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Basis of preparation and material
accounting policies
General information
IntegraFin Holdings plc (the \u2018Company\u2019), a public limited company
incorporated and domiciled in the United Kingdom (UK), along with its
subsidiaries (collectively the Group), offers a range of services which
are designed to help financial advisers and their clients to manage
financial plans in a simple, effective and tax efficient way.
The registered office address, and principal place of business,
is 29 Clement\u2019s Lane, London EC4N 7AE.
a) Basis of preparation
The consolidated financial statements (financial statements) have
been prepared and approved by the directors in accordance with
UK-adopted international accounting standards (IFRSs).
The financial statements have been prepared on the historical cost
basis, except for the revaluation of certain financial instruments, which
are stated at their fair value have been prepared in pound sterling, which
is the presentational and functional currency of the Group and
Company, and are rounded to the nearest hundred 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 financial statements is not material.
Going concern
The financial 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 at least this period. This is supported by:
n
The current financial position of the Group:
\u2014
The Group maintains a conservative balance sheet and
manages and monitors solvency and liquidity on an ongoing
basis, ensuring that it always has sufficient financial resources
for the foreseeable future.
\u2014
As at 30 September 2024, the Group had \u00a3244.1 million of
shareholder cash on the Consolidated Statement of Financial
Position, demonstrating that liquidity remains strong.
n
Detailed cash flow and working capital projections.
n
Stress testing of liquidity, profitability and regulatory capital, taking
account of principal risks and possible adverse changes in both
the economic and geopolitical climate. These scenarios provide
assurance that the Group has sufficient capital and liquidity to
operate under stressed conditions.
When making this assessment, the board has taken into consideration
both the Group\u2019s current performance and the future outlook,
including the political and geopolitical instability, and a tough
macro-environment with ongoing higher interest rates and cost of
living pressures. The environment has been challenging during the
year, but our financial and operational performance has been robust,
and the Group\u2019s fundamentals remain strong.
As detailed in the Going Concern and Viability Statement (pages 49
and 50), stress and scenario testing has been carried out, in order to
understand the potential financial 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, persistent high inflation with
depressed markets, and climate-related impacts.
Having conducted detailed cash flow and working capital projections and
stress-tested liquidity, profitability and regulatory capital, taking account
of the economic challenges mentioned above, the board is satisfied that
the Group is well placed to manage its business risks. The board is also
satisfied that it will be able to operate within the regulatory capital limits
imposed by the FCA, PRA, and Isle of Man Financial Services Authority
(IoM FSA).
The board has concluded that the Group has adequate resources to
continue its operations, including operating in surplus of the
regulatory capital and liquidity requirements imposed by regulators,
for a period of at least 12 months from the date this Annual Report is
approved. For this reason, they have adopted the going concern basis
for the preparation of the financial statements.
Basis of consolidation
The financial statements incorporate the financial statements of the
Company and its subsidiaries. Where the Company has control over
an investee, it is classified 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 affect 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 profits and losses are eliminated on consolidation.
The financial statements of all of the wholly owned subsidiary
companies are incorporated into the 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 significant 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
reflected in the Consolidated Statement of Financial Position as
investments held for the benefit of policyholders, and a corresponding
liability to policyholders.
Changes to International Reporting Standards
Interpretations and standards which became effective during the year.
The following amendments and interpretations became effective
during the year. Their adoption has not had any significant impact on
the Group.
\n \n
IFRS 17
Insurance Contracts
1 January 2023
Definition of accounting estimates
IAS 8
(Amendments)
1 January 2023
Disclosure of accounting policies
IAS 1
(Amendments)
1 January 2023
Deferred tax related to assets and liabilities
arising from a single transaction
IAS 12
(Amendments)
1 January 2023
International tax reform \u2014 Pillar two model
IAS 12
rules (Amendments)
1 January 2023
Interpretations and standards in issue but not yet effective.
The Group has not early adopted any other standard, interpretation or
amendment that has been issued but is not yet effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0068": { "value": "General information
IntegraFin Holdings plc (the \u2018Company\u2019), a public limited company
incorporated and domiciled in the United Kingdom (UK), along with its
subsidiaries (collectively the Group), offers a range of services which
are designed to help financial advisers and their clients to manage
financial plans in a simple, effective and tax efficient way.
The registered office 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_001": { "value": "IntegraFin Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0010": { "value": "IntegraFin Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0037": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0021": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0030": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0022": { "value": "offers a range of services which are designed to help financial advisers and their clients to manage financial plans in a simple, effective and tax efficient way.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_009": { "value": "29 Clement\u2019s Lane, London EC4N 7AE.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_002": { "value": "London", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0087": { "value": "The consolidated financial statements (financial statements) have
been prepared and approved by the directors in accordance with
UK-adopted international accounting standards (IFRSs).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0088": { "value": "The financial statements have been prepared on the historical cost
basis, except for the revaluation of certain financial instruments, which
are stated at their fair value have been prepared in pound sterling, which
is the presentational and functional currency of the Group and
Company, and are rounded to the nearest hundred thousand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00113": { "value": "Going concern
The financial 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 at least this period. This is supported by:
n
The current financial position of the Group:
\u2014
The Group maintains a conservative balance sheet and
manages and monitors solvency and liquidity on an ongoing
basis, ensuring that it always has sufficient financial resources
for the foreseeable future.
\u2014
As at 30 September 2024, the Group had \u00a3244.1 million of
shareholder cash on the Consolidated Statement of Financial
Position, demonstrating that liquidity remains strong.
n
Detailed cash flow and working capital projections.
n
Stress testing of liquidity, profitability and regulatory capital, taking
account of principal risks and possible adverse changes in both
the economic and geopolitical climate. These scenarios provide
assurance that the Group has sufficient capital and liquidity to
operate under stressed conditions.
When making this assessment, the board has taken into consideration
both the Group\u2019s current performance and the future outlook,
including the political and geopolitical instability, and a tough
macro-environment with ongoing higher interest rates and cost of
living pressures. The environment has been challenging during the
year, but our financial and operational performance has been robust,
and the Group\u2019s fundamentals remain strong.
As detailed in the Going Concern and Viability Statement (pages 49
and 50), stress and scenario testing has been carried out, in order to
understand the potential financial 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, persistent high inflation with
depressed markets, and climate-related impacts.
Having conducted detailed cash flow and working capital projections and
stress-tested liquidity, profitability and regulatory capital, taking account
of the economic challenges mentioned above, the board is satisfied that
the Group is well placed to manage its business risks. The board is also
satisfied that it will be able to operate within the regulatory capital limits
imposed by the FCA, PRA, and Isle of Man Financial Services Authority
(IoM FSA).
The board has concluded that the Group has adequate resources to
continue its operations, including operating in surplus of the
regulatory capital and liquidity requirements imposed by regulators,
for a period of at least 12 months from the date this Annual Report is
approved. For this reason, they have adopted the going concern basis
for the preparation of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0029": { "value": "2024-09-30", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00114": { "value": "Basis of consolidation
The financial statements incorporate the financial statements of the
Company and its subsidiaries. Where the Company has control over
an investee, it is classified 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 affect 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 profits and losses are eliminated on consolidation.
The financial statements of all of the wholly owned subsidiary
companies are incorporated into the 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 significant 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
reflected in the Consolidated Statement of Financial Position as
investments held for the benefit of policyholders, and a corresponding
liability to policyholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00149": { "value": "Changes to International Reporting Standards
Interpretations and standards which became effective during the year.
The following amendments and interpretations became effective
during the year. Their adoption has not had any significant impact on
the Group.
\n \n
IFRS 17
Insurance Contracts
1 January 2023
Definition of accounting estimates
IAS 8
(Amendments)
1 January 2023
Disclosure of accounting policies
IAS 1
(Amendments)
1 January 2023
Deferred tax related to assets and liabilities
arising from a single transaction
IAS 12
(Amendments)
1 January 2023
International tax reform \u2014 Pillar two model
IAS 12
rules (Amendments)
1 January 2023
Interpretations and standards in issue but not yet effective.
The Group has not early adopted any other standard, interpretation or
amendment that has been issued but is not yet effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "Changes to International Reporting Standards
Interpretations and standards which became effective during the year.
The following amendments and interpretations became effective
during the year. Their adoption has not had any significant impact on
the Group.
\n \n
IFRS 17
Insurance Contracts
1 January 2023
Definition of accounting estimates
IAS 8
(Amendments)
1 January 2023
Disclosure of accounting policies
IAS 1
(Amendments)
1 January 2023
Deferred tax related to assets and liabilities
arising from a single transaction
IAS 12
(Amendments)
1 January 2023
International tax reform \u2014 Pillar two model
IAS 12
rules (Amendments)
1 January 2023
Interpretations and standards in issue but not yet effective.
The Group has not early adopted any other standard, interpretation or
amendment that has been issued but is not yet effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "\n \n
IFRS 17
Insurance Contracts
1 January 2023
Definition of accounting estimates
IAS 8
(Amendments)
1 January 2023
Disclosure of accounting policies
IAS 1
(Amendments)
1 January 2023
Deferred tax related to assets and liabilities
arising from a single transaction
IAS 12
(Amendments)
1 January 2023
International tax reform \u2014 Pillar two model
IAS 12
rules (Amendments)
1 January 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0047": { "value": "b) Material accounting policies
Revenue from contracts with customers
Revenue represents the fair value of services supplied by the Group.
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 reflects
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 identified, 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 charge
The annual charge is 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,
inflows, outflows and other factors.
Wrapper charge
Wrapper charges are applied on the tax wrappers held by clients and are
levied quarterly in arrears based on fixed fees for each wrapper type.
The annual charge and wrapper charges relate to services provided
on an ongoing basis, and revenue is therefore recognised on an
ongoing basis to reflect the nature of the performance obligations
being discharged. As the benefit 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 the annual charge and wrapper charges is
recognised as prepayments and accrued income on the Consolidated
Statement of Financial 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 performance obligations are
met (in line with IFRS 15). Accrued consultancy income is recognised as
a financial asset on the statement of financial position. The Group\u2019s right
to consideration is conditional on provision of the consultancy service.
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 benefit 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, with interest on shareholder assets recognised within
interest income, and interest on policyholder assets recognised
within policyholder returns. Under IFRS 9, interest income is recorded
using the effective interest method for all financial assets measured
at amortised cost and is recognised in the Consolidated Statement
of Comprehensive Income.
Cost of sales
Cost of sales relates 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 financial advisers. Expenses comprise the
annual charge 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
Investment in subsidiaries are stated at cost less any provision
for impairment.
Other investments comprise UK Government gilts held as shareholder
investments. Gilts were acquired in both the current and previous
financial years, which were assessed upon purchase and deemed to
meet the criteria to classify as amortised cost under IFRS 9 Financial
Instruments, namely:
n
they are held within a business model whose objective is to hold
assets in order to collect contractual cash flows; and
n
the contractual terms of the financial assets give rise on specified
dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Investment contracts \u2013 investments held for the benefit of policyholders
Investment contracts held for the benefit of policy holders are
comprised of unit-linked contracts. Investments held for the benefit
of policyholders are stated at fair value and reported on a separate
line in the Consolidated Statement of Financial Position, see
accounting policy on financial instruments for fair value determination.
Investment contracts result in financial liabilities whose fair value is
dependent on the fair value of underlying financial assets. They are
designated at inception as financial liabilities at \u2018fair value through
profit or loss\u2019 in order to reduce an accounting mismatch with the
underlying financial assets. Gains and losses arising from changes in
fair value are presented in the Consolidated Statement of
Comprehensive Income within \u201cpolicyholder investment returns\u201d.
The net gains attributable to policyholder returns arise due to releases
of tax charges reserved for policyholders to shareholder profit. These
are made throughout the year to recognise any corporate benefit on
policyholder charges, and include two elements:
1.
The Annual Management Charges (AMCs) - under HMRC rules,
ILUK\u2019s corporate I-E tax is calculated net of management
expenses relating to insurance products. Policyholders, on the
other hand, are charged tax on their income and gains before
expenses are deducted. This gives rise to a difference between
the amount recorded as policyholder tax and the amount paid to
HMRC as the tax payable is based on the I-E calculation. This is a
permanent difference arising as a result of the different
methodologies and it is industry practice to recognise this as
shareholder profit. ILUK uses the AMC method of calculating tax
relief on policyholder expenses to determine the release to profit.
This release to profit is taxed as corporate income at the
corporate tax rate.
2.
Surplus reserves - there is also an annual release of any cash held
in reserves which cannot be refunded back to policyholders, due
to the policyholder moving provider or surrendering their policy.
The surplus released to profit is taxed as corporate income at the
corporate tax rate.
Investment inflows received from policyholders are invested in funds
selected by the policyholders. The resulting liabilities for linked
investment contracts are accounted for under the \u201cfair value through
profit or loss\u201d option, in line with the corresponding assets as
permitted by IFRS 9.
As all investments held for the benefit of policyholders are matched
entirely by corresponding linked liabilities; any gain or loss on assets
recognised through the Consolidated Statement of Comprehensive
Income are offset 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 of \u201cchange in investment
contract liabilities\u201d, \u201cfee and commission expenses\u201d and \u201cpolicyholder
investment returns\u201d on profit is therefore \u00a3nil.
Policyholder provisions released to shareholder profit are recognised
in the Consolidated Statement of Comprehensive Income within net
gain attributable to policyholders.
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 financial liability is measured both initially and
subsequently at fair value. The fair value of a unit-linked financial
liability is determined using the fair value of the financial assets
contained within the funds linked to the financial 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 finite 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 benefits associated with the item will
flow 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
Straight line over the
Straight line over 40
improvements
life of the lease
years
Fixtures and fittings
Straight line over 10
Straight line over 10
years
years
Equipment
Straight line over 3 to
Straight line over 3
10 years
years
Motor vehicles
N/A
25% reducing balance
Residual values, methods 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 identifiable 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 CGUs expected to benefit from the
synergies of the combination, where the CGU represents the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows 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 investments in subsidiaries
Investments in subsidiaries are recognised by the Company at cost.
The Company assesses at each reporting date, whether there is an
indication that an investment in subsidiaries may be impaired.
The impairment assessment compares the carrying value of the
investment 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. When the circumstances that caused the
impairment loss are favourably resolved, the impairment loss is
reversed immediately.
Intangible assets acquired as part of a business combination
Intangible assets acquired as part of a business combination are
recognised where they are separately identifiable 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-financial 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. The 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 flows 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 defined contributions to the personal pension
schemes of its employees. These are chargeable to Consolidated
Statement of Comprehensive Income in the period in which they
become payable.
Foreign currencies
Transactions in foreign currencies are translated into the functional
currency at the exchange rate in effect 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 differences
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 differences 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 policyholder share of the taxable result for the
year, together with deferred tax at the policyholder rate on temporary
differences 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 Consolidated Statement of
Financial Position differs 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 reflected in the closing deferred tax balance.
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 sufficient tax profit will be available to allow all or part of the
deferred tax asset to be utilised. Unrecognised deferred tax assets are
reassessed at each reporting date and are recognised to the extent
that it has become probable that future taxable profits 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 financial
statements and in other management reports, which, among other
things, reflect the potential impact of climate-related developments
on the business, such as increased cost of production as a result of
measures to reduce carbon emissions.
The Group offsets deferred tax assets and deferred tax liabilities if
and only if it has a legal enforceable right to set off 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 different 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 significant 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, s.102). ILUK collects this tax quarterly,
by charging 20% tax (2023: 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 financial year quarter so that the total charge for the year
is based on the gain at the end of the financial year. When assets are
sold at a loss or reduce in market value by the financial year end,
a refund of the charges may be applied. Policyholder tax is recorded
as a tax expense/(tax credit) in the Consolidated Statement of
Comprehensive Income, with a corresponding asset/(liability)
recognised on the Consolidated Statement of Financial 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 identified as the Chief Executive Officer of the Company.
Client assets and client monies
IFAL client assets and client monies are not recognised in the Parent
and Consolidated Statements of Financial 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 office 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 notes 13 and 14.
Lease liabilities
The Group measures lease liabilities in line with IFRS 16 on the
Consolidated Statement of Financial Position 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 reflect 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 defines 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 benefit 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
flows 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
specified in the contract is discharged, cancelled or expires.
At initial recognition, the Group classifies its financial instruments in
the following categories, based on the business model in which the
assets are managed and their cash flow characteristics:
(i) Financial assets and liabilities at fair value through profit or loss
This category includes financial 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 \u201ccost
of sales\u201d for corporate assets and \u201cpolicyholder investment returns\u201d
for policyholder assets in the period in which they arise. Financial
assets and liabilities at fair value through profit or loss are classified
as current except for the portion expected to be realised or paid
beyond 12 months of the Consolidated Statement of Financial
Position date, which are classified as long term.
(ii) Financial assets at amortised cost
These assets comprised of accrued fees, trade and other receivables,
investments in gilts and cash and cash equivalents. These are
included in current assets due to their short-term nature, except for
the loan 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 flows and their contractual cash flows 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 (ECLs).
(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
effective interest method. Trade and other payables are classified
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 financial assets
ECLS are required to be measured through a loss allowance at an
amount equal to:
n
the 12-month ECLs (ECLs from possible default events within
12 months after the reporting date); or
n
full lifetime ECLs (ECLs from all possible default events over the
life of the financial instrument).
A loss allowance for full lifetime ECLs is required for a financial
instrument if the credit risk of that financial instrument has increased
significantly since initial recognition, as well as to contract assets or
trade receivables, where the simplified approach is applied to assets
that do not contain a significant financing component.
For all other financial instruments, ECLs are measured at an amount
equal to the 12-month ECLs.
Impairment losses on financial assets carried at amortised cost are
reversed in subsequent periods if the ECLs 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 outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is
recognised as a finance 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 Consolidated Statement of
Financial 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) 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) Deferred bonus Share Option Plan
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
Consolidated Statement of Comprehensive Income, with a
corresponding adjustment to the share-based payment reserve
in the Consolidated Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Revenue from contracts with customers
Revenue represents the fair value of services supplied by the Group.
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 reflects
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 identified, 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 charge
The annual charge is 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,
inflows, outflows and other factors.
Wrapper charge
Wrapper charges are applied on the tax wrappers held by clients and are
levied quarterly in arrears based on fixed fees for each wrapper type.
The annual charge and wrapper charges relate to services provided
on an ongoing basis, and revenue is therefore recognised on an
ongoing basis to reflect the nature of the performance obligations
being discharged. As the benefit 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 the annual charge and wrapper charges is
recognised as prepayments and accrued income on the Consolidated
Statement of Financial 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 performance obligations are
met (in line with IFRS 15). Accrued consultancy income is recognised as
a financial asset on the statement of financial position. The Group\u2019s right
to consideration is conditional on provision of the consultancy service.
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 benefit 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Revenue from contracts with customers
Revenue represents the fair value of services supplied by the Group.
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 reflects
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 identified, 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 charge
The annual charge is 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,
inflows, outflows and other factors.
Wrapper charge
Wrapper charges are applied on the tax wrappers held by clients and are
levied quarterly in arrears based on fixed fees for each wrapper type.
The annual charge and wrapper charges relate to services provided
on an ongoing basis, and revenue is therefore recognised on an
ongoing basis to reflect the nature of the performance obligations
being discharged. As the benefit 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 the annual charge and wrapper charges is
recognised as prepayments and accrued income on the Consolidated
Statement of Financial 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 performance obligations are
met (in line with IFRS 15). Accrued consultancy income is recognised as
a financial asset on the statement of financial position. The Group\u2019s right
to consideration is conditional on provision of the consultancy service.
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 benefit 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Fee income comprises:
Annual charge
The annual charge is 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,
inflows, outflows and other factors.
Wrapper charge
Wrapper charges are applied on the tax wrappers held by clients and are
levied quarterly in arrears based on fixed fees for each wrapper type.
The annual charge and wrapper charges relate to services provided
on an ongoing basis, and revenue is therefore recognised on an
ongoing basis to reflect the nature of the performance obligations
being discharged. As the benefit 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 the annual charge and wrapper charges is
recognised as prepayments and accrued income on the Consolidated
Statement of Financial 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 financial advisers. Expenses comprise the
annual charge 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Cost of sales
Cost of sales relates 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "Investments
Investment in subsidiaries are stated at cost less any provision
for impairment.
Other investments comprise UK Government gilts held as shareholder
investments. Gilts were acquired in both the current and previous
financial years, which were assessed upon purchase and deemed to
meet the criteria to classify as amortised cost under IFRS 9 Financial
Instruments, namely:
n
they are held within a business model whose objective is to hold
assets in order to collect contractual cash flows; and
n
the contractual terms of the financial assets give rise on specified
dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Investment contracts \u2013 investments held for the benefit of policyholders
Investment contracts held for the benefit of policy holders are
comprised of unit-linked contracts. Investments held for the benefit
of policyholders are stated at fair value and reported on a separate
line in the Consolidated Statement of Financial Position, see
accounting policy on financial instruments for fair value determination.
Investment contracts result in financial liabilities whose fair value is
dependent on the fair value of underlying financial assets. They are
designated at inception as financial liabilities at \u2018fair value through
profit or loss\u2019 in order to reduce an accounting mismatch with the
underlying financial assets. Gains and losses arising from changes in
fair value are presented in the Consolidated Statement of
Comprehensive Income within \u201cpolicyholder investment returns\u201d.
The net gains attributable to policyholder returns arise due to releases
of tax charges reserved for policyholders to shareholder profit. These
are made throughout the year to recognise any corporate benefit on
policyholder charges, and include two elements:
1.
The Annual Management Charges (AMCs) - under HMRC rules,
ILUK\u2019s corporate I-E tax is calculated net of management
expenses relating to insurance products. Policyholders, on the
other hand, are charged tax on their income and gains before
expenses are deducted. This gives rise to a difference between
the amount recorded as policyholder tax and the amount paid to
HMRC as the tax payable is based on the I-E calculation. This is a
permanent difference arising as a result of the different
methodologies and it is industry practice to recognise this as
shareholder profit. ILUK uses the AMC method of calculating tax
relief on policyholder expenses to determine the release to profit.
This release to profit is taxed as corporate income at the
corporate tax rate.
2.
Surplus reserves - there is also an annual release of any cash held
in reserves which cannot be refunded back to policyholders, due
to the policyholder moving provider or surrendering their policy.
The surplus released to profit is taxed as corporate income at the
corporate tax rate.
Investment inflows received from policyholders are invested in funds
selected by the policyholders. The resulting liabilities for linked
investment contracts are accounted for under the \u201cfair value through
profit or loss\u201d option, in line with the corresponding assets as
permitted by IFRS 9.
As all investments held for the benefit of policyholders are matched
entirely by corresponding linked liabilities; any gain or loss on assets
recognised through the Consolidated Statement of Comprehensive
Income are offset 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 of \u201cchange in investment
contract liabilities\u201d, \u201cfee and commission expenses\u201d and \u201cpolicyholder
investment returns\u201d on profit is therefore \u00a3nil.
Policyholder provisions released to shareholder profit are recognised
in the Consolidated Statement of Comprehensive Income within net
gain attributable to policyholders.
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 financial liability is measured both initially and
subsequently at fair value. The fair value of a unit-linked financial
liability is determined using the fair value of the financial assets
contained within the funds linked to the financial liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "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 finite 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "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 finite 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 identifiable 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 CGUs expected to benefit from the
synergies of the combination, where the CGU represents the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "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 identifiable 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 CGUs expected to benefit from the
synergies of the combination, where the CGU represents the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "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 benefits associated with the item will
flow 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
Straight line over the
Straight line over 40
improvements
life of the lease
years
Fixtures and fittings
Straight line over 10
Straight line over 10
years
years
Equipment
Straight line over 3 to
Straight line over 3
10 years
years
Motor vehicles
N/A
25% reducing balance
Residual values, methods 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "The major categories of property, plant, equipment are depreciated
as follows:
Asset class
All UK and Isle of Man entities
Australian entity
Leasehold
Straight line over the
Straight line over 40
improvements
life of the lease
years
Fixtures and fittings
Straight line over 10
Straight line over 10
years
years
Equipment
Straight line over 3 to
Straight line over 3
10 years
years
Motor vehicles
N/A
25% reducing balance
Residual values, methods 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "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 identifiable 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 CGUs expected to benefit from the
synergies of the combination, where the CGU represents the smallest
identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows 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-financial 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. The 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 flows 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Impairment of investments in subsidiaries
Investments in subsidiaries are recognised by the Company at cost.
The Company assesses at each reporting date, whether there is an
indication that an investment in subsidiaries may be impaired.
The impairment assessment compares the carrying value of the
investment 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. When the circumstances that caused the
impairment loss are favourably resolved, the impairment loss is
reversed immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Pensions
The Group makes defined contributions to the personal pension
schemes of its employees. These are chargeable to Consolidated
Statement of Comprehensive Income in the period in which they
become payable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Foreign currencies
Transactions in foreign currencies are translated into the functional
currency at the exchange rate in effect 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 differences
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 differences arising
on retranslation are recognised directly in the reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "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 policyholder share of the taxable result for the
year, together with deferred tax at the policyholder rate on temporary
differences 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 Consolidated Statement of
Financial Position differs 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 reflected in the closing deferred tax balance.
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 sufficient tax profit will be available to allow all or part of the
deferred tax asset to be utilised. Unrecognised deferred tax assets are
reassessed at each reporting date and are recognised to the extent
that it has become probable that future taxable profits 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 financial
statements and in other management reports, which, among other
things, reflect the potential impact of climate-related developments
on the business, such as increased cost of production as a result of
measures to reduce carbon emissions.
The Group offsets deferred tax assets and deferred tax liabilities if
and only if it has a legal enforceable right to set off 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 different 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 significant 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, s.102). ILUK collects this tax quarterly,
by charging 20% tax (2023: 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 financial year quarter so that the total charge for the year
is based on the gain at the end of the financial year. When assets are
sold at a loss or reduce in market value by the financial year end,
a refund of the charges may be applied. Policyholder tax is recorded
as a tax expense/(tax credit) in the Consolidated Statement of
Comprehensive Income, with a corresponding asset/(liability)
recognised on the Consolidated Statement of Financial Position
(under IAS 12).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Deferred tax
Deferred tax assets and liabilities are recognised where the carrying
amount of an asset or liability in the Consolidated Statement of
Financial Position differs 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 reflected in the closing deferred tax balance.
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 sufficient tax profit will be available to allow all or part of the
deferred tax asset to be utilised. Unrecognised deferred tax assets are
reassessed at each reporting date and are recognised to the extent
that it has become probable that future taxable profits 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 financial
statements and in other management reports, which, among other
things, reflect the potential impact of climate-related developments
on the business, such as increased cost of production as a result of
measures to reduce carbon emissions.
The Group offsets deferred tax assets and deferred tax liabilities if
and only if it has a legal enforceable right to set off 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 different 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 significant amounts of deferred tax liabilities or
assets are expected to be settled or recovered.", "dimensions": { "concept": "ihp:DescriptionOfAccountingPolicyForDeferredTaxExplanatoryTextBlock", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "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 identified as the Chief Executive Officer of the Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "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 office 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 notes 13 and 14.
Lease liabilities
The Group measures lease liabilities in line with IFRS 16 on the
Consolidated Statement of Financial Position 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 reflect 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 defines 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "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 benefit 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "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
flows 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
specified in the contract is discharged, cancelled or expires.
At initial recognition, the Group classifies its financial instruments in
the following categories, based on the business model in which the
assets are managed and their cash flow characteristics:
(i) Financial assets and liabilities at fair value through profit or loss
This category includes financial 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 \u201ccost
of sales\u201d for corporate assets and \u201cpolicyholder investment returns\u201d
for policyholder assets in the period in which they arise. Financial
assets and liabilities at fair value through profit or loss are classified
as current except for the portion expected to be realised or paid
beyond 12 months of the Consolidated Statement of Financial
Position date, which are classified as long term.
(ii) Financial assets at amortised cost
These assets comprised of accrued fees, trade and other receivables,
investments in gilts and cash and cash equivalents. These are
included in current assets due to their short-term nature, except for
the loan 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 flows and their contractual cash flows 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 (ECLs).
(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
effective interest method. Trade and other payables are classified
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 financial assets
ECLS are required to be measured through a loss allowance at an
amount equal to:
n
the 12-month ECLs (ECLs from possible default events within
12 months after the reporting date); or
n
full lifetime ECLs (ECLs from all possible default events over the
life of the financial instrument).
A loss allowance for full lifetime ECLs is required for a financial
instrument if the credit risk of that financial instrument has increased
significantly since initial recognition, as well as to contract assets or
trade receivables, where the simplified approach is applied to assets
that do not contain a significant financing component.
For all other financial instruments, ECLs are measured at an amount
equal to the 12-month ECLs.
Impairment losses on financial assets carried at amortised cost are
reversed in subsequent periods if the ECLs decrease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "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
flows 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
specified in the contract is discharged, cancelled or expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "(i) Financial assets and liabilities at fair value through profit or loss
This category includes financial 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 \u201ccost
of sales\u201d for corporate assets and \u201cpolicyholder investment returns\u201d
for policyholder assets in the period in which they arise. Financial
assets and liabilities at fair value through profit or loss are classified
as current except for the portion expected to be realised or paid
beyond 12 months of the Consolidated Statement of Financial
Position date, which are classified as long term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "(ii) Financial assets at amortised cost
These assets comprised of accrued fees, trade and other receivables,
investments in gilts and cash and cash equivalents. These are
included in current assets due to their short-term nature, except for
the loan 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 flows and their contractual cash flows 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 (ECLs).", "dimensions": { "concept": "ihp:DescriptionOfAccountingPolicyForFinancialAssetsAtAmortisedCostExplanatoryTextBlock", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "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
effective interest method. Trade and other payables are classified
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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Impairment of financial assets
ECLS are required to be measured through a loss allowance at an
amount equal to:
n
the 12-month ECLs (ECLs from possible default events within
12 months after the reporting date); or
n
full lifetime ECLs (ECLs from all possible default events over the
life of the financial instrument).
A loss allowance for full lifetime ECLs is required for a financial
instrument if the credit risk of that financial instrument has increased
significantly since initial recognition, as well as to contract assets or
trade receivables, where the simplified approach is applied to assets
that do not contain a significant financing component.
For all other financial instruments, ECLs are measured at an amount
equal to the 12-month ECLs.
Impairment losses on financial assets carried at amortised cost are
reversed in subsequent periods if the ECLs decrease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "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 outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is
recognised as a finance 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 Consolidated Statement of
Financial 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "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) 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) Deferred bonus Share Option Plan
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
Consolidated Statement of Comprehensive Income, with a
corresponding adjustment to the share-based payment reserve
in the Consolidated Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "2. Significant accounting estimates
and judgements
The preparation of the Group\u2019s consolidated financial statements
requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure of
contingent liabilities. Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods.
Judgements
In the process of applying the Group\u2019s accounting policies,
management has made the following judgements, which have the
most significant effect on the amounts recognised in the consolidated
financial statements:
ILUK tax provision (Group)
The assessment to recognise the tax 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 estimation of tax payable
to HMRC and refunds payable back to policyholders. While the
estimates are not considered to be significant, as they are based on
reliable data, the decision to treat the full balance of the reserves as a
provision on the statement of financial position is considered a
significant judgement.
Estimates
The key assumptions concerning the future and other key sources of
estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are described
below. The Group based its estimates on parameters available when
the consolidated financial statements were prepared. Existing
circumstances and assumptions about future developments,
however, may change due to market changes or circumstances
arising that are beyond the control of the Group. Such changes are
reflected in the assumptions when they occur.
Goodwill (Group) and investments in subsidiaries (IHP company)
Impairment exists when the carrying value of an asset or cash
generating unit exceeds its recoverable amount, which is the higher of
its fair value less costs of disposal and its value in use. The value in use
calculation is based on a discounted cash flow (DCF) model. The cash
flows are derived from the budget for the next five years, and
extrapolated beyond that based on the long-term growth rate. The
recoverable amount is sensitive to the discount rate and long term
growth rate used in the DCF model as well as the expected future cash
inflows and outflows. The key assumptions used to determine the
recoverable amount for the different CGUs, including a sensitivity
analysis, are disclosed and further explained in notes 12 and 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "3. Financial instruments
(i) Principal financial instruments
The principal financial instruments, from which financial instrument risk arises, are as follows:
n
Trade and other receivables
n
Accrued fees
n
Investments \u2013 gilts
n
Investments \u2013 listed shares and securities
n
Trade and other payables
n
Loans receivable
n
Policyholder balances of investments and cash
n
Liabilities for linked investments contracts
n
Cash and cash equivalents
(ii) Financial instruments measured at fair value and amortised cost
Financial assets and liabilities have been classified into categories that determine their basis of measurement. For items measured at fair value,
their changes in fair value are recognised in the Consolidated 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:
\n \n
Fair value through profit or loss
Amortised cost
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u2014
\u2014
244.1
177.9
Cash held for the benefit of policyholders
\u2014
\u2014
1,622.8
1,419.2
Investments \u2013 listed shares and securities
0.1
0.1
\u2014
\u2014
Investments \u2013 gilts
\u2014
\u2014
2.5
22.3
Loans receivable
\u2014
\u2014
6.5
6.3
Accrued income
\u2014
\u2014
14.2
12.5
Trade and other receivables
\u2014
\u2014
2.9
3.2
Investments held for the policyholders
27,237.8
23,021.7
\u2014
\u2014
Total financial assets
27,237.9
23,021.8
1,893.0
1,641.4
\n \n
2024
2023
Assets which are not financial instruments
\u00a3m
\u00a3m
Prepayments
4.7
4.7
Current tax asset
1.4
14.3
Trade and other receivables \u2013 repayment interest due from HMRC
\u2014
0.4
6.1
19.4
Financial liabilities:
\n \n
Fair value through profit or loss
Amortised cost
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
\u2014
\u2014
1.1
0.7
Lease liabilities
\u2014
\u2014
2.9
1.1
Other payables
\u2014
\u2014
7.3
5.9
Liabilities for linked investments contracts
27,237.8
23,021.7
1,622.8
1,419.2
Total financial liabilities
27,237.8
23,021.7
1,634.1
1,426.9
\n \n
2024
2023
Liabilities which are not financial instruments
\u00a3m
\u00a3m
Accruals and deferred income
8.8
7.8
PAYE and other taxation
2.1
2.6
Other payables \u2013 due to HMRC
0.9
0.9
Deferred consideration
1.5
1.6
13.3
12.9
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
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u2014
\u2014
27.8
26.0
Trade and other receivables
\u2014
\u2014
0.1
0.1
Loans receivable
\u2014
\u2014
6.5
6.3
Total financial assets
\u2014
\u2014
34.4
32.4
Financial liabilities:
Fair value through profit or loss
Amortised cost
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other payables
\u2014
\u2014
0.6
0.4
Loans payable
\u2014
\u2014
6.0
7.0
Due to Group undertakings
\u2014
\u2014
0.2
\u2014
Total financial liabilities
\u2014
\u2014
6.8
7.4
2024
2023
Liabilities which are not financial instruments
\u00a3m
\u00a3m
Accruals and deferred income
0.7
0.4
PAYE and other taxation
\u2014
0.1
Deferred consideration
1.5
1.6
2.2
2.1
(iii) Financial instruments not measured at fair value
Financial instruments not measured at fair value include cash and cash equivalents, cash held for policyholders, accrued fees, investments held
in gilts, loans, trade and other receivables, trade and other payables, and liabilities for linked investments contracts. Due to their short-term
nature and/or ECLs recognised, the carrying value of these financial instruments approximates their fair value.
(iv) Financial instruments measured at fair value \u2013 fair value hierarchy (FVH)
The table below classifies financial instruments that are recognised on the Consolidated Statement of Financial Position at fair value in a
hierarchy that is based on significance of the inputs used in making the measurements.
The levels of hierarchy are disclosed below.
n
Level 1: quoted prices (unadjusted) in active markets for identical instruments;
n
Level 2: instruments which are not actively traded but provide regular observable prices; and
n
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 financial instruments measured at fair value and split into the three levels:
Level 1
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
221.3
\u2014
\u2014
221.3
Investments and securities
944.3
137.5
0.4
1,082.2
Bonds and other fixed-income securities
26.1
0.3
\u2014
26.4
Holdings in collective investment schemes
25,802.0
104.6
1.3
25,907.9
Investments held for the benefit of policyholders
26,993.7
242.4
1.7
27,237.8
Investments \u2013 listed shares and securities
0.1
\u2014
\u2014
0.1
Total
26,993.8
242.4
1.7
27,237.9
Liabilities
Liabilities for linked investments contracts
26,993.7
242.4
1.7
27,237.8
Total
26,993.7
242.4
1.7
27,237.8
Level 1
Level 2
Level 3
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
182.0
\u2014
\u2014
182.0
Investments and securities
740.3
181.9
0.5
922.7
Bonds and other fixed-income securities
16.5
1.0
\u2014
17.5
Holdings in collective investment schemes
21,754.5
143.3
1.7
21,899.5
Investments held for the benefit of policyholders
22,693.3
326.2
2.2
23,021.7
Investments \u2013 listed shares and securities
0.1
\u2014
\u2014
\u2014
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
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 third party provider, which sources this
directly from the stock exchange or obtains 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
third party provider, which obtains 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 or other
relevant information.
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 or other relevant
information. No other valuation techniques are applied.
Level 3 sensitivity to changes in unobservable measurements
For financial 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 significantly
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 specific
circumstances of each market and instrument.
The Group regularly assesses instruments to ensure they are
categorised correctly, and 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 reflect 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 financial instrument it holds at
the current financial 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 FVH at the end
of the reporting period in which the changes have occurred. Changes
occur due to the availability (or lack thereof) of quoted prices and
whether a market is now active or not.
Transfers between Levels between 1 October 2023 and 30 September
2024 are presented in the table below at their valuation at 30
September 2024:
2024
2023
Transfers from
Transfers to
\u00a3m
\u00a3m
Level 1
Level 2
2.8
33.2
Level 2
Level 1
58.3
20.9
The reconciliation between opening and closing balances of Level 3
assets are presented in the table below:
2024
2023
\u00a3m
\u00a3m
Opening balance
2.2
1.9
Unrealised gains/(losses) in the year
ended 30 September 2024
0.1
(0.1)
Transfers in to Level 3 at 30
September 2024 valuation
0.3
0.4
Transfers out of Level 3 at 30
September 2024 valuation
(0.9)
\u2014
Closing balance
1.7
2.2
Any resultant gains or losses on financial assets held for the benefit of
policyholders are offset 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 2024 are driven by the regulated entities, whose capital resources and requirements detailed below:
IFAL 30 September
ILUK 30 September
ILInt 30 September
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital resource
74.8
44.4
313.1
269.2
49.0
46.6
Capital requirement
60.4
33.3
229.5
215.8
26.4
27.1
Coverage ratio
124%
133%
136%
125%
186%
172%
Following the FCA\u2019s periodic ICARA review process, the regulator imposed additional capital requirements on IFAL on 27 March 2024 which
resulted in a capital deficit until it was remediated in April 2024, within the timeframes required by the FCA. The Group has otherwise 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 Management section of this report on pages 43 and 44
and in the Financial Review on pages 38 to 42.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "(ii) Financial instruments measured at fair value and amortised cost
Financial assets and liabilities have been classified into categories that determine their basis of measurement. For items measured at fair value,
their changes in fair value are recognised in the Consolidated 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:
\n \n
Fair value through profit or loss
Amortised cost
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u2014
\u2014
244.1
177.9
Cash held for the benefit of policyholders
\u2014
\u2014
1,622.8
1,419.2
Investments \u2013 listed shares and securities
0.1
0.1
\u2014
\u2014
Investments \u2013 gilts
\u2014
\u2014
2.5
22.3
Loans receivable
\u2014
\u2014
6.5
6.3
Accrued income
\u2014
\u2014
14.2
12.5
Trade and other receivables
\u2014
\u2014
2.9
3.2
Investments held for the policyholders
27,237.8
23,021.7
\u2014
\u2014
Total financial assets
27,237.9
23,021.8
1,893.0
1,641.4
\n \n
2024
2023
Assets which are not financial instruments
\u00a3m
\u00a3m
Prepayments
4.7
4.7
Current tax asset
1.4
14.3
Trade and other receivables \u2013 repayment interest due from HMRC
\u2014
0.4
6.1
19.4
Financial liabilities:
\n \n
Fair value through profit or loss
Amortised cost
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
\u2014
\u2014
1.1
0.7
Lease liabilities
\u2014
\u2014
2.9
1.1
Other payables
\u2014
\u2014
7.3
5.9
Liabilities for linked investments contracts
27,237.8
23,021.7
1,622.8
1,419.2
Total financial liabilities
27,237.8
23,021.7
1,634.1
1,426.9
\n \n
2024
2023
Liabilities which are not financial instruments
\u00a3m
\u00a3m
Accruals and deferred income
8.8
7.8
PAYE and other taxation
2.1
2.6
Other payables \u2013 due to HMRC
0.9
0.9
Deferred consideration
1.5
1.6
13.3
12.9
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
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
\u2014
\u2014
27.8
26.0
Trade and other receivables
\u2014
\u2014
0.1
0.1
Loans receivable
\u2014
\u2014
6.5
6.3
Total financial assets
\u2014
\u2014
34.4
32.4
Financial liabilities:
Fair value through profit or loss
Amortised cost
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other payables
\u2014
\u2014
0.6
0.4
Loans payable
\u2014
\u2014
6.0
7.0
Due to Group undertakings
\u2014
\u2014
0.2
\u2014
Total financial liabilities
\u2014
\u2014
6.8
7.4
2024
2023
Liabilities which are not financial instruments
\u00a3m
\u00a3m
Accruals and deferred income
0.7
0.4
PAYE and other taxation
\u2014
0.1
Deferred consideration
1.5
1.6
2.2
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "(iv) Financial instruments measured at fair value \u2013 fair value hierarchy (FVH)
The table below classifies financial instruments that are recognised on the Consolidated Statement of Financial Position at fair value in a
hierarchy that is based on significance of the inputs used in making the measurements.
The levels of hierarchy are disclosed below.
n
Level 1: quoted prices (unadjusted) in active markets for identical instruments;
n
Level 2: instruments which are not actively traded but provide regular observable prices; and
n
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 financial instruments measured at fair value and split into the three levels:
Level 1
Level 2
Level 3
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
221.3
\u2014
\u2014
221.3
Investments and securities
944.3
137.5
0.4
1,082.2
Bonds and other fixed-income securities
26.1
0.3
\u2014
26.4
Holdings in collective investment schemes
25,802.0
104.6
1.3
25,907.9
Investments held for the benefit of policyholders
26,993.7
242.4
1.7
27,237.8
Investments \u2013 listed shares and securities
0.1
\u2014
\u2014
0.1
Total
26,993.8
242.4
1.7
27,237.9
Liabilities
Liabilities for linked investments contracts
26,993.7
242.4
1.7
27,237.8
Total
26,993.7
242.4
1.7
27,237.8
Level 1
Level 2
Level 3
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Term deposits
182.0
\u2014
\u2014
182.0
Investments and securities
740.3
181.9
0.5
922.7
Bonds and other fixed-income securities
16.5
1.0
\u2014
17.5
Holdings in collective investment schemes
21,754.5
143.3
1.7
21,899.5
Investments held for the benefit of policyholders
22,693.3
326.2
2.2
23,021.7
Investments \u2013 listed shares and securities
0.1
\u2014
\u2014
\u2014
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
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 third party provider, which sources this
directly from the stock exchange or obtains 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
third party provider, which obtains 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 or other
relevant information.
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 or other relevant
information. No other valuation techniques are applied.
Level 3 sensitivity to changes in unobservable measurements
For financial 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 significantly
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 specific
circumstances of each market and instrument.
The Group regularly assesses instruments to ensure they are
categorised correctly, and 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 reflect 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 financial instrument it holds at
the current financial 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 FVH at the end
of the reporting period in which the changes have occurred. Changes
occur due to the availability (or lack thereof) of quoted prices and
whether a market is now active or not.
Transfers between Levels between 1 October 2023 and 30 September
2024 are presented in the table below at their valuation at 30
September 2024:
2024
2023
Transfers from
Transfers to
\u00a3m
\u00a3m
Level 1
Level 2
2.8
33.2
Level 2
Level 1
58.3
20.9
The reconciliation between opening and closing balances of Level 3
assets are presented in the table below:
2024
2023
\u00a3m
\u00a3m
Opening balance
2.2
1.9
Unrealised gains/(losses) in the year
ended 30 September 2024
0.1
(0.1)
Transfers in to Level 3 at 30
September 2024 valuation
0.3
0.4
Transfers out of Level 3 at 30
September 2024 valuation
(0.9)
\u2014
Closing balance
1.7
2.2
Any resultant gains or losses on financial assets held for the benefit of
policyholders are offset by a reciprocal movement in the linked liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "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 2024 are driven by the regulated entities, whose capital resources and requirements detailed below:
IFAL 30 September
ILUK 30 September
ILInt 30 September
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital resource
74.8
44.4
313.1
269.2
49.0
46.6
Capital requirement
60.4
33.3
229.5
215.8
26.4
27.1
Coverage ratio
124%
133%
136%
125%
186%
172%
Following the FCA\u2019s periodic ICARA review process, the regulator imposed additional capital requirements on IFAL on 27 March 2024 which
resulted in a capital deficit until it was remediated in April 2024, within the timeframes required by the FCA. The Group has otherwise 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 Management section of this report on pages 43 and 44
and in the Financial Review on pages 38 to 42.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "4. Risk and risk management
This note supplements the details provided in the Risk Management section of this report on pages 43 and 44.
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 effective implementation of the
objectives and policies to the Group\u2019s risk management 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 difficult 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 fluctuations in the level and in the volatility of market prices of assets,
liabilities and other financial 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 charges, which are linked to the value of the clients\u2019 portfolios, which are in turn determined by the market prices
of the underlying assets. The Group\u2019s revenue is therefore affected 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 fixed 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 charges and annual charges respectively. This approach of fixed
and variable charging offers an element of diversification to its income stream. The risk of stock market volatility, and the impact on revenue, is also
mitigated through a wide asset offering 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 profit after tax and equity 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
2024
2023
\u00a3m
\u00a3m
10% increase in asset values
8.7
8.7
10% decrease in asset values
(8.7)
(8.7)
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 fluctuations are borne by
the policyholders.
(b) Interest rate risk
The Group receives interest on its cash and cash equivalents of
\u00a3244.1 million (2023: 177.9 million), on its loans of \u00a36.5 million
(2023: \u00a36.3 million) and on financial investments of \u00a32.6 million
(2023: \u00a322.4 million). The Group mitigates interest rate risk by
diversifying its investments into UK Government gilts, which have
a fixed 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
(2023: \u00a31.7 million) and on loans by \u00a30.1 million (2023: \u00a30.1 million),
which would increase/decrease profit after tax and equity by
\u00a31.4 million (2023: \u00a31.4 million).
(c) Currency risk
The Group is not directly exposed to significant 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 FY24 amounted to \u00a38.3 million
(FY23: \u00a37.2 million).
Sensitivity testing has been performed to assess the impact of a 10%
change in the GBP to AUD exchange rate. This would be expected to
cause an increase/decrease of \u00a30.8 million (2023: \u00a30.7 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:
2024
2024
2023
2023
Currency
\u00a3m
%
\u00a3m
%
GBP
28,678.4
99.4
24,279.2
99.3
USD
147.0
0.5
133.4
0.5
EUR
21.9
0.1
15.9
0.1
Others
13.3
\u2014
12.4
0.1
Total
28,860.6
100.0
24,440.9
100.0
99.4% of investments and cash held for the benefit 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 benefit of policyholders are in collective investment schemes
and some of their underlying assets are denominated in currencies
other than GBP, which increases the FUD currency risk exposure.
A significant rise or fall in sterling exchange rates would not have a
significant first order impact on the Group\u2019s results since any adverse
or favourable movement in policyholder assets is entirely offset 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 financial 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 ECLs.
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 off. 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. In FY24 the ECLs
in relation to this were immaterial.
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 \u00a36.5 million (2023: \u00a36.3
million). 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 significant increase in credit risk, as all of the loans
are currently performing to schedule, and there are no significant
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
\u00a35.0 million (2023: \u00a35.0 million) 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 financial strength of these banks,
with those used having a minimum credit quality step of 3, which is a
minimum Fitch rating of BBB-.
In order to actively manage the credit and concentration risks, the
board approved risk appetite limits for the regulated entities of the
amount of corporate and client cash that can 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 provides 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 \u00a36.5 million (2023: \u00a36.3 million). 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 \u00a3109k (2023: \u00a381k) 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:
n
investments held directly by the Group;
n
exposure to clients; and
n
exposure to other receivables.
The other exposures to counterparty default risk include a credit
default event which affects assets held on behalf of clients and
occurs at one or more of the following entities:
n
a bank where cash is held on behalf of clients;
n
a custodian where the assets are held on behalf of clients; and
n
Transact Nominees Limited, which is a Group entity and the legal
owner of the assets held on behalf of clients.
There is no first 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 whereby future
revenues for the Group are reduced in the event of a credit default
which affects the value of FUD.
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 ECL model (meaning that they are not credit impaired on initial
recognition and have not experienced a significant increase in credit
risk since initial recognition) with no material ECL provision held.
Assets and funds held on behalf of clients
There is no significant risk exposure to any one UK clearing bank.
Counterparty default risk exposure to clients
The Group is due \u00a314.2 million (2023: \u00a312.5 million) 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 financial 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 sufficient liquid financial
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
payment of shareholder dividends and operating expenses it may incur.
Additionally, as noted in the loans section above, 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 firms to fund
acquisitions, management buyouts and other similar transactions.
Across the Group, the following key drivers of liquidity risk have been
identified as:
n
failure of one or more of the banks that holds funds for the Group;
n
bank system failure which prevents access to Group funds;
n
clients holding insufficient cash to settle fees when they become due;
and
n
expenses rising faster than anticipated or from one-off \u201cshocks\u201d
such as fines or client compensation.
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 or other liabilities (e.g. expenses) coming due.
The first of these, clients\u2019 liabilities, is primarily covered through the
terms and conditions with clients taking their own liquidity risk, if their
assets cannot be immediately surrendered for cash.
Payment of other liabilities depends on the Group having sufficient
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 financial
plans and capital projections of the regulated entities to ensure the
level of affordability of the future dividends.
The Group has set out two key liquidity requirements: first, to ensure
that clients maintain a percentage of liquidity in their portfolios at all
times in order to have sufficient funds to pay charges relating to their
wrappers; and second, to maintain access to corporate cash through
a spread of cash holdings in bank accounts to reduce the exposure to
any one bank.
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 liquidity impact of a counterparty default failure.
Maturity schedule
The following tables show an analysis of the financial assets
and financial liabilities by remaining expected maturities as at
30 September 2024 and 30 September 2023. All financial liabilities
are undiscounted.
In addition to the financial assets and financial liabilities shown in
the tables below, the Company committed a further \u00a35.0 million
(2023: \u00a35.0 million) in undrawn loans. These are available to be drawn
down immediately.
Financial assets:
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
27,237.8
\u2014
\u2014
\u2014
27,237.8
Investments
\u2014
\u2014
2.6
\u2014
2.6
Accrued income
14.2
\u2014
\u2014
\u2014
14.2
Trade and other receivables
2.9
\u2014
\u2014
\u2014
2.9
Loans
\u2014
\u2014
6.5
\u2014
6.5
Cash and cash equivalents
244.1
\u2014
\u2014
\u2014
244.1
Cash held for the benefit of policyholders
1,622.8
\u2014
\u2014
\u2014
1,622.8
Total
29,121.8
\u2014
9.1
\u2014
29,130.9
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
23,021.7
\u2014
\u2014
\u2014
23,021.7
Investments
\u2014
\u2014
22.4
\u2014
22.4
Accrued income
12.5
\u2014
\u2014
\u2014
12.5
Trade and other receivables
3.2
\u2014
\u2014
\u2014
3.2
Loans
\u2014
\u2014
6.3
\u2014
6.3
Cash and cash equivalents
177.9
\u2014
\u2014
\u2014
177.9
Cash held for the benefit of policyholders
1,419.2
\u2014
\u2014
\u2014
1,419.2
Total
24,634.5
\u2014
28.7
\u2014
24,663.2
Financial liabilities:
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
28,860.6
\u2014
\u2014
\u2014
28,860.6
Trade and other payables
8.5
\u2014
\u2014
\u2014
8.5
Lease liabilities
1.2
1.4
0.5
\u2014
3.1
Total
28,870.3
1.4
0.5
\u2014
28,872.2
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
24,440.9
\u2014
\u2014
\u2014
24,440.9
Trade and other payables
6.6
\u2014
\u2014
\u2014
6.6
Lease liabilities
0.1
0.3
0.9
\u2014
1.3
Total
24,447.6
0.3
0.9
\u2014
24,448.8
(4) Outflow risk
Outflows occur when funds are withdrawn from the platform for any reason. Outflows typically occur where clients\u2019 circumstances and
requirements change. However, these outflows can also be triggered by operational failure, changes to the competitive and industry landscape
or external events such as regulatory or economic changes.
Outflow risk is mitigated by focusing on providing exceptionally high levels of service. Outflow rates are closely monitored and unexpected
experience is investigated. Despite the current challenging and uncertain economic and geopolitical environment, outflow rates remain stable.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "(1) Market risk
Market risk is the risk of loss arising either directly or indirectly from fluctuations in the level and in the volatility of market prices of assets,
liabilities and other financial 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 charges, which are linked to the value of the clients\u2019 portfolios, which are in turn determined by the market prices
of the underlying assets. The Group\u2019s revenue is therefore affected 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 fixed 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 charges and annual charges respectively. This approach of fixed
and variable charging offers an element of diversification to its income stream. The risk of stock market volatility, and the impact on revenue, is also
mitigated through a wide asset offering 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 profit after tax and equity 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
2024
2023
\u00a3m
\u00a3m
10% increase in asset values
8.7
8.7
10% decrease in asset values
(8.7)
(8.7)
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 fluctuations are borne by
the policyholders.
(b) Interest rate risk
The Group receives interest on its cash and cash equivalents of
\u00a3244.1 million (2023: 177.9 million), on its loans of \u00a36.5 million
(2023: \u00a36.3 million) and on financial investments of \u00a32.6 million
(2023: \u00a322.4 million). The Group mitigates interest rate risk by
diversifying its investments into UK Government gilts, which have
a fixed 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
(2023: \u00a31.7 million) and on loans by \u00a30.1 million (2023: \u00a30.1 million),
which would increase/decrease profit after tax and equity by
\u00a31.4 million (2023: \u00a31.4 million).
(c) Currency risk
The Group is not directly exposed to significant 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 FY24 amounted to \u00a38.3 million
(FY23: \u00a37.2 million).
Sensitivity testing has been performed to assess the impact of a 10%
change in the GBP to AUD exchange rate. This would be expected to
cause an increase/decrease of \u00a30.8 million (2023: \u00a30.7 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:
2024
2024
2023
2023
Currency
\u00a3m
%
\u00a3m
%
GBP
28,678.4
99.4
24,279.2
99.3
USD
147.0
0.5
133.4
0.5
EUR
21.9
0.1
15.9
0.1
Others
13.3
\u2014
12.4
0.1
Total
28,860.6
100.0
24,440.9
100.0
99.4% of investments and cash held for the benefit 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 benefit of policyholders are in collective investment schemes
and some of their underlying assets are denominated in currencies
other than GBP, which increases the FUD currency risk exposure.
A significant rise or fall in sterling exchange rates would not have a
significant first order impact on the Group\u2019s results since any adverse
or favourable movement in policyholder assets is entirely offset by a
corresponding movement in the linked liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "(c) Currency risk
The Group is not directly exposed to significant 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 FY24 amounted to \u00a38.3 million
(FY23: \u00a37.2 million).
Sensitivity testing has been performed to assess the impact of a 10%
change in the GBP to AUD exchange rate. This would be expected to
cause an increase/decrease of \u00a30.8 million (2023: \u00a30.7 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:
2024
2024
2023
2023
Currency
\u00a3m
%
\u00a3m
%
GBP
28,678.4
99.4
24,279.2
99.3
USD
147.0
0.5
133.4
0.5
EUR
21.9
0.1
15.9
0.1
Others
13.3
\u2014
12.4
0.1
Total
28,860.6
100.0
24,440.9
100.0
99.4% of investments and cash held for the benefit 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 benefit of policyholders are in collective investment schemes
and some of their underlying assets are denominated in currencies
other than GBP, which increases the FUD currency risk exposure.
A significant rise or fall in sterling exchange rates would not have a
significant first order impact on the Group\u2019s results since any adverse
or favourable movement in policyholder assets is entirely offset by a
corresponding movement in the linked liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "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 financial 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 ECLs.
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 off. 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. In FY24 the ECLs
in relation to this were immaterial.
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 \u00a36.5 million (2023: \u00a36.3
million). 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 significant increase in credit risk, as all of the loans
are currently performing to schedule, and there are no significant
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
\u00a35.0 million (2023: \u00a35.0 million) 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 financial strength of these banks,
with those used having a minimum credit quality step of 3, which is a
minimum Fitch rating of BBB-.
In order to actively manage the credit and concentration risks, the
board approved risk appetite limits for the regulated entities of the
amount of corporate and client cash that can 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 provides 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 \u00a36.5 million (2023: \u00a36.3 million). 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 \u00a3109k (2023: \u00a381k) 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:
n
investments held directly by the Group;
n
exposure to clients; and
n
exposure to other receivables.
The other exposures to counterparty default risk include a credit
default event which affects assets held on behalf of clients and
occurs at one or more of the following entities:
n
a bank where cash is held on behalf of clients;
n
a custodian where the assets are held on behalf of clients; and
n
Transact Nominees Limited, which is a Group entity and the legal
owner of the assets held on behalf of clients.
There is no first 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 whereby future
revenues for the Group are reduced in the event of a credit default
which affects the value of FUD.
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 ECL model (meaning that they are not credit impaired on initial
recognition and have not experienced a significant increase in credit
risk since initial recognition) with no material ECL provision held.
Assets and funds held on behalf of clients
There is no significant risk exposure to any one UK clearing bank.
Counterparty default risk exposure to clients
The Group is due \u00a314.2 million (2023: \u00a312.5 million) 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 financial 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "(3) Liquidity risk
Liquidity risk is the risk that funds are not accessible such that the
Company, although solvent, does not have sufficient liquid financial
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
payment of shareholder dividends and operating expenses it may incur.
Additionally, as noted in the loans section above, 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 firms to fund
acquisitions, management buyouts and other similar transactions.
Across the Group, the following key drivers of liquidity risk have been
identified as:
n
failure of one or more of the banks that holds funds for the Group;
n
bank system failure which prevents access to Group funds;
n
clients holding insufficient cash to settle fees when they become due;
and
n
expenses rising faster than anticipated or from one-off \u201cshocks\u201d
such as fines or client compensation.
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 or other liabilities (e.g. expenses) coming due.
The first of these, clients\u2019 liabilities, is primarily covered through the
terms and conditions with clients taking their own liquidity risk, if their
assets cannot be immediately surrendered for cash.
Payment of other liabilities depends on the Group having sufficient
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 financial
plans and capital projections of the regulated entities to ensure the
level of affordability of the future dividends.
The Group has set out two key liquidity requirements: first, to ensure
that clients maintain a percentage of liquidity in their portfolios at all
times in order to have sufficient funds to pay charges relating to their
wrappers; and second, to maintain access to corporate cash through
a spread of cash holdings in bank accounts to reduce the exposure to
any one bank.
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 liquidity impact of a counterparty default failure.
Maturity schedule
The following tables show an analysis of the financial assets
and financial liabilities by remaining expected maturities as at
30 September 2024 and 30 September 2023. All financial liabilities
are undiscounted.
In addition to the financial assets and financial liabilities shown in
the tables below, the Company committed a further \u00a35.0 million
(2023: \u00a35.0 million) in undrawn loans. These are available to be drawn
down immediately.
Financial assets:
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
27,237.8
\u2014
\u2014
\u2014
27,237.8
Investments
\u2014
\u2014
2.6
\u2014
2.6
Accrued income
14.2
\u2014
\u2014
\u2014
14.2
Trade and other receivables
2.9
\u2014
\u2014
\u2014
2.9
Loans
\u2014
\u2014
6.5
\u2014
6.5
Cash and cash equivalents
244.1
\u2014
\u2014
\u2014
244.1
Cash held for the benefit of policyholders
1,622.8
\u2014
\u2014
\u2014
1,622.8
Total
29,121.8
\u2014
9.1
\u2014
29,130.9
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments held for the policyholders
23,021.7
\u2014
\u2014
\u2014
23,021.7
Investments
\u2014
\u2014
22.4
\u2014
22.4
Accrued income
12.5
\u2014
\u2014
\u2014
12.5
Trade and other receivables
3.2
\u2014
\u2014
\u2014
3.2
Loans
\u2014
\u2014
6.3
\u2014
6.3
Cash and cash equivalents
177.9
\u2014
\u2014
\u2014
177.9
Cash held for the benefit of policyholders
1,419.2
\u2014
\u2014
\u2014
1,419.2
Total
24,634.5
\u2014
28.7
\u2014
24,663.2
Financial liabilities:
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
28,860.6
\u2014
\u2014
\u2014
28,860.6
Trade and other payables
8.5
\u2014
\u2014
\u2014
8.5
Lease liabilities
1.2
1.4
0.5
\u2014
3.1
Total
28,870.3
1.4
0.5
\u2014
28,872.2
Up to 3 months
3 to 12 months
1 to 5 years
Over 5 years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Liabilities for linked investment contracts
24,440.9
\u2014
\u2014
\u2014
24,440.9
Trade and other payables
6.6
\u2014
\u2014
\u2014
6.6
Lease liabilities
0.1
0.3
0.9
\u2014
1.3
Total
24,447.6
0.3
0.9
\u2014
24,448.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "5. Disaggregation of revenue
The Group has the following categories of revenue:
n
Annual charge \u2013 based on a fixed percentage applied to the value of the client\u2019s portfolio each month.
n
Wrapper charge\u2013 based on a fixed quarterly charge per wrapper.
n
Other income \u2013 dealing charges are charged based on a fixed fee for each type of transaction. Buy commissions were discontinued on
1 March 2024.
n
Adviser back-office technology \u2013 licence income based on a fixed monthly charge per number of users. Consultancy income is charged
based on the services provided.
\n \n
For the financial year ended 30 September
2024
2023
\u00a3m
\u00a3m
Annual charge
126.1
116.1
Wrapper charge
12.8
12.3
Other income
1.1
1.7
Adviser back-office technology
4.9
4.8
Total revenue
144.9
134.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "5. Disaggregation of revenue
The Group has the following categories of revenue:
n
Annual charge \u2013 based on a fixed percentage applied to the value of the client\u2019s portfolio each month.
n
Wrapper charge\u2013 based on a fixed quarterly charge per wrapper.
n
Other income \u2013 dealing charges are charged based on a fixed fee for each type of transaction. Buy commissions were discontinued on
1 March 2024.
n
Adviser back-office technology \u2013 licence income based on a fixed monthly charge per number of users. Consultancy income is charged
based on the services provided.
\n \n
For the financial year ended 30 September
2024
2023
\u00a3m
\u00a3m
Annual charge
126.1
116.1
Wrapper charge
12.8
12.3
Other income
1.1
1.7
Adviser back-office technology
4.9
4.8
Total revenue
144.9
134.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "6. Segmental reporting
The revenue and PBT 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 offer, as detailed below:
n
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 the custodian for
all assets held on the platform (except for those held by third party custodians).
n
Insurance and life assurance business
\u2013 this relates to ILUK and ILInt, insurance companies which provide the Transact Personal Pension,
Executive Pension, Section 32 Buyout Bond, Transact Onshore and Offshore Bonds, and qualifying savings plan on the Transact platform.
n
Adviser back-office technology
\u2013 this relates to T4A, provider of financial planning technology to adviser and wealth management firms via
the CURO adviser support system.
Other Group entities relates to the rest of the Group, and provide services to support the Group\u2019s core operating segments.
Analysis by class of business is given below.
Consolidated Statement of Comprehensive Income \u2013 segmental information for the year ended
30 September 2024:
\n \n
Insurance
Investment
and life
Adviser
Other
administration
assurance
back-office
Group
Consolidation
services
business
technology
entities
adjustments
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Annual charge
67.8
58.3
\u2014
\u2014
\u2014
126.1
Wrapper charge
3.1
9.7
\u2014
\u2014
\u2014
12.8
Adviser back-office technology
\u2014
\u2014
4.9
\u2014
\u2014
4.9
Other income
0.8
0.3
\u2014
84.5
(84.5)
1.1
Total revenue
71.7
68.3
4.9
84.5
(84.5)
144.9
Cost of sales
(1.3)
(0.9)
(0.8)
\u2014
\u2014
(3.0)
Gross profit/(loss)
70.4
67.4
4.1
84.5
(84.5)
141.9
Administrative expenses
(44.0)
(32.8)
(5.1)
(87.1)
84.0
(85.0)
Impairment losses
0.1
\u2014
\u2014
(4.9)
4.9
0.1
Operating profit/(loss)
26.5
34.6
(1.0)
(7.5)
(4.4)
57.0
Interest expense
\u2014
\u2014
\u2014
(0.8)
0.6
(0.2)
Interest income
2.8
6.7
\u2014
1.8
(0.6)
10.7
Net policyholder returns
Net income attributable to policyholder
returns
\u2014
40.2
\u2014
\u2014
\u2014
40.2
Change in investment contract liabilities
\u2014
(3,051.7)
\u2014
\u2014
\u2014
(3,051.7)
Fee and commission expenses
\u2014
(232.7)
\u2014
\u2014
\u2014
(232.7)
Policyholder investment returns
\u2014
3,284.4
\u2014
\u2014
\u2014
3,284.4
Net policyholder returns
\u2014
40.2
\u2014
\u2014
\u2014
40.2
Insurance
Investment
and life
Adviser
Other
administration
assurance
back-office
Group
Consolidation
services
business
technology
entities
adjustments
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) on ordinary activities before
taxation attributable to policyholders
and shareholders
29.3
81.5
(1.0)
(6.5)
4.4
107.7
Policyholder tax charge
\u2014
(38.8)
\u2014
\u2014
\u2014
(38.8)
Profit/(loss) on ordinary activities before
taxation attributable to shareholders
29.3
42.7
(1.0)
(6.5)
4.4
68.9
Total tax (charge)/benefit attributable to
shareholder and policyholder returns
(6.1)
(48.5)
0.2
(1.4)
0.2
(55.6)
Less: tax attributable to policyholder returns
\u2014
38.8
\u2014
\u2014
\u2014
38.8
Shareholder tax (charge)/benefit on profit
on ordinary activities
(6.1)
(9.7)
0.2
(1.4)
0.2
(16.8)
Profit/(loss) for the period
23.2
33.0
(0.8)
(7.9)
4.6
52.1
Consolidated Statement of Comprehensive Income \u2013 segmental information for the year ended
30 September 2023:
Insurance
Investment
and life
Adviser
Other
administration
assurance
back-office
Group
Consolidation
services
business
technology
entities
adjustments
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Annual charge
63.1
53.0
\u2014
\u2014
\u2014
116.1
Wrapper charge
3.0
9.3
\u2014
\u2014
\u2014
12.3
Adviser back-office technology
\u2014
\u2014
4.8
\u2014
\u2014
4.8
Other income
1.2
0.5
\u2014
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)
\u2014
(3.9)
Gross profit/(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)
Impairment losses
\u2014
\u2014
\u2014
(0.1)
\u2014
(0.1)
Operating profit/(loss)
23.0
32.0
(1.4)
3.1
(0.4)
56.3
Interest expense
\u2014
\u2014
\u2014
(0.7)
0.6
(0.1)
Interest income
1.2
4.4
\u2014
1.4
(0.6)
6.4
Net policyholder returns
Net income attributable to policyholder returns
\u2014
12.1
\u2014
\u2014
\u2014
12.1
Change in investment contract liabilities
\u2014
(1,056.0)
\u2014
\u2014
\u2014
(1,056.0)
Fee and commission expenses
\u2014
(193.3)
\u2014
\u2014
\u2014
(193.3)
Policyholder investment returns
\u2014
1,249.3
\u2014
\u2014
\u2014
1,249.3
Net policyholder returns
\u2014
12.1
\u2014
\u2014
\u2014
12.1
Profit/(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 charge
\u2014
(12.1)
\u2014
\u2014
\u2014
(12.1)
Profit/(loss) on ordinary activities before
taxation attributable to shareholders
24.2
36.4
(1.4)
3.8
(0.4)
62.6
Total tax (charge)/benefit attributable to
shareholder and policyholder returns
(5.0)
(18.7)
0.5
(1.7)
0.1
(24.8)
Less: tax attributable to policyholder returns
\u2014
12.1
\u2014
\u2014
\u2014
12.1
Shareholder tax (charge)/benefit on profit
on ordinary activities
(5.0)
(6.6)
0.5
(1.7)
0.1)
(12.7)
Profit/(loss) for the period
19.2
29.8
(0.9)
2.1
(0.3)
49.9
Consolidated Statement of Financial Position \u2013 segmental information for the year ended 30 September 2024:
Investment
Insurance and
Adviser
administration
life assurance
back-office
services
business
technology
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Non-current assets
11.7
19.7
1.2
32.6
Current assets
108.6
159.1
2.3
270.0
Total assets
120.3
178.8
3.5
302.6
Liabilities
Current liabilities
10.8
35.7
1.0
36.3
Non-current liabilities
0.3
45.7
0.8
58.0
Total liabilities
11.1
81.4
1.8
94.3
Policyholder assets and liabilities
Cash held for the benefit of policyholder
\u2014
1,622.8
\u2014
\u2014
Investments held for the benefit of policyholders
\u2014
27,237.8
\u2014
\u2014
Liabilities for linked investment contracts
\u2014
(28,860.6)
\u2014
\u2014
Total policyholder assets and liabilities
\u2014
\u2014
\u2014
\u2014
Net assets
109.2
97.4
1.7
208.3
Non-current asset additions
0.5
0.5
\u2014
1.0
Restated Consolidated Statement of Financial Position \u2013 segmental information for the year ended
30 September 2023:
Investment
Insurance and
Adviser
administration
life assurance
back-office
services
business
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 benefit of policyholder
\u2014
1,419.2
\u2014
\u2014
Investments held for the benefit of policyholders
\u2014
23,021.7
\u2014
\u2014
Liabilities for linked investment contracts
\u2014
(24,440.9)
\u2014
\u2014
Total policyholder assets and liabilities
\u2014
\u2014
\u2014
\u2014
Net assets
79.1
108.1
2.7
189.9
Non-current asset additions
0.3
0.3
0.0
0.6
Segmental information: Split by geographical location
2024
2023
\u00a3m
\u00a3m
Revenue
United Kingdom
138.8
129.4
Isle of Man
6.1
5.5
Total
144.9
134.9
2024
2023
\u00a3m
\u00a3m
Non-current assets
United Kingdom
24.9
23.4
Isle of Man
0.1
0.1
Total
25.0
23.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "7. Earnings per share
2024
2023
Profit
Profit for the year and earnings used in basic and diluted EPS
\u00a352.1m
\u00a349.9m
Weighted average number of shares
Weighted average number of Ordinary Shares
331.3m
331.3m
Weighted average numbers of Ordinary Shares held by EBT
(0.7m)
(0.5m)
Weighted average number of Ordinary Shares for the purposes of basic EPS
330.6m
330.8m
Adjustment for dilutive share option awards
0.7m
0.5m
Weighted average number of Ordinary Shares for the purposes of diluted EPS
331.3m
331.3m
EPS
Basic
15.8p
15.1p
Diluted
15.7p
15.1p
EPS is calculated based on the share capital of IntegraFin Holdings plc and the earnings of the consolidated Group.
Basic EPS is calculated by dividing profit 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 EBT 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "8. Expenses by nature
The following expenses are included within administrative expenses:
Group
\n \n
2024
2023
\u00a3m
\u00a3m
Depreciation
1.8
2.1
Amortisation
0.4
0.4
Wages and employee benefits expense
57.8
52.8
Other staff costs
0.7
1.1
Auditor\u2019s remuneration:
\u2013 auditing of the financial statements of the Company pursuant to the legislation
0.2
0.2
\u2013 auditing of the financial statements of subsidiaries
0.6
0.6
\u2013 other assurance services
0.4
0.4
Other professional fees
6.2
4.8
Regulatory fees
3.2
3.9
Non-underlying expenses
\u2013 Non-underlying expenses \u2013 backdated VAT
(0.1)
\u2014
\u2013 Non-underlying expenses \u2013 interest on backdated VAT
(0.4)
\u2014
\u2013 Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
\u2013 Other non-underlying expenses \u2013 contingent consideration
\u2014
(1.7)
\u2013 Other non-underlying expenses \u2013 office move
0.1
\u2014
Short-term lease payments:
\u2013 Land and buildings
1.1
0.6
Other occupancy costs
2.0
2.2
Irrecoverable VAT
4.5
3.6
Other costs
4.4
3.1
Other income \u2013 tax relief due to shareholders
\u2014
(1.6)
Total administrative expenses
85.0
74.6
Wages and employee benefits expense
The average number of staff (including executive directors) employed by the Group during the financial year amounted to:
\n \n
2024
2023
No.
No.
IT and Change Delivery
187
177
Client Operations
246
236
Operations
83
81
Sales and Marketing
38
40
Group Services
112
97
666
631
We have changed the presentation of this table to provide information that is more relevant to users of the financial statements. This revised
structure is likely to continue going forward and prior year comparative information has also been reclassified.
The Company has no employees (2023: nil).
Wages and employee (including executive directors) benefits expenses during the year, included within administrative expenses, were as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
46.1
43.9
Social security costs
5.1
4.8
Other pension costs
4.3
2.0
Share-based payment costs
2.3
2.1
57.8
52.8
Compensation of key management personnel
Key management personnel are defined 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 definition.
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
2.3
3.0
Post-employment benefits
0.1
0.2
Share-based payment
0.3
0.5
Social security costs
0.4
0.5
Highest paid director:
Short-term employee benefits
0.6
0.6
Other benefits
0.1
0.2
2024
2023
No.
No.
Number of directors for whom pension contributions are paid
3
8
Short-term employee benefits comprise salary and cash bonus.
Compensation of key management personnel has fallen compared with FY23. This is due to a reassessment of individuals considered to be key
management personnel. Previously this included directors of subsidiary companies, while in FY24 this only includes the IHP board of directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "The following expenses are included within administrative expenses:
Group
\n \n
2024
2023
\u00a3m
\u00a3m
Depreciation
1.8
2.1
Amortisation
0.4
0.4
Wages and employee benefits expense
57.8
52.8
Other staff costs
0.7
1.1
Auditor\u2019s remuneration:
\u2013 auditing of the financial statements of the Company pursuant to the legislation
0.2
0.2
\u2013 auditing of the financial statements of subsidiaries
0.6
0.6
\u2013 other assurance services
0.4
0.4
Other professional fees
6.2
4.8
Regulatory fees
3.2
3.9
Non-underlying expenses
\u2013 Non-underlying expenses \u2013 backdated VAT
(0.1)
\u2014
\u2013 Non-underlying expenses \u2013 interest on backdated VAT
(0.4)
\u2014
\u2013 Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
\u2013 Other non-underlying expenses \u2013 contingent consideration
\u2014
(1.7)
\u2013 Other non-underlying expenses \u2013 office move
0.1
\u2014
Short-term lease payments:
\u2013 Land and buildings
1.1
0.6
Other occupancy costs
2.0
2.2
Irrecoverable VAT
4.5
3.6
Other costs
4.4
3.1
Other income \u2013 tax relief due to shareholders
\u2014
(1.6)
Total administrative expenses
85.0
74.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Group \n \n
2024
2023
\u00a3m
\u00a3m
Depreciation
1.8
2.1
Amortisation
0.4
0.4
Wages and employee benefits expense
57.8
52.8
Other staff costs
0.7
1.1
Auditor\u2019s remuneration:
\u2013 auditing of the financial statements of the Company pursuant to the legislation
0.2
0.2
\u2013 auditing of the financial statements of subsidiaries
0.6
0.6
\u2013 other assurance services
0.4
0.4
Other professional fees
6.2
4.8
Regulatory fees
3.2
3.9
Non-underlying expenses
\u2013 Non-underlying expenses \u2013 backdated VAT
(0.1)
\u2014
\u2013 Non-underlying expenses \u2013 interest on backdated VAT
(0.4)
\u2014
\u2013 Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
\u2013 Other non-underlying expenses \u2013 contingent consideration
\u2014
(1.7)
\u2013 Other non-underlying expenses \u2013 office move
0.1
\u2014
Short-term lease payments:
\u2013 Land and buildings
1.1
0.6
Other occupancy costs
2.0
2.2
Irrecoverable VAT
4.5
3.6
Other costs
4.4
3.1
Other income \u2013 tax relief due to shareholders
\u2014
(1.6)
Total administrative expenses
85.0
74.6
Wages and employee benefits expense
The average number of staff (including executive directors) employed by the Group during the financial year amounted to:
\n \n
2024
2023
No.
No.
IT and Change Delivery
187
177
Client Operations
246
236
Operations
83
81
Sales and Marketing
38
40
Group Services
112
97
666
631
We have changed the presentation of this table to provide information that is more relevant to users of the financial statements. This revised
structure is likely to continue going forward and prior year comparative information has also been reclassified.
The Company has no employees (2023: nil).
Wages and employee (including executive directors) benefits expenses during the year, included within administrative expenses, were as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
46.1
43.9
Social security costs
5.1
4.8
Other pension costs
4.3
2.0
Share-based payment costs
2.3
2.1
57.8
52.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Group \n \n
2024
2023
\u00a3m
\u00a3m
Depreciation
1.8
2.1
Amortisation
0.4
0.4
Wages and employee benefits expense
57.8
52.8
Other staff costs
0.7
1.1
Auditor\u2019s remuneration:
\u2013 auditing of the financial statements of the Company pursuant to the legislation
0.2
0.2
\u2013 auditing of the financial statements of subsidiaries
0.6
0.6
\u2013 other assurance services
0.4
0.4
Other professional fees
6.2
4.8
Regulatory fees
3.2
3.9
Non-underlying expenses
\u2013 Non-underlying expenses \u2013 backdated VAT
(0.1)
\u2014
\u2013 Non-underlying expenses \u2013 interest on backdated VAT
(0.4)
\u2014
\u2013 Other non-underlying expenses \u2013 deferred consideration
2.1
2.1
\u2013 Other non-underlying expenses \u2013 contingent consideration
\u2014
(1.7)
\u2013 Other non-underlying expenses \u2013 office move
0.1
\u2014
Short-term lease payments:
\u2013 Land and buildings
1.1
0.6
Other occupancy costs
2.0
2.2
Irrecoverable VAT
4.5
3.6
Other costs
4.4
3.1
Other income \u2013 tax relief due to shareholders
\u2014
(1.6)
Total administrative expenses
85.0
74.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Wages and employee benefits expense
The average number of staff (including executive directors) employed by the Group during the financial year amounted to:
\n \n
2024
2023
No.
No.
IT and Change Delivery
187
177
Client Operations
246
236
Operations
83
81
Sales and Marketing
38
40
Group Services
112
97
666
631
We have changed the presentation of this table to provide information that is more relevant to users of the financial statements. This revised
structure is likely to continue going forward and prior year comparative information has also been reclassified.
The Company has no employees (2023: nil).
Wages and employee (including executive directors) benefits expenses during the year, included within administrative expenses, were as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
46.1
43.9
Social security costs
5.1
4.8
Other pension costs
4.3
2.0
Share-based payment costs
2.3
2.1
57.8
52.8
29. EBT reserve
Group:
2024
2023
\u00a3m
\u00a3m
Balance brought forward
(2.6)
(2.4)
Purchase of own shares
(0.7)
(0.2)
Balance carried forward
(3.3)
(2.6)
Company:
2024
2023
\u00a3m
\u00a3m
Balance brought forward
(2.4)
(2.1)
Purchase of own shares
(0.6)
(0.3)
Balance carried forward
(3.0)
(2.4)
The EBT was settled by the Company pursuant to a trust deed entered into between the Company and Intertrust Employee Benefit Trustee
Limited (the \u2018Trustee\u2019). 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 Deferred bonus Share Option Plan.
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 Deferred bonus Share Option Plan. 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "The average number of staff (including executive directors) employed by the Group during the financial year amounted to: \n \n
2024
2023
No.
No.
IT and Change Delivery
187
177
Client Operations
246
236
Operations
83
81
Sales and Marketing
38
40
Group Services
112
97
666
631
We have changed the presentation of this table to provide information that is more relevant to users of the financial statements. This revised
structure is likely to continue going forward and prior year comparative information has also been reclassified.
The Company has no employees (2023: nil).
Wages and employee (including executive directors) benefits expenses during the year, included within administrative expenses, were as follows:
2024
2023
\u00a3m
\u00a3m
Wages and salaries
46.1
43.9
Social security costs
5.1
4.8
Other pension costs
4.3
2.0
Share-based payment costs
2.3
2.1
57.8
52.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Compensation of key management personnel
Key management personnel are defined 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 definition.
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
2.3
3.0
Post-employment benefits
0.1
0.2
Share-based payment
0.3
0.5
Social security costs
0.4
0.5
Highest paid director:
Short-term employee benefits
0.6
0.6
Other benefits
0.1
0.2
2024
2023
No.
No.
Number of directors for whom pension contributions are paid
3
8
Short-term employee benefits comprise salary and cash bonus.
Compensation of key management personnel has fallen compared with FY23. This is due to a reassessment of individuals considered to be key
management personnel. Previously this included directors of subsidiary companies, while in FY24 this only includes the IHP board of directors.Transactions with key management personnel
Payments to key management personnel, defined as members of the IHP board of directors, are shown in the Remuneration Report.
Key management personnel of the Company received a total of \u00a33.6 million (2023: \u00a33.6 million) in dividends during the year and benefited from
staff discounts for using the platform of \u00a34k (2023: \u00a34k). The number of IHP shares held at the end of the year by key management personnel
was 34,450,505 (2023: 35,321,348), an decrease of 870,843 (2023: increase 132,224) from last year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "9. Interest income
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest income on bank deposits
9.1
0.7
5.3
0.5
Interest income on tax repayments
0.1
\u2014
0.4
\u2014
Interest income on loans
0.5
0.5
0.4
0.4
Interest income on financial investments
1.0
\u2014
0.3
\u2014
10.7
1.2
6.4
0.9
All interest income is calculated using the effective interest rate method, except for interest income on tax repayments.\n \n
Group
Group
2024
2023
\u00a3m
\u00a3m
Fair value through profit or loss
Listed shares and securities
0.1
0.1
Total
0.1
0.1
Amortised cost
Gilts
2.5
22.3
Total
2.5
22.3
2.6
22.4
The gilts show above are interest bearing and the associated income is referenced in note 9 as \u201cinterest on financial investments\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "9. Interest income
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest income on bank deposits
9.1
0.7
5.3
0.5
Interest income on tax repayments
0.1
\u2014
0.4
\u2014
Interest income on loans
0.5
0.5
0.4
0.4
Interest income on financial investments
1.0
\u2014
0.3
\u2014
10.7
1.2
6.4
0.9
All interest income is calculated using the effective interest rate method, except for interest income on tax repayments.\n \n
Group
Group
2024
2023
\u00a3m
\u00a3m
Fair value through profit or loss
Listed shares and securities
0.1
0.1
Total
0.1
0.1
Amortised cost
Gilts
2.5
22.3
Total
2.5
22.3
2.6
22.4
The gilts show above are interest bearing and the associated income is referenced in note 9 as \u201cinterest on financial investments\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "10. Policyholder investment returns
2024
2023
\u00a3m
\u00a3m
Change in fair value of underlying assets
3,005.2
1,024.2
Investment income
279.2
225.1
Total policyholder investment returns
3,284.4
1,249.3
", "dimensions": { "concept": "ihp:DisclosureOfPolicyholderInvestmentReturnsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "11. Tax on profit on ordinary activities
The UK estimated weighted average effective tax rate was 25% for the 12-month period ended 30 September 2024 (30 September 2023: 22%),
representing the tax rate enacted at the reporting date. For the entities within the Group operating outside of the UK, tax is charged at the
relevant rate in each jurisdiction.
Group
a) Analysis of charge in year
The income tax expense comprises:
2024
2023
\u00a3m
\u00a3m
Corporation tax
Current year \u2013 corporation tax
17.0
12.7
Adjustment in respect of prior years
0.2
(0.1)
Total corporation tax
17.2
12.6
Deferred tax
Current year
(0.4)
0.1
Total shareholder tax charge for the year
16.8
12.7
Policyholder taxation
UK policyholder tax at 20% (2023: 20%)
15.7
\u2014
Deferred tax at 25% (2023: 25%)
22.8
11.8
Tax deducted on overseas dividends
0.3
0.3
Total policyholder taxation
38.8
12.1
Total tax attributable to shareholder and policyholder returns
55.6
24.8
b) Factors affecting tax charge for the year
The tax on the Group\u2019s PBT differs from the amount that would arise using the weighted average tax rate applicable to profits of the consolidated
entities as follows:
2024
2023
\u00a3m
\u00a3m
Profit on ordinary activities before taxation attributable to shareholders
68.9
62.6
Profit on ordinary activities multiplied by effective rate of corporation tax, 25% (2023: 22%)
17.2
13.8
Effects of:
Non-taxable dividends
(0.1)
\u2014
Income/(expenses) not taxable/(deductible) for tax purposes multiplied by effective rate of corporation tax
0.2
(0.6)
Adjustments in respect of prior years
0.3
0.1
Effect of lower tax rate jurisdiction
(0.8)
(0.6)
16.8
12.7
Add policyholder tax
38.8
12.1
55.6
24.8
Company
a) Analysis of charge in year
2024
2023
\u00a3m
\u00a3m
Deferred tax charge/(credit) (see note 26)
\u2014
\u2014
b) Factors affecting tax charge for the year
2024
2023
\u00a3m
\u00a3m
Profit on ordinary activities before tax
48.4
31.6
Profit on ordinary activities multiplied by effective rate of corporation tax, 25% (2023: 22%)
12.1
7.0
Effects of:
Non-taxable dividends
(15.1)
(7.3)
Income/(expenses) not taxable /(deductible) for tax purposes multiplied by effective rate of corporation tax
1.7
\u2014
Group loss relief to ISL
1.3
0.3
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "11. Tax on profit on ordinary activities
The UK estimated weighted average effective tax rate was 25% for the 12-month period ended 30 September 2024 (30 September 2023: 22%),
representing the tax rate enacted at the reporting date. For the entities within the Group operating outside of the UK, tax is charged at the
relevant rate in each jurisdiction.
Group
a) Analysis of charge in year
The income tax expense comprises:
2024
2023
\u00a3m
\u00a3m
Corporation tax
Current year \u2013 corporation tax
17.0
12.7
Adjustment in respect of prior years
0.2
(0.1)
Total corporation tax
17.2
12.6
Deferred tax
Current year
(0.4)
0.1
Total shareholder tax charge for the year
16.8
12.7
Policyholder taxation
UK policyholder tax at 20% (2023: 20%)
15.7
\u2014
Deferred tax at 25% (2023: 25%)
22.8
11.8
Tax deducted on overseas dividends
0.3
0.3
Total policyholder taxation
38.8
12.1
Total tax attributable to shareholder and policyholder returns
55.6
24.8
b) Factors affecting tax charge for the year
The tax on the Group\u2019s PBT differs from the amount that would arise using the weighted average tax rate applicable to profits of the consolidated
entities as follows:
2024
2023
\u00a3m
\u00a3m
Profit on ordinary activities before taxation attributable to shareholders
68.9
62.6
Profit on ordinary activities multiplied by effective rate of corporation tax, 25% (2023: 22%)
17.2
13.8
Effects of:
Non-taxable dividends
(0.1)
\u2014
Income/(expenses) not taxable/(deductible) for tax purposes multiplied by effective rate of corporation tax
0.2
(0.6)
Adjustments in respect of prior years
0.3
0.1
Effect of lower tax rate jurisdiction
(0.8)
(0.6)
16.8
12.7
Add policyholder tax
38.8
12.1
55.6
24.8
Company
a) Analysis of charge in year
2024
2023
\u00a3m
\u00a3m
Deferred tax charge/(credit) (see note 26)
\u2014
\u2014
b) Factors affecting tax charge for the year
2024
2023
\u00a3m
\u00a3m
Profit on ordinary activities before tax
48.4
31.6
Profit on ordinary activities multiplied by effective rate of corporation tax, 25% (2023: 22%)
12.1
7.0
Effects of:
Non-taxable dividends
(15.1)
(7.3)
Income/(expenses) not taxable /(deductible) for tax purposes multiplied by effective rate of corporation tax
1.7
\u2014
Group loss relief to ISL
1.3
0.3
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Group
a) Analysis of charge in year
The income tax expense comprises:
2024
2023
\u00a3m
\u00a3m
Corporation tax
Current year \u2013 corporation tax
17.0
12.7
Adjustment in respect of prior years
0.2
(0.1)
Total corporation tax
17.2
12.6
Deferred tax
Current year
(0.4)
0.1
Total shareholder tax charge for the year
16.8
12.7
Policyholder taxation
UK policyholder tax at 20% (2023: 20%)
15.7
\u2014
Deferred tax at 25% (2023: 25%)
22.8
11.8
Tax deducted on overseas dividends
0.3
0.3
Total policyholder taxation
38.8
12.1
Total tax attributable to shareholder and policyholder returns
55.6
24.8
a) Analysis of charge in year
2024
2023
\u00a3m
\u00a3m
Deferred tax charge/(credit) (see note 26)
\u2014
\u2014
26. Deferred tax
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 20% (2023: 20%) on policyholder assets
and liabilities and 25% (2023: 25%) on non-policyholder items.
\n \n
Policyholder excess
management
Policyholder
Other
Policyholder
expenses and
unrealised losses/
deductible
Accelerated
Share-based
unrealised losses/
deferred acquisition
(unrealised gains) on
temporary
capital allowances
payments
(unrealised gains)
costs
investment trusts
differences
Total
Deferred tax asset
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 October 2022
0.1
0.5
2.9
2.2
0.2
0.1
6.0
Excess tax relief charged
to equity
\u2014
0.2
\u2014
\u2014
\u2014
\u2014
0.2
Charge to income
\u2014
(0.2)
(2.9)
0.3
0.4
0.1
(2.3)
Offset deferred tax liability
\u2014
\u2014
\u2014
(2.5)
(0.6)
(0.1)
(3.2)
At 30 September 2023
0.1
0.5
\u2014
\u2014
\u2014
0.1
0.7
Charge to income
\u2014
0.5
\u2014
(1.5)
(0.8)
\u2014
(1.8)
Offset deferred tax liability
(0.1)
\u2014
\u2014
1.5
0.8
\u2014
2.2
At 30 September 2024
\u2014
1.0
\u2014
\u2014
\u2014
0.1
1.1
\n \n
Policyholder
Accelerated
tax on unrealised
Other taxable
capital allowances
gains
differences
Total
Deferred tax liability
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 October 2022
\u2014
\u2014
0.9
0.9
Charge to income
\u2014
9.6
(0.1)
9.5
Offset against deferred tax asset
\u2014
(3.1)
(0.1)
(3.2)
At 30 September 2023
\u2014
6.5
0.7
7.2
Charge to income
0.1
20.6
(0.1)
20.6
Offset against deferred tax asset
(0.1)
2.3
\u2014
2.2
At 30 September 2024
\u2014
29.4
0.6
30.0
The Company has no deferred tax assets or liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "12. Intangible assets \u2013 Group \n \n
Software
and IP
Customer
rights
Goodwill
relationships
Software
Brand
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2023
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2024
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2024
12.5
\u2014
0.5
1.1
0.1
14.2
Net Book Value
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
At 30 September 2024
\u2014
18.3
1.6
0.9
0.2
20.9
Software
and IP
Customer
rights
Goodwill
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
\u2014
0.3
0.5
0.1
13.4
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
\u2014
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
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 using cash flow projections from financial budgets approved by senior
management covering a five-year period.
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 CGUs that relate to the Transact platform, as these are benefiting 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
\n \n
2024
2023
\u00a3m
\u00a3m
Investment administration services
7.2
7.2
Insurance and life assurance business
5.7
5.7
Total
12.9
12.9
T4A
2024
2023
\u00a3m
\u00a3m
Adviser back-office technology
5.3
5.3
The recoverable amounts of the above CGUs have been determined from value in use calculations based on cash flow projections from
management-approved budgets covering a five year period to 30 September 2029. Post the five year business plan, the growth rate used to
determine the terminal value of the CGUs was based on the long-term growth rates shown below. The discount rate is assessed on an annual
basis and has been calculated using the weighted average cost of capital.
Key assumptions used in the value in use calculations are as follows:
IAD Pty
T4A
2024
2023
2024
2023
Discount rate
13.0%
13.2%
14.4%
14.0%
Period on which detailed forecasts are based
5 years
5 years
5 years
5 years
Long-term growth rate
2.0%
2.0%
3.0%
2.0%
Key assumptions used in the underlying cash flow projections are as follows:
IAD Pty
n
Equity market levels \u2013 this is the key driver of FUD levels and therefore annual charges
n
Net inflows \u2013 this is the other core component of FUD growth, and demonstrates the ongoing ability of the platform to continue to grow
organically
T4A
n
Licence user growth \u2013 T4A is continuing to develop its CURO offering and build up its client base to support future profitability, and growth in
CURO users is key to this
n
Expense inflation \u2013 as the T4A business grows, so will the cost base, which is being managed to help support the projections of future
profitability
The annual impairment tests relating to both acquisitions indicated that no goodwill impairment is required, as the recoverable amount is higher
than the carrying value of the CGUs. However, there is only \u00a30.5 million headroom in the T4A assessment. As disclosed in note 2, the analysis
indicates that there is a close proximity of the forecast to requiring impairment, and there is significant sensitivity in the projections of ongoing
growth of the licence users.
Sensitivity to changes in assumptions
The Group considers that projected cash flows 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-office technology CGU is most sensitive to the number of CURO users, as this forms the basis of its licence income. Additionally, given the
close proximity of the T4A assessment to requiring impairment, this calculation is also sensitive in the discount rate.
A sensitivity analysis has been performed, with key assumptions being revised adversely to reflect the potential for future performance being
below expected levels. This estimated that any of the following changes to the assumptions would be required for the cash flows to result in a
material impairment to goodwill:
IAD Pty
n
a fall in equity markets of approximately 40%
T4A
n
a reduction in the projected compound annual growth rate of CURO licence users of 2.3% per year
n
an increase in the T4A discount rate from 14.4% to 21.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "12. Intangible assets \u2013 Group \n \n
Software
and IP
Customer
rights
Goodwill
relationships
Software
Brand
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2023
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2024
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2024
12.5
\u2014
0.5
1.1
0.1
14.2
Net Book Value
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
At 30 September 2024
\u2014
18.3
1.6
0.9
0.2
20.9
Software
and IP
Customer
rights
Goodwill
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
\u2014
0.3
0.5
0.1
13.4
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
\u2014
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
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 using cash flow projections from financial budgets approved by senior
management covering a five-year period.
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 CGUs that relate to the Transact platform, as these are benefiting 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
\n \n
2024
2023
\u00a3m
\u00a3m
Investment administration services
7.2
7.2
Insurance and life assurance business
5.7
5.7
Total
12.9
12.9
T4A
2024
2023
\u00a3m
\u00a3m
Adviser back-office technology
5.3
5.3
The recoverable amounts of the above CGUs have been determined from value in use calculations based on cash flow projections from
management-approved budgets covering a five year period to 30 September 2029. Post the five year business plan, the growth rate used to
determine the terminal value of the CGUs was based on the long-term growth rates shown below. The discount rate is assessed on an annual
basis and has been calculated using the weighted average cost of capital.
Key assumptions used in the value in use calculations are as follows:
IAD Pty
T4A
2024
2023
2024
2023
Discount rate
13.0%
13.2%
14.4%
14.0%
Period on which detailed forecasts are based
5 years
5 years
5 years
5 years
Long-term growth rate
2.0%
2.0%
3.0%
2.0%
Key assumptions used in the underlying cash flow projections are as follows:
IAD Pty
n
Equity market levels \u2013 this is the key driver of FUD levels and therefore annual charges
n
Net inflows \u2013 this is the other core component of FUD growth, and demonstrates the ongoing ability of the platform to continue to grow
organically
T4A
n
Licence user growth \u2013 T4A is continuing to develop its CURO offering and build up its client base to support future profitability, and growth in
CURO users is key to this
n
Expense inflation \u2013 as the T4A business grows, so will the cost base, which is being managed to help support the projections of future
profitability
The annual impairment tests relating to both acquisitions indicated that no goodwill impairment is required, as the recoverable amount is higher
than the carrying value of the CGUs. However, there is only \u00a30.5 million headroom in the T4A assessment. As disclosed in note 2, the analysis
indicates that there is a close proximity of the forecast to requiring impairment, and there is significant sensitivity in the projections of ongoing
growth of the licence users.
Sensitivity to changes in assumptions
The Group considers that projected cash flows 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-office technology CGU is most sensitive to the number of CURO users, as this forms the basis of its licence income. Additionally, given the
close proximity of the T4A assessment to requiring impairment, this calculation is also sensitive in the discount rate.
A sensitivity analysis has been performed, with key assumptions being revised adversely to reflect the potential for future performance being
below expected levels. This estimated that any of the following changes to the assumptions would be required for the cash flows to result in a
material impairment to goodwill:
IAD Pty
n
a fall in equity markets of approximately 40%
T4A
n
a reduction in the projected compound annual growth rate of CURO licence users of 2.3% per year
n
an increase in the T4A discount rate from 14.4% to 21.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "12. Intangible assets \u2013 Group \n \n
Software
and IP
Customer
rights
Goodwill
relationships
Software
Brand
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2023
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2024
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2024
12.5
\u2014
0.5
1.1
0.1
14.2
Net Book Value
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
At 30 September 2024
\u2014
18.3
1.6
0.9
0.2
20.9
Software
and IP
Customer
rights
Goodwill
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
\u2014
0.3
0.5
0.1
13.4
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
\u2014
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
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 using cash flow projections from financial budgets approved by senior
management covering a five-year period.
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 CGUs that relate to the Transact platform, as these are benefiting 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
\n \n
2024
2023
\u00a3m
\u00a3m
Investment administration services
7.2
7.2
Insurance and life assurance business
5.7
5.7
Total
12.9
12.9
T4A
2024
2023
\u00a3m
\u00a3m
Adviser back-office technology
5.3
5.3
The recoverable amounts of the above CGUs have been determined from value in use calculations based on cash flow projections from
management-approved budgets covering a five year period to 30 September 2029. Post the five year business plan, the growth rate used to
determine the terminal value of the CGUs was based on the long-term growth rates shown below. The discount rate is assessed on an annual
basis and has been calculated using the weighted average cost of capital.
Key assumptions used in the value in use calculations are as follows:
IAD Pty
T4A
2024
2023
2024
2023
Discount rate
13.0%
13.2%
14.4%
14.0%
Period on which detailed forecasts are based
5 years
5 years
5 years
5 years
Long-term growth rate
2.0%
2.0%
3.0%
2.0%
Key assumptions used in the underlying cash flow projections are as follows:
IAD Pty
n
Equity market levels \u2013 this is the key driver of FUD levels and therefore annual charges
n
Net inflows \u2013 this is the other core component of FUD growth, and demonstrates the ongoing ability of the platform to continue to grow
organically
T4A
n
Licence user growth \u2013 T4A is continuing to develop its CURO offering and build up its client base to support future profitability, and growth in
CURO users is key to this
n
Expense inflation \u2013 as the T4A business grows, so will the cost base, which is being managed to help support the projections of future
profitability
The annual impairment tests relating to both acquisitions indicated that no goodwill impairment is required, as the recoverable amount is higher
than the carrying value of the CGUs. However, there is only \u00a30.5 million headroom in the T4A assessment. As disclosed in note 2, the analysis
indicates that there is a close proximity of the forecast to requiring impairment, and there is significant sensitivity in the projections of ongoing
growth of the licence users.
Sensitivity to changes in assumptions
The Group considers that projected cash flows 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-office technology CGU is most sensitive to the number of CURO users, as this forms the basis of its licence income. Additionally, given the
close proximity of the T4A assessment to requiring impairment, this calculation is also sensitive in the discount rate.
A sensitivity analysis has been performed, with key assumptions being revised adversely to reflect the potential for future performance being
below expected levels. This estimated that any of the following changes to the assumptions would be required for the cash flows to result in a
material impairment to goodwill:
IAD Pty
n
a fall in equity markets of approximately 40%
T4A
n
a reduction in the projected compound annual growth rate of CURO licence users of 2.3% per year
n
an increase in the T4A discount rate from 14.4% to 21.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "\n \n
Software
and IP
Customer
rights
Goodwill
relationships
Software
Brand
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2023
12.5
18.3
2.1
2.0
0.3
35.2
At 30 September 2024
12.5
18.3
2.1
2.0
0.3
35.2
Amortisation
At 1 October 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2024
12.5
\u2014
0.5
1.1
0.1
14.2
Net Book Value
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
At 30 September 2024
\u2014
18.3
1.6
0.9
0.2
20.9
Software
and IP
Customer
rights
Goodwill
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
\u2014
0.3
0.5
0.1
13.4
Charge for the year
\u2014
\u2014
0.1
0.3
\u2014
0.4
At 30 September 2023
12.5
\u2014
0.4
0.8
0.1
13.8
Net Book Value
At 30 September 2022
\u2014
18.3
1.8
1.5
0.2
21.8
At 30 September 2023
\u2014
18.3
1.7
1.2
0.2
21.4
\n \n
Leasehold
Fixtures
Motor
improvements
Equipment
and fittings
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2023
1.8
3.4
0.5
0.1
5.8
Additions
0.1
0.9
\u2014
\u2014
1.0
Disposals
\u2014
(0.2)
(0.1)
\u2014
(0.3)
At 30 September 2024
1.9
4.1
0.4
0.1
6.5
Depreciation
At 1 October 2023
1.5
2.9
0.3
\u2014
4.7
Charge in the year
\u2014
0.5
\u2014
\u2014
0.5
Disposals
\u2014
(0.2)
\u2014
\u2014
(0.2)
At 30 September 2024
1.5
3.2
0.3
\u2014
5.0
Net Book Value
At 30 September 2023
0.3
0.5
0.2
0.1
1.1
At 30 September 2024
0.4
0.9
0.1
0.1
1.5
Cost
At 1 October 2022
1.7
3.7
0.2
\u2014
5.6
Additions
0.1
0.4
0.1
0.1
0.7
Disposals
\u2014
(0.4)
\u2014
\u2014
(0.4)
Reclassification
\u2014
(0.2)
0.2
\u2014
\u2014
Foreign exchange
\u2014
(0.1)
\u2014
\u2014
(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
\u2014
4.4
Charge in the year
0.1
0.7
0.1
\u2014
0.9
Disposals
\u2014
(0.5)
\u2014
\u2014
(0.5)
Reclassification
\u2014
(0.1)
0.1
\u2014
Foreign exchange
\u2014
(0.1)
\u2014
\u2014
(0.1)
At 30 September 2023
1.5
2.9
0.3
\u2014
4.7
Net Book Value
At 30 September 2022
0.3
0.8
0.1
\u2014
1.2
At 30 September 2023
0.3
0.5
0.2
0.1
1.1
\n \n
\u00a3m
Cost
At 1 October 2023
1.7
Additions
2.7
At 30 September 2024
4.4
Depreciation
At 1 October 2023
0.7
Charge in the year
1.1
At 30 September 2024
1.8
Net Book Value
At 30 September 2023
1.0
At 30 September 2024
2.6
Cost
At 1 October 2022
6.6
Additions
0.4
Disposals
(5.2)
Foreign exchange
(0.1)
At 30 September 2023
1.7
Depreciation
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
Depreciation is calculated on a straight line basis over the term of the lease.
The original lease on the Group\u2019s Clement\u2019s Lane office came to an end in June 2023. A new lease was signed in March 2024, and a corresponding
right-of-use asset and lease liability recognised. Costs of the lease from July 2023 to March 2024 were recognised directly in the Consolidated
Statement of Comprehensive Income as occupancy costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "13. Property, plant and equipment \u2013 Group \n \n
Leasehold
Fixtures
Motor
improvements
Equipment
and fittings
vehicles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 October 2023
1.8
3.4
0.5
0.1
5.8
Additions
0.1
0.9
\u2014
\u2014
1.0
Disposals
\u2014
(0.2)
(0.1)
\u2014
(0.3)
At 30 September 2024
1.9
4.1
0.4
0.1
6.5
Depreciation
At 1 October 2023
1.5
2.9
0.3
\u2014
4.7
Charge in the year
\u2014
0.5
\u2014
\u2014
0.5
Disposals
\u2014
(0.2)
\u2014
\u2014
(0.2)
At 30 September 2024
1.5
3.2
0.3
\u2014
5.0
Net Book Value
At 30 September 2023
0.3
0.5
0.2
0.1
1.1
At 30 September 2024
0.4
0.9
0.1
0.1
1.5
Cost
At 1 October 2022
1.7
3.7
0.2
\u2014
5.6
Additions
0.1
0.4
0.1
0.1
0.7
Disposals
\u2014
(0.4)
\u2014
\u2014
(0.4)
Reclassification
\u2014
(0.2)
0.2
\u2014
\u2014
Foreign exchange
\u2014
(0.1)
\u2014
\u2014
(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
\u2014
4.4
Charge in the year
0.1
0.7
0.1
\u2014
0.9
Disposals
\u2014
(0.5)
\u2014
\u2014
(0.5)
Reclassification
\u2014
(0.1)
0.1
\u2014
Foreign exchange
\u2014
(0.1)
\u2014
\u2014
(0.1)
At 30 September 2023
1.5
2.9
0.3
\u2014
4.7
Net Book Value
At 30 September 2022
0.3
0.8
0.1
\u2014
1.2
At 30 September 2023
0.3
0.5
0.2
0.1
1.1
The Company holds no property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "14. Right-of-use assets \u2013 property \u2013 Group \n \n
\u00a3m
Cost
At 1 October 2023
1.7
Additions
2.7
At 30 September 2024
4.4
Depreciation
At 1 October 2023
0.7
Charge in the year
1.1
At 30 September 2024
1.8
Net Book Value
At 30 September 2023
1.0
At 30 September 2024
2.6
Cost
At 1 October 2022
6.6
Additions
0.4
Disposals
(5.2)
Foreign exchange
(0.1)
At 30 September 2023
1.7
Depreciation
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
Depreciation is calculated on a straight line basis over the term of the lease.
The original lease on the Group\u2019s Clement\u2019s Lane office came to an end in June 2023. A new lease was signed in March 2024, and a corresponding
right-of-use asset and lease liability recognised. Costs of the lease from July 2023 to March 2024 were recognised directly in the Consolidated
Statement of Comprehensive Income as occupancy costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "15. Investment in subsidiaries \n \n
2024
2023
\u00a3m
\u00a3m
Carrying value at 1 October
35.3
33.3
Investment in subsidiary shares \u2013 Integrated Financial Arrangements Ltd
15.0
\u2014
Impairment of investment
(6.3)
\u2014
Share-based payments
2.2
2.0
Carrying value at 30 September
46.2
35.3
The increase in subsidiary shares relates to the purchase of \u00a315.0 million worth of new shares issued by IFAL. See note 3. Financial instruments,
section (v) Capital maintenance, for further information.
Impairment of investment
As disclosed in note 1, investments in subsidiaries are recognised by the Company at cost. The Company assesses at each reporting date,
whether there is an indication that an investment in subsidiaries may be impaired.
The Company\u2019s investment in T4A has a carrying value of \u00a313.0 million. While T4A business performance has improved this year, it is still yet to
become profitable, and as at 30 September 2024 it had negative net assets of \u00a30.4 million. There is therefore an indication of impairment, which
has led to an impairment assessment being performed.
The impairment assessment compares the carrying value of the investment to the recoverable amount, which is the higher of value in use and
the fair value less costs of disposal. The recoverable amount has been determined from value in use calculations based on cash flow
projections from formally approved budgets covering a five year period to 30 September 2029. Post the five year business plan, the growth rate
used to determine the terminal value of the cash generating units was based on the long-term growth rate shown below. The discount rate is
assessed on an annual basis and has been calculated using the weighted average cost of capital.
Key assumptions used in the value in use calculations are as follows:
2024
2023
Discount rate
17.0%
14.0%
Forecast period
5 years
5 years
Long-term growth rate
3.0%
2.0%
Key assumptions used in the underlying cash flow projections are as follows:
T4A
n
Licence user growth \u2013 T4A is continuing to develop its CURO offering and build up its client base to support future profitability, and growth in
CURO users is key to this
n
Expense inflation \u2013 as the T4A business grows, so will the cost base, which is being managed to help support the projections of future
profitability
The analysis indicates that the recoverable amount of the investment is \u00a36.7 million. As a result, management has recognised an impairment
charge of \u00a36.3 million in the current year against the investment. The impairment charge is recorded within administrative expenses in the
Company statement of comprehensive income. As disclosed in note 2, the analysis indicates that there is a close proximity of the forecast to
requiring impairment, and there is significant sensitivity in the projections of ongoing growth of the licence users.
Sensitivity to changes in assumptions
As the IHP investment in T4A is impaired, any adverse changes to the assumption noted above i.e. increases to the discount rate or expense
assumption, and reductions in the licence user growth or long-term growth rate assumption, would lead to a further impairment.
The Company has investments in the Ordinary Share capital of the following subsidiaries at 30 September 2024:
Incorporation and significant
Name of Company
Holding
% held
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
Software provision and
Transact IP Limited
Ordinary Shares
100%
United Kingdom
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 office address at 29 Clement\u2019s Lane, London, EC4N 7AE. ILInt\u2019s registered office address is at
18\u201320 North Quay, Douglas, Isle of Man, IM1 4LE. IntegraFin (Australia) Pty\u2019s registered office address is at Level 4, 854 Glenferrie Road,
Hawthorn, Victoria, Australia 3122. Integrated Application Development Pty Ltd.\u2019s registered office address is 19\u201325 Camberwell Road,
Melbourne, Australia.
The above subsidiaries have all been included in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "
2024
2023
\u00a3m
\u00a3m
Loans receivable from third parties
6.6
6.5
Interest receivable on loans
0.2
0.1
Total gross loans
6.8
6.6
ECLs allowance
(0.3)
(0.3)
Total net loans
6.5
6.3
Movement in the ECLs for the loan is as follows:
2024
2023
\u00a3m
\u00a3m
Opening ECLs
(0.3)
(0.2)
Increase during the year
\u2014
(0.1)
Balance at 30 September
(0.3)
(0.3)
The loans receivable are measured at amortised cost with the ECLs charged straight to the Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Loans payable
2024
2023
\u00a3m
\u00a3m
Loan payable to subsidiary
6.0
7.0
To be settled within 12 months
1.0
1.0
To be settled after 12 months
5.0
6.0
Total loan payable
6.0
7.0
The loan payable was initially recognised at fair value. Subsequent measurement is at amortised cost using the effective interest method.
The interest charge is recognised on the Company Statement of Comprehensive Income.
Interest on the loan is paid quarterly, whilst the remaining capital repayments are annual over the next 6 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "17. Investments held for the benefit of policyholders
2024
2024
2023
2023
Cost
Fair value
Cost
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
ILINT
2,486.7
2,873.0
2,155.5
2,310.3
ILUK
20,746.4
24,364.8
19,249.9
20,711.4
Total
23,233.1
27,237.8
21,405.4
23,021.7
All amounts are current as customers are able to make same-day withdrawal of available funds and transfers to third party providers are
generally performed within a month.
These assets are held to cover the liabilities for unit-linked investment contracts. All contracts with customers are deemed to be investment
contracts and, accordingly, assets are 100% matched to corresponding liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "18. Liabilities for linked investment contracts \n \n
2024
2023
Fair value
Fair value
Unit-linked liabilities
\u00a3m
\u00a3m
ILInt
3,110.7
2,481.5
ILUK
25,749.9
21,959.4
Total
28,860.6
24,440.9
Analysis of change in liabilities for linked investment contracts
\n \n
2024
2023
\u00a3m
\u00a3m
Opening balance
24,440.9
22,174.4
Investment inflows
3,490.7
2,670.3
Investment outflows
(2,057.2)
(1,400.5)
Changes in fair value of underlying assets
3,005.2
1,024.1
Investment income
279.2
225.1
Other fees and charges \u2013 Transact
(65.5)
(59.2)
Other fees and charges \u2013 third parties
(232.7)
(193.3)
Closing balance
28,860.6
24,440.9
The benefits offered 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 diversified 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 financial liabilities is determined by the fair value of the linked assets at maturity date. There will be no difference
between the carrying amount and the maturity amount at maturity date.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "19. Cash and cash equivalents \n \n
2024
2023
\u00a3m
\u00a3m
Bank balances \u2013 instant access
198.1
165.9
Bank balances \u2013 notice accounts
46.0
12.0
Total
244.1
177.9
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. \u00a367.8 million (2023: \u00a342.7 million) of the total balance is
corporate cash held in respect of provisions for policyholder tax that will become payable either to HMRC or returned to policyholders.
20. Cash held for the benefit of policyholders
\n \n
2024
2023
\u00a3m
\u00a3m
Cash and cash equivalents held for the benefit of the policyholders \u2013 instant access \u2013 ILUK
1,385.0
1,248.0
Cash and cash equivalents held for the benefit of the policyholders \u2013 instant access \u2013 ILInt
237.8
171.2
Total
1,622.8
1,419.2
Cash and cash equivalents held for the benefit 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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "22. Prepayments and accrued income \n \n
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accrued income
15.1
\u2014
13.5
\u2014
Less: ECLs
(0.9)
\u2014
(1.0)
\u2014
Accrued income \u2013 net
14.2
\u2014
12.5
\u2014
Prepayments
4.6
\u2014
4.7
\u2014
Total
18.8
\u2014
17.2
\u2014
Movement in the ECLs (for accrued income and trade and other receivables) is as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Opening ECLs
(1.0)
(1.0)
Decrease during the year
0.1
\u2014
Balance at 30 September
(0.9)
(1.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "23. Trade and other receivables \n \n
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other receivables
3.0
\u2014
3.2
\u2014
Less: ECLs
(0.1)
\u2014
(0.1)
\u2014
Other receivables net
2.9
\u2014
3.1
\u2014
Amounts owed by Group undertakings
\u2014
0.1
\u2014
0.1
Repayment interest due from HMRC
\u2014
\u2014
0.4
\u2014
Total
2.9
0.1
3.6
0.1
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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "24. Trade and other payables \n \n
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
1.1
\u2014
0.7
\u2014
PAYE and other taxation
2.1
\u2014
2.6
0.1
Other payables
8.2
0.6
6.8
0.4
Accruals
8.8
0.7
7.8
0.4
Deferred consideration
1.5
1.5
1.6
1.6
Due to Group undertakings
\u2014
0.2
\u2014
\u2014
Total
21.7
3.0
19.5
2.5
Other payables mainly comprises \u00a36.5 million (2023: \u00a35.3 million) in relation to bonds awaiting approval.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "\n \n
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
1.1
\u2014
0.7
\u2014
PAYE and other taxation
2.1
\u2014
2.6
0.1
Other payables
8.2
0.6
6.8
0.4
Accruals
8.8
0.7
7.8
0.4
Deferred consideration
1.5
1.5
1.6
1.6
Due to Group undertakings
\u2014
0.2
\u2014
\u2014
Total
21.7
3.0
19.5
2.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "25. Lease liabilities \n \n
2024
2023
\u00a3m
\u00a3m
Opening balance
1.1
2.8
Additions
2.6
0.2
Lease payments
(1.0)
(2.0)
Interest expense
0.2
0.1
Balance at 30 September
2.9
1.1
Amounts falling due within one year
2.5
0.3
Amounts falling due after one year
0.4
0.8
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 five years.
The lease extension for the Group\u2019s Clement\u2019s Lane office was signed in March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "27. Provisions \u2013 Group \n \n
2024
2023
\u00a3m
\u00a3m
Balance brought forward
48.2
56.8
Additional provisions made in the period, including increases to existing ILUK provision
7.1
5.3
Reduction in provisions made in the period
(7.6)
(3.5)
Amounts used from the ILUK provision during the period
(7.1)
(9.9)
Unused amounts reversed from the ILUK provision during the period
(1.5)
(1.6)
Increase in other provisions
0.6
1.1
Balance carried forward
39.7
48.2
Amounts falling due within one year
23.3
7.7
Amounts falling due after one year
16.4
40.5
Dilapidations provisions
0.2
0.2
ILUK policyholder reserves
37.8
46.9
Other provisions
1.7
1.1
Total
39.7
48.2
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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "28. Share-based payments
Share-based payment reserve
\n \n
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance brought forward
3.4
2.7
2.6
2.2
Movement in the year
0.7
0.7
0.8
0.5
Balance carried forward
4.1
3.4
3.4
2.7
Share schemes
(i) SIP 2005
IFAL implemented a SIP trust scheme for its staff 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 staff 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 five 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 financial year to 30 September 2024 was \u00a3nil (2023: \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 on 30 September. The cost to the Group
in the financial year to 30 September 2024 was \u00a30.9 million (2023: \u00a30.8 million).
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 financial year to 30 September 2024 was \u00a30.5 million (2023: \u00a30.5 million).
(iii) Deferred bonus Share Option Plan
The Company implemented an annual deferred bonus Share Option Plan in December 2018. Awards granted under this plan 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 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 financial year to 30 September 2024 was \u00a30.8 million (2023: \u00a30.9 million). 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 EBT reserve, in line with IFRS 2 Share-based Payment.
Details of the movements in the share scheme during the year are as follows:
\n \n
2024
2023
Weighted average
2024
Weighted average
2023
exercise price
Shares
exercise price
Shares
(pence)
(number)
(pence)
(number)
SIP 2005
Outstanding at start of the year
\u2014
762,705
\u2014
805,509
Shares withdrawn from the plan
\u2014
(101,955)
\u2014
(42,804)
Shares in the plan at end of year
\u2014
660,750
\u2014
762,705
Available to withdraw from the plan at end of year
\u2014
660,750
\u2014
762,705
The weighted average share price at the date of withdrawal for shares withdrawn from the plan during the year was 281.1 pence (2023: 273.1 pence).
At 30 September 2024 the exercise price was \u00a3nil as they were all nil cost options.
Details of the share awards outstanding are as follows:
2024
2023
Shares
Shares
(number)
(number)
SIP 2018
Shares in the plan at start of the year
1,205,612
854,247
Granted
554,178
504,113
Shares withdrawn from the plan
(167,217)
(152,748)
Shares in the plan at end of year
1,592,573
1,205,612
Available to withdraw from the plan at end of year
678,656
557,544
2024
2023
Weighted average
2024
Weighted average
2023
exercise price
Share options
exercise price
Share options
(pence)
(number)
(pence)
(number)
Deferred bonus Share Option Plan
Outstanding at start of the year
\u2014
899,664
\u2014
675,307
Granted
\u2014
386,145
\u2014
293,376
Forfeited
\u2014
\u2014
\u2014
\u2014
Exercised
\u2014
(41,673)
\u2014
(69,019)
Outstanding at end of year
\u2014
1,244,136
\u2014
899,664
Exercisable at end of year
\u2014
337,654
\u2014
249,985
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:
2024
2024
Additional Grant
2023
Deferred bonus Share Option Plan
Share price at date of grant
299.4p
293.0p
287.8p
Exercise price
nil
nil
nil
Expected life
3 years
3 years
3 years
Risk free rate
3.7%
3.7%
3.5%
Dividend yield
3.4%
3.5%
3.5%
Weighted average fair value per option
270.3p
263.9p
258.8p
The additional grant relates to shares provided as part of a one-off compensation arrangement.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "30. Other reserves \u2013 Group
2024
2023
\u00a3m
\u00a3m
Foreign exchange reserves
(0.1)
(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 classified
within other reserves on a Group level.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "31. Related parties
Transactions with Group companies
During the year the Company entered into the following transactions with related parties within the Group:
\n \n
2024
2023
\u00a3m
\u00a3m
Service charges
(3.3)
\u2014
Interest expense
(0.6)
(0.6)
Dividends received
60.5
33.4
Share subscription (see note 15)
(15.0)
\u2014
At the year end the Company had the following intra-Group payables outstanding:
\n \n
2024
2023
\u00a3m
\u00a3m
ISL
0.1
\u2014
ILUK
6.0
5.0
The amount owed to ILUK relates to a loan of \u00a310 million issued in FY21, with interest charged at a commercial rate. The Company is paying the
loan off over ten years and made its annual payment of \u00a31 million, plus accrued interest, during the year. The loan balance at year end was \u00a36 million.
All transactions with fellow Group companies are provided on an arm\u2019s length basis.
Other than as disclosed below regarding the subsidiary audit exemption, the Group has not been given or received any guarantees during 2024
or 2023 regarding related party transactions.
Subsidiary Audit Exemptions
In accordance with section 479A of the Companies Act 2006, IHP, has guaranteed the liabilities of the following subsidiary undertaking for the
financial year ended 30 September 2024:
IntegraFin Limited (IL)
Company Registration Number: 03756516
As a result, IL is exempt from the requirement to have its accounts audited under the provisions of section 479A.
IHP confirms that it has issued a guarantee under section 479C of the Companies Act 2006 in respect of all outstanding liabilities of these
subsidiaries as at the end of the financial year.
Transactions with key management personnel
Payments to key management personnel, defined as members of the IHP board of directors, are shown in the Remuneration Report.
Key management personnel of the Company received a total of \u00a33.6 million (2023: \u00a33.6 million) in dividends during the year and benefited from
staff discounts for using the platform of \u00a34k (2023: \u00a34k). The number of IHP shares held at the end of the year by key management personnel
was 34,450,505 (2023: 35,321,348), an decrease of 870,843 (2023: increase 132,224) from last year.
Schrodinger Pty Ltd, the company which leases office 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 (FY23: \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 \u00a368k (FY23: \u00a371k) for services received during the year, \u00a342k (FY23: \u00a344k) of which related to Michael Howard\u2019s services.
IAD Pty received \u00a345k (FY23: \u00a343k) from OM for services provided during the year. IAD owed \u00a31k to OM as at 30 September 2024
(30 September 2023: \u00a32k).
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": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "32. Contingent liability
There are some assets in ILUK policyholder linked funds which are under review. Our current best estimate of possible future outflow, in the
event of remediation, is \u00a32.4 million (2023: \u00a31.2 million). A future outflow is possible but not probable and the timing of any outflow is uncertain.
Accordingly, no provision for any liability has been made in these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "33. Events after the reporting date
As per the Chair\u2019s Statement on pages 2 and 3, a second interim dividend of 7.2 pence per share was declared on 17 December 2024. This
dividend has not been accrued in the Consolidated Statement of Financial Position.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "34. Dividends
During the year to 30 September 2024 the Company paid interim dividends of \u00a333.7 million (2023: \u00a333.7 million) to shareholders. The Company
received dividends from subsidiaries of \u00a340.6 million (2023: \u00a333.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800CYIZKXK9PQYE87", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } } } }