabilities Trade and other payables 799.9 \u2013 198.0 117.1 1,115.0 Financial liabilities 3,822.6 \u2013 971.0 \u2013 4,793.6 Lease liabilities 373.8 \u2013 \u2013 \u2013 373.8 Current tax \u2013 \u2013 \u2013 52.2 52.2 Provisions 26.8 \u2013 \u2013 \u2013 26.8 Deferred tax \u2013 \u2013 \u2013 80.4 80.4 Retirement benefit scheme deficits \u2013 \u2013 \u2013 11.1 11.1 Unit-linked liabilities 15.8 \u2013 13,447.3 \u2013 13,463.1 Total liabilities 5,038.9 \u2013 14,616.3 260.8 19,916.0 Capital 4,425.7 1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes \u00a314,480.0 million of liabilities that are designated at fair value through profit or loss and \u00a3136.3 million that are mandatorily measured at fair value through profit or loss. (b) Credit risk, liquidity risk and market risk The Group is exposed to credit, liquidity and market risk as a result of the financial instruments it holds. Settlement of financial instruments (on both a principal and agency basis) also gives rise to operational risk. The Group\u2019s risk management framework is critical to effective management of these risks and considerable resources are dedicated to this area. Risk management is the direct responsibility of the Board, with responsibility for oversight delegated to the Audit and Risk Committee. The Group applies the three lines of defence model to risk management, which includes financial instrument risk. More details on the risk management framework and approach are set out in the Risk Management report and the Audit and Risk Committee report on pages 40 and 68 respectively. (i) Credit risk Credit risk is the risk that a counterparty to a financial instrument, loan or commitment will cause the Group financial loss by failing to discharge their obligations. For this purpose, the impact on fair value of a credit loss arising from credit spread price changes in a portfolio of investments is excluded. This risk is addressed within pricing risk. The Group has exposure to credit risk from its normal activities where it is exposed to the risk that a counterparty will be unable to pay amounts when due. The Group carefully manages its exposure to credit risk by monitoring exposures to individual counterparties and sectors, monitoring counterparties\u2019 creditworthiness, taking collateral and reducing settlement risk where possible and approving lending policies that specify the type of acceptable collateral and lending margins. The Group\u2019s maximum exposure to credit risk is represented by the gross carrying value of its financial assets. Externally published credit ratings are indicators of the level of credit risk associated with a counterparty. A breakdown of the Group\u2019s relevant financial assets held with rated and unrated counterparties is set out below: Cash and cash equivalents Loans and advances to banks Debt securities 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Credit rating: AAA 230.2 128.0 \u2013 \u2013 317.8 279.7 AA+ 233.9 117.4 9.0 14.8 0.1 76.6 AA 135.9 173.5 \u2013 56.2 11.7 16.9 AA- 2,576.7 2,260.3 41.6 45.0 331.5 286.3 A+ 673.5 898.6 65.2 30.6 112.4 8.4 A 137.2 188.3 7.0 \u2013 47.7 15.7 A- 430.5 391.3 \u2013 6.4 47.4 8.8 BBB+ and lower 22.0 47.5 \u2013 \u2013 99.2 158.0 Not rated 0.4 2.4 \u2013 \u2013 36.1 90.0 4,440.3 4,207.3 122.8 153.0 1,003.9 940.4 Expected credit losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost and all debt instruments that are measured at fair value through other comprehensive income. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. A three stage model is used for calculating expected credit losses, which requires financial assets to be assessed as: \u2022 Performing (stage 1) \u2013 Financial assets where there has been no significant increase in credit risk since original recognition; \u2022 Under-performing (stage 2) \u2013 Financial assets where there has been a significant increase in credit risk since initial recognition, but no default; or, \u2022 Non-performing (stage 3) \u2013 Financial assets that are in default. For financial assets in stage 1, expected credit losses are calculated based on the credit losses that are expected to be incurred over the following 12-month period. For financial assets in stages 2 and 3, expected credit losses are calculated based on credit losses expected to be incurred over the life of the instrument. The Group applies the simplified approach to calculate expected credit losses for trade and other receivables. Under this approach, instruments are not categorised into three stages and expected credit losses are calculated based on the life of the instrument. Wealth Management activities All client credit requests are presented to the relevant Wealth Management approval authorities and counterparty exposures are monitored daily against limits. Loans, overdrafts and advances to clients, as well as certain derivative positions, are secured on a range of assets including real estate (both residential and commercial), cash, client portfolios and life assurance policies. The Group does not usually provide loans, overdrafts or advances to clients on an unsecured basis. Where disposal of non-cash collateral is required, in the event of default, the terms and conditions relevant to the specific contract and country will apply. Portfolios held as collateral are marked to market daily and positions compared to clients\u2019 exposures. Credit limits are set following an assessment of the market value and lending value of each type of collateral, depending on the perceived risk associated with the collateral. Clients are contacted if these limits are expected to be or are breached, or if collateral is not sufficient to cover the outstanding exposure. The collateral accepted by the Group includes certain investment-grade securities that can be sold or repledged without default of the provider. At 31 December 2022, the fair value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was \u00a3813.4 million (2021: \u00a3534.9 million). Policies covering various counterparty and market risk limits are set and monitored by the relevant Wealth Management asset and liability management committees. All instruments held within the Wealth Management treasury book have an investment grade credit rating. Wealth Management takes a conservative approach to its treasury investments, placing them with, or purchasing debt securities issued by, UK and overseas banks and corporates, central banks, supranational banks and sovereigns. Expected credit losses on financial assets at amortised cost within the Wealth Management entities at 31 December 2022 were \u00a30.3 million (2021: \u00a30.3 million). There were no under-performing (stage 2) or non-performing (stage 3) loans and advances to clients (2021: one under- performing (stage 2) loan of \u00a32.9 million and no non-performing (stage 3) loans) giving rise to no expected credit losses (2021: nil). All other financial assets at amortised cost (excluding trade and other receivables to which the three stage model is not applied) were performing (stage 1) (2021: same). Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities at 31 December 2022 were \u00a30.1 million (2021: \u00a30.1 million). All financial assets at fair value through other comprehensive income were performing (stage 1) (2021: same). Other activities Fee debtors and other receivables arise as a result of the Group\u2019s asset management activities and amounts are monitored regularly. Historically, default levels have been insignificant and unless a client has withdrawn its funds, there is an ongoing relationship between the Group and the client. Fee debtors past due but not in default as at 31 December 2022 were \u00a370.0 million (31 December 2021: \u00a348.6 million), the majority of which were less than 90 days past due (31 December 2021: less than 90 days). The Group seeks to manage its exposure to credit risk arising from debt securities and derivatives within the investment portfolio by adopting a conservative approach and through ongoing credit analysis and may hedge some of the credit risk with credit default swaps. Corporate bond portfolios, when in place, have an investment grade mandate, and exposure to sub-investment grade debt is low. Most derivative positions, other than forward foreign exchange contracts and total return swaps, are taken in exchange-traded securities where there is minimal credit risk. Forward foreign exchange positions generally have a maturity between one and three months. The Group\u2019s cash and cash equivalents in the non-Wealth Management entities are held primarily in current accounts, on deposit with well-rated banks, or invested in money market or similar funds. Expected credit losses on financial assets at amortised cost within non-Wealth Management entities at 31 December 2022 were \u00a30.8 million (2021: \u00a30.8 million). All financial assets at amortised cost (excluding trade and other receivables to which the three stage model is not applied) were performing (stage 1) (2021: same). (ii) Liquidity risk Liquidity risk is the risk that the Group cannot meet its obligations as they fall due or can only do so at a cost. The Group has a clearly defined liquidity risk management framework in place in the form of a Consolidated Group Internal Liquidity Adequacy Assessment Process (ILAAP). The Group policy is that its subsidiaries should trade solvently, comply with regulatory liquidity requirements and have access to adequate liquidity for all activities undertaken in the normal course of business. As part of its ILAAP, the Group performs stress testing to confirm that sufficient liquidity is available to cover severe but plausible stress events. Wealth Management activities The principal liquidity risk in the Group\u2019s Wealth Management business arises as a result of its banking activities, where the timing of cash flows from liabilities relating to client accounts can be impacted by client action. The objective of the Group\u2019s liquidity policy is to maintain sufficient liquidity within the relevant entities to meet regulatory and prudential requirements, to cover cash flow imbalances and fluctuations in funding and the timely repayment of funds to depositors. Liquidity positions are actively monitored against both regulatory and internal limits and cash flows are managed so that sufficient liquidity is available to cover potential liquidity risks. The contractual maturity of Wealth Management financial assets and liabilities is set out below: 2022 Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m Total \u00a3m Assets Cash and cash equivalents 3,512.2 \u2013 \u2013 \u2013 3,512.2 Loans and advances to banks 114.0 \u2013 \u2013 \u2013 114.0 Loans and advances to clients 251.1 70.7 293.8 \u2013 615.6 Debt securities 639.5 188.4 \u2013 \u2013 827.9 Other financial assets 8.2 \u2013 \u2013 \u2013 8.2 Total financial assets 4,525.0 259.1 293.8 \u2013 5,07 7.9 Liabilities Client accounts 4,533.2 \u2013 \u2013 \u2013 4,533.2 Deposits by banks 59.4 \u2013 \u2013 \u2013 59.4 Other financial liabilities 10.9 \u2013 \u2013 \u2013 10.9 Total financial liabilities 4,603.5 \u2013 \u2013 \u2013 4,603.5 Cumulative gap (78.5) 180.6 474.4 474.4 474.4 2021 Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m Total \u00a3m Assets Cash and cash equivalents 2,966.0 \u2013 \u2013 \u2013 2,966.0 Loans and advances to banks 147.2 \u2013 \u2013 \u2013 147.2 Loans and advances to clients 236.4 89.8 287.0 0.8 614.0 Debt securities 329.3 164.6 \u2013 \u2013 493.9 Other financial assets 3.4 \u2013 \u2013 \u2013 3.4 Total financial assets 3,682.3 254.4 287.0 0.8 4,224.5 Liabilities Client accounts 3,748.3 \u2013 \u2013 \u2013 3,748.3 Deposits by banks 69.9 \u2013 \u2013 \u2013 69.9 Other financial liabilities 9.1 \u2013 \u2013 \u2013 9.1 Total financial liabilities 3,827. 3 \u2013 \u2013 \u2013 3,827. 3 Cumulative gap (145.0) 109.4 396.4 397.2 397.2 Other activities The Group\u2019s exposure to liquidity risk outside of its Wealth Management activities is low. Excluding the Life Company and consolidated funds, the Asset Management segment along with the Group\u2019s Investment capital and treasury management activities together hold cash and cash equivalents of \u00a3897.6 million (2021: \u00a31,109.5 million). Financial liabilities relating to other operating entities are \u00a3536.6 million (2021: \u00a3966.4 million). The Group has a committed revolving credit facility of \u00a3850.0 million (2021: \u00a3595.0 million), that was put in place in November 2022 (to replace a facility of \u00a3765.0 million that was due to expire on 4 October 2024) and which expires in November 2027. The maximum amount drawn down under the facility was \u00a3225.0 million (2021: nil). The facility was undrawn at 31 December 2022 (31 December 2021: undrawn). (iii) Market risk Market risk is the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and foreign exchange rates. Pricing risk Pricing risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices other than those arising from interest rate risk or currency risk. In respect of financial instrument risk, the Group\u2019s exposure to pricing risk is principally through investments held in investment capital, seed and co-investment capital, deferred employee compensation in the form of fund awards. The Group does not hedge exposures to pricing risk except in relation to seed capital, where it is practical to do so, and in respect of deferred employee compensation awards, where these can be matched by interests in funds managed by the Group. Where financial instruments are held to hedge deferred compensation awards, movements in the fair value of the asset are normally offset by changes in the amounts payable to employees (see note 3). Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates. Wealth Management activities In Wealth Management, interest rate risk is monitored against policies and limits set by the relevant risk committee on a daily basis. Interest rate risk is managed within set limits by matching asset and liability positions and through the use of interest rate swaps. Sensitivity-based and stress-based models are used for monitoring interest rate risk. These models assess the impact of a prescribed shift in interest rates, and the potential impact of severe but plausible stress scenarios. Other activities Cash held by the other operating companies is not normally expected to be placed on deposit for longer than three months and is not exposed to significant interest rate risk. The Group\u2019s capital can include investments in corporate investment-grade bonds managed by the Group\u2019s fixed income fund managers. The market risk (including interest rate risk) exposure of these investments is actively monitored against limits set by the Board. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. Wealth Management activities In Wealth Management, foreign exchange risk is monitored each day against policies and limits set by the relevant risk committees. Foreign exchange risk is managed within set limits by the treasury departments using spot, forward and foreign exchange swap contracts. Other activities The Group\u2019s policy in relation to foreign exchange risks arising from revenue, expenditure and capital currency exposure from its Asset Management activities is generally not to hedge. The Group\u2019s revenue is earned and expenditure incurred in many currencies and the resulting exposure is considered to be a normal part of the Group\u2019s business activities. The Group also has exposure to foreign currency on financial instruments in currencies other than sterling. This has resulted in a \u00a337.7 million loss in the income statement (2021: \u00a311.0 million gain) and a \u00a3148.6 million gain in other comprehensive income (2021: \u00a319.0 million loss). The Group uses forward foreign exchange contracts with third parties to mitigate this exposure. The gain or loss on these contracts is included in the statement of other comprehensive income or the income statement, as appropriate. The use of such instruments is subject to approval by the Group Capital Committee. The sensitivities to market risk at 31 December are estimated as follows: Variable1 2022 2021 A reasonable change in the variable within the next calendar year % Increase/(decrease) in post-tax profit \u00a3m A reasonable change in the variable within the next calendar year % Increase/(decrease) in post-tax profit \u00a3m Interest rates 2 -increase 1.5 14 1.0 2 -decrease (0.5) (5) (0.8) (1) US dollar against sterling -strengthen 20 5 10 3 -weaken (15) (3) (10) (3) Euro against sterling -strengthen 15 2 8 2 -weaken (10) (1) (8) (2) US dollar against Euro -strengthen 10 3 10 3 -weaken (10) (3) (10) (1) FTSE All-Share Index 3 -increase 20 48 20 37 -decrease (20) (48) (20) (37) 1. The underlying assumption is that there is one variable increase/decrease with all other variables held constant. 2. Assumes that the fair value of assets and liabilities will not be affected by a change in interest rates. 3. Assumes that changes in the FTSE All-Share Index correlate to changes in the fair value of the Group\u2019s equity investments. The reasonable changes in variables will have no impact on any other components of equity. These sensitivities concern only the direct impact on financial instruments and exclude indirect impacts on fee income and certain costs that may be affected by changes in the variable. The changes used in the sensitivity analysis were provided by the Group\u2019s Global Economics team who determine reasonable assumptions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "The Group Capital Committee is responsible for the management of the Group\u2019s capital and sets objectives for how it is deployed. This note explains how the Group manages its capital, setting out the nature of the risks the Group faces as a result of its operations, and how these risks are quantified and managed. The Group is exposed to different forms of financial instrument risk including: (i) the risk that money owed to the Group will not be received (credit risk); (ii) the risk that the Group may not have sufficient cash available to pay its creditors as they fall due (liquidity risk); and (iii) the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and foreign exchange rates (market risk). The management of such risks is embedded in managerial responsibilities fundamental to the wellbeing of the Group. The Group\u2019s primary exposure to financial instrument risk is derived from the financial instruments that it holds as principal. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impact on investment management and other fees that are determined on the basis of a percentage of AUM and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This note deals only with the direct or primary exposure of the risks from the Group\u2019s holding of financial instruments. The Life Company provides unit-linked investment products through a life assurance wrapper. The financial risks of these products are largely borne by the third party investors, consistent with other investment products managed by the Group. However, since the Life Company, which is a subsidiary, issues the investment instrument and holds the relevant financial assets, both the investments and the third party obligations are recorded in the statement of financial position. Financial instrument risk management disclosures in respect of the Life Company\u2019s financial instruments are set out in note 14. ",
"dimensions": {
"concept": "schrodersplc:DescriptionOfAccountingPolicyForFinancialInstrumentRiskManagement",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "(a) Capital The Group\u2019s approach to capital management is to maintain a strong capital position to enable it to invest in the future of the Group, in line with its strategy, and to support the risks inherent in conducting its business. Capital management is an important part of the Group\u2019s risk management framework and is underpinned by the Internal Capital Adequacy Assessment Process (ICAAP). The ICAAP considers the relevant current and future risks to the business and the capital considered necessary to support these risks. The Group actively monitors its capital base to ensure it maintains sufficient and appropriate capital resources to cover the relevant risks to the business and to meet consolidated and local regulatory and working capital requirements. The Group\u2019s lead regulator is the Prudential Regulation Authority as the Group includes an entity with a UK banking licence. The Group is required to maintain adequate capital resources to meet its Total Capital Requirement (TCR) of \u00a31,022 million (2021: \u00a3937 million). The TCR incorporates the Group\u2019s Pillar 1 regulatory capital requirement of \u00a3862 million (2021: \u00a3769 million). In addition to the TCR of the banking group, the Group is required to hold additional capital of \u00a3323 million (2021: \u00a3282 million) in respect of its insurance companies and regulatory buffers. The Group\u2019s overall regulatory capital requirement was \u00a31,346 million at 31 December 2022 (2021: \u00a31,220 million). In managing the Group\u2019s capital position, the Group considers the composition of the capital base, which consists of: working capital deployed to support the Group\u2019s general operating activities and regulatory requirements; investment capital held in excess of these operating requirements; and other items that are not investible or otherwise available to meet the Group\u2019s operating or regulatory requirements. The table below shows the components of our capital position: 2022 \u00a3m 2021 \u00a3m Working capital \u2013 regulatory and other 1,538 1,403 Working capital \u2013 seed and co-investment 512 666 Investment capital \u2013 liquid 127 780 Investment capital \u2013 illiquid 57 58 Other items 2,246 1,519 Total equity 4,480 4,426 (i) Working capital The Group\u2019s policy is for subsidiaries to hold sufficient working capital to meet their regulatory and other operating requirements. Operating capital principally comprises cash and cash equivalents and other low-risk financial instruments, as well as financial instruments held to hedge fair value movements on certain deferred fund awards. Local regulators oversee the activities of, and impose minimum capital and liquidity requirements on certain Group operating entities. The Group complied with all externally imposed regulatory capital requirements during the year. Other investible equity held in excess of operating requirements is transferred to investment capital, which is managed centrally in accordance with limits approved by the Board. Working capital is also deployed through certain subsidiaries to support new investment strategies and growth opportunities and to co-invest alongside the Group\u2019s clients. (ii) Investment capital Available capital held in excess of working capital requirements is transferred to investment capital. Investment capital is managed with the aim of achieving a low-volatility return. Liquid investments are available to support the organic development of existing and new business strategies and to respond to other investment and growth opportunities as they arise, such as acquisitions. Investment capital also includes certain commercial private equity investments and illiquid legacy investments. (iii) Other items Other items comprise assets that are not investible or available to meet the Group\u2019s general operating or regulatory requirements. It includes assets that are actually or potentially inadmissible for regulatory capital purposes, principally goodwill, intangible assets, minority interest in certain subsidiaries and pension scheme surplus. The tables below provide a detailed breakdown of the Group\u2019s capital in accordance with IFRS 9: 2022 Financial instruments at amortised cost \u00a3m Financial assets at fair value through other comprehensive income \u00a3m Liabilities to purchase subsidiary shares \u00a3m Financial instruments at fair value through profit or loss 1 \u00a3m Non-financial instruments \u00a3m Total \u00a3m Assets Cash and cash equivalents 4,440.3 \u2013 \u2013 \u2013 \u2013 4,440.3 Trade and other receivables 804.4 \u2013 \u2013 \u2013 92.1 896.5 Financial assets: Loans and advances to banks 122.8 \u2013 \u2013 \u2013 \u2013 122.8 Loans and advances to clients 615.6 \u2013 \u2013 \u2013 \u2013 615.6 Debt securities 263.9 591.9 \u2013 148.1 \u2013 1,003.9 Pooled investment vehicles \u2013 \u2013 \u2013 702.2 \u2013 702.2 Equities \u2013 \u2013 \u2013 202.9 \u2013 202.9 Derivatives \u2013 \u2013 \u2013 22.9 \u2013 22.9 Associates and joint ventures \u2013 \u2013 \u2013 \u2013 497.7 497.7 Property, plant and equipment \u2013 \u2013 \u2013 \u2013 524.1 524.1 Goodwill and intangible assets \u2013 \u2013 \u2013 \u2013 1,929.5 1,929.5 Deferred tax \u2013 \u2013 \u2013 \u2013 185.8 185.8 Retirement benefit scheme surplus \u2013 \u2013 \u2013 \u2013 136.3 136.3 Assets backing unit-linked liabilities 703.1 \u2013 \u2013 9,351.0 \u2013 10,054.1 Total assets 6,950.1 591.9 \u2013 10,427.1 3,365.5 21,334.6 Liabilities Trade and other payables 726.5 \u2013 \u2013 212.3 110.7 1,049.5 Financial liabilities 4,595.9 \u2013 218.7 325.5 \u2013 5,140.1 Current tax \u2013 \u2013 \u2013 \u2013 73.1 73.1 Lease liabilities 361.0 \u2013 \u2013 \u2013 \u2013 361.0 Provisions 25.4 \u2013 \u2013 \u2013 \u2013 25.4 Deferred tax \u2013 \u2013 \u2013 \u2013 138.9 138.9 Retirement benefit scheme deficits \u2013 \u2013 \u2013 \u2013 12.8 12.8 Unit-linked liabilities 9.3 \u2013 \u2013 10,044.8 \u2013 10,054.1 Total liabilities 5,718.1 \u2013 218.7 10,582.6 335.5 16,854.9 Capital 4,479.7 1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes \u00a310,508.8 million of liabilities that are designated at fair value through profit or loss and \u00a383.1 million that are mandatorily measured at fair value through profit or loss. 2021 Financial instruments at amortised cost \u00a3m Financial assets at fair value through other comprehensive income \u00a3m Financial instruments at fair value through profit or loss 1 \u00a3m Non-financial instruments \u00a3m Total \u00a3m Assets Cash and cash equivalents 4,207.3 \u2013 \u2013 \u2013 4,207.3 Trade and other receivables 892.6 \u2013 \u2013 108.3 1,000.9 Financial assets: Loans and advances to banks 153.0 \u2013 \u2013 \u2013 153.0 Loans and advances to clients 614.0 \u2013 \u2013 \u2013 614.0 Debt securities 109.9 409.9 420.6 \u2013 940.4 Pooled investment vehicles \u2013 \u2013 777.0 \u2013 777.0 Equities \u2013 \u2013 570.1 \u2013 570.1 Derivatives \u2013 \u2013 77.8 \u2013 77.8 Associates and joint ventures \u2013 \u2013 \u2013 466.7 466.7 Property, plant and equipment \u2013 \u2013 \u2013 560.0 560.0 Goodwill and intangible assets \u2013 \u2013 \u2013 1,168.5 1,168.5 Deferred tax \u2013 \u2013 \u2013 145.0 145.0 Retirement benefit scheme surplus \u2013 \u2013 \u2013 197.9 197.9 Assets backing unit-linked liabilities 1,041.7 \u2013 12,421.4 \u2013 13,463.1 Total assets 7,018.5 409.9 14,266.9 2,646.4 24,341.7 Liabilities Trade and other payables 799.9 \u2013 198.0 117.1 1,115.0 Financial liabilities 3,822.6 \u2013 971.0 \u2013 4,793.6 Lease liabilities 373.8 \u2013 \u2013 \u2013 373.8 Current tax \u2013 \u2013 \u2013 52.2 52.2 Provisions 26.8 \u2013 \u2013 \u2013 26.8 Deferred tax \u2013 \u2013 \u2013 80.4 80.4 Retirement benefit scheme deficits \u2013 \u2013 \u2013 11.1 11.1 Unit-linked liabilities 15.8 \u2013 13,447.3 \u2013 13,463.1 Total liabilities 5,038.9 \u2013 14,616.3 260.8 19,916.0 Capital 4,425.7 1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes \u00a314,480.0 million of liabilities that are designated at fair value through profit or loss and \u00a3136.3 million that are mandatorily measured at fair value through profit or loss. ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-461": {
"value": "(i) Credit risk Credit risk is the risk that a counterparty to a financial instrument, loan or commitment will cause the Group financial loss by failing to discharge their obligations. For this purpose, the impact on fair value of a credit loss arising from credit spread price changes in a portfolio of investments is excluded. This risk is addressed within pricing risk. The Group has exposure to credit risk from its normal activities where it is exposed to the risk that a counterparty will be unable to pay amounts when due. The Group carefully manages its exposure to credit risk by monitoring exposures to individual counterparties and sectors, monitoring counterparties\u2019 creditworthiness, taking collateral and reducing settlement risk where possible and approving lending policies that specify the type of acceptable collateral and lending margins. The Group\u2019s maximum exposure to credit risk is represented by the gross carrying value of its financial assets. Externally published credit ratings are indicators of the level of credit risk associated with a counterparty. A breakdown of the Group\u2019s relevant financial assets held with rated and unrated counterparties is set out below: Cash and cash equivalents Loans and advances to banks Debt securities 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Credit rating: AAA 230.2 128.0 \u2013 \u2013 317.8 279.7 AA+ 233.9 117.4 9.0 14.8 0.1 76.6 AA 135.9 173.5 \u2013 56.2 11.7 16.9 AA- 2,576.7 2,260.3 41.6 45.0 331.5 286.3 A+ 673.5 898.6 65.2 30.6 112.4 8.4 A 137.2 188.3 7.0 \u2013 47.7 15.7 A- 430.5 391.3 \u2013 6.4 47.4 8.8 BBB+ and lower 22.0 47.5 \u2013 \u2013 99.2 158.0 Not rated 0.4 2.4 \u2013 \u2013 36.1 90.0 4,440.3 4,207.3 122.8 153.0 1,003.9 940.4 Expected credit losses are calculated on all of the Group\u2019s financial assets that are measured at amortised cost and all debt instruments that are measured at fair value through other comprehensive income. Factors considered in determining whether a default has taken place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of specific events that could influence a counterparty\u2019s ability to pay. A three stage model is used for calculating expected credit losses, which requires financial assets to be assessed as: \u2022 Performing (stage 1) \u2013 Financial assets where there has been no significant increase in credit risk since original recognition; \u2022 Under-performing (stage 2) \u2013 Financial assets where there has been a significant increase in credit risk since initial recognition, but no default; or, \u2022 Non-performing (stage 3) \u2013 Financial assets that are in default. For financial assets in stage 1, expected credit losses are calculated based on the credit losses that are expected to be incurred over the following 12-month period. For financial assets in stages 2 and 3, expected credit losses are calculated based on credit losses expected to be incurred over the life of the instrument. The Group applies the simplified approach to calculate expected credit losses for trade and other receivables. Under this approach, instruments are not categorised into three stages and expected credit losses are calculated based on the life of the instrument. Wealth Management activities All client credit requests are presented to the relevant Wealth Management approval authorities and counterparty exposures are monitored daily against limits. Loans, overdrafts and advances to clients, as well as certain derivative positions, are secured on a range of assets including real estate (both residential and commercial), cash, client portfolios and life assurance policies. The Group does not usually provide loans, overdrafts or advances to clients on an unsecured basis. Where disposal of non-cash collateral is required, in the event of default, the terms and conditions relevant to the specific contract and country will apply. Portfolios held as collateral are marked to market daily and positions compared to clients\u2019 exposures. Credit limits are set following an assessment of the market value and lending value of each type of collateral, depending on the perceived risk associated with the collateral. Clients are contacted if these limits are expected to be or are breached, or if collateral is not sufficient to cover the outstanding exposure. The collateral accepted by the Group includes certain investment-grade securities that can be sold or repledged without default of the provider. At 31 December 2022, the fair value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was \u00a3813.4 million (2021: \u00a3534.9 million). Policies covering various counterparty and market risk limits are set and monitored by the relevant Wealth Management asset and liability management committees. All instruments held within the Wealth Management treasury book have an investment grade credit rating. Wealth Management takes a conservative approach to its treasury investments, placing them with, or purchasing debt securities issued by, UK and overseas banks and corporates, central banks, supranational banks and sovereigns. Expected credit losses on financial assets at amortised cost within the Wealth Management entities at 31 December 2022 were \u00a30.3 million (2021: \u00a30.3 million). There were no under-performing (stage 2) or non-performing (stage 3) loans and advances to clients (2021: one under- performing (stage 2) loan of \u00a32.9 million and no non-performing (stage 3) loans) giving rise to no expected credit losses (2021: nil). All other financial assets at amortised cost (excluding trade and other receivables to which the three stage model is not applied) were performing (stage 1) (2021: same). Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities at 31 December 2022 were \u00a30.1 million (2021: \u00a30.1 million). All financial assets at fair value through other comprehensive income were performing (stage 1) (2021: same). Other activities Fee debtors and other receivables arise as a result of the Group\u2019s asset management activities and amounts are monitored regularly. Historically, default levels have been insignificant and unless a client has withdrawn its funds, there is an ongoing relationship between the Group and the client. Fee debtors past due but not in default as at 31 December 2022 were \u00a370.0 million (31 December 2021: \u00a348.6 million), the majority of which were less than 90 days past due (31 December 2021: less than 90 days). The Group seeks to manage its exposure to credit risk arising from debt securities and derivatives within the investment portfolio by adopting a conservative approach and through ongoing credit analysis and may hedge some of the credit risk with credit default swaps. Corporate bond portfolios, when in place, have an investment grade mandate, and exposure to sub-investment grade debt is low. Most derivative positions, other than forward foreign exchange contracts and total return swaps, are taken in exchange-traded securities where there is minimal credit risk. Forward foreign exchange positions generally have a maturity between one and three months. The Group\u2019s cash and cash equivalents in the non-Wealth Management entities are held primarily in current accounts, on deposit with well-rated banks, or invested in money market or similar funds. Expected credit losses on financial assets at amortised cost within non-Wealth Management entities at 31 December 2022 were \u00a30.8 million (2021: \u00a30.8 million). All financial assets at amortised cost (excluding trade and other receivables to which the three stage model is not applied) were performing (stage 1) (2021: same). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-462": {
"value": "(ii) Liquidity risk Liquidity risk is the risk that the Group cannot meet its obligations as they fall due or can only do so at a cost. The Group has a clearly defined liquidity risk management framework in place in the form of a Consolidated Group Internal Liquidity Adequacy Assessment Process (ILAAP). The Group policy is that its subsidiaries should trade solvently, comply with regulatory liquidity requirements and have access to adequate liquidity for all activities undertaken in the normal course of business. As part of its ILAAP, the Group performs stress testing to confirm that sufficient liquidity is available to cover severe but plausible stress events. Wealth Management activities The principal liquidity risk in the Group\u2019s Wealth Management business arises as a result of its banking activities, where the timing of cash flows from liabilities relating to client accounts can be impacted by client action. The objective of the Group\u2019s liquidity policy is to maintain sufficient liquidity within the relevant entities to meet regulatory and prudential requirements, to cover cash flow imbalances and fluctuations in funding and the timely repayment of funds to depositors. Liquidity positions are actively monitored against both regulatory and internal limits and cash flows are managed so that sufficient liquidity is available to cover potential liquidity risks. The contractual maturity of Wealth Management financial assets and liabilities is set out below: 2022 Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m Total \u00a3m Assets Cash and cash equivalents 3,512.2 \u2013 \u2013 \u2013 3,512.2 Loans and advances to banks 114.0 \u2013 \u2013 \u2013 114.0 Loans and advances to clients 251.1 70.7 293.8 \u2013 615.6 Debt securities 639.5 188.4 \u2013 \u2013 827.9 Other financial assets 8.2 \u2013 \u2013 \u2013 8.2 Total financial assets 4,525.0 259.1 293.8 \u2013 5,07 7.9 Liabilities Client accounts 4,533.2 \u2013 \u2013 \u2013 4,533.2 Deposits by banks 59.4 \u2013 \u2013 \u2013 59.4 Other financial liabilities 10.9 \u2013 \u2013 \u2013 10.9 Total financial liabilities 4,603.5 \u2013 \u2013 \u2013 4,603.5 Cumulative gap (78.5) 180.6 474.4 474.4 474.4 2021 Less than 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m More than 5 years \u00a3m Total \u00a3m Assets Cash and cash equivalents 2,966.0 \u2013 \u2013 \u2013 2,966.0 Loans and advances to banks 147.2 \u2013 \u2013 \u2013 147.2 Loans and advances to clients 236.4 89.8 287.0 0.8 614.0 Debt securities 329.3 164.6 \u2013 \u2013 493.9 Other financial assets 3.4 \u2013 \u2013 \u2013 3.4 Total financial assets 3,682.3 254.4 287.0 0.8 4,224.5 Liabilities Client accounts 3,748.3 \u2013 \u2013 \u2013 3,748.3 Deposits by banks 69.9 \u2013 \u2013 \u2013 69.9 Other financial liabilities 9.1 \u2013 \u2013 \u2013 9.1 Total financial liabilities 3,827. 3 \u2013 \u2013 \u2013 3,827. 3 Cumulative gap (145.0) 109.4 396.4 397.2 397.2 Other activities The Group\u2019s exposure to liquidity risk outside of its Wealth Management activities is low. Excluding the Life Company and consolidated funds, the Asset Management segment along with the Group\u2019s Investment capital and treasury management activities together hold cash and cash equivalents of \u00a3897.6 million (2021: \u00a31,109.5 million). Financial liabilities relating to other operating entities are \u00a3536.6 million (2021: \u00a3966.4 million). The Group has a committed revolving credit facility of \u00a3850.0 million (2021: \u00a3595.0 million), that was put in place in November 2022 (to replace a facility of \u00a3765.0 million that was due to expire on 4 October 2024) and which expires in November 2027. The maximum amount drawn down under the facility was \u00a3225.0 million (2021: nil). The facility was undrawn at 31 December 2022 (31 December 2021: undrawn). ",
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"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-463": {
"value": "(iii) Market risk Market risk is the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and foreign exchange rates. Pricing risk Pricing risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices other than those arising from interest rate risk or currency risk. In respect of financial instrument risk, the Group\u2019s exposure to pricing risk is principally through investments held in investment capital, seed and co-investment capital, deferred employee compensation in the form of fund awards. The Group does not hedge exposures to pricing risk except in relation to seed capital, where it is practical to do so, and in respect of deferred employee compensation awards, where these can be matched by interests in funds managed by the Group. Where financial instruments are held to hedge deferred compensation awards, movements in the fair value of the asset are normally offset by changes in the amounts payable to employees (see note 3). Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates. Wealth Management activities In Wealth Management, interest rate risk is monitored against policies and limits set by the relevant risk committee on a daily basis. Interest rate risk is managed within set limits by matching asset and liability positions and through the use of interest rate swaps. Sensitivity-based and stress-based models are used for monitoring interest rate risk. These models assess the impact of a prescribed shift in interest rates, and the potential impact of severe but plausible stress scenarios. Other activities Cash held by the other operating companies is not normally expected to be placed on deposit for longer than three months and is not exposed to significant interest rate risk. The Group\u2019s capital can include investments in corporate investment-grade bonds managed by the Group\u2019s fixed income fund managers. The market risk (including interest rate risk) exposure of these investments is actively monitored against limits set by the Board. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates. Wealth Management activities In Wealth Management, foreign exchange risk is monitored each day against policies and limits set by the relevant risk committees. Foreign exchange risk is managed within set limits by the treasury departments using spot, forward and foreign exchange swap contracts. Other activities The Group\u2019s policy in relation to foreign exchange risks arising from revenue, expenditure and capital currency exposure from its Asset Management activities is generally not to hedge. The Group\u2019s revenue is earned and expenditure incurred in many currencies and the resulting exposure is considered to be a normal part of the Group\u2019s business activities. The Group also has exposure to foreign currency on financial instruments in currencies other than sterling. This has resulted in a \u00a337.7 million loss in the income statement (2021: \u00a311.0 million gain) and a \u00a3148.6 million gain in other comprehensive income (2021: \u00a319.0 million loss). The Group uses forward foreign exchange contracts with third parties to mitigate this exposure. The gain or loss on these contracts is included in the statement of other comprehensive income or the income statement, as appropriate. The use of such instruments is subject to approval by the Group Capital Committee. The sensitivities to market risk at 31 December are estimated as follows: Variable1 2022 2021 A reasonable change in the variable within the next calendar year % Increase/(decrease) in post-tax profit \u00a3m A reasonable change in the variable within the next calendar year % Increase/(decrease) in post-tax profit \u00a3m Interest rates 2 -increase 1.5 14 1.0 2 -decrease (0.5) (5) (0.8) (1) US dollar against sterling -strengthen 20 5 10 3 -weaken (15) (3) (10) (3) Euro against sterling -strengthen 15 2 8 2 -weaken (10) (1) (8) (2) US dollar against Euro -strengthen 10 3 10 3 -weaken (10) (3) (10) (1) FTSE All-Share Index 3 -increase 20 48 20 37 -decrease (20) (48) (20) (37) 1. The underlying assumption is that there is one variable increase/decrease with all other variables held constant. 2. Assumes that the fair value of assets and liabilities will not be affected by a change in interest rates. 3. Assumes that changes in the FTSE All-Share Index correlate to changes in the fair value of the Group\u2019s equity investments. The reasonable changes in variables will have no impact on any other components of equity. These sensitivities concern only the direct impact on financial instruments and exclude indirect impacts on fee income and certain costs that may be affected by changes in the variable. The changes used in the sensitivity analysis were provided by the Group\u2019s Global Economics team who determine reasonable assumptions. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-423": {
"value": "19. Share capital and share premium Share capital primarily comprises the number of issued ordinary shares in Schroders plc multiplied by their nominal value of 20 pence each (2021: \u00a31 each). Share premium substantially represents the aggregate of all amounts that have ever been paid to Schroders plc when it has issued shares. The Company has authority to buyback ordinary shares, restricted by minimum and maximum price caps and a maximum number of shares. Any ordinary shares bought back may be cancelled or held in treasury. Unless renewed, authority will expire at the Company\u2019s next annual general meeting, or on 30 June 2023 if earlier. Number of shares Millions Ordinary shares \u00a3m Non-voting ordinary shares \u00a3m Total shares \u00a3m Share premium \u00a3m At 1 January 2022 282.5 226.0 56.5 282.5 124.2 Enfranchisement of non-voting shares \u2013 56.5 (56.5) \u2013 \u2013 Compensatory Bonus Issue 39.9 39.9 \u2013 39.9 (39.9) Sub-Division of shares 1,289.7 \u2013 \u2013 \u2013 \u2013 At 31 December 2022 1,612 .1 322.4 \u2013 322.4 84.3 On 20 September 2022, the Company completed the simplification of its dual share class structure. All non-voting ordinary shares were re-designated as ordinary shares with full voting rights (Enfranchisement); holders of existing ordinary shares received a bonus issue of three additional ordinary shares for every seventeen held (Compensatory Bonus Issue). Following the Enfranchisement and Compensatory Bonus Issue, each ordinary share of \u00a31 was sub-divided into five ordinary shares of 20 pence (Sub-Division). The Compensatory Bonus Issue resulted in the Company\u2019s share capital increasing by \u00a339.9 million. All 39.9 million bonus shares were fully paid at their nominal value of \u00a31 from the Company\u2019s share premium account. Number of shares Millions Ordinary shares \u00a3m Non-voting ordinary shares \u00a3m Total shares \u00a3m Share premium \u00a3m At 1 January 2021 282.5 226.0 56.5 282.5 124.2 At 31 December 2021 282.5 226.0 56.5 282.5 124.2 2022 Number of shares Millions 2021 Number of shares Millions Issued and fully paid: Ordinary shares of 20p each (2021: \u00a31 each) 1,612.1 226.0 Non-voting ordinary shares (2021: \u00a31 each) \u2013 56.5 1,612.1 282.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-464": {
"value": "Share capital primarily comprises the number of issued ordinary shares in Schroders plc multiplied by their nominal value of 20 pence each (2021: \u00a31 each). Share premium substantially represents the aggregate of all amounts that have ever been paid to Schroders plc when it has issued shares. The Company has authority to buyback ordinary shares, restricted by minimum and maximum price caps and a maximum number of shares. Any ordinary shares bought back may be cancelled or held in treasury. Unless renewed, authority will expire at the Company\u2019s next annual general meeting, or on 30 June 2023 if earlier. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-424": {
"value": "20. Own shares Own shares are recorded by the Group when ordinary shares are acquired by the Company or acquired through employee benefit trusts. This enables the Group to hold some of its shares in treasury to settle option exercises or for other permitted purposes. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest unconditionally or are cancelled, they are transferred from own shares to the profit and loss reserve at their weighted average cost. Movements in own shares during the year were as follows: 2022 \u00a3m 2021 \u00a3m At 1 January (150.2) (159.8) Own shares purchased (120.2) (75.3) Awards vested 85.3 84.9 At 31 December (185.1) (150.2) During the year 4.9 million own shares (2021: 2.1 million own shares) were purchased and held for hedging share-based awards. 3.7 million shares (2021: 3.1 million shares) awarded to employees vested in the period and were transferred out of own shares. The total number of shares in the Company held within the Group\u2019s employee benefit trusts comprise: 2022 2021 1 Number of vested shares Millions Number of unvested shares Millions Total Millions Number of vested shares Millions Number of unvested shares Millions Total Millions Ordinary shares 23.5 37.2 60.7 3.3 5.2 8.5 Non-voting ordinary shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 23.5 37. 2 60.7 3.3 5.2 8.5 1. A simplification of the Company\u2019s dual share class structure took place in 2022 (see note 19). The number of shares in 2021 comparatives have not been restated. Had 2021 been restated the number of vested shares would be 19.4 million and the number of unvested shares would be 30.6 million. 2022 2021 Vested shares \u00a3m Unvested shares \u00a3m Total \u00a3m Vested shares \u00a3m Unvested shares \u00a3m Total \u00a3m Ordinary shares: Cost 107.4 185.1 292.5 83.0 150.0 233.0 Fair value 102.6 162.1 264.7 118.0 185.1 303.1 Non-voting ordinary shares: Cost \u2013 \u2013 \u2013 \u2013 0.2 0.2 Fair value \u2013 \u2013 \u2013 \u2013 0.3 0.3 Total: Cost 107.4 185.1 292.5 83.0 150.2 233.2 Fair value 102.6 162.1 264.7 118.0 185.4 303.4 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "Own shares are recorded by the Group when ordinary shares are acquired by the Company or acquired through employee benefit trusts. This enables the Group to hold some of its shares in treasury to settle option exercises or for other permitted purposes. Own shares are held at cost and their purchase reduces the Group\u2019s net assets by the amount spent. When shares vest unconditionally or are cancelled, they are transferred from own shares to the profit and loss reserve at their weighted average cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-425": {
"value": "21. Reconciliation of net cash from operating activities This note should be read in conjunction with the cash flow statement. It provides a reconciliation to show how profit before tax, which is based on accounting rules, translates to cash flows. 2022 \u00a3m 2021 \u00a3m Profit before tax 586.9 764.1 Adjustments for income statement non-cash movements: Depreciation of property, plant and equipment and amortisation of intangible assets 188.9 162.8 Net loss/(gain) on financial instruments 11.0 (20.5) Share-based payments 68.2 89.5 Net (release)/charge for provisions (2.6) 1.9 Other non-cash movements 1 43.5 (8.0) 309.0 225.7 Adjustments for which the cash effects are investing activities: Interest (income)/expense (5.8) 2.0 Interest expense on lease liabilities 10.6 10.8 Share of profit of associates and joint ventures after amortisation (71.5) (79.3) (66.7) (66.5) Adjustments for statement of financial position movements: Decrease/(increase) in loans and advances within Wealth Management 64.5 (96.1) Decrease/(increase) in trade and other receivables 68.9 (10.5) Increase in deposits and client accounts within Wealth Management 682.7 212.9 (Decrease)/increase in trade and other payables, other financial liabilities and provisions (159.6) 149.4 656.5 255.7 Adjustments for Life Company and consolidated pooled investment vehicles movements: Net decrease/(increase) in financial assets backing unit-linked liabilities 3,102.3 (1,211.5) Net (decrease)/increase in unit-linked liabilities (3,409.0) 1,376.9 Net (decrease)/increase in cash within consolidated pooled investment vehicles (101.3) 84.1 (408.0) 249.5 Tax paid (104.9) (194.3) Net cash from operating activities 972.8 1,234.2 1. Other non-cash movements primarily consist of exchange translation adjustments, before hedging activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-466": {
"value": "This note should be read in conjunction with the cash flow statement. It provides a reconciliation to show how profit before tax, which is based on accounting rules, translates to cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "22. Commitments Commitments represent amounts the Group has contractually committed to pay to third parties but do not yet represent a liability or impact the Group\u2019s financial results for the year. The Group\u2019s commitments primarily relate to investment call commitments, commitments for property, plant and equipment and future leases not yet commenced. The Group sublets a small number of its owned and leased properties where such properties, or parts of such properties, are not required for use by the Group. The table below discloses the commitments sub-lessees have made in respect of such arrangements. These commitments are not recorded on the statement of financial position in advance of the period to which they relate. 2022 No later than 1 year \u00a3m Later than 1 year and no later than 5 years \u00a3m Later than 5 years \u00a3m Total \u00a3m Undrawn loan facilities 15.8 20.8 3.3 39.9 Investment call commitments 59.2 19.9 2.5 81.6 Commitments for property, plant and equipment and leases 4.5 16.8 46.1 67.4 Total commitments 79.5 57. 5 51.9 188.9 Operating leases receivable as lessor (1.0) (2.4) \u2013 (3.4) Net commitments payable 78.5 55.1 51.9 185.5 2021 No later than 1 year \u00a3m Later than 1 year and no later than 5 years \u00a3m Later than 5 years \u00a3m Total \u00a3m Undrawn loan facilities 5.7 56.1 0.3 62.1 Investment call commitments 70.7 20.4 2.1 93.2 Commitments for property, plant and equipment and leases 1.4 5.8 20.6 27.8 Total commitments 77.8 82.3 23.0 183.1 Operating leases receivable as lessor (0.8) (2.4) (0.5) (3.7) Net commitments payable 77.0 79.9 22.5 179.4 Office property sub-leases have a weighted average term of 2 years (2021: 3 years) and rentals are fixed for a weighted average term of 2 years (2021: 3 years). ",
"dimensions": {
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"entity": "scheme:2138001YYBULX5SZ2H24",
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},
"fact-467": {
"value": "Commitments represent amounts the Group has contractually committed to pay to third parties but do not yet represent a liability or impact the Group\u2019s financial results for the year. The Group\u2019s commitments primarily relate to investment call commitments, commitments for property, plant and equipment and future leases not yet commenced. The Group sublets a small number of its owned and leased properties where such properties, or parts of such properties, are not required for use by the Group. The table below discloses the commitments sub-lessees have made in respect of such arrangements. These commitments are not recorded on the statement of financial position in advance of the period to which they relate. ",
"dimensions": {
"concept": "schrodersplc:DescriptionOfAccountingPolicyForCommitments",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "23. Retirement benefit obligations The Group has two principal types of pension benefit for employees: defined benefit (DB), where the Group has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service, and defined contribution (DC), where the Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Accounting for DB schemes requires an assessment of the likely quantum of future pension payments to be made. If ring-fenced assets are held specifically to meet this cost, the scheme is funded, and if not, it is unfunded. The Group periodically reviews its funded DB schemes using actuarial specialists to assess whether it is on course to meet the expected pension payments that current and former employees are, or will be, entitled to. In the case of a projected shortfall, a plan must be formulated to reverse the deficit. The income statement charge or credit represents the sum of pension entitlements earned by employees in the period, plus a notional net interest charge (if the scheme is in deficit) or income (if it is in surplus) based on the market yields on high quality corporate bonds. Experience differences, principally the difference between actual investment returns and the notional interest amount, as well as actuarial changes in estimating the present value of future liabilities, are recorded in other comprehensive income. Assets or liabilities recognised in the statement of financial position represent the differences between the fair value of plan assets (if any) and the actuarially determined estimates of the present value of future liabilities. The Group closed its largest DB scheme to future accrual on 30 April 2011, although it still operates some small unfunded schemes overseas. This means that no future service will contribute to the closed scheme member benefits but those members continue to have the benefits determined by the Scheme rules as at 30 April 2011. The Group\u2019s exposure to funding DC pension schemes is limited to the contributions it has agreed to make. These contributions generally stop when employment ceases. The income statement charge represents the contributions the Group has agreed to make into employees\u2019 pension schemes in that year. The disclosures within this note are provided mainly in respect of the principal DB scheme, which is the DB section of the funded Schroders Retirement Benefits Scheme (the Scheme). The income statement charge for retirement benefit costs is as follows: 2022 \u00a3m 2021 \u00a3m Pension costs \u2013 defined contribution plans 68.4 57.9 Pension credit \u2013 defined benefit plans (2.4) (0.6) Other post-employment benefits 0.1 0.1 66.1 57.4 (a) Profile of the Scheme The Scheme is administered by a trustee company, Schroder Pension Trustee Limited (the Trustee). The board of the Trustee comprises an independent chairman, three directors appointed by the employer and two directors elected by the Scheme members. The Trustee is required by law to act in the interest of all relevant beneficiaries and is responsible for setting the investment strategy and for the day-to-day administration of the benefits. The Trustee\u2019s investment committee comprises four of the Trustee directors and two representatives of the Group. This committee, which reports to the Trustee board, is responsible for making investment strategy recommendations to the board of the Trustee and for monitoring the performance of the investment manager. Under the Scheme, employees are entitled to annual pensions on retirement based on a specified percentage of their final pensionable salary or, in the case of active members at 30 April 2011 (the date the DB section of the Scheme closed for future accrual), actual pensionable salaries at that date, for each year of service. These benefits are adjusted for the effects of inflation, subject to a cap of 2.5% for pensions accrued after 12 August 2007 and 5.0% for pensions accrued before that date. As at 31 December 2022, there were no active members in the DB section (2021: nil) and 2,572 active members in the DC section (2021: 2,249). The weighted average duration of the Scheme\u2019s DB obligation is 13 years (2021: 18 years). The Group expects that the plan liabilities will settle gradually over time until all members have left the plan. On termination of the Scheme, any assets that remain after the Trustee has settled the Scheme\u2019s liabilities will be returned to the Group. Membership details of the DB section of the Scheme as at 31 December are as follows: 2022 2021 Number of deferred members 1,032 1,116 Total deferred pensions (at date of leaving Scheme) \u00a37.1m per annum \u00a37.6m per annum Average age (deferred) 56 55 Number of pensioners 1,029 982 Average age (pensioners) 70 70 Total pensions in payment \u00a322.8m per annum \u00a321.8m per annum (b) Funding requirements The last completed triennial valuation of the Scheme was carried out as at 31 December 2020. The funding level at that date was 107% on the technical provisions basis and no contribution to the Scheme was required. The next triennial valuation is due as at 31 December 2023 and will be performed in 2024. (c) Risks of the Scheme The Company and the Trustee have agreed a long-term strategy for reducing investment risk as and when appropriate. This includes an asset-liability matching policy that aims to reduce the volatility of the funding level of the Scheme by investing in assets that perform in line with the liabilities of the Scheme. The most significant risks to which the Scheme exposes the Group are: Asset volatility The liabilities are calculated using a discount rate set with reference to corporate bond yields. If assets underperform this yield, this will reduce the surplus or may create a deficit. The Group manages this risk by holding 51% (2021: 71%) of Scheme assets in a liability matching portfolio and the remainder in growth assets such as the Schroder Life Diversified Growth Fund. This asset mix is designed to provide returns that match or exceed the unwinding of the discount rate in the long term, but that can create volatility and risk in the short term. The allocation to growth assets is monitored to ensure it remains appropriate given the Scheme\u2019s long-term objectives. Credit risk The assets of the Scheme include liability driven investments (LDI) and other fixed income instruments that expose the Group to credit risk. A significant amount of this exposure is to the UK Government as a result of holding gilts and bonds guaranteed by the UK Government. Other instruments held include derivatives, which are collateralised daily to cover unrealised gains or losses. The minimum rating for any derivatives counterparty is BBB. Interest rate risk A decrease in corporate bond yields will increase the value placed on the Scheme\u2019s liabilities for accounting purposes, although this should be partially offset by an increase in the value of the Scheme\u2019s liability matching portfolio, which comprises gilts, corporate bonds and other LDI instruments. The liability matching investments have been designed to mitigate interest rate exposures measured on a funding rather than an accounting basis. One of the principal differences between these bases is that the liability under the funding basis is calculated using a discount rate set with reference to gilt yields; the latter uses corporate bond yields. As a result, the liability matching portfolio hedges against interest rate risk by purchasing instruments that seek to replicate movements in gilt yields rather than corporate bond yields. Movements in the different types of instrument are not exactly correlated, and it is therefore likely that a tracking error can arise when assessing whether the liability matching portfolio has provided an effective hedge against interest rate risk on an accounting basis. At 31 December 2022, the liability matching portfolio was designed to mitigate 90% (2021: 83%) of the Scheme\u2019s exposure to changes in gilt yields. Inflation risk A significant proportion of the Scheme\u2019s benefit obligations are linked to inflation and higher inflation will lead to higher liabilities. However, in most cases, caps on the level of inflationary increases are in place. The majority of the growth assets are either unaffected by or not closely correlated with inflation, which means that an increase in inflation will also decrease any Scheme surplus. The liability matching portfolio includes instruments such as index-linked gilts to provide protection against inflation risk. At 31 December 2022, the liability matching portfolio was designed to mitigate 90% (2021: 83%) of the Scheme\u2019s exposure to inflation risk. Life expectancy The majority of the Scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liability. (d) Reporting at 31 December The principal financial assumptions used for the Scheme are: 2022 % 2021 % Discount rate 4.8 2.0 RPI inflation rate 3.2 3.3 CPI inflation rate 2.5 2.9 Future pension increases (for benefits earned before 13 August 2007) 3.0 3.2 Future pension increases (for benefits earned after 13 August 2007) 2.0 2.2 Average number of years a current pensioner is expected to live beyond age 60: Years Years Men 28 28 Women 30 30 Average number of years future pensioners currently aged 45 are expected to live beyond age 60: Years Years Men 29 29 Women 30 30 Net interest income is determined by applying the discount rate to the opening net surplus in the Scheme. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that is used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high quality, long dated corporate bonds that are denominated in the currency in which the benefits will be paid. Estimates and judgements The Group estimates the carrying value of the Scheme by applying judgement to determine the assumptions as set out on page 157, used to calculate the valuation of the pension obligation using member data and applying the Scheme rules. The Scheme assets are mainly quoted in an active market. The sensitivity to those assumptions is set out below. The most significant judgemental assumption relates to mortality rates, which are inherently uncertain. The Group\u2019s mortality assumptions are based on standard mortality tables with Continuous Mortality Investigation core projection factors and a long-term rate of mortality improvement of 1.0% (2021: 1.0%) per annum. An additional adjustment, an \u201cA parameter\u201d set to 0.25% (2021: 0.25%) per annum, allows for the typically higher rate of mortality improvement among members of the Scheme compared to general population statistics. The latest base mortality tables have been adopted with no scaling (2021: nil) following a Scheme specific review of the membership data. The Group reviews its assumptions annually in conjunction with its independent actuaries and considers this adjustment appropriate given the geographic and demographic profile of Scheme members. Other assumptions for pension obligations are based in part on current market conditions. The financial impact of the Scheme on the Group has been determined by independent qualified actuaries, Aon Solutions UK Limited, and is based on an assessment of the Scheme as at 31 December 2022. The amounts recognised in the income statement are: 2022 \u00a3m 2021 \u00a3m Interest income on Scheme assets (21.0) (14.8) Interest cost on Scheme liabilities 17.1 12.4 Net interest income recognised in the income statement in respect of the Scheme (3.9) (2.4) Income statement charge in respect of other defined benefit schemes 1.5 1.8 Total defined benefit schemes income statement credit (2.4) (0.6) The amounts recognised in the statement of comprehensive income are: 2022 \u00a3m 2021 \u00a3m Losses/(gains) on Scheme assets in excess of that recognised in interest income 345.2 (20.1) Actuarial gains due to change in demographic assumptions (0.2) (1.0) Actuarial gains due to change in financial assumptions (299.4) (18.6) Actuarial losses due to experience 18.5 11.4 Total other comprehensive loss/(gain) in respect of the Scheme 64.1 (28.3) Other comprehensive loss in respect of other defined benefit schemes 1.9 0.7 Total other comprehensive loss/(gain) in respect of defined benefit schemes 66.0 (27.6) The sensitivity of the Scheme pension liabilities to changes in assumptions are: Assumption Assumption change 2022 2021 Estimated (increase)/ decrease in pension liabilities \u00a3m Estimated (increase)/ decrease in pension liabilities % Estimated (increase)/ decrease in pension liabilities \u00a3m Estimated (increase)/ decrease in pension liabilities % Discount rate Increase by 0.5% per annum 34.4 6.0 66.2 7.6 Discount rate Decrease by 0.5% per annum (39.7) (7.0) (78.3) (9.0) Expected rate of pension increases Increase by 0.5% per annum (26.2) (4.6) (51.5) (5.9) Expected rate of pension increases Decrease by 0.5% per annum 25.6 4.5 51.3 5.5 Life expectancy Increase by one year (20.9) (3.7) (43.6) (4.7) Life expectancy Decrease by one year 20.6 3.6 42.9 4.9 Movements in respect of the assets and liabilities of the Scheme are: 2022 \u00a3m 2021 \u00a3m At 1 January 1,070.6 1,077.2 Interest income 21.0 14.8 Remeasurement of assets (345.2) 20.1 Benefits paid (38.5) (40.5) Administrative expenses1 (1.4) (1.0) Fair value of plan assets 706.5 1,070.6 At 1 January (872.7) (909.0) Interest cost (17.1) (12.4) Actuarial gains due to change in demographic assumptions 0.2 1.0 Actuarial gains due to change in financial assumptions 299.4 18.6 Actuarial losses due to experience (18.5) (11.4) Benefits paid 38.5 40.5 Present value of funded obligations (570.2) (872.7) Net assets 136.3 197.9 1. Following the last completed triennial valuation it was agreed that certain administrative expenses of the scheme would be paid out of the scheme surplus. The approach will be reviewed as part of the next triennial valuation. The Group has not materially changed the basis of any of the principal financial assumptions underlying the calculation of the Scheme\u2019s net financial position during 2022, although such assumptions have been amended where applicable to reflect current market conditions and expectations. The fair values of the Scheme\u2019s plan assets at the year end are: 2022 2021 Value \u00a3m Of which not quoted in an active market \u00a3m Value \u00a3m Of which not quoted in an active market \u00a3m Liability matching investments 358.0 \u2013 752.3 \u2013 Portfolio funds 313.1 92.2 307.3 44.6 Exchange-traded futures and over-the-counter derivatives 10.1 \u2013 (12.3) \u2013 Cash 25.3 \u2013 23.3 \u2013 706.5 92.2 1,070.6 44.6 ",
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"entity": "scheme:2138001YYBULX5SZ2H24",
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"fact-468": {
"value": "The Group has two principal types of pension benefit for employees: defined benefit (DB), where the Group has an obligation to provide participating employees with pension payments that represent a specified percentage of their final salary for each year of service, and defined contribution (DC), where the Group\u2019s contribution to an employee\u2019s pension is measured as, and limited to, a specified percentage of salary. Accounting for DB schemes requires an assessment of the likely quantum of future pension payments to be made. If ring-fenced assets are held specifically to meet this cost, the scheme is funded, and if not, it is unfunded. The Group periodically reviews its funded DB schemes using actuarial specialists to assess whether it is on course to meet the expected pension payments that current and former employees are, or will be, entitled to. In the case of a projected shortfall, a plan must be formulated to reverse the deficit. The income statement charge or credit represents the sum of pension entitlements earned by employees in the period, plus a notional net interest charge (if the scheme is in deficit) or income (if it is in surplus) based on the market yields on high quality corporate bonds. Experience differences, principally the difference between actual investment returns and the notional interest amount, as well as actuarial changes in estimating the present value of future liabilities, are recorded in other comprehensive income. Assets or liabilities recognised in the statement of financial position represent the differences between the fair value of plan assets (if any) and the actuarially determined estimates of the present value of future liabilities. The Group closed its largest DB scheme to future accrual on 30 April 2011, although it still operates some small unfunded schemes overseas. This means that no future service will contribute to the closed scheme member benefits but those members continue to have the benefits determined by the Scheme rules as at 30 April 2011. The Group\u2019s exposure to funding DC pension schemes is limited to the contributions it has agreed to make. These contributions generally stop when employment ceases. The income statement charge represents the contributions the Group has agreed to make into employees\u2019 pension schemes in that year. The disclosures within this note are provided mainly in respect of the principal DB scheme, which is the DB section of the funded Schroders Retirement Benefits Scheme (the Scheme). ",
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"entity": "scheme:2138001YYBULX5SZ2H24",
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"fact-428": {
"value": "24. Share-based payments Share-based payments are remuneration payments to selected employees that take the form of an award of shares in Schroders plc. Employees are generally not able to exercise such awards in full until three years after the award has been made, although conditions vary between different types of award. The accounting for share-based awards settled by transferring shares to the employees (equity-settled) differs from the accounting for similar awards settled in cash (cash-settled). The charge for equity-settled share-based payments is determined based on the fair value of the award on the grant date. Such awards can include share awards that may or may not have performance criteria. The initial fair value of the award takes into account the current value of shares expected to be issued (i.e. estimates of the likely levels of forfeiture and achievement of performance criteria), and the contribution, if required, by the employee. This initial fair value is charged to the income statement reflecting benefits received from employment, where relevant, in the performance period and over the vesting period. The income statement charge is offset by a credit to the statement of changes in equity, where the award is expected to be settled through the issue of shares. Such awards constituted 6.8% (2021: 8.7%) of salaries, wages and other remuneration (see note 3). The Group may make share-based payments to employees through awards over or linked to the value of ordinary shares and by the grant of market value share options over ordinary shares. These arrangements involve a maximum term of ten years. It is the Group\u2019s practice to hedge all awards to eliminate the impact of changes in the market value of shares between the grant date and the exercise date. Awards that lapse or are forfeited during the vesting period result in a credit to the income statement (reversing the previous charge) in the year in which they lapse or are forfeited. The Group recognised total expenses of \u00a368.1 million (2021: \u00a392.1 million) arising from share-based payment transactions during the year, of which \u00a368.2 million (2021: \u00a389.5 million) were equity-settled share-based payment transactions. In 2022, there was \u00a31.1 million of equity settled share based payments included within acquisition costs and related items (2021: \u00a31.5 million). A simplification of the Company\u2019s dual share class structure took place in 2022 (see note 19). The 2021 comparatives have not been restated in this note. The Group has the following share-based payment arrangements (further details of the current schemes may be found in the Remuneration report): (a) Deferred Award Plan Awards over ordinary shares made under the Group\u2019s Deferred Award Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. 2022 Number of ordinary shares Millions 2021 Number of ordinary shares Millions Rights outstanding at 1 January 5.2 3.8 Corporate transaction 35.0 \u2013 Granted 4.5 2.4 Forfeited (0.3) \u2013 Exercised (2.7) (1.0) Rights outstanding at 31 December 41.7 5.2 Vested 11.7 1.5 Unvested 30.0 3.7 The weighted average exercise price per share is nil. A charge of \u00a362.3 million (2021: \u00a379.9 million) was recognised during the year. The table below shows the expected charges for awards issued under the Deferred Award Plan to be expensed in future years: \u00a3m 2023 21.1 2024 8.8 2025+ 5.5 35.4 (b) Equity Compensation Plan Awards over ordinary shares made under the Group\u2019s Equity Compensation Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. 2022 2021 Number of ordinary shares Millions Number of ordinary shares Millions Number of non-voting ordinary shares Millions Rights outstanding at 1 January 2.7 3.5 0.1 Corporate transaction 10.8 \u2013 \u2013 Granted 0.1 0.1 \u2013 Forfeited \u2013 (0.1) \u2013 Exercised (1.3) (0.8) (0.1) Rights outstanding at 31 December 12.3 2.7 \u2013 Vested 8.8 1.4 \u2013 Unvested 3.5 1.3 \u2013 The weighted average exercise price per share is nil. A charge of \u00a31.0 million (2021: \u00a33.7 million) was recognised during the year. The table below shows the expected charges for awards issued under the Equity Compensation Plan to be expensed in future years: \u00a3m 2023 0.1 0.1 (c) Equity Incentive Plan Awards over ordinary shares made under the Group\u2019s Equity Incentive Plan are charged at fair value as operating expenses to the income statement, over a five-year vesting period. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. Awards are structured as nil-cost options. 2022 Number of ordinary shares Millions 2021 Number of ordinary shares Millions Rights outstanding at 1 January 1.0 1.3 Corporate transaction 4.9 \u2013 Granted \u2013 \u2013 Forfeited \u2013 (0.1) Exercised (0.3) (0.2) Rights outstanding at 31 December 5.6 1.0 Vested 3.0 0.5 Unvested 2.6 0.5 The weighted average exercise price per share is nil. A charge of \u00a32.3 million (2021: \u00a33.6 million) was recognised during the year. The table below shows the expected charges for awards issued under the Equity Incentive Plan to be expensed in future years: \u00a3m 2023 2.0 2024 1.3 2025 0.6 3.9 (d) Long Term Incentive Plan Awards over ordinary shares made under the Group\u2019s Long Term Incentive Plan are charged at fair value to the income statement over a four-year vesting period. Fair value is calculated using the market value of the shares at the grant date, discounted for dividends forgone over the vesting period of the award and adjusted based on an estimate at the year-end date of the extent to which the performance conditions are expected to be met. Awards are structured as nil-cost options. 2022 2021 Number of ordinary shares Millions Number of ordinary shares Millions Number of non-voting ordinary shares Millions Rights outstanding at 1 January 0.1 0.1 0.1 Corporate transaction 0.4 \u2013 \u2013 Granted \u2013 \u2013 \u2013 Forfeited \u2013 \u2013 \u2013 Exercised \u2013 \u2013 (0.1) Rights outstanding at 31 December 0.5 0.1 \u2013 Vested 0.1 \u2013 \u2013 Unvested 0.4 0.1 \u2013 The weighted average exercise price per share is nil. A charge of \u00a30.2 million (2021: \u00a30.2 million) was recognised during the year. The table below shows the expected charges for awards issued under the Long Term Incentive Plan to be expensed in future years: \u00a3m 2023 0.1 2024 0.1 2025 0.1 0.3 (e) Share Incentive Plan The employee monthly share purchase plan is open to UK permanent employees and provides free shares from the Group to match the employee purchase of shares up to a maximum of \u00a3100 per month. The shares vest after one year. Pursuant to this plan, the Group purchased 235,042 ordinary shares in 2022 (2021: 64,556). A charge of \u00a32.4 million (2021: \u00a32.1 million) was recognised during the year. (f) Cash-settled share-based awards Certain employees have been awarded cash-settled equivalents to these share-based awards. The fair value of these awards is determined using the same methods and models used to value the equivalent equity-settled awards. The fair value of the liability is remeasured at each balance sheet date and at settlement date. At 31 December 2022, the total carrying value of liabilities arising from cash-settled share-based awards was \u00a34.8 million (2021: \u00a35.6 million). The total intrinsic value at 31 December 2022 of liabilities for which the employee\u2019s right to cash or other assets had vested by that date was \u00a32.7 million (2021: \u00a32.6 million). A credit of \u00a30.1 million (2021: charge of \u00a32.6 million) was recognised during the year. This credit has arisen as the liability was remeasured at the balance sheet date at a share price of \u00a34.36. ",
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},
"fact-469": {
"value": "Share-based payments are remuneration payments to selected employees that take the form of an award of shares in Schroders plc. Employees are generally not able to exercise such awards in full until three years after the award has been made, although conditions vary between different types of award. The accounting for share-based awards settled by transferring shares to the employees (equity-settled) differs from the accounting for similar awards settled in cash (cash-settled). The charge for equity-settled share-based payments is determined based on the fair value of the award on the grant date. Such awards can include share awards that may or may not have performance criteria. The initial fair value of the award takes into account the current value of shares expected to be issued (i.e. estimates of the likely levels of forfeiture and achievement of performance criteria), and the contribution, if required, by the employee. This initial fair value is charged to the income statement reflecting benefits received from employment, where relevant, in the performance period and over the vesting period. The income statement charge is offset by a credit to the statement of changes in equity, where the award is expected to be settled through the issue of shares. Such awards constituted 6.8% (2021: 8.7%) of salaries, wages and other remuneration (see note 3). The Group may make share-based payments to employees through awards over or linked to the value of ordinary shares and by the grant of market value share options over ordinary shares. These arrangements involve a maximum term of ten years. It is the Group\u2019s practice to hedge all awards to eliminate the impact of changes in the market value of shares between the grant date and the exercise date. Awards that lapse or are forfeited during the vesting period result in a credit to the income statement (reversing the previous charge) in the year in which they lapse or are forfeited. Awards over ordinary shares made under the Group\u2019s Deferred Award Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. Awards over ordinary shares made under the Group\u2019s Equity Compensation Plan are charged at fair value as operating expenses in the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the awards. Awards are structured as nil-cost options. Awards over ordinary shares made under the Group\u2019s Equity Incentive Plan are charged at fair value as operating expenses to the income statement, over a five-year vesting period. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. Awards are structured as nil-cost options. Awards over ordinary shares made under the Group\u2019s Long Term Incentive Plan are charged at fair value to the income statement over a four-year vesting period. Fair value is calculated using the market value of the shares at the grant date, discounted for dividends forgone over the vesting period of the award and adjusted based on an estimate at the year-end date of the extent to which the performance conditions are expected to be met. Awards are structured as nil-cost options. The employee monthly share purchase plan is open to UK permanent employees and provides free shares from the Group to match the employee purchase of shares up to a maximum of \u00a3100 per month. The shares vest after one year. Certain employees have been awarded cash-settled equivalents to these share-based awards. The fair value of these awards is determined using the same methods and models used to value the equivalent equity-settled awards. The fair value of the liability is remeasured at each balance sheet date and at settlement date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "25. Related party transactions Transactions between the Group and parties related to the Group are required to be disclosed to the extent that they are necessary for an understanding of the potential effect of the relationship on the financial statements. Other disclosures, such as key management personnel compensation, are also required. The Group is not deemed to be controlled or jointly controlled by a party directly or through intermediaries under the accounting standards. As a result, the related parties of the Group are members of the Group, including associates and joint ventures, key management personnel, close family members of key management personnel and any entity controlled by those parties. Cash transactions with associates or joint ventures are reported in the cash flow statement and in note 9. \u00a324.5 million (2021: \u00a341.3 million) was held in customer accounts in respect of amounts payable to key management personnel or their related parties. Included within loans and advances to clients are amounts due from related parties of \u00a35.9 million (2021: \u00a37.6 million). All related party loans and advances were at commercial rates. Some of the plan assets of the Schroders Retirement Benefit Scheme are invested in products managed by the Life Company (see note 14). At 31 December 2022, the fair value of these assets was \u00a394.4 million (2021: \u00a3127.8 million). Transactions between the Group and its related parties were made at market rates. Any amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. Key management personnel compensation Key management personnel are defined as members of the Board or the Group Management Committee. The remuneration of key management personnel during the year was as follows: Type of remuneration Typical composition of this type of benefit 2022 \u00a3m 2021 \u00a3m Short-term employee benefits Salary and upfront bonus 23.0 29.7 Share-based payments Deferred share awards 12.5 20.4 Other long-term benefits Deferred cash awards 9.5 17.6 Termination benefits Termination benefits \u2013 1.2 Post-employment benefits Pension plans 0.2 0.1 45.2 69.0 The remuneration of key management personnel is based on individual performance and market rates. The remuneration policy (which applies to Directors and management) is described in more detail at www.schroders.com/directors-remuneration-policy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "Transactions between the Group and parties related to the Group are required to be disclosed to the extent that they are necessary for an understanding of the potential effect of the relationship on the financial statements. Other disclosures, such as key management personnel compensation, are also required. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "Key management personnel compensation Key management personnel are defined as members of the Board or the Group Management Committee. The remuneration of key management personnel during the year was as follows: Type of remuneration Typical composition of this type of benefit 2022 \u00a3m 2021 \u00a3m Short-term employee benefits Salary and upfront bonus 23.0 29.7 Share-based payments Deferred share awards 12.5 20.4 Other long-term benefits Deferred cash awards 9.5 17.6 Termination benefits Termination benefits \u2013 1.2 Post-employment benefits Pension plans 0.2 0.1 45.2 69.0 The remuneration of key management personnel is based on individual performance and market rates. The remuneration policy (which applies to Directors and management) is described in more detail at www.schroders.com/directors-remuneration-policy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "26. Interests in structured entities Structured entities are those entities that have been designed so that voting or similar rights are not the dominant factor in deciding who has control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The Group\u2019s interests in consolidated and unconsolidated structured entities are described below. The Group has interests in structured entities as a result of contractual arrangements arising from its principal activity, the management of assets on behalf of its clients. AUM, excluding deposits by Wealth Management clients and some segregated client portfolios held within the Group\u2019s Asset Management business, is managed within structured entities. These structured entities typically consist of investment vehicles such as Open Ended Investment Companies, Authorised Unit Trusts, Limited Partnerships and Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable, which entitle investors to a percentage of the vehicle\u2019s net asset value. The vehicles are financed by the purchase of units or shares by investors. The Group also has interests in structured entities through proprietary investments. These are mainly into vehicles that help facilitate the Group\u2019s stated aim of generating a return on investment capital and when it deploys seed and co-investment capital in developing new investment strategies or as it invests alongside its clients. Additionally, the Group holds interests in structured entities for liquidity management purposes, for example via investments in money market funds. The Group does not guarantee returns on the investments it manages or commit to financially support its structured entities. A small proportion of the Group\u2019s AUM, principally real estate funds, is permitted to raise finance through loans from banks and other financial institutions. Where external finance is raised, the Group does not provide a guarantee for the repayment of any borrowings. The business activity of all structured entities in which the Group has an interest, is the management of assets in order to generate investment returns for investors from capital appreciation and/or investment income. The Group earns a management fee from its structured entities, normally based on a percentage of the entity\u2019s net asset value, committed capital value or gross asset value and, where contractually agreed, a performance fee or carried interest, based on outperformance against predetermined benchmarks. In addition, where the Group owns a proportion of the structured entity it is entitled to receive investment returns. (a) Interests arising from managing assets The Group\u2019s interests in structured entities arising as a result of contractual relationships from its principal activity, the management of assets on behalf of its clients, are reflected in the Group\u2019s AUM excluding associates and joint ventures. 2022 AUM outside of structured entities \u00a3bn AUM within consolidated structured entities \u00a3bn AUM within unconsolidated structured entities \u00a3bn Total \u00a3bn Asset Management 281.8 8.0 228.6 518.4 Wealth Management 88.2 \u2013 9.9 98.1 370.0 8.0 238.5 616.5 2021 AUM outside of structured entities \u00a3bn AUM within consolidated structured entities \u00a3bn AUM within unconsolidated structured entities \u00a3bn Total \u00a3bn Asset Management 293.0 11.2 229.8 534.0 Wealth Management 71.2 \u2013 10.0 81.2 364.2 11.2 239.8 615.2 Certain AUM are managed outside of structured entities. Within Asset Management, this occurs either because it is formed of segregated investment portfolios for institutional clients comprising directly held investments in individual financial instruments, or because the voting structures of the vehicles themselves allow the investment manager to be removed without cause. Within Wealth Management, AUM is not generally considered to be within structured entities as the contractual relationships exist directly with the client rather than with structured entities, for example discretionary and advisory asset management and banking services. In addition, Wealth Management AUM in the form of loans and advances to customers is conducted outside of structured entities. Certain structured entities are deemed to be controlled by the Group and are accounted for as subsidiaries and consolidated in accordance with the accounting standards. AUM within consolidated structured entities represents the net assets of the beneficial interest in the consolidated structured entity owned by third parties. AUM within unconsolidated structured entities constitutes the remaining balance, represented principally by the net asset value of pooled vehicles managed for Intermediary clients, as well as some assets invested in pooled vehicles on behalf of Institutional and Wealth Management clients. The Group\u2019s beneficial interest in structured entities is not included within AUM and is described separately overleaf. The Group has no direct exposure to losses in relation to the AUM reported above, as the investment risk is borne by clients. The main risk the Group faces from its interest in AUM managed on behalf of clients is the loss of fee income as a result of the withdrawal of funds by clients. Outflows from funds are dependent on market sentiment, asset performance and investor considerations. Fee income includes \u00a31,444.4 million (2021: \u00a31,506.1 million) of fees from structured entities managed by the Group. The table below shows the carrying value of the Group\u2019s interests in structured entities as a result of its management of assets, where income is accrued over the period for which assets are managed before being invoiced. The carrying value represents the Group\u2019s maximum exposure to loss from these interests. 2022 \u00a3m 2021 \u00a3m Fee debtors from structured entities 35.4 22.4 Accrued income from structured entities 272.4 287.1 Total exposure due to investment management activities 307.8 309.5 (b) Interest arising from the Group\u2019s investment in unconsolidated structured entities The table below shows the carrying values of the Group\u2019s proprietary investments in unconsolidated structured entities, which resulted in a net loss on financial instruments and other income of \u00a37.7 million (2021: net gain of \u00a343.8 million). The carrying values represent the Group\u2019s maximum exposure to loss from these interests. 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 245.2 177.9 Financial assets 588.0 686.9 Total exposure due to the Group\u2019s investments 833.2 864.8 The Group\u2019s proprietary investments include interests in unconsolidated structured entities in the form of cash and cash equivalents and financial assets. Cash and cash equivalents comprise investments in money market funds, none of which are managed by the Group (2021: nil). Financial assets include seed and co-investment capital, legacy private equity investments and hedges of deferred cash awards. Of the financial assets, \u00a3582.0 million (2021: \u00a3685.8 million) is invested in funds managed by the Group. The Group has no interest apart from its role as investor in those funds for which it does not act as manager. The main risk the Group faces from its interests in unconsolidated structured entities arising from proprietary investments is that the investments will decrease in value. Note 18 includes further information on the Group\u2019s exposure to market risk arising from proprietary investments. The Group has contractual commitments to co-invest alongside its clients and provide a minimum level of capital for certain private assets and alternative vehicles. The Group\u2019s investment call commitments are set out in note 22. The statement of financial position also includes the Life Company assets of \u00a310,054.1 million (2021: \u00a313,403.7 million), which are included in AUM. The exposure to the risks and rewards associated with these assets is borne by unit-linked policyholders, or, where Life Company funds are consolidated, third-party investors in those funds. Financial support for consolidated structured entities where there is no contractual obligation to do so The Group supports some of its funds through the injection of seed capital in order to enable the funds to establish a track record before they are more widely marketed. During the year, the Group purchased units at a cost of \u00a395.1 million (2021: \u00a3181.4 million) to provide seed capital to investment funds managed by the Group, of which \u00a341.8 million (2021: \u00a3145.2 million) resulted in the consolidation of those funds and \u00a353.3 million (2021: \u00a336.2 million) did not. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutInterestsInStructuredEntityExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "Structured entities are those entities that have been designed so that voting or similar rights are not the dominant factor in deciding who has control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The Group\u2019s interests in consolidated and unconsolidated structured entities are described below. The Group has interests in structured entities as a result of contractual arrangements arising from its principal activity, the management of assets on behalf of its clients. AUM, excluding deposits by Wealth Management clients and some segregated client portfolios held within the Group\u2019s Asset Management business, is managed within structured entities. These structured entities typically consist of investment vehicles such as Open Ended Investment Companies, Authorised Unit Trusts, Limited Partnerships and Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable, which entitle investors to a percentage of the vehicle\u2019s net asset value. The vehicles are financed by the purchase of units or shares by investors. The Group also has interests in structured entities through proprietary investments. These are mainly into vehicles that help facilitate the Group\u2019s stated aim of generating a return on investment capital and when it deploys seed and co-investment capital in developing new investment strategies or as it invests alongside its clients. Additionally, the Group holds interests in structured entities for liquidity management purposes, for example via investments in money market funds. The Group does not guarantee returns on the investments it manages or commit to financially support its structured entities. A small proportion of the Group\u2019s AUM, principally real estate funds, is permitted to raise finance through loans from banks and other financial institutions. Where external finance is raised, the Group does not provide a guarantee for the repayment of any borrowings. The business activity of all structured entities in which the Group has an interest, is the management of assets in order to generate investment returns for investors from capital appreciation and/or investment income. The Group earns a management fee from its structured entities, normally based on a percentage of the entity\u2019s net asset value, committed capital value or gross asset value and, where contractually agreed, a performance fee or carried interest, based on outperformance against predetermined benchmarks. In addition, where the Group owns a proportion of the structured entity it is entitled to receive investment returns. ",
"dimensions": {
"concept": "schrodersplc:DescriptionOfAccountingPolicyForInterestsInStructuredEntities",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "(b) Interest arising from the Group\u2019s investment in unconsolidated structured entities The table below shows the carrying values of the Group\u2019s proprietary investments in unconsolidated structured entities, which resulted in a net loss on financial instruments and other income of \u00a37.7 million (2021: net gain of \u00a343.8 million). The carrying values represent the Group\u2019s maximum exposure to loss from these interests. 2022 \u00a3m 2021 \u00a3m Cash and cash equivalents 245.2 177.9 Financial assets 588.0 686.9 Total exposure due to the Group\u2019s investments 833.2 864.8 The Group\u2019s proprietary investments include interests in unconsolidated structured entities in the form of cash and cash equivalents and financial assets. Cash and cash equivalents comprise investments in money market funds, none of which are managed by the Group (2021: nil). Financial assets include seed and co-investment capital, legacy private equity investments and hedges of deferred cash awards. Of the financial assets, \u00a3582.0 million (2021: \u00a3685.8 million) is invested in funds managed by the Group. The Group has no interest apart from its role as investor in those funds for which it does not act as manager. The main risk the Group faces from its interests in unconsolidated structured entities arising from proprietary investments is that the investments will decrease in value. Note 18 includes further information on the Group\u2019s exposure to market risk arising from proprietary investments. The Group has contractual commitments to co-invest alongside its clients and provide a minimum level of capital for certain private assets and alternative vehicles. The Group\u2019s investment call commitments are set out in note 22. The statement of financial position also includes the Life Company assets of \u00a310,054.1 million (2021: \u00a313,403.7 million), which are included in AUM. The exposure to the risks and rewards associated with these assets is borne by unit-linked policyholders, or, where Life Company funds are consolidated, third-party investors in those funds. Financial support for consolidated structured entities where there is no contractual obligation to do so The Group supports some of its funds through the injection of seed capital in order to enable the funds to establish a track record before they are more widely marketed. During the year, the Group purchased units at a cost of \u00a395.1 million (2021: \u00a3181.4 million) to provide seed capital to investment funds managed by the Group, of which \u00a341.8 million (2021: \u00a3145.2 million) resulted in the consolidation of those funds and \u00a353.3 million (2021: \u00a336.2 million) did not. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "27. Business combinations The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest at the fair value of the proportionate share of the acquiree\u2019s identifiable net assets. The Group completed four business combinations during the year ending 31 December 2022. The most significant of these transactions completed on 11 April 2022, when the Group acquired 75% of the issued share capital of Greencoat Capital Holdings Limited (Greencoat), a leader in European renewables, for a total consideration of \u00a3357.5 million. The acquisition contributed \u00a37.7 billion of Asset Management AUM and strengthens the Group\u2019s private assets capabilities. On 31 January 2022, the Group acquired 100% of the issued share capital of River and Mercantile Investments Limited (River and Mercantile), the Solutions division of River and Mercantile Group plc for a total consideration of \u00a3238.6 million. The acquisition contributed \u00a343.1 billion of Asset Management AUM and strengthens the Group\u2019s position in the UK fiduciary management market. The Group completed two further acquisitions during the year for a combined consideration of \u00a329.2 million. These acquisitions contributed \u00a31.2 billion of AUM. The fair value of net assets acquired in the transactions together with goodwill and intangible assets arising are as follows: Net assets acquired: 2022 Greencoat \u00a3m River and Mercantile \u00a3m Other \u00a3m Total \u00a3m Cash 13.0 8.9 5.2 27.1 Property, plant and equipment 0.9 \u2013 0.3 1.2 Trade and other receivables 8.4 22.8 2.9 34.1 Financial assets 6.0 \u2013 1.3 7.3 Trade and other payables (28.5) (13.9) (8.0) (50.4) Tangible net assets (0.2) 17.8 1.7 19.3 Goodwill 228.2 154.1 17.9 400.2 Intangible assets arising on acquisition 228.4 87.9 12.5 328.8 Deferred tax arising on acquisition (55.8) (21.2) (2.9) (79.9) Non-controlling interest (43.1) \u2013 \u2013 (43.1) Total 357.5 238.6 29.2 625.3 Satisfied by: Cash 357.5 238.6 25.8 621.9 Contingent/deferred consideration \u2013 \u2013 2.8 2.8 Fair value of the Group\u2019s pre-existing interest \u2013 \u2013 0.6 0.6 Total 357.5 238.6 29.2 625.3 The goodwill arising on acquisition is attributable to the value from: \u2022 Additional investment capabilities; \u2022 A broader platform for business growth; \u2022 Talented management and employees; and \u2022 Opportunities for synergies from combining certain activities. Goodwill will not be deductible for tax purposes. In the period between the acquisition dates and 31 December 2022, the four acquired businesses contributed \u00a393.8 million to the Group\u2019s net operating income. The contribution to operating profit was \u00a328.1 million. If the acquisitions had been completed on 1 January 2022, the Group\u2019s net operating income for the year would have been \u00a32,489.1 million and the operating profit for the year on the same basis would have been \u00a3727.6 million. Estimates and judgements The fair value of certain items of consideration, assets acquired and liabilities assumed requires some estimation. For intangible assets this estimation required assumptions regarding the level of future management fees that will be earned over the relevant period. The net impact of changes to these assumptions would be to change the carrying value of individual assets and liabilities with a corresponding change to goodwill. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest at the fair value of the proportionate share of the acquiree\u2019s identifiable net assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "(a) Basis of preparation The consolidated financial statements are prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006. The consolidated financial information presented within these financial statements has been prepared on the going concern basis under the historical cost convention, except for the measurement at fair value of derivative financial instruments and financial assets and liabilities that are held at fair value through profit or loss or at fair value through other comprehensive income, liabilities to purchase subsidiary shares, liabilities in respect of deferred cash awards and certain deposits both with banks and by customers and banks (including those that relate to bullion). In making an assessment on going concern, the Directors have considered a wide range of information relating to present and future conditions, including future capital requirements, prediction of profitability and cashflows. These assessments showed the Group has sufficient capital and liquidity to support future business requirements and adequate resources to continue as a Going Concern for at least 12 months following the approval of the financial statements. The consolidated statement of financial position is shown in order of liquidity. The classification between current and non-current is set out in the notes. The Group\u2019s Life Company business is reported separately. If the assets and liabilities of the Group\u2019s Life Company business were to be included within existing captions on the consolidated statement of financial position, the effect would be to gross up a number of individual line items to a material extent. By not doing this, the Group can provide a more transparent presentation that shows the assets of the Life Company and the related unit-linked liabilities as separate and distinct from the remainder of the consolidated statement of financial position. The Group\u2019s principal accounting policies have been consistently applied. Further information is provided below and highlighted in the notes to the accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "(b) Future accounting developments The Group did not implement the requirements of any other Standards or Interpretations that were in issue but were not required to be adopted by the Group at the year end date. No other Standards or Interpretations have been issued that are expected to have a material impact on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "(c) Basis of consolidation The consolidated financial information includes the total comprehensive gains or losses, the financial position and the cash flows of the Company and its subsidiaries, associates and joint ventures. This includes share ownership trusts established for certain share-based awards. In the case of associates and joint ventures, those entities are presented as single line items in the consolidated income statement and consolidated statement of financial position (see note 9). Intercompany transactions and balances are eliminated on consolidation. Consistent accounting policies have been applied across the Group in the preparation of the consolidated financial statements. Details of the Company\u2019s related undertakings are presented in note 36. The entities included in the consolidation may vary year on year due to both the restructuring of the Group (including acquisitions and disposals) and changes to the number of pooled investment vehicles controlled by the Group. Where the Group controls a pooled investment vehicle, it is consolidated and the third party interest is recorded as a financial liability until the Group loses control. This consolidation has no net effect on the Group\u2019s consolidated income statement. The consolidated cash flow statement separately presents acquisitions and disposals of interests in consolidated pooled vehicles. Cash movements within the pooled vehicles are shown net within cash flows from operating activities as the cash held within the underlying pooled investment vehicles is restricted and is not available to the Group for corporate purposes. This presentation provides more relevant information about the impact of the Group\u2019s investment in pooled vehicles on corporate cash resources than an analysis of the underlying cash flows of the vehicles. The Group records any non-controlling interest at the proportionate share of the acquiree\u2019s identifiable assets. Where an option exists to acquire a further interest in the shares of a subsidiary a financial liability is recognised. These liabilities are measured at the present value of the expected amount payable on exercise. As the option relates to a change in the ownership interest of a subsidiary, the non-controlling interest is adjusted and changes in value are recognised directly in equity. If these options expire unexercised, the financial liability is derecognised with the corresponding credit recognised directly in equity. The most significant non-controlling interests relate to third party interests of 19.1% in Schroders Wealth Holdings Limited (SWHL) and 49% in Schroder BOCOM Wealth Management Company Limited (WMC BOCOM). The consolidated profit after tax of SWHL was \u00a361.4 million for the year (2021: \u00a345.6 million). The net assets of SWHL were \u00a3324.2 million at 31 December 2022 (31 December 2021: \u00a3325.8 million). Dividends of \u00a36.7 million were paid to SWHL\u2019s non-controlling interest during the year (2021: \u00a37.9 million). The loss after tax of WMC BOCOM was \u00a318.3 million for the year (2021: nil). The net assets of WMC BOCOM were \u00a3101.4 million at 31 December 2022 (2021: none). No dividends were paid to WMC BOCOM\u2019s non-controlling interest during the year (2021: none). No other non-controlling interest is considered to be individually material on the basis of the carrying value at 31 December 2022 (2021: same). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "The Group records any non-controlling interest at the proportionate share of the acquiree\u2019s identifiable assets. Where an option exists to acquire a further interest in the shares of a subsidiary a financial liability is recognised. These liabilities are measured at the present value of the expected amount payable on exercise. As the option relates to a change in the ownership interest of a subsidiary, the non-controlling interest is adjusted and changes in value are recognised directly in equity. If these options expire unexercised, the financial liability is derecognised with the corresponding credit recognised directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "The most significant non-controlling interests relate to third party interests of 19.1% in Schroders Wealth Holdings Limited (SWHL) and 49% in Schroder BOCOM Wealth Management Company Limited (WMC BOCOM). The consolidated profit after tax of SWHL was \u00a361.4 million for the year (2021: \u00a345.6 million). The net assets of SWHL were \u00a3324.2 million at 31 December 2022 (31 December 2021: \u00a3325.8 million). Dividends of \u00a36.7 million were paid to SWHL\u2019s non-controlling interest during the year (2021: \u00a37.9 million). The loss after tax of WMC BOCOM was \u00a318.3 million for the year (2021: nil). The net assets of WMC BOCOM were \u00a3101.4 million at 31 December 2022 (2021: none). No dividends were paid to WMC BOCOM\u2019s non-controlling interest during the year (2021: none). No other non-controlling interest is considered to be individually material on the basis of the carrying value at 31 December 2022 (2021: same). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "(d) Net gains and losses on foreign exchange Many subsidiaries are denominated in currencies other than sterling. The results of these subsidiaries are translated at the average rate of exchange. At the year end, the assets and liabilities are translated at the closing rate of exchange. Gains or losses on translation are recorded in the consolidated statement of comprehensive income and as a separate component of equity together with gains or losses on any hedges of overseas operations. Such gains or losses are transferred to the consolidated income statement on disposal or liquidation of the relevant subsidiary. Transactions undertaken in foreign currencies are translated into the functional currency of the subsidiary at the exchange rate prevailing on the date of the transaction. Foreign currency assets and liabilities, other than those measured at historical cost, are translated into the functional currency at the rates of exchange ruling at the year end date. Any exchange differences arising are included within the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "(e) Cash and cash equivalents Cash and cash equivalents include cash at bank and short-term deposits with contractual maturities of less than three months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "Schroders plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-8": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-7": {
"value": "Schroders plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "England and Wales ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-10": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-9": {
"value": "1 London Wall Place, London, EC2Y 5AU",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138001YYBULX5SZ2H24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}