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"scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-380": { "value": "-6800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-381": { "value": "-479500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-382": { "value": "-533300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-383": { "value": "-942600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-384": { "value": "-164300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-385": { "value": "5045300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-386": { "value": "5119000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-387": { "value": "-942600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-388": { "value": "-164300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-390": { "value": "90600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-391": { "value": "4103000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-392": { "value": "5045300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-393": { "value": "3644200000", "decimals": -5, "dimensions": { "concept": "schrodersplc:CashAndCashEquivalentsExcludingThoseBackingUnitlinkedLiabilitiesAvailableForUseByTheGroup", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-394": { "value": "4409800000", "decimals": -5, "dimensions": { "concept": "schrodersplc:CashAndCashEquivalentsExcludingThoseBackingUnitlinkedLiabilitiesAvailableForUseByTheGroup", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-395": { "value": "5700000", "decimals": -5, "dimensions": { "concept": "schrodersplc:CashAndCashEquivalentsExcludingThoseBackingUnitlinkedLiabilitiesHeldInConsolidatedPooledInvestmentVehicles", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-396": { "value": "30500000", "decimals": -5, "dimensions": { "concept": "schrodersplc:CashAndCashEquivalentsExcludingThoseBackingUnitlinkedLiabilitiesHeldInConsolidatedPooledInvestmentVehicles", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-397": { "value": "3649900000", "decimals": -5, "dimensions": { "concept": "schrodersplc:CashAndCashEquivalentsExcludingThoseBackingUnitLinkedLiabilities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-398": { "value": "4440300000", "decimals": -5, "dimensions": { "concept": "schrodersplc:CashAndCashEquivalentsExcludingThoseBackingUnitLinkedLiabilities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-399": { "value": "453100000", "decimals": -5, "dimensions": { "concept": "schrodersplc:AssetsBackingUnitLinkedLiabilitiesCashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-400": { "value": "605000000", "decimals": -5, "dimensions": { "concept": "schrodersplc:AssetsBackingUnitLinkedLiabilitiesCashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-401": { "value": "4103000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-402": { "value": "5045300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "191600000", "decimals": -5, "dimensions": { "concept": "schrodersplc:WealthManagementInterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-4": { "value": "75300000", "decimals": -5, "dimensions": { "concept": "schrodersplc:WealthManagementInterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "151600000", "decimals": -5, "dimensions": { "concept": "schrodersplc:WealthManagementInterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "38400000", "decimals": -5, "dimensions": { "concept": "schrodersplc:WealthManagementInterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-407": { "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. 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, central management activities and certain restructuring costs (see note 3). The reconciliation of operating profit to profit before tax is included on the income statement.
Asset Wealth
Management Management Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m
Revenue
2,349.3
587.4
2,936.7
Cost of sales
(438.1)
(164.2)
(602.3)
Net operating revenue
1,911.2
423.2
2,334.4
Of which: Performance fees
36.7
0.6
37.3
Of which: Net carried interest income
46.9
\u2013 46.9
Net operating revenue excluding performance-based revenues
1,827.6
422.6
2,250.2
Share of profit of associates and joint ventures
48.7
2.4
51.1
Other operating income
22.3
11.2
33.5
Net operating income
1,982.2
436.8
2,419.0
Operating expenses
(1,471.7)
(286.3)
(1,758.0)
Operating profit
510.5
150.5
661.0
Asset Wealth
Management Management Total
Year ended 31 December 2022 \u00a3m \u00a3m \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
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:
2023 2022
\u00a3m \u00a3m
United Kingdom
2,054.1
2,115.9
China
270.8
244.8
Switzerland
203.6
205.3
United States
98.7
116.6
France
74.5
79.4
India
54.8
45.3
Singapore
28.9
37.8
Other
100.0
111.1
Total
2,885.4
2,956.2
1. Comprises the following non-current assets: property, plant and equipment, goodwill and intangible assets, associates and joint ventures and prepayments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "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.
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, central management
activities and certain restructuring costs (see note 3). The reconciliation of operating profit to profit before tax is included 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 over the period for which the service is provided and when certain performance hurdles are expected to be met. 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 generally 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, acquisition costs and related items and restructuring costs. 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 restructuring costs are one-off in nature and have been incurred in reorganising parts of the group to drive cost efficiencies and allow reinvestment in building the skills needed to support the future growth of the business. They principally comprise compensation-related costs and project expenditure. 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 operating 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 to 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 include 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 recognises all financial assets at fair value. The Group subsequently measures 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 measured 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, principally
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 asset 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 measured 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 gain/(loss) 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 (see note
17). 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 recognises all financial liabilities at fair value. These are subsequently measured 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 this 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 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 152) 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 152).
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 comprise 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 the 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 extension/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 cash flows.
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 and 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 that
for 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 unit-linked 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 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.
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 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 unit-linked liabilities are measured at FVTPL to avoid an accounting mismatch. 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 held
to cover investor obligations are attributable to investors in the Life Company or to 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 include 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 they 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 are 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 disclosed only 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.
Disclosures relating to unit-linked liabilities and assets backing unit-linked liabilities are included 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
(2022: 20 pence each). Where the proceeds received on issue of the shares is greater than the nominal value the difference is recorded in
share premium. 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 2024 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 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 5.9% (2022: 6.8%) 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.
(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 35.
The entities included in the consolidation may vary year on year
due both to 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 interest relates to third party
interests of 19.1% in Schroders Wealth Holdings Limited (SWHL). The
consolidated profit after tax of SWHL was \u00a357.9 million for the year
(2022: \u00a361.4 million). The net assets of SWHL were \u00a3312.1 million at
31 December 2023 (2022: \u00a3324.2 million). Dividends of \u00a312.4 million
were paid to SWHL\u2019s non-controlling interest during the year (2022:
\u00a36.7 million).
No other non-controlling interest is considered to be individually
material on the basis of the carrying value at 31 December 2023
(2022: 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 comprise cash at bank, short-term
deposits with contractual maturities of less than three months and
money market funds that are readily convertible to cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "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. 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, central management activities and certain restructuring costs (see note 3). The reconciliation of operating profit to profit before tax is included on the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "(b) Geographical information The Group\u2019s non-current assets1 are located in the following countries:
2023 2022
\u00a3m \u00a3m
United Kingdom
2,054.1
2,115.9
China
270.8
244.8
Switzerland
203.6
205.3
United States
98.7
116.6
France
74.5
79.4
India
54.8
45.3
Singapore
28.9
37.8
Other
100.0
111.1
Total
2,885.4
2,956.2
1. Comprises the following non-current assets: property, plant and equipment, goodwill and intangible assets, associates and joint ventures and prepayments.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "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 over the period for which the service is provided and when certain
performance hurdles are expected to be met. 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
Asset Wealth
Management Management Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m
Management fees
2,230.6
340.6
2,571.2
Performance fees
36.7
0.6
37.3
Carried interest
64.8
\u2013
64.8
Other fees
17.2
31.8
49.0
Wealth Management interest income
\u2013
214.4
214.4
Revenue
2,349.3
587.4
2,936.7
Fee expense
(420.2)
(13.1)
(433.3)
Cost of financial obligations in respect of carried interest
(17.9)
\u2013
(17.9)
Wealth Management interest expense
\u2013
(151.1)
(151.1)
Cost of sales
(438.1)
(164.2)
(602.3)
Net operating revenue
1,911.2
423.2
2,334.4
Asset Wealth
Management Management Total
Year ended 31 December 2022 \u00a3m \u00a3m \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
(b) Net operating revenue by region based on the location of clients
Continental
Europe &
UK Middle East Asia Pacific Americas Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Management fees
870.6
785.4
560.9
354.3
2,571.2
Performance fees
6.6
14.0
5.4
11.3
37.3
Carried interest
\u2013
64.8
\u2013
\u2013
64.8
Other fees
29.6
13.4
6.0
\u2013
49.0
Wealth Management interest income
191.2
19.9
3.3
\u2013
214.4
Revenue
1,098.0
897.5
575.6
365.6
2,936.7
Fee expense
(54.3)
(181.5)
(149.9)
(47.6)
(433.3)
Cost of financial obligations in respect of carried interest
\u2013
(17.9)
\u2013
\u2013
(17.9)
Wealth Management interest expense
(149.1)
(1.2)
(0.8)
\u2013
(151.1)
Cost of sales
(203.4)
(200.6)
(150.7)
(47.6)
(602.3)
Net operating revenue
894.6
696.9
424.9
318.0
2,334.4
Continental
Europe &
UK Middle East Asia Pacific Americas Total
Year ended 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \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
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 133 private asset investment vehicles (2022: 122 vehicles), if certain performance hurdles are met. It is recognised as the services are 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 nature and maturity of the respective investment vehicles. 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 \u00a33.9 million
(2022: \u00a33.1 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 \u00a33.3 million/\u00a33.2 million (2022: \u00a32.1 million/\u00a32.0 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "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 over the period for which the service is provided and when certain performance hurdles are expected to be met. 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
Asset Wealth
Management Management Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m
Management fees
2,230.6
340.6
2,571.2
Performance fees
36.7
0.6
37.3
Carried interest
64.8
\u2013
64.8
Other fees
17.2
31.8
49.0
Wealth Management interest income
\u2013
214.4
214.4
Revenue
2,349.3
587.4
2,936.7
Fee expense
(420.2)
(13.1)
(433.3)
Cost of financial obligations in respect of carried interest
(17.9)
\u2013
(17.9)
Wealth Management interest expense
\u2013
(151.1)
(151.1)
Cost of sales
(438.1)
(164.2)
(602.3)
Net operating revenue
1,911.2
423.2
2,334.4
Asset Wealth
Management Management Total
Year ended 31 December 2022 \u00a3m \u00a3m \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
(b) Net operating revenue by region based on the location of clients
Continental
Europe &
UK Middle East Asia Pacific Americas Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Management fees
870.6
785.4
560.9
354.3
2,571.2
Performance fees
6.6
14.0
5.4
11.3
37.3
Carried interest
\u2013
64.8
\u2013
\u2013
64.8
Other fees
29.6
13.4
6.0
\u2013
49.0
Wealth Management interest income
191.2
19.9
3.3
\u2013
214.4
Revenue
1,098.0
897.5
575.6
365.6
2,936.7
Fee expense
(54.3)
(181.5)
(149.9)
(47.6)
(433.3)
Cost of financial obligations in respect of carried interest
\u2013
(17.9)
\u2013
\u2013
(17.9)
Wealth Management interest expense
(149.1)
(1.2)
(0.8)
\u2013
(151.1)
Cost of sales
(203.4)
(200.6)
(150.7)
(47.6)
(602.3)
Net operating revenue
894.6
696.9
424.9
318.0
2,334.4
Continental
Europe &
UK Middle East Asia Pacific Americas Total
Year ended 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \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
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 133 private asset investment vehicles (2022: 122 vehicles), if certain performance hurdles are met. It is recognised as the services are 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 nature and maturity of the respective investment vehicles. 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 \u00a33.9 million (2022: \u00a33.1 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 \u00a33.3 million/\u00a33.2 million (2022: \u00a32.1 million/\u00a32.0 million) and this amount would be lower than the corresponding increase/reduction in revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 over the period for which the service is provided and when certain performance hurdles are expected to be met. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "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 133 private asset investment vehicles (2022: 122 vehicles), if certain performance hurdles are met. It is recognised as
the services are 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 nature and maturity of the respective investment vehicles. 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 \u00a33.9 million (2022: \u00a33.1 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 \u00a33.3 million/\u00a33.2 million (2022: \u00a32.1 million/\u00a32.0 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 (2022: none).
Estimates and judgements \u2013 carried interest receivable
Accrued income includes \u00a3140.2 million of receivables in respect of carried interest (2022: \u00a3110.9 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 that 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 2022 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, the market multiple applied to the earnings and the rate applied to discount the
liability back to present value. The future earnings of the applicable subsidiaries are estimated based on cash flow forecasts specific to the
individual business and consequently there is no one assumption that is individually material to the valuation. Market multiples are applied
to the forecast earnings to estimate the fair value of the business. Market multiples reflect the nature of the business and take into account
observable market transactions where appropriate. Market multiples range from 10 to 15 times earnings. An increase/decrease in market
multiples of one would increase/decrease the financial liability by \u00a310 million/\u00a310 million (2022: \u00a312 million/\u00a312 million). Discount rates
between 12% and 14% have been used to discount these liabilities. An increase/decrease in the discount rate of 1% would decrease/
increase the financial liability by \u00a35 million/\u00a35 million (2022: \u00a39 million/\u00a39 million). The remaining level 3 liabilities are measured using
different valuation methodologies and assumptions, and there are no significant assumptions 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 that 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, \u00a31,012.3 million (2022: \u00a31,009.6 million) is allocated to Asset Management and \u00a3242.7 million (2022:
\u00a3230.1 million) is allocated to Wealth Management, of which \u00a381.4 million (2022: \u00a368.2 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 (2022: 2%), a pre-tax discount rate of 13% (2022: 12%), 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 (2022: 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
comprise 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 the fair value of these assets.
Estimates and judgements
The timing and amount of settlement of each legal claim or potential claim, regulatory matter and constructive obligation are 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 (2022: none). The provisions included in the financial statements at
31 December 2023 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 145,
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% (2022: 1.0%) per annum.
An additional adjustment, an \u201cA parameter\u201d set to 0.25% (2022: 0.25%) per annum, allows for the typically higher rate of mortality
improvement among members of the Scheme compared with general population statistics. The latest base mortality tables have been
adopted with no scaling (2022: 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.
(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 similar entities), including those held by the Life Company,
constitute controlling interests. The Group can have interests in funds
in the form of proprietary investments or through its role as fund
manager. The Group usually deems control to exist where the Group
is the fund manager and its share of total variable returns exceeds
40% (including from ownership interests and management and
performance-based revenues). The Group usually deems that control
does not exist where the Group\u2019s share of total variable returns is
below 30%. The Group reviews all facts and circumstances to establish
whether the Group has control. This includes consideration of the
purpose and design of the investee as well as the rights held by other
parties to remove the Group as the fund manager.
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
Climate risks have been considered in the preparation of these
consolidated financial statements, principally through 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. For financial
assets carried at amortised cost, credit risk assessments also include
climate risk considerations.
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.
These considerations did not have a material impact on the financial
reporting judgements and estimates in the current year. This reflects
the conclusion that climate change is not expected to have a
significant impact on the Group\u2019s short-term cash flows including
those considered in the going concern and viability assessments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "
3. Total expenses
Total expenses represent the Group\u2019s administrative expenses including compensation costs. They are generally 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, acquisition costs and related items and restructuring costs. 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 restructuring costs are one-off in nature and have been incurred in reorganising parts of the group to drive cost efficiencies and allow
reinvestment in building the skills needed to support the future growth of the business. They principally comprise compensation-related
costs and project expenditure.
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 operating
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
2023 2022
Year ended 31 December \u00a3m \u00a3m
Operating expenses
1,758.0
1,752.5
Central costs
52.9
48.8
Acquisition costs and related items
90.0
86.4
Restructuring costs
86.2
\u2013
Total expenses
1,987.1
1,887.7
(b) Employee benefits expense and number of employees
2023 2022
Year ended 31 December \u00a3m \u00a3m
Salaries, wages and other remuneration
1,058.7
1,001.1
Social security costs
104.9
88.2
Pension costs
72.0
66.1
Employee benefits expense
1,235.6
1,155.4
Net (gain)/loss on financial instruments held to hedge deferred cash awards
(13.7)
11.7
Employee benefits expense \u2013 net of hedging
1,221.9
1,167.1
The employee benefits expense net of hedging includes \u00a327.9 million (2022: \u00a326.1 million) that is presented within central costs, \u00a319.7 million
(2022: \u00a319.7 million) presented within acquisition costs and related items and \u00a361.9 million (2022: nil) presented within restructuring costs.
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 74 to 93.
The monthly average number of employees of the Company and its subsidiary undertakings during the year was:
2023 2022
Number Number
Full-time employees
6,191
5,934
Contract and temporary employees
199
262
6,390
6,196
Employed as follows:
Asset Management
5,045
4,909
Wealth Management
1,313
1,258
Central
32
29
6,390
6,196
(c) Audit and other services
2023 2022
Year ended 31 December \u00a3m \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
5.0
4.7
Audit-related assurance services
1.5
1.3
Other assurance services
0.8
0.7
8.0
7.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "Total expenses represent the Group\u2019s administrative expenses including compensation costs. They are generally 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, acquisition costs and related items and restructuring costs. 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 restructuring costs are one-off in nature and have been incurred in reorganising parts of the group to drive cost efficiencies and allow reinvestment in building the skills needed to support the future growth of the business. They principally comprise compensation-related costs and project expenditure. 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 operating 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "(b) Employee benefits expense and number of employees
2023 2022
Year ended 31 December \u00a3m \u00a3m
Salaries, wages and other remuneration
1,058.7
1,001.1
Social security costs
104.9
88.2
Pension costs
72.0
66.1
Employee benefits expense
1,235.6
1,155.4
Net (gain)/loss on financial instruments held to hedge deferred cash awards
(13.7)
11.7
Employee benefits expense \u2013 net of hedging
1,221.9
1,167.1
The employee benefits expense net of hedging includes \u00a327.9 million (2022: \u00a326.1 million) that is presented within central costs, \u00a319.7 million (2022: \u00a319.7 million) presented within acquisition costs and related items and \u00a361.9 million (2022: nil) presented within restructuring costs. 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 74 to 93. The monthly average number of employees of the Company and its subsidiary undertakings during the year was:
2023 2022
Number Number
Full-time employees
6,191
5,934
Contract and temporary employees
199
262
6,390
6,196
Employed as follows:
Asset Management
5,045
4,909
Wealth Management
1,313
1,258
Central
32
29
6,390
6,196
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "(c) Audit and other services
2023 2022
Year ended 31 December \u00a3m \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
5.0
4.7
Audit-related assurance services
1.5
1.3
Other assurance services
0.8
0.7
8.0
7.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "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
2023 2022
Year ended 31 December \u00a3m \u00a3m
UK current year charge
59.2
71.6
Rest of the world current year charge
64.5
74.7
Prior year adjustments
(6.2)
1.8
Total current tax
117.5
148.1
Origination and reversal of temporary differences
(30.9)
(29.8)
Prior year adjustments
2.1
(3.0)
Effect of changes in corporation tax rates
(3.7)
(14.6)
Total deferred tax
(32.5)
(47.4)
Tax charge reported in the income statement
85.0
100.7
(b) Analysis of tax credit reported in other comprehensive income
2023 2022
Year ended 31 December \u00a3m \u00a3m
Deferred tax credit on actuarial gains and losses on defined benefit pension schemes
(1.0)
(12.6)
Deferred tax charge on other movements through other comprehensive income
\u2013
0.1
Deferred tax \u2013 effect of changes in corporation tax rates
\u2013
(3.8)
Tax credit reported in other comprehensive income
(1.0)
(16.3)
(c) Analysis of tax (credit)/charge reported in equity
2023 2022
Year ended 31 December \u00a3m \u00a3m
Current tax credit on Deferred Award Plan and other share-based remuneration
(2.1)
(1.5)
Deferred tax charge on Deferred Award Plan and other share-based remuneration
0.7
5.7
Deferred tax \u2013 effect of changes in corporation tax rates
\u2013
(0.8)
Tax (credit)/charge reported in equity
(1.4)
3.4
(d) Factors affecting tax charge for the year The UK rate of corporation tax applicable for 2023 is a blended rate of 23.5% (2022: standard rate of 19%). The tax charge for the year is lower (2022: higher) than a charge based on the UK blended rate. The differences are explained below:
2023 2022
Year ended 31 December \u00a3m \u00a3m
Profit before tax
487.6
586.9
Less share of profit of associates and joint ventures after amortisation
(40.5)
(71.5)
Profit before tax of Group entities
447.1
515.4
Profit before tax of consolidated Group entities multiplied by corporation tax at the UK blended rate
105.1
97.9
Effects of:
Different statutory tax rates of overseas jurisdictions
(17.3)
(0.4)
Permanent differences including non-taxable income and non-deductible expenses
3.4
7.7
Net movement in temporary differences for which no deferred tax is recognised
1.6
11.3
Deferred tax adjustments in respect of changes in corporation tax rates
(3.7)
(14.6)
Prior year adjustments
(4.1)
(1.2)
Tax charge reported in the income statement
85.0
100.7
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 (2022: none). 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.
2023
Accelerated Deferred Intangible Other net
capital employee Pension Tax assets on temporary
allowances awards schemes losses acquisition differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
15.9
110.9
(33.1)
68.3
(98.5)
(16.6)
46.9
Income statement credit/(charge)
7.1
(6.1)
(1.8)
16.4
11.3
1.9
28.8
Income statement credit/(charge) due to changes
in tax rates
0.3
2.6
(0.1)
3.7
1.7
(4.5)
3.7
Credit to other comprehensive income
\u2013
\u2013
0.9
\u2013
\u2013
\u2013
0.9
Credit to statement of other comprehensive
income due to changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Charge to equity
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.5)
(0.7)
Business combinations
\u2013
\u2013
\u2013
\u2013
(2.7)
\u2013
(2.7)
Exchange translation adjustments
\u2013
(1.3)
0.1
(0.1)
0.1
(0.2)
(1.4)
At 31 December
23.3
105.9
(34.0)
88.3
(88.1)
(19.8)
75.6
2022
Accelerated Deferred Intangible Other net
capital employee Pension Tax assets on temporary
allowances awards schemes losses acquisition differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
Credit/(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
Following the 2021 Budget, the UK tax rate increased to 25% from April 2023. This results in a blended tax rate applicable to the UK Group for 2023 of 23.5%. 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 \u00a39.9 million (2022: \u00a39.7 million) relating to \u00a339.9 million of realised 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 \u00a328.0 million (2022: \u00a326.5 million) relating to \u00a3117.2 million of losses, including unrealised capital losses, and other temporary differences has not been recognised as there is insufficient evidence that there will be sufficient taxable profits against which these losses and temporary differences can be utilised. The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD\u2019s Pillar Two model rules has been applied. The OECD\u2019s Pillar Two model rules, which establish a global minimum tax regime, will apply from 2024. This is not expected to have a significant impact on the Group\u2019s tax expense. After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax asset comprises:
2023 2022
\u00a3m \u00a3m
Deferred tax assets
203.9
185.8
Deferred tax liabilities
(128.3)
(138.9)
75.6
46.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "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)). 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "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:
2023 2022
Number Number
Year ended 31 December Millions Millions
Weighted average number of shares used in the calculation of basic earnings per share
1,575.9
1,576.6
Effect of dilutive potential shares \u2013 share options
28.0
27.4
Effect of dilutive potential shares \u2013 contingently issuable shares
0.3
0.4
Weighted average number of shares used in the calculation of diluted earnings per share
1,604.2
1,604.4
Earnings per share calculations are based on profit after tax of \u00a3402.6 million (2022: \u00a3486.2 million) less non-controlling interest earnings of \u00a314.4 million (2022: \u00a36.5 million). Operating earnings per share calculations are based on operating profit after tax of \u00a3533.0 million (2022: \u00a3599.4 million) less non-controlling interest operating earnings of \u00a321.3 million (2022: \u00a310.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "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 to or approved by shareholders. The reduction in equity in the year therefore comprises
the prior year final dividend and the current year interim dividend.
2024
2023
2022
Pence per Pence per Pence per
\u00a3m
share
\u00a3m
share
\u00a3m
 share
Prior year final dividend paid
232.2
15.0
231.5
14.9
Interim dividend paid
100.8
6.5
100.6
6.5
Total dividends paid
333.0
21.5
332.1
21.4
Current year final dividend
recommended
233.1
15.0
1
1. Dividends per share have been restated following the simplification of the Company\u2019s dual share class structure (see note 19).
Dividends of \u00a313.6 million (2022: \u00a312.6 million) on shares held by employee benefit trusts have been waived. The Board has recommended a
2023 final dividend of 15.0 pence per share (2022: 15.0 pence), amounting to \u00a3233.1 million (2022 final dividend: \u00a3232.2 million). The dividend
will be paid on 2 May 2024 to shareholders on the register at 22 March 2024 and will be accounted for in 2024.
The Group paid \u00a315.5 million of dividends to holders of non-controlling interests in subsidiaries of the Group during 2023 (2022: \u00a39.3 million),
resulting in total dividends paid of \u00a3348.5 million (2022: \u00a3341.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "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 to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "0.215", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-8": { "value": "0.214", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-509": { "value": "7. Trade and other receivables Trade and other receivables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables held
at amortised cost:
Fee debtors
\u2013
97.1
97.1
\u2013
91.2
91.2
Settlement accounts
\u2013
142.8
142.8
\u2013
103.9
103.9
Accrued income
118.9
405.5
524.4
95.4
395.4
490.8
Prepayments
4.2
61.2
65.4
4.9
71.7
76.6
Other receivables
3.6
49.6
53.2
5.8
112.7
118.5
Current tax
\u2013
35.3
35.3
\u2013
12.9
12.9
126.7
791.5
918.2
106.1
787.8
893.9
Trade and other receivables held
at fair value:
Deposits with banks in the form of bullion
\u2013
2.2
2.2
\u2013
2.6
2.6
Total trade and other receivables
126.7
793.7
920.4
106.1
790.4
896.5
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 \u00a3140.2 million of receivables in respect of carried interest (2022: \u00a3110.9 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:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "7. Trade and other receivables Trade and other receivables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables held
at amortised cost:
Fee debtors
\u2013
97.1
97.1
\u2013
91.2
91.2
Settlement accounts
\u2013
142.8
142.8
\u2013
103.9
103.9
Accrued income
118.9
405.5
524.4
95.4
395.4
490.8
Prepayments
4.2
61.2
65.4
4.9
71.7
76.6
Other receivables
3.6
49.6
53.2
5.8
112.7
118.5
Current tax
\u2013
35.3
35.3
\u2013
12.9
12.9
126.7
791.5
918.2
106.1
787.8
893.9
Trade and other receivables held
at fair value:
Deposits with banks in the form of bullion
\u2013
2.2
2.2
\u2013
2.6
2.6
Total trade and other receivables
126.7
793.7
920.4
106.1
790.4
896.5
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 \u00a3140.2 million of receivables in respect of carried interest (2022: \u00a3110.9 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:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "7. Trade and other receivables Trade and other receivables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables held
at amortised cost:
Fee debtors
\u2013
97.1
97.1
\u2013
91.2
91.2
Settlement accounts
\u2013
142.8
142.8
\u2013
103.9
103.9
Accrued income
118.9
405.5
524.4
95.4
395.4
490.8
Prepayments
4.2
61.2
65.4
4.9
71.7
76.6
Other receivables
3.6
49.6
53.2
5.8
112.7
118.5
Current tax
\u2013
35.3
35.3
\u2013
12.9
12.9
126.7
791.5
918.2
106.1
787.8
893.9
Trade and other receivables held
at fair value:
Deposits with banks in the form of bullion
\u2013
2.2
2.2
\u2013
2.6
2.6
Total trade and other receivables
126.7
793.7
920.4
106.1
790.4
896.5
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 \u00a3140.2 million of receivables in respect of carried interest (2022: \u00a3110.9 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "7. Trade and other receivables Trade and other receivables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables held
at amortised cost:
Fee debtors
\u2013
97.1
97.1
\u2013
91.2
91.2
Settlement accounts
\u2013
142.8
142.8
\u2013
103.9
103.9
Accrued income
118.9
405.5
524.4
95.4
395.4
490.8
Prepayments
4.2
61.2
65.4
4.9
71.7
76.6
Other receivables
3.6
49.6
53.2
5.8
112.7
118.5
Current tax
\u2013
35.3
35.3
\u2013
12.9
12.9
126.7
791.5
918.2
106.1
787.8
893.9
Trade and other receivables held
at fair value:
Deposits with banks in the form of bullion
\u2013
2.2
2.2
\u2013
2.6
2.6
Total trade and other receivables
126.7
793.7
920.4
106.1
790.4
896.5
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 \u00a3140.2 million of receivables in respect of carried interest (2022: \u00a3110.9 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:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "7. Trade and other receivables Trade and other receivables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables held
at amortised cost:
Fee debtors
\u2013
97.1
97.1
\u2013
91.2
91.2
Settlement accounts
\u2013
142.8
142.8
\u2013
103.9
103.9
Accrued income
118.9
405.5
524.4
95.4
395.4
490.8
Prepayments
4.2
61.2
65.4
4.9
71.7
76.6
Other receivables
3.6
49.6
53.2
5.8
112.7
118.5
Current tax
\u2013
35.3
35.3
\u2013
12.9
12.9
126.7
791.5
918.2
106.1
787.8
893.9
Trade and other receivables held
at fair value:
Deposits with banks in the form of bullion
\u2013
2.2
2.2
\u2013
2.6
2.6
Total trade and other receivables
126.7
793.7
920.4
106.1
790.4
896.5
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 \u00a3140.2 million of receivables in respect of carried interest (2022: \u00a3110.9 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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "7. Trade and other receivables Trade and other receivables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables held
at amortised cost:
Fee debtors
\u2013
97.1
97.1
\u2013
91.2
91.2
Settlement accounts
\u2013
142.8
142.8
\u2013
103.9
103.9
Accrued income
118.9
405.5
524.4
95.4
395.4
490.8
Prepayments
4.2
61.2
65.4
4.9
71.7
76.6
Other receivables
3.6
49.6
53.2
5.8
112.7
118.5
Current tax
\u2013
35.3
35.3
\u2013
12.9
12.9
126.7
791.5
918.2
106.1
787.8
893.9
Trade and other receivables held
at fair value:
Deposits with banks in the form of bullion
\u2013
2.2
2.2
\u2013
2.6
2.6
Total trade and other receivables
126.7
793.7
920.4
106.1
790.4
896.5
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 \u00a3140.2 million of receivables in respect of carried interest (2022: \u00a3110.9 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "Trade and other receivables include 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "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 recognises all financial assets at fair value. The Group subsequently measures 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 measured 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, principally 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 asset 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 measured 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 gain/(loss) 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 (see note 17). 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 recognises all financial liabilities at fair value. These are subsequently measured 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 this 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 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 152) 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 152).
2023
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at amortised cost:
Loans and advances to banks
\u2013
\u2013
\u2013
397.9
397.9
Loans and advances to clients
\u2013
\u2013
\u2013
446.0
446.0
Debt securities
\u2013
\u2013
\u2013
356.7
356.7
\u2013
\u2013
\u2013
1,200.6
1,200.6
Financial assets at FVOCI:
Debt securities
697.6
3.2
10.6
\u2013
711.4
697.6
3.2
10.6
\u2013
711.4
Financial assets at FVTPL:
Debt securities
13.6
64.7
\u2013
\u2013
78.3
Pooled investment vehicles
420.2
10.3
200.6
\u2013
631.1
Equities
153.3
9.9
27.5
\u2013
190.7
Derivative contracts
\u2013
15.0
\u2013
\u2013
15.0
587.1
99.9
228.1
\u2013
915.1
Total financial assets
1,284.7
103.1
238.7
1,200.6
2,827.1
Financial liabilities at amortised cost:
Client accounts
\u2013
\u2013
\u2013
4,135.0
4,135.0
Deposits by banks
\u2013
\u2013
\u2013
64.4
64.4
\u2013
\u2013
\u2013
4,199.4
4,199.4
Financial liabilities at FVTPL:
Derivative contracts
1.5
10.7
\u2013
\u2013
12.2
Other financial liabilities
92.1
\u2013
96.9
\u2013
189.0
93.6
10.7
96.9
\u2013
201.2
Liabilities to purchase subsidiary shares
\u2013
\u2013
177.6
\u2013
177.6
Total financial liabilities
93.6
10.7
274.5
4,199.4
4,578.2
2022
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
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
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
The Group has recognised a net gain on financial instruments at fair value through profit or loss of \u00a319.9 million (2022: loss of \u00a310.9 million). A net loss on financial instruments at fair value through other comprehensive income of \u00a30.1 million (2022: loss of \u00a30.1 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 2023 (2022: none).
2023
2022
Financial Financial Financial Financial
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Current
2,052.5
4,316.6
1,928.5
4,827.7
Non-current
774.6
261.6
741.8
312.4
2,827.1
4,578.2
2,670.3
5,140.1
2023
2022
Liabilities to Liabilities to
Financial Financial purchase Financial Financial purchase
assets liabilities subsidiary assets liabilities subsidiary
at FVTPL at FVTPL shares at FVTPL at FVTPL shares
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
191.2
91.4
218.7
147.3
88.9
60.8
Exchange translation adjustments
(6.2)
(3.5)
(1.1)
13.2
8.1
7.5
Net gain/(loss) recognised in the
income statement
21.6
20.5
\u2013
(0.8)
18.1
\u2013
Remeasurements
\u2013
\u2013
(37.9)
\u2013
\u2013
(1.2)
Additions
34.8
2.7
\u2013
48.2
2.2
173.0
Disposals and settlements
(13.3)
(14.2)
(2.1)
(16.7)
(25.9)
(21.4)
At 31 December
228.1
96.9
177.6
191.2
91.4
218.7
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 that 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 2022 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, the market multiple applied to the earnings and the rate applied to discount the liability back to present value. The future earnings of the applicable subsidiaries are estimated based on cash flow forecasts specific to the individual business and consequently there is no one assumption that is individually material to the valuation. Market multiples are applied to the forecast earnings to estimate the fair value of the business. Market multiples reflect the nature of the business and take into account observable market transactions where appropriate. Market multiples range from 10 to 15 times earnings. An increase/decrease in market multiples of one would increase/decrease the financial liability by \u00a310 million/\u00a310 million (2022: \u00a312 million/\u00a312 million). Discount rates between 12% and 14% have been used to discount these liabilities. An increase/decrease in the discount rate of 1% would decrease/ increase the financial liability by \u00a35 million/\u00a35 million (2022: \u00a39 million/\u00a39 million). The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there are no significant assumptions or reasonably possible alternatives that would lead to a material change in fair 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 those exposures are 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 are 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:
2023
2022
Assets Liabilities Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Equity contracts
0.1
(3.8)
6.4
(4.7)
Forward foreign exchange contracts
14.9
(8.3)
16.5
(23.6)
15.0
(12.1)
22.9
(28.3)
2023
2022
Assets Liabilities Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Net-settled derivative contracts
1
maturing/repricing
2
in:
Less than 1 year
0.1
(3.8)
6.4
(4.7)
0.1
(3.8)
6.4
(4.7)
Gross-settled derivatives
3
maturing/repricing
2
in less than 1 year:
Gross inflows
1,086.3
530.8
983.5
874.1
Gross outflows
(1,071.7)
(538.8)
(967.6)
(897.2)
Difference between future contractual cash flows and fair value
0.3
(0.3)
0.6
(0.5)
14.9
(8.3)
16.5
(23.6)
15.0
(12.1)
22.9
(28.3)
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. Disclosures relating to unit-linked liabilities and assets backing unit-linked liabilities are included 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 that 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 \u00a31,059 million (2022: \u00a31,022 million). The TCR incorporates the Group\u2019s Pillar 1 regulatory capital requirement of \u00a3893 million (2022: \u00a3862 million). In addition to the TCR of the banking group, the Group is required to hold additional capital of \u00a3384 million (2022: \u00a3323 million) in respect of its insurance companies and regulatory buffers. The Group\u2019s overall regulatory capital requirement was \u00a31,443 million at 31 December 2023 (2022: \u00a31,346 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 investable or otherwise available to meet the Group\u2019s operating or regulatory requirements. The table below shows the components of our capital position:
2023 2022
\u00a3m \u00a3m
Working capital \u2013 regulatory and other
1,587
1,538
Working capital \u2013 seed and co-investment
462
512
Investment capital \u2013 liquid
180
127
Investment capital \u2013 illiquid
77
57
Other items
2,158
2,246
Total equity
4,464
4,480
(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. 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, such as acquisitions, as they arise. Investment capital also includes certain
commercial private equity investments and illiquid legacy investments.
(iii) Other items
Other items comprise assets that are not investable 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, non-controlling
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:
2023
Financial assets Financial
at fair value Liabilities to instruments
Financial through other purchase at fair value
instruments at comprehensive subsidiary through Non-financial
amortised cost income shares profit or loss instruments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
3,354.4
\u2013
\u2013
295.5
\u2013
3,649.9
Trade and other receivables
817.5
\u2013
\u2013
\u2013
102.9
920.4
Financial assets:
Loans and advances to banks
397.9
\u2013
\u2013
\u2013
\u2013
397.9
Loans and advances to clients
446.0
\u2013
\u2013
\u2013
\u2013
446.0
Debt securities
356.7
711.4
\u2013
78.3
\u2013
1,146.4
Pooled investment vehicles
\u2013
\u2013
\u2013
631.1
\u2013
631.1
Equities
\u2013
\u2013
\u2013
190.7
\u2013
190.7
Derivatives
\u2013
\u2013
\u2013
15.0
\u2013
15.0
Associates and joint ventures
\u2013
\u2013
\u2013
\u2013
531.7
531.7
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
464.3
464.3
Goodwill and intangible assets
\u2013
\u2013
\u2013
\u2013
1,885.2
1,885.2
Deferred tax
\u2013
\u2013
\u2013
\u2013
203.9
203.9
Retirement benefit scheme surplus
\u2013
\u2013
\u2013
\u2013
138.3
138.3
Assets backing unit-linked liabilities
501.5
\u2013
\u2013
9,506.6
\u2013
10,008.1
Total assets
5,874.0
711.4
\u2013
10,717.2
3,326.3
20,628.9
Liabilities
Trade and other payables
770.1
\u2013
\u2013
209.6
107.8
1,087.5
Financial liabilities
4,199.4
\u2013
177.7
201.1
\u2013
4,578.2
Current tax
\u2013
\u2013
\u2013
\u2013
12.6
12.6
Lease liabilities
318.7
\u2013
\u2013
\u2013
\u2013
318.7
Provisions
23.0
\u2013
\u2013
\u2013
\u2013
23.0
Deferred tax
\u2013
\u2013
\u2013
\u2013
128.3
128.3
Retirement benefit scheme deficits
\u2013
\u2013
\u2013
\u2013
8.8
8.8
Unit-linked liabilities
14.9
\u2013
\u2013
9,993.2
\u2013
10,008.1
Total liabilities
5,326.1
\u2013
177.7
10,403.9
257.5
16,165.2
Capital
4,463.7
1
1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Cash and cash equivalents at fair value through profit or loss
are interests in money market funds and are all level 1. Financial liabilities at fair value through profit or loss include \u00a310,343.6 million of liabilities that are designated at fair
value through profit or loss and \u00a360.3 million that are mandatorily measured at fair value through profit or loss.
2022
Financial assets Financial
at fair value Liabilities to instruments
Financial through other purchase at fair value
instruments at comprehensive subsidiary through Non-financial
amortised cost income shares profit or loss instruments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 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 include \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. (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 38 and 66 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 its 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
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit rating:
AAA
292.3
230.2
\u2013
\u2013
158.2
317.8
AA+
\u2013
233.9
9.3
9.0
122.1
0.1
AA
178.6
135.9
18.6
\u2013
10.6
11.7
AA-
2,136.8
2,576.7
49.7
41.6
443.9
331.5
A+
622.9
673.5
239.3
65.2
255.9
112.4
A
164.1
137.2
3.7
7.0
39.0
47.7
A-
250.1
430.5
77.3
\u2013
38.5
47.4
BBB+ and lower
4.1
22.0
\u2013
\u2013
35.3
99.2
Not rated
1.0
0.4
\u2013
\u2013
42.9
36.1
3,649.9
4,440.3
397.9
122.8
1,146.4
1,003.9
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 investment bonds.
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 2023, the fair value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was
\u00a31,107.6 million (2022: \u00a3813.4 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 2023 were \u00a31.0 million
(2022: \u00a30.3 million). There were no (2022: none) under-performing (stage 2) loans and advances to clients. There was one (2022: none)
non-performing (stage 3) loan of \u00a36.2 million giving rise to \u00a30.5 million expected credit losses (2022: 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) (2022: same).
Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities
at 31 December 2023 were \u00a30.2 million (2022: \u00a30.1 million). All financial assets at fair value through other comprehensive income were
performing (stage 1) (2022: 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 2023 were \u00a350.8 million (2022: \u00a370.0 million), the majority of which were less than
90 days past due (2022: 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 it 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 2023 were \u00a30.6 million
(2022: \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) (2022: 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, and 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:
2023
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
2,811.3
\u2013
\u2013
\u2013
2,811.3
Loans and advances to banks
391.0
\u2013
\u2013
\u2013
391.0
Loans and advances to clients
168.4
70.9
205.1
0.3
444.7
Debt securities
719.0
312.1
\u2013
\u2013
1,031.1
Other financial assets
5.7
\u2013
\u2013
\u2013
5.7
Total financial assets
4,095.4
383.0
205.1
0.3
4,683.8
Liabilities
Client accounts
4,135.0
\u2013
\u2013
\u2013
4,135.0
Deposits by banks
64.4
\u2013
\u2013
\u2013
64.4
Other financial liabilities
5.6
\u2013
\u2013
\u2013
5.6
Total financial liabilities
4,205.0
\u2013
\u2013
\u2013
4,205.0
Cumulative gap
(109.6)
273.4
478.5
478.8
478.8
2022
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
5,077.9
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
Other activities
The Group\u2019s exposure to liquidity risk outside 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 \u00a3832.9 million (2022: \u00a3897.6 million). Financial liabilities relating to other operating entities are \u00a3373.2 million (2022:
\u00a3536.6 million).
The Group has a committed revolving credit facility of \u00a3850.0 million (2022: \u00a3850.0 million), which expires on 7 November 2028. The maximum
amount drawn down under the facility was \u00a3180.0 million (2022: \u00a3225.0 million). The facility was undrawn at 31 December 2023 (2022: 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 and 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 on a daily basis against policies and limits set by the relevant risk committee.
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 not held in the functional currency of entities which resulted in a
\u00a319.0 million gain in the income statement (2022: \u00a337.7 million loss) and exposure arising from net investments in foreign operations which
resulted in a \u00a358.3 million loss in other comprehensive income (2022: \u00a3148.6 million gain). The Group uses forward foreign exchange contracts
with third parties to mitigate some of these exposures. The gain or loss on these contracts is included in the income statement or statement of
other comprehensive income, 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
2023
2022
A reasonable change A reasonable change
in the variable within Increase/(decrease) in the variable within Increase/(decrease)
the next calendar year in post-tax profit the next calendar year in post-tax profit
% \u00a3m % \u00a3m
Interest rates
-increase
0.25
2
1.5
14
-decrease
(1.5)
(14)
(0.5)
(5)
US dollar against sterling
-strengthen
10
3
20
5
-weaken
10
(2)
(15)
(3)
Euro against sterling
-strengthen
8
1
15
2
-weaken
8
(1)
(10)
(1)
US dollar against Euro
-strengthen
10
3
10
3
-weaken
10
(3)
(10)
(3)
FTSE All-Share Index
-increase
20
46
20
48
-decrease
(20)
(46)
(20)
(48)
2
3
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, which determines reasonable assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "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 recognises all financial assets at fair value. The Group subsequently measures 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 measured 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, principally 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 asset 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 measured 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 gain/(loss) 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 (see note 17). 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 recognises all financial liabilities at fair value. These are subsequently measured 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 this 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 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 152) 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 152).
2023
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at amortised cost:
Loans and advances to banks
\u2013
\u2013
\u2013
397.9
397.9
Loans and advances to clients
\u2013
\u2013
\u2013
446.0
446.0
Debt securities
\u2013
\u2013
\u2013
356.7
356.7
\u2013
\u2013
\u2013
1,200.6
1,200.6
Financial assets at FVOCI:
Debt securities
697.6
3.2
10.6
\u2013
711.4
697.6
3.2
10.6
\u2013
711.4
Financial assets at FVTPL:
Debt securities
13.6
64.7
\u2013
\u2013
78.3
Pooled investment vehicles
420.2
10.3
200.6
\u2013
631.1
Equities
153.3
9.9
27.5
\u2013
190.7
Derivative contracts
\u2013
15.0
\u2013
\u2013
15.0
587.1
99.9
228.1
\u2013
915.1
Total financial assets
1,284.7
103.1
238.7
1,200.6
2,827.1
Financial liabilities at amortised cost:
Client accounts
\u2013
\u2013
\u2013
4,135.0
4,135.0
Deposits by banks
\u2013
\u2013
\u2013
64.4
64.4
\u2013
\u2013
\u2013
4,199.4
4,199.4
Financial liabilities at FVTPL:
Derivative contracts
1.5
10.7
\u2013
\u2013
12.2
Other financial liabilities
92.1
\u2013
96.9
\u2013
189.0
93.6
10.7
96.9
\u2013
201.2
Liabilities to purchase subsidiary shares
\u2013
\u2013
177.6
\u2013
177.6
Total financial liabilities
93.6
10.7
274.5
4,199.4
4,578.2
2022
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
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
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
The Group has recognised a net gain on financial instruments at fair value through profit or loss of \u00a319.9 million (2022: loss of \u00a310.9 million). A net loss on financial instruments at fair value through other comprehensive income of \u00a30.1 million (2022: loss of \u00a30.1 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 2023 (2022: none).
2023
2022
Financial Financial Financial Financial
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Current
2,052.5
4,316.6
1,928.5
4,827.7
Non-current
774.6
261.6
741.8
312.4
2,827.1
4,578.2
2,670.3
5,140.1
2023
2022
Liabilities to Liabilities to
Financial Financial purchase Financial Financial purchase
assets liabilities subsidiary assets liabilities subsidiary
at FVTPL at FVTPL shares at FVTPL at FVTPL shares
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
191.2
91.4
218.7
147.3
88.9
60.8
Exchange translation adjustments
(6.2)
(3.5)
(1.1)
13.2
8.1
7.5
Net gain/(loss) recognised in the
income statement
21.6
20.5
\u2013
(0.8)
18.1
\u2013
Remeasurements
\u2013
\u2013
(37.9)
\u2013
\u2013
(1.2)
Additions
34.8
2.7
\u2013
48.2
2.2
173.0
Disposals and settlements
(13.3)
(14.2)
(2.1)
(16.7)
(25.9)
(21.4)
At 31 December
228.1
96.9
177.6
191.2
91.4
218.7
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 that 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 2022 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, the market multiple applied to the earnings and the rate applied to discount the liability back to present value. The future earnings of the applicable subsidiaries are estimated based on cash flow forecasts specific to the individual business and consequently there is no one assumption that is individually material to the valuation. Market multiples are applied to the forecast earnings to estimate the fair value of the business. Market multiples reflect the nature of the business and take into account observable market transactions where appropriate. Market multiples range from 10 to 15 times earnings. An increase/decrease in market multiples of one would increase/decrease the financial liability by \u00a310 million/\u00a310 million (2022: \u00a312 million/\u00a312 million). Discount rates between 12% and 14% have been used to discount these liabilities. An increase/decrease in the discount rate of 1% would decrease/ increase the financial liability by \u00a35 million/\u00a35 million (2022: \u00a39 million/\u00a39 million). The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there are no significant assumptions or reasonably possible alternatives that would lead to a material change in fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "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 recognises all financial assets at fair value. The Group subsequently measures 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 measured 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, principally 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 asset 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 measured 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 gain/(loss) 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 (see note 17). 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 recognises all financial liabilities at fair value. These are subsequently measured 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 this 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 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 152) 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 152).
2023
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at amortised cost:
Loans and advances to banks
\u2013
\u2013
\u2013
397.9
397.9
Loans and advances to clients
\u2013
\u2013
\u2013
446.0
446.0
Debt securities
\u2013
\u2013
\u2013
356.7
356.7
\u2013
\u2013
\u2013
1,200.6
1,200.6
Financial assets at FVOCI:
Debt securities
697.6
3.2
10.6
\u2013
711.4
697.6
3.2
10.6
\u2013
711.4
Financial assets at FVTPL:
Debt securities
13.6
64.7
\u2013
\u2013
78.3
Pooled investment vehicles
420.2
10.3
200.6
\u2013
631.1
Equities
153.3
9.9
27.5
\u2013
190.7
Derivative contracts
\u2013
15.0
\u2013
\u2013
15.0
587.1
99.9
228.1
\u2013
915.1
Total financial assets
1,284.7
103.1
238.7
1,200.6
2,827.1
Financial liabilities at amortised cost:
Client accounts
\u2013
\u2013
\u2013
4,135.0
4,135.0
Deposits by banks
\u2013
\u2013
\u2013
64.4
64.4
\u2013
\u2013
\u2013
4,199.4
4,199.4
Financial liabilities at FVTPL:
Derivative contracts
1.5
10.7
\u2013
\u2013
12.2
Other financial liabilities
92.1
\u2013
96.9
\u2013
189.0
93.6
10.7
96.9
\u2013
201.2
Liabilities to purchase subsidiary shares
\u2013
\u2013
177.6
\u2013
177.6
Total financial liabilities
93.6
10.7
274.5
4,199.4
4,578.2
2022
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
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
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
The Group has recognised a net gain on financial instruments at fair value through profit or loss of \u00a319.9 million (2022: loss of \u00a310.9 million). A
net loss on financial instruments at fair value through other comprehensive income of \u00a30.1 million (2022: loss of \u00a30.1 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 2023 (2022: none).
2023
2022
Financial Financial Financial Financial
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Current
2,052.5
4,316.6
1,928.5
4,827.7
Non-current
774.6
261.6
741.8
312.4
2,827.1
4,578.2
2,670.3
5,140.1
2023
2022
Liabilities to Liabilities to
Financial Financial purchase Financial Financial purchase
assets liabilities subsidiary assets liabilities subsidiary
at FVTPL at FVTPL shares at FVTPL at FVTPL shares
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
191.2
91.4
218.7
147.3
88.9
60.8
Exchange translation adjustments
(6.2)
(3.5)
(1.1)
13.2
8.1
7.5
Net gain/(loss) recognised in the
income statement
21.6
20.5
\u2013
(0.8)
18.1
\u2013
Remeasurements
\u2013
\u2013
(37.9)
\u2013
\u2013
(1.2)
Additions
34.8
2.7
\u2013
48.2
2.2
173.0
Disposals and settlements
(13.3)
(14.2)
(2.1)
(16.7)
(25.9)
(21.4)
At 31 December
228.1
96.9
177.6
191.2
91.4
218.7
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 that 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 2022 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, the market multiple applied to the earnings and the rate applied to discount the liability back to present value. The future earnings of the applicable subsidiaries are estimated based on cash flow forecasts specific to the individual business and consequently there is no one assumption that is individually material to the valuation. Market multiples are applied to the forecast earnings to estimate the fair value of the business. Market multiples reflect the nature of the business and take into account observable market transactions where appropriate. Market multiples range from 10 to 15 times earnings. An increase/decrease in market multiples of one would increase/decrease the financial liability by \u00a310 million/\u00a310 million (2022: \u00a312 million/\u00a312 million). Discount rates between 12% and 14% have been used to discount these liabilities. An increase/decrease in the discount rate of 1% would decrease/ increase the financial liability by \u00a35 million/\u00a35 million (2022: \u00a39 million/\u00a39 million). The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there are no significant assumptions 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "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 recognises all financial assets at fair value. The Group subsequently measures 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 measured 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, principally 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 asset 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 measured 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 gain/(loss) 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 (see note 17). 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 recognises all financial liabilities at fair value. These are subsequently measured 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 this 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 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 152) 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 152). 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "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 recognises all financial assets at fair value. The Group subsequently measures 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 measured 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, principally 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 asset 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 measured 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 gain/(loss) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "Financial assets at FVTPL All other financial assets are measured 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 gain/(loss) 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 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 152) 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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 (see note 17). 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 recognises all financial liabilities at fair value. These are subsequently measured 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 this 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 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 152) 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 152). 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "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
2023
2022
Associates Joint ventures Total Associates Joint ventures Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
304.8
192.9
497.7
260.6
206.1
466.7
Exchange translation adjustments
(25.9)
(0.3)
(26.2)
7.4
0.4
7.8
Additions
51.9
2.0
53.9
1.7
1.6
3.3
Disposals
(1.1)
(3.3)
(4.4)
(0.3)
\u2013
(0.3)
Profit/(loss) for the year after tax
47.4
(6.9)
40.5
72.7
(1.2)
71.5
Distributions of profit
(28.9)
(0.9)
(29.8)
(37.3)
(14.0)
(51.3)
At 31 December
348.2
183.5
531.7
304.8
192.9
497.7
1 2 1. The 51% holding in Schroder BOCOM Wealth Management Company Limited has been reclassified from a subsidiary to an associate. Total assets of \u00a3118.6 million, including cash and cash equivalents of \u00a399.7 million, have accordingly been derecognised from the statement of financial position. \u00a351.8 million has subsequently been recognised as an addition to investments in associates and joint ventures. 2. Share of profit of associates and joint ventures as presented on the income statement excludes acquisition costs and related items of \u00a35.9 million (2022: \u00a36.1 million) and restructuring costs of \u00a34.7 million (2022: nil), net of tax. Information about the significant associates and joint ventures held by the Group at 31 December 2023 is shown below. The companies are unlisted.
Percentage
Nature of its Principal place owned by the
Name of associate or joint venture business
of business
Class of share
Group
Scottish Widows Schroder Wealth Holdings Limited
(SPW) Wealth management
England
Ordinary shares
49.9%
Bank of Communications Schroder Fund Management
Company Limited (BoCom FMC)
Investment management
China
Ordinary shares
30.0%
Axis Asset Management Company Limited (Axis)
Investment management
India
Ordinary shares
25.0%
Schroder BOCOM Wealth Management Company Limited
(BoCom WMC)
Wealth management
China
Ordinary shares
51.0%
2023
2022
BoCom BoCom BoCom
SPW FMC Axis WMC Other Total SPW FMC Axis Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
199.9
48.0
51.9
8.7
1,123.0
1,431.5
207.2
61.9
46.4
1,251.7
1,567.2
Current assets
112.2
812.9
150.8
81.7
161.4
1,319.0
119.1
885.9
109.1
245.1
1,359.2
Non-current liabilities
(18.7)
\u2013
\u2013
(1.3)
(1,066.3)
(1,086.3)
(22.5)
(0.4)
\u2013
(1,248.0)
(1,270.9)
Current liabilities
(41.3)
(119.2)
(22.7)
(7.9)
(124.1)
(315.2)
(41.6)
(193.4)
(16.4)
(146.2)
(397.6)
Total equity
252.1
741.7
180.0
81.2
94.0
1,349.0
262.2
754.0
139.1
102.6
1,257.9
Group\u2019s share of net assets
125.8
222.5
45.0
41.4
20.9
455.6
130.8
226.2
34.8
23.8
415.6
Goodwill and intangible assets
52.4
\u2013
9.8
\u2013
15.8
78.0
55.2
\u2013
10.5
18.8
84.5
Deferred tax liability
(1.9)
\u2013
\u2013
\u2013
\u2013
(1.9)
(2.4)
\u2013
\u2013
\u2013
(2.4)
Carrying value held
by the Group
176.3
222.5
54.8
41.4
36.7
531.7
183.6
226.2
45.3
42.6
497.7
Net income
128.4
275.0
111.4
4.1
58.4
577.3
125.8
359.2
98.9
92.0
675.9
Profit/(loss) for the year
(9.6)
136.7
50.4
(12.7)
7.5
172.3
1.8
191.0
43.2
28.8
264.8
Total comprehensive income
(9.6)
136.7
50.4
(12.7)
7.5
172.3
1.8
191.0
43.2
28.8
264.8
Group\u2019s share of operating
profit/(loss)
2.1
41.0
12.6
(6.5)
1.9
51.1
3.1
57.3
10.8
6.4
77.6
Acquisition costs and related
items
(4.6)
\u2013
\u2013
\u2013
(1.3)
(5.9)
(4.6)
\u2013
\u2013
(1.5)
(6.1)
Restructuring costs
(4.7)
\u2013
\u2013
\u2013
\u2013
(4.7)
\u2013
\u2013
\u2013
\u2013
\u2013
Group\u2019s share of total
comprehensive income
(7.2)
41.0
12.6
(6.5)
0.6
40.5
(1.5)
57.3
10.8
4.9
71.5
1 1 2 1. SPW is a joint venture and has \u00a382.9 million of cash and cash equivalents (2022: \u00a381.6 million) within its current assets. 2. Includes a \u00a33.7 million (2022: \u00a33.9 million) amortisation charge on intangible assets recognised on acquisition. (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.
2023
Schroders Schroder
Capital Schroder Schroder Schroder Global Schroder ISF
Schroder ISF Semi-Liquid BlueOrchard QEP Global Long Dated Global Sovereign Emerging
Schroder Sustainable Global Real Impact Active Corporate Equity Bond Tracker Markets
Best Ideas Future Estate Total Credit Value Bond Component Component Equity
FIA Trends Return Fund Fund Fund Fund Fund Impact
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current assets
23.1
33.9
18.8
15.4
338.5
162.0
126.5
420.1
45.5
Current liabilities
(0.2)
(16.9)
(0.1)
(0.1)
(2.8)
(0.5)
(0.1)
(1.3)
\u2013
Total equity
22.9
17.0
18.7
15.3
335.7
161.5
126.4
418.8
45.5
Net income
0.6
0.6
0.4
(0.1)
14.0
13.6
5.0
13.8
2.0
Profit for the year
0.6
0.6
0.4
(0.1)
14.0
13.6
5.0
14.8
2.0
Total
comprehensive
income
0.6
0.6
0.4
(0.1)
14.0
13.6
5.0
14.8
2.0
Country of
incorporation
BR
LU
LU
LU
UK
UK
UK
UK
LU
Percentage owned
by the Group
31%
28%
22%
26%
25%
25%
22%
33%
24%
3
2022
Schroder Schroder Schroder
Global Schroder Schroder ISF Global Global Schroder
Sustainable Indian Nordic Emerging Equity Long Dated
ICBC (Europe) Growth Fund Equity Smaller Markets Component Corporate
ECITS SICAV (Canada) Fund Companies Fund Fund Bond
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
LU
UK
UK
UK
Percentage owned by the Group
33%
29%
27%
23%
29%
29%
21%
3 3. Country abbreviations: Brazil (BR), Luxembourg (LU), United Kingdom (UK) and United States (US).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "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
2023
2022
Associates Joint ventures Total Associates Joint ventures Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
304.8
192.9
497.7
260.6
206.1
466.7
Exchange translation adjustments
(25.9)
(0.3)
(26.2)
7.4
0.4
7.8
Additions
51.9
2.0
53.9
1.7
1.6
3.3
Disposals
(1.1)
(3.3)
(4.4)
(0.3)
\u2013
(0.3)
Profit/(loss) for the year after tax
47.4
(6.9)
40.5
72.7
(1.2)
71.5
Distributions of profit
(28.9)
(0.9)
(29.8)
(37.3)
(14.0)
(51.3)
At 31 December
348.2
183.5
531.7
304.8
192.9
497.7
1 2 1. The 51% holding in Schroder BOCOM Wealth Management Company Limited has been reclassified from a subsidiary to an associate. Total assets of \u00a3118.6 million, including cash and cash equivalents of \u00a399.7 million, have accordingly been derecognised from the statement of financial position. \u00a351.8 million has subsequently been recognised as an addition to investments in associates and joint ventures. 2. Share of profit of associates and joint ventures as presented on the income statement excludes acquisition costs and related items of \u00a35.9 million (2022: \u00a36.1 million) and restructuring costs of \u00a34.7 million (2022: nil), net of tax. Information about the significant associates and joint ventures held by the Group at 31 December 2023 is shown below. The companies are unlisted.
Percentage
Nature of its Principal place owned by the
Name of associate or joint venture business
of business
Class of share
Group
Scottish Widows Schroder Wealth Holdings Limited
(SPW) Wealth management
England
Ordinary shares
49.9%
Bank of Communications Schroder Fund Management
Company Limited (BoCom FMC)
Investment management
China
Ordinary shares
30.0%
Axis Asset Management Company Limited (Axis)
Investment management
India
Ordinary shares
25.0%
Schroder BOCOM Wealth Management Company Limited
(BoCom WMC)
Wealth management
China
Ordinary shares
51.0%
2023
2022
BoCom BoCom BoCom
SPW FMC Axis WMC Other Total SPW FMC Axis Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
199.9
48.0
51.9
8.7
1,123.0
1,431.5
207.2
61.9
46.4
1,251.7
1,567.2
Current assets
112.2
812.9
150.8
81.7
161.4
1,319.0
119.1
885.9
109.1
245.1
1,359.2
Non-current liabilities
(18.7)
\u2013
\u2013
(1.3)
(1,066.3)
(1,086.3)
(22.5)
(0.4)
\u2013
(1,248.0)
(1,270.9)
Current liabilities
(41.3)
(119.2)
(22.7)
(7.9)
(124.1)
(315.2)
(41.6)
(193.4)
(16.4)
(146.2)
(397.6)
Total equity
252.1
741.7
180.0
81.2
94.0
1,349.0
262.2
754.0
139.1
102.6
1,257.9
Group\u2019s share of net assets
125.8
222.5
45.0
41.4
20.9
455.6
130.8
226.2
34.8
23.8
415.6
Goodwill and intangible assets
52.4
\u2013
9.8
\u2013
15.8
78.0
55.2
\u2013
10.5
18.8
84.5
Deferred tax liability
(1.9)
\u2013
\u2013
\u2013
\u2013
(1.9)
(2.4)
\u2013
\u2013
\u2013
(2.4)
Carrying value held
by the Group
176.3
222.5
54.8
41.4
36.7
531.7
183.6
226.2
45.3
42.6
497.7
Net income
128.4
275.0
111.4
4.1
58.4
577.3
125.8
359.2
98.9
92.0
675.9
Profit/(loss) for the year
(9.6)
136.7
50.4
(12.7)
7.5
172.3
1.8
191.0
43.2
28.8
264.8
Total comprehensive income
(9.6)
136.7
50.4
(12.7)
7.5
172.3
1.8
191.0
43.2
28.8
264.8
Group\u2019s share of operating
profit/(loss)
2.1
41.0
12.6
(6.5)
1.9
51.1
3.1
57.3
10.8
6.4
77.6
Acquisition costs and related
items
(4.6)
\u2013
\u2013
\u2013
(1.3)
(5.9)
(4.6)
\u2013
\u2013
(1.5)
(6.1)
Restructuring costs
(4.7)
\u2013
\u2013
\u2013
\u2013
(4.7)
\u2013
\u2013
\u2013
\u2013
\u2013
Group\u2019s share of total
comprehensive income
(7.2)
41.0
12.6
(6.5)
0.6
40.5
(1.5)
57.3
10.8
4.9
71.5
1
1
2
1. SPW is a joint venture and has \u00a382.9 million of cash and cash equivalents (2022: \u00a381.6 million) within its current assets.
2. Includes a \u00a33.7 million (2022: \u00a33.9 million) amortisation charge on intangible assets recognised on acquisition.
(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.
2023
Schroders Schroder
Capital Schroder Schroder Schroder Global Schroder ISF
Schroder ISF Semi-Liquid BlueOrchard QEP Global Long Dated Global Sovereign Emerging
Schroder Sustainable Global Real Impact Active Corporate Equity Bond Tracker Markets
Best Ideas Future Estate Total Credit Value Bond Component Component Equity
FIA Trends Return Fund Fund Fund Fund Fund Impact
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current assets
23.1
33.9
18.8
15.4
338.5
162.0
126.5
420.1
45.5
Current liabilities
(0.2)
(16.9)
(0.1)
(0.1)
(2.8)
(0.5)
(0.1)
(1.3)
\u2013
Total equity
22.9
17.0
18.7
15.3
335.7
161.5
126.4
418.8
45.5
Net income
0.6
0.6
0.4
(0.1)
14.0
13.6
5.0
13.8
2.0
Profit for the year
0.6
0.6
0.4
(0.1)
14.0
13.6
5.0
14.8
2.0
Total
comprehensive
income
0.6
0.6
0.4
(0.1)
14.0
13.6
5.0
14.8
2.0
Country of
incorporation
BR
LU
LU
LU
UK
UK
UK
UK
LU
Percentage owned
by the Group
31%
28%
22%
26%
25%
25%
22%
33%
24%
3
2022
Schroder Schroder Schroder
Global Schroder Schroder ISF Global Global Schroder
Sustainable Indian Nordic Emerging Equity Long Dated
ICBC (Europe) Growth Fund Equity Smaller Markets Component Corporate
ECITS SICAV (Canada) Fund Companies Fund Fund Bond
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
LU
UK
UK
UK
Percentage owned by the Group
33%
29%
27%
23%
29%
29%
21%
3
3. Country abbreviations: Brazil (BR), Luxembourg (LU), United Kingdom (UK) and United States (US).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "10. Property, plant and equipment The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate and principally comprise 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 the 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.
2023
2022
Leasehold Land and Other Leasehold Land and Other
improvements buildings assets Total improvements buildings assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
207.0
19.7
169.0
395.7
194.6
19.7
165.8
380.1
Exchange translation adjustments
(2.1)
\u2013
(2.5)
(4.6)
5.1
\u2013
4.6
9.7
Additions
7.6
\u2013
4.9
12.5
7.6
\u2013
12.1
19.7
Disposals
(1.8)
\u2013
(5.0)
(6.8)
(0.3)
\u2013
(13.5)
(13.8)
At 31 December
210.7
19.7
166.4
396.8
207.0
19.7
169.0
395.7
Accumulated depreciation
At 1 January
(75.7)
(2.2)
(112.0)
(189.9)
(59.2)
(1.8)
(89.2)
(150.2)
Exchange translation adjustments
1.3
\u2013
1.8
3.1
(2.5)
\u2013
(3.0)
(5.5)
Depreciation charge
(15.7)
(0.4)
(10.9)
(27.0)
(14.3)
(0.4)
(21.3)
(36.0)
Disposals
0.8
\u2013
2.4
3.2
0.3
\u2013
1.5
1.8
At 31 December
(89.3)
(2.6)
(118.7)
(210.6)
(75.7)
(2.2)
(112.0)
(189.9)
Net book value at 31 December
121.4
17.1
47.7
186.2
131.3
17.5
57.0
205.8
Right-of-use assets (see note 11)
278.1
318.3
Property, plant and equipment net book
value at 31 December
464.3
524.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "10. Property, plant and equipment The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate and principally comprise 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 the 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.
2023
2022
Leasehold Land and Other Leasehold Land and Other
improvements buildings assets Total improvements buildings assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
207.0
19.7
169.0
395.7
194.6
19.7
165.8
380.1
Exchange translation adjustments
(2.1)
\u2013
(2.5)
(4.6)
5.1
\u2013
4.6
9.7
Additions
7.6
\u2013
4.9
12.5
7.6
\u2013
12.1
19.7
Disposals
(1.8)
\u2013
(5.0)
(6.8)
(0.3)
\u2013
(13.5)
(13.8)
At 31 December
210.7
19.7
166.4
396.8
207.0
19.7
169.0
395.7
Accumulated depreciation
At 1 January
(75.7)
(2.2)
(112.0)
(189.9)
(59.2)
(1.8)
(89.2)
(150.2)
Exchange translation adjustments
1.3
\u2013
1.8
3.1
(2.5)
\u2013
(3.0)
(5.5)
Depreciation charge
(15.7)
(0.4)
(10.9)
(27.0)
(14.3)
(0.4)
(21.3)
(36.0)
Disposals
0.8
\u2013
2.4
3.2
0.3
\u2013
1.5
1.8
At 31 December
(89.3)
(2.6)
(118.7)
(210.6)
(75.7)
(2.2)
(112.0)
(189.9)
Net book value at 31 December
121.4
17.1
47.7
186.2
131.3
17.5
57.0
205.8
Right-of-use assets (see note 11)
278.1
318.3
Property, plant and equipment net book
value at 31 December
464.3
524.1
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 extension/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 cash flows.
2023
2022
Right-of-use Lease Right-of-use Lease
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
318.3
361.0
330.1
373.8
Exchange translation adjustments
(4.3)
(6.5)
9.8
12.3
Additions and remeasurements of lease obligations
7.7
7.2
18.0
15.6
Lease payments
\u2013
(52.3)
\u2013
(51.3)
Depreciation charge
(43.6)
\u2013
(39.6)
\u2013
Interest expense
\u2013
9.3
\u2013
10.6
At 31 December
278.1
318.7
318.3
361.0
The depreciation charge and interest expense relating to leases are recorded within operating expenses (see note 3).
2023 2022
\u00a3m \u00a3m
Lease liabilities \u2013 current
35.3
39.2
Lease liabilities \u2013 non-current
283.4
321.8
318.7
361.0
The Group\u2019s lease liabilities contractually mature in the following time periods:
2023 2022
\u00a3m \u00a3m
Less than 1 year
43.0
48.9
1 \u2013 2 years
38.2
47.3
2 \u2013 5 years
92.1
106.7
More than 5 years
201.8
235.2
332.1
389.2
375.1
438.1
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 and 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 that for 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.
2023
2022
Acquired Acquired
intangible intangible
Goodwill assets Software Total Goodwill assets Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
1,239.7
710.0
573.0
2,522.7
803.4
361.9
470.7
1,636.0
Exchange translation adjustments
2.1
0.6
(0.9)
1.8
36.1
15.7
4.7
56.5
Additions
13.2
20.0
67.4
100.6
400.2
332.4
97.6
830.2
Disposals
\u2013
\u2013
(6.8)
(6.8)
\u2013
\u2013
\u2013
\u2013
At 31 December
1,255.0
730.6
632.7
2,618.3
1,239.7
710.0
573.0
2,522.7
Accumulated amortisation
At 1 January
\u2013
(308.8)
(284.4)
(593.2)
\u2013
(252.8)
(214.7)
(467.5)
Exchange translation adjustments
\u2013
(0.4)
0.2
(0.2)
\u2013
(8.9)
(3.5)
(12.4)
Amortisation charge
\u2013
(58.5)
(83.1)
(141.6)
\u2013
(47.1)
(66.2)
(113.3)
Disposals
\u2013
\u2013
1.9
1.9
\u2013
\u2013
\u2013
\u2013
At 31 December
\u2013
(367.7)
(365.4)
(733.1)
\u2013
(308.8)
(284.4)
(593.2)
Carrying amount at 31 December
1,255.0
362.9
267.3
1,885.2
1,239.7
401.2
288.6
1,929.5
The Group completed three business combinations during the year ended 31 December 2023 for a total consideration of \u00a318.5 million, resulting in \u00a310.7 million of identifiable intangible assets and \u00a313.2 million of Wealth Management goodwill. The Group acquired \u00a39.3 million of customer contracts through Benchmark Capital that were not considered to be business combinations. \u00a37.0 million of Wealth Management goodwill relates to the acquisition of Unique Financial Planning Limited. Due to the timing of this acquisition, the determination of the final amounts is ongoing and subject to review. 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 that 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, \u00a31,012.3 million (2022: \u00a31,009.6 million) is allocated to Asset Management and \u00a3242.7 million (2022: \u00a3230.1 million) is allocated to Wealth Management, of which \u00a381.4 million (2022: \u00a368.2 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 (2022: 2%), a pre-tax discount rate of 13% (2022: 12%), 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 (2022: 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:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate and principally comprise 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 the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "The Group\u2019s property, plant and equipment provides the infrastructure to enable the Group to operate and principally comprise 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 the 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 extension/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 cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "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 extension/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 cash flows.
2023
2022
Right-of-use Lease Right-of-use Lease
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
318.3
361.0
330.1
373.8
Exchange translation adjustments
(4.3)
(6.5)
9.8
12.3
Additions and remeasurements of lease obligations
7.7
7.2
18.0
15.6
Lease payments
\u2013
(52.3)
\u2013
(51.3)
Depreciation charge
(43.6)
\u2013
(39.6)
\u2013
Interest expense
\u2013
9.3
\u2013
10.6
At 31 December
278.1
318.7
318.3
361.0
The depreciation charge and interest expense relating to leases are recorded within operating expenses (see note 3).
2023 2022
\u00a3m \u00a3m
Lease liabilities \u2013 current
35.3
39.2
Lease liabilities \u2013 non-current
283.4
321.8
318.7
361.0
The Group\u2019s lease liabilities contractually mature in the following time periods:
2023 2022
\u00a3m \u00a3m
Less than 1 year
43.0
48.9
1 \u2013 2 years
38.2
47.3
2 \u2013 5 years
92.1
106.7
More than 5 years
201.8
235.2
332.1
389.2
375.1
438.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "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 extension/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 cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "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 and 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 that for 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.
2023
2022
Acquired Acquired
intangible intangible
Goodwill assets Software Total Goodwill assets Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
1,239.7
710.0
573.0
2,522.7
803.4
361.9
470.7
1,636.0
Exchange translation adjustments
2.1
0.6
(0.9)
1.8
36.1
15.7
4.7
56.5
Additions
13.2
20.0
67.4
100.6
400.2
332.4
97.6
830.2
Disposals
\u2013
\u2013
(6.8)
(6.8)
\u2013
\u2013
\u2013
\u2013
At 31 December
1,255.0
730.6
632.7
2,618.3
1,239.7
710.0
573.0
2,522.7
Accumulated amortisation
At 1 January
\u2013
(308.8)
(284.4)
(593.2)
\u2013
(252.8)
(214.7)
(467.5)
Exchange translation adjustments
\u2013
(0.4)
0.2
(0.2)
\u2013
(8.9)
(3.5)
(12.4)
Amortisation charge
\u2013
(58.5)
(83.1)
(141.6)
\u2013
(47.1)
(66.2)
(113.3)
Disposals
\u2013
\u2013
1.9
1.9
\u2013
\u2013
\u2013
\u2013
At 31 December
\u2013
(367.7)
(365.4)
(733.1)
\u2013
(308.8)
(284.4)
(593.2)
Carrying amount at 31 December
1,255.0
362.9
267.3
1,885.2
1,239.7
401.2
288.6
1,929.5
The Group completed three business combinations during the year ended 31 December 2023 for a total consideration of \u00a318.5 million, resulting in \u00a310.7 million of identifiable intangible assets and \u00a313.2 million of Wealth Management goodwill. The Group acquired \u00a39.3 million of customer contracts through Benchmark Capital that were not considered to be business combinations. \u00a37.0 million of Wealth Management goodwill relates to the acquisition of Unique Financial Planning Limited. Due to the timing of this acquisition, the determination of the final amounts is ongoing and subject to review. 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 that 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, \u00a31,012.3 million (2022: \u00a31,009.6 million) is allocated to Asset Management and \u00a3242.7 million (2022: \u00a3230.1 million) is allocated to Wealth Management, of which \u00a381.4 million (2022: \u00a368.2 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 (2022: 2%), a pre-tax discount rate of 13% (2022: 12%), 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 (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "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 and 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 that for 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.
2023
2022
Acquired Acquired
intangible intangible
Goodwill assets Software Total Goodwill assets Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
1,239.7
710.0
573.0
2,522.7
803.4
361.9
470.7
1,636.0
Exchange translation adjustments
2.1
0.6
(0.9)
1.8
36.1
15.7
4.7
56.5
Additions
13.2
20.0
67.4
100.6
400.2
332.4
97.6
830.2
Disposals
\u2013
\u2013
(6.8)
(6.8)
\u2013
\u2013
\u2013
\u2013
At 31 December
1,255.0
730.6
632.7
2,618.3
1,239.7
710.0
573.0
2,522.7
Accumulated amortisation
At 1 January
\u2013
(308.8)
(284.4)
(593.2)
\u2013
(252.8)
(214.7)
(467.5)
Exchange translation adjustments
\u2013
(0.4)
0.2
(0.2)
\u2013
(8.9)
(3.5)
(12.4)
Amortisation charge
\u2013
(58.5)
(83.1)
(141.6)
\u2013
(47.1)
(66.2)
(113.3)
Disposals
\u2013
\u2013
1.9
1.9
\u2013
\u2013
\u2013
\u2013
At 31 December
\u2013
(367.7)
(365.4)
(733.1)
\u2013
(308.8)
(284.4)
(593.2)
Carrying amount at 31 December
1,255.0
362.9
267.3
1,885.2
1,239.7
401.2
288.6
1,929.5
The Group completed three business combinations during the year ended 31 December 2023 for a total consideration of \u00a318.5 million, resulting in \u00a310.7 million of identifiable intangible assets and \u00a313.2 million of Wealth Management goodwill. The Group acquired \u00a39.3 million of customer contracts through Benchmark Capital that were not considered to be business combinations. \u00a37.0 million of Wealth Management goodwill relates to the acquisition of Unique Financial Planning Limited. Due to the timing of this acquisition, the determination of the final amounts is ongoing and subject to review. 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 that 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, \u00a31,012.3 million (2022: \u00a31,009.6 million) is allocated to Asset Management and \u00a3242.7 million (2022: \u00a3230.1 million) is allocated to Wealth Management, of which \u00a381.4 million (2022: \u00a368.2 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 (2022: 2%), a pre-tax discount rate of 13% (2022: 12%), 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 (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "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 and 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 that for 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.
2023
2022
Acquired Acquired
intangible intangible
Goodwill assets Software Total Goodwill assets Software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
1,239.7
710.0
573.0
2,522.7
803.4
361.9
470.7
1,636.0
Exchange translation adjustments
2.1
0.6
(0.9)
1.8
36.1
15.7
4.7
56.5
Additions
13.2
20.0
67.4
100.6
400.2
332.4
97.6
830.2
Disposals
\u2013
\u2013
(6.8)
(6.8)
\u2013
\u2013
\u2013
\u2013
At 31 December
1,255.0
730.6
632.7
2,618.3
1,239.7
710.0
573.0
2,522.7
Accumulated amortisation
At 1 January
\u2013
(308.8)
(284.4)
(593.2)
\u2013
(252.8)
(214.7)
(467.5)
Exchange translation adjustments
\u2013
(0.4)
0.2
(0.2)
\u2013
(8.9)
(3.5)
(12.4)
Amortisation charge
\u2013
(58.5)
(83.1)
(141.6)
\u2013
(47.1)
(66.2)
(113.3)
Disposals
\u2013
\u2013
1.9
1.9
\u2013
\u2013
\u2013
\u2013
At 31 December
\u2013
(367.7)
(365.4)
(733.1)
\u2013
(308.8)
(284.4)
(593.2)
Carrying amount at 31 December
1,255.0
362.9
267.3
1,885.2
1,239.7
401.2
288.6
1,929.5
The Group completed three business combinations during the year ended 31 December 2023 for a total consideration of \u00a318.5 million, resulting in \u00a310.7 million of identifiable intangible assets and \u00a313.2 million of Wealth Management goodwill. The Group acquired \u00a39.3 million of customer contracts through Benchmark Capital that were not considered to be business combinations. \u00a37.0 million of Wealth Management goodwill relates to the acquisition of Unique Financial Planning Limited. Due to the timing of this acquisition, the determination of the final amounts is ongoing and subject to review. 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 that 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, \u00a31,012.3 million (2022: \u00a31,009.6 million) is allocated to Asset Management and \u00a3242.7 million (2022: \u00a3230.1 million) is allocated to Wealth Management, of which \u00a381.4 million (2022: \u00a368.2 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 (2022: 2%), a pre-tax discount rate of 13% (2022: 12%), 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 (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "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 and 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 that for 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "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 and 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 that for 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "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 and 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 that for 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "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.
2023
Accelerated Deferred Intangible Other net
capital employee Pension Tax assets on temporary
allowances awards schemes losses acquisition differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
15.9
110.9
(33.1)
68.3
(98.5)
(16.6)
46.9
Income statement credit/(charge)
7.1
(6.1)
(1.8)
16.4
11.3
1.9
28.8
Income statement credit/(charge) due to changes
in tax rates
0.3
2.6
(0.1)
3.7
1.7
(4.5)
3.7
Credit to other comprehensive income
\u2013
\u2013
0.9
\u2013
\u2013
\u2013
0.9
Credit to statement of other comprehensive
income due to changes in tax rates
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Charge to equity
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.5)
(0.7)
Business combinations
\u2013
\u2013
\u2013
\u2013
(2.7)
\u2013
(2.7)
Exchange translation adjustments
\u2013
(1.3)
0.1
(0.1)
0.1
(0.2)
(1.4)
At 31 December
23.3
105.9
(34.0)
88.3
(88.1)
(19.8)
75.6
2022
Accelerated Deferred Intangible Other net
capital employee Pension Tax assets on temporary
allowances awards schemes losses acquisition differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
Credit/(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
Following the 2021 Budget, the UK tax rate increased to 25% from April 2023. This results in a blended tax rate applicable to the UK Group
for 2023 of 23.5%.
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 \u00a39.9 million (2022: \u00a39.7 million) relating to \u00a339.9 million of realised 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 \u00a328.0 million (2022: \u00a326.5 million) relating to \u00a3117.2 million of losses, including unrealised capital losses, and other
temporary differences has not been recognised as there is insufficient evidence that there will be sufficient taxable profits against which these
losses and temporary differences can be utilised.
The mandatory IAS 12 temporary exception from the recognition and disclosure of deferred taxes arising from implementation of the OECD\u2019s
Pillar Two model rules has been applied. The OECD\u2019s Pillar Two model rules, which establish a global minimum tax regime, will apply from 2024.
This is not expected to have a significant impact on the Group\u2019s tax expense.
After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax asset comprises:
2023 2022
\u00a3m \u00a3m
Deferred tax assets
203.9
185.8
Deferred tax liabilities
(128.3)
(138.9)
75.6
46.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "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 unit-linked 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 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. 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 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 unit-linked liabilities are measured at FVTPL to avoid an accounting mismatch. 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 held to cover investor obligations are attributable to investors in the Life Company or to third party investors in the funds. As a result, any gain or loss is offset by a change in the obligation to investors.
2023 2022
\u00a3m \u00a3m
Financial liabilities due to Life Company investors
7,744.0
8,174.1
Financial liabilities due to third parties
2,264.1
1,880.0
10,008.1
10,054.1
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.
2023
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets backing unit-linked liabilities
Financial assets at fair value through profit or loss:
Debt securities
1,490.4
1,793.4
\u2013
\u2013
3,283.8
Pooled investment vehicles
3,070.1
\u2013
18.3
\u2013
3,088.4
Equities
3,032.8
3.0
\u2013
\u2013
3,035.8
Derivative contracts
28.7
69.9
\u2013
\u2013
98.6
7,622.0
1,866.3
18.3
\u2013
9,506.6
Financial assets at amortised cost:
Cash and cash equivalents
\u2013
\u2013
\u2013
453.1
453.1
Trade and other receivables
\u2013
\u2013
\u2013
48.4
48.4
\u2013
\u2013
\u2013
501.5
501.5
Total assets backing unit-linked liabilities
7,622.0
1,866.3
18.3
501.5
10,008.1
Unit-linked liabilities
9,960.4
32.8
\u2013
14.9
10,008.1
2022
Not at
Level 1 Level 2 Level 3 fair value Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
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 (2022: 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 comprise 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 the fair value of these assets. Movements in financial assets categorised as level 3 during the year were:
2023 2022
\u00a3m \u00a3m
At 1 January
22.8
22.9
Exchange translation adjustments
(0.4)
0.6
Net (loss)/gain recognised in the income statement
(0.3)
5.6
Disposals
(3.8)
(6.3)
At 31 December
18.3
22.8
", "dimensions": { "concept": "schrodersplc:DisclosureOfUnitLinkedLiabilitiesAndAssetsBackingUnitLinkedLiabilities", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "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 unit-linked 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 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. 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 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 unit-linked liabilities are measured at FVTPL to avoid an accounting mismatch. 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 held to cover investor obligations are attributable to investors in the Life Company or to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "15. Trade and other payables Trade and other payables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables at amortised cost:
Settlement accounts
\u2013
128.2
128.2
\u2013
96.6
96.6
Trade creditors
\u2013
15.7
15.7
\u2013
14.7
14.7
Social security
25.6
81.5
107.1
19.5
88.6
108.1
Accruals and deferred income
36.7
514.7
551.4
22.3
568.6
590.9
Other payables
3.6
69.7
73.3
\u2013
24.3
24.3
65.9
809.8
875.7
41.8
792.8
834.6
Trade and other payables at fair value:
Deferred cash awards
87.8
121.8
209.6
52.8
159.5
212.3
Bullion deposits by customers
\u2013
2.2
2.2
\u2013
2.6
2.6
87.8
124.0
211.8
52.8
162.1
214.9
Total trade and other payables
153.7
933.8
1,087.5
94.6
954.9
1,049.5
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:
2023 2022
\u00a3m \u00a3m
Less than 1 year
933.8
954.9
1 \u2013 2 years
45.1
46.8
2 \u2013 5 years
104.9
45.8
More than 5 years
3.7
2.0
153.7
94.6
1,087.5
1,049.5
1
1. Settlement accounts are generally settled within four working days (2022: four working days) and trade creditors have an average settlement period of 18 working days
(2022: 24 working days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "15. Trade and other payables Trade and other payables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables at amortised cost:
Settlement accounts
\u2013
128.2
128.2
\u2013
96.6
96.6
Trade creditors
\u2013
15.7
15.7
\u2013
14.7
14.7
Social security
25.6
81.5
107.1
19.5
88.6
108.1
Accruals and deferred income
36.7
514.7
551.4
22.3
568.6
590.9
Other payables
3.6
69.7
73.3
\u2013
24.3
24.3
65.9
809.8
875.7
41.8
792.8
834.6
Trade and other payables at fair value:
Deferred cash awards
87.8
121.8
209.6
52.8
159.5
212.3
Bullion deposits by customers
\u2013
2.2
2.2
\u2013
2.6
2.6
87.8
124.0
211.8
52.8
162.1
214.9
Total trade and other payables
153.7
933.8
1,087.5
94.6
954.9
1,049.5
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:
2023 2022
\u00a3m \u00a3m
Less than 1 year
933.8
954.9
1 \u2013 2 years
45.1
46.8
2 \u2013 5 years
104.9
45.8
More than 5 years
3.7
2.0
153.7
94.6
1,087.5
1,049.5
1 1. Settlement accounts are generally settled within four working days (2022: four working days) and trade creditors have an average settlement period of 18 working days (2022: 24 working days).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "15. Trade and other payables Trade and other payables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables at amortised cost:
Settlement accounts
\u2013
128.2
128.2
\u2013
96.6
96.6
Trade creditors
\u2013
15.7
15.7
\u2013
14.7
14.7
Social security
25.6
81.5
107.1
19.5
88.6
108.1
Accruals and deferred income
36.7
514.7
551.4
22.3
568.6
590.9
Other payables
3.6
69.7
73.3
\u2013
24.3
24.3
65.9
809.8
875.7
41.8
792.8
834.6
Trade and other payables at fair value:
Deferred cash awards
87.8
121.8
209.6
52.8
159.5
212.3
Bullion deposits by customers
\u2013
2.2
2.2
\u2013
2.6
2.6
87.8
124.0
211.8
52.8
162.1
214.9
Total trade and other payables
153.7
933.8
1,087.5
94.6
954.9
1,049.5
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:
2023 2022
\u00a3m \u00a3m
Less than 1 year
933.8
954.9
1 \u2013 2 years
45.1
46.8
2 \u2013 5 years
104.9
45.8
More than 5 years
3.7
2.0
153.7
94.6
1,087.5
1,049.5
1 1. Settlement accounts are generally settled within four working days (2022: four working days) and trade creditors have an average settlement period of 18 working days (2022: 24 working days).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "15. Trade and other payables Trade and other payables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables at amortised cost:
Settlement accounts
\u2013
128.2
128.2
\u2013
96.6
96.6
Trade creditors
\u2013
15.7
15.7
\u2013
14.7
14.7
Social security
25.6
81.5
107.1
19.5
88.6
108.1
Accruals and deferred income
36.7
514.7
551.4
22.3
568.6
590.9
Other payables
3.6
69.7
73.3
\u2013
24.3
24.3
65.9
809.8
875.7
41.8
792.8
834.6
Trade and other payables at fair value:
Deferred cash awards
87.8
121.8
209.6
52.8
159.5
212.3
Bullion deposits by customers
\u2013
2.2
2.2
\u2013
2.6
2.6
87.8
124.0
211.8
52.8
162.1
214.9
Total trade and other payables
153.7
933.8
1,087.5
94.6
954.9
1,049.5
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:
2023 2022
\u00a3m \u00a3m
Less than 1 year
933.8
954.9
1 \u2013 2 years
45.1
46.8
2 \u2013 5 years
104.9
45.8
More than 5 years
3.7
2.0
153.7
94.6
1,087.5
1,049.5
1 1. Settlement accounts are generally settled within four working days (2022: four working days) and trade creditors have an average settlement period of 18 working days (2022: 24 working days).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "15. Trade and other payables Trade and other payables include 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.
2023
2022
Non-current Current Total Non-current Current Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables at amortised cost:
Settlement accounts
\u2013
128.2
128.2
\u2013
96.6
96.6
Trade creditors
\u2013
15.7
15.7
\u2013
14.7
14.7
Social security
25.6
81.5
107.1
19.5
88.6
108.1
Accruals and deferred income
36.7
514.7
551.4
22.3
568.6
590.9
Other payables
3.6
69.7
73.3
\u2013
24.3
24.3
65.9
809.8
875.7
41.8
792.8
834.6
Trade and other payables at fair value:
Deferred cash awards
87.8
121.8
209.6
52.8
159.5
212.3
Bullion deposits by customers
\u2013
2.2
2.2
\u2013
2.6
2.6
87.8
124.0
211.8
52.8
162.1
214.9
Total trade and other payables
153.7
933.8
1,087.5
94.6
954.9
1,049.5
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:
2023 2022
\u00a3m \u00a3m
Less than 1 year
933.8
954.9
1 \u2013 2 years
45.1
46.8
2 \u2013 5 years
104.9
45.8
More than 5 years
3.7
2.0
153.7
94.6
1,087.5
1,049.5
1 1. Settlement accounts are generally settled within four working days (2022: four working days) and trade creditors have an average settlement period of 18 working days (2022: 24 working days).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "Trade and other payables include 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "16. Provisions and contingent liabilities Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore they 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 are 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 disclosed only where significant and are not included within the statement of financial position.
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
18.2
7.2
25.4
Exchange translation adjustments
(0.2)
\u2013
(0.2)
Utilised
\u2013
(1.1)
(1.1)
Charged
0.4
0.4
0.8
Released
\u2013
(2.4)
(2.4)
Additions
0.5
\u2013
0.5
At 31 December 2023
18.9
4.1
23.0
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
Current \u2013 2023
1.2
1.0
2.2
Non-current \u2013 2023
17.7
3.1
20.8
18.9
4.1
23.0
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
The Group\u2019s provisions are expected to mature in the following time periods:
2023 2022
\u00a3m \u00a3m
Less than 1 year
2.2
3.5
1 \u2013 2 years
5.4
5.7
2 \u2013 5 years
0.8
2.7
More than 5 years
14.6
13.5
20.8
21.9
23.0
25.4
Dilapidation provisions associated with the Group\u2019s office leases have a weighted average maturity of 12 years (2022: 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 (2022: 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 are 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 (2022: none). The provisions included in the financial statements at 31 December 2023 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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "16. Provisions and contingent liabilities Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore they 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 are 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 disclosed only where significant and are not included within the statement of financial position.
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
18.2
7.2
25.4
Exchange translation adjustments
(0.2)
\u2013
(0.2)
Utilised
\u2013
(1.1)
(1.1)
Charged
0.4
0.4
0.8
Released
\u2013
(2.4)
(2.4)
Additions
0.5
\u2013
0.5
At 31 December 2023
18.9
4.1
23.0
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
Current \u2013 2023
1.2
1.0
2.2
Non-current \u2013 2023
17.7
3.1
20.8
18.9
4.1
23.0
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
The Group\u2019s provisions are expected to mature in the following time periods:
2023 2022
\u00a3m \u00a3m
Less than 1 year
2.2
3.5
1 \u2013 2 years
5.4
5.7
2 \u2013 5 years
0.8
2.7
More than 5 years
14.6
13.5
20.8
21.9
23.0
25.4
Dilapidation provisions associated with the Group\u2019s office leases have a weighted average maturity of 12 years (2022: 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 (2022: 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 are 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 (2022: none). The provisions included in the financial statements at 31 December 2023 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. 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.
2023
Later than
1 year
No later than and no later Later than
1 year than 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Undrawn loan facilities
9.0
22.5
\u2013
31.5
Investment call commitments
42.4
19.8
1.7
63.9
Commitments for property, plant and equipment and leases
3.4
20.1
41.6
65.1
Total commitments
54.8
62.4
43.3
160.5
Operating leases receivable as lessor
(1.4)
(2.1)
\u2013
(3.5)
Net commitments payable
53.4
60.3
43.3
157.0
2022
Later than
1 year
No later than and no later Later than
1 year than 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "16. Provisions and contingent liabilities Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore they 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 are 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 disclosed only where significant and are not included within the statement of financial position.
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
18.2
7.2
25.4
Exchange translation adjustments
(0.2)
\u2013
(0.2)
Utilised
\u2013
(1.1)
(1.1)
Charged
0.4
0.4
0.8
Released
\u2013
(2.4)
(2.4)
Additions
0.5
\u2013
0.5
At 31 December 2023
18.9
4.1
23.0
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
Current \u2013 2023
1.2
1.0
2.2
Non-current \u2013 2023
17.7
3.1
20.8
18.9
4.1
23.0
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
The Group\u2019s provisions are expected to mature in the following time periods:
2023 2022
\u00a3m \u00a3m
Less than 1 year
2.2
3.5
1 \u2013 2 years
5.4
5.7
2 \u2013 5 years
0.8
2.7
More than 5 years
14.6
13.5
20.8
21.9
23.0
25.4
Dilapidation provisions associated with the Group\u2019s office leases have a weighted average maturity of 12 years (2022: 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 (2022: 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 are 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 (2022: none). The provisions included in the financial statements at 31 December 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "16. Provisions and contingent liabilities Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore they 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 are 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 disclosed only where significant and are not included within the statement of financial position.
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
18.2
7.2
25.4
Exchange translation adjustments
(0.2)
\u2013
(0.2)
Utilised
\u2013
(1.1)
(1.1)
Charged
0.4
0.4
0.8
Released
\u2013
(2.4)
(2.4)
Additions
0.5
\u2013
0.5
At 31 December 2023
18.9
4.1
23.0
Legal,
regulatory
Dilapidations and other Total
\u00a3m \u00a3m \u00a3m
Current \u2013 2023
1.2
1.0
2.2
Non-current \u2013 2023
17.7
3.1
20.8
18.9
4.1
23.0
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
The Group\u2019s provisions are expected to mature in the following time periods:
2023 2022
\u00a3m \u00a3m
Less than 1 year
2.2
3.5
1 \u2013 2 years
5.4
5.7
2 \u2013 5 years
0.8
2.7
More than 5 years
14.6
13.5
20.8
21.9
23.0
25.4
Dilapidation provisions associated with the Group\u2019s office leases have a weighted average maturity of 12 years (2022: 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 (2022: 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 are 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 (2022: none). The provisions included in the financial statements at 31 December 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore they 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 are 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 disclosed only where significant and are not included within the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore they 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 are 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 disclosed only where significant and are not included within the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "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 those exposures are 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 are 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:
2023
2022
Assets Liabilities Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Equity contracts
0.1
(3.8)
6.4
(4.7)
Forward foreign exchange contracts
14.9
(8.3)
16.5
(23.6)
15.0
(12.1)
22.9
(28.3)
2023
2022
Assets Liabilities Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Net-settled derivative contracts
1
maturing/repricing
2
in:
Less than 1 year
0.1
(3.8)
6.4
(4.7)
0.1
(3.8)
6.4
(4.7)
Gross-settled derivatives
3
maturing/repricing
2
in less than 1 year:
Gross inflows
1,086.3
530.8
983.5
874.1
Gross outflows
(1,071.7)
(538.8)
(967.6)
(897.2)
Difference between future contractual cash flows and fair value
0.3
(0.3)
0.6
(0.5)
14.9
(8.3)
16.5
(23.6)
15.0
(12.1)
22.9
(28.3)
1. Equity contracts. 2. Whichever is earlier. 3. Forward foreign exchange contracts .", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "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. Disclosures relating to unit-linked liabilities and assets backing unit-linked liabilities are included 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 that 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 \u00a31,059 million (2022: \u00a31,022 million). The TCR incorporates the Group\u2019s Pillar 1 regulatory capital requirement of \u00a3893 million (2022: \u00a3862 million). In addition to the TCR of the banking group, the Group is required to hold additional capital of \u00a3384 million (2022: \u00a3323 million) in respect of its insurance companies and regulatory buffers. The Group\u2019s overall regulatory capital requirement was \u00a31,443 million at 31 December 2023 (2022: \u00a31,346 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 investable or otherwise available to meet the Group\u2019s operating or regulatory requirements. The table below shows the components of our capital position:
2023 2022
\u00a3m \u00a3m
Working capital \u2013 regulatory and other
1,587
1,538
Working capital \u2013 seed and co-investment
462
512
Investment capital \u2013 liquid
180
127
Investment capital \u2013 illiquid
77
57
Other items
2,158
2,246
Total equity
4,464
4,480
(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. 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, such as acquisitions, as they arise. Investment capital also includes certain commercial private equity investments and illiquid legacy investments. (iii) Other items Other items comprise assets that are not investable 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, non-controlling 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:
2023
Financial assets Financial
at fair value Liabilities to instruments
Financial through other purchase at fair value
instruments at comprehensive subsidiary through Non-financial
amortised cost income shares profit or loss instruments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
3,354.4
\u2013
\u2013
295.5
\u2013
3,649.9
Trade and other receivables
817.5
\u2013
\u2013
\u2013
102.9
920.4
Financial assets:
Loans and advances to banks
397.9
\u2013
\u2013
\u2013
\u2013
397.9
Loans and advances to clients
446.0
\u2013
\u2013
\u2013
\u2013
446.0
Debt securities
356.7
711.4
\u2013
78.3
\u2013
1,146.4
Pooled investment vehicles
\u2013
\u2013
\u2013
631.1
\u2013
631.1
Equities
\u2013
\u2013
\u2013
190.7
\u2013
190.7
Derivatives
\u2013
\u2013
\u2013
15.0
\u2013
15.0
Associates and joint ventures
\u2013
\u2013
\u2013
\u2013
531.7
531.7
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
464.3
464.3
Goodwill and intangible assets
\u2013
\u2013
\u2013
\u2013
1,885.2
1,885.2
Deferred tax
\u2013
\u2013
\u2013
\u2013
203.9
203.9
Retirement benefit scheme surplus
\u2013
\u2013
\u2013
\u2013
138.3
138.3
Assets backing unit-linked liabilities
501.5
\u2013
\u2013
9,506.6
\u2013
10,008.1
Total assets
5,874.0
711.4
\u2013
10,717.2
3,326.3
20,628.9
Liabilities
Trade and other payables
770.1
\u2013
\u2013
209.6
107.8
1,087.5
Financial liabilities
4,199.4
\u2013
177.7
201.1
\u2013
4,578.2
Current tax
\u2013
\u2013
\u2013
\u2013
12.6
12.6
Lease liabilities
318.7
\u2013
\u2013
\u2013
\u2013
318.7
Provisions
23.0
\u2013
\u2013
\u2013
\u2013
23.0
Deferred tax
\u2013
\u2013
\u2013
\u2013
128.3
128.3
Retirement benefit scheme deficits
\u2013
\u2013
\u2013
\u2013
8.8
8.8
Unit-linked liabilities
14.9
\u2013
\u2013
9,993.2
\u2013
10,008.1
Total liabilities
5,326.1
\u2013
177.7
10,403.9
257.5
16,165.2
Capital
4,463.7
1 1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Cash and cash equivalents at fair value through profit or loss are interests in money market funds and are all level 1. Financial liabilities at fair value through profit or loss include \u00a310,343.6 million of liabilities that are designated at fair value through profit or loss and \u00a360.3 million that are mandatorily measured at fair value through profit or loss.
2022
Financial assets Financial
at fair value Liabilities to instruments
Financial through other purchase at fair value
instruments at comprehensive subsidiary through Non-financial
amortised cost income shares profit or loss instruments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 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 include \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. (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 38 and 66 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 its 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
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit rating:
AAA
292.3
230.2
\u2013
\u2013
158.2
317.8
AA+
\u2013
233.9
9.3
9.0
122.1
0.1
AA
178.6
135.9
18.6
\u2013
10.6
11.7
AA-
2,136.8
2,576.7
49.7
41.6
443.9
331.5
A+
622.9
673.5
239.3
65.2
255.9
112.4
A
164.1
137.2
3.7
7.0
39.0
47.7
A-
250.1
430.5
77.3
\u2013
38.5
47.4
BBB+ and lower
4.1
22.0
\u2013
\u2013
35.3
99.2
Not rated
1.0
0.4
\u2013
\u2013
42.9
36.1
3,649.9
4,440.3
397.9
122.8
1,146.4
1,003.9
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 investment bonds. 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 2023, the fair value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was \u00a31,107.6 million (2022: \u00a3813.4 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 2023 were \u00a31.0 million (2022: \u00a30.3 million). There were no (2022: none) under-performing (stage 2) loans and advances to clients. There was one (2022: none) non-performing (stage 3) loan of \u00a36.2 million giving rise to \u00a30.5 million expected credit losses (2022: 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) (2022: same). Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities at 31 December 2023 were \u00a30.2 million (2022: \u00a30.1 million). All financial assets at fair value through other comprehensive income were performing (stage 1) (2022: 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 2023 were \u00a350.8 million (2022: \u00a370.0 million), the majority of which were less than 90 days past due (2022: 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 it 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 2023 were \u00a30.6 million (2022: \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) (2022: 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, and 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:
2023
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
2,811.3
\u2013
\u2013
\u2013
2,811.3
Loans and advances to banks
391.0
\u2013
\u2013
\u2013
391.0
Loans and advances to clients
168.4
70.9
205.1
0.3
444.7
Debt securities
719.0
312.1
\u2013
\u2013
1,031.1
Other financial assets
5.7
\u2013
\u2013
\u2013
5.7
Total financial assets
4,095.4
383.0
205.1
0.3
4,683.8
Liabilities
Client accounts
4,135.0
\u2013
\u2013
\u2013
4,135.0
Deposits by banks
64.4
\u2013
\u2013
\u2013
64.4
Other financial liabilities
5.6
\u2013
\u2013
\u2013
5.6
Total financial liabilities
4,205.0
\u2013
\u2013
\u2013
4,205.0
Cumulative gap
(109.6)
273.4
478.5
478.8
478.8
2022
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
5,077.9
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
Other activities The Group\u2019s exposure to liquidity risk outside 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 \u00a3832.9 million (2022: \u00a3897.6 million). Financial liabilities relating to other operating entities are \u00a3373.2 million (2022: \u00a3536.6 million). The Group has a committed revolving credit facility of \u00a3850.0 million (2022: \u00a3850.0 million), which expires on 7 November 2028. The maximum amount drawn down under the facility was \u00a3180.0 million (2022: \u00a3225.0 million). The facility was undrawn at 31 December 2023 (2022: 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 and 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 on a daily basis against policies and limits set by the relevant risk committee. 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 not held in the functional currency of entities which resulted in a \u00a319.0 million gain in the income statement (2022: \u00a337.7 million loss) and exposure arising from net investments in foreign operations which resulted in a \u00a358.3 million loss in other comprehensive income (2022: \u00a3148.6 million gain). The Group uses forward foreign exchange contracts with third parties to mitigate some of these exposures. The gain or loss on these contracts is included in the income statement or statement of other comprehensive income, 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
2023
2022
A reasonable change A reasonable change
in the variable within Increase/(decrease) in the variable within Increase/(decrease)
the next calendar year in post-tax profit the next calendar year in post-tax profit
% \u00a3m % \u00a3m
Interest rates
-increase
0.25
2
1.5
14
-decrease
(1.5)
(14)
(0.5)
(5)
US dollar against sterling
-strengthen
10
3
20
5
-weaken
10
(2)
(15)
(3)
Euro against sterling
-strengthen
8
1
15
2
-weaken
8
(1)
(10)
(1)
US dollar against Euro
-strengthen
10
3
10
3
-weaken
10
(3)
(10)
(3)
FTSE All-Share Index
-increase
20
46
20
48
-decrease
(20)
(46)
(20)
(48)
2 3 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, which determines reasonable assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "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. Disclosures relating to unit-linked liabilities and assets backing unit-linked liabilities are included in note 14. ", "dimensions": { "concept": "schrodersplc:DescriptionOfAccountingPolicyForFinancialInstrumentRiskManagement", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "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 that 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 \u00a31,059 million (2022: \u00a31,022 million). The TCR incorporates the Group\u2019s Pillar 1 regulatory capital requirement of \u00a3893 million (2022: \u00a3862 million). In addition to the TCR of the banking group, the Group is required to hold additional capital of \u00a3384 million (2022: \u00a3323 million) in respect of its insurance companies and regulatory buffers. The Group\u2019s overall regulatory capital requirement was \u00a31,443 million at 31 December 2023 (2022: \u00a31,346 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 investable or otherwise available to meet the Group\u2019s operating or regulatory requirements. The table below shows the components of our capital position:
2023 2022
\u00a3m \u00a3m
Working capital \u2013 regulatory and other
1,587
1,538
Working capital \u2013 seed and co-investment
462
512
Investment capital \u2013 liquid
180
127
Investment capital \u2013 illiquid
77
57
Other items
2,158
2,246
Total equity
4,464
4,480
(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. 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, such as acquisitions, as they arise. Investment capital also includes certain commercial private equity investments and illiquid legacy investments. (iii) Other items Other items comprise assets that are not investable 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, non-controlling 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:
2023
Financial assets Financial
at fair value Liabilities to instruments
Financial through other purchase at fair value
instruments at comprehensive subsidiary through Non-financial
amortised cost income shares profit or loss instruments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
3,354.4
\u2013
\u2013
295.5
\u2013
3,649.9
Trade and other receivables
817.5
\u2013
\u2013
\u2013
102.9
920.4
Financial assets:
Loans and advances to banks
397.9
\u2013
\u2013
\u2013
\u2013
397.9
Loans and advances to clients
446.0
\u2013
\u2013
\u2013
\u2013
446.0
Debt securities
356.7
711.4
\u2013
78.3
\u2013
1,146.4
Pooled investment vehicles
\u2013
\u2013
\u2013
631.1
\u2013
631.1
Equities
\u2013
\u2013
\u2013
190.7
\u2013
190.7
Derivatives
\u2013
\u2013
\u2013
15.0
\u2013
15.0
Associates and joint ventures
\u2013
\u2013
\u2013
\u2013
531.7
531.7
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
464.3
464.3
Goodwill and intangible assets
\u2013
\u2013
\u2013
\u2013
1,885.2
1,885.2
Deferred tax
\u2013
\u2013
\u2013
\u2013
203.9
203.9
Retirement benefit scheme surplus
\u2013
\u2013
\u2013
\u2013
138.3
138.3
Assets backing unit-linked liabilities
501.5
\u2013
\u2013
9,506.6
\u2013
10,008.1
Total assets
5,874.0
711.4
\u2013
10,717.2
3,326.3
20,628.9
Liabilities
Trade and other payables
770.1
\u2013
\u2013
209.6
107.8
1,087.5
Financial liabilities
4,199.4
\u2013
177.7
201.1
\u2013
4,578.2
Current tax
\u2013
\u2013
\u2013
\u2013
12.6
12.6
Lease liabilities
318.7
\u2013
\u2013
\u2013
\u2013
318.7
Provisions
23.0
\u2013
\u2013
\u2013
\u2013
23.0
Deferred tax
\u2013
\u2013
\u2013
\u2013
128.3
128.3
Retirement benefit scheme deficits
\u2013
\u2013
\u2013
\u2013
8.8
8.8
Unit-linked liabilities
14.9
\u2013
\u2013
9,993.2
\u2013
10,008.1
Total liabilities
5,326.1
\u2013
177.7
10,403.9
257.5
16,165.2
Capital
4,463.7
1 1. Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Cash and cash equivalents at fair value through profit or loss are interests in money market funds and are all level 1. Financial liabilities at fair value through profit or loss include \u00a310,343.6 million of liabilities that are designated at fair value through profit or loss and \u00a360.3 million that are mandatorily measured at fair value through profit or loss.
2022
Financial assets Financial
at fair value Liabilities to instruments
Financial through other purchase at fair value
instruments at comprehensive subsidiary through Non-financial
amortised cost income shares profit or loss instruments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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 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 include \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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "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
its 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
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit rating:
AAA
292.3
230.2
\u2013
\u2013
158.2
317.8
AA+
\u2013
233.9
9.3
9.0
122.1
0.1
AA
178.6
135.9
18.6
\u2013
10.6
11.7
AA-
2,136.8
2,576.7
49.7
41.6
443.9
331.5
A+
622.9
673.5
239.3
65.2
255.9
112.4
A
164.1
137.2
3.7
7.0
39.0
47.7
A-
250.1
430.5
77.3
\u2013
38.5
47.4
BBB+ and lower
4.1
22.0
\u2013
\u2013
35.3
99.2
Not rated
1.0
0.4
\u2013
\u2013
42.9
36.1
3,649.9
4,440.3
397.9
122.8
1,146.4
1,003.9
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 investment bonds. 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 2023, the fair value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was \u00a31,107.6 million (2022: \u00a3813.4 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 2023 were \u00a31.0 million (2022: \u00a30.3 million). There were no (2022: none) under-performing (stage 2) loans and advances to clients. There was one (2022: none) non-performing (stage 3) loan of \u00a36.2 million giving rise to \u00a30.5 million expected credit losses (2022: 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) (2022: same). Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities at 31 December 2023 were \u00a30.2 million (2022: \u00a30.1 million). All financial assets at fair value through other comprehensive income were performing (stage 1) (2022: 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 2023 were \u00a350.8 million (2022: \u00a370.0 million), the majority of which were less than 90 days past due (2022: 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 it 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 2023 were \u00a30.6 million (2022: \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) (2022: same). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "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 its 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
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit rating:
AAA
292.3
230.2
\u2013
\u2013
158.2
317.8
AA+
\u2013
233.9
9.3
9.0
122.1
0.1
AA
178.6
135.9
18.6
\u2013
10.6
11.7
AA-
2,136.8
2,576.7
49.7
41.6
443.9
331.5
A+
622.9
673.5
239.3
65.2
255.9
112.4
A
164.1
137.2
3.7
7.0
39.0
47.7
A-
250.1
430.5
77.3
\u2013
38.5
47.4
BBB+ and lower
4.1
22.0
\u2013
\u2013
35.3
99.2
Not rated
1.0
0.4
\u2013
\u2013
42.9
36.1
3,649.9
4,440.3
397.9
122.8
1,146.4
1,003.9
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 investment bonds. 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 2023, the fair value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was \u00a31,107.6 million (2022: \u00a3813.4 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 2023 were \u00a31.0 million (2022: \u00a30.3 million). There were no (2022: none) under-performing (stage 2) loans and advances to clients. There was one (2022: none) non-performing (stage 3) loan of \u00a36.2 million giving rise to \u00a30.5 million expected credit losses (2022: 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) (2022: same). Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities at 31 December 2023 were \u00a30.2 million (2022: \u00a30.1 million). All financial assets at fair value through other comprehensive income were performing (stage 1) (2022: 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 2023 were \u00a350.8 million (2022: \u00a370.0 million), the majority of which were less than 90 days past due (2022: 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 it 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 2023 were \u00a30.6 million (2022: \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) (2022: same). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "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, and 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:
2023
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
2,811.3
\u2013
\u2013
\u2013
2,811.3
Loans and advances to banks
391.0
\u2013
\u2013
\u2013
391.0
Loans and advances to clients
168.4
70.9
205.1
0.3
444.7
Debt securities
719.0
312.1
\u2013
\u2013
1,031.1
Other financial assets
5.7
\u2013
\u2013
\u2013
5.7
Total financial assets
4,095.4
383.0
205.1
0.3
4,683.8
Liabilities
Client accounts
4,135.0
\u2013
\u2013
\u2013
4,135.0
Deposits by banks
64.4
\u2013
\u2013
\u2013
64.4
Other financial liabilities
5.6
\u2013
\u2013
\u2013
5.6
Total financial liabilities
4,205.0
\u2013
\u2013
\u2013
4,205.0
Cumulative gap
(109.6)
273.4
478.5
478.8
478.8
2022
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
5,077.9
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
Other activities The Group\u2019s exposure to liquidity risk outside 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 \u00a3832.9 million (2022: \u00a3897.6 million). Financial liabilities relating to other operating entities are \u00a3373.2 million (2022: \u00a3536.6 million). The Group has a committed revolving credit facility of \u00a3850.0 million (2022: \u00a3850.0 million), which expires on 7 November 2028. The maximum amount drawn down under the facility was \u00a3180.0 million (2022: \u00a3225.0 million). The facility was undrawn at 31 December 2023 (2022: undrawn). ", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "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, and 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:
2023
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
2,811.3
\u2013
\u2013
\u2013
2,811.3
Loans and advances to banks
391.0
\u2013
\u2013
\u2013
391.0
Loans and advances to clients
168.4
70.9
205.1
0.3
444.7
Debt securities
719.0
312.1
\u2013
\u2013
1,031.1
Other financial assets
5.7
\u2013
\u2013
\u2013
5.7
Total financial assets
4,095.4
383.0
205.1
0.3
4,683.8
Liabilities
Client accounts
4,135.0
\u2013
\u2013
\u2013
4,135.0
Deposits by banks
64.4
\u2013
\u2013
\u2013
64.4
Other financial liabilities
5.6
\u2013
\u2013
\u2013
5.6
Total financial liabilities
4,205.0
\u2013
\u2013
\u2013
4,205.0
Cumulative gap
(109.6)
273.4
478.5
478.8
478.8
2022
Less than More than
1 year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \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
5,077.9
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
Other activities The Group\u2019s exposure to liquidity risk outside 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 \u00a3832.9 million (2022: \u00a3897.6 million). Financial liabilities relating to other operating entities are \u00a3373.2 million (2022: \u00a3536.6 million). The Group has a committed revolving credit facility of \u00a3850.0 million (2022: \u00a3850.0 million), which expires on 7 November 2028. The maximum amount drawn down under the facility was \u00a3180.0 million (2022: \u00a3225.0 million). The facility was undrawn at 31 December 2023 (2022: undrawn). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "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 and 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 on a daily basis against policies and limits set by the relevant risk committee. 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 not held in the functional currency of entities which resulted in a \u00a319.0 million gain in the income statement (2022: \u00a337.7 million loss) and exposure arising from net investments in foreign operations which resulted in a \u00a358.3 million loss in other comprehensive income (2022: \u00a3148.6 million gain). The Group uses forward foreign exchange contracts with third parties to mitigate some of these exposures. The gain or loss on these contracts is included in the income statement or statement of other comprehensive income, 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
2023
2022
A reasonable change A reasonable change
in the variable within Increase/(decrease) in the variable within Increase/(decrease)
the next calendar year in post-tax profit the next calendar year in post-tax profit
% \u00a3m % \u00a3m
Interest rates
-increase
0.25
2
1.5
14
-decrease
(1.5)
(14)
(0.5)
(5)
US dollar against sterling
-strengthen
10
3
20
5
-weaken
10
(2)
(15)
(3)
Euro against sterling
-strengthen
8
1
15
2
-weaken
8
(1)
(10)
(1)
US dollar against Euro
-strengthen
10
3
10
3
-weaken
10
(3)
(10)
(3)
FTSE All-Share Index
-increase
20
46
20
48
-decrease
(20)
(46)
(20)
(48)
2 3 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, which determines reasonable assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "The sensitivities to market risk at 31 December are estimated as follows: Variable 1
2023
2022
A reasonable change A reasonable change
in the variable within Increase/(decrease) in the variable within Increase/(decrease)
the next calendar year in post-tax profit the next calendar year in post-tax profit
% \u00a3m % \u00a3m
Interest rates
-increase
0.25
2
1.5
14
-decrease
(1.5)
(14)
(0.5)
(5)
US dollar against sterling
-strengthen
10
3
20
5
-weaken
10
(2)
(15)
(3)
Euro against sterling
-strengthen
8
1
15
2
-weaken
8
(1)
(10)
(1)
US dollar against Euro
-strengthen
10
3
10
3
-weaken
10
(3)
(10)
(3)
FTSE All-Share Index
-increase
20
46
20
48
-decrease
(20)
(46)
(20)
(48)
2 3 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, which determines reasonable assumptions.", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "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 (2022: 20 pence each). Where the proceeds received on issue of the shares is greater than the nominal value the difference is recorded in share premium. 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 2024 if earlier.
Number of Total ordinary Share
shares shares premium
Millions \u00a3m \u00a3m
At 1 January 2023
1,612.1
322.4
84.3
At 31 December 2023
1,612.1
322.4
84.3
Number Ordinary Non-voting Total Share
of shares shares ordinary shares shares premium
Millions \u00a3m \u00a3m \u00a3m \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.
2023 2022
Number Number
of shares of shares
Millions Millions
Issued and fully paid:
Ordinary shares of 20p each (2022: 20p each)
1,612.1
1,612.1
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 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:
2023 2022
\u00a3m \u00a3m
At 1 January
(185.1)
(150.2)
Own shares purchased
(66.6)
(120.2)
Awards vested
79.6
85.3
At 31 December
(172.1)
(185.1)
During the year, 14.4 million own shares (2022: 4.9 million own shares) were purchased and held for hedging share-based awards. 15.9 million shares (2022: 3.7 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:
2023
2022
Number of Number of Number of Number of
vested unvested vested unvested
shares shares Total shares shares Total
Millions Millions Millions Millions Millions Millions
Total ordinary shares
23.0
35.8
58.8
23.5
37.2
60.7
2023
2022
Vested Unvested Vested Unvested
shares shares Total shares shares Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total ordinary shares
Cost
106.8
172.1
278.9
107.4
185.1
292.5
Fair value
98.9
153.7
252.6
102.6
162.1
264.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "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 (2022: 20 pence each). Where the proceeds received on issue of the shares is greater than the nominal value the difference is recorded in share premium. 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 2024 if earlier.
Number of Total ordinary Share
shares shares premium
Millions \u00a3m \u00a3m
At 1 January 2023
1,612.1
322.4
84.3
At 31 December 2023
1,612.1
322.4
84.3
Number Ordinary Non-voting Total Share
of shares shares ordinary shares shares premium
Millions \u00a3m \u00a3m \u00a3m \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.
2023 2022
Number Number
of shares of shares
Millions Millions
Issued and fully paid:
Ordinary shares of 20p each (2022: 20p each)
1,612.1
1,612.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "Share capital primarily comprises the number of issued ordinary shares in Schroders plc multiplied by their nominal value of 20 pence each (2022: 20 pence each). Where the proceeds received on issue of the shares is greater than the nominal value the difference is recorded in share premium. 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 2024 if earlier. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "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 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:
2023 2022
\u00a3m \u00a3m
At 1 January
(185.1)
(150.2)
Own shares purchased
(66.6)
(120.2)
Awards vested
79.6
85.3
At 31 December
(172.1)
(185.1)
During the year, 14.4 million own shares (2022: 4.9 million own shares) were purchased and held for hedging share-based awards. 15.9 million shares (2022: 3.7 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:
2023
2022
Number of Number of Number of Number of
vested unvested vested unvested
shares shares Total shares shares Total
Millions Millions Millions Millions Millions Millions
Total ordinary shares
23.0
35.8
58.8
23.5
37.2
60.7
2023
2022
Vested Unvested Vested Unvested
shares shares Total shares shares Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total ordinary shares
Cost
106.8
172.1
278.9
107.4
185.1
292.5
Fair value
98.9
153.7
252.6
102.6
162.1
264.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "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.
2023 2022
\u00a3m \u00a3m
Profit before tax
487.6
586.9
Adjustments for income statement non-cash movements:
Depreciation of property, plant and equipment and amortisation of intangible assets
212.2
188.9
Net (gain)/loss on financial instruments
(19.1)
11.0
Share-based payments
62.8
68.2
Net release for provisions
(2.0)
(2.6)
Other non-cash movements
(26.8)
43.5
227.1
309.0
Adjustments for which the cash effects are investing activities:
Interest income
(23.6)
(5.8)
Interest expense on lease liabilities
9.3
10.6
Share of profit of associates and joint ventures after amortisation
(40.5)
(71.5)
(54.8)
(66.7)
Adjustments for statement of financial position movements:
(Increase)/decrease in loans and advances within Wealth Management
(100.8)
64.5
(Increase)/decrease in trade and other receivables
(40.7)
68.9
(Decrease)/increase in deposits and client accounts within Wealth Management
(413.0)
682.7
Increase/(decrease) in trade and other payables, other financial liabilities and provisions
27.9
(159.6)
(526.6)
656.5
Adjustments for Life Company and consolidated pooled investment vehicles movements:
Net (increase)/decrease in financial assets backing unit-linked liabilities
(105.9)
3,102.3
Net decrease in unit-linked liabilities
(46.0)
(3,409.0)
Net decrease in cash within consolidated pooled investment vehicles
(24.8)
(101.3)
(176.7)
(408.0)
Tax paid
(194.7)
(104.9)
Net cash (used in)/from operating activities
(238.1)
972.8
1 1. Other non-cash movements primarily consist of discount unwind within the net interest margin and exchange translation adjustments, before hedging activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "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.
2023
Later than
1 year
No later than and no later Later than
1 year than 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Undrawn loan facilities
9.0
22.5
\u2013
31.5
Investment call commitments
42.4
19.8
1.7
63.9
Commitments for property, plant and equipment and leases
3.4
20.1
41.6
65.1
Total commitments
54.8
62.4
43.3
160.5
Operating leases receivable as lessor
(1.4)
(2.1)
\u2013
(3.5)
Net commitments payable
53.4
60.3
43.3
157.0
2022
Later than
1 year
No later than and no later Later than
1 year than 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "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:
2023 2022
\u00a3m \u00a3m
Pension costs \u2013 defined contribution plans
77.2
68.4
Pension credit \u2013 defined benefit plans
(5.2)
(2.4)
Other post-employment benefits
0.1
0.1
72.1
66.1
(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 five 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 2023, there were no active members in the DB section (2022: nil) and 2,605 active members in the DC section (2022: 2,572). The weighted average duration of the Scheme\u2019s DB obligation is 13 years (2022: 13 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:
2023
2022
Number of deferred members
977
1,032
Total deferred pensions (at date of leaving Scheme)
\u00a36.8m per annum
\u00a37.1m per annum
Average age (deferred)
56
56
Number of pensioners
1,064
1,029
Average age (pensioners)
71
70
Total pensions in payment
\u00a324.2m per annum
\u00a322.8m 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 67% (2022: 51%) 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 2023, the liability
matching portfolio was designed to mitigate 95% (2022: 90%) 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 2023, the liability matching portfolio
was designed to mitigate 95% (2022: 90%) 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:
2023 2022
% %
Discount rate
4.5
4.8
RPI inflation rate
3.0
3.2
CPI inflation rate
2.3
2.5
Future pension increases (for benefits earned before 13 August 2007)
2.9
3.0
Future pension increases (for benefits earned after 13 August 2007)
2.0
2.0
Average number of years a current pensioner is expected to live beyond age 60:
Years
Years
Men
27
28
Women
29
30
Average number of years future pensioners currently aged 45 are expected to live beyond age 60:
Years
Years
Men
28
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 145, 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% (2022: 1.0%) per annum. An additional adjustment, an \u201cA parameter\u201d set to 0.25% (2022: 0.25%) per annum, allows for the typically higher rate of mortality improvement among members of the Scheme compared with general population statistics. The latest base mortality tables have been adopted with no scaling (2022: 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 2023. The amounts recognised in the income statement are:
2023 2022
\u00a3m \u00a3m
Interest income on Scheme assets
(33.2)
(21.0)
Interest cost on Scheme liabilities
26.7
17.1
Net interest income recognised in the income statement in respect of the Scheme
(6.5)
(3.9)
Income statement charge in respect of other defined benefit schemes
1.3
1.5
Total defined benefit schemes income statement credit
(5.2)
(2.4)
The amounts recognised in the statement of comprehensive income are:
2023 2022
\u00a3m \u00a3m
(Gains)/losses on Scheme assets in excess of that recognised in interest income
(2.9)
345.2
Actuarial gains due to change in demographic assumptions
(11.1)
(0.2)
Actuarial losses/(gains) due to change in financial assumptions
12.7
(299.4)
Actuarial losses due to experience
4.1
18.5
Total other comprehensive loss in respect of the Scheme
2.8
64.1
Other comprehensive loss in respect of other defined benefit schemes
1.4
1.9
Total other comprehensive loss in respect of defined benefit schemes
4.2
66.0
The sensitivity of the Scheme pension liabilities to changes in assumptions are: Assumption Assumption change
2023
2022
Estimated Estimated Estimated Estimated
(increase)/ (increase)/ (increase)/ (increase)/
decrease in decrease in decrease in decrease in
pension pension pension pension
liabilities liabilities liabilities liabilities
\u00a3m % \u00a3m %
Discount rate
Increase by 0.5% per annum
33.7
5.9
34.4
6.0
Discount rate
Decrease by 0.5% per annum
(38.5)
(6.7)
(39.7)
(7.0)
Expected rate of pension increases
Increase by 0.5% per annum
(25.8)
(4.5)
(26.2)
(4.6)
Expected rate of pension increases
Decrease by 0.5% per annum
25.4
4.4
25.6
4.5
Life expectancy
Increase by one year
(21.5)
(3.7)
(20.9)
(3.7)
Life expectancy
Decrease by one year
21.2
3.7
20.6
3.6
Movements in respect of the assets and liabilities of the Scheme are:
2023 2022
\u00a3m \u00a3m
At 1 January
706.5
1,070.6
Interest income
33.2
21.0
Remeasurement of assets
2.9
(345.2)
Benefits paid
(27.5)
(38.5)
Administrative expenses
(1.7)
(1.4)
Fair value of plan assets
713.4
706.5
At 1 January
(570.2)
(872.7)
Interest cost
(26.7)
(17.1)
Actuarial gains due to change in demographic assumptions
11.1
0.2
Actuarial (losses)/gains due to change in financial assumptions
(12.7)
299.4
Actuarial losses due to experience
(4.1)
(18.5)
Benefits paid
27.5
38.5
Present value of funded obligations
(575.1)
(570.2)
Net assets
138.3
136.3
1
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.
On 16 June 2023, the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others), which has the
potential to affect the Scheme\u2019s liabilities. As the assessment of any potential impact is ongoing, no adjustment has been made to the Scheme\u2019s
liability as at 31 December 2023.
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 2023, 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:
2023
2022
Of which not Of which not
quoted in an quoted in an
Value active market Value active market
\u00a3m \u00a3m \u00a3m \u00a3m
Liability matching investments
436.6
\u2013
358.0
\u2013
Portfolio funds
242.2
93.2
313.1
92.2
Exchange-traded futures and over-the-counter derivatives
9.3
\u2013
10.1
\u2013
Cash
25.3
\u2013
25.3
\u2013
713.4
93.2
706.5
92.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "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 5.9% (2022: 6.8%) 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 \u00a364.0 million (2022: \u00a368.1 million) arising from share-based payment transactions during the year, of which \u00a362.8 million (2022: \u00a368.2 million) were equity-settled share-based payment transactions. In 2023, there was \u00a30.7 million of equity- settled share-based payments included within acquisition costs and related items (2022: \u00a31.1 million) and \u00a35.0 million included within restructuring costs (2022: nil). 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.
2023 2022
Number of Number of
ordinary ordinary
shares shares
Millions Millions
Rights outstanding at 1 January
41.7
5.2
Corporate transaction
\u2013
35.0
Granted
13.7
4.5
Forfeited
(0.6)
(0.3)
Exercised
(9.4)
(2.7)
Rights outstanding at 31 December
45.4
41.7
Vested
12.6
11.7
Unvested
32.8
30.0
The weighted average exercise price per share is nil. A charge of \u00a358.5 million (2022: \u00a362.3 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
2024
18.7
2025
6.8
2026+
3.5
29.0
(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.
2023 2022
Number of Number of
ordinary ordinary
shares shares
Millions Millions
Rights outstanding at 1 January
12.3
2.7
Corporate transaction
\u2013
10.8
Granted
0.5
0.1
Exercised
(4.9)
(1.3)
Rights outstanding at 31 December
7.9
12.3
Vested
7.8
8.8
Unvested
0.1
3.5
The weighted average exercise price per share is nil. There were no charges (2022: \u00a31.0 million) recognised during the year. (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.
2023 2022
Number of Number of
ordinary ordinary
shares shares
Millions Millions
Rights outstanding at 1 January
5.6
1.0
Corporate transaction
\u2013
4.9
Exercised
(1.4)
(0.3)
Rights outstanding at 31 December
4.2
5.6
Vested
2.5
3.0
Unvested
1.7
2.6
The weighted average exercise price per share is nil. A charge of \u00a31.6 million (2022: \u00a32.3 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
2024
1.4
2025
0.6
2.0
(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.
2023 2022
Number of Number of
ordinary ordinary
shares shares
Millions Millions
Rights outstanding at 1 January
0.5
0.1
Corporate transaction
\u2013
0.4
Granted
0.2
\u2013
Forfeited
(0.1)
\u2013
Exercised
(0.1)
\u2013
Rights outstanding at 31 December
0.5
0.5
Vested
0.1
0.1
Unvested
0.4
0.4
The weighted average exercise price per share is nil. A charge of \u00a30.2 million (2022: \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
2024
0.2
2025
0.2
2026
0.1
0.5
(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 624,714 ordinary shares in 2023 (2022: 235,042). A charge of \u00a32.5 million (2022: \u00a32.4 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 2023, the carrying value of liabilities arising from cash-settled share-based awards was \u00a35.8 million (2022: \u00a34.8 million). The total intrinsic value at 31 December 2023 of liabilities for which the employee\u2019s right to cash or other assets had vested by that date was \u00a33.1 million (2022: \u00a32.7 million). A charge of \u00a31.2 million (2022: credit of \u00a30.1 million) was recognised during the year. The liability was remeasured at the balance sheet date at a share price of \u00a34.30 (2022: \u00a34.36).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "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 5.9% (2022: 6.8%) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "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. \u00a318.7 million (2022: \u00a324.5 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 \u00a30.1 million (2022: \u00a35.9 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 2023, the fair value of these assets was \u00a350.2 million (2022: \u00a394.4 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:
2023 2022
Type of remuneration
Typical composition of this type of benefit
\u00a3m \u00a3m
Short-term employee benefits
Salary and upfront bonus
23.2
23.0
Share-based payments
Deferred share awards
13.8
12.5
Other long-term benefits
Deferred cash awards
13.8
9.5
Termination benefits
Termination benefits
0.5
\u2013
Post-employment benefits
Pension plans
0.2
0.2
51.5
45.2
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:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "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. \u00a318.7 million (2022: \u00a324.5 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 \u00a30.1 million (2022: \u00a35.9 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 2023, the fair value of these assets was \u00a350.2 million (2022: \u00a394.4 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:
2023 2022
Type of remuneration
Typical composition of this type of benefit
\u00a3m \u00a3m
Short-term employee benefits
Salary and upfront bonus
23.2
23.0
Share-based payments
Deferred share awards
13.8
12.5
Other long-term benefits
Deferred cash awards
13.8
9.5
Termination benefits
Termination benefits
0.5
\u2013
Post-employment benefits
Pension plans
0.2
0.2
51.5
45.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "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:
2023 2022
Type of remuneration
Typical composition of this type of benefit
\u00a3m \u00a3m
Short-term employee benefits
Salary and upfront bonus
23.2
23.0
Share-based payments
Deferred share awards
13.8
12.5
Other long-term benefits
Deferred cash awards
13.8
9.5
Termination benefits
Termination benefits
0.5
\u2013
Post-employment benefits
Pension plans
0.2
0.2
51.5
45.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "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.
2023
AUM within AUM within
AUM outside consolidated unconsolidated
of structured structured structured
entities entities entities Total
\u00a3bn \u00a3bn \u00a3bn \u00a3bn
Asset Management
295.7
5.8
230.7
532.2
Wealth Management
98.1
\u2013
12.1
110.2
393.8
5.8
242.8
642.4
2022
AUM within AUM within
AUM outside consolidated unconsolidated
of structured structured structured
entities entities entities Total
\u00a3bn \u00a3bn \u00a3bn \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
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 \u00a31,366.5 million (2022: \u00a31,444.4 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.
2023 2022
\u00a3m \u00a3m
Fee debtors from structured entities
33.5
35.4
Accrued income from structured entities
306.0
272.4
Total exposure due to investment management activities
339.5
307.8
(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 gain on financial instruments and other income of \u00a343.9 million (2022: loss of \u00a37.7 million). The carrying values represent the Group\u2019s maximum exposure to loss from these interests.
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents
295.5
245.2
Financial assets
577.7
588.0
Total exposure due to the Group\u2019s investments
873.2
833.2
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 (2022: nil). Financial assets include seed and co-investment capital, legacy private equity investments and hedges of deferred cash awards. Of the financial assets, \u00a3561.7 million (2022: \u00a3582.0 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 \u00a310,008.1 million (2022: \u00a310,054.1 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 \u00a372.3 million (2022: \u00a395.1 million) to provide seed capital to investment funds managed by the Group, of which \u00a328.4 million (2022: \u00a341.8 million) resulted in the consolidation of those funds and \u00a343.9 million (2022: \u00a353.3 million) did not.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "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.
2023
AUM within AUM within
AUM outside consolidated unconsolidated
of structured structured structured
entities entities entities Total
\u00a3bn \u00a3bn \u00a3bn \u00a3bn
Asset Management
295.7
5.8
230.7
532.2
Wealth Management
98.1
\u2013
12.1
110.2
393.8
5.8
242.8
642.4
2022
AUM within AUM within
AUM outside consolidated unconsolidated
of structured structured structured
entities entities entities Total
\u00a3bn \u00a3bn \u00a3bn \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
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 \u00a31,366.5 million (2022: \u00a31,444.4 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.
2023 2022
\u00a3m \u00a3m
Fee debtors from structured entities
33.5
35.4
Accrued income from structured entities
306.0
272.4
Total exposure due to investment management activities
339.5
307.8
(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
gain on financial instruments and other income of \u00a343.9 million (2022: loss of \u00a37.7 million). The carrying values represent the Group\u2019s
maximum exposure to loss from these interests.
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents
295.5
245.2
Financial assets
577.7
588.0
Total exposure due to the Group\u2019s investments
873.2
833.2
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 (2022: nil).
Financial assets include seed and co-investment capital, legacy private equity investments and hedges of deferred cash awards. Of the financial
assets, \u00a3561.7 million (2022: \u00a3582.0 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 \u00a310,008.1 million (2022: \u00a310,054.1 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 \u00a372.3 million (2022: \u00a395.1 million) to provide seed capital
to investment funds managed by the Group, of which \u00a328.4 million (2022: \u00a341.8 million) resulted in the consolidation of those funds and
\u00a343.9 million (2022: \u00a353.3 million) did not.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutInterestsInStructuredEntityExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "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 gain on financial instruments and other income of \u00a343.9 million (2022: loss of \u00a37.7 million). The carrying values represent the Group\u2019s maximum exposure to loss from these interests.
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents
295.5
245.2
Financial assets
577.7
588.0
Total exposure due to the Group\u2019s investments
873.2
833.2
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 (2022: nil). Financial assets include seed and co-investment capital, legacy private equity investments and hedges of deferred cash awards. Of the financial assets, \u00a3561.7 million (2022: \u00a3582.0 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 \u00a310,008.1 million (2022: \u00a310,054.1 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 \u00a372.3 million (2022: \u00a395.1 million) to provide seed capital to investment funds managed by the Group, of which \u00a328.4 million (2022: \u00a341.8 million) resulted in the consolidation of those funds and \u00a343.9 million (2022: \u00a353.3 million) did not.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "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
deposits relating 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 cash flows. 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "
(b) Future accounting developments
The Group did not implement the requirements of any standards or
interpretations that were in issue but were not required to be
adopted by the Group at the year end date. No 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "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 35. The entities included in the consolidation may vary year on year due both to 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 interest relates to third party interests of 19.1% in Schroders Wealth Holdings Limited (SWHL). The consolidated profit after tax of SWHL was \u00a357.9 million for the year (2022: \u00a361.4 million). The net assets of SWHL were \u00a3312.1 million at 31 December 2023 (2022: \u00a3324.2 million). Dividends of \u00a312.4 million were paid to SWHL\u2019s non-controlling interest during the year (2022: \u00a36.7 million). No other non-controlling interest is considered to be individually material on the basis of the carrying value at 31 December 2023 (2022: same). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "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. The most significant non-controlling interest relates to third party interests of 19.1% in Schroders Wealth Holdings Limited (SWHL). The consolidated profit after tax of SWHL was \u00a357.9 million for the year (2022: \u00a361.4 million). The net assets of SWHL were \u00a3312.1 million at 31 December 2023 (2022: \u00a3324.2 million). Dividends of \u00a312.4 million were paid to SWHL\u2019s non-controlling interest during the year (2022: \u00a36.7 million). No other non-controlling interest is considered to be individually material on the basis of the carrying value at 31 December 2023 (2022: same). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "(e) Cash and cash equivalents Cash and cash equivalents comprise cash at bank, short-term deposits with contractual maturities of less than three months and money market funds that are readily convertible to cash.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "Schroders plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "Schroders plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "1 London Wall Place, London, EC2Y 5AU ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001YYBULX5SZ2H24", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }