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"f15530": {
"value": "1. Basis of preparation and signi\ufb01cant accounting policies General information
IntegraFin Holdings plc (the \u201cCompany\u201d), a public limited
Company incorporated and domiciled in the United
Kingdom (\u201cUK\u201d), along with its subsidiaries (collectively the
\u201cGroup\u201d), o\ufb00ers a range of services which are designed to
help \ufb01nancial advisers and their clients to manage \ufb01nancial
plans in a simple, e\ufb00ective and tax e\ufb03cient way.
The registered o\ufb03ce address, and principal place of
business, is 29 Clement\u2019s Lane, London, EC4N 7AE.
A) BASIS OF PREPARATION
The consolidated Financial Statements have been prepared
and approved by the directors in accordance with IFRSs.
The Financial Statements have been prepared on the
historical cost basis, except for the revaluation of certain
\ufb01nancial instruments, which are stated at their fair value,
have been prepared in pound sterling, which is the
functional currency of the Company and are rounded to the
nearest thousand.
Climate risks have been considered where appropriate
in the preparation of these Financial Statements, with
particular consideration given to the impact of climate risk
on the fair value calculations and impairment assessments.
This has concluded that the impact of climate risk on the
\ufb01nancial statements is not material.
Going concern
The \ufb01nancial statements have been prepared on a going
concern basis, following an assessment by the board.
Going concern is assessed over the 12-month period from
when the Annual Report is approved, and the board has
concluded that the Group has adequate resources, liquidity
and capital to continue in operational existence for the next
12 months. This is supported by:
\u2022
The current \ufb01nancial position of the Group:
\u25e6
The Group maintains a conservative balance
sheet and manages and monitors solvency and
liquidity on an ongoing basis, ensuring that it
always has su\ufb03cient \ufb01nancial resources for the
foreseeable future.
\u25e6
As at 30 September 2023, the Group had
\u00a3177.9 million of shareholder cash on the statement
of \ufb01nancial position, demonstrating that liquidity
remains strong.
\u2022
Detailed cash \ufb02ow and working capital
projections; and
\u2022
Stress-testing of liquidity, pro\ufb01tability and regulatory
capital, taking account of possible adverse changes in
trading performance.
When making this assessment, the board has taken into
consideration both the Group\u2019s current performance and
the future outlook, including the impact of the cost-of-living
crisis, sustained levels of high in\ufb02ation, increasing interest
rates and volatile equity markets. The environment has
been challenging during the year, but our \ufb01nancial and
operational performance has been robust, and the Group\u2019s
fundamentals remain strong.
\u00a0
As detailed in the Going Concern and Viability Statement
(page 69), stress and scenario testing has been carried
out, in order to understand the potential \ufb01nancial impacts
of severe, yet plausible, scenarios on the Group. This
assessment incorporated a number of stress tests covering
a broad range of scenarios, including a cyber attack, system
and process failures, and persistent high in\ufb02ation with
continued market uncertainty.
Having conducted detailed cash \ufb02ow and working capital
projections, and stress-tested liquidity, pro\ufb01tability
and regulatory capital; taking account of the economic
challenges mentioned above; the board is satis\ufb01ed that the
Group is well placed to manage its business risks. The board
is also satis\ufb01ed that it will be able to operate within the
regulatory capital limits imposed by the Financial Conduct
Authority (FCA), Prudential Regulation Authority (PRA), and
Isle Man Financial Services Authority (IoM FSA).
The board has concluded that the Company has adequate
resources and there are no material uncertainties to the
Company\u2019s ability to continue to operate for the foreseeable
future, being a period of at least twelve months from
the date the \ufb01nancial statements are approved. For this
reason, they have adopted the going concern basis for the
preparation of the \ufb01nancial statements.
Basis of consolidation
The consolidated Financial Statements incorporate the
Financial Statements of the Company and its subsidiaries.
Where the Company has control over an investee, it
is classi\ufb01ed as a subsidiary. The Company controls an
investee if all three of the following elements are present:
power over the investee, exposure to variable returns
from the investee, and the ability of the investor to use its
power to a\ufb00ect those variable returns. Control is presumed
to exist where the Group owns the majority of the voting
rights of an entity. Control is reassessed whenever facts
and circumstances indicate that there may be a change in
any of these elements of control.
Subsidiaries are fully consolidated from the date on which
control is obtained by the Company and are deconsolidated
from the date that control ceases. Acquisitions are
accounted for under the acquisition method. Intercompany
transactions, balances, income and expenses, and pro\ufb01ts
and losses are eliminated on consolidation.
The Financial Statements of all of the wholly owned
subsidiary companies are incorporated into the
consolidated Financial Statements. Two of these
subsidiaries, IntegraLife International Limited (ILInt)
and IntegraLife UK Limited (ILUK) issue contracts with
the legal form of insurance contracts, but which do not
transfer signi\ufb01cant insurance risk from the policyholder to
the Company, and which are therefore accounted for as
investment contracts.
In accordance with IFRS 9, the contracts concerned
are therefore re\ufb02ected in the consolidated statement of
\ufb01nancial position as investments held for the bene\ufb01t of
policyholders, and a corresponding liability to policyholders.
Changes in accounting policies
i) There have been no new standards, amendments to
standards or interpretations adopted during the \ufb01nancial
year that had a material e\ufb00ect.
ii) Future standards, amendments to standards, and
interpretations not yet e\ufb00ective are noted below.
The following amendments are e\ufb00ective for periods
beginning on or after 1 January 2023:
IFRS 17 Insurance Contracts
In June 2022, the IASB issued amendments to IFRS
17 which will replace IFRS 4 Insurance Contracts.
IFRS 17 establishes the principles for the recognition,
measurement, presentation and disclosure of insurance
contracts within the scope of the Standard. The Group
would be required to provide information that faithfully
represents those contracts, such that users of the \ufb01nancial
statements can assess the e\ufb00ect insurance contracts have
on the entity\u2019s \ufb01nancial position, \ufb01nancial performance
and cash \ufb02ows.
The Group has performed an assessment regarding the
impact of IFRS 17 on the Financial Statements and, while
the insurance companies in the Group do administer
insurance business and hold capital relating to the risks
associated with this, there is no signi\ufb01cant insurance
risk in any of the contracts. Therefore all contracts are
investment contracts under IFRS 9, and IFRS 17 has no
impact.
Disclosure of Accounting Policies (Amendments to
IAS 1 and IFRS Practice Statement 2)
In February 2021, the IASB issued amendments to IAS
1 to assist in determining which accounting policies
to disclose, with reference to materiality and how to
determine which policies fall into this category. IFRS
Practice Statement 2 includes guidance to support this.
The Group has assessed the impact of this amendment
and does not note any signi\ufb01cant impact.
De\ufb01nition of Accounting Estimates (Amendments
to IAS 8)
In February 2021, the IASB issued amendments to IAS 8
to clarify how to distinguish changes in accounting policies
from changes in accounting estimates. That distinction
being that changes in accounting estimates are applied
prospectively to future transactions and events, but changes
in accounting policies are applied retrospectively to past
transactions and events.
The Group has assessed the impact of this amendment and
does not note any signi\ufb01cant impact.
Deferred Tax Related to Assets and Liabilities arising
from a Single Transaction (Amendments to IAS 12)
In May 2021, the IASB issued amendments to IAS 12 which
will require recognition of deferred taxes on particular
transactions which, on initial recognition, give rise to equal
amounts of taxable and deductible temporary di\ufb00erences.
The Group has assessed the impact of this amendment and
does not note any signi\ufb01cant impact.
Amendments to IAS 12: International Tax Reform
Pillar Two Model Rules
Amendments to IAS 12 Income Taxes have been introduced
in response to the OECD\u2019s BEPS Pillar Two Model Rules. The
amendments include a temporary mandatory exception
from accounting for deferred taxes arising from the Pillar
Two model rules and a requirement to disclose that the
exception has been applied immediately and retrospectively.
IHP has taken up this exemption for FY23.
The Group is continuing to assess whether it will be in scope
of the Pillar Two model Rules. If so, the rules would be
expected to apply to the Group from 1 October 2024 and
give rise to a \ufb01nancial impact. However, the Group does
not anticipate that any tax liabilities that may arise from its
overseas operations will be material to the Group, as most
of its revenue and pro\ufb01ts are generated in the UK and taxed
at a rate of 25%.
The following amendments are e\ufb00ective for periods
beginning on or after 1 January 2024:
Classi\ufb01cation of Liabilities as Current or Non-Current
(Amendments to IAS 1)
In October 2022, the IASB issued amendments to IAS 1
regarding how conditions with which an entity must comply
within twelve months after the reporting period, a\ufb00ect the
classi\ufb01cation of a liability.
The Group has assessed the impact of this amendment
and does not note any signi\ufb01cant impact.
The following amendments are e\ufb00ective for the
period beginning 1 January 2025:
The E\ufb00ects of Changes in Foreign Exchange Rates
(IAS 21)
In August 2023, the IASB issued amendments to IAS
21 to provide guidance to specify when a currency is
exchangeable and how to determine the exchange rate
when it is not.
The Group has assessed the impact of this amendment and
does not note any impact as the only non-Sterling currency
in use is Australian Dollars.
No other future standards, amendments to standards, or
interpretations are expected to have a material e\ufb00ect on
the \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15533": {
"value": "General information IntegraFin Holdings plc (the \u201cCompany\u201d), a public limited
Company incorporated and domiciled in the United
Kingdom (\u201cUK\u201d), along with its subsidiaries (collectively the
\u201cGroup\u201d), o\ufb00ers a range of services which are designed to
help \ufb01nancial advisers and their clients to manage \ufb01nancial
plans in a simple, e\ufb00ective and tax e\ufb03cient way.
The registered o\ufb03ce address, and principal place of
business, is 29 Clement\u2019s Lane, London, EC4N 7AE.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15536": {
"value": "IntegraFin Holdings plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15537": {
"value": "IntegraFin Holdings plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15538": {
"value": "public limited Company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15541": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15542": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15547": {
"value": "o\ufb00ers a range of services which are designed to help \ufb01nancial advisers and their clients to manage \ufb01nancial
plans in a simple, e\ufb00ective and tax e\ufb03cient way.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15555": {
"value": "29 Clement\u2019s Lane, London, EC4N 7AE.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15556": {
"value": "London",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15559": {
"value": "The consolidated Financial Statements have been prepared and approved by the directors in accordance with IFRSs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15563": {
"value": "The Financial Statements have been prepared on the historical cost basis, except for the revaluation of certain
\ufb01nancial instruments, which are stated at their fair value,
have been prepared in pound sterling, which is the
functional currency of the Company and are rounded to the
nearest thousand.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15578": {
"value": "Going concern The \ufb01nancial statements have been prepared on a going
concern basis, following an assessment by the board.
Going concern is assessed over the 12-month period from
when the Annual Report is approved, and the board has
concluded that the Group has adequate resources, liquidity
and capital to continue in operational existence for the next
12 months. This is supported by:
\u2022
The current \ufb01nancial position of the Group:
\u25e6
The Group maintains a conservative balance
sheet and manages and monitors solvency and
liquidity on an ongoing basis, ensuring that it
always has su\ufb03cient \ufb01nancial resources for the
foreseeable future.
\u25e6
As at 30 September 2023, the Group had
\u00a3177.9 million of shareholder cash on the statement
of \ufb01nancial position, demonstrating that liquidity
remains strong.
\u2022
Detailed cash \ufb02ow and working capital
projections; and
\u2022
Stress-testing of liquidity, pro\ufb01tability and regulatory
capital, taking account of possible adverse changes in
trading performance.
When making this assessment, the board has taken into
consideration both the Group\u2019s current performance and
the future outlook, including the impact of the cost-of-living
crisis, sustained levels of high in\ufb02ation, increasing interest
rates and volatile equity markets. The environment has
been challenging during the year, but our \ufb01nancial and
operational performance has been robust, and the Group\u2019s
fundamentals remain strong.
\u00a0
As detailed in the Going Concern and Viability Statement
(page 69), stress and scenario testing has been carried
out, in order to understand the potential \ufb01nancial impacts
of severe, yet plausible, scenarios on the Group. This
assessment incorporated a number of stress tests covering
a broad range of scenarios, including a cyber attack, system
and process failures, and persistent high in\ufb02ation with
continued market uncertainty.
Having conducted detailed cash \ufb02ow and working capital
projections, and stress-tested liquidity, pro\ufb01tability
and regulatory capital; taking account of the economic
challenges mentioned above; the board is satis\ufb01ed that the
Group is well placed to manage its business risks. The board
is also satis\ufb01ed that it will be able to operate within the
regulatory capital limits imposed by the Financial Conduct
Authority (FCA), Prudential Regulation Authority (PRA), and
Isle Man Financial Services Authority (IoM FSA).
The board has concluded that the Company has adequate
resources and there are no material uncertainties to the
Company\u2019s ability to continue to operate for the foreseeable
future, being a period of at least twelve months from
the date the \ufb01nancial statements are approved. For this
reason, they have adopted the going concern basis for the
preparation of the \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15597": {
"value": "2023-09-30",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15658": {
"value": "Basis of consolidation The consolidated Financial Statements incorporate the
Financial Statements of the Company and its subsidiaries.
Where the Company has control over an investee, it
is classi\ufb01ed as a subsidiary. The Company controls an
investee if all three of the following elements are present:
power over the investee, exposure to variable returns
from the investee, and the ability of the investor to use its
power to a\ufb00ect those variable returns. Control is presumed
to exist where the Group owns the majority of the voting
rights of an entity. Control is reassessed whenever facts
and circumstances indicate that there may be a change in
any of these elements of control.
Subsidiaries are fully consolidated from the date on which
control is obtained by the Company and are deconsolidated
from the date that control ceases. Acquisitions are
accounted for under the acquisition method. Intercompany
transactions, balances, income and expenses, and pro\ufb01ts
and losses are eliminated on consolidation.
The Financial Statements of all of the wholly owned
subsidiary companies are incorporated into the
consolidated Financial Statements. Two of these
subsidiaries, IntegraLife International Limited (ILInt)
and IntegraLife UK Limited (ILUK) issue contracts with
the legal form of insurance contracts, but which do not
transfer signi\ufb01cant insurance risk from the policyholder to
the Company, and which are therefore accounted for as
investment contracts.
In accordance with IFRS 9, the contracts concerned
are therefore re\ufb02ected in the consolidated statement of
\ufb01nancial position as investments held for the bene\ufb01t of
policyholders, and a corresponding liability to policyholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15707": {
"value": "Changes in accounting policies i) There have been no new standards, amendments to
standards or interpretations adopted during the \ufb01nancial
year that had a material e\ufb00ect.
ii) Future standards, amendments to standards, and
interpretations not yet e\ufb00ective are noted below.
The following amendments are e\ufb00ective for periods
beginning on or after 1 January 2023:
IFRS 17 Insurance Contracts
In June 2022, the IASB issued amendments to IFRS
17 which will replace IFRS 4 Insurance Contracts.
IFRS 17 establishes the principles for the recognition,
measurement, presentation and disclosure of insurance
contracts within the scope of the Standard. The Group
would be required to provide information that faithfully
represents those contracts, such that users of the \ufb01nancial
statements can assess the e\ufb00ect insurance contracts have
on the entity\u2019s \ufb01nancial position, \ufb01nancial performance
and cash \ufb02ows.
The Group has performed an assessment regarding the
impact of IFRS 17 on the Financial Statements and, while
the insurance companies in the Group do administer
insurance business and hold capital relating to the risks
associated with this, there is no signi\ufb01cant insurance
risk in any of the contracts. Therefore all contracts are
investment contracts under IFRS 9, and IFRS 17 has no
impact.
Disclosure of Accounting Policies (Amendments to
IAS 1 and IFRS Practice Statement 2)
In February 2021, the IASB issued amendments to IAS
1 to assist in determining which accounting policies
to disclose, with reference to materiality and how to
determine which policies fall into this category. IFRS
Practice Statement 2 includes guidance to support this.
The Group has assessed the impact of this amendment
and does not note any signi\ufb01cant impact.
De\ufb01nition of Accounting Estimates (Amendments
to IAS 8)
In February 2021, the IASB issued amendments to IAS 8
to clarify how to distinguish changes in accounting policies
from changes in accounting estimates. That distinction
being that changes in accounting estimates are applied
prospectively to future transactions and events, but changes
in accounting policies are applied retrospectively to past
transactions and events.
The Group has assessed the impact of this amendment and
does not note any signi\ufb01cant impact.
Deferred Tax Related to Assets and Liabilities arising
from a Single Transaction (Amendments to IAS 12)
In May 2021, the IASB issued amendments to IAS 12 which
will require recognition of deferred taxes on particular
transactions which, on initial recognition, give rise to equal
amounts of taxable and deductible temporary di\ufb00erences.
The Group has assessed the impact of this amendment and
does not note any signi\ufb01cant impact.
Amendments to IAS 12: International Tax Reform
Pillar Two Model Rules
Amendments to IAS 12 Income Taxes have been introduced
in response to the OECD\u2019s BEPS Pillar Two Model Rules. The
amendments include a temporary mandatory exception
from accounting for deferred taxes arising from the Pillar
Two model rules and a requirement to disclose that the
exception has been applied immediately and retrospectively.
IHP has taken up this exemption for FY23.
The Group is continuing to assess whether it will be in scope
of the Pillar Two model Rules. If so, the rules would be
expected to apply to the Group from 1 October 2024 and
give rise to a \ufb01nancial impact. However, the Group does
not anticipate that any tax liabilities that may arise from its
overseas operations will be material to the Group, as most
of its revenue and pro\ufb01ts are generated in the UK and taxed
at a rate of 25%.
The following amendments are e\ufb00ective for periods
beginning on or after 1 January 2024:
Classi\ufb01cation of Liabilities as Current or Non-Current
(Amendments to IAS 1)
In October 2022, the IASB issued amendments to IAS 1
regarding how conditions with which an entity must comply
within twelve months after the reporting period, a\ufb00ect the
classi\ufb01cation of a liability.
The Group has assessed the impact of this amendment
and does not note any signi\ufb01cant impact.
The following amendments are e\ufb00ective for the
period beginning 1 January 2025:
The E\ufb00ects of Changes in Foreign Exchange Rates
(IAS 21)
In August 2023, the IASB issued amendments to IAS
21 to provide guidance to specify when a currency is
exchangeable and how to determine the exchange rate
when it is not.
The Group has assessed the impact of this amendment and
does not note any impact as the only non-Sterling currency
in use is Australian Dollars.
No other future standards, amendments to standards, or
interpretations are expected to have a material e\ufb00ect on
the \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15708": {
"value": "Changes in accounting policies i) There have been no new standards, amendments to
standards or interpretations adopted during the \ufb01nancial
year that had a material e\ufb00ect.
ii) Future standards, amendments to standards, and
interpretations not yet e\ufb00ective are noted below.
The following amendments are e\ufb00ective for periods
beginning on or after 1 January 2023:
IFRS 17 Insurance Contracts
In June 2022, the IASB issued amendments to IFRS
17 which will replace IFRS 4 Insurance Contracts.
IFRS 17 establishes the principles for the recognition,
measurement, presentation and disclosure of insurance
contracts within the scope of the Standard. The Group
would be required to provide information that faithfully
represents those contracts, such that users of the \ufb01nancial
statements can assess the e\ufb00ect insurance contracts have
on the entity\u2019s \ufb01nancial position, \ufb01nancial performance
and cash \ufb02ows.
The Group has performed an assessment regarding the
impact of IFRS 17 on the Financial Statements and, while
the insurance companies in the Group do administer
insurance business and hold capital relating to the risks
associated with this, there is no signi\ufb01cant insurance
risk in any of the contracts. Therefore all contracts are
investment contracts under IFRS 9, and IFRS 17 has no
impact.
Disclosure of Accounting Policies (Amendments to
IAS 1 and IFRS Practice Statement 2)
In February 2021, the IASB issued amendments to IAS
1 to assist in determining which accounting policies
to disclose, with reference to materiality and how to
determine which policies fall into this category. IFRS
Practice Statement 2 includes guidance to support this.
The Group has assessed the impact of this amendment
and does not note any signi\ufb01cant impact.
De\ufb01nition of Accounting Estimates (Amendments
to IAS 8)
In February 2021, the IASB issued amendments to IAS 8
to clarify how to distinguish changes in accounting policies
from changes in accounting estimates. That distinction
being that changes in accounting estimates are applied
prospectively to future transactions and events, but changes
in accounting policies are applied retrospectively to past
transactions and events.
The Group has assessed the impact of this amendment and
does not note any signi\ufb01cant impact.
Deferred Tax Related to Assets and Liabilities arising
from a Single Transaction (Amendments to IAS 12)
In May 2021, the IASB issued amendments to IAS 12 which
will require recognition of deferred taxes on particular
transactions which, on initial recognition, give rise to equal
amounts of taxable and deductible temporary di\ufb00erences.
The Group has assessed the impact of this amendment and
does not note any signi\ufb01cant impact.
Amendments to IAS 12: International Tax Reform
Pillar Two Model Rules
Amendments to IAS 12 Income Taxes have been introduced
in response to the OECD\u2019s BEPS Pillar Two Model Rules. The
amendments include a temporary mandatory exception
from accounting for deferred taxes arising from the Pillar
Two model rules and a requirement to disclose that the
exception has been applied immediately and retrospectively.
IHP has taken up this exemption for FY23.
The Group is continuing to assess whether it will be in scope
of the Pillar Two model Rules. If so, the rules would be
expected to apply to the Group from 1 October 2024 and
give rise to a \ufb01nancial impact. However, the Group does
not anticipate that any tax liabilities that may arise from its
overseas operations will be material to the Group, as most
of its revenue and pro\ufb01ts are generated in the UK and taxed
at a rate of 25%.
The following amendments are e\ufb00ective for periods
beginning on or after 1 January 2024:
Classi\ufb01cation of Liabilities as Current or Non-Current
(Amendments to IAS 1)
In October 2022, the IASB issued amendments to IAS 1
regarding how conditions with which an entity must comply
within twelve months after the reporting period, a\ufb00ect the
classi\ufb01cation of a liability.
The Group has assessed the impact of this amendment
and does not note any signi\ufb01cant impact.
The following amendments are e\ufb00ective for the
period beginning 1 January 2025:
The E\ufb00ects of Changes in Foreign Exchange Rates
(IAS 21)
In August 2023, the IASB issued amendments to IAS
21 to provide guidance to specify when a currency is
exchangeable and how to determine the exchange rate
when it is not.
The Group has assessed the impact of this amendment and
does not note any impact as the only non-Sterling currency
in use is Australian Dollars.
No other future standards, amendments to standards, or
interpretations are expected to have a material e\ufb00ect on
the \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15719": {
"value": "IFRS 17 Insurance Contracts In June 2022, the IASB issued amendments to IFRS
17 which will replace IFRS 4 Insurance Contracts.
IFRS 17 establishes the principles for the recognition,
measurement, presentation and disclosure of insurance
contracts within the scope of the Standard. The Group
would be required to provide information that faithfully
represents those contracts, such that users of the \ufb01nancial
statements can assess the e\ufb00ect insurance contracts have
on the entity\u2019s \ufb01nancial position, \ufb01nancial performance
and cash \ufb02ows.
The Group has performed an assessment regarding the
impact of IFRS 17 on the Financial Statements and, while
the insurance companies in the Group do administer
insurance business and hold capital relating to the risks
associated with this, there is no signi\ufb01cant insurance
risk in any of the contracts. Therefore all contracts are
investment contracts under IFRS 9, and IFRS 17 has no
impact.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15831": {
"value": "B) PRINCIPAL ACCOUNTING POLICIES Revenue from contracts with customers
Revenue represents the fair value of services supplied by
the Company. All fee income is recognised as revenue on an
accruals basis and in line with the provision of the services.
Fee and commission income is recognised at an amount
that re\ufb02ects the consideration to which the Group expects
to be entitled in exchange for providing the services.
The performance obligations, as well as the timing of their
satisfaction, are identi\ufb01ed, and determined, at the inception
of the contract.
When the Group provides a service to its customers,
consideration is generally due immediately upon satisfaction
of a service provided at a point in time or at the end of the
contract period for a service provided over time. The Group
has generally concluded that it is the principal in its revenue
arrangements because it typically controls the services
before transferring them to the customer.
The Group has discharged all of its obligations in relation
to contracts with customers, and the amounts received or
receivable from customers equal the amount of revenue
recognised on the contracts. All amounts due from
customers are therefore recognised as receivables within
accrued income, and the Group has no contract assets or
liabilities.
Fee income comprises:
Annual commission income
Annual commission is charged for the administration of
products on the Transact platform, and is levied monthly in
arrears on the average value of assets and cash held on the
platform. The value of assets and cash held on the Platform
is driven by market movements, in\ufb02ows, out\ufb02ows and other
factors.
Wrapper fee income
Wrapper fees are charged for each of the tax wrappers held
by clients and are levied quarterly in arrears based on \ufb01xed
fees for each wrapper type.
Annual commission and wrapper fees relate to services
provided on an on-going basis, and revenue is therefore
recognised on an on-going basis to re\ufb02ect the nature of the
performance obligations being discharged. As the bene\ufb01t to
the customer of the services is transferred evenly over the
service period, these fees are recognised as revenue evenly
over the period, based on time elapsed.
Accrued income on both annual commission and wrapper
fees is recognised as a trade receivable on the statement
of \ufb01nancial position, as the Group\u2019s right to consideration is
conditional on nothing other than the passage of time.
Licence income
Licence income is the rental charge for use of access to
T4A\u2019s CRM software. The rental charge is billed monthly
in advance, based on the number of users. Revenue is
recognised in line with the provision of the service.
Consultancy income
Consultancy income relates to consultancy services
provided by T4A on an as-needs basis. Revenue is
recognised when the services are provided.
Other income
This comprises buy commission and dealing charges. These
are charges levied on the acquisition of assets, due upon
completion of the transaction. Revenue is recorded on the
date of completion of the transaction, as this is the date
the services are provided to the customer. As the bene\ufb01t
to the customer of the services is transferred at a point
in time, these fees are recognised at the point they are
provided.
Interest income
Interest on shareholder cash, policyholder cash, loans and
coupon on shareholder gilts are the sources of interest
income received. These are recognised in the Consolidated
Statement of Comprehensive Income in interest income
and within policyholder returns. Under IFRS 9, interest
income is recorded using the e\ufb00ective interest method
for all \ufb01nancial assets measured at amortised cost
and is recognised in the Consolidated Statement of
Comprehensive Income.
Cost of sales
Cost of sales relate to costs directly attributable to
the supply of services provided to the Group and
are recognised in the Consolidated Statement of
Comprehensive Income on an accruals basis.
Administrative expenses
Administration expenses relate to overhead costs and are
recognised in the Consolidated Statement of Comprehensive
Income on an accruals basis.
Fee and commission expenses
Fee and commission expenses are paid by ILUK and ILInt
policyholders to their \ufb01nancial advisers. Expenses comprise
annual commission which is levied monthly in arrears on
the average value of assets and cash held on the platform
in the month and upfront fees charged on new premiums on
the platform.
Investments
Fixed asset investments in subsidiaries are stated at cost
less any provision for impairment.
Other investments comprise UK Government gilts held
as shareholder investments. The Group held a gilt in the
prior year that matured in the current year, which was
held at fair value through pro\ufb01t or loss as it fell under the
\u2018other\u2019 business model, and was stated at quoted bid price
which equates to fair value, with any resultant gain or loss
recognised in pro\ufb01t or loss.
New gilts were acquired in the current \ufb01nancial year, which
were assessed upon purchase and deemed to meet the
criteria to classify as amortised cost under IFRS 9 Financial
Instruments, namely:
\u2022
they are held within a business model whose objective
is to hold assets in order to collect contractual cash
\ufb02ows; and,
\u2022
the contractual terms of the \ufb01nancial assets give
rise on speci\ufb01ed dates to cash \ufb02ows that are solely
payments of principal and interest on the principal
amount outstanding.
Investment contracts \u2013 investments held for the
bene\ufb01t of policyholders
Investment contracts held for the bene\ufb01t of policy holders
are comprised of unit-linked contracts. Investments held
for the bene\ufb01t of policyholders are stated at fair value and
reported on a separate line in the statement of \ufb01nancial
position, see accounting policy on \ufb01nancial instruments for
fair value determination. Investment contracts result in
\ufb01nancial liabilities whose fair value is dependent on the fair
value of underlying \ufb01nancial assets. They are designated at
inception as \ufb01nancial liabilities at \u2018fair value through pro\ufb01t
or loss\u2019 in order to reduce an accounting mismatch with the
underlying \ufb01nancial assets. Gains and losses arising from
changes in fair value are presented in the Consolidated
Statement of Comprehensive Income within \u201cPolicyholder
investment returns\u201d.
Investment in\ufb02ows received from policyholders are invested
in funds selected by the policyholders. The resulting
liabilities for linked investment contracts are accounted for
under the \u2018fair value through pro\ufb01t or loss\u2019 option, in line
with the corresponding assets as permitted by IFRS 9.
As all investments held for the bene\ufb01t of policyholders are
matched entirely by corresponding linked liabilities, any
gain or loss on assets recognised through the Consolidated
Statement of Comprehensive Income are o\ufb00set entirely
by the gains and losses on linked liabilities, which are
recognised within the \u201cchange in investment contract
liabilities\u201d line. The overall net impact on pro\ufb01t is therefore
\u00a3nil.
Investment contracts are measured at fair value using
quoted mid prices that are available at the reporting
date and are traded in active markets. Where this is not
available, valuation techniques are used to establish
the fair value at inception and each reporting date. The
Company\u2019s main valuation techniques incorporate all factors
that market participants would consider and are based on
observable market data. The \ufb01nancial liability is measured
both initially and subsequently at fair value. The fair value
of a unit-linked \ufb01nancial liability is determined using the
fair value of the \ufb01nancial assets contained within the funds
linked to the \ufb01nancial liability.
Dividends
Equity dividends paid are recognised in the accounting
period in which the dividends are declared and approved.
Intangible non-current assets
Intangible non-current assets, excluding goodwill, are
stated at cost less accumulated amortisation and comprise
intellectual property software rights. The software rights
were amortised over seven years on a straight line basis, as
it was estimated that the software would be rewritten every
seven years, and therefore have a \ufb01nite useful life. The
software rights are now fully amortised, but due to ongoing
system development and coding updates no replacement is
required.
Goodwill is held at cost and, in accordance with IFRS, is not
amortised but is subject to annual impairment reviews.
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and accumulated impairment
losses. Cost includes expenditures that are directly
attributable to the acquisition of the asset. Subsequent
costs are included in the asset\u2019s carrying amount or
recognised as a separate asset, as appropriate, only when
it is probable that future economic bene\ufb01ts associated
with the item will \ufb02ow to the Group and the cost can be
measured reliably. Repairs and maintenance costs are
charged to the Consolidated Statement of Comprehensive
Income during the period in which they are incurred.
The major categories of property, plant, equipment are
depreciated as follows:
ASSET CLASS
ALL UK AND ISLE
OF MAN ENTITIES
AUSTRALIAN
ENTITY
Leasehold
improvements
Straight line over
the life of the lease
Straight line over
40 years
Fixtures &
\ufb01ttings
Straight line over
10 years
Straight line over
10 years
Equipment
Straight line over 3
to 10 years
Straight line over
3 years
Motor vehicles
N/A
25% reducing
balance
Residual values, method of depreciation and useful lives
of the assets are reviewed annually and adjusted if
appropriate.
Goodwill and goodwill impairment
Goodwill represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identi\ufb01able
net assets of the acquired entity at the date of acquisition.
Goodwill is recognised as an asset at cost at the date when
control is achieved and is subsequently measured at cost
less any accumulated impairment losses.
Goodwill is allocated to one or more cash generating
units (CGUs) expected to bene\ufb01t from the synergies of
the combination, where the CGU represents the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows
that are largely independent of the cash in\ufb02ows from
other assets or group of assets. Goodwill is reviewed for
impairment at least once annually, and also whenever
circumstances or events indicate there may be uncertainty
over this value. The impairment assessment compares the
carrying value of goodwill to the recoverable amount, which
is the higher of value in use and the fair value less costs of
disposal. Any impairment loss is recognised immediately in
the Consolidated Statement of Comprehensive Income and
is not subsequently reversed.
Intangible assets acquired as part of a business
combination
Intangible assets acquired as part of a business combination
are recognised where they are separately identi\ufb01able and
can be measured reliably.
Acquired intangible assets consist of contractual customer
relationships, software and brand. These items are
capitalised at their fair value, which are based on either the
\u2018Relief from Royalty\u2019 valuation methodology or the \u2018Multi-
period Excess Earnings Method\u2019, as appropriate for each
asset. Subsequent to initial recognition, acquired intangible
assets are measured at cost less accumulated amortisation
and any recognised impairment losses.
Amortisation is recognised in the consolidated statement of
comprehensive income within administration expenses on
a straight line basis over the estimated useful lives of the
assets, which are as follows:
ASSET CLASS
USEFUL LIFE
Customer relationships
15 years
Software
7 years
Brand
10 years
The method of amortisation and useful lives of the assets
are reviewed annually and adjusted if appropriate.
Impairment of non-\ufb01nancial assets
Property, plant and equipment, right-of-use assets and
intangible assets are tested for impairment when events or
changes in circumstances indicate that the carrying amount
may not be recoverable. Recoverable amount is the higher of
an asset\u2019s fair value less costs to sell and value in use (being
the present value of the expected future cash \ufb02ows of the
relevant asset).
The Group evaluates impairment losses for potential
reversals when events or circumstances warrant such
consideration.
Goodwill is tested for impairment annually, and once an
impairment is recognised this cannot be reversed. For more
detailed information in relation to this, please see note 12.
Pensions
The Group makes de\ufb01ned contributions to the personal
pension schemes of its employees. These are chargeable to
Consolidated Statement of Comprehensive Income in the
year in which they become payable.
Foreign currencies
Transactions in foreign currencies are translated into
the functional currency at the exchange rate in e\ufb00ect at
the date of the transaction. Foreign currency monetary
assets and liabilities are translated to sterling at the year
end closing rate. Foreign exchange rate di\ufb00erences that
arise are reported net in the Consolidated Statement of
Comprehensive Income as foreign exchange gains/losses.
The assets and liabilities of foreign operations are
translated to sterling using the year end closing exchange
rate. The revenues and expenses of foreign operations
are retranslated to sterling at rates approximating the
foreign exchange rates ruling at the relevant month of
the transactions. Foreign exchange di\ufb00erences arising on
retranslation are recognised directly in the reserves.
Taxation
Current income tax
The taxation charge is based on the taxable result for
the year. The taxable result for the year is determined in
accordance with enacted legislation and taxation authority
practice for calculating the amount of corporation tax
payable.
Policyholder tax comprises corporation tax payable at
the policyholder rate on the policyholders\u2019 share of the
taxable result for the year, together with deferred tax at
the policyholder rate on temporary di\ufb00erences relating to
policyholder items.
Current income tax assets and liabilities are measured
at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used
to compute the amount are those that are enacted or
substantively enacted at the reporting date in countries
where the Group operates and generates taxable income.
Management periodically evaluates positions taken in the
tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred tax
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the statement of
\ufb01nancial position di\ufb00ers from its tax base.
The amount of the asset or liability is determined using
tax rates that have been enacted or substantively enacted
by the reporting date and are expected to apply when the
deferred tax assets/liabilities are recovered/settled.
With regard to capital gains tax on policyholders\u2019 future
tax obligations, management has determined that reserves
should be held to cover this, based on a reserve charge
rate of 20%. The deferred capital gains upon which the
reserve charges are calculated are re\ufb02ected in the closing
deferred tax balance.
We are aware of the proposed BEPS Pillar 2 changes which
might impact the tax rate in some jurisdictions in future
years and continue to monitor for updates.
The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no
longer probable that su\ufb03cient tax pro\ufb01t will be available
to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable pro\ufb01ts will allow the
deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets,
the Group relies on the same forecast assumptions
used elsewhere in the \ufb01nancial statements and in other
management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the
business, such as increased cost of production as a result of
measures to reduce carbon emissions.
The Group o\ufb00sets deferred tax assets and deferred tax
liabilities if and only if it has a legal enforceable
right to set o\ufb00 current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities relate
to income taxes levied by the same taxation authority on
either the same taxable entity or di\ufb00erent taxable entities
which intend to either settle current tax liabilities and
assets on a net basis, or to realise the assets and settle
the liabilities simultaneously, in each future period in which
signi\ufb01cant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
Policyholder Tax
HMRC requires ILUK to charge basic rate income tax on its
life insurance policies (FA 2012, s102). ILUK collects this
tax quarterly, by charging 20% tax (FY22: 20%) on gains
from assets held in the policies, based on the policyholder\u2019s
acquisition costs and market value at each quarter end.
Additional charges are applied on any increases in the
previously charged gain. The charge is adjusted by the
fourth \ufb01nancial year quarter so that the total charge for the
year is based on the gain at the end of the \ufb01nancial year.
When assets are sold at a loss or reduce in market value
by the \ufb01nancial year end, a refund of the charges may be
applied. Policyholder tax is recorded as a tax expense/(tax
credit) in the statement of comprehensive income, with a
corresponding asset/(liability) recognised on the statement
of \ufb01nancial position (under IAS 12).
Segmental reporting
Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating
decision-maker is responsible for allocating resources and
assessing performance of the operating segments and
has been identi\ufb01ed as the Chief Executive O\ufb03cer of the
Company.
Client assets and client monies
Integrated Financial Arrangements Ltd (IFAL) client assets
and client monies are not recognised in the parent and
consolidated statements of \ufb01nancial position as they are
owned by the clients of IFAL.
Lease assets and lease liabilities
Right-of-use assets
The Group recognises right-of-use assets on the date
the leased asset is made available for use by the Group.
These assets relate to rental leases for the o\ufb03ce of the
Group, which have varying terms clauses and renewal
rights. Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and
adjusted for any re-measurement of lease liabilities. The
cost of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the commencement
date.
Depreciation is applied in accordance with IAS 16:
Property, Plant and Equipment. Right-of-use assets are
depreciated over the lease term. See note 13 and 14.
Lease liabilities
The Group measures lease liabilities in line with IFRS
16 on the balance sheet as the present value of all
future lease payments, discounted using an incremental
borrowing rate at the date of commencement. After the
commencement date, the amount of lease liabilities is
increased to re\ufb02ect the addition of interest and reduced
for the lease payments made. The Group\u2019s incremental
borrowing rate is the rate at which a similar borrowing
could be obtained from an independent creditor under
comparable terms and conditions. See note 25.
Short-term leases
The Group de\ufb01nes short-term leases as those with a lease
term of 12 months or less and leases of low value assets.
For these leases, the Group recognises the lease payments
as an operating expense on a straight line basis over the
term of lease.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances from
instant access and notice accounts, call deposits, and
other short-term deposits with an original maturity of
three months or less. The carrying amount of these assets
approximates to their fair value.
Cash and cash equivalents held for the bene\ufb01t of the
policyholders are held to cover the liabilities for unit linked
investment contracts. These amounts are 100% matched to
corresponding liabilities.
Financial instruments
Financial assets and liabilities are recognised when the
Group becomes a party to the contractual provisions of
the instrument. Financial assets are derecognised
when the rights to receive cash \ufb02ows from the assets
have expired or have been transferred and the Group
has transferred substantially all risks and rewards of
ownership. Financial liabilities are derecognised when
the obligation speci\ufb01ed in the contract is discharged,
cancelled or expires.
At initial recognition, the Group classi\ufb01es its \ufb01nancial
instruments in the following categories, based on the
business model in which the assets are managed and
their cash \ufb02ow characteristics:
(i) Financial assets and liabilities at fair value
through pro\ufb01t or loss
This category includes \ufb01nancial assets and liabilities
acquired principally for the purpose of selling or
repurchasing in the short-term, comprising of listed
shares and securities.
Financial instruments in this category are recognised
on the trade date, and subsequently measured at fair
value. Purchases and sales of securities are recognised
on the trade date. Transaction costs are expensed
in the Consolidated Statement of Comprehensive
Income. Gains and losses arising from changes in fair
value are presented in the Consolidated Statement of
Comprehensive Income within \u201cinvestment returns\u201d
for corporate assets and \u201cnet income attributable to
policyholder returns\u201d for policyholder assets in the period
in which they arise. Financial assets and liabilities at
fair value through pro\ufb01t or loss are classi\ufb01ed as current
except for the portion expected to be realised or paid
beyond twelve months of the balance sheet date, which
are classi\ufb01ed as long-term.
(ii) Financial assets at amortised cost
These assets comprised of accrued fees, trade and
other receivables, loans, investments in quoted debt
instruments and cash and cash equivalents. These are
included in current assets due to their short-term nature,
except for the element of the loan payable to subsidiary
which is to be settled after 12 months, which is included
in non-current assets.
Financial assets are measured at amortised cost when
they are held within the business model whose objective
is to hold assets to collect contractual cash \ufb02ows and
their contractual cash \ufb02ows represent solely payments of
principal and interest.
The carrying value of assets held at amortised cost are
adjusted for impairment arising from expected credit losses.
(iii) Financial liabilities at amortised cost
Financial liabilities at amortised cost comprise trade and
other payables and loans payable. These are initially
recognised at fair value. Subsequent measurement is at
amortised cost using the e\ufb00ective interest method. Trade
and other payables are classi\ufb01ed as current liabilities due to
their short-term nature. The loan is split between current
and non-current liabilities, based on the repayment terms.
Impairment of \ufb01nancial assets
Expected credit losses are required to be measured through
a loss allowance at an amount equal to:
\u2022
the 12-month expected credit losses (expected credit
losses from possible default events within 12 months
after the reporting date); or
\u2022
full lifetime expected credit losses (expected credit
losses from all possible default events over the life of
the \ufb01nancial instrument).
A loss allowance for full lifetime expected credit losses
is required for a \ufb01nancial instrument if the credit risk of
that \ufb01nancial instrument has increased signi\ufb01cantly since
initial recognition, as well as to contract assets or trade
receivables, where the simpli\ufb01ed approach is applied
to assets that do not contain a signi\ufb01cant \ufb01nancing
component.
For all other \ufb01nancial instruments, expected credit losses
are measured at an amount equal to the 12-month
expected credit losses.
Impairment losses on \ufb01nancial assets carried at amortised
cost are reversed in subsequent periods if the expected
credit losses decrease.
Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past
event, it is probable that an out\ufb02ow of resources
embodying economic bene\ufb01ts will be required to settle
the obligation and a reliable estimate can be made of the
amount of the obligation.
If the e\ufb00ect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that re\ufb02ects, when appropriate, the risks speci\ufb01c to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
\ufb01nance cost.
The ILUK policyholder reserves, which are part of the
provisions balance, arises from tax reserve charges
collected from life insurance policyholders, which are held
to cover possible future tax liabilities. If no tax liability
arises the charges are refunded to policyholders, where
possible. As these liabilities are of uncertain timing
or amounts, they are recognised as provisions on the
statement of \ufb01nancial position.
Balances due to HMRC are considered under IAS 12
Income Taxes, whereas balances due to policyholders are
considered under IAS 37 Provisions, Contingent Liabilities
and Contingent Assets.
Share-based payments
Equity-settled share-based payment awards granted
to employees are measured at fair value at the date of
grant. The awards are recognised as an expense, with a
corresponding increase in equity, spread over the vesting
period of the awards, which accords with the period for
which related services are provided.
The total amount expensed is determined by reference to
the fair value of the awards as follows:
(i) Share Incentive Plan (SIP) shares
The fair value is the market price on the grant date. There
are no vesting conditions, as the employees receive the
shares immediately upon grant.
(ii) Performance share plan (PSP) share options
The fair value of share options is determined by applying
a valuation technique, usually an option pricing model,
such as Black Scholes. This takes into account factors such
as the exercise price, the share price, volatility, interest
rates, and dividends.
At each reporting date, the estimate of the number of
share options expected to vest based on the non-market
vesting conditions is assessed. Any change to original
estimates is recognised in the statement of comprehensive
income, with a corresponding adjustment to equity
reserves.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15834": {
"value": "Revenue from contracts with customers Revenue represents the fair value of services supplied by
the Company. All fee income is recognised as revenue on an
accruals basis and in line with the provision of the services.
Fee and commission income is recognised at an amount
that re\ufb02ects the consideration to which the Group expects
to be entitled in exchange for providing the services.
The performance obligations, as well as the timing of their
satisfaction, are identi\ufb01ed, and determined, at the inception
of the contract.
When the Group provides a service to its customers,
consideration is generally due immediately upon satisfaction
of a service provided at a point in time or at the end of the
contract period for a service provided over time. The Group
has generally concluded that it is the principal in its revenue
arrangements because it typically controls the services
before transferring them to the customer.
The Group has discharged all of its obligations in relation
to contracts with customers, and the amounts received or
receivable from customers equal the amount of revenue
recognised on the contracts. All amounts due from
customers are therefore recognised as receivables within
accrued income, and the Group has no contract assets or
liabilities.
Fee income comprises:
Annual commission income
Annual commission is charged for the administration of
products on the Transact platform, and is levied monthly in
arrears on the average value of assets and cash held on the
platform. The value of assets and cash held on the Platform
is driven by market movements, in\ufb02ows, out\ufb02ows and other
factors.
Wrapper fee income
Wrapper fees are charged for each of the tax wrappers held
by clients and are levied quarterly in arrears based on \ufb01xed
fees for each wrapper type.
Annual commission and wrapper fees relate to services
provided on an on-going basis, and revenue is therefore
recognised on an on-going basis to re\ufb02ect the nature of the
performance obligations being discharged. As the bene\ufb01t to
the customer of the services is transferred evenly over the
service period, these fees are recognised as revenue evenly
over the period, based on time elapsed.
Accrued income on both annual commission and wrapper
fees is recognised as a trade receivable on the statement
of \ufb01nancial position, as the Group\u2019s right to consideration is
conditional on nothing other than the passage of time.
Licence income
Licence income is the rental charge for use of access to
T4A\u2019s CRM software. The rental charge is billed monthly
in advance, based on the number of users. Revenue is
recognised in line with the provision of the service.
Consultancy income
Consultancy income relates to consultancy services
provided by T4A on an as-needs basis. Revenue is
recognised when the services are provided.
Other income
This comprises buy commission and dealing charges. These
are charges levied on the acquisition of assets, due upon
completion of the transaction. Revenue is recorded on the
date of completion of the transaction, as this is the date
the services are provided to the customer. As the bene\ufb01t
to the customer of the services is transferred at a point
in time, these fees are recognised at the point they are
provided.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15835": {
"value": "Revenue from contracts with customers Revenue represents the fair value of services supplied by
the Company. All fee income is recognised as revenue on an
accruals basis and in line with the provision of the services.
Fee and commission income is recognised at an amount
that re\ufb02ects the consideration to which the Group expects
to be entitled in exchange for providing the services.
The performance obligations, as well as the timing of their
satisfaction, are identi\ufb01ed, and determined, at the inception
of the contract.
When the Group provides a service to its customers,
consideration is generally due immediately upon satisfaction
of a service provided at a point in time or at the end of the
contract period for a service provided over time. The Group
has generally concluded that it is the principal in its revenue
arrangements because it typically controls the services
before transferring them to the customer.
The Group has discharged all of its obligations in relation
to contracts with customers, and the amounts received or
receivable from customers equal the amount of revenue
recognised on the contracts. All amounts due from
customers are therefore recognised as receivables within
accrued income, and the Group has no contract assets or
liabilities.
Fee income comprises:
Annual commission income
Annual commission is charged for the administration of
products on the Transact platform, and is levied monthly in
arrears on the average value of assets and cash held on the
platform. The value of assets and cash held on the Platform
is driven by market movements, in\ufb02ows, out\ufb02ows and other
factors.
Wrapper fee income
Wrapper fees are charged for each of the tax wrappers held
by clients and are levied quarterly in arrears based on \ufb01xed
fees for each wrapper type.
Annual commission and wrapper fees relate to services
provided on an on-going basis, and revenue is therefore
recognised on an on-going basis to re\ufb02ect the nature of the
performance obligations being discharged. As the bene\ufb01t to
the customer of the services is transferred evenly over the
service period, these fees are recognised as revenue evenly
over the period, based on time elapsed.
Accrued income on both annual commission and wrapper
fees is recognised as a trade receivable on the statement
of \ufb01nancial position, as the Group\u2019s right to consideration is
conditional on nothing other than the passage of time.
Licence income
Licence income is the rental charge for use of access to
T4A\u2019s CRM software. The rental charge is billed monthly
in advance, based on the number of users. Revenue is
recognised in line with the provision of the service.
Consultancy income
Consultancy income relates to consultancy services
provided by T4A on an as-needs basis. Revenue is
recognised when the services are provided.
Other income
This comprises buy commission and dealing charges. These
are charges levied on the acquisition of assets, due upon
completion of the transaction. Revenue is recorded on the
date of completion of the transaction, as this is the date
the services are provided to the customer. As the bene\ufb01t
to the customer of the services is transferred at a point
in time, these fees are recognised at the point they are
provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15862": {
"value": "Fee income comprises: Annual commission income
Annual commission is charged for the administration of
products on the Transact platform, and is levied monthly in
arrears on the average value of assets and cash held on the
platform. The value of assets and cash held on the Platform
is driven by market movements, in\ufb02ows, out\ufb02ows and other
factors.
Wrapper fee income
Wrapper fees are charged for each of the tax wrappers held
by clients and are levied quarterly in arrears based on \ufb01xed
fees for each wrapper type.
Annual commission and wrapper fees relate to services
provided on an on-going basis, and revenue is therefore
recognised on an on-going basis to re\ufb02ect the nature of the
performance obligations being discharged. As the bene\ufb01t to
the customer of the services is transferred evenly over the
service period, these fees are recognised as revenue evenly
over the period, based on time elapsed.
Accrued income on both annual commission and wrapper
fees is recognised as a trade receivable on the statement
of \ufb01nancial position, as the Group\u2019s right to consideration is
conditional on nothing other than the passage of time.Fee and commission expenses Fee and commission expenses are paid by ILUK and ILInt
policyholders to their \ufb01nancial advisers. Expenses comprise
annual commission which is levied monthly in arrears on
the average value of assets and cash held on the platform
in the month and upfront fees charged on new premiums on
the platform.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15938": {
"value": "Cost of sales Cost of sales relate to costs directly attributable to
the supply of services provided to the Group and
are recognised in the Consolidated Statement of
Comprehensive Income on an accruals basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f15960": {
"value": "Investments Fixed asset investments in subsidiaries are stated at cost
less any provision for impairment.
Other investments comprise UK Government gilts held
as shareholder investments. The Group held a gilt in the
prior year that matured in the current year, which was
held at fair value through pro\ufb01t or loss as it fell under the
\u2018other\u2019 business model, and was stated at quoted bid price
which equates to fair value, with any resultant gain or loss
recognised in pro\ufb01t or loss.
New gilts were acquired in the current \ufb01nancial year, which
were assessed upon purchase and deemed to meet the
criteria to classify as amortised cost under IFRS 9 Financial
Instruments, namely:
\u2022
they are held within a business model whose objective
is to hold assets in order to collect contractual cash
\ufb02ows; and,
\u2022
the contractual terms of the \ufb01nancial assets give
rise on speci\ufb01ed dates to cash \ufb02ows that are solely
payments of principal and interest on the principal
amount outstanding.
Investment contracts \u2013 investments held for the
bene\ufb01t of policyholders
Investment contracts held for the bene\ufb01t of policy holders
are comprised of unit-linked contracts. Investments held
for the bene\ufb01t of policyholders are stated at fair value and
reported on a separate line in the statement of \ufb01nancial
position, see accounting policy on \ufb01nancial instruments for
fair value determination. Investment contracts result in
\ufb01nancial liabilities whose fair value is dependent on the fair
value of underlying \ufb01nancial assets. They are designated at
inception as \ufb01nancial liabilities at \u2018fair value through pro\ufb01t
or loss\u2019 in order to reduce an accounting mismatch with the
underlying \ufb01nancial assets. Gains and losses arising from
changes in fair value are presented in the Consolidated
Statement of Comprehensive Income within \u201cPolicyholder
investment returns\u201d.
Investment in\ufb02ows received from policyholders are invested
in funds selected by the policyholders. The resulting
liabilities for linked investment contracts are accounted for
under the \u2018fair value through pro\ufb01t or loss\u2019 option, in line
with the corresponding assets as permitted by IFRS 9.
As all investments held for the bene\ufb01t of policyholders are
matched entirely by corresponding linked liabilities, any
gain or loss on assets recognised through the Consolidated
Statement of Comprehensive Income are o\ufb00set entirely
by the gains and losses on linked liabilities, which are
recognised within the \u201cchange in investment contract
liabilities\u201d line. The overall net impact on pro\ufb01t is therefore
\u00a3nil.
Investment contracts are measured at fair value using
quoted mid prices that are available at the reporting
date and are traded in active markets. Where this is not
available, valuation techniques are used to establish
the fair value at inception and each reporting date. The
Company\u2019s main valuation techniques incorporate all factors
that market participants would consider and are based on
observable market data. The \ufb01nancial liability is measured
both initially and subsequently at fair value. The fair value
of a unit-linked \ufb01nancial liability is determined using the
fair value of the \ufb01nancial assets contained within the funds
linked to the \ufb01nancial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16042": {
"value": "Dividends Equity dividends paid are recognised in the accounting
period in which the dividends are declared and approved.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16048": {
"value": "Intangible non-current assets Intangible non-current assets, excluding goodwill, are
stated at cost less accumulated amortisation and comprise
intellectual property software rights. The software rights
were amortised over seven years on a straight line basis, as
it was estimated that the software would be rewritten every
seven years, and therefore have a \ufb01nite useful life. The
software rights are now fully amortised, but due to ongoing
system development and coding updates no replacement is
required.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16049": {
"value": "Intangible non-current assets Intangible non-current assets, excluding goodwill, are
stated at cost less accumulated amortisation and comprise
intellectual property software rights. The software rights
were amortised over seven years on a straight line basis, as
it was estimated that the software would be rewritten every
seven years, and therefore have a \ufb01nite useful life. The
software rights are now fully amortised, but due to ongoing
system development and coding updates no replacement is
required.
Goodwill is held at cost and, in accordance with IFRS, is not
amortised but is subject to annual impairment reviews.Goodwill and goodwill impairment Goodwill represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identi\ufb01able
net assets of the acquired entity at the date of acquisition.
Goodwill is recognised as an asset at cost at the date when
control is achieved and is subsequently measured at cost
less any accumulated impairment losses.
Goodwill is allocated to one or more cash generating
units (CGUs) expected to bene\ufb01t from the synergies of
the combination, where the CGU represents the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows
that are largely independent of the cash in\ufb02ows from
other assets or group of assets. Goodwill is reviewed for
impairment at least once annually, and also whenever
circumstances or events indicate there may be uncertainty
over this value. The impairment assessment compares the
carrying value of goodwill to the recoverable amount, which
is the higher of value in use and the fair value less costs of
disposal. Any impairment loss is recognised immediately in
the Consolidated Statement of Comprehensive Income and
is not subsequently reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16063": {
"value": "Goodwill is held at cost and, in accordance with IFRS, is not amortised but is subject to annual impairment reviews.Goodwill and goodwill impairment Goodwill represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identi\ufb01able
net assets of the acquired entity at the date of acquisition.
Goodwill is recognised as an asset at cost at the date when
control is achieved and is subsequently measured at cost
less any accumulated impairment losses.
Goodwill is allocated to one or more cash generating
units (CGUs) expected to bene\ufb01t from the synergies of
the combination, where the CGU represents the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows
that are largely independent of the cash in\ufb02ows from
other assets or group of assets. Goodwill is reviewed for
impairment at least once annually, and also whenever
circumstances or events indicate there may be uncertainty
over this value. The impairment assessment compares the
carrying value of goodwill to the recoverable amount, which
is the higher of value in use and the fair value less costs of
disposal. Any impairment loss is recognised immediately in
the Consolidated Statement of Comprehensive Income and
is not subsequently reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16068": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost less
accumulated depreciation and accumulated impairment
losses. Cost includes expenditures that are directly
attributable to the acquisition of the asset. Subsequent
costs are included in the asset\u2019s carrying amount or
recognised as a separate asset, as appropriate, only when
it is probable that future economic bene\ufb01ts associated
with the item will \ufb02ow to the Group and the cost can be
measured reliably. Repairs and maintenance costs are
charged to the Consolidated Statement of Comprehensive
Income during the period in which they are incurred.
The major categories of property, plant, equipment are
depreciated as follows:
ASSET CLASS
ALL UK AND ISLE
OF MAN ENTITIES
AUSTRALIAN
ENTITY
Leasehold
improvements
Straight line over
the life of the lease
Straight line over
40 years
Fixtures &
\ufb01ttings
Straight line over
10 years
Straight line over
10 years
Equipment
Straight line over 3
to 10 years
Straight line over
3 years
Motor vehicles
N/A
25% reducing
balance
Residual values, method of depreciation and useful lives
of the assets are reviewed annually and adjusted if
appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16082": {
"value": "The major categories of property, plant, equipment are depreciated as follows:
ASSET CLASS
ALL UK AND ISLE
OF MAN ENTITIES
AUSTRALIAN
ENTITY
Leasehold
improvements
Straight line over
the life of the lease
Straight line over
40 years
Fixtures &
\ufb01ttings
Straight line over
10 years
Straight line over
10 years
Equipment
Straight line over 3
to 10 years
Straight line over
3 years
Motor vehicles
N/A
25% reducing
balance
Residual values, method of depreciation and useful lives
of the assets are reviewed annually and adjusted if
appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16118": {
"value": "Goodwill and goodwill impairment Goodwill represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the identi\ufb01able
net assets of the acquired entity at the date of acquisition.
Goodwill is recognised as an asset at cost at the date when
control is achieved and is subsequently measured at cost
less any accumulated impairment losses.
Goodwill is allocated to one or more cash generating
units (CGUs) expected to bene\ufb01t from the synergies of
the combination, where the CGU represents the smallest
identi\ufb01able group of assets that generates cash in\ufb02ows
that are largely independent of the cash in\ufb02ows from
other assets or group of assets. Goodwill is reviewed for
impairment at least once annually, and also whenever
circumstances or events indicate there may be uncertainty
over this value. The impairment assessment compares the
carrying value of goodwill to the recoverable amount, which
is the higher of value in use and the fair value less costs of
disposal. Any impairment loss is recognised immediately in
the Consolidated Statement of Comprehensive Income and
is not subsequently reversed.Impairment of non-\ufb01nancial assets Property, plant and equipment, right-of-use assets and
intangible assets are tested for impairment when events or
changes in circumstances indicate that the carrying amount
may not be recoverable. Recoverable amount is the higher of
an asset\u2019s fair value less costs to sell and value in use (being
the present value of the expected future cash \ufb02ows of the
relevant asset).
The Group evaluates impairment losses for potential
reversals when events or circumstances warrant such
consideration.
Goodwill is tested for impairment annually, and once an
impairment is recognised this cannot be reversed. For more
detailed information in relation to this, please see note 12.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16210": {
"value": "Pensions The Group makes de\ufb01ned contributions to the personal
pension schemes of its employees. These are chargeable to
Consolidated Statement of Comprehensive Income in the
year in which they become payable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16218": {
"value": "Foreign currencies Transactions in foreign currencies are translated into
the functional currency at the exchange rate in e\ufb00ect at
the date of the transaction. Foreign currency monetary
assets and liabilities are translated to sterling at the year
end closing rate. Foreign exchange rate di\ufb00erences that
arise are reported net in the Consolidated Statement of
Comprehensive Income as foreign exchange gains/losses.
The assets and liabilities of foreign operations are
translated to sterling using the year end closing exchange
rate. The revenues and expenses of foreign operations
are retranslated to sterling at rates approximating the
foreign exchange rates ruling at the relevant month of
the transactions. Foreign exchange di\ufb00erences arising on
retranslation are recognised directly in the reserves.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16249": {
"value": "Taxation Current income tax
The taxation charge is based on the taxable result for
the year. The taxable result for the year is determined in
accordance with enacted legislation and taxation authority
practice for calculating the amount of corporation tax
payable.
Policyholder tax comprises corporation tax payable at
the policyholder rate on the policyholders\u2019 share of the
taxable result for the year, together with deferred tax at
the policyholder rate on temporary di\ufb00erences relating to
policyholder items.
Current income tax assets and liabilities are measured
at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used
to compute the amount are those that are enacted or
substantively enacted at the reporting date in countries
where the Group operates and generates taxable income.
Management periodically evaluates positions taken in the
tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred tax
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the statement of
\ufb01nancial position di\ufb00ers from its tax base.
The amount of the asset or liability is determined using
tax rates that have been enacted or substantively enacted
by the reporting date and are expected to apply when the
deferred tax assets/liabilities are recovered/settled.
With regard to capital gains tax on policyholders\u2019 future
tax obligations, management has determined that reserves
should be held to cover this, based on a reserve charge
rate of 20%. The deferred capital gains upon which the
reserve charges are calculated are re\ufb02ected in the closing
deferred tax balance.
We are aware of the proposed BEPS Pillar 2 changes which
might impact the tax rate in some jurisdictions in future
years and continue to monitor for updates.
The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no
longer probable that su\ufb03cient tax pro\ufb01t will be available
to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable pro\ufb01ts will allow the
deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets,
the Group relies on the same forecast assumptions
used elsewhere in the \ufb01nancial statements and in other
management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the
business, such as increased cost of production as a result of
measures to reduce carbon emissions.
The Group o\ufb00sets deferred tax assets and deferred tax
liabilities if and only if it has a legal enforceable
right to set o\ufb00 current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities relate
to income taxes levied by the same taxation authority on
either the same taxable entity or di\ufb00erent taxable entities
which intend to either settle current tax liabilities and
assets on a net basis, or to realise the assets and settle
the liabilities simultaneously, in each future period in which
signi\ufb01cant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
Policyholder Tax
HMRC requires ILUK to charge basic rate income tax on its
life insurance policies (FA 2012, s102). ILUK collects this
tax quarterly, by charging 20% tax (FY22: 20%) on gains
from assets held in the policies, based on the policyholder\u2019s
acquisition costs and market value at each quarter end.
Additional charges are applied on any increases in the
previously charged gain. The charge is adjusted by the
fourth \ufb01nancial year quarter so that the total charge for the
year is based on the gain at the end of the \ufb01nancial year.
When assets are sold at a loss or reduce in market value
by the \ufb01nancial year end, a refund of the charges may be
applied. Policyholder tax is recorded as a tax expense/(tax
credit) in the statement of comprehensive income, with a
corresponding asset/(liability) recognised on the statement
of \ufb01nancial position (under IAS 12).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16273": {
"value": "Deferred tax Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the statement of
\ufb01nancial position di\ufb00ers from its tax base.
The amount of the asset or liability is determined using
tax rates that have been enacted or substantively enacted
by the reporting date and are expected to apply when the
deferred tax assets/liabilities are recovered/settled.
With regard to capital gains tax on policyholders\u2019 future
tax obligations, management has determined that reserves
should be held to cover this, based on a reserve charge
rate of 20%. The deferred capital gains upon which the
reserve charges are calculated are re\ufb02ected in the closing
deferred tax balance.
We are aware of the proposed BEPS Pillar 2 changes which
might impact the tax rate in some jurisdictions in future
years and continue to monitor for updates.
The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no
longer probable that su\ufb03cient tax pro\ufb01t will be available
to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each
reporting date and are recognised to the extent that it has
become probable that future taxable pro\ufb01ts will allow the
deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets,
the Group relies on the same forecast assumptions
used elsewhere in the \ufb01nancial statements and in other
management reports, which, among other things, re\ufb02ect
the potential impact of climate-related development on the
business, such as increased cost of production as a result of
measures to reduce carbon emissions.
The Group o\ufb00sets deferred tax assets and deferred tax
liabilities if and only if it has a legal enforceable
right to set o\ufb00 current tax assets and current tax liabilities
and the deferred tax assets and deferred tax liabilities relate
to income taxes levied by the same taxation authority on
either the same taxable entity or di\ufb00erent taxable entities
which intend to either settle current tax liabilities and
assets on a net basis, or to realise the assets and settle
the liabilities simultaneously, in each future period in which
signi\ufb01cant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.",
"dimensions": {
"concept": "ihp:DescriptionOfAccountingPolicyForDeferredTaxExplanatoryTextBlock",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16349": {
"value": "Segmental reporting Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating
decision-maker is responsible for allocating resources and
assessing performance of the operating segments and
has been identi\ufb01ed as the Chief Executive O\ufb03cer of the
Company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16365": {
"value": "Lease assets and lease liabilities Right-of-use assets
The Group recognises right-of-use assets on the date
the leased asset is made available for use by the Group.
These assets relate to rental leases for the o\ufb03ce of the
Group, which have varying terms clauses and renewal
rights. Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and
adjusted for any re-measurement of lease liabilities. The
cost of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the commencement
date.
Depreciation is applied in accordance with IAS 16:
Property, Plant and Equipment. Right-of-use assets are
depreciated over the lease term. See note 13 and 14.
Lease liabilities
The Group measures lease liabilities in line with IFRS
16 on the balance sheet as the present value of all
future lease payments, discounted using an incremental
borrowing rate at the date of commencement. After the
commencement date, the amount of lease liabilities is
increased to re\ufb02ect the addition of interest and reduced
for the lease payments made. The Group\u2019s incremental
borrowing rate is the rate at which a similar borrowing
could be obtained from an independent creditor under
comparable terms and conditions. See note 25.
Short-term leases
The Group de\ufb01nes short-term leases as those with a lease
term of 12 months or less and leases of low value assets.
For these leases, the Group recognises the lease payments
as an operating expense on a straight line basis over the
term of lease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16401": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances from
instant access and notice accounts, call deposits, and
other short-term deposits with an original maturity of
three months or less. The carrying amount of these assets
approximates to their fair value.
Cash and cash equivalents held for the bene\ufb01t of the
policyholders are held to cover the liabilities for unit linked
investment contracts. These amounts are 100% matched to
corresponding liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16427": {
"value": "Financial instruments Financial assets and liabilities are recognised when the
Group becomes a party to the contractual provisions of
the instrument. Financial assets are derecognised
when the rights to receive cash \ufb02ows from the assets
have expired or have been transferred and the Group
has transferred substantially all risks and rewards of
ownership. Financial liabilities are derecognised when
the obligation speci\ufb01ed in the contract is discharged,
cancelled or expires.
At initial recognition, the Group classi\ufb01es its \ufb01nancial
instruments in the following categories, based on the
business model in which the assets are managed and
their cash \ufb02ow characteristics:
(i) Financial assets and liabilities at fair value
through pro\ufb01t or loss
This category includes \ufb01nancial assets and liabilities
acquired principally for the purpose of selling or
repurchasing in the short-term, comprising of listed
shares and securities.
Financial instruments in this category are recognised
on the trade date, and subsequently measured at fair
value. Purchases and sales of securities are recognised
on the trade date. Transaction costs are expensed
in the Consolidated Statement of Comprehensive
Income. Gains and losses arising from changes in fair
value are presented in the Consolidated Statement of
Comprehensive Income within \u201cinvestment returns\u201d
for corporate assets and \u201cnet income attributable to
policyholder returns\u201d for policyholder assets in the period
in which they arise. Financial assets and liabilities at
fair value through pro\ufb01t or loss are classi\ufb01ed as current
except for the portion expected to be realised or paid
beyond twelve months of the balance sheet date, which
are classi\ufb01ed as long-term.
(ii) Financial assets at amortised cost
These assets comprised of accrued fees, trade and
other receivables, loans, investments in quoted debt
instruments and cash and cash equivalents. These are
included in current assets due to their short-term nature,
except for the element of the loan payable to subsidiary
which is to be settled after 12 months, which is included
in non-current assets.
Financial assets are measured at amortised cost when
they are held within the business model whose objective
is to hold assets to collect contractual cash \ufb02ows and
their contractual cash \ufb02ows represent solely payments of
principal and interest.
The carrying value of assets held at amortised cost are
adjusted for impairment arising from expected credit losses.
(iii) Financial liabilities at amortised cost
Financial liabilities at amortised cost comprise trade and
other payables and loans payable. These are initially
recognised at fair value. Subsequent measurement is at
amortised cost using the e\ufb00ective interest method. Trade
and other payables are classi\ufb01ed as current liabilities due to
their short-term nature. The loan is split between current
and non-current liabilities, based on the repayment terms.
Impairment of \ufb01nancial assets
Expected credit losses are required to be measured through
a loss allowance at an amount equal to:
\u2022
the 12-month expected credit losses (expected credit
losses from possible default events within 12 months
after the reporting date); or
\u2022
full lifetime expected credit losses (expected credit
losses from all possible default events over the life of
the \ufb01nancial instrument).
A loss allowance for full lifetime expected credit losses
is required for a \ufb01nancial instrument if the credit risk of
that \ufb01nancial instrument has increased signi\ufb01cantly since
initial recognition, as well as to contract assets or trade
receivables, where the simpli\ufb01ed approach is applied
to assets that do not contain a signi\ufb01cant \ufb01nancing
component.
For all other \ufb01nancial instruments, expected credit losses
are measured at an amount equal to the 12-month
expected credit losses.
Impairment losses on \ufb01nancial assets carried at amortised
cost are reversed in subsequent periods if the expected
credit losses decrease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16430": {
"value": "Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of
the instrument. Financial assets are derecognised
when the rights to receive cash \ufb02ows from the assets
have expired or have been transferred and the Group
has transferred substantially all risks and rewards of
ownership. Financial liabilities are derecognised when
the obligation speci\ufb01ed in the contract is discharged,
cancelled or expires.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16446": {
"value": "(i) Financial assets and liabilities at fair value through pro\ufb01t or loss
This category includes \ufb01nancial assets and liabilities
acquired principally for the purpose of selling or
repurchasing in the short-term, comprising of listed
shares and securities.
Financial instruments in this category are recognised
on the trade date, and subsequently measured at fair
value. Purchases and sales of securities are recognised
on the trade date. Transaction costs are expensed
in the Consolidated Statement of Comprehensive
Income. Gains and losses arising from changes in fair
value are presented in the Consolidated Statement of
Comprehensive Income within \u201cinvestment returns\u201d
for corporate assets and \u201cnet income attributable to
policyholder returns\u201d for policyholder assets in the period
in which they arise. Financial assets and liabilities at
fair value through pro\ufb01t or loss are classi\ufb01ed as current
except for the portion expected to be realised or paid
beyond twelve months of the balance sheet date, which
are classi\ufb01ed as long-term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16470": {
"value": "(ii) Financial assets at amortised cost These assets comprised of accrued fees, trade and
other receivables, loans, investments in quoted debt
instruments and cash and cash equivalents. These are
included in current assets due to their short-term nature,
except for the element of the loan payable to subsidiary
which is to be settled after 12 months, which is included
in non-current assets.
Financial assets are measured at amortised cost when
they are held within the business model whose objective
is to hold assets to collect contractual cash \ufb02ows and
their contractual cash \ufb02ows represent solely payments of
principal and interest.
The carrying value of assets held at amortised cost are
adjusted for impairment arising from expected credit losses.FINANCIAL ASSETS: 2023
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
23,021.7
-
-
-
23,021.7
Investments
-
-
22.4
-
22.4
Accrued income
12.5
-
-
-
12.5
Trade and other receivables
3.2
-
-
-
3.2
Loans
-
-
6.3
-
6.3
Cash and cash equivalents
177.9
-
-
-
177.9
Cash held for the bene\ufb01t of policyholders
1,419.2
-
-
-
1,419.2
Total
24,634.5
-
28.7
-
24,663.1
RESTATED
2022
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
20,715.8
-
-
-
20,715.8
Investments
0.1
-
3.0
-
3.1
Accrued income
12.1
-
-
-
12.1
Trade and other receivables
2.0
-
-
-
2.0
Loans
-
-
5.5
-
5.5
Cash and cash equivalents
183.0
-
-
-
183.0
Cash held for the bene\ufb01t of policyholders
1,458.6
-
-
-
1,458.6
Total
22,371.6
-
8.5
-
22,380.1",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16488": {
"value": "(iii) Financial liabilities at amortised cost Financial liabilities at amortised cost comprise trade and
other payables and loans payable. These are initially
recognised at fair value. Subsequent measurement is at
amortised cost using the e\ufb00ective interest method. Trade
and other payables are classi\ufb01ed as current liabilities due to
their short-term nature. The loan is split between current
and non-current liabilities, based on the repayment terms.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16499": {
"value": "Impairment of \ufb01nancial assets Expected credit losses are required to be measured through
a loss allowance at an amount equal to:
\u2022
the 12-month expected credit losses (expected credit
losses from possible default events within 12 months
after the reporting date); or
\u2022
full lifetime expected credit losses (expected credit
losses from all possible default events over the life of
the \ufb01nancial instrument).
A loss allowance for full lifetime expected credit losses
is required for a \ufb01nancial instrument if the credit risk of
that \ufb01nancial instrument has increased signi\ufb01cantly since
initial recognition, as well as to contract assets or trade
receivables, where the simpli\ufb01ed approach is applied
to assets that do not contain a signi\ufb01cant \ufb01nancing
component.
For all other \ufb01nancial instruments, expected credit losses
are measured at an amount equal to the 12-month
expected credit losses.
Impairment losses on \ufb01nancial assets carried at amortised
cost are reversed in subsequent periods if the expected
credit losses decrease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16540": {
"value": "Provisions Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past
event, it is probable that an out\ufb02ow of resources
embodying economic bene\ufb01ts will be required to settle
the obligation and a reliable estimate can be made of the
amount of the obligation.
If the e\ufb00ect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that re\ufb02ects, when appropriate, the risks speci\ufb01c to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a
\ufb01nance cost.
The ILUK policyholder reserves, which are part of the
provisions balance, arises from tax reserve charges
collected from life insurance policyholders, which are held
to cover possible future tax liabilities. If no tax liability
arises the charges are refunded to policyholders, where
possible. As these liabilities are of uncertain timing
or amounts, they are recognised as provisions on the
statement of \ufb01nancial position.
Balances due to HMRC are considered under IAS 12
Income Taxes, whereas balances due to policyholders are
considered under IAS 37 Provisions, Contingent Liabilities
and Contingent Assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16563": {
"value": "Balances due to HMRC are considered under IAS 12 Income Taxes, whereas balances due to policyholders are
considered under IAS 37 Provisions, Contingent Liabilities
and Contingent Assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16571": {
"value": "Share-based payments Equity-settled share-based payment awards granted
to employees are measured at fair value at the date of
grant. The awards are recognised as an expense, with a
corresponding increase in equity, spread over the vesting
period of the awards, which accords with the period for
which related services are provided.
The total amount expensed is determined by reference to
the fair value of the awards as follows:
(i) Share Incentive Plan (SIP) shares
The fair value is the market price on the grant date. There
are no vesting conditions, as the employees receive the
shares immediately upon grant.
(ii) Performance share plan (PSP) share options
The fair value of share options is determined by applying
a valuation technique, usually an option pricing model,
such as Black Scholes. This takes into account factors such
as the exercise price, the share price, volatility, interest
rates, and dividends.
At each reporting date, the estimate of the number of
share options expected to vest based on the non-market
vesting conditions is assessed. Any change to original
estimates is recognised in the statement of comprehensive
income, with a corresponding adjustment to equity
reserves.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16608": {
"value": "2. Critical accounting estimates and judgements Critical accounting estimates are those where there is
a signi\ufb01cant risk of material adjustment in the next 12
months, and critical judgements are those that have
the most signi\ufb01cant e\ufb00ect on amounts recognised in the
accounts.
In preparing these Financial Statements, management has
made judgements, estimates and assumptions about the
future that a\ufb00ect the application of the Group\u2019s accounting
policies and the reported amounts of assets, liabilities,
income and expenses. Management uses its knowledge
of current facts and applies estimation and assumption
techniques that are aligned with relevant accounting
policies to make predictions about the future. Actual results
may di\ufb00er from these estimates.
Estimates and judgements are reviewed on an ongoing
basis and revisions are recognised in the period in which
the estimate is revised. There are no assumptions made
about the future, or other major sources of estimation
uncertainty at the end of the reporting period, that have a
signi\ufb01cant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next
\ufb01nancial year.
Judgements which do not involve estimates
The assessment to recognise the ILUK policyholder
provision comes from an evaluation of the likelihood of a
constructive or legal obligation, and whether that obligation
can be estimated reliably. The provision required has been
calculated based on an assessment of tax payable to HM
Revenue & Customs (HMRC) and refunds payable back to
policyholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16650": {
"value": "3. Financial instruments (i) Principal \ufb01nancial instruments
The principal \ufb01nancial instruments, from which \ufb01nancial
instrument risk arises, are as follows:
\u2022
Trade and other receivables
\u2022
Accrued fees
\u2022
Investments \u2013 Gilts
\u2022
Investments \u2013 Listed shares and securities
\u2022
Trade and other payables
\u2022
Loans receivable and loans payable
(ii) Financial instruments by category
As explained in note 1, \ufb01nancial assets and liabilities
have been classi\ufb01ed into categories that determine their
basis of measurement and, for items measured at fair
value, whether changes in fair value are recognised in the
statement of comprehensive income. The following tables
show the carrying values of assets and liabilities for each
of these categories for the Group:
FINANCIAL ASSETS:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
RESTATED
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
-
-
177.9
183.0
Cash and cash equivalents policyholder
-
-
1,419.2
1,458.6
Investments - Listed shares and securities
0.1
0.1
-
-
Investments - Gilts
-
3.0
22.3
-
Loans receivable
-
-
6.3
5.5
Accrued income
-
-
12.5
12.1
Trade and other receivables
-
-
3.2
2.0
Investments held for the policyholders
23,021.7
20,715.8
-
-
Total \ufb01nancial assets
23,021.8
20,718.9
1,641.4
1,661.2
RESTATED
Assets which are not \ufb01nancial instruments
2023
2022
\u00a3m
\u00a3m
Prepayments
4.7
5.1
Current tax asset
14.3
15.0
Trade and other receivables \u2013 repayment interest due from HMRC
0.4
-
Total \ufb01nancial assets
19.4
20.1
See note 36 for details on 2022 restated balances.
FINANCIAL LIABILITIES:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
RESTATED
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
-
-
0.7
1.6
Lease liabilities
-
-
1.1
2.8
Other payables
-
-
5.9
5.4
Liabilities for linked investments contracts
23,021.7
20,715.8
1,419.2
1,458.6
Total \ufb01nancial liabilities
23,021.7
20,715.8
1,426.9
1,468.4
RESTATED
Liabilities which are not \ufb01nancial instruments
2023
2022
\u00a3m
\u00a3m
Accruals and deferred income
7.8
8.3
PAYE and other taxation
2.6
2.2
Other payables \u2013 due to HMRC
0.9
2.3
Deferred consideration
1.6
1.7
Contingent consideration
-
1.7
12.9
16.2
See note 36 for details on 2022 restated balances.
The following tables show the carrying values of assets and
liabilities for each of these categories for the Company:
FINANCIAL ASSETS:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
-
-
26.0
33.1
Trade and other receivables
-
-
0.1
0.2
Loans receivable
-
-
6.3
5.5
Total \ufb01nancial assets
-
-
32.4
38.8
FINANCIAL LIABILITIES:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
RESTATED
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other payables
-
-
0.4
0.3
Loans payable
-
-
7.0
8.0
Due to Group undertakings
-
-
-
0.1
Total \ufb01nancial liabilities
-
-
7.4
8.4
RESTATED
Liabilities which are not \ufb01nancial instruments
2023
2022
\u00a3m
\u00a3m
Accruals and deferred income
0.3
0.3
PAYE and other taxation
0.1
0.1
Deferred consideration
1.6
1.7
Contingent consideration
-
1.7
2.0
3.8
(iii) Financial instruments not measured at
fair value
Financial instruments not measured at fair value include
cash and cash equivalents, accrued fees, investments
held in gilts, loans, trade and other receivables, and trade
and other payables. Due to their short-term nature and/
or expected credit losses recognised, the carrying value of
these \ufb01nancial instruments approximates their fair value.
(iv) Financial instruments measured at fair
value \u2013 fair value hierarchy
The table below classi\ufb01es \ufb01nancial instruments that are
recognised on the statement of \ufb01nancial position at fair
value in a hierarchy that is based on signi\ufb01cance of the
inputs used in making the measurements. The levels of
hierarchy are disclosed on the next page.
The following table shows the three levels oaf the fair value
hierarchy:
\u2022 Level 1:
quoted prices (unadjusted) in active markets
for identical instruments;
\u2022 Level 2:
instruments which are not actively traded but
provide regular observable prices; and
\u2022 Level 3:
inputs that are based on Level 1 or Level 2
data, but for which the last known price is over a year
old (unobservable inputs).
The following table shows the Group\u2019s \ufb01nancial instruments
measured at fair value and split into the three levels:
2023
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
182.0
-
-
182.0
Investments and securities
740.3
181.9
0.5
922.7
Bonds and other \ufb01xed-income securities
16.5
1.0
-
17.5
Holdings in collective investment schemes
21,754.5
143.3
1.7
21,899.5
Investments held for the bene\ufb01t of policyholders
22,693.3
326.2
2.2
23,021.7
Investments \u2013 listed shares and securities
0.1
-
-
0.1
Total
22,693.4
326.2
2.2
23,021.8
Liabilities
Liabilities for linked investments contracts
22,693.3
326.2
2.2
23,021.7
Total
22,693.3
326.2
2.2
23,021.7
2022
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
63.9
-
-
63.9
Investments and securities
631.9
137.9
0.3
770.1
Bonds and other \ufb01xed-income securities
10.9
1.2
-
12.1
Holdings in collective investment schemes
19,730.4
137.7
1.6
19,869.7
Investments held for the bene\ufb01t of policyholders
20,437.1
276.8
1.9
20,715.8
Investments
3.1
-
-
3.1
Total
20,440.2
276.8
1.9
20,718.9
Liabilities
Liabilities for linked investments contracts
20,437.1
276.8
1.9
20,715.8
Contingent consideration
-
-
1.7
1.7
Total
20,437.1
276.8
3.6
20,717.5
Level 1 valuation methodology
Financial instruments included in Level 1 are measured at
fair value using quoted mid prices that are available at the
reporting date and are traded in active markets. These are
mainly Open-Ended Investment Companies (OEICs), Unit
Trusts, Investment trusts and Exchange Traded Funds.
The price is sourced from our 3rd party provider, who
source this directly from the stock exchange or obtain the
price directly from the fund manager.
Level 2 valuation methodology
Financial instruments included in Level 2 are measured at
fair value using observable mid prices traded in markets
that have been assessed as not active but which provide
regular observable prices. These are mainly Structured
products and OEICs.
The price is sourced from the structured product provider
or from our 3rd party provider, who obtain the price
directly from the fund manager.
Level 3 valuation methodology
Financial instruments included in Level 3 are measured at
fair value using the last known price and for which the price
is over a year old. These are mainly OEICs and Unit Trusts.
These instruments have unobservable inputs as the current
observable market information is no longer available. Where
these instruments arise management will value them based
on the last known observable market price.
The prices are sourced as noted in Level 1 and Level 2
above.
For the purposes of identifying Level 3 instruments,
unobservable inputs means that current observable market
information is no longer available. Where these instruments
arise management will value them based on the last known
observable market price. No other valuation techniques are
applied.
Level 3 sensitivity to changes in unobservable
measurements
For \ufb01nancial instruments assessed as Level 3, based on
its review of the prices used, the Group believes that any
change to the unobservable inputs used to measure fair
value would not result in a signi\ufb01cantly higher or lower fair
value measurement at year end, and therefore would not
have a material impact on its reported results.
Review of prices
As part of its pricing process, the Group regularly reviews
whether each instrument can be valued using a quoted
price and if it trades on an active market, based on
available market data and the speci\ufb01c circumstances of
each market and instrument.
The Group regularly assesses instruments to ensure they
are categorised correctly and Fair Value Hierarchy (FVH)
levels adjusted accordingly. The Group monitors situations
that may impact liquidity such as suspensions and
liquidations while also actively collecting observable market
prices from relevant exchanges and asset managers.
Should an instrument price become observable following
the resumption of trading the FVH level will be updated to
re\ufb02ect this.
Changes to valuation methodology
There have been no changes in valuation methodology
during the year under review.
Transfers between Levels
The Group\u2019s policy is to assess each \ufb01nancial instrument it
holds at the current \ufb01nancial year end, based on the last
known price and market information, and assign it to a
Level.
The Group recognises transfers between Levels of the fair
value hierarchy at the end of the reporting period in which
the changes have occurred. Changes occur due to the
availability of (or lack thereof) quoted prices and whether a
market is now active or not.
Transfers between Levels between 01 October 2022 and 30
September 2023 are presented in the table below at their
valuation at 30 September 2023:
TRANSFERS FROM
TRANSFERS TO
\u00a3M
Level 1
Level 2
32.3
Level 2
Level 1
20.9
The reconciliation between opening and closing balances of
Level 3 assets are presented in the table below:
2023
2022
\u00a3m
\u00a3m
Opening balance
1.9
1.9
Unrealised gains or losses in the
year ended 30 September 2023
(0.1)
(0.4)
Transfers in to Level 3 at 30
September 2023 valuation
0.4
0.4
Transfers out of Level 3 at 30
September 2023 valuation
-
-
Purchases, sales, issues and
settlement
-
-
Closing balance
2.2
1.9
Any resultant gains or losses on \ufb01nancial assets held for the
bene\ufb01t of policyholders are o\ufb00set by a reciprocal movement
in the linked liability.
(v) Capital maintenance
The regulated companies in the Group are subject to
capital requirements imposed by the relevant regulators
as detailed below:
LEGAL ENTITY
REGULATORY REGIME
IFAL
IFPR
ILUK
Solvency II
ILInt
Isle of Man risk based capital regime
Group capital requirements for 2023 are driven by
the regulated entities, whose capital resources and
requirements as detailed below:
IFAL
30 SEPTEMBER
ILUK
30 SEPTEMBER
ILINT
30 SEPTEMBER
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital resource
44.4
39.7
269.2
244.0
46.6
42.0
Capital requirement
33.3
32.6
215.8
186.9
27.1
23.7
Coverage ratio
133%
122%
125%
131%
172%
177%
The Group has complied with the requirements set by
the regulators during the year. The Group\u2019s policy for
managing capital is to ensure each regulated entity
maintains capital well above the minimum requirement.
Further information is detailed in the Risk and Risk
Management section of this report on page 60 and in the
Financial Review on page 53.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16668": {
"value": "(ii) Financial instruments by category As explained in note 1, \ufb01nancial assets and liabilities
have been classi\ufb01ed into categories that determine their
basis of measurement and, for items measured at fair
value, whether changes in fair value are recognised in the
statement of comprehensive income. The following tables
show the carrying values of assets and liabilities for each
of these categories for the Group:
FINANCIAL ASSETS:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
RESTATED
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
-
-
177.9
183.0
Cash and cash equivalents policyholder
-
-
1,419.2
1,458.6
Investments - Listed shares and securities
0.1
0.1
-
-
Investments - Gilts
-
3.0
22.3
-
Loans receivable
-
-
6.3
5.5
Accrued income
-
-
12.5
12.1
Trade and other receivables
-
-
3.2
2.0
Investments held for the policyholders
23,021.7
20,715.8
-
-
Total \ufb01nancial assets
23,021.8
20,718.9
1,641.4
1,661.2
RESTATED
Assets which are not \ufb01nancial instruments
2023
2022
\u00a3m
\u00a3m
Prepayments
4.7
5.1
Current tax asset
14.3
15.0
Trade and other receivables \u2013 repayment interest due from HMRC
0.4
-
Total \ufb01nancial assets
19.4
20.1
See note 36 for details on 2022 restated balances.
FINANCIAL LIABILITIES:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
RESTATED
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
-
-
0.7
1.6
Lease liabilities
-
-
1.1
2.8
Other payables
-
-
5.9
5.4
Liabilities for linked investments contracts
23,021.7
20,715.8
1,419.2
1,458.6
Total \ufb01nancial liabilities
23,021.7
20,715.8
1,426.9
1,468.4
RESTATED
Liabilities which are not \ufb01nancial instruments
2023
2022
\u00a3m
\u00a3m
Accruals and deferred income
7.8
8.3
PAYE and other taxation
2.6
2.2
Other payables \u2013 due to HMRC
0.9
2.3
Deferred consideration
1.6
1.7
Contingent consideration
-
1.7
12.9
16.2
See note 36 for details on 2022 restated balances.
The following tables show the carrying values of assets and
liabilities for each of these categories for the Company:
FINANCIAL ASSETS:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
-
-
26.0
33.1
Trade and other receivables
-
-
0.1
0.2
Loans receivable
-
-
6.3
5.5
Total \ufb01nancial assets
-
-
32.4
38.8
FINANCIAL LIABILITIES:
FAIR VALUE THROUGH PROFIT OR LOSS
AMORTISED COST
RESTATED
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other payables
-
-
0.4
0.3
Loans payable
-
-
7.0
8.0
Due to Group undertakings
-
-
-
0.1
Total \ufb01nancial liabilities
-
-
7.4
8.4
RESTATED
Liabilities which are not \ufb01nancial instruments
2023
2022
\u00a3m
\u00a3m
Accruals and deferred income
0.3
0.3
PAYE and other taxation
0.1
0.1
Deferred consideration
1.6
1.7
Contingent consideration
-
1.7
2.0
3.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f16939": {
"value": "(iv) Financial instruments measured at fair value \u2013 fair value hierarchy
The table below classi\ufb01es \ufb01nancial instruments that are
recognised on the statement of \ufb01nancial position at fair
value in a hierarchy that is based on signi\ufb01cance of the
inputs used in making the measurements. The levels of
hierarchy are disclosed on the next page.
The following table shows the three levels oaf the fair value
hierarchy:
\u2022 Level 1:
quoted prices (unadjusted) in active markets
for identical instruments;
\u2022 Level 2:
instruments which are not actively traded but
provide regular observable prices; and
\u2022 Level 3:
inputs that are based on Level 1 or Level 2
data, but for which the last known price is over a year
old (unobservable inputs).
The following table shows the Group\u2019s \ufb01nancial instruments
measured at fair value and split into the three levels:
2023
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
182.0
-
-
182.0
Investments and securities
740.3
181.9
0.5
922.7
Bonds and other \ufb01xed-income securities
16.5
1.0
-
17.5
Holdings in collective investment schemes
21,754.5
143.3
1.7
21,899.5
Investments held for the bene\ufb01t of policyholders
22,693.3
326.2
2.2
23,021.7
Investments \u2013 listed shares and securities
0.1
-
-
0.1
Total
22,693.4
326.2
2.2
23,021.8
Liabilities
Liabilities for linked investments contracts
22,693.3
326.2
2.2
23,021.7
Total
22,693.3
326.2
2.2
23,021.7
2022
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
63.9
-
-
63.9
Investments and securities
631.9
137.9
0.3
770.1
Bonds and other \ufb01xed-income securities
10.9
1.2
-
12.1
Holdings in collective investment schemes
19,730.4
137.7
1.6
19,869.7
Investments held for the bene\ufb01t of policyholders
20,437.1
276.8
1.9
20,715.8
Investments
3.1
-
-
3.1
Total
20,440.2
276.8
1.9
20,718.9
Liabilities
Liabilities for linked investments contracts
20,437.1
276.8
1.9
20,715.8
Contingent consideration
-
-
1.7
1.7
Total
20,437.1
276.8
3.6
20,717.5
Level 1 valuation methodology
Financial instruments included in Level 1 are measured at
fair value using quoted mid prices that are available at the
reporting date and are traded in active markets. These are
mainly Open-Ended Investment Companies (OEICs), Unit
Trusts, Investment trusts and Exchange Traded Funds.
The price is sourced from our 3rd party provider, who
source this directly from the stock exchange or obtain the
price directly from the fund manager.
Level 2 valuation methodology
Financial instruments included in Level 2 are measured at
fair value using observable mid prices traded in markets
that have been assessed as not active but which provide
regular observable prices. These are mainly Structured
products and OEICs.
The price is sourced from the structured product provider
or from our 3rd party provider, who obtain the price
directly from the fund manager.
Level 3 valuation methodology
Financial instruments included in Level 3 are measured at
fair value using the last known price and for which the price
is over a year old. These are mainly OEICs and Unit Trusts.
These instruments have unobservable inputs as the current
observable market information is no longer available. Where
these instruments arise management will value them based
on the last known observable market price.
The prices are sourced as noted in Level 1 and Level 2
above.
For the purposes of identifying Level 3 instruments,
unobservable inputs means that current observable market
information is no longer available. Where these instruments
arise management will value them based on the last known
observable market price. No other valuation techniques are
applied.
Level 3 sensitivity to changes in unobservable
measurements
For \ufb01nancial instruments assessed as Level 3, based on
its review of the prices used, the Group believes that any
change to the unobservable inputs used to measure fair
value would not result in a signi\ufb01cantly higher or lower fair
value measurement at year end, and therefore would not
have a material impact on its reported results.
Review of prices
As part of its pricing process, the Group regularly reviews
whether each instrument can be valued using a quoted
price and if it trades on an active market, based on
available market data and the speci\ufb01c circumstances of
each market and instrument.
The Group regularly assesses instruments to ensure they
are categorised correctly and Fair Value Hierarchy (FVH)
levels adjusted accordingly. The Group monitors situations
that may impact liquidity such as suspensions and
liquidations while also actively collecting observable market
prices from relevant exchanges and asset managers.
Should an instrument price become observable following
the resumption of trading the FVH level will be updated to
re\ufb02ect this.
Changes to valuation methodology
There have been no changes in valuation methodology
during the year under review.
Transfers between Levels
The Group\u2019s policy is to assess each \ufb01nancial instrument it
holds at the current \ufb01nancial year end, based on the last
known price and market information, and assign it to a
Level.
The Group recognises transfers between Levels of the fair
value hierarchy at the end of the reporting period in which
the changes have occurred. Changes occur due to the
availability of (or lack thereof) quoted prices and whether a
market is now active or not.
Transfers between Levels between 01 October 2022 and 30
September 2023 are presented in the table below at their
valuation at 30 September 2023:
TRANSFERS FROM
TRANSFERS TO
\u00a3M
Level 1
Level 2
32.3
Level 2
Level 1
20.9
The reconciliation between opening and closing balances of
Level 3 assets are presented in the table below:
2023
2022
\u00a3m
\u00a3m
Opening balance
1.9
1.9
Unrealised gains or losses in the
year ended 30 September 2023
(0.1)
(0.4)
Transfers in to Level 3 at 30
September 2023 valuation
0.4
0.4
Transfers out of Level 3 at 30
September 2023 valuation
-
-
Purchases, sales, issues and
settlement
-
-
Closing balance
2.2
1.9
Any resultant gains or losses on \ufb01nancial assets held for the
bene\ufb01t of policyholders are o\ufb00set by a reciprocal movement
in the linked liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f17236": {
"value": "(v) Capital maintenance The regulated companies in the Group are subject to
capital requirements imposed by the relevant regulators
as detailed below:
LEGAL ENTITY
REGULATORY REGIME
IFAL
IFPR
ILUK
Solvency II
ILInt
Isle of Man risk based capital regime
Group capital requirements for 2023 are driven by
the regulated entities, whose capital resources and
requirements as detailed below:
IFAL
30 SEPTEMBER
ILUK
30 SEPTEMBER
ILINT
30 SEPTEMBER
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital resource
44.4
39.7
269.2
244.0
46.6
42.0
Capital requirement
33.3
32.6
215.8
186.9
27.1
23.7
Coverage ratio
133%
122%
125%
131%
172%
177%
The Group has complied with the requirements set by
the regulators during the year. The Group\u2019s policy for
managing capital is to ensure each regulated entity
maintains capital well above the minimum requirement.
Further information is detailed in the Risk and Risk
Management section of this report on page 60 and in the
Financial Review on page 53.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f17309": {
"value": "4. Risk and risk management This note supplements the details provided in the Risk
and Risk Management section of this report on page 60.
Risk assessment
The board has overall responsibility for the determination
of the Group\u2019s risk management objectives and policies
and, whilst retaining ultimate responsibility for them, it
has delegated the authority for designing and operating
processes that ensure the e\ufb00ective implementation of the
objectives and policies to the Group\u2019s risk function.
Risk assessment is the determination of quantitative
values and/or qualitative judgements of risk related to a
concrete situation and a recognised threat. Quantitative
risk assessment requires calculations of two components
of risk, the magnitude of the potential impact, and the
likelihood that the risk materialises. Qualitative aspects of
risk, despite being more di\ufb03cult to express quantitatively,
are also taken into account in order to fully evaluate the
impact of the risk on the organisation.
(1) Market risk
Market risk is the risk of loss arising either directly or
indirectly from \ufb02uctuations in the level and in the volatility
of market prices of assets, liabilities and other \ufb01nancial
instruments.
(a) Price risk
Market price risk from reduced income
The Company\u2019s dividend income from its regulated
subsidiaries, IFAL, ILUK and ILInt, is exposed to market
risk. The Group\u2019s main source of income is derived from
annual management fees and transaction fees which are
linked to the value of the clients\u2019 portfolios, which are
determined by the market prices of the underlying assets.
The Group\u2019s revenue is therefore a\ufb00ected by the value of
assets on the platform, and consequently it has exposure
to equity market levels and economic conditions.
The Group mitigates the second order market price risk
by applying \ufb01xed charges per tax wrapper in addition to
income derived from the charges based on clients\u2019 linked
portfolio values. These are recorded in note 5 as wrapper
fee income and annual commission income, respectively.
This approach of \ufb01xed and variable charging o\ufb00ers an
element of diversi\ufb01cation to its income stream. The risk of
stock market volatility, and the impact on revenue, is also
mitigated through a wide asset o\ufb00ering which ensures the
Group is not wholly correlated with one market, and which
enables clients to switch assets, including into cash on the
platform, in times of uncertainty.
Sensitivity testing has been performed to assess the
impact of market movements on the Group\u2019s Pro\ufb01t for the
year. The sensitivity is applied as an instantaneous shock
at the start of the year, and shows the impact of a 10%
change in values across all assets held on the platform.
IMPACT ON PROFIT AND EQUITY FOR THE YEAR
2023
2022
\u00a3m
\u00a3m
10% increase in asset values
8.7
8.5
10% decrease in asset values
(8.7)
(8.5)
Market risk from direct asset holdings
The Group and the Company have limited exposure to
primary market risk as capital is invested in high quality,
highly liquid, short-dated investments.
Market risk from unit-linked assets
The Group and the Company have limited exposure to
primary market risk from the value of unit-linked assets as
\ufb02uctuations are borne by the policyholders.
(b) Interest rate risk
The Group receives interest on its cash and cash equivalents
of \u00a3177.9 million (FY22: \u00a3183.0 million), on its loans of \u00a36.3
million (FY22: \u00a35.5 million) and on \ufb01nancial investments
of \u00a322.4 million (FY22: \u00a33.1 million). The Group mitigates
interest rate risk by diversifying its investments, which
include government gilts which have a \ufb01xed rate of interest.
Sensitivity testing has been performed to assess the impact
of a 1% change in interest rates. This would be expected
to increase/decrease interest received on cash and cash
equivalents by \u00a31.7 million (FY22: \u00a31.8 million) and on
loans by \u00a30.1 million (FY22: \u00a30.1 million), which would
increase/decrease pro\ufb01t after tax and equity by \u00a31.4 million
(FY22: \u00a31.5 million).
(c) Currency risk
The Group is not directly exposed to signi\ufb01cant currency risk
however it is exposed to currency risk which arises on the
platform software maintenance and support fees charged by
IAD Pty, which are charged in Australian Dollars. The total
amount of software maintenance and support fees in FY23
amounted to \u00a37.2 million (FY22: \u00a36.2 million).
Sensitivity testing has been performed to assess the impact
of a 10% change in the GBP-AUD exchange rate. This would
be expected to cause an increase/decrease of \u00a30.7 million
(FY22: \u00a30.6 million) on the software maintenance and
support fees.
The table below shows a breakdown of the material foreign
currency exposures for the unit-linked policies within the
Group:
2023
2022
CURRENCY
\u00a3m
%
\u00a3m
%
GBP
24,279.2
99.3
22,021.1
99.3
USD
133.4
0.5
127.0
0.6
EUR
15.9
0.1
16.4
0.1
Others
12.4
0.1
9.8
0.0
Total
24,440.9
100.0
22,174.3
100.0
99.3% of investments and cash held for the bene\ufb01t of
policyholders are denominated in GBP, its base currency.
Remaining currency holdings greater than 0.1% of the
total are shown separately in the table. However, it is
recognised that the majority of investments held for the
bene\ufb01t of policyholders are in collective investment schemes
and some of their underlying assets are denominated in
currencies other than GBP, which increases the funds under
direction currency risk exposure. A signi\ufb01cant rise or fall in
sterling exchange rates would not have a signi\ufb01cant \ufb01rst
order impact on the Group\u2019s results since any adverse or
favourable movement in policyholder assets is entirely o\ufb00set
by a corresponding movement in the linked liability.
(2) Credit (counterparty default) risk
Credit risk is the risk that the Group or Company is
exposed to a loss if another party fails to meet its \ufb01nancial
obligations. For the Company, the exposure to counterparty
default risk arises primarily from loans directly held by the
Company, while for the Group this risk also arises from
fees owed by clients.
Assets held at amortised cost
(a) Accrued income
This comprises fees owed by clients. These are held at
amortised cost, less expected credit losses (\u201cECLs\u201d).
Under IFRS 9, a forward-looking approach is required
to assess ECLs, so that losses are recognised before the
occurrence of any credit event. The Group estimates that
pending fees three months or more past due are unlikely to
be collected and are written o\ufb00. Based on management\u2019s
experience, pending fees one or two months past due are
generally expected to be collected, but consideration is
also given to potential losses on these fees. Historical loss
rates have been used to estimate expected future losses,
while consideration is also given to underlying economic
conditions, in order to ensure that expected losses are
recognised on a forward-looking basis. This has led to the
additional recognition of an immaterial amount of ECLs.
Details of the ECLs recognised in relation to accrued
income can be seen in note 22.
(b) Loans
Loans subject to the 12 month ECL are \u00a36.3m (FY22:
\u00a35.5m). While there remains a level of economic
uncertainty in the current climate, leading to potentially
higher credit risk, there is not considered to be a signi\ufb01cant
increase in credit risk, as all of the loans are currently
performing to schedule, and there are no signi\ufb01cant
concerns regarding the borrowers. There is therefore no
need to move from the 12 month ECL model to the lifetime
ECL model. Expected losses are recognised on a forward-
looking basis, which has led to the additional recognition of
an immaterial amount of ECLs.
In addition to the above, the Company has committed a
further \u00a35.0m in undrawn loans.
Details of the ECLs recognised in relation to loans can be
seen in note 16. No ECLs have been recognised on the
undrawn loan commitments, as any ECLs would not be
considered to be material.
(c) Cash and equivalents
The Group has a low risk appetite for credit risk, which
is mainly limited to exposures to credit institutions for its
bank deposits. A range of major regulated UK high street
banks is used. A rigorous annual due diligence exercise
is undertaken to assess the \ufb01nancial strength of these
banks with those used having a minimum credit rating of
A (Fitch).
In order to actively manage the credit and concentration
risks, the board has agreed risk appetite limits for the
regulated entities of the amount of corporate and client
funds that may be deposited with any one bank; which
is represented by a set percentage of the respective
bank\u2019s total customer deposits. Monthly monitoring of
these positions along with movements in Fitch ratings
is undertaken, with reports presented to the Directors
for review. Collectively these measures ensure that the
Group diligently manages the exposures and provide
the mitigation scope to be able to manage credit and
concentration exposures on behalf of itself and its
customers.
Counterparty default risk exposure to loans
The Company has loans of \u00a36.3m (FY22: \u00a35.5m).
There are no other loans held by the Group.
Counterparty default risk exposure to Group companies
As well as inconvenience and operational issues arising from
the failure of the other Group companies, there is also a risk
of a loss of assets. The Company is due \u00a381k (FY22: \u00a3160k)
from other Group companies.
Counterparty default risk exposure to other receivables
The Company has no other receivables arising, due to the
nature of its business, and the structure of the Group.
Across the Group, there is exposure to counterparty
default risk arising primarily from:
\u2022
corporate assets directly held by the Group;
\u2022
exposure to clients; and
\u2022
exposure to other receivables.
The other exposures to counterparty default risk include a
credit default event which a\ufb00ects funds held on behalf of
clients and occurs at one or more of the following entities:
\u2022
a bank where cash is held on behalf of clients;
\u2022
a custodian where the assets are held on behalf of
clients; and
\u2022
Transact Nominees Limited (TNL), which is the legal
owner of the assets held on behalf of clients.
There is no \ufb01rst order impact on the Group from one of
the events in the preceding paragraph. This is because
any credit default event in respect of these holdings will
be borne by clients, both in terms of loss of value and loss
of liquidity. Terms and conditions have been reviewed by
external lawyers to ensure that these have been drafted
appropriately. However, there is a second order impact
where future pro\ufb01ts for the Group are reduced in the event
of a credit default which a\ufb00ects funds held on behalf of
clients.
There are robust controls in place to mitigate credit risk,
for example, holding corporate and client cash across a
range of banks in order to minimise the risk of a single
point of counterparty default failure. Additionally, maximum
counterparty limits and minimum credit quality steps are
set for banks.
Cash and cash equivalents and investments are classed
as stage 1 on the expected credit loss model (meaning
that they are not credit-impaired on initial recognition
and have not experienced a signi\ufb01cant increase in credit
risk since initial recognition) with no material expected
credit loss provision held.
Corporate assets and funds held on behalf of clients
There is no signi\ufb01cant risk exposure to any one UK
clearing bank.
Counterparty default risk exposure to clients
The Group is due \u00a312.3m (FY22: \u00a311.8m) from fee
income owed by clients.
Impact of credit risk on fair value
Due to the limited direct exposure that the Group and the
Company have to credit risk, credit risk does not have a
material impact on the fair value movement of \ufb01nancial
instruments for the year under review. The fair value
movements on these instruments are predominantly due
to changes in market conditions.
(3) Liquidity risk
Liquidity risk is the risk that funds are not accessible
such that the Company, although solvent, does not have
su\ufb03cient liquid \ufb01nancial resources to meet obligations
as they fall due, or can secure such resources only at
excessive cost.
As a holding company, the Company\u2019s main liquidity risk is
related to paying out shareholder dividends and operating
expenses it may incur. Additionally, the Company has made
short term commitments, in the form of a capped facility
arrangement, to Vertus Capital SPV1 Limited (\u2018Vertus\u2019)
(as one of Vertus\u2019 sources of funding) to assist Vertus
in developing its business, which is to provide tailored
niche debt facilities to adviser \ufb01rms to fund acquisitions,
management buy-outs and other similar transactions.
Across the Group, the following key drivers of liquidity risk
have been identi\ufb01ed:
\u2022
liquidity risk arising due to failure of one or more of
the Group\u2019s banks;
\u2022
liquidity risk arising due to the bank\u2019s system failure
which prevents access to Group funds; and
\u2022
liquidity risk arising from clients holding insu\ufb03cient
cash to settle fees when they become due.
The Group\u2019s liquidity risk arises from a lack of readily
realisable cash to meet debts as they become due. This
takes a number of forms \u2013 clients\u2019 liabilities coming due,
other liabilities (e.g. expenses) coming due, insu\ufb03cient
liquid assets to meet loan repayments to subsidiary
companies and future payment commitments over the next
three years following the acquisition of T4A.
The \ufb01rst of these, clients\u2019 liabilities is primarily covered
through the terms and conditions with clients\u2019 taking their
own liquidity risk, if their funds cannot be immediately
surrendered for cash.
Payment of other liabilities depends on the Group having
su\ufb03cient liquidity at all times to meet obligations as they
fall due. This requires access to liquid funds, i.e. working
banks and it also requires that the Group\u2019s main source
of liquidity, charges on its clients\u2019 assets, can also be
converted into cash.
The payment of loan obligations is covered by the upward
dividends from subsidiary entities which were assessed
against the \ufb01nancial plans and capital projections of the
regulated entities to ensure the level of a\ufb00ordability of the
future dividends.
The purchase price for T4A comprised three elements,
a \ufb01xed sum payable on deal completion which has been
settled, a further \ufb01xed sum to be paid in four equal annual
instalments and a variable amount by reference to T4A\u2019s
performance over that four year period. The payment of
these future obligations is expected to be met from the
company\u2019s own reserves and dividends it expects to receive
from its subsidiaries.
The Group has set out two key liquidity requirements: \ufb01rst,
to ensure that clients maintain a percentage of liquidity in
their funds at all times, and second, to maintain access to
cash through a spread of cash holdings in bank accounts.
There are robust controls in place to mitigate liquidity risk,
for example, through regular monitoring of expenditure,
closely managing expenses in line with the business plan,
and, in the case of the Vertus facility, capping the value of
loans. Additionally, the Group holds corporate and client
cash across a range of banks in order to mitigate the risk of
a single point of counterparty default failure.
Maturity schedule
The following table shows an analysis of the \ufb01nancial assets
and \ufb01nancial liabilities by remaining expected maturities as
at 30 September 2023 and 30 September 2022. All \ufb01nancial
liabilities are undiscounted.
In addition to the \ufb01nancial assets and \ufb01nancial liabilities
shown in the tables below, the Company committed a
further \u00a35.6m in undrawn loans. These are available to be
drawn down immediately.
FINANCIAL ASSETS:
2023
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
23,021.7
-
-
-
23,021.7
Investments
-
-
22.4
-
22.4
Accrued income
12.5
-
-
-
12.5
Trade and other receivables
3.2
-
-
-
3.2
Loans
-
-
6.3
-
6.3
Cash and cash equivalents
177.9
-
-
-
177.9
Cash held for the bene\ufb01t of policyholders
1,419.2
-
-
-
1,419.2
Total
24,634.5
-
28.7
-
24,663.1
RESTATED
2022
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
20,715.8
-
-
-
20,715.8
Investments
0.1
-
3.0
-
3.1
Accrued income
12.1
-
-
-
12.1
Trade and other receivables
2.0
-
-
-
2.0
Loans
-
-
5.5
-
5.5
Cash and cash equivalents
183.0
-
-
-
183.0
Cash held for the bene\ufb01t of policyholders
1,458.6
-
-
-
1,458.6
Total
22,371.6
-
8.5
-
22,380.1
See note 36 for details on 2022 restated balances.
FINANCIAL LIABILITIES:
2023
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
24,440.9
-
-
-
24,440.9
Trade and other payables
6.6
-
-
-
6.6
Lease liabilities
0.1
0.3
0.9
-
1.3
Total
24,447.6
0.3
0.9
-
24,448.8
2022
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
22,174.4
-
-
-
22,174.4
Trade and other payables
7.0
-
-
-
7.0
Lease liabilities
0.6
1.3
0.9
-
2.8
Total
22,182.0
1.3
0.9
-
22,184.2
As per note 3, accruals, deferred consideration and contingent consideration have been reclassi\ufb01ed as non-\ufb01nancial instruments and
have therefore been removed from this table.
(4) Out\ufb02ow risk
Out\ufb02ows occur when funds are withdrawn from the
platform for any reason. Out\ufb02ows typically occur where
clients\u2019 circumstances and requirements change. However,
these out\ufb02ows can also be triggered by operational failure,
competitor actions or external events such as regulatory or
economic changes.
Out\ufb02ow risk is mitigated by focusing on providing
exceptionally high levels of service. Out\ufb02ow rates
are closely monitored and unexpected experience is
investigated. Despite the current challenging and uncertain
economic and geopolitical environment, out\ufb02ow rates
remain stable and within historical norms.
(5) Expense risk
Expense risk arises where costs increase faster than
expected or from one-o\ufb00 expense \u201cshocks\u201d.
The Group and the Company has exposure related to
expense in\ufb02ation risk, where actual in\ufb02ation deviates from
expectations. As a signi\ufb01cant percentage of the Group\u2019s
expenses are sta\ufb00 related the key in\ufb02ationary risk arises
from salary in\ufb02ation. The Group and the Company have
no exposures to de\ufb01ned bene\ufb01t sta\ufb00 pension schemes or
client related index linked liabilities.
The Group\u2019s expenses are governed at a high level by
the Group\u2019s Expense Policy. The monthly management
accounts are reviewed against projected future expenses
by the board and by senior management and action is
taken where appropriate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f17330": {
"value": "(1) Market risk Market risk is the risk of loss arising either directly or
indirectly from \ufb02uctuations in the level and in the volatility
of market prices of assets, liabilities and other \ufb01nancial
instruments.
(a) Price risk
Market price risk from reduced income
The Company\u2019s dividend income from its regulated
subsidiaries, IFAL, ILUK and ILInt, is exposed to market
risk. The Group\u2019s main source of income is derived from
annual management fees and transaction fees which are
linked to the value of the clients\u2019 portfolios, which are
determined by the market prices of the underlying assets.
The Group\u2019s revenue is therefore a\ufb00ected by the value of
assets on the platform, and consequently it has exposure
to equity market levels and economic conditions.
The Group mitigates the second order market price risk
by applying \ufb01xed charges per tax wrapper in addition to
income derived from the charges based on clients\u2019 linked
portfolio values. These are recorded in note 5 as wrapper
fee income and annual commission income, respectively.
This approach of \ufb01xed and variable charging o\ufb00ers an
element of diversi\ufb01cation to its income stream. The risk of
stock market volatility, and the impact on revenue, is also
mitigated through a wide asset o\ufb00ering which ensures the
Group is not wholly correlated with one market, and which
enables clients to switch assets, including into cash on the
platform, in times of uncertainty.
Sensitivity testing has been performed to assess the
impact of market movements on the Group\u2019s Pro\ufb01t for the
year. The sensitivity is applied as an instantaneous shock
at the start of the year, and shows the impact of a 10%
change in values across all assets held on the platform.
IMPACT ON PROFIT AND EQUITY FOR THE YEAR
2023
2022
\u00a3m
\u00a3m
10% increase in asset values
8.7
8.5
10% decrease in asset values
(8.7)
(8.5)
Market risk from direct asset holdings
The Group and the Company have limited exposure to
primary market risk as capital is invested in high quality,
highly liquid, short-dated investments.
Market risk from unit-linked assets
The Group and the Company have limited exposure to
primary market risk from the value of unit-linked assets as
\ufb02uctuations are borne by the policyholders.
(b) Interest rate risk
The Group receives interest on its cash and cash equivalents
of \u00a3177.9 million (FY22: \u00a3183.0 million), on its loans of \u00a36.3
million (FY22: \u00a35.5 million) and on \ufb01nancial investments
of \u00a322.4 million (FY22: \u00a33.1 million). The Group mitigates
interest rate risk by diversifying its investments, which
include government gilts which have a \ufb01xed rate of interest.
Sensitivity testing has been performed to assess the impact
of a 1% change in interest rates. This would be expected
to increase/decrease interest received on cash and cash
equivalents by \u00a31.7 million (FY22: \u00a31.8 million) and on
loans by \u00a30.1 million (FY22: \u00a30.1 million), which would
increase/decrease pro\ufb01t after tax and equity by \u00a31.4 million
(FY22: \u00a31.5 million).
(c) Currency risk
The Group is not directly exposed to signi\ufb01cant currency risk
however it is exposed to currency risk which arises on the
platform software maintenance and support fees charged by
IAD Pty, which are charged in Australian Dollars. The total
amount of software maintenance and support fees in FY23
amounted to \u00a37.2 million (FY22: \u00a36.2 million).
Sensitivity testing has been performed to assess the impact
of a 10% change in the GBP-AUD exchange rate. This would
be expected to cause an increase/decrease of \u00a30.7 million
(FY22: \u00a30.6 million) on the software maintenance and
support fees.
The table below shows a breakdown of the material foreign
currency exposures for the unit-linked policies within the
Group:
2023
2022
CURRENCY
\u00a3m
%
\u00a3m
%
GBP
24,279.2
99.3
22,021.1
99.3
USD
133.4
0.5
127.0
0.6
EUR
15.9
0.1
16.4
0.1
Others
12.4
0.1
9.8
0.0
Total
24,440.9
100.0
22,174.3
100.0
99.3% of investments and cash held for the bene\ufb01t of
policyholders are denominated in GBP, its base currency.
Remaining currency holdings greater than 0.1% of the
total are shown separately in the table. However, it is
recognised that the majority of investments held for the
bene\ufb01t of policyholders are in collective investment schemes
and some of their underlying assets are denominated in
currencies other than GBP, which increases the funds under
direction currency risk exposure. A signi\ufb01cant rise or fall in
sterling exchange rates would not have a signi\ufb01cant \ufb01rst
order impact on the Group\u2019s results since any adverse or
favourable movement in policyholder assets is entirely o\ufb00set
by a corresponding movement in the linked liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f17413": {
"value": "(c) Currency risk The Group is not directly exposed to signi\ufb01cant currency risk
however it is exposed to currency risk which arises on the
platform software maintenance and support fees charged by
IAD Pty, which are charged in Australian Dollars. The total
amount of software maintenance and support fees in FY23
amounted to \u00a37.2 million (FY22: \u00a36.2 million).
Sensitivity testing has been performed to assess the impact
of a 10% change in the GBP-AUD exchange rate. This would
be expected to cause an increase/decrease of \u00a30.7 million
(FY22: \u00a30.6 million) on the software maintenance and
support fees.
The table below shows a breakdown of the material foreign
currency exposures for the unit-linked policies within the
Group:
2023
2022
CURRENCY
\u00a3m
%
\u00a3m
%
GBP
24,279.2
99.3
22,021.1
99.3
USD
133.4
0.5
127.0
0.6
EUR
15.9
0.1
16.4
0.1
Others
12.4
0.1
9.8
0.0
Total
24,440.9
100.0
22,174.3
100.0
99.3% of investments and cash held for the bene\ufb01t of
policyholders are denominated in GBP, its base currency.
Remaining currency holdings greater than 0.1% of the
total are shown separately in the table. However, it is
recognised that the majority of investments held for the
bene\ufb01t of policyholders are in collective investment schemes
and some of their underlying assets are denominated in
currencies other than GBP, which increases the funds under
direction currency risk exposure. A signi\ufb01cant rise or fall in
sterling exchange rates would not have a signi\ufb01cant \ufb01rst
order impact on the Group\u2019s results since any adverse or
favourable movement in policyholder assets is entirely o\ufb00set
by a corresponding movement in the linked liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f17490": {
"value": "(2) Credit (counterparty default) risk Credit risk is the risk that the Group or Company is
exposed to a loss if another party fails to meet its \ufb01nancial
obligations. For the Company, the exposure to counterparty
default risk arises primarily from loans directly held by the
Company, while for the Group this risk also arises from
fees owed by clients.
Assets held at amortised cost
(a) Accrued income
This comprises fees owed by clients. These are held at
amortised cost, less expected credit losses (\u201cECLs\u201d).
Under IFRS 9, a forward-looking approach is required
to assess ECLs, so that losses are recognised before the
occurrence of any credit event. The Group estimates that
pending fees three months or more past due are unlikely to
be collected and are written o\ufb00. Based on management\u2019s
experience, pending fees one or two months past due are
generally expected to be collected, but consideration is
also given to potential losses on these fees. Historical loss
rates have been used to estimate expected future losses,
while consideration is also given to underlying economic
conditions, in order to ensure that expected losses are
recognised on a forward-looking basis. This has led to the
additional recognition of an immaterial amount of ECLs.
Details of the ECLs recognised in relation to accrued
income can be seen in note 22.
(b) Loans
Loans subject to the 12 month ECL are \u00a36.3m (FY22:
\u00a35.5m). While there remains a level of economic
uncertainty in the current climate, leading to potentially
higher credit risk, there is not considered to be a signi\ufb01cant
increase in credit risk, as all of the loans are currently
performing to schedule, and there are no signi\ufb01cant
concerns regarding the borrowers. There is therefore no
need to move from the 12 month ECL model to the lifetime
ECL model. Expected losses are recognised on a forward-
looking basis, which has led to the additional recognition of
an immaterial amount of ECLs.
In addition to the above, the Company has committed a
further \u00a35.0m in undrawn loans.
Details of the ECLs recognised in relation to loans can be
seen in note 16. No ECLs have been recognised on the
undrawn loan commitments, as any ECLs would not be
considered to be material.
(c) Cash and equivalents
The Group has a low risk appetite for credit risk, which
is mainly limited to exposures to credit institutions for its
bank deposits. A range of major regulated UK high street
banks is used. A rigorous annual due diligence exercise
is undertaken to assess the \ufb01nancial strength of these
banks with those used having a minimum credit rating of
A (Fitch).
In order to actively manage the credit and concentration
risks, the board has agreed risk appetite limits for the
regulated entities of the amount of corporate and client
funds that may be deposited with any one bank; which
is represented by a set percentage of the respective
bank\u2019s total customer deposits. Monthly monitoring of
these positions along with movements in Fitch ratings
is undertaken, with reports presented to the Directors
for review. Collectively these measures ensure that the
Group diligently manages the exposures and provide
the mitigation scope to be able to manage credit and
concentration exposures on behalf of itself and its
customers.
Counterparty default risk exposure to loans
The Company has loans of \u00a36.3m (FY22: \u00a35.5m).
There are no other loans held by the Group.
Counterparty default risk exposure to Group companies
As well as inconvenience and operational issues arising from
the failure of the other Group companies, there is also a risk
of a loss of assets. The Company is due \u00a381k (FY22: \u00a3160k)
from other Group companies.
Counterparty default risk exposure to other receivables
The Company has no other receivables arising, due to the
nature of its business, and the structure of the Group.
Across the Group, there is exposure to counterparty
default risk arising primarily from:
\u2022
corporate assets directly held by the Group;
\u2022
exposure to clients; and
\u2022
exposure to other receivables.
The other exposures to counterparty default risk include a
credit default event which a\ufb00ects funds held on behalf of
clients and occurs at one or more of the following entities:
\u2022
a bank where cash is held on behalf of clients;
\u2022
a custodian where the assets are held on behalf of
clients; and
\u2022
Transact Nominees Limited (TNL), which is the legal
owner of the assets held on behalf of clients.
There is no \ufb01rst order impact on the Group from one of
the events in the preceding paragraph. This is because
any credit default event in respect of these holdings will
be borne by clients, both in terms of loss of value and loss
of liquidity. Terms and conditions have been reviewed by
external lawyers to ensure that these have been drafted
appropriately. However, there is a second order impact
where future pro\ufb01ts for the Group are reduced in the event
of a credit default which a\ufb00ects funds held on behalf of
clients.
There are robust controls in place to mitigate credit risk,
for example, holding corporate and client cash across a
range of banks in order to minimise the risk of a single
point of counterparty default failure. Additionally, maximum
counterparty limits and minimum credit quality steps are
set for banks.
Cash and cash equivalents and investments are classed
as stage 1 on the expected credit loss model (meaning
that they are not credit-impaired on initial recognition
and have not experienced a signi\ufb01cant increase in credit
risk since initial recognition) with no material expected
credit loss provision held.
Corporate assets and funds held on behalf of clients
There is no signi\ufb01cant risk exposure to any one UK
clearing bank.
Counterparty default risk exposure to clients
The Group is due \u00a312.3m (FY22: \u00a311.8m) from fee
income owed by clients.
Impact of credit risk on fair value
Due to the limited direct exposure that the Group and the
Company have to credit risk, credit risk does not have a
material impact on the fair value movement of \ufb01nancial
instruments for the year under review. The fair value
movements on these instruments are predominantly due
to changes in market conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f17651": {
"value": "(3) Liquidity risk Liquidity risk is the risk that funds are not accessible
such that the Company, although solvent, does not have
su\ufb03cient liquid \ufb01nancial resources to meet obligations
as they fall due, or can secure such resources only at
excessive cost.
As a holding company, the Company\u2019s main liquidity risk is
related to paying out shareholder dividends and operating
expenses it may incur. Additionally, the Company has made
short term commitments, in the form of a capped facility
arrangement, to Vertus Capital SPV1 Limited (\u2018Vertus\u2019)
(as one of Vertus\u2019 sources of funding) to assist Vertus
in developing its business, which is to provide tailored
niche debt facilities to adviser \ufb01rms to fund acquisitions,
management buy-outs and other similar transactions.
Across the Group, the following key drivers of liquidity risk
have been identi\ufb01ed:
\u2022
liquidity risk arising due to failure of one or more of
the Group\u2019s banks;
\u2022
liquidity risk arising due to the bank\u2019s system failure
which prevents access to Group funds; and
\u2022
liquidity risk arising from clients holding insu\ufb03cient
cash to settle fees when they become due.
The Group\u2019s liquidity risk arises from a lack of readily
realisable cash to meet debts as they become due. This
takes a number of forms \u2013 clients\u2019 liabilities coming due,
other liabilities (e.g. expenses) coming due, insu\ufb03cient
liquid assets to meet loan repayments to subsidiary
companies and future payment commitments over the next
three years following the acquisition of T4A.
The \ufb01rst of these, clients\u2019 liabilities is primarily covered
through the terms and conditions with clients\u2019 taking their
own liquidity risk, if their funds cannot be immediately
surrendered for cash.
Payment of other liabilities depends on the Group having
su\ufb03cient liquidity at all times to meet obligations as they
fall due. This requires access to liquid funds, i.e. working
banks and it also requires that the Group\u2019s main source
of liquidity, charges on its clients\u2019 assets, can also be
converted into cash.
The payment of loan obligations is covered by the upward
dividends from subsidiary entities which were assessed
against the \ufb01nancial plans and capital projections of the
regulated entities to ensure the level of a\ufb00ordability of the
future dividends.
The purchase price for T4A comprised three elements,
a \ufb01xed sum payable on deal completion which has been
settled, a further \ufb01xed sum to be paid in four equal annual
instalments and a variable amount by reference to T4A\u2019s
performance over that four year period. The payment of
these future obligations is expected to be met from the
company\u2019s own reserves and dividends it expects to receive
from its subsidiaries.
The Group has set out two key liquidity requirements: \ufb01rst,
to ensure that clients maintain a percentage of liquidity in
their funds at all times, and second, to maintain access to
cash through a spread of cash holdings in bank accounts.
There are robust controls in place to mitigate liquidity risk,
for example, through regular monitoring of expenditure,
closely managing expenses in line with the business plan,
and, in the case of the Vertus facility, capping the value of
loans. Additionally, the Group holds corporate and client
cash across a range of banks in order to mitigate the risk of
a single point of counterparty default failure.
Maturity schedule
The following table shows an analysis of the \ufb01nancial assets
and \ufb01nancial liabilities by remaining expected maturities as
at 30 September 2023 and 30 September 2022. All \ufb01nancial
liabilities are undiscounted.
In addition to the \ufb01nancial assets and \ufb01nancial liabilities
shown in the tables below, the Company committed a
further \u00a35.6m in undrawn loans. These are available to be
drawn down immediately.
FINANCIAL ASSETS:
2023
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
23,021.7
-
-
-
23,021.7
Investments
-
-
22.4
-
22.4
Accrued income
12.5
-
-
-
12.5
Trade and other receivables
3.2
-
-
-
3.2
Loans
-
-
6.3
-
6.3
Cash and cash equivalents
177.9
-
-
-
177.9
Cash held for the bene\ufb01t of policyholders
1,419.2
-
-
-
1,419.2
Total
24,634.5
-
28.7
-
24,663.1
RESTATED
2022
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
20,715.8
-
-
-
20,715.8
Investments
0.1
-
3.0
-
3.1
Accrued income
12.1
-
-
-
12.1
Trade and other receivables
2.0
-
-
-
2.0
Loans
-
-
5.5
-
5.5
Cash and cash equivalents
183.0
-
-
-
183.0
Cash held for the bene\ufb01t of policyholders
1,458.6
-
-
-
1,458.6
Total
22,371.6
-
8.5
-
22,380.1
See note 36 for details on 2022 restated balances.
FINANCIAL LIABILITIES:
2023
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
24,440.9
-
-
-
24,440.9
Trade and other payables
6.6
-
-
-
6.6
Lease liabilities
0.1
0.3
0.9
-
1.3
Total
24,447.6
0.3
0.9
-
24,448.8
2022
UP TO 3
MONTHS
3-12
MONTHS
1-5
YEARS
OVER 5
YEARS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
22,174.4
-
-
-
22,174.4
Trade and other payables
7.0
-
-
-
7.0
Lease liabilities
0.6
1.3
0.9
-
2.8
Total
22,182.0
1.3
0.9
-
22,184.2
As per note 3, accruals, deferred consideration and contingent consideration have been reclassi\ufb01ed as non-\ufb01nancial instruments and
have therefore been removed from this table.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18008": {
"value": "5. Disaggregation of revenue The Group has the following categories of revenue:
\u2022
Annual commission - based on a \ufb01xed percentage
applied to the value of the client\u2019s portfolio each
month.
\u2022
Wrapper fee income - based on a \ufb01xed quarterly
charge per wrapper.
\u2022
Other income \u2013 buy commission is based on a set
percentage charge applied to each transaction. Dealing
charges are charged based on a \ufb01xed fee for each type
of transaction.
\u2022
Adviser back-o\ufb03ce technology \u2013 licence income
based on a \ufb01xed monthly charge per number of users.
Consultancy income is charged based on the services
provided.
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER
2023
2022
\u00a3m
\u00a3m
Annual commission income
116.1
115.8
Wrapper fee income
12.3
11.6
Other income
1.7
2.2
Adviser back-o\ufb03ce technology
4.8
4.0
Total revenue
134.9
133.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18009": {
"value": "5. Disaggregation of revenue The Group has the following categories of revenue:
\u2022
Annual commission - based on a \ufb01xed percentage
applied to the value of the client\u2019s portfolio each
month.
\u2022
Wrapper fee income - based on a \ufb01xed quarterly
charge per wrapper.
\u2022
Other income \u2013 buy commission is based on a set
percentage charge applied to each transaction. Dealing
charges are charged based on a \ufb01xed fee for each type
of transaction.
\u2022
Adviser back-o\ufb03ce technology \u2013 licence income
based on a \ufb01xed monthly charge per number of users.
Consultancy income is charged based on the services
provided.
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER
2023
2022
\u00a3m
\u00a3m
Annual commission income
116.1
115.8
Wrapper fee income
12.3
11.6
Other income
1.7
2.2
Adviser back-o\ufb03ce technology
4.8
4.0
Total revenue
134.9
133.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18053": {
"value": "6. Segmental reporting The revenue and pro\ufb01t before tax are attributable to
activities carried out in the UK and the Isle of Man.
The Group has three classes of business, which have been
organised primarily based on the products they o\ufb00er, as
detailed below:
\u2022
Investment administration services \u2013 this relates to
services performed by IFAL, which is the provider of
the Transact wrap service. It is the provider of the
General Investment Account (GIA), is a Self-Invested
Personal Pension (SIPP) operator, an ISA manager and
is the custodian for all assets held on the platform
(except for those held by third party custodians).
\u2022
Insurance and life assurance business \u2013 this relates to
ILUK and ILInt, insurance companies which provide the
Transact Personal Pension, Executive Pension, Section
32 Buy-Out Bond, Transact Onshore and O\ufb00shore
Bonds, and Qualifying Savings Plan on the Transact
platform.
\u2022
Adviser back-o\ufb03ce technology - this relates to T4A,
provider of \ufb01nancial planning technology to adviser
and wealth management \ufb01rms via the CURO adviser
support system.
Other Group entities relates to the rest of the Group, which
provide services to support the Group\u2019s core operating
segments.
Analysis by class of business is given below.
Statement of comprehensive income \u2013 segmental information for the year ended 30 September 2023:
INVESTMENT
ADMINISTRATION
SERVICES
INSURANCE
AND LIFE
ASSURANCE
BUSINESS
ADVISER
BACK-OFFICE
TECHNOLOGY
OTHER
GROUP
ENTITIES
CONSOLID-
ATION
ADJUSTMENTS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Annual commission income
63.1
53.0
-
-
-
116.1
Wrapper fee income
3.0
9.3
-
-
-
12.3
Adviser back-o\ufb03ce technology
-
-
4.8
-
-
4.8
Other income
1.2
0.5
-
76.0
(76.0)
1.7
Total revenue
67.3
62.8
4.8
76.0
(76.0)
134.9
Cost of sales
(2.1)
(0.6)
(0.7)
(0.5)
-
(3.9)
Gross pro\ufb01t/(loss)
65.2
62.2
4.1
75.5
(76.0)
131.0
Administrative expenses
(42.2)
(30.2)
(5.5)
(72.3)
75.6
(74.6)
Expected credit losses on \ufb01nancial assets
-
-
-
(0.1)
-
(0.1)
Operating pro\ufb01t/(loss)
23.0
32.0
(1.4)
3.1
(0.4)
56.3
Interest expense
-
-
-
(0.7)
0.6
(0.1)
Interest income
1.2
4.4
-
1.4
(0.6)
6.4
Net policyholder returns
Net income/(loss) attributable to policyholder
returns
-
12.1
-
-
-
12.1
Change in investment contract liabilities
-
(1,056.0)
-
-
-
(1,056.0)
Fee and commission expenses
-
(193.3)
-
-
-
(193.3)
Policyholder investment returns
-
1,249.3
-
-
-
1,249.3
Net policyholder returns
-
12.1
-
-
-
12.1
Pro\ufb01t/(loss) on ordinary activities before
taxation attributable to policyholders and
shareholders
24.2
48.5
(1.4)
3.8
(0.4)
74.7
Policyholder tax credit/(charge)
-
(12.1)
-
-
-
(12.1)
Pro\ufb01t on ordinary activities before
taxation attributable to shareholders
24.2
36.4
(1.4)
3.8
(0.4)
62.6
Total tax attributable to shareholder and
policyholder returns
(5.0)
(18.7)
0.5
(1.7)
(0.1)
(24.9)
Less: tax attributable to policyholder returns
-
12.1
-
-
-
12.1
Shareholder tax on pro\ufb01t on ordinary
activities
(5.0)
(6.6)
0.5
(1.7)
(0.1)
(12.8)
Pro\ufb01t/(loss) for the period
19.2
29.8
(0.9)
2.1
(0.3)
49.9
Statement of comprehensive income \u2013 segmental information for the year ended 30 September 2022:
INVESTMENT
ADMINISTRATION
SERVICES
INSURANCE
AND LIFE
ASSURANCE
BUSINESS
ADVISER
BACK-OFFICE
TECHNOLOGY
OTHER
GROUP
ENTITIES
CONSOLID-
ATION
ADJUSTMENTS
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Annual commission income
63.4
52.6
-
-
-
116.0
Wrapper fee income
2.8
8.7
-
-
-
11.5
Adviser back-o\ufb03ce technology
-
-
3.9
-
-
3.9
Other income
1.3
0.9
-
64.4
(64.4)
2.2
Total revenue
67.5
62.2
3.9
64.4
(64.4)
133.6
Cost of sales
(0.7)
(0.4)
(0.5)
(0.5)
-
(2.1)
Gross pro\ufb01t/(loss)
66.8
61.8
3.4
63.9
(64.4)
131.5
Administrative expenses
(43.0)
(28.8)
(5.3)
(64.6)
64.0
(77.7)
Expected credit losses on \ufb01nancial assets
(0.1)
-
-
(0.1)
-
(0.2)
Operating pro\ufb01t/(loss)
23.7
33.0
(1.9)
(0.8)
(0.4)
53.6
Interest expense
-
-
-
(0.4)
0.3
(0.1)
Interest income
0.1
1.0
-
-
(0.3)
0.8
Net policyholder returns
Net income/(loss) attributable to policyholder
returns
(38.5)
-
-
-
(38.5)
Change in investment contract liabilities
-
2,770.3
-
-
-
2,770.3
Fee and commission expenses
-
(192.6)
-
-
-
(192.6)
Policyholder investment returns
-
(2,577.7)
-
-
-
(2,577.7)
Net policyholder returns
-
38.5
-
-
-
(38.5)
Pro\ufb01t/(loss) on ordinary activities before
taxation attributable to policyholders and
shareholders
23.8
(4.5)
(1.9)
(1.2)
(0.4)
15.8
Policyholder tax credit/(charge)
-
38.5
-
-
-
38.5
Pro\ufb01t on ordinary activities before
taxation attributable to shareholders
23.8
34.0
(1.9)
(1.2)
(0.4)
54.3
Total tax attributable to shareholder and
policyholder returns
(4.4)
32.6
0.3
(0.4)
0.1
28.2
Less: tax attributable to policyholder returns
-
(38.5)
-
-
-
(38.5)
Shareholder tax on pro\ufb01t on ordinary activities
(4.4)
(5.9)
0.3
(0.4)
0.1
(10.3)
Pro\ufb01t/(loss) for the period
19.4
28.1
(1.6)
(1.6)
(0.3)
44.0
Statement of \ufb01nancial position \u2013 segmental information for the year ended 30 September 2023:
INVESTMENT
ADMINISTRATION
SERVICES
INSURANCE AND
LIFE ASSURANCE
BUSINESS
ADVISER
BACK-OFFICE
TECHNOLOGY
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current assets
10.3
19.1
1.1
30.5
Current assets
78.0
154.6
2.8
235.4
Total assets
88.3
173.7
3.9
265.9
Liabilities
Current liabilities
8.4
18.1
1.0
27.5
Non-current liabilities
0.8
47.5
0.2
48.5
Total liabilities
9.2
65.6
1.2
76.0
Policyholder assets and liabilities
Cash held for the bene\ufb01t of policyholder
-
1,419.2
-
-
Investments held for the bene\ufb01t of policyholders
-
23,021.7
-
-
Liabilities for linked investment contracts
-
(24,440.9)
-
-
Total policyholder assets and liabilities
-
-
-
-
Net assets
79.1
108.1
2.7
189.9
Non-current asset additions
0.3
0.3
0.0
0.6
Restated Statement of \ufb01nancial position \u2013 segmental information for the year ended 30 September 2022:
INVESTMENT
ADMINISTRATION
SERVICES
INSURANCE AND
LIFE ASSURANCE
BUSINESS
ADVISER
BACK-OFFICE
TECHNOLOGY
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current assets
10.4
25.4
0.8
36.6
Current assets
71.8
144.7
3.8
220.3
Total assets
82.2
170.1
4.6
256.9
Liabilities
Current liabilities
10.5
22.5
1.1
34.1
Non-current liabilities
1.9
47.6
0.1
49.6
Total liabilities
12.4
70.1
1.2
83.7
Policyholder assets and liabilities
Cash held for the bene\ufb01t of policyholder
-
1,458.6
-
1,458.6
Investments held for the bene\ufb01t of
policyholders
-
20,715.8
-
20,715.8
Liabilities for linked investment contracts
-
(22,174.4)
-
(22,174.4)
Total policyholder assets and liabilities
-
-
-
-
Net assets
69.8
100.0
3.4
173.2
Non-current asset additions
0.2
0.1
-
0.3
See note 36 for details on 2022 restated balances.
Segmental information: Split by geographical location
2023
2022
\u00a3m
\u00a3m
Revenue
United Kingdom
129.4
128.3
Isle of Man
5.5
5.3
Total
134.9
133.6
2023
2022
Non-current assets
\u00a3m
\u00a3m
United Kingdom
23.4
25.1
Isle of Man
0.1
-
Total
23.5
25.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18731": {
"value": "7. Earnings per share 2023
2022
Pro\ufb01t
Pro\ufb01t for the year and earnings used in basic and diluted earnings per share
\u00a349.9m
\u00a344.0m
Weighted average number of shares
Weighted average number of Ordinary shares
331.3m
331.3m
Weighted average numbers of Ordinary Shares held by Employee Bene\ufb01t Trust
(0.5m)
(0.4m)
Weighted average number of Ordinary Shares for the purposes of basic EPS
330.8m
330.9m
Adjustment for dilutive share option awards
0.5m
0.4m
Weighted average number of Ordinary Shares for the purposes of diluted EPS
331.3m
331.3m
Earnings per share
Basic
15.1p
13.3p
Diluted
15.1p
13.3p
Earnings per share (\u201cEPS\u201d) is calculated based on the
share capital of IntegraFin Holdings plc and the earnings
of the consolidated Group.
Basic EPS is calculated by dividing pro\ufb01t after tax
attributable to ordinary equity shareholders of the
Company by the weighted average number of Ordinary
Shares outstanding during the year. The weighted
average number of shares excludes shares held within the
Employee Bene\ufb01t Trust to satisfy the Group\u2019s obligations
under employee share awards.
Diluted EPS is calculated by adjusting the weighted
average number of Ordinary Shares outstanding to assume
conversion of all potentially dilutive Ordinary Shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18785": {
"value": "8. Expenses by nature The following expenses are included within administrative expenses:
Group
2023
2022
\u00a3m
\u00a3m
Depreciation
2.1
2.6
Amortisation
0.4
0.4
Wages and employee bene\ufb01ts expense
52.8
46.1
Other sta\ufb00 costs
1.1
1.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the legislation
0.2
0.1
- auditing of the Financial Statements of subsidiaries
0.6
0.4
- other assurance services
0.4
0.3
Other professional fees
4.8
4.7
Regulatory fees
3.9
4.2
- Non-underlying expenses - backdated VAT
-
8.0
- Non-underlying expenses - interest on backdated VAT
-
0.8
- Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
- Other non-underlying expenses \u2013contingent consideration
(1.7)
0.9
- Other non-underlying expenses
-
(0.3)
Short-term lease payments:
- land and buildings
0.6
0.1
Other occupancy costs
2.2
2.3
Other costs
6.7
6.4
Other income \u2013 tax relief due to shareholders
(1.6)
(2.4)
Total administrative expenses
74.6
77.7
\u201cOther income \u2013 tax relief due to shareholders\u201d relates to the release of policyholder reserves to the statement of comprehensive income.
Company
2023
2022
\u00a3m
\u00a3m
Wages and employee bene\ufb01ts expense
0.7
0.6
Non underlying expenses:
- Remuneration
0.3
3.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the
legislation
0.2
0.2
Other professional fees
0.6
0.8
Other costs
0.2
0.2
Total administrative expenses
2.0
4.8
Wages and employee bene\ufb01ts expense
The average number of sta\ufb00 (including executive directors) employed by the Group during the \ufb01nancial year
amounted to:
2023
2022
No.
No.
CEO
2
2
Client services sta\ufb00
232
223
Finance sta\ufb00
72
69
Legal and compliance sta\ufb00
39
38
Sales, marketing and product development sta\ufb00
65
64
Software development sta\ufb00
139
131
Technical and support sta\ufb00
82
67
631
594
The Company has no employees (2022: nil).
Wages and employee (including executive directors) bene\ufb01ts expenses during the year, included within administrative
expenses, were as follows:2023 2022
\u00a3m
\u00a3m
Wages and salaries
43.9
36.3
Social security costs
4.8
4.2
Other pension costs
2.0
3.6
Share-based payment costs
2.1
2.0
52.8
46.1
Compensation of key management personnel
Key management personnel are de\ufb01ned as those persons having authority and responsibility for planning, directing
and controlling the activities of the entity and as such, only directors are considered to meet this de\ufb01nition.
2023
2022
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts*
3.0
2.9
Post-employment bene\ufb01ts
0.2
0.2
Share based payment
0.5
0.4
Social security costs
0.5
0.4
4.2
4.1
Highest paid director:
Short-term employee bene\ufb01ts*
0.6
0.6
Other bene\ufb01ts
0.2
0.2
No.
No.
Number of directors for whom pension contributions are paid
8
8
*Short-term employee bene\ufb01ts comprise salary and cash bonus.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18788": {
"value": "The following expenses are included within administrative expenses: Group
2023
2022
\u00a3m
\u00a3m
Depreciation
2.1
2.6
Amortisation
0.4
0.4
Wages and employee bene\ufb01ts expense
52.8
46.1
Other sta\ufb00 costs
1.1
1.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the legislation
0.2
0.1
- auditing of the Financial Statements of subsidiaries
0.6
0.4
- other assurance services
0.4
0.3
Other professional fees
4.8
4.7
Regulatory fees
3.9
4.2
- Non-underlying expenses - backdated VAT
-
8.0
- Non-underlying expenses - interest on backdated VAT
-
0.8
- Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
- Other non-underlying expenses \u2013contingent consideration
(1.7)
0.9
- Other non-underlying expenses
-
(0.3)
Short-term lease payments:
- land and buildings
0.6
0.1
Other occupancy costs
2.2
2.3
Other costs
6.7
6.4
Other income \u2013 tax relief due to shareholders
(1.6)
(2.4)
Total administrative expenses
74.6
77.7
\u201cOther income \u2013 tax relief due to shareholders\u201d relates to the release of policyholder reserves to the statement of comprehensive income.
Company
2023
2022
\u00a3m
\u00a3m
Wages and employee bene\ufb01ts expense
0.7
0.6
Non underlying expenses:
- Remuneration
0.3
3.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the
legislation
0.2
0.2
Other professional fees
0.6
0.8
Other costs
0.2
0.2
Total administrative expenses
2.0
4.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18791": {
"value": "Group 2023
2022
\u00a3m
\u00a3m
Depreciation
2.1
2.6
Amortisation
0.4
0.4
Wages and employee bene\ufb01ts expense
52.8
46.1
Other sta\ufb00 costs
1.1
1.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the legislation
0.2
0.1
- auditing of the Financial Statements of subsidiaries
0.6
0.4
- other assurance services
0.4
0.3
Other professional fees
4.8
4.7
Regulatory fees
3.9
4.2
- Non-underlying expenses - backdated VAT
-
8.0
- Non-underlying expenses - interest on backdated VAT
-
0.8
- Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
- Other non-underlying expenses \u2013contingent consideration
(1.7)
0.9
- Other non-underlying expenses
-
(0.3)
Short-term lease payments:
- land and buildings
0.6
0.1
Other occupancy costs
2.2
2.3
Other costs
6.7
6.4
Other income \u2013 tax relief due to shareholders
(1.6)
(2.4)
Total administrative expenses
74.6
77.7Company 2023
2022
\u00a3m
\u00a3m
Wages and employee bene\ufb01ts expense
0.7
0.6
Non underlying expenses:
- Remuneration
0.3
3.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the
legislation
0.2
0.2
Other professional fees
0.6
0.8
Other costs
0.2
0.2
Total administrative expenses
2.0
4.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18792": {
"value": "Group 2023
2022
\u00a3m
\u00a3m
Depreciation
2.1
2.6
Amortisation
0.4
0.4
Wages and employee bene\ufb01ts expense
52.8
46.1
Other sta\ufb00 costs
1.1
1.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the legislation
0.2
0.1
- auditing of the Financial Statements of subsidiaries
0.6
0.4
- other assurance services
0.4
0.3
Other professional fees
4.8
4.7
Regulatory fees
3.9
4.2
- Non-underlying expenses - backdated VAT
-
8.0
- Non-underlying expenses - interest on backdated VAT
-
0.8
- Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
- Other non-underlying expenses \u2013contingent consideration
(1.7)
0.9
- Other non-underlying expenses
-
(0.3)
Short-term lease payments:
- land and buildings
0.6
0.1
Other occupancy costs
2.2
2.3
Other costs
6.7
6.4
Other income \u2013 tax relief due to shareholders
(1.6)
(2.4)
Total administrative expenses
74.6
77.7
\u201cOther income \u2013 tax relief due to shareholders\u201d relates to the release of policyholder reserves to the statement of comprehensive income.
Company
2023
2022
\u00a3m
\u00a3m
Wages and employee bene\ufb01ts expense
0.7
0.6
Non underlying expenses:
- Remuneration
0.3
3.0
Auditor\u2019s remuneration:
- auditing of the Financial Statements of the Company pursuant to the
legislation
0.2
0.2
Other professional fees
0.6
0.8
Other costs
0.2
0.2
Total administrative expenses
2.0
4.8
Wages and employee bene\ufb01ts expense
The average number of sta\ufb00 (including executive directors) employed by the Group during the \ufb01nancial year
amounted to:
2023
2022
No.
No.
CEO
2
2
Client services sta\ufb00
232
223
Finance sta\ufb00
72
69
Legal and compliance sta\ufb00
39
38
Sales, marketing and product development sta\ufb00
65
64
Software development sta\ufb00
139
131
Technical and support sta\ufb00
82
67
631
594
The Company has no employees (2022: nil).
Wages and employee (including executive directors) bene\ufb01ts expenses during the year, included within administrative
expenses, were as follows:
2023
2022
\u00a3m
\u00a3m
Wages and salaries
43.9
36.3
Social security costs
4.8
4.2
Other pension costs
2.0
3.6
Share-based payment costs
2.1
2.0
52.8
46.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18907": {
"value": "Wages and employee bene\ufb01ts expense The average number of sta\ufb00 (including executive directors) employed by the Group during the \ufb01nancial year
amounted to:
2023
2022
No.
No.
CEO
2
2
Client services sta\ufb00
232
223
Finance sta\ufb00
72
69
Legal and compliance sta\ufb00
39
38
Sales, marketing and product development sta\ufb00
65
64
Software development sta\ufb00
139
131
Technical and support sta\ufb00
82
67
631
594
The Company has no employees (2022: nil).
Wages and employee (including executive directors) bene\ufb01ts expenses during the year, included within administrative
expenses, were as follows:
2023
2022
\u00a3m
\u00a3m
Wages and salaries
43.9
36.3
Social security costs
4.8
4.2
Other pension costs
2.0
3.6
Share-based payment costs
2.1
2.0
52.8
46.130. Employee Bene\ufb01t Trust reserve Group:
2023
2022
\u00a3m
\u00a3m
Balance brought forward
(2.4)
(2.1)
Purchase of own shares
(0.2)
(0.3)
Balance carried forward
(2.6)
(2.4)
Company:
2023
2022
\u00a3m
\u00a3m
Balance brought forward
(2.1)
(1.8)
Purchase of own shares
(0.3)
(0.3)
Balance carried forward
(2.4)
(2.1)
The Employee Bene\ufb01t Trust (\u201cEBT\u201d) was settled by the
Company pursuant to a trust deed entered into between
the Company and Intertrust Employee Bene\ufb01t Trustee
Limited (\u201cTrustee\u201d). The Company has the power to
remove the Trustee and appoint a new trustee. The EBT is a
discretionary settlement and is used to satisfy awards made
under the PSP.
The Trustee purchases existing Ordinary Shares in the
market, and the amount held in the EBT reserve represents
the purchase cost of IHP shares held to satisfy options
awarded under the PSP scheme. IHP is considered to be the
sponsoring entity of the EBT, and the assets and liabilities
of the EBT are therefore recognised as those of IHP. Shares
held in the trust are treated as own shares and shown as a
deduction from equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18910": {
"value": "The average number of sta\ufb00 (including executive directors) employed by the Group during the \ufb01nancial year amounted to:
2023
2022
No.
No.
CEO
2
2
Client services sta\ufb00
232
223
Finance sta\ufb00
72
69
Legal and compliance sta\ufb00
39
38
Sales, marketing and product development sta\ufb00
65
64
Software development sta\ufb00
139
131
Technical and support sta\ufb00
82
67
631
594
The Company has no employees (2022: nil).
Wages and employee (including executive directors) bene\ufb01ts expenses during the year, included within administrative
expenses, were as follows:
2023
2022
\u00a3m
\u00a3m
Wages and salaries
43.9
36.3
Social security costs
4.8
4.2
Other pension costs
2.0
3.6
Share-based payment costs
2.1
2.0
52.8
46.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f18971": {
"value": "Compensation of key management personnel Key management personnel are de\ufb01ned as those persons having authority and responsibility for planning, directing
and controlling the activities of the entity and as such, only directors are considered to meet this de\ufb01nition.
2023
2022
\u00a3m
\u00a3m
Short-term employee bene\ufb01ts*
3.0
2.9
Post-employment bene\ufb01ts
0.2
0.2
Share based payment
0.5
0.4
Social security costs
0.5
0.4
4.2
4.1
Highest paid director:
Short-term employee bene\ufb01ts*
0.6
0.6
Other bene\ufb01ts
0.2
0.2
No.
No.
Number of directors for whom pension contributions are paid
8
8
*Short-term employee bene\ufb01ts comprise salary and cash bonus.Payments to key management personnel, de\ufb01ned as members of the board, are shown in the Remuneration
Report. Directors of the Company received a total of \u00a33.6
million (FY22: \u00a33.6 million) in dividends during the year and
bene\ufb01tted from sta\ufb00 discounts for using the platform of \u00a34k
(FY22: \u00a32k). The number of IHP shares held at the end of
the year by key management personnel was 35,321,348, an
increase of 132,224 from last year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19017": {
"value": "9. Interest income GROUP
2023
COMPANY
2023
GROUP
2022
COMPANY
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest income on bank deposits
5.3
0.5
0.6
-
Interest income on tax repayments
0.4
-
-
-
Interest income on loans
0.4
0.4
0.2
0.2
Interest income on \ufb01nancial investments
0.3
-
-
-
6.4
0.9
0.8
0.2
All interest income is calculated using the e\ufb00ective interest rate method, except for interest income on tax repayments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19018": {
"value": "9. Interest income GROUP
2023
COMPANY
2023
GROUP
2022
COMPANY
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest income on bank deposits
5.3
0.5
0.6
-
Interest income on tax repayments
0.4
-
-
-
Interest income on loans
0.4
0.4
0.2
0.2
Interest income on \ufb01nancial investments
0.3
-
-
-
6.4
0.9
0.8
0.2
All interest income is calculated using the e\ufb00ective interest rate method, except for interest income on tax repayments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19061": {
"value": "10. Policyholder investment returns 2023
2022
\u00a3m
\u00a3m
Change in fair value of underlying assets
1,024.2
(2,729.2)
Investment income
225.1
151.5
Total policyholder investment returns
1,249.3
(2,577.7)",
"dimensions": {
"concept": "ihp:DisclosureOfPolicyholderInvestmentReturnsExplanatoryTextBlock",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19078": {
"value": "11. Tax on pro\ufb01t on ordinary activities Group
a) Analysis of charge in year
The income tax expense comprises:
2023
2022
\u00a3m
\u00a3m
Corporation tax
Current year - corporation tax
12.7
10.0
Adjustment in respect of prior years
(0.1)
0.7
12.6
10.7
Deferred tax
Current year
0.1
(0.4)
Change in deferred tax charge/(credit) as a result of higher tax rate
-
-
Total shareholder tax charge for the year
12.7
10.3
Policyholder taxation
UK policyholder tax at 20% (2022: 20%)
-
-
Deferred tax at 25% (2022: 25%)
11.8
(33.8)
Prior year adjustments
-
(4.9)
Tax deducted on overseas dividends
0.3
0.2
Total policyholder taxation
12.1
(38.5)
Total tax attributable to shareholder and policyholder returns
24.8
(28.2)
b) Factors a\ufb00ecting tax charge for the year
The tax on the Group's pro\ufb01t before tax di\ufb00ers from the
amount that would arise using the weighted average tax rate
applicable to pro\ufb01ts of the consolidated entities as follows:
2023
2022
\u00a3m
\u00a3m
Pro\ufb01t on ordinary activities before taxation attributable to shareholders
62.6
54.3
Pro\ufb01t on ordinary activities multiplied by e\ufb00ective rate of
Corporation Tax 22% (2021: 19%)
13.8
10.3
E\ufb00ects of:
Non-taxable dividends
-
-
Group relief
-
-
Income / expenses not taxable / deductible for tax purposes multiplied by
e\ufb00ective rate of corporation tax
(0.6)
(0.2)
Adjustments in respect of prior years
0.1
0.7
E\ufb00ect of change in tax rate
-
-
E\ufb00ect of lower tax rate jurisdiction
(0.6)
(0.5)
Other adjustments
-
-
12.7
10.3
Add policyholder tax
12.1
(38.5)
24.8
(28.2)
Company
a) Analysis of charge in year
2023
2022
\u00a3m
\u00a3m
Deferred tax charge/(credit) (see note 26)
-
-
b) Factors a\ufb00ecting tax charge for the year
2023
2022
\u00a3m
\u00a3m
Pro\ufb01t on ordinary activities before tax
31.6
39.9
Pro\ufb01t on ordinary activities multiplied by e\ufb00ective rate of
Corporation Tax 22% (2021: 19%)
7.0
7.6
E\ufb00ects of:
Non-taxable dividends
(7.3)
(8.5)
Income / expenses not taxable / deductible for tax purposes multiplied
by e\ufb00ective rate of Corporation Tax
-
0.6
Group loss relief to ISL
0.3
0.3
-
-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19079": {
"value": "11. Tax on pro\ufb01t on ordinary activities Group
a) Analysis of charge in year
The income tax expense comprises:
2023
2022
\u00a3m
\u00a3m
Corporation tax
Current year - corporation tax
12.7
10.0
Adjustment in respect of prior years
(0.1)
0.7
12.6
10.7
Deferred tax
Current year
0.1
(0.4)
Change in deferred tax charge/(credit) as a result of higher tax rate
-
-
Total shareholder tax charge for the year
12.7
10.3
Policyholder taxation
UK policyholder tax at 20% (2022: 20%)
-
-
Deferred tax at 25% (2022: 25%)
11.8
(33.8)
Prior year adjustments
-
(4.9)
Tax deducted on overseas dividends
0.3
0.2
Total policyholder taxation
12.1
(38.5)
Total tax attributable to shareholder and policyholder returns
24.8
(28.2)
b) Factors a\ufb00ecting tax charge for the year
The tax on the Group's pro\ufb01t before tax di\ufb00ers from the
amount that would arise using the weighted average tax rate
applicable to pro\ufb01ts of the consolidated entities as follows:
2023
2022
\u00a3m
\u00a3m
Pro\ufb01t on ordinary activities before taxation attributable to shareholders
62.6
54.3
Pro\ufb01t on ordinary activities multiplied by e\ufb00ective rate of
Corporation Tax 22% (2021: 19%)
13.8
10.3
E\ufb00ects of:
Non-taxable dividends
-
-
Group relief
-
-
Income / expenses not taxable / deductible for tax purposes multiplied by
e\ufb00ective rate of corporation tax
(0.6)
(0.2)
Adjustments in respect of prior years
0.1
0.7
E\ufb00ect of change in tax rate
-
-
E\ufb00ect of lower tax rate jurisdiction
(0.6)
(0.5)
Other adjustments
-
-
12.7
10.3
Add policyholder tax
12.1
(38.5)
24.8
(28.2)
Company
a) Analysis of charge in year
2023
2022
\u00a3m
\u00a3m
Deferred tax charge/(credit) (see note 26)
-
-
b) Factors a\ufb00ecting tax charge for the year
2023
2022
\u00a3m
\u00a3m
Pro\ufb01t on ordinary activities before tax
31.6
39.9
Pro\ufb01t on ordinary activities multiplied by e\ufb00ective rate of
Corporation Tax 22% (2021: 19%)
7.0
7.6
E\ufb00ects of:
Non-taxable dividends
(7.3)
(8.5)
Income / expenses not taxable / deductible for tax purposes multiplied
by e\ufb00ective rate of Corporation Tax
-
0.6
Group loss relief to ISL
0.3
0.3
-
-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19083": {
"value": "Group a) Analysis of charge in year
The income tax expense comprises:
2023
2022
\u00a3m
\u00a3m
Corporation tax
Current year - corporation tax
12.7
10.0
Adjustment in respect of prior years
(0.1)
0.7
12.6
10.7
Deferred tax
Current year
0.1
(0.4)
Change in deferred tax charge/(credit) as a result of higher tax rate
-
-
Total shareholder tax charge for the year
12.7
10.3
Policyholder taxation
UK policyholder tax at 20% (2022: 20%)
-
-
Deferred tax at 25% (2022: 25%)
11.8
(33.8)
Prior year adjustments
-
(4.9)
Tax deducted on overseas dividends
0.3
0.2
Total policyholder taxation
12.1
(38.5)
Total tax attributable to shareholder and policyholder returns
24.8
(28.2)a) Analysis of charge in year 2023
2022
\u00a3m
\u00a3m
Deferred tax charge/(credit) (see note 26)
-
-26. Deferred tax Deferred tax is calculated in full on temporary di\ufb00erences under the liability method using a tax rate of 20% (FY22: 20%)
on policyholder assets and liabilities and 25% (FY22: 25%) on non-policyholder items. The increase in the UK corporation
tax rate from the current rate of 19% to 25% was substantively enacted in May 2021. This new rate has been applied to
deferred tax balances which are expected to reverse after 1 April 2023, the date on which that new rate becomes e\ufb00ective.
Deferred Tax Asset
ACCELERATED
CAPITAL
ALLOWANCES
SHARE
BASED
PAYMENTS
POLICYHOLDER
UNREALISED
LOSSES/
(UNREALISED
GAINS)
POLICYHOLDER
EXCESS
MANAGEMENT
EXPENSES AND
DEFERRED
ACQUISITION
COSTS
POLICYHOLDER
UNREALISED
LOSSES ON
INVESTMENT
TRUSTS
OTHER
DEDUCTIBLE
TEMPORARY
DIFFERENCES
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 October 2021
-
0.6
-
-
-
0.1
0.7
Excess tax relief
charged to equity
(0.3)
(0.3)
Charge to income
0.1
0.2
8.1
2.2
0.2
-
10.8
O\ufb00set Deferred
Tax Liability
(5.2)
(5.2)
At 30 September
2022
0.1
0.5
2.9
2.2
0.2
0.1
6.0
Excess tax relief
charged to equity
-
0.2
-
-
-
-
0.2
Charge to income
-
(0.2)
(2.9)
0.3
0.4
0.1
(2.3)
O\ufb00set Deferred
Tax Liability
-
-
-
(2.5)
(0.6)
(0.1)
(3.2)
At 30 September
2023
0.1
0.5
-
-
-
0.1
0.7
Deferred Tax Liability
ACCELERATED
CAPITAL
ALLOWANCES
POLICYHOLDER TAX
ON UNREALISED
GAINS
OTHER TAXABLE
DIFFERENCES
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 October 2021
0.1
28.4
1.0
29.5
Charge to income
(0.1)
(23.2)
(0.1)
(23.4)
O\ufb00set against Deferred Tax asset
-
(5.2)
(5.2)
At 30 September 2022
-
-
0.9
0.9
Charge to income
-
9.6
(0.1)
9.5
O\ufb00set against Deferred Tax asset
(3.1)
(0.1)
(3.2)
At 30 September 2023
-
6.5
0.7
7.2
The Company has no deferred tax assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19238": {
"value": "12. Intangible assets \u2013 Group SOFTWARE
AND IP
RIGHTS
GOODWILL
CUSTOMER
RELATIONSHIPS
SOFTWARE
BRAND
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2023
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2022
12.5
-
0.3
0.5
0.1
13.4
Charge for the year
-
-
0.1
0.3
-
0.4
At 30 September 2023
12.5
-
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
-
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
-
18.3
1.7
1.2
0.2
21.4
Cost
At 1 October 2021
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2022
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2021
12.5
-
0.1
0.2
0.1
12.9
Charge for the year
-
-
0.2
0.3
-
0.5
At 30 September 2022
12.5
-
0.3
0.5
0.1
13.4
Net Book Value
At 30 September 2021
-
18.3
2.0
1.8
0.2
22.3
At 30 September 2022
-
18.3
1.7
1.5
0.2
21.8
All intangible assets are externally generated.
Goodwill impairment assessment
In accordance with IFRS, goodwill is not amortised,
but is assessed for impairment on an annual basis. The
impairment assessment compares the carrying value of
goodwill to the recoverable amount, which is the higher
of value in use and the fair value less costs of disposal.
The recoverable amount is determined based on value
in use calculations. The use of this method requires the
estimation of future cash \ufb02ows and the determination of a
discount rate in order to calculate the present value of the
cash \ufb02ows.
The goodwill relates to the acquisition of IAD Pty in July
2016 and T4A in January 2021.
The carrying amount of the IAD Pty goodwill is allocated to
the two cash generating units (\u201cCGUs\u201d) that relate to the
Transact platform, as these are bene\ufb01tting from the IAD PTY
acquisition. The carrying amount of the goodwill for T4A is
allocated to the CGU that relates to the CURO software as
this is the source of revenue for T4A.
IAD Pty
2023
2022
\u00a3m
\u00a3m
Investment administration services
7.2
7.2
Insurance and life assurance business
5.7
5.7
Total
12.9
12.9
Other assumptions are as follows:
2023
2022
Discount rate
13.2%
13.3%
Period on which detailed forecasts are based
5 years
5 years
Long-term growth rate
2.0%
1.0%
The carrying amount of the T4A goodwill is all allocated to
the below CGU:
T4A
2023
2022
\u00a3m
\u00a3m
Adviser back-o\ufb03ce technology
5.3
5.3
Other assumptions are as follows:
2023
2022
Discount rate
14.0%
11.6%
Period on which detailed forecasts are based
5 years
5 years
Long-term growth rate
2.0%
2.0%
The recoverable amounts of the above CGUs have been
determined from value in use calculations based on cash
\ufb02ow projections from formally approved budgets covering
a \ufb01ve-year period to 30 September 2028. Post the \ufb01ve
year business plan, the growth rate used to determine
the terminal value of the cash generating units was based
on a long-term growth rate of 2.0%. The discount rate is
assessed on an annual basis and has been calculated using
the weighted average cost of capital.
Based on management\u2019s experience, the key assumptions
on which management has calculated its projections are
net in\ufb02ows, market growth and expense in\ufb02ation.
The annual impairment tests relating to both acquisitions
indicated that there is signi\ufb01cant headroom in the
recoverable amount over the carrying value of the CGUs.
There is therefore no indication of impairment.
Projected cash \ufb02ows are impacted by movements in
underlying assumptions, including equity market levels,
number of CURO users, employee numbers and cost
in\ufb02ation. The Group considers that projected cash \ufb02ows
of the investment administration services and insurance
and life assurance business CGUs are most sensitive to
movements in equity markets, because they have a direct
impact on the level of the Group\u2019s fee income, while the
adviser back-o\ufb03ce technology CGU is most sensitive to
the number of CURO users, as this forms the basis of its
licence income.
A sensitivity analysis has been performed, with key
assumptions being revised adversely to re\ufb02ect the
potential for future performance being below expected
levels. This estimated that a fall in equity markets of
approximately 45%, or a reduction of CURO users of
approximately 30% compared to expectations, would
be required before the carrying value of any CGU would
exceed the recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19239": {
"value": "12. Intangible assets \u2013 Group SOFTWARE
AND IP
RIGHTS
GOODWILL
CUSTOMER
RELATIONSHIPS
SOFTWARE
BRAND
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2023
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2022
12.5
-
0.3
0.5
0.1
13.4
Charge for the year
-
-
0.1
0.3
-
0.4
At 30 September 2023
12.5
-
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
-
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
-
18.3
1.7
1.2
0.2
21.4
Cost
At 1 October 2021
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2022
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2021
12.5
-
0.1
0.2
0.1
12.9
Charge for the year
-
-
0.2
0.3
-
0.5
At 30 September 2022
12.5
-
0.3
0.5
0.1
13.4
Net Book Value
At 30 September 2021
-
18.3
2.0
1.8
0.2
22.3
At 30 September 2022
-
18.3
1.7
1.5
0.2
21.8
All intangible assets are externally generated.
Goodwill impairment assessment
In accordance with IFRS, goodwill is not amortised,
but is assessed for impairment on an annual basis. The
impairment assessment compares the carrying value of
goodwill to the recoverable amount, which is the higher
of value in use and the fair value less costs of disposal.
The recoverable amount is determined based on value
in use calculations. The use of this method requires the
estimation of future cash \ufb02ows and the determination of a
discount rate in order to calculate the present value of the
cash \ufb02ows.
The goodwill relates to the acquisition of IAD Pty in July
2016 and T4A in January 2021.
The carrying amount of the IAD Pty goodwill is allocated to
the two cash generating units (\u201cCGUs\u201d) that relate to the
Transact platform, as these are bene\ufb01tting from the IAD PTY
acquisition. The carrying amount of the goodwill for T4A is
allocated to the CGU that relates to the CURO software as
this is the source of revenue for T4A.
IAD Pty
2023
2022
\u00a3m
\u00a3m
Investment administration services
7.2
7.2
Insurance and life assurance business
5.7
5.7
Total
12.9
12.9
Other assumptions are as follows:
2023
2022
Discount rate
13.2%
13.3%
Period on which detailed forecasts are based
5 years
5 years
Long-term growth rate
2.0%
1.0%
The carrying amount of the T4A goodwill is all allocated to
the below CGU:
T4A
2023
2022
\u00a3m
\u00a3m
Adviser back-o\ufb03ce technology
5.3
5.3
Other assumptions are as follows:
2023
2022
Discount rate
14.0%
11.6%
Period on which detailed forecasts are based
5 years
5 years
Long-term growth rate
2.0%
2.0%
The recoverable amounts of the above CGUs have been
determined from value in use calculations based on cash
\ufb02ow projections from formally approved budgets covering
a \ufb01ve-year period to 30 September 2028. Post the \ufb01ve
year business plan, the growth rate used to determine
the terminal value of the cash generating units was based
on a long-term growth rate of 2.0%. The discount rate is
assessed on an annual basis and has been calculated using
the weighted average cost of capital.
Based on management\u2019s experience, the key assumptions
on which management has calculated its projections are
net in\ufb02ows, market growth and expense in\ufb02ation.
The annual impairment tests relating to both acquisitions
indicated that there is signi\ufb01cant headroom in the
recoverable amount over the carrying value of the CGUs.
There is therefore no indication of impairment.
Projected cash \ufb02ows are impacted by movements in
underlying assumptions, including equity market levels,
number of CURO users, employee numbers and cost
in\ufb02ation. The Group considers that projected cash \ufb02ows
of the investment administration services and insurance
and life assurance business CGUs are most sensitive to
movements in equity markets, because they have a direct
impact on the level of the Group\u2019s fee income, while the
adviser back-o\ufb03ce technology CGU is most sensitive to
the number of CURO users, as this forms the basis of its
licence income.
A sensitivity analysis has been performed, with key
assumptions being revised adversely to re\ufb02ect the
potential for future performance being below expected
levels. This estimated that a fall in equity markets of
approximately 45%, or a reduction of CURO users of
approximately 30% compared to expectations, would
be required before the carrying value of any CGU would
exceed the recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19240": {
"value": "12. Intangible assets \u2013 Group SOFTWARE
AND IP
RIGHTS
GOODWILL
CUSTOMER
RELATIONSHIPS
SOFTWARE
BRAND
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2023
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2022
12.5
-
0.3
0.5
0.1
13.4
Charge for the year
-
-
0.1
0.3
-
0.4
At 30 September 2023
12.5
-
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
-
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
-
18.3
1.7
1.2
0.2
21.4
Cost
At 1 October 2021
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2022
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2021
12.5
-
0.1
0.2
0.1
12.9
Charge for the year
-
-
0.2
0.3
-
0.5
At 30 September 2022
12.5
-
0.3
0.5
0.1
13.4
Net Book Value
At 30 September 2021
-
18.3
2.0
1.8
0.2
22.3
At 30 September 2022
-
18.3
1.7
1.5
0.2
21.8
All intangible assets are externally generated.
Goodwill impairment assessment
In accordance with IFRS, goodwill is not amortised,
but is assessed for impairment on an annual basis. The
impairment assessment compares the carrying value of
goodwill to the recoverable amount, which is the higher
of value in use and the fair value less costs of disposal.
The recoverable amount is determined based on value
in use calculations. The use of this method requires the
estimation of future cash \ufb02ows and the determination of a
discount rate in order to calculate the present value of the
cash \ufb02ows.
The goodwill relates to the acquisition of IAD Pty in July
2016 and T4A in January 2021.
The carrying amount of the IAD Pty goodwill is allocated to
the two cash generating units (\u201cCGUs\u201d) that relate to the
Transact platform, as these are bene\ufb01tting from the IAD PTY
acquisition. The carrying amount of the goodwill for T4A is
allocated to the CGU that relates to the CURO software as
this is the source of revenue for T4A.
IAD Pty
2023
2022
\u00a3m
\u00a3m
Investment administration services
7.2
7.2
Insurance and life assurance business
5.7
5.7
Total
12.9
12.9
Other assumptions are as follows:
2023
2022
Discount rate
13.2%
13.3%
Period on which detailed forecasts are based
5 years
5 years
Long-term growth rate
2.0%
1.0%
The carrying amount of the T4A goodwill is all allocated to
the below CGU:
T4A
2023
2022
\u00a3m
\u00a3m
Adviser back-o\ufb03ce technology
5.3
5.3
Other assumptions are as follows:
2023
2022
Discount rate
14.0%
11.6%
Period on which detailed forecasts are based
5 years
5 years
Long-term growth rate
2.0%
2.0%
The recoverable amounts of the above CGUs have been
determined from value in use calculations based on cash
\ufb02ow projections from formally approved budgets covering
a \ufb01ve-year period to 30 September 2028. Post the \ufb01ve
year business plan, the growth rate used to determine
the terminal value of the cash generating units was based
on a long-term growth rate of 2.0%. The discount rate is
assessed on an annual basis and has been calculated using
the weighted average cost of capital.
Based on management\u2019s experience, the key assumptions
on which management has calculated its projections are
net in\ufb02ows, market growth and expense in\ufb02ation.
The annual impairment tests relating to both acquisitions
indicated that there is signi\ufb01cant headroom in the
recoverable amount over the carrying value of the CGUs.
There is therefore no indication of impairment.
Projected cash \ufb02ows are impacted by movements in
underlying assumptions, including equity market levels,
number of CURO users, employee numbers and cost
in\ufb02ation. The Group considers that projected cash \ufb02ows
of the investment administration services and insurance
and life assurance business CGUs are most sensitive to
movements in equity markets, because they have a direct
impact on the level of the Group\u2019s fee income, while the
adviser back-o\ufb03ce technology CGU is most sensitive to
the number of CURO users, as this forms the basis of its
licence income.
A sensitivity analysis has been performed, with key
assumptions being revised adversely to re\ufb02ect the
potential for future performance being below expected
levels. This estimated that a fall in equity markets of
approximately 45%, or a reduction of CURO users of
approximately 30% compared to expectations, would
be required before the carrying value of any CGU would
exceed the recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19245": {
"value": "SOFTWARE AND IP
RIGHTS
GOODWILL
CUSTOMER
RELATIONSHIPS
SOFTWARE
BRAND
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2023
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2022
12.5
-
0.3
0.5
0.1
13.4
Charge for the year
-
-
0.1
0.3
-
0.4
At 30 September 2023
12.5
-
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
-
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
-
18.3
1.7
1.2
0.2
21.4
Cost
At 1 October 2021
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2022
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2021
12.5
-
0.1
0.2
0.1
12.9
Charge for the year
-
-
0.2
0.3
-
0.5
At 30 September 2022
12.5
-
0.3
0.5
0.1
13.4
Net Book Value
At 30 September 2021
-
18.3
2.0
1.8
0.2
22.3
At 30 September 2022
-
18.3
1.7
1.5
0.2
21.8LEASEHOLD IMPROVEMENTS
EQUIPMENT
FIXTURES AND
FITTINGS
MOTOR
VEHICLES
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
1.7
3.7
0.2
-
5.6
Additions
0.1
0.4
0.1
0.1
0.7
Disposals
-
(0.4)
-
-
(0.4)
Reclassi\ufb01cation
-
(0.2)
0.2
-
-
Foreign exchange
-
(0.1)
-
-
(0.1)
At 30 September 2023
1.8
3.4
0.5
0.1
5.8
Depreciation
At 1 October 2022
1.4
2.9
0.1
-
4.4
Charge in the year
0.1
0.7
0.1
-
0.9
Disposals
-
(0.5)
-
-
(0.5)
Reclassi\ufb01cation
-
(0.1)
0.1
-
Foreign exchange
-
(0.1)
-
-
(0.1)
At 30 September 2023
1.5
2.9
0.3
-
4.7
Net Book Value
At 30 September 2022
0.3
0.8
0.1
-
1.2
At 30 September 2023
0.3
0.5
0.2
0.1
1.1
Cost
At 1 October 2021
1.7
3.6
0.2
-
5.5
Additions
-
0.3
-
-
0.3
Disposals
-
(0.2)
-
-
(0.2)
At 30 September 2022
1.7
3.7
0.2
-
5.6
Depreciation
At 1 October 2021
1.3
2.3
0.1
-
3.7
Charge in the year
0.1
0.8
-
0.9
Disposals
-
(0.2)
-
-
(0.2)
At 30 September 2022
1.4
2.9
0.1
-
4.4
Net Book Value
At 30 September 2021
0.4
1.3
0.1
-
1.8
At 30 September 2022
0.3
0.8
0.1
-
1.2Cost \u00a3m
At 1 October 2022
6.6
Additions
0.4
Disposals
(5.2)
Foreign exchange
(0.1)
At 30 September 2023
1.7
Depreciation
\u00a3m
At 1 October 2022
4.5
Charge in the year
1.4
Disposals
(5.2)
At 30 September 2023
0.7
Net Book Value
At 30 September 2022
2.1
At 30 September 2023
1.0
Cost
\u00a3m
At 1 October 2021
6.5
Foreign exchange
0.1
At 30 September 2022
6.6
Depreciation
\u00a3m
At 1 October 2021
2.8
Charge in the year
1.7
At 30 September 2022
4.5
Net Book Value
At 30 September 2021
3.6
At 30 September 2022
2.1
Depreciation is calculated on a straight line basis over the
term of the lease.
During the year, the right of use asset for the Group\u2019s
Clement\u2019s Lane o\ufb03ce was fully depreciated as the lease
came to an end in June 2023. The Group has \u2018security of
tenure\u2019 and therefore the original lease continues until it
is terminated by either party. The Group intends to occupy
the building whilst the terms of the new lease are \ufb01nalised.
Costs of the lease from July 2023 onwards were therefore
recognised directly in the statement of comprehensive
income as occupancy costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19498": {
"value": "13. Property, plant and equipment \u2013 Group LEASEHOLD
IMPROVEMENTS
EQUIPMENT
FIXTURES AND
FITTINGS
MOTOR
VEHICLES
TOTAL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2022
1.7
3.7
0.2
-
5.6
Additions
0.1
0.4
0.1
0.1
0.7
Disposals
-
(0.4)
-
-
(0.4)
Reclassi\ufb01cation
-
(0.2)
0.2
-
-
Foreign exchange
-
(0.1)
-
-
(0.1)
At 30 September 2023
1.8
3.4
0.5
0.1
5.8
Depreciation
At 1 October 2022
1.4
2.9
0.1
-
4.4
Charge in the year
0.1
0.7
0.1
-
0.9
Disposals
-
(0.5)
-
-
(0.5)
Reclassi\ufb01cation
-
(0.1)
0.1
-
Foreign exchange
-
(0.1)
-
-
(0.1)
At 30 September 2023
1.5
2.9
0.3
-
4.7
Net Book Value
At 30 September 2022
0.3
0.8
0.1
-
1.2
At 30 September 2023
0.3
0.5
0.2
0.1
1.1
Cost
At 1 October 2021
1.7
3.6
0.2
-
5.5
Additions
-
0.3
-
-
0.3
Disposals
-
(0.2)
-
-
(0.2)
At 30 September 2022
1.7
3.7
0.2
-
5.6
Depreciation
At 1 October 2021
1.3
2.3
0.1
-
3.7
Charge in the year
0.1
0.8
-
0.9
Disposals
-
(0.2)
-
-
(0.2)
At 30 September 2022
1.4
2.9
0.1
-
4.4
Net Book Value
At 30 September 2021
0.4
1.3
0.1
-
1.8
At 30 September 2022
0.3
0.8
0.1
-
1.2
The Company holds no property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19675": {
"value": "14. Right-of-use assets \u2013 Property \u2013 Group Cost
\u00a3m
At 1 October 2022
6.6
Additions
0.4
Disposals
(5.2)
Foreign exchange
(0.1)
At 30 September 2023
1.7
Depreciation
\u00a3m
At 1 October 2022
4.5
Charge in the year
1.4
Disposals
(5.2)
At 30 September 2023
0.7
Net Book Value
At 30 September 2022
2.1
At 30 September 2023
1.0
Cost
\u00a3m
At 1 October 2021
6.5
Foreign exchange
0.1
At 30 September 2022
6.6
Depreciation
\u00a3m
At 1 October 2021
2.8
Charge in the year
1.7
At 30 September 2022
4.5
Net Book Value
At 30 September 2021
3.6
At 30 September 2022
2.1
Depreciation is calculated on a straight line basis over the
term of the lease.
During the year, the right of use asset for the Group\u2019s
Clement\u2019s Lane o\ufb03ce was fully depreciated as the lease
came to an end in June 2023. The Group has \u2018security of
tenure\u2019 and therefore the original lease continues until it
is terminated by either party. The Group intends to occupy
the building whilst the terms of the new lease are \ufb01nalised.
Costs of the lease from July 2023 onwards were therefore
recognised directly in the statement of comprehensive
income as occupancy costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19749": {
"value": "15. Investment in subsidiaries 2023
2022
\u00a3m
\u00a3m
Carrying value at 1 October
33.3
31.6
Share-based payments
2.0
1.7
Carrying value at 30 September
35.3
33.3
The Company has investments in the ordinary share capital
of the following subsidiaries at 30 September 2023:
NAME OF COMPANY
HOLDING
% HELD
INCORPORATION
AND SIGNIFICANT
PLACE OF BUSINESS
BUSINESS
Direct holdings
Integrated Financial Arrangements
Ltd
Ordinary Shares
100%
United Kingdom
Investment
Administration
IntegraFin Services Limited
Ordinary Shares
100%
United Kingdom
Services Company
Transact IP Limited
Ordinary Shares
100%
United Kingdom
Software provision &
development
Integrated Application Development
Pty Ltd
Ordinary Shares
100%
Australia
Software maintenance
Transact Nominees Limited
Ordinary Shares
100%
United Kingdom
Non-trading
IntegraLife UK Limited
Ordinary Shares
100%
United Kingdom
Life Insurance
IntegraLife International Limited
Ordinary Shares
100%
Isle of Man
Life Assurance
Transact Trustees Limited
Ordinary Shares
100%
United Kingdom
Non-trading
Objective Funds Limited
Ordinary Shares
100%
United Kingdom
Dormant
Objective Wealth Management
Limited
Ordinary Shares
100%
United Kingdom
Dormant
Time For Advice Limited
Ordinary Shares
100%
United Kingdom
Financial planning
software
Indirect holdings
IntegraFin Limited
Ordinary Shares
100%
United Kingdom
Non-trading
ObjectMastery (UK) Limited
Ordinary Shares
100%
United Kingdom
Dormant
IntegraFin (Australia) Pty Limited
Ordinary Shares
100%
Australia
Non-trading
The Group has 100% voting rights on shares held in each
of the subsidiary undertakings.
All the UK subsidiaries have their registered o\ufb03ce
address at 29 Clement\u2019s Lane, London, EC4N 7AE.
ILInt\u2019s registered o\ufb03ce address is at 18-20 North Quay,
Douglas, Isle of Man, IM1 4LE. IntegraFin (Australia) Pty\u2019s
registered o\ufb03ce address is at Level 4, 854 Glenferrie Road,
Hawthorn, Victoria, Australia 3122. Integrated Application
Development Pty Ltd.\u2019s registered o\ufb03ce address is 19-25
Camberwell Road, Melbourne, Australia.
The above subsidiaries have all been included in the
consolidated Financial Statements.
Integrated Financial Arrangements Ltd is authorised and
regulated by the Financial Conduct Authority. The principal
activity of the Company and its subsidiaries is the provision
of \u2018Transact\u2019, a wrap service that arranges and executes
transactions between clients, their \ufb01nancial advisers and
\ufb01nancial product providers including investment managers
and stockbrokers.
IntegraFin Services Limited (ISL), is the Group services
company. All intra-group service contracts are held by this
services company.
Integrated Application Development Pty Ltd (IAD Pty)
provides software maintenance services to the Group.
IntegraFin Limited is the trustee of the IntegraSIP Share
Incentive Plan, which was set up to allocate Class C Shares
in the capital of the Company to sta\ufb00. IntegraFin Limited
undertakes no other activities.
Transact Nominees Limited holds customer assets as
a nominee company on behalf of Integrated Financial
Arrangements Ltd.
IntegraFin (Australia) Pty Limited is currently non-trading.
Transact IP Limited licenses its proprietary software to
other members of the IntegraFin Group.
IntegraLife UK Limited is authorised by the Prudential
Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority.
Its principal activity is the transaction of ordinary long-
term insurance business within the United Kingdom.
IntegraLife International Limited is authorised and
regulated by the Isle of Man Financial Services Authority
and its principal activity is the transaction of ordinary
long-term insurance business within the United Kingdom
through the Transact O\ufb00shore Bond.
Time For Advice Limited is a specialist software provider for
\ufb01nancial planning and wealth management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19920": {
"value": "16. Loans This note analyses the loans payable by and receivable to
the Company. The carrying amounts of loans are as follows:
Loans receivable
2023
2022
\u00a3m
\u00a3m
Loans receivable from third parties
6.5
5.7
Interest receivable on loans
0.1
-
Total gross loans
6.6
5.7
Expected credit losses
(0.3)
(0.2)
Total net loans
6.3
5.5
Movement in the expected credit losses for the loan is as
follows:
2023
2022
\u00a3m
\u00a3m
Opening expected credit losses
(0.2)
(0.2)
Increase during the year
(0.1)
-
Balance at 30 September
(0.3)
(0.2)
The loans receivable are measured at amortised cost with
the expected credit losses charged straight to the statement
of comprehensive income.
Loans payable
2023
2022
\u00a3m
\u00a3m
Loan payable to subsidiary
7.0
8.0
To be settled within 12 months
1.0
1.0
To be settled after 12 months
6.0
7.0
Total loan payable
7.0
8.0
The loans payable are initially recognised at fair value.
Subsequent measurement is at amortised cost using the
e\ufb00ective interest method. The interest charge is recognised
on the statement of comprehensive income.
Interest on the loan is paid quarterly, whilst the remaining
capital repayments are annual over the next 7 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19925": {
"value": "Loans receivable 2023
2022
\u00a3m
\u00a3m
Loans receivable from third parties
6.5
5.7
Interest receivable on loans
0.1
-
Total gross loans
6.6
5.7
Expected credit losses
(0.3)
(0.2)
Total net loans
6.3
5.5
Movement in the expected credit losses for the loan is as
follows:
2023
2022
\u00a3m
\u00a3m
Opening expected credit losses
(0.2)
(0.2)
Increase during the year
(0.1)
-
Balance at 30 September
(0.3)
(0.2)
The loans receivable are measured at amortised cost with
the expected credit losses charged straight to the statement
of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f19928": {
"value": "2023 2022
\u00a3m
\u00a3m
Loans receivable from third parties
6.5
5.7
Interest receivable on loans
0.1
-
Total gross loans
6.6
5.7
Expected credit losses
(0.3)
(0.2)
Total net loans
6.3
5.5
Movement in the expected credit losses for the loan is as
follows:
2023
2022
\u00a3m
\u00a3m
Opening expected credit losses
(0.2)
(0.2)
Increase during the year
(0.1)
-
Balance at 30 September
(0.3)
(0.2)
The loans receivable are measured at amortised cost with
the expected credit losses charged straight to the statement
of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20057": {
"value": "18. Liabilities for linked investment contracts 2023
2022
FAIR VALUE
FAIR VALUE
\u00a3m
\u00a3m
ILInt
Unit linked liabilities
2,481.5
2,201.4
2,481.5
2,201.4
ILUK
Unit linked liabilities
21,959.4
19,973.0
21,959.4
19,973.0
Total
24,440.9
22,174.4
Analysis of change in liabilities for linked investment contracts
2023
2022
\u00a3m
\u00a3m
Opening balance
22,174.4
23,053.4
Investment in\ufb02ows
2,670.3
3,113.9
Investment out\ufb02ows
(1,400.5)
(1,163.1)
Changes in fair value of underlying assets
1,024.1
(2,729.0)
Investment income
225.1
151.5
Other fees and charges - Transact
(59.2)
(59.7)
Other fees and charges \u2013 third parties
(193.3)
(192.6)
Closing balance
24,440.9
22,174.4
The bene\ufb01ts o\ufb00ered under the unit-linked investment contracts are based on the risk appetite of policyholders and the
return on their selected collective fund investments, whose underlying investments include equities, debt securities, property
and derivatives. This investment mix is unique to individual policyholders. When the diversi\ufb01ed portfolio of all policyholder
investments is considered, there is a clear correlation with the FTSE 100 index and other major world indices, providing a
meaningful comparison with the return on the investments.
The maturity value of these \ufb01nancial liabilities is determined by the fair value of the linked assets at maturity date. There
will be no di\ufb00erence between the carrying amount and the maturity amount at maturity date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20118": {
"value": "19. Cash and cash equivalents 2023
2022
\u00a3m
\u00a3m
Bank balances \u2013 instant access
165.9
173.5
Bank balances \u2013 notice accounts
12.0
9.5
Total
177.9
183.0
Bank balances held in instant access accounts are current and available for use by the Group.
All of the bank balances held in notice accounts require less than 35 days\u2019 notice before they are available for use
by the Group.
20. Cash held for the bene\ufb01t of policyholders
2023
2022
\u00a3m
\u00a3m
Cash and cash equivalents held for the bene\ufb01t of the policyholders
\u2013 instant access - ILUK
1,248.0
1,314.3
Cash and cash equivalents held for the bene\ufb01t of the policyholders
\u2013 instant access - ILInt
171.2
144.2
Total
1,419.2
1,458.5
Cash and cash equivalents held for the bene\ufb01t of the policyholders are held to cover the liabilities for unit linked
investment contracts. These amounts are 100% matched to corresponding liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20195": {
"value": "22. Prepayments and accrued income GROUP
COMPANY
GROUP
COMPANY
2023
2023
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accrued income
13.5
-
13.1
-
Less: expected credit losses
(1.0)
-
(1.0)
-
Accrued income - net
12.5
-
12.1
-
Prepayments
4.7
-
5.1
0.1
Total
17.2
-
17.2
0.1
Movement in the
expected credit losses
(for accrued income, loans receivable and trade and other receivables) is as follows:
2023
2022
\u00a3m
\u00a3m
Opening expected credit losses
(1.0)
(0.8)
Increase during the year
-
(0.2)
Balance at 30 September
(1.0)
(1.0)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20260": {
"value": "23. Trade and other receivables GROUP
COMPANY
GROUP
COMPANY
2023
2023
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other receivables
3.2
-
2.1
-
Less: expected credit losses
(0.1)
-
(0.1)
-
Other receivables net
3.1
-
2.0
-
Amounts owed by Group undertakings
-
0.1
-
0.2
Repayment interest due from HMRC
0.4
-
-
-
Total
3.6
0.1
2.0
0.2
Amount due from HMRC is in respect of tax claimed on behalf of policyholders for tax deducted at source.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20307": {
"value": "24. Trade and other payables GROUP
COMPANY
GROUP
COMPANY
2023
2023
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
0.7
-
1.6
-
PAYE and other taxation
2.6
0.1
2.2
0.1
Other payables
6.8
0.4
7.7
0.3
Accruals
7.8
0.4
8.3
0.3
Deferred consideration
1.6
1.6
1.7
1.7
Total
19.5
2.5
21.5
2.4
Other payables mainly comprises \u00a35.3 million (FY22: \u00a34.8 million) in relation to bonds awaiting approval.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20310": {
"value": "GROUP COMPANY
GROUP
COMPANY
2023
2023
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
0.7
-
1.6
-
PAYE and other taxation
2.6
0.1
2.2
0.1
Other payables
6.8
0.4
7.7
0.3
Accruals
7.8
0.4
8.3
0.3
Deferred consideration
1.6
1.6
1.7
1.7
Total
19.5
2.5
21.5
2.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20357": {
"value": "25. Lease liabilities 2023
2022
\u00a3m
\u00a3m
Opening balance
2.8
5.1
Additions
0.2
-
Lease payments
(2.0)
(2.4)
Interest expense
0.1
0.1
Balance at 30 September
1.1
2.8
Amounts falling due within one year
0.3
1.9
Amounts falling due after one year
0.8
0.9
The Group has various leases in respect of property as a lessee. Lease terms are negotiated on an individual basis and run
for a period of one to \ufb01ve years.
As per note 14, the lease for the Group\u2019s Clement\u2019s Lane o\ufb03ce ended in June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20565": {
"value": "27. Provisions - Group 2023
2022
\u00a3m
\u00a3m
Balance brought forward
56.8
17.8
(Decrease)/increase in dilapidations provision
-
(0.3)
Decrease in ILInt non-linked unit provision
-
(0.1)
(Decrease)/increase in ILUK policyholder reserves
(9.7)
45.0
Increase/(decrease) in other provisions
1.1
(5.6)
Balance carried forward
48.2
56.8
Amounts falling due within one year
7.7
10.7
Amounts falling due after one year
40.5
46.1
Dilapidations provisions
0.2
0.2
Other provisions
1.1
-
ILUK policyholder reserves
46.9
56.6
Total
48.2
56.8
ILUK policyholder reserve comprises claims received
from HMRC that are yet to be returned to policyholders,
charges taken from unit-linked funds and claims received
from HMRC to meet current and future policyholder
tax obligations. These are expected to be paid to
policyholders over the course of the next seven years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20615": {
"value": "28. Contingent consideration \u2013 Group and company 2023
2022
\u00a3m
\u00a3m
Contingent consideration
-
1.7
The T4A acquisition cost included additional consideration
between \u00a30 and \u00a38.6 million, which was payable in January
2025 and contingent on T4A meeting certain highly
stretching performance targets over the next four years.
During the year, it was determined that T4A is not expected
to meet these targets, and therefore, the contingent
consideration recognised to date has been released.",
"dimensions": {
"concept": "ihp:DisclosureOfContingentConsiderationExplanatoryTextBlock",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20641": {
"value": "29. Share-based payments Share-based payment reserve
GROUP
COMPANY
GROUP
COMPANY
2023
2023
2022
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance brought forward
2.6
2.2
2.4
1.7
Movement in the year
0.8
0.5
0.2
0.5
Balance carried forward
3.4
2.7
2.6
2.2
Share schemes
(i) SIP 2005
IFAL implemented a SIP trust scheme for its sta\ufb00 in
October 2005. The SIP is an approved scheme under
Schedule 2 of the Income Tax (Earnings & Pensions) Act
2003.
This scheme entitled all the sta\ufb00 who were employed in
October 2005 to Class C shares in IFAL, subject to their
remaining in employment with the Company until certain
future dates.
The Trustee for this scheme is IntegraFin Limited, a wholly
owned non-trading subsidiary of IFAL.
Shares issued under the SIP may not be sold until
the earlier of three years after issue or cessation of
employment by the Group. If the shares are held for \ufb01ve
years they may be sold free of income tax or capital gains
tax. There are no other vesting conditions.
The cost to the Group in the \ufb01nancial year to 30 September
2023 was \u00a3nil (FY22: \u00a3nil). There have been no new share
options granted.
(ii) SIP 2018
The Company implemented an annual SIP awards scheme
in January 2019. This is an approved scheme under
Schedule 2 of the Income Tax (Earnings & Pensions) Act
2003, and entitles all eligible employees to ordinary shares
in the Company. The shares are held in a UK Trust.
The scheme includes the following awards:
Free Shares
The Company may give Free Shares up to a maximum
value, calculated at the date of the award of such Free
Shares, of \u00a33,600 per employee in a tax year.
The share awards are made by the Company each
year, dependent on 12 months continuous service at 30
September. The cost to the Group in the \ufb01nancial year to
30 September 2023 was \u00a30.8m (FY22: \u00a30.6m).
Partnership and Matching Shares
The Company provides employees with the opportunity to
enter into an agreement with the Company to enable such
employees to use part of their pre-tax salary to acquire
Partnership Shares. If employees acquire Partnership
Shares, the board grants relevant Matching Shares at a ratio
of 2:1.
The cost to the Group in the \ufb01nancial year to 30 September
2023 was \u00a30.5m (FY22: \u00a30.5m).
(iii) Performance Share Plan
The Company implemented an annual PSP scheme in
December 2018. Awards granted under the PSP take
the form of options to acquire Ordinary Shares for nil
consideration. These are awarded to Executive Directors,
Senior Managers and other employees of any Group
Company, as determined by the Remuneration Committee.
The exercise of the PSP awards is conditional upon the
achievement of a performance condition set at the time of
grant and measured over a three-year performance period.
The cost to the Group in the \ufb01nancial year to 30 September
2023 was \u00a30.9m (FY22: \u00a30.8m). This is based on the fair
value of the share options at grant date, rather than on the
purchase cost of shares held in the Employee Bene\ufb01t Trust
reserve, in line with IFRS 2 Share-based Payment.
Details of the share awards outstanding are as follows:
2023
2022
SHARES
SHARES
(NUMBER)
(NUMBER)
SIP 2018
Shares in the plan at start of the year
854,247
692,683
Granted
504,113
292,318
Shares withdrawn from the plan
(152,748)
(130,754)
Shares in the plan at end of year
1,205,612
854,247
Available to withdraw from the plan at end of year
557,544
314,161
Details of the movements in the share scheme during the
year are as follows:
2023
2023
2022
2022
WEIGHTED
AVERAGE
EXERCISE PRICE
SHARES
WEIGHTED
AVERAGE
EXERCISE PRICE
SHARES
(PENCE)
(NUMBER)
(PENCE)
(NUMBER)
SIP 2005
Outstanding at start of the year
0.00
805,509
0.00
872,709
Shares withdrawn from the plan
0.00
(42,804)
0.00
(67,200)
Shares in the plan at end of year
0.00
762,705
0.00
805,509
Available to withdraw from the plan
at end of year
0.00
762,705
0.00
805,509
The weighted average share price at the date of withdrawal
for shares withdrawn from the plan during the year was
273.1 pence (FY22: 425.5 pence).
At 30 September 2023 the exercise price was \u00a3nil as they
were all nil cost options.
2023
2023
2022
2022
WEIGHTED
AVERAGE
EXERCISE PRICE
SHARES
WEIGHTED
AVERAGE
EXERCISE PRICE
SHARES
(PENCE)
(NUMBER)
(PENCE)
(NUMBER)
PSP
Outstanding at start of the year
0.00
675,307
0.00
576,088
Granted
0.00
293,376
0.00
184,772
Forfeited
0.00
-
0.00
-
Exercised
0.00
(69,019)
0.00
(85,553)
Outstanding at end of year
0.00
899,664
0.00
675,307
Exercisable at end of year
0.00
249,985
0.00
183,958
The fair value of options granted during the year has been
estimated using the Black-Scholes model. The principal
assumptions used in the calculation were as follows:
2023
2022
PSP
Share price at date of grant
287.8
522.5p
Exercise price
Nil
Nil
Expected life
3 years
3 years
Risk free rate
3.5%
0.7%
Dividend yield
3.5%
1.9%
Weighted average fair value per option
258.8p
493.3p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20952": {
"value": "31. Other reserves \u2013 Group 2023
2022
\u00a3m
\u00a3m
Foreign exchange reserves
(0.1)
-
Non-distributable merger reserve
5.7
5.7
Foreign exchange reserves are gains/losses arising on
retranslating the net assets of IAD Pty into sterling.
Non-distributable reserves relate to the non-distributable
merger reserve held by one of the Company\u2019s subsidiaries,
IFAL, which is classi\ufb01ed within other reserves on a Group level.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f20971": {
"value": "32. Related parties During the year the Company did not render nor receive
any services with related parties within the Group, and at
the year end the Company had the following intra-Group
receivables:
AMOUNTS OWED BY RELATED PARTIES
Company
2023
2022
\u00a3m
\u00a3m
Integrated Financial Arrangements Ltd
-
0.1
A loan of \u00a310 million was issued to the Company by
IntegraLife UK Limited in FY21. This is an arm\u2019s length
transaction as interest is charged at a commercial rate. IHP
is paying the loan o\ufb00 over ten years and made the second
payment of \u00a31 million, plus accrued interest, during the
year. The current loan balance is \u00a37 million.
The Group has not recognised any expected credit losses in
respect of related party receivables, nor has it been given
or received any guarantee during 2023 or 2022 regarding
related party transactions.
Payments to key management personnel, de\ufb01ned as
members of the board, are shown in the Remuneration
Report. Directors of the Company received a total of \u00a33.6
million (FY22: \u00a33.6 million) in dividends during the year and
bene\ufb01tted from sta\ufb00 discounts for using the platform of \u00a34k
(FY22: \u00a32k). The number of IHP shares held at the end of
the year by key management personnel was 35,321,348, an
increase of 132,224 from last year.
Schrodinger Pty Ltd, the company which leases o\ufb03ce space
to IAD Pty in Melbourne, Australia, is considered a related
party of the Company, as Michael Howard has control or
joint control of Schrodinger and is a member of the key
management personnel (as a director) of the Company.
During the year IAD Pty paid Schrodinger \u00a30.3 million
(FY22: \u00a30.3 million) in relation to the lease. The lease has
been in place since April 2012 and was last renewed in
May 2021.
ObjectMastery Services Pty Ltd (OM) provides the service
of executive directors consultancy services to IAD Pty,
and IAD Pty provides consultancy and book-keeping
services to OM. OM is considered a related party of the
Company, as Michael Howard has control or joint control
of it. IAD Pty paid OM \u00a371k (FY22: \u00a372k) for services
received during the year, \u00a344k (FY22: \u00a344k) of which
related to Michael Howard\u2019s services. IAD Pty received
\u00a343k (FY22: \u00a339k) from OM for services provided during
the year. IAD owed \u00a32k to OM as at 30 September 2023
(30 September 2022: \u00a31k).
The Schrodinger and OM related party transactions and
balances were not disclosed in the \ufb01nancial year 2022
related parties note, so the above has been restated to
include this.
All of the above transactions are commercial transactions
undertaken in the normal course of business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f21056": {
"value": "34. Events after the reporting date As per the Chair\u2019s statement on page 3, a second interim
dividend of 7.0 pence per share was declared on 13
December 2023. This dividend has not been accrued in the
consolidated statement of \ufb01nancial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f21064": {
"value": "35. Dividends During the year to 30 September 2023 the Company paid
interim dividends of \u00a333.7 million (FY22: \u00a333.8 million)
to shareholders. The Company received dividends from
subsidiaries of \u00a333.4 million (FY22: \u00a345.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"f21085": {
"value": "Consolidated Statement of Cash Flows The following changes have been made to the comparative
information in the Consolidated Statement of Cash Flows:
\u2022
Pro\ufb01t on ordinary activities before taxation
attributable to policyholders and shareholders has
been used as the starting point of cash \ufb02ows from
operating activities, rather than pro\ufb01t on ordinary
activities before taxation. Increase/(decrease) in
policyholder tax recoverable has subsequently been
adjusted to re\ufb02ect the movement in tax attributable
to shareholder and policyholder returns
\u2022
All other movements relate to reclassi\ufb01cations
between headings
PER 2022
FINANCIAL
STATEMENTS
MOVEMENT
RESTATED 2022
\u00a3m
\u00a3m
\u00a3m
Cash \ufb02ows from operating activities
Pro\ufb01t on ordinary activities before taxation
54.3
(54.3)
-
Pro\ufb01t on ordinary activities before taxation attributable to
policyholders and shareholders
-
15.8
15.8
Adjustments for non-cash movements (previously
income statement non-cash movements):
Release of actuarial provision
(0.5)
0.5
-
Interest charged on lease
-
0.1
0.1
Increase in contingent consideration
-
0.9
0.9
Increase in provisions
-
38.5
38.5
Adjustments for cash e\ufb00ecting investing and \ufb01nancing
activities:
Interest charged on lease
0.1
(0.1)
-
Decrease in current asset investments
2.0
(2.0)
-
Adjustments for statement of \ufb01nancial position
movements:
Increase in contingent consideration
0.9
(0.9)
-
Settlement of share-based payment reserve
(1.3)
1.3
-
Increase in provisions
39.0
(39.0)
-
Adjustments for policyholder balances:
Increase/(decrease) in policyholder tax recoverable
(44.5)
38.5
(6.0)
Cash generated from operations
251.0
(2.0)
249.0
Net cash \ufb02ows (used in)/generated from operating
activities
237.5
(2.1)
235.4
Investing activities
Acquisition of property, plant and equipment (previously
tangible assets)
(0.4)
0.1
(0.3)
Purchase of \ufb01nancial instruments
-
(3.0)
(3.0)
Redemption of \ufb01nancial instruments
-
5.0
5.0
Net cash (used in)/generated from investing activities
(1.7)
2.1
0.4
Financing activities
Purchase of shares for share scheme awards
-
(1.3)
(1.3)
Net cash used in \ufb01nancing activities
(36.6)
(1.3)
(37.9)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800CYIZKXK9PQYE87",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
}
}
}